0001213900-21-066685.txt : 20211221 0001213900-21-066685.hdr.sgml : 20211221 20211221160109 ACCESSION NUMBER: 0001213900-21-066685 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20211221 DATE AS OF CHANGE: 20211221 GROUP MEMBERS: ALEXANDER LINK GROUP MEMBERS: ALTECH ADVANCED MATERIALS AG GROUP MEMBERS: ANDREAS DANNER GROUP MEMBERS: DELPHI UNTERNEHMENSBERATUNG AKTIENGESELLSCHAFT GROUP MEMBERS: DEUTSCHE BALATON BIOTECH AG GROUP MEMBERS: HANSJORG PLAGGEMARS GROUP MEMBERS: HEIDELBERGER BETEILIGUNGSHOLDING AG GROUP MEMBERS: MING LE SPORTS AG GROUP MEMBERS: PHILIPP WIEDMANN GROUP MEMBERS: RALPH BIENECK GROUP MEMBERS: ROLF BIRKERT GROUP MEMBERS: SPARTA AG GROUP MEMBERS: STRAWTEC GROUP AG GROUP MEMBERS: VV BETEILIGUNGEN AKTIENGESELLSCHAFT GROUP MEMBERS: WILHELM KONRAD THOMAS ZOURS SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Biofrontera AG CENTRAL INDEX KEY: 0001712641 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: 2M FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-90509 FILM NUMBER: 211509113 BUSINESS ADDRESS: STREET 1: HEMMELRATHER WEG 201 CITY: LEVERKUSEN STATE: 2M ZIP: D-51377 BUSINESS PHONE: 011 49 214 876 00 MAIL ADDRESS: STREET 1: HEMMELRATHER WEG 201 CITY: LEVERKUSEN STATE: 2M ZIP: D-51377 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DEUTSCHE BALATON AKTIENGESELLSCHAFT CENTRAL INDEX KEY: 0001571071 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: ZIEGELHAUSER LANDSTRABE 1 CITY: HEIDELBERG STATE: 2M ZIP: 691924-0 BUSINESS PHONE: 49 6221 64727-0 MAIL ADDRESS: STREET 1: ZIEGELHAUSER LANDSTRABE 1 CITY: HEIDELBERG STATE: 2M ZIP: 691924-0 SC 13D/A 1 ea152830-13da15deutsc_bio.htm AMENDMENT NO. 15 TO SCHEDULE 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 15)*

Biofrontera AG

(Name of Issuer)

Ordinary Shares, nominal value €1.00 per share

(including Ordinary Shares represented by American Depository Shares (ADSs) at a ratio of two Ordinary Shares per ADS)

(Title of Class of Securities)

09075G105 **

(CUSIP Number)

Rolf Birkert

Member of the Board

Ziegelhaeuser Landstrasse 1

69120 Heidelberg

Germany

+49 6221 649 24 – 35

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

December 16, 2021

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

** The Ordinary Shares have no CUSIP number. The CUSIP number for the ADSs, each representing two Ordinary Shares, is 09075G105.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

1	NAMES OF REPORTING PERSONS Deutsche Balaton Biotech AG
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☒ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) WC (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

16,987,199

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

2,280,847 (1)

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 16,987,199 (2)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 29.95% (3)
14	TYPE OF REPORTING PERSON OO

(1)

Consists of 618,187 shares and 831,330 American depositary shares (“ADSs”) (each representing two shares) held by DBB.

(2)

Includes 4,084,941 shares held by SPARTA AG (“SP”), 1,200 shares held by Heidelberger Beteiligungsholding AG (“HDBH”), 2,270,181 shares held by Deutsche Balaton Aktiengesellschaft (“DB”) and 8,350,030 shares held by Delphi Unternehmensberatung Aktiengesellschaft (“DU”) pursuant to the Acting in Concert Agreement described herein. See Item 5, herein.

(3)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS SPARTA AG
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☒ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) WC (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

16,987,199

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

4,084,941

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 16,987,199 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 29.95% (2)
14	TYPE OF REPORTING PERSON OO

(1)

Includes618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 1,200 shares held by HDBH, 2,270,181 shares held by DB and 8,350,030 shares held by DU pursuant to the Acting in Concert Agreement described herein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Heidelberger Beteiligungsholding AG
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☒ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) WC (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

16,987,199

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

1,200

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 16,987,199 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 29.95% (2)
14	TYPE OF REPORTING PERSON OO

(1)

Includes 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 2,270,181 shares held by DB and 8,350,030 shares held by DU pursuant to the Acting in Concert Agreement described herein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Ming Le Sports AG
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) WC (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

1,000

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

1,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,000 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0.0% (2)
14	TYPE OF REPORTING PERSON OO

(1)

Consists of shares held directly by Ming Le Sports AG (“MLS”). See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Altech Advanced Materials AG
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) WC (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

1,000

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

1,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,000 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0.0% (2)
14	TYPE OF REPORTING PERSON OO

(1)

Consists of shares held directly by Altech Advanced Materials AG (“AAM”). See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Deutsche Balaton Aktiengesellschaft
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☒ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) WC, AF, OO (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

16,989,199

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

8,639,169

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 16,989,199 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 29.95% (2)
14	TYPE OF REPORTING PERSON OO

(1)

Includes 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 1,200 shares held by HDBH and 8,350,030 shares held by DU pursuant to the Acting in Concert Agreement described herein. Also includes 1,000 shares held MLS and 1,000 shares held by AAM, as to which DB disclaims beneficial ownership. DB owns a majority interest in each of MLS and AAM. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS VV Beteiligungen Aktiengesellschaft
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☒ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) AF (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

8,639,169

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

8,639,169

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,639,169 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 15.2% (2)
14	TYPE OF REPORTING PERSON OO

(1)

Consists of 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 1,200 shares held by HDBH, 1,000 shares held by MLS and 1,000 shares held by AAM, as to which VV Beteiligungen Aktiengesellschaft (“VVB”) disclaims beneficial ownership. VVB owns a majority interest in DB. DB owns a majority interest in each of DBB, SP, HDBH, MLS and AAM. Also consists of 2,270,181 shares held by DB. VVB owns a majority interest in DB. VVB disclaims beneficial ownership over the shares of DB that it holds in excess of 45% voting power pursuant to the Non-Domination Agreement described herein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Strawtec Group AG
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) WC (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

1,000

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

1,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,000 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0.0% (2)
14	TYPE OF REPORTING PERSON OO

(1)

Consists of shares held directly by Strawtec Group AG (“SG”). See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Delphi Unternehmensberatung Aktiengesellschaft
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☒ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) WC, AF, OO (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

16,990,199

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

16,990,199

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 16,990,199 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 29.95% (2)
14	TYPE OF REPORTING PERSON OO

(1)

Includes 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 1,200 shares held by HDBH, 2,270,181 shares held by DB and 8,350,030 shares held by DU pursuant to the Acting in Concert Agreement described herein. Also includes 1,000 shares held by MLS, 1,000 shares held by AAM and 1,000 shares held by SG, as to which DU disclaims beneficial ownership. DU owns a majority interest in VVB and SG. VVB owns a majority interest in DB. VVB disclaims beneficial ownership over the shares of DB in excess of 45% of DB’s voting power pursuant to the Non-Domination Agreement described herein. DB owns a majority interest in each of MLS and AAM. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Wilhelm Konrad Thomas Zours
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) AF (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

16,990,199

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

16,990,199

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 16,990,199 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 29.95% (2)
14	TYPE OF REPORTING PERSON IN

(1)

Consists of 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 1,200 shares held by HDBH, 1,000 shares held by MLS, 1,000 shares held by AAM, 2,270,181 shares held by DB, 1,000 shares held by SG and 8,350,030 shares held by DU. DB owns a majority interest in each of DBB, SP, HDBH, MLS and AAM. VVB owns a majority interest in DB, but VVB disclaims beneficial ownership over the shares of DB in excess of 45% of DB’s voting power pursuant to the Non-Domination Agreement described herein. DU owns a majority interest in VVB and SG. Wilhelm Konrad Thomas Zours, an individual, owns a majority interest in DU and is the sole member of the boards of management of VVB and DU and therefore has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS, AAM, DB, SG and DU. Mr. Zours disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Rolf Birkert
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) AF (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

8,639,169

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

8,639,169

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,639,169 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 15.2% (2)
14	TYPE OF REPORTING PERSON IN

(1)

Consists of 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 1,200 shares held by HDBH, 1,000 shares held by MLS, 1,000 shares held by AAM and 2,270,181 shares held by DB. DB owns a majority interest in each of DBB, SP, HDBH, MLS and AAM. Rolf Birkert, in his capacity as a member of the board of management of DBB and DB, has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS, AAM and DB. Mr. Birkert disclaims beneficial ownership of the shares held by DBB, SP, HDBH, MLS, AAM and DB, except to the extent of his pecuniary interest therein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Alexander Link
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) AF (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

8,639,169

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

8,639,169

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,639,169 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 15.2% (2)
14	TYPE OF REPORTING PERSON IN

(1)

Consists of 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 1,200 shares held by HDBH, 1,000 shares held by MLS, 1,000 shares held by AAM and 2,270,181 shares held by DB. DB owns a majority interest in each of DBB, SP, HDBH, MLS and AAM. Alexander Link, in his capacity as a member of the board of management of DB, has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS, AAM and DB. Mr. Link disclaims beneficial ownership of the shares held by DBB, SP, HDBH, MLS, AAM and DB, except to the extent of his pecuniary interest therein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Hansjörg Plaggemars
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) AF (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

2,000

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

2,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,000 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0.0% (2)
14	TYPE OF REPORTING PERSON IN

(1)

Consists of 1,000 shares held by AAM and 1,000 shares held by SG. Hansjörg Plaggemars, in his capacity as a member of the boards of management of SG and AAM, has voting and dispositive power over the shares held by SG and AAM. Mr. Plaggemars disclaims beneficial ownership of the shares held by SG and AAM, except to the extent of his pecuniary interest therein. See Item 5, herein. Does not include 3,500 shares owned by Mr. Plaggemars’s wife and held in her personal account, as to which Mr. Plaggemars disclaims beneficial ownership.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Ralph Bieneck
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) AF (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

1,200

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

1,200

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,200 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0.0% (2)
14	TYPE OF REPORTING PERSON IN

(1)

Consists of 1,200 shares held by HDBH. Ralph Bieneck, in his capacity as a member of the board of management of HDBH, has voting and dispositive power over the shares held by HDBH. Mr. Bieneck disclaims beneficial ownership of the shares HDBH, except to the extent of his pecuniary interest therein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Philipp Wiedmann
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) AF (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

4,084,941

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

4,084,941

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,084,941 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 7.2% (2)
14	TYPE OF REPORTING PERSON IN

(1)

Consists of 4,084,941 shares held by SP. Philipp Wiedmann, in his capacity as a member of the board of management of SP, has voting and dispositive power over the shares held by SP. Mr. Wiedmann disclaims beneficial ownership of the shares SP, except to the extent of his pecuniary interest therein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

1	NAMES OF REPORTING PERSONS Andreas Danner
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ☐ (b) ☒
3	SEC USE ONLY
4	SOURCE OF FUNDS (see instructions) AF (See Item 3)
5	CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) ☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION Germany

NUMBER OF

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

SHARED VOTING POWER

1,000

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

1,000

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,000 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions) ☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 0.0% (2)
14	TYPE OF REPORTING PERSON IN

(1)

Consists of 1,000 shares held by MLS. Andreas Danner, in his capacity as a member of the board of management of MLS, has voting and dispositive power over the shares held by MLS. Mr. Danner disclaims beneficial ownership of the shares MLS, except to the extent of his pecuniary interest therein. See Item 5, herein.

(2)

Based upon 56,717,385 shares outstanding as reported in the Issuer’s Form 6-K filed on November 18, 2021.

Item 1. Security and Issuer

This statement on Schedule 13D, as amended (the “Schedule 13D”) relates to the ordinary shares, nominal value €1.00 per share (the “Ordinary Shares”), of Biofrontera AG (the “Issuer”). The principal executive offices of the Issuer are located at Hemmelrather Weg 201, D-51377 Leverkusen, Germany.

Item 2. Identity and Background

(a)

This Schedule 13D is being filed by Deutsche Balaton Biotech AG (“DBB”), SPARTA AG (“SP”), Heidelberger Beteiligungsholding AG (“HDBH”), Ming Le Sports AG (“MLS”), Altech Advanced Materials AG (“AAM”), Deutsche Balaton Aktiengesellschaft (“DB”), VV Beteiligungen Aktiengesellschaft (“VVB”), Strawtec Group AG (“SG”), Delphi Unternehmensberatung Aktiengesellschaft (“DU”), Wilhelm Konrad Thomas Zours, Rolf Birkert, Alexander Link, Hansjörg Plaggemars, Ralph Bieneck, Philipp Wiedmann and Andreas Danner, which are collectively referred to as the “Reporting Persons”. DBB, SP, HDBH, MLS, AAM, DB, VVB, SG and DU are collectively referred to as the “Reporting Entities”, Messrs. Zours, Birkert, Link, Plaggemars, Bieneck, Wiedmann and Danner are collectively referred to as the “Reporting Individuals”, and DBB, SP, HDBH, DB and DU are collectively referred to as the “Pool Members”.

(b)

The address of the principal business office of each Reporting Entity (other than AAM) and each Scheduled Person (as defined below) is Ziegelhäuser Landstrasse 1, Heidelberg, Germany, 69120. The address of the principal business office of AAM is Ziegelhäuser Landstrasse 3, Heidelberg, Germany, 69120.

(c)

The principal business of each of Reporting Entity (other than MLS, SG and DU) is to hold and dispose of equity and equity-related investments. The principal business activities of MLS are the manufacturing, sale and distribution of shoes, clothes, accessories and sporting goods, research and development related to these products and holding and disposing of equity and equity-related investments. The principal business activities of SG are developing, trading, manufacturing and renting machines for the production of building materials, developing, distributing and producing building materials and holding and disposing of equity and equity-related investments. The principal business of DU is to provide consulting services and to hold and dispose of equity and equity-related investments. DB owns a majority interest in each of DBB, SP, HDBH, MLS and AAM; VVB owns a majority interest in DB; and DU owns a majority interest in VVB and SG. Wilhelm Konrad Thomas Zours, an individual, owns a majority interest in DU and is the sole member of the boards of management of VVB and DU. Rolf Birkert is a member of the board of management of DBB and DB. Alexander Link is a member of the board of management of DB. Ralph Bieneck is a member of the board of management of HDBH. Philipp Wiedmann is a member of the board of management of SP. Andreas Danner is a member of the board of management of MLS. Hansjörg Plaggemars is a member of the boards of management of SG and AAM.

(d)

– (e) During the past five years, none of the Reporting Persons or Scheduled Persons has been, and to their respective knowledge, none of the Scheduled Persons has been (i) convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f)

The Reporting Entities are each organized under the laws of Germany. Each of the Reporting Individuals (other than Mr. Plaggemars) are citizens of Germany. Mr. Plaggemars is a citizen of the United States.

The name, present business address, present principal occupation, and place of citizenship of the member(s) of the Board of Management of each of the Reporting Entities is set forth on Schedule 1 (collectively, the “Scheduled Persons,” and each a “Scheduled Person”), and is incorporated herein by reference.

Item 3. Source and Amount of Funds or Other Consideration

As of December 16, 2021, the Reporting Persons have invested in the Issuer as follows:

DBB	€2,491,361 (including brokerage commissions to the extent known) in the Ordinary Shares and €10,637,475 (including brokerage commissions) in American depositary shares (“ADSs”) of the Issuer
SP	€24,413,057 (including brokerage commissions to the extent known) in the Ordinary Shares of the Issuer
HDBH	€5,300 (including brokerage commissions) in the Ordinary Shares of the Issuer
MLS	€7,948 (including brokerage commissions) in the Ordinary Shares of the Issuer
AAM	€7,950 (including brokerage commissions) in the Ordinary Shares of the Issuer
DB	€7,280,816 (including brokerage commissions) in the Ordinary Shares of the Issuer (1)
SG	€7,955 (including brokerage commissions) in the Ordinary Shares of the Issuer
DU	€44,031,996 (excluding brokerage commissions) in the Ordinary Shares of the Issuer

(1) Includes €724,107 (including brokerage commissions to the extent known) invested by ABC Beteiligungen Aktiengesellschaft (“ABC”) prior to its merger with and into DB. See Item 5.

Neither VVB nor any of the Reporting Individuals own shares in their individual capacity.

In the case of the Reporting Entities set forth in the table above (other than DU), the source of such funds was the general working capital of each such purchaser (or their legal predecessors) respectively. In the case of DU, the source of such funds was the general working capital of DU, including proceeds from a private placement of the convertible bonds.

Item 4. Purpose of Transaction

The purpose of the transactions in securities described in this Schedule 13D is investment.

The Reporting Persons, in the aggregate, own approximately 29.95% of the outstanding shares of the Issuer and do not intend to own 30% or more of the outstanding shares of the Issuer. Subject to the foregoing limitation, the Reporting Entities (other than the Reporting Individuals and VVB) currently intend to acquire additional voting securities of the Issuer, or instruments convertible into voting securities of the Issuer to the extent possible at reasonable prices in order to maintain their current ownership positions. Any such acquisitions may be effected through open market purchases, block trades, privately-negotiated transactions, subscriptions made pursuant to rights offerings by the Issuer, or otherwise (including the exercise of any options or other securities exercisable for, or convertible into, any such securities of the Issuer). Furthermore, the Reporting Persons may engage in the transactions concerning the securities of the Issuer with other Reporting Persons. The Reporting Individuals and VVB do not intend to acquire securities of the Issuer. The Reporting Persons (other than the Reporting Individuals and VVB) may also dispose of voting securities of the Issuer from time to time. Any such dispositions may be effected through open market sales, block trades, privately-negotiated transactions, or otherwise.

On July 6, 2021, the Issuer announced that its US-subsidiary Biofrontera Inc. intends to raise capital by means of an initial public offering and a stock exchange listing in the United States (“IPO”).

On September 19, 2021, the Pool Members and ABC requested to call a general shareholders meeting of the Issuer with regard to the intended IPO of Biofrontera Inc. and proposed to elect a special auditor concerning the circumstances of the IPO. On October 5, 2021, the Pool Members and ABC applied for authorization by the local court of Cologne to call a general shareholders meeting of the Issuer and also to authorize the Pool Members and ABC to publish and therewith put such proposals to the agenda of the next shareholders meeting of the Issuer. The application was rejected by the local court of Cologne on December 2, 2021.

On October 13, 2021, the Pool Members and ABC applied for calling a general meeting and an amendment to the agenda of the next shareholders meeting of the Issuer and proposed to vote against the IPO of Biofrontera Inc. and to elect a special auditor regarding the circumstances of the intended IPO.

On November 2, 2021, the Issuer announced that at the closing of the IPO, Biofrontera Inc. placed 3,600,000 Units consisting of (i) one share of Biofrontera Inc. common stock and (ii) one warrant entitling the holder to purchase one additional share of Biofrontera Inc. common stock at an exercise price of $5.00. The underwriters exercised in full their option to purchase up to an additional 540,000 warrants to cover over-allotments. Each warrant expires five years after the date of issuance. The gross proceeds to Biofrontera Inc. from the offering, before deducting the underwriting discounts and commissions and offering expenses, amounted to approximately $18,000,000.

On November 19, 2021, the Issuer announced the results of the mediation proceedings with Mr. Wilhelm K. T. Zours and DB. In the course of the mediation process, an agreement (the “Settlement Agreement”) was entered among each of the Reporting Entities, ABC, Maruho Deutschland GmbH (“Maruho”), Mr. Zours and the Issuer. Pursuant to the Settlement Agreement, (i) the Reporting Entities, ABC and Maruho agreed to vote in favor of the election of the following candidates in the upcoming Annual General Meeting: Dr. Heikki Lanckriet; Dr. Helge Lubenow; Mrs. Prof. Franca Ruhwedel; Mr. Karlheinz Schmelig; Dr. Jörgen Tielmann; and Mr. Wilhelm K. T. Zours, and (ii) the Issuer, DB, DU and ABC agreed to withdraw outstanding lawsuits. Mr. Zours declared his willingness to stand for election as Chairman of the Supervisory Board. The Settlement Agreement also provides that the authorized capital resolved by the Annual General Meeting of the Issuer on May 24, 2017 under agenda item 6, which is the subject of a pending action for rescission, and which would in any case be limited until May 23, 2022, is not to be used even after the withdrawal of the action. The Settlement Agreement does not include a review regarding the background of the IPO of Biofrontera Inc. The terms of the Settlement Agreement were subject to the condition precedent that the aforementioned candidates are elected to the Supervisory Board of the Issuer by no later than December 31, 2021.

In order to ensure that the Issuer will be able to raise further capital in the future, on November 26, 2021 DB submitted with the Issuer an amendment to the agenda of the annual general meeting to be held on December 14, 2021 with the proposals to adopt authorized capital and contingent capital. DB proposed a maximum authorized capital of 50% of the current share capital as well as a maximum contingent capital of 50% of the current share capital, both valid for five years.

On November 26, 2021, the Pool Members and ABC withdrew the proposal to elect a special auditor regarding the circumstances of the intended IPO.

On December 6, 2021, ABC merged with and into DB, with DB continuing as the surviving entity in the merger. The shares in Issuer previously held by ABC are currently held by DB.

On December 14, 2021, the Issuer announced that Dr. Heikki Lanckriet, Dr. Helge Lubenow, Mr. Karlheinz Schmelig, Dr. Jörgen Tielmann and Mr. Wilhelm K. T. Zours were each elected to the Supervisory Board and that Mrs. Prof. Dr. Franca Ruhwedel was re-elected to the Supervisory Board. Furthermore, at its constituting meeting on December 14, 2021, the Supervisory Board elected Wilhelm K. T. Zours as Chairman of the Supervisory Board and Dr. Jörgen Tielmann as Vice Chairman of the Supervisory Board. Furthermore, the Issuer announced that DB’s proposals concerning the maximum authorized capital and maximum contingent capital were rejected.

On December 16, 2021, DB withdrew the outstanding lawsuits as required by the Settlement Agreement.

Except as set forth above, the Reporting Persons have no current plans or proposals with respect to (i) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (ii) any extraordinary corporate transaction, such as a merger, reorganization, or liquidation, involving the Issuer or any of its subsidiaries, (iii) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries, (iv) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (v) any material change in the present capitalization or dividend policy of the Issuer; (vi) any other material change in the Issuer’s business or corporate structure, (vii) changes to the Issuer’s organizational documents or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (viii) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (ix) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (x) any action similar to any of the foregoing.

Item 5. Interest in Securities of the Issuer

(a)

Of the aggregate 16,990,199 shares reported in this Schedule 13D (representing 29.95% of the Issuer’s Ordinary Shares), the Reporting Persons hold as follows:

Reporting Person	Shares			Beneficial Ownership %
DBB		2,280,847	(1)		29.95	%
SP		4,084,941			29.95	%
HDBH		1,200			29.95	%
MLS		1,000			0.0	%
AAM		1,000			0.0	%
DB		2,270,181			29.95	%
VVB		0			15.2	%
SG		1,000			0.0	%
DU		8,350,030			29.95	%
Wilhelm Konrad Thomas Zours		0			29.95	%
Rolf Birkert		0			15.2	%
Alexander Link		0			15.2	%
Hansjörg Plaggemars		0			0.0	%
Ralph Bieneck		0			0.0	%
Philipp Wiedmann		0			0.0	%
Andreas Danner		0			0.0	%

(1)

Consists of 618,187 shares and 831,330 ADSs (each representing two shares).

DB owns a majority interest in each of DBB, SP, HDBH, MLS and AAM, and therefore has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS and AAM.

VVB owns a majority interest in DB, and therefore has voting and dispositive power over the shares held by DB.

DU owns a majority interest in VVB and SG, and therefore has voting and dispositive power over the shares held by VVB and SG.

Wilhelm Konrad Thomas Zours, does not own any shares in his individual capacity. Mr. Zours owns a majority interest in DU and is the sole member of the boards of management of VVB and DU and therefore has voting and dispositive power over the shares held by the Reporting Entities (other than VVB, which owns no shares).

Rolf Birkert does not own any shares in his individual capacity. Mr. Birkert is a member of the boards of management of DBB and DB, and therefore has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS, AAM and DB.

Alexander Link does not own any shares in his individual capacity. Mr. Link is a member of the board of management of DB, and therefore has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS, AAM and DB.

Hansjörg Plaggemars does not own any shares in his individual capacity. Mr. Plaggemars is as a member of the boards of management of SG and AAM, and therefore has voting and dispositive power over the shares held by SG and AAM.

Ralph Bieneck does not own any shares in his individual capacity. Mr. Bieneck is a member of the board of management of HDBH, and therefore has voting and dispositive power over the shares held by HDBH.

Philipp Wiedmann does not own any shares in his individual capacity. Mr. Wiedmann is a member of the board of management of SP, and therefore has voting and dispositive power over the shares held by SP.

Andreas Danner does not own any shares in his individual capacity. Mr. Danner is a member of the board of management of MLS, and therefore has voting and dispositive power over the shares held by MLS.

For the reasons set forth above, each of DB, VVB, DU, Wilhelm Konrad Thomas Zours, Rolf Birkert and Alexander Link may be deemed to have beneficial ownership with respect to the shares held by DBB, SP, HDBH, MLS and AAM and disclaims beneficial ownership of such shares, except to the extent of their respective pecuniary interest therein.

For the reasons set forth above, each of VVB, DU, Wilhelm Konrad Thomas Zours, Rolf Birkert and Alexander Link may be deemed to have beneficial ownership with respect to all shares held by DB and disclaim beneficial ownership of such shares, except to the extent of their respective pecuniary interests therein.

For the reasons set forth above, DU and Wilhelm Konrad Thomas Zours may be deemed to have beneficial ownership with respect to all shares held by SG and disclaim beneficial ownership of such shares, except to the extent of their respective pecuniary interests therein.

For the reasons set forth above, Wilhelm Konrad Thomas Zours may be deemed to have beneficial ownership with respect to all shares held by DU and disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

Pursuant to a non-domination agreement between VVB and DB (the “Non-Domination Agreement”), VVB has agreed that it cannot exercise voting control (through voting more than 45%, directly or indirectly, of the shares) over DB, and therefore VVB disclaims beneficial ownership over the shares it holds in excess of 45% voting power.

On January 28, 2020, each of the Pool Members entered into an acting-in-concert agreement (the “Acting in Concert Agreement”). Pursuant to the Acting in Concert Agreement, each party agrees to exercise their voting rights (or abstain therefrom) in accordance with the terms thereof. Therefore, each Pool Member has voting power over the shares held by the other Pool Member.

On December 6, 2021, ABC merged with and into DB, with DB continuing as the surviving entity in the merger. The shares in Issuer previously held by ABC are currently held by DB.

All percentages set forth in this Schedule 13D are based upon 56,717,385 Ordinary Shares outstanding, as reported in the Issuer’s Form 6-K filed on November 18, 2021 and calculated in accordance with Rule 13d-3 under the Exchange Act of 1934, as amended.

(b)

Number of shares as to which each Reporting Person has:

(i)

Sole power to vote or to direct the vote of:

DBB			0
SP			0
HDBH			0
MLS			0
AAM			0
DB			0
VVB			0
SG			0
DU			0
Wilhelm Konrad Thomas Zours			0
Rolf Birkert			0
Alexander Link			0
Hansjörg Plaggemars			0
Ralph Bieneck			0
Philipp Wiedmann			0
Andreas Danner			0

(ii)

Shared power to vote or to direct the vote of:

DBB	16,987,199	(1	)
SP	16,987,199	(1	)
HDBH	16,987,199	(1	)
MLS	1,000
AAM	1,000
DB	16,989,199	(1) (2)
VVB	8,639,169	(3	)
SG	1,000
DU	16,990,199	(1) (4)
Wilhelm Konrad Thomas Zours	16,990,199	(5	)
Rolf Birkert	8,639,169	(6	)
Alexander Link	8,639,169	(7	)
Hansjörg Plaggemars	2,000	(8	)
Ralph Bieneck	1,200	(9	)
Philipp Wiedmann	4,084,941	(10	)
Andreas Danner	1,000	(11	)

(iii)

Sole power to dispose or to direct the disposition of:

DBB			0
SP			0
HDBH			0
MLS			0
AAM			0
DB			0
VVB			0
SG			0
DU			0
Wilhelm Konrad Thomas Zours			0
Rolf Birkert			0
Alexander Link			0
Hansjörg Plaggemars			0
Ralph Bieneck			0
Philipp Wiedmann			0
Andreas Danner			0

(iv)

Shared power to dispose or to direct the disposition of:

DBB	2,280,847	(12)
SP	4,084,941
HDBH	1,200
MLS	1,000
AAM	1,000
DB	8,639,169	(2)
VVB	8,639,169	(3)
SG	1,000
DU	16,990,199	(4)
Wilhelm Konrad Thomas Zours	16,990,199	(5)
Rolf Birkert	8,639,169	(6)
Alexander Link	8,639,169	(7)
Hansjörg Plaggemars	2,000	(8)
Ralph Bieneck	1,200	(9)
Philipp Wiedmann	4,084,941	(10)
Andreas Danner	1,000	(11)

(1)

Pursuant to the Acting in Concert Agreement, each of the Pool Members agrees to exercise their voting rights (or abstain therefrom) in accordance with the terms thereof. Includes 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 1,200 shares held by HDBH, 2,270,181 shares held by DB and 8,350,030 shares held by DU.

(2)

Includes 1,000 shares held by MLS and 1,000 shares held by AAM, as to which DB disclaims beneficial ownership. DB owns a majority interest in each of MLS and AAM.

(3)

Includes 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB, 4,084,941 shares held by SP, 1,200 shares held by HDBH, 1,000 shares held by MLS and 1,000 shares held by AAM, as to which VVB disclaims beneficial ownership. DB owns a majority interest in each of DBB, SP, HDBH, MLS and AAM. Includes 2,270,181 shares held by DB. VVB disclaims beneficial ownership over the shares of DB that it holds in excess of 45% voting power pursuant to the Non-Domination Agreement described herein. VVB owns a majority interest in DB.

(4)

Includes 1,000 shares held by MLS, 1,000 shares held by AAM, 2,270,181 shares held by DB and 1,000 shares held by SG, as to which DU disclaims beneficial ownership. VVB owns a majority interest in DB. VVB disclaims beneficial ownership over the shares of DB that it holds in excess of 45% voting power pursuant to the Non-Domination Agreement described herein. DU owns a majority interest in VVB and SG. DB owns a majority interest in each of DBB, SP, HDBH, MLS and AAM.

(5)

Wilhelm Konrad Thomas Zours, an individual, owns a majority interest in DU and is the sole member of the boards of management of VVB and DU and therefore has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS, AAM, DB, SG and DU.

(6)

Rolf Birkert, in his capacity as a member of the boards of management of DB and DBB, has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS, AAM and DB.

(7)	Alexander Link, in his capacity as a member of the board of management of DB, has voting and dispositive power over the shares held by DBB, SP, HDBH, MLS, AAM and DB.

(8)

Hansjörg Plaggemars, in his capacity as a member of the boards of management of SG and AAM, has voting and dispositive power over the shares held by SG and AAM.

(9)

Ralph Bieneck, in his capacity as a member of the board of management of HDBH, has voting and dispositive power over the shares held by HDBH.

(10)	Philipp Wiedmann, in his capacity as a member of the board of management of SP, has voting and dispositive power over the shares held by SP.

(11)

Andreas Danner, in his capacity as a member of the board of management of MLS, has voting and dispositive power over the shares held by MLS.

(12)

Consists of 618,187 shares and 831,330 ADSs (each representing two shares) held by DBB.

(c)

Since the most recent Schedule 13D filing, the Reporting Persons have conducted transactions in the shares as reflected on Schedule 2.

(d) – (e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

The description of the Settlement Agreement set forth in Item 4 is incorporated into this Item 6 by reference.

Item 7. Material to Be Filed as Exhibits

99.1		Joint Filing Agreement.
99.2		Acting in Concert Agreement, dated January 28, 2019, by and among ABC Beteiligungen Aktiengesellschaft, Deutsche Balaton Biotech AG, Prisma Equity AG, SPARTA AG, Heidelberger Beteiligungsholding AG, Deutsche Balaton Aktiengesellschaft and Delphi Unternehmensberatung Aktiengesellschaft (English translation) (incorporated by reference to Exhibit 99.3 to Amendment No. 9 to Schedule 13D, filed by the Reporting Persons with respect to Biofrontera AG on February 3, 2020).
99.3		Power of Attorney (incorporated by reference to Exhibit 99.4 to Amendment No. 9 to Schedule 13D, filed by the Reporting Persons with respect to Biofrontera AG on February 3, 2020).
99.4		Agreement About the Settlement of Litigations, dated November 19, 2021, by and among Biofrontera AG, Mr. Wilhelm K. T. Zours, Deutsche Balaton AG, Delphi Unternehmensberatung AG, VV Beteiligungen AG, ABC Beteiligungen Aktiengesellschaft, Deutsche Balaton Biotech AG, SPARTA AG, Strawtec Group AG, Heidelberger Beteiligungsholding AG, Altech Advanced Materials AG, Ming Le Sports AG and Maruho Deutschland GmbH (English translation).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: December 21, 2021

	DEUTSCHE BALATON BIOTECH AG

	By:	/s/ Rolf Birkert
		Rolf Birkert

	SPARTA AG

	By:	/s/ Philipp Wiedmann
		Philipp Wiedmann

	HEIDELBERGER BETEILIGUNGSHOLDING AG

	By:	/s/ Ralph Bieneck
		Ralph Bieneck

	MING LE SPORTS AG

	By:	/s/ Andreas Danner
		Andreas Danner

	ALTECH ADVANCED MATERIALS AG

	By:	/s/ Hansjörg Plaggemars
		Hansjörg Plaggemars

	DEUTSCHE BALATON AKTIENGESELLSCHAFT

	By:	/s/ Rolf Birkert
		Rolf Birkert

	VV BETEILIGUNGEN AKTIENGESELLSCHAFT

	By:	/s/ Wilhelm Konrad Thomas Zours
		Wilhelm Konrad Thomas Zours

	STRAWTEC GROUP AG

	By:	/s/ Hansjörg Plaggemars
		Hansjörg Plaggemars

	DELPHI UNTERNEHMENSBERATUNG AKTIENGESELLSCHAFT

	By:	/s/ Wilhelm Konrad Thomas Zours
		Wilhelm Konrad Thomas Zours

	Hansjörg Plaggemars

	/s/ Hansjörg Plaggemars

	RALPH BIENECK

	/s/ Ralph Bieneck

	PHILIPP WIEDMANN

	/s/ Philipp Wiedmann

	ANDREAS DANNER

	/s/ Andreas Danner

	ROLF BIRKERT

	/s/ Rolf Birkert

	ALEXANDER LINK

	/s/ Alexander Link

	WILHELM KONRAD THOMAS ZOURS

	/s/ Wilhelm Konrad Thomas Zours

Schedule 1

Members of Management of the Reporting Persons

The sole member of the Board of Management of DBB is Rolf Birkert. The members of the Board of Management of SP are Eva Katheder and Philipp Wiedmann. The sole member of the Board of Management of HDBH is Ralph Bieneck. The sole member of the Board of Management of each of SG and AAM is Hansjörg Plaggemars. The sole member of the Board of Management of MLS is Andreas Danner. The members of the Board of Management of DB are Rolf Birkert and Alexander Link. The sole member of the Board of Management of each of VVB and DU is Wilhelm Konrad Thomas Zours.

The following table sets forth the name, present occupation or employment and citizenship of each such person.

Name	Present Business Address	Present Occupation	Citizenship
Rolf Birkert	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany	Member of the Board of DB	Germany
Alexander Link	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany	Member of the Board of DB	Germany
Eva Katheder	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany	Member of the Board of SP	Germany
Philipp Wiedmann	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany	Member of the Board of SP	Germany
Hansjörg Plaggemars	Ziegelhaeuser Landstrasse 3, 69120 Heidelberg, Germany	Member of the Board of AAM	United States
Ralph Bieneck	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany	Sole Member of the Board of HDBH	Germany
Andreas Danner	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany	Sole Member of the Board of MLS	Germany
Wilhelm Konrad Thomas Zours	Ziegelhaeuser Landstrasse 1, 69120 Heidelberg, Germany	Sole Member of the Board of DU	Germany

Schedule 2

On December 6, 2021, ABC merged with and into DB, with DB continuing as the surviving entity in the merger. The shares in Issuer previously held by ABC are currently held by DB.

EX-99.1 2 ea152830ex99-1_bio.htm JOINT FILING AGREEMENT

Exhibit 99.1

JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements, The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate,

	Deutsche Balaton Biotech AG

	By:	/s/ Rolf Birkert
		Rolf Birkert

	SPARTA AG

	By:	/s/ Philipp Wiedmann
		Philipp Wiedmann

	HEIDELBERGER BETEILIGUNGSHOLDING AG

	By:	/s/ Ralph Bieneck
		Ralph Bieneck

	Ming Le Sports AG

	By:	/s/ Andreas Danner
		Andreas Danner

	ALTECH ADVANCED MATERIALS AG

	By:	/s/ Hansjörg Plaggemars
		Hansjörg Plaggemars

	DEUTSCHE BALATON AKTIENGESELLSCHAFT

	By:	/s/ Rolf Birkert
		Rolf Birkert

	VV BETEILIGUNGEN AKTIENGESELLSCHAFT

	By:	/s/ Wilhelm Konrad Thomas Zours
		Wilhelm Konrad Thomas Zours

	Strawtec Group AG

	By:	/s/ Hansjörg Plaggemars
		Hansjörg Plaggemars

	Delphi Unternehmensberatung Aktiengesellschaft

	By:	/s/ Wilhelm Konrad Thomas Zours
		Wilhelm Konrad Thomas Zours

	HANSJÖRG PLAGGEMARS

	/s/ Hansjörg Plaggemars

	RALPH BIENECK

	/s/ Ralph Bieneck

	PHILIPP WIEDMANN

	/s/ Philipp Wiedmann

	ANDREAS DANNER

	/s/ Andreas Danner

	ALEXANDER LINK

	/s/ Alexander Link

	ROLF BIRKERT

	/s/ Rolf Birkert

	Wilhelm Konrad Thomas Zours

	/s/ Wilhelm Konrad Thomas Zours

EX-99.4 3 ea152830ex99-4_bio.htm AGREEMENT ABOUT THE SETTLEMENT OF LITIGATIONS, DATED NOVEMBER 19, 2021, BY AND AMONG BIOFRONTERA AG, MR. WILHELM K. T. ZOURS, DEUTSCHE BALATON AG, DELPHI UNTERNEHMENSBERATUNG AG, VV BETEILIGUNGEN AG, ABC BETEILIGUNGEN AKTIENGESELLSCHAFT, DEUTSCHE BALATON

Exhibit 99.4

Agreement

About the Settlement of Litigations

among

Biofrontera AG, Hemmelrather Weg 201, 51377 Leverkusen,

Mr. Wilhelm K. T. Zours, business adress: Deutsche Balaton AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg

Deutsche Balaton AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg

Delphi Unternehmensberatung AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg

VV Beteiligungen AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg

ABC Beteiligungen AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg

Deutsche Balaton Biotech AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg,

SPARTA AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg,

Strawtec Group AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg,

10.

Heidelberger Beteiligungsholding AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg,

11.

Altech Advanced Materials AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg,

12.

Ming Le Sports AG, Ziegelhäuser Landstraße 1, 69120 Heidelberg,

- the Parties at 3. to 12. hereinafter together „Balaton-Companies“ -

and

13.

Maruho Deutschland GmbH, Hemmelrather Weg 201, 51377 Leverkusen

Preamble:

Biofrontera AG is a biopharmaceutical company specializing in the development and sale of dermatological drugs and medical cosmetics. The shares of Biofrontera AG are traded in the regulated market in Germany.

The Parties at 3 to 13 hold at the moment the following number of shares in Biofrontera AG (without taking into account Biofrontera ADR):

Party		Number of Shares held
Deutsche Balaton AG		2,141,275
Delphi Unternehmensberatung AG		8,350,030
VV Beteiligungen AG		0
ABC Beteiligungen AG		128,906
Deutsche Balaton Biotech AG		618,187
SPARTA AG		4,084,941
Strawtec Group AG		1,000
Heidelberger Beteiligungsholding AG		1,200
Altech Advanced Materials AG		1,000
Ming Le Sports AG		1,000
Maruho Deutschland GmbH		13,399,965

The Party at 2. holds (indirectly) the majority of the shares of the Balaton-Companies. As a result, their shares of Biofrontera AG are allocated to him.

Page 1 of 9

Between Biofrontera AG and the other Parties are the following litigations pending as follows:

Plaintiff	Defendant	Court at the moment	File Number	Subject
Deutsche Balaton AG	Biofrontera AG	Higher Regional Court Cologne (OLG Köln)	18 U 182/17	Legal challenge of resolutions of the annual general meeting of Biofrontera AG dated May 24, 2017 (in particular against agenda item 6, authorized capital II with the possibility to exclude the subscription right of shareholders)
Deutsche Balaton AG	Biofrontera AG	District Court Cologne (LG Köln)	82 O 91/18	Legal challenge of resolutions of the annual general meeting of Biofrontera AG dated July 11, 2018 and confirmation that specific resolution were validly adopted
DELPHI Unternehmensberatung AG	Biofrontera AG	District Court Cologne (LG Köln)	82 O 75/19	Legal challenge of resolutions of the annual general meeting of Biofrontera AG dated July 10, 2019 and confirmation that specific resolution were validly adopted
ABC Beteiligungen AG	Biofrontera AG	District Court Cologne (LG Köln)	82 O 53/20	Legal challenge of resolutions of the annual general meeting of Biofrontera AG dated May 28, 2020 and confirmation that specific resolution were validly adopted
Biofrontera AG	● Deutsche Balaton AG, ● Wilhelm Konrad Thomas Zours, ● Delphi Unternehmensberatung AG, ● VV Beteiligungen AG, ● ABC Beteiligungen AG, ● Deutsche Balaton Biotech AG	United States District Court for the Southern District of New York	Case 1:18-cv-05237-LAP	Biofrontera filed on June 11, 2018 a lawsuit arguing violation of US securities laws and other provisions.

Page 2 of 9

Beyond the litigations there are differences about the proper composition of the supervisory board of Biofrontera AG.

Pursuant to the articles of Biofrontera AG its supervisory board composes of six members to be elected by the gerenal meeting. Regularly, new supervisory board are to be elected in the next annual general meeting.

The Parties intend to settle the litigations and to reach an agreement about the other differences.

This having said, the Parties agree to the following:

The relevant plaintiff of the litigation mentioned in the preamble shall withdraw the litigation within 10 working days following the condition precedent pursuant to paragraph 2 has been fulfilled. The relevant defendants shall agree to the withdrawal of the litigations without delay. Each Party of the litigations mentioned in the preamble shall bear the costs of its legal and other advisors in the event of the withdrawal of the litigations. The costs of the court of the relevant litigation shall be borne by each plaintiff and defendants 50/50.

The provision pursuant to paragraph 1 is a condition precedent to the point in time when the following persons have been elected by the general meeting of Biofrontera AG as members of the supervisory board with a term ending with the general meeting resolving about the discharge for the fiscal year 2025:

Dr. Heikki Lanckriet

Dr. Helge Lubenow

Mrs Prof. Franca Ruhwedel

Mr Karlheinz Schmelig

Dr. Jörgen Tielmann

Mr Wilhelm K. T. Zours

If such an election has not been passed by December 31, 2021 at the latest, the condition precedent can no longer occur and paragraph 1 cannot come into effect.

In the event that paragraph 1 comes into effect, Biofrontera AG shall withdraw the application regarding the authorized capital II resolved by the general meeting on May 24, 2017 under agenda item 6 without delay. Should the autorized capital however be recorded in the commercial register, Biofrontera shall not exercise it.

Page 3 of 9

The Balaton-Companies on the one side and Maruho Deutschland GmbH on the other side agree to each other but not in relation to Biofrontera AG by way of a single voting rights agreement for this particular event to vote with all the shares mentioned in the preamble for the elections of the persons mentioned in paragraph 2 in the next general meeting of Biofrontera AG. This particular voting rights agreement expires on December 31, 2021. If Balaton-Companies and/or Maruho Deutschland GmbH dispose(s) of shares mentioned in the preamble earlier they shall transfer the obligation to the acquirer(s) accordingly. The Balaton-Companies on the one side and Maruho Deutschland GmbH on the other side agree to each other but not in relation to Biofrontera AG not to challenge the elections of the persons mentioned in paragraph 2 following the general meeting and not to cause third parties to challenge the elections and not to propose any other person for election as member of the supervisory board pursuant to sections 126, 127 German Stock Corporation Act and not to cause a third party to do so.

The persons mentioned in paragraph 2 informed the Parties that with exception of Mr Wilhelm K. T. Zours nobody of the persons mentioned in paragraph 2 is open for election of the chairman of the supervisory board. At the moment, the only person willing to be elected as chairman of the supervisory board is Mr Wilhelm K. T. Zours. Biofrontera AG agreed to include in the inviation to the general meeting in which the persons mentioned in paragraph 2 are proposed to be elected as members of the supervisory board under the agend item „Elections to the Supervisory Board“ the following text:

“Among the candidates Mr Zours declared that he will run for the chairman of the supervisory board. For this reason it shall be proposed in the constitutive meeting of the supervisory board to elect Mr Wilhelm K. T. Zours as chairman of the supervisory board.”

(„Von den Kandidaten hat sich Herr Zours bereit erklärt, für die Wahl des Aufsichtsratsvorsitzenden zu kandidieren, so dass in der konstituierenden Aufsichtsratssitzung vorgeschlagen werden soll, Herrn Wilhelm K. T. Zours zum Vorsitzenden des Aufsichtsrats zu wählen.“)

Biofrontera AG will publish the conclusion of this Agreement pursuant to the agreed language enclosed to this Agreement. The Parties agree not to publish any statement to the content or the conclusion of this Agreement, irrespective of the form or via what medium beyond the agreed language, falsifying it or contradicting it.

Miscellaneous

This Agreement is subject to the laws of the Federal Republic of Germany.

Exclusive venue of courts for all dispute arising out or in connection with this Agreement is Cologne, to the extent legally possible.

Any assigment of rights or claims pursuant to or in connection with this Agreement requires the prior written approval by the relevant other Party.

Amendsments or supplements to this Agreement require written form if the law does not prescribe a stronger form. This shall also apply for a waiver of the written form requirement or its amendment.

Should a provision of this Agreement be ineffectiv and/or not be enforceable or should a provision of this Agreement become ineffectiv and/or not be enforceable this shall not affect the effectiveness of the other provisions. Instead of the ineffective or not enforceable provision another appropriate provision shall apply which to the extent legally possible comes as close as possible to the economic purpose of the ineffective or not enforceable provision agreed by the Parties. This shall also apply if the ineffectiveness of a provision relates to a measure of an obligation or time (period or point in time) included in this Agreement; in such event, this shall be replaced by another measure which comes as close as possible to the actually agreed measure which is legally possible. The aforementioned regulation shall apply accordingly if a gap appears in the conduction of this Agreement.

Page 4 of 9

Signature Page (Part 1 of 3)

Heidelberg, November 17, 2021

/s/ Wilhelm K. T. Zours
Wilhelm K. T. Zours

Heidelberg, November 17, 2021		Heidelberg, November 17, 2021

/s/ Rolf Birkert		/s/ Wilhelm K. T. Zours
/s/ Alexander Link
Deutsche Balaton Aktiengesellschaft		DELPHI Unternehmensberatung AG
represented by its board members Rolf Birkert and Alexander Link		represented by its board member Wilhelm K. T. Zours

Heidelberg, November 17, 2021		Heidelberg, November 17, 2021

/s/ Wilhelm K. T. Zours		/s/ Rolf Birkert
VV Beteiligungen AG		ABC Beteiligungen AG
represented by its board member Wilhelm K. T. Zours		represented by its board member Rolf Birkert

Heidelberg, November 17, 2021		Heidelberg, November 17, 2021

/s/ Rolf Birkert		/s/ Philipp Wiedmann
		/s/ Eva Katheder
Deutsche Balaton Biotech AG		SPARTA AG
represented by its board member Rolf Birkert		represented by its board members Philipp Wiedmann and Eva Katheder

Heidelberg, November 17, 2021		Heidelberg, November 17, 2021

/s/ Hansjörg Plaggemars		/s/ Ralph Bieneck
Strawtec Group AG		Heidelberger Beteiligungsholding AG
represented by its board member Hansjörg Plaggemars		represented by its board member Ralph Bieneck

Heidelberg, November 17, 2021		Heidelberg, November 17, 2021

/s/ Hansjörg Plaggemars		/s/ Andreas Danner
Altech Advanced Materials AG		Ming Le Sports AG
represented by its board member Hansjörg Plaggemars		represented by its board member Andreas Danner

Page 5 of 9

Signature Page (Part 2 of 3)

Leverkusen, November 19, 2021

/s/ Takaharu Kato
Maruho Deutschland GmbH
represented by its managing director Takaharu Kato

Page 6 of 9

Signature Page (Part 3 of 3)

Leverkusen, November 17, 2021		Leverkusen, November 17, 2021

/s/ Prof. Dr. Lübbert		/s/ Dr. Ulrich Granzer
/s/ Ludwig Lutter
Biofrontera AG		Biofrontera AG
represented by its board members Prof. Dr. Lübbert and Ludwig Lutter		represented by its supervisory board
		in turn represented by its chairman
		Dr. Ulrich Granzer

Page 7 of 9

Enclosure – Agreed Language (German):

Leverkusen, XX. November 2021 –

Die Biofrontera AG befindet sich seit einem Jahr in einem Mediationsverfahren mit Herrn Wilhelm K. T. Zours und der Deutsche Balaton AG, um eine Lösung für die Beilegung von Rechtsstreitigkeiten und weiteren Differenzen zu finden (siehe Ad hoc-Meldung vom 11. September 2020). Herr Zours ist mittelbarer Großaktionär der Biofrontera AG, wobei er die Aktien an der Biofrontera AG über verschiedene Unternehmen (nachfolgend „Deutsche Balaton-Gruppe“) hält. Weiterer Großaktionär ist die Maruho Deutschland GmbH, ein Tochterunternehmen der Maruho Co. Ltd., Japan. In der kommenden ordentlichen Hauptversammlung der Biofrontera AG am 14. Dezember 2021 stehen turnusgemäß Neuwahlen zum Aufsichtsrat an. Im Rahmen des Mediationsverfahrens wurde zwischen der Deutsche Balaton-Gruppe und dem amtierenden Aufsichtsrat der Biofrontera AG Einvernehmen über die Aufsichtsratskandidaten gefunden. Der amtierende Aufsichtsrat beabsichtigt deshalb, der Hauptversammlung folgende Kandidaten zur Wahl vorzuschlagen:

Herr Dr. Heikki Lanckriet

Frau Dr. Helge Lubenow

Frau Prof. Franca Ruhwedel

Herr Karlheinz Schmelig

Herr Dr. Jörgen Tielmann

Herr Wilhelm K. T. Zours

Von den Kandidaten hat sich Herr Zours bereit erklärt, für die Wahl des Aufsichtsratsvorsitzenden zu kandidieren.

Maruho Deutschland GmbH unterstützt den Vorschlag des amtierenden Aufsichtsrats. Die Unternehmen der Deutsche Balaton-Gruppe und die Maruho Deutschland GmbH haben sich einmalig verpflichtet, in der kommenden Hauptversammlung für die Wahl der vorgenannten Kandidaten zu stimmen.

Die Biofrontera AG einerseits und Herr Zours und die Unternehmen der Deutsche Balaton-Gruppe andererseits haben sich zudem wechselseitig im Rahmen eines Vergleichs verpflichtet („Vergleich“), alle zwischen ihnen anhängigen Klageverfahren durch Klagerücknahme zu beenden. Der Vergleich sieht ferner vor, dass das von der Hauptversammlung der Biofrontera AG am 24.05.2017 unter TOP 6 beschlossene genehmigte Kapital II, das Gegenstand einer anhängigen Anfechtungsklage ist und das ohnehin bis zum 23.05.2022 befristet wäre, auch nach der Klagerücknahme nicht zu nutzen. Um sicherzustellen, dass die Gesellschaft künftig die Möglichkeit zu einer weiteren Kapitalaufnahme hat, wird die Deutsche Balaton AG ein Ergänzungsverlangen zur kommenden Hauptversammlung stellen und die Schaffung entsprechender Kapitalermächtigungen vorschlagen. Nicht Gegenstand des Vergleichs ist eine Überprüfung der Hintergründe des Börsengangs der Biofrontera Inc. in den USA. Der Vergleich steht unter der aufschiebenden Bedingung, dass die vorgenannten Kandidaten bis spätestens am 31.12.2021 in den Aufsichtsrat der Biofrontera AG gewählt werden.

Page 8 of 9

Enclosure – Agreed Languare (english):

Leverkusen, November XX, 2021 -

Biofrontera AG has been in mediation proceedings with Mr Wilhelm K. T. Zours and Deutsche Balaton AG for a year in order to find a solution for the settlement of legal disputes and other differences (see ad hoc announcement of 11 September 2020). Mr. Zours is an indirect major shareholder of Biofrontera AG, holding the shares in Biofrontera AG through various companies (hereinafter "Deutsche Balaton Group"). Another major shareholder is Maruho Deutschland GmbH, a subsidiary of Maruho Co. Ltd, Japan. At the upcoming Annual General Meeting of Biofrontera AG on 14 December 2021, new elections to the Supervisory Board will be held as scheduled. In the course of the mediation process, agreement was reached between the Deutsche Balaton Group and the incumbent Supervisory Board of Biofrontera AG on the candidates for the Supervisory Board. The incumbent Supervisory Board therefore intends to propose the following candidates for election at the Annual General Meeting:

Dr. Heikki Lanckriet

Dr. Helge Lubenow

Mrs. Prof. Franca Ruhwedel

Mr Karlheinz Schmelig

Dr. Jörgen Tielmann

Mr Wilhelm K. T. Zours

Of the above candidates, Mr. Zours declared his willingness to stand for election as Chairman of the Supervisory Board.

Maruho Deutschland GmbH supports the proposal of the incumbent Supervisory Board. The companies of the Deutsche Balaton Group and Maruho Deutschland GmbH have made a one-time commitment to vote in favor of the election of the aforementioned candidates in the upcoming Annual General Meeting. Biofrontera AG, on the one hand, and Mr. Zours and companies of the Deutsche Balaton Group, on the other hand, have also mutually agreed in a settlement ("Settlement") to terminate all lawsuits pending between them by withdrawing their claims. The Settlement also provides that the Authorized Capital II resolved by the Annual General Meeting of Biofrontera AG on 24 May 2017 under agenda item 6, which is the subject of a pending action for rescission and which would in any case be limited until 23 May 2022, is not to be used even after the withdrawal of the action. In order to ensure that Biofrontera AG will be able to raise further capital in the future, Deutsche Balaton AG will apply for an amendment to the agenda of the next shareholders meeting and propose the adoption of a respective authorized capital. The settlement does not include a review regarding the background of the IPO of Biofrontera Inc. in the USA. The settlement is subject to the condition precedent that the aforementioned candidates are elected to the Supervisory Board of Biofrontera AG by 31 December 2021 at the latest.

Page 9 of 9

GRAPHIC 4 img_001.jpg GRAPHIC begin 644 img_001.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# $! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_ MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P 1" $6 5\# 2( A$! Q$!_\0 M'P 04! 0$! 0$ $" P0%!@<("0H+_\0 M1 @$# P($ P4% M! 0 %] 0(# 01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#^_BBBB@ H MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#PG]J3Q+K_ (+_ &9/VB_& M/A35;G0O%'A/X$_%WQ+X;UNS6!KS1]?T+X?^(=4T?5;5;F&XMFN=/U&UMKN! M;B"> RPJ)89(]R-X%X1_9!;6O"?AC6+S]JG]M%KO5O#VBZG=,/C[>*&N+_3; M:ZG(6+P]%$H,LK$+'%'&.B1HH"CV']LO_DT#]JS_ +-M^.?_ *K#Q17L'PZ_ MY)]X$_[$WPQ_Z9+&@#Y?_P"&+X/^CJ/VTO\ P_\ J'_RBH_X8O@_Z.H_;2_\ M/_J'_P HJ^TJ_)7]H_\ :7_;=O/V_P#0OV*/V2'_ &6?#%LO['$_[4GB'QI^ MT9X&^+GCA]0U+_A2;?X+[VMMT>B;WT7DG)_@OO:U5[KZ8_P"&+X/^CJ/VTO\ P_\ J'_R MBH_X8O@_Z.H_;2_\/_J'_P HJ_.;Q)_P5H^-GA'X.^(+'QG\%_AQX,_:O^!O M_!0S]ES]AS]HWP(WB/7?%7PKDT?]H3Q?X &E?&/X2^(+>3PYXENO#?C7X9>. M[+Q1X&MO%.GP:IH&OQWV@>*-+U$Z/SX+^$>AR:/;Z#X_GT+XH6>AQ"R\+_ ! U"&Z\ M+SZK\*-"\1Q_\+0G\/6VM:4?CC9?"_3+?3O#?B.#X?:G\0%OM)FG_?JFU;MV MT=]5:Z_$;5NW5:.^JW6GKW?=:'Q;_P ,7P?]'4?MI?\ A_\ 4/\ Y15T'[%^ MH>);KX.Z]I?BGQEXJ\?WW@WX^_M0_#O3O%/C?48-8\5WWAGX>_M%_$[P=X3M M];U>"SL!JEUI?AO1=+TI;^:V%W<6]E"]Y+<7)EN)?K*ODG]C+_DFOQ+/8_M; M?MKX/8X_:S^,:G![X8%3Z$$=0:0CZVHHHH ***XCQY\1_!GPRTNPUCQMK!T> MQU75X-!TPQ:;JVKW>HZQKE%*[:3[>BOG[_AJ+X*_P#0P^).?^J8_%+_ .8O MC\:/^&HO@K_T,/B3_P -C\4O_F+KJ_LW,/\ H!Q?_@B9R_VEE_\ T'83_P ' MP/H&BOG[_AJ+X*_]##XDZ9_Y)C\4O_F+Z^W6D_X:B^"O_0P^)/7_ ))C\4__ M )B_TZT?V;F'_0#B_P#P1,/[2R__ *#L)_X/@?05%?/W_#47P5_Z&'Q)Q_U3 M'XI?_,7S^%'_ U%\%?^AA\1_P#ALOBE_P#,7_\ J[T?V;F'_0#B_P#P1,/[ M2R__ *#L)_X/@?0-%?/W_#47P5_Z&'Q)UQ_R3'XI?_,7T]^E)_PU%\%?^AA\ M2>G_ "3'XI__ #%_KTH_LW,/^@'%_P#@B8?VEE__ $'83_P? ^@J*P/"OBC0 M/&WAS1/%WA74X-:\-^(]-M=7T35;42K!?Z=>Q+-;7,:3QPSH)(V!,: /KBOQ=_:/\ "_[5WPD_X*E>'/VO_@[^Q]XW_:F^&6I_L#3?LWW_ /PK MWXH? GX?:SX9^(B?M WWQ+A&L0_&+XB^")KO0KC0/LZ?;='M]2%I=7.2KE9X M:_1?_AL']DG_ *.D_9T_\/;\-/\ YIJ/^&P?V2?^CI/V=/\ P]OPT_\ FFH_ MX-GII=-7U36S?0/P>MGIHVFKZIK9O==;GXL>//\ @FI^UM\6_@%^UK\+_ (BZ7X?30;+QKXT:XTZRN/#^D">[^IO!GA+]L+]K?]MO M]E;]HGXW?LO:C^QO\)/V._!_Q\N;?PSXX^+?PI^*?Q"^+OQ=^.'A3PW\/[2/ M1(/@]KOBWP]H7PU\"^%+;Q3>S:YK^O:;XD\2Z_JNEV\'A33[#3I[R?\ 0'_A ML']DG_HZ3]G3_P /;\-/_FFH_P"&P?V2O^CH_P!G3_P]OPT_^::AO5/2ZZV5 M_+7?2[\]7KJ-MMIZ775)[6FA:)8:IJVN6.C:59ZUKZ MZ>FNZQ::?:6^J:TFDPRV^E)JVH0PI=ZBNF6\\\&GK>33"RAFEBMA$DCJ=6OG M3_AL']DG_HZ3]G3_ ,/;\-/_ )IJ/^&P?V2?^CI/V=/_ ]OPT_^::@1]%U\ M%_LK>!KC6/ _Q2UW1?&/BWPEKT_[6O[9OG7.EZDNH:/=_8OVI?BSI]JM[X6U MV'4] 9([*SM8'EL;+3[Z585:2]+L[/[3_P -@_LD_P#1TG[.G_A[?AI_\TU> M?_L*Z[H?BCX.>-_$GAG6=*\1>'=<_:H_;/U/1->T+4;/5]%UC3;K]J_XQ/;: MAI6JZ?-<6.H65PGS0W5I/-!*,E)&P:VH8BMAY.=&?(Y1Y9IQISA.%[N%2G5I MU:=2-]>6<&KZIQ>IC6H4L1%1JPYE&7/!J=2G.$[- M*-+2ZEDS%96<:[#=LOBYX*FO5TK6;R\\&:RTJP)I7C?3KGPO-/,[+''%I]]J M21Z-K!EE8QV[Z+JFHQ7+I)]FDE5"U>FU2U#3=.U>SFT_5;"RU.PN5*7%CJ%K M!>VCZ_J/PHO-=\(>)4T_4;W1M%T37!;>$]2UN.R MF;3["[\.:Y!K'A;3K*]NTMK6YN=/TFQGM;<;[>>':V[XM^"O@7]J;XW6FVMEJ.DP" M19M*GCF2ZT]9#I@CGLK>V:+V,ORK!5<+C,RH9U@8SP;=.GE6-53"YIC(XC 9 MI[6IA*45B*J2>'Q%&6*S3FN2HIT_T^HHHKY<^D,7Q)XD M\.^#O#^M>+/%VOZ+X5\+>&]+O=;\1>)?$>J6.B:!H.C:;;R7>HZOK.L:G/:Z M=I>F6%K%+*W^'GBW3-?F\/R:E%-/IDNK6EM,;NSL]5AM[B;2=0F@6PU2*WN)+ M"YN$AE*<[^W;^SC\/OVO/V1OCG^S+\4/'-W\-?!OQI\'CP3>>.;&]TVSN_#F MJ7NK:;<^&=0A36)H-+U4+XGM-'2?PYJ,JV7BBV>;PY=!H-4D4_SR_ML?M%_M M8^$_V8_^"CG[#GQ]\*_#2X_:4^$_['/P6^,^K_M0?L7Z;=>&M0^+W[$VO?&J M+X:_%I=9^'=Q'-XI^#/Q3\-^ =&^*&HCP?9>(O$O@RYT34=5U7P;=Z796NRZ M5]^ZLWJM$_G=/1VNK/HI:V3?EM9N[27+>SMKO=6N[J]DDW='[Y>$_P#@I5^P M%X[^+%I\#?!O[7_P"\3?%?4?$DW@[2O!NB_$70+^_P!9\76\GE3>%]#NH+IM M+UOQ"DQ$']C:5?WFH-.5@2W:5E0_;U?A7\=OVB_$7[+<_P#P3J'[,OPV_89\ M=?\ !-_X\?M$?LF?LU?"*/P['XI_X3WPC_PM7^VSHGC_ .&)T6&;X5S:-X;T MOP[;7GAJ>%UUMKJ66:ZE6>&1W_=2GYK9MV?W6_!IWZWTT6M=+K6+'" M23R22=-R23U->@44 >??\*E^%7_1,_A]_P"$9X<_^5M'_"I?A5_T3/X??^$9 MX<_^5M>@T4 >??\ "I?A5_T3/X??^$9X<_\ E;7DWP-^%GPONOA;X8GG^&WP M]DED.N;W'A#PW*&V^(]80?O!IBAL*H'08QCG&:^C[_4+#2K.?4-3O;33;"U3 MS+J^O[F&SL[:/(7S)[FX>.&%-Q WR.JY(&H65ZUFUQXCUJ6W6Y2SGG^SF>(>9$)"IE0%TRM>G2HU991C:RI5) M4X8[+XRJJE4=.#=''Z2JJFZ<7=PNI5(ZRAI>4;^;5J4UFV#INI351X#,&J;J M051KV^ U5-S4Y+27O*FU[KUT=NT_X5+\*O\ HF?P^_\ ",\.?_*VC_A4OPJ_ MZ)G\/O\ PC/#G_RMKT&BO,/2//O^%2_"K_HF?P^_$SPY_\ *VNSTW3--T:Q MM],TC3['2M-M$,=II^FVD%C8VJ,[2,EO:6L<4$*-([N5CC4%W9B-S$F]10 4 M444 %>&_%[_D;_V&>Q\5Z%XBT:[L[G1?%.K0O'-IQFB MG>WNK:>&:W5CTX.I"GB:;V6)PU9Q4IVBFXT9J+DU'FY4VD[KT>BO"?\ MA5GQ/_Z.8^)W_A&? K_YT]'_ JSXG_]',?$[_PC/@5_\Z>K^K8?_H8X?_PG MS#_Y01]8Q'_0OQ'_ (48#_Y>=M\4_A3\-?C?X \3?"OXO^!O#/Q(^''C.P_L MSQ3X+\8:1::YX>UNR6>*ZBBO=.O8Y87>UO+>WO;*X4)!D';_PA?P(Q@&(E<_\ "ILX(1P3G.)GP05B M*'U;#/?,<-IWPV8?=_ _X _K&(>^ Q&E[7Q&!>^Z7[]VOUV3W>NIX1X _P"" M8/\ P3W^%GQ7L_C?\._V0O@?X1^)NEZQ<>(M"U_1_!MG!:>&/$-S-Y\FO^$/ M#+,_A/P?K:S%I;?5O#&AZ3J%H[R-:W$)EDW?=]>#+\*_BB,9_:;^)[<8.?!? MP(&3MC&?E^$PYRCM@<9E88VK&$?_ ,*L^)__ $CZMAEH MLQPUO+#9@E]WL%^0?6,0M%E]>RVM7P"7R7ME;[CW:BO"?^%6?$__ *.8^)W_ M (1GP*_^=/1_PJSXG_\ 1S'Q._\ ",^!7_SIZ/JV'_Z&.'_$\P_^4"^L8C_ M *%^(_\ "C ?_+RM^RO_ ,F[_"+_ +$ZP_\ 0YJ]_KBOAQX&T[X:>!/"G@'2 M;[4M3T_PGHMEHMMJ6L/9OJNH+:1[7O=0;3[/3K 7=U*7GF6QL+.T1Y"EM:P0 MJD:]K48VK"OC,76IMNG6Q6)JTVTXMPJ5ZLX-Q>L6XRBW%ZINSU3+P=*='!X2 MC4252CA\)_P#".)JE[J]SHVN:^6>X\5^(O"^B6EG;Z7X>U.>:>ZU>)M\< M4,,4TLRK7*'XL^/!G'[-/QH.-V,:Y\ /FQYN,9^-X^]Y:;Y5YU8?%SX9:I\4_$7 MP1T_QQX'OB%XD^'46HPGQ9H_@;Q9J>L:+X<\67>D$BY70=8U?P M_K>F66I(KVTE_IEW:F19HBE9_6,*M\OH=%_O68;O;_E[U-/88C_H-K::O_9L M%M_X+/+O&/BS7?'OA3Q%X*\4_LM?&+5?#GBK1]0T+6M/FUKX &.ZT[4K>6UN M4!;XW$I((W\R&90)()A%-&5DC!7P7]DOP#XA_99^%,?@'3_V=?B]K.LW^MZM MX@\3>(H-3_9_@GUJ^NI&BTSSV;XU0L1I^AVVF:5'$2T,,\4Q@*VS^97T==?M M7?LVV7QEMOV>;OXU?#ZW^-UYXCM_!]M\,I?$%HGBN;Q7=_#R]^+-MX:73RV? M[=N/AGI]YXXATIG%[)X;A_M-83;R1,^Q\3?VCO@1\&-8CT#XK?%CP1X UJ7X M;_$GXPKIOB?6[73+I?A;\'K32;[XH>/IHYF'V?PMX'M==T>77]7G,=K9_P!H MVJ%VDD"5Z%+/ZU'*\7DU.C"&5XW&87&XO"K%X_V=7%8"G7IT*DFZMXNG#$5. M>,6E-JE*HFZ--QX*N24*N987.:M1RS' X3%X/#8N6%P7M*.%QDJ%3%4E+V=N M6FN=1<(U:G/7/Q9\>#/_ !C5\:#C=C&N? #G'FXQGXWC[WEKMSC_ M %T6[;B;R@_%GQX,X_9I^-!QG&-<^ './,QC/QO'WMBXSC_6Q[L8E\OS_P#9 MQ_;M_8Y_:[U3Q'H7[,_[2/PF^-.O>$=,T[7/$F@>!_%=CJ>O:3H6KR&'3-=N M=%9H=4.AWLX6"#68K233&GDA@^U"6>%)/K*O/6)PKVR^@UY8O'O\JK._V&(5 MKXVMLGKAL$KKO_#V?=:=CPW_ (6SX\_Z-J^-'?\ YCGP![%L?\UO[[01[.N< M$.%O>$_B[<>(/'$?P_U[X8_$'X>ZY=>%-5\8Z9+XLG^'E[IVJ:3HFL:'HFJ) M;7/@?Q]XPE@O;:\\1Z2X@U"VLDFMYY)()I'@EC7V2O!M4_Y.>\#_ /9!OBG_ M .K"^#M:TGA<0L1#ZE3I2AA,36A4AB<9*49T84YQ]VK.5.2;DU)26J>C329C M5^L4'AY?6YU%/%X:C.$Z&%BI0K3J0E[U.,9QDE%.+B]&M4TVCWFBBBO./0"B MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *** M* "BBB@ HHHH **** "BBB@#P7XU_P#(R_LZ?]EZL_\ U4_Q:_S[=:]ZKP7X MU_\ (R_LZ?\ 9>K/_P!5/\6O\GVKWJNW$?[IEW_7O&_^IYQX?_>\P_Z^8+_U M!"OQC_X*#Z]H?[(/[:/[#/\ P40U[5K'PK\*[F;QM^PI^U9XGU"[6RTO2/A9 M\;8/^$\^"'C+Q%=3*EE9:)X"^/\ X(TW2)=3O;@-91_%.]M;.)GU2=U_9RO) M/CG\!_@[^TS\+?%/P3^/GP[\,_%;X4>-8M.B\4^!?%UC_:&A:RND:M8Z[I;7 M, >*19=/UC3-/U*SG@EBGM[NTAECD5EKA:OIYKSV:?==NZ_-/L_#SM?\/33= M;[]_YN?$7P+^)GB#_@E!XJ_X*00^'=5?]JZ7]K@_\%K?"V@2.UKK,/ACP=K\ M#>#_ (33/.EO,OV)_V7/%5@))+#6/ _A_X,WWQS^/OBO2!"D, MMQ#XG^*_Q!\/^#IIUEFQ)$C;^&_#]GX%;71( MO#=OXUBXU5YKAY[B6_G8RC*[1J^FR:M?6\5R\JLN9WTO=-V;;;;;T M&V]+V5WKJG&\5#11:W2O)*2]Z[339_/Q^SG=?M"^!?\ @H7_ ,$D_'?[87A# MX!P6'Q4_8B^)O[//[*VI_LM>+O%M_K]OJI^&GPY^+GBS4?VC-'^(GA;P_P") M==\+OX&\!VUIX5?PE-=2NKC7&N;SQ#H]Y#_4W7Q5^SI_P3G_ &'O MV2_%,WCG]GC]FGX:_#3QK+HI\-P^+M-TZ]U;Q-IGAUSNGT'0==\2W^M:IX[;U#:I_R<]X'_ .R#?%3_ -6%\'*]YKP;5/\ DY[P M/_V0;XJ?^K"^#E=N"^+%?]B_'_\ IFD<>-^'"_\ 8PP/_IZJ>\T445Q'8%%% M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 M %%%% !1110 4444 %%%% 'E7Q6^'VM^/;7P9/X:\56?@_Q#X&\;VGC72-3U M+PV?%FF3W$'A[Q)X:GL-0T9-<\.3303V'B:\DCF@U>VEM[N"VEQ-&)(7YH^$ MOVC>J*ZZ>-K4Z<*7+AJ MD*;GR*OA,/7E#VDU4FHSJQ=R\+TV'D[^E/\ P$;=$O"K<\G7NI5 MCQXFUD!UPQ,G@,36>'P#J4\5@Z49?V?A-(5:6,E-6M9\SI0=V MFURZ-7=^.>'2Q^&HK$8U4ZF$QE2_,N6-6HK)V?-=W:5L8 M>$OVC,#/QM^&A..2/@-JX!/J!_PNPX'MD_6E_P"$2_:+_P"BV?#7_P ,/J__ M ,^RO>**Y/KU7_GS@/\ PWX3_P"1.OZE2_Y_8[_POQ?_ ,D>#_\ ")?M%_\ M1;/AK_X8?5O_ )]=2^$OAG\0+3XD6WQ&\?\ Q&T#Q=<:9X(UWP5I&E>'?AW/ MX*@MX?$6O>&-=U#4+ZZN_''C":_F1_"MC;6EO$EC'"D]U)(TS/&(_7'A_Q%\<--L-W MM+VXT2_TZ\GM(M6TS3=1%J]P;:6ZL;5YX95B"&R/V4_@*,8\$7 QC'_%8^.^ M-NS'_,S]O+3ZXYZG/?##X2-"A6Q&)KTY5_;N,*.%A6C&-&LJ-Y3GBJ+YI2N[ M*%E%+WFV[<4L1B95Z]*A0HSC0=%2G5Q,Z3E*M1]M[L8X>KI&-HMN5V[Z)6O] M#T5\\?\ #*?P%'3P1<# QQXR\=] /\ H9_0#_)-'_#*7P%.?^*(N.<_\SCX M[[A@?^9G]&;\_4#![/+/^@O&_P#AOH__ #P'SX__ *!L)_X65?\ YB/5_B!+ MXR@\$^*+CX>1Z5/XXM=%O[KPM:ZY%-+I%]K-M T]EI^H+;SVLZVU_+&+-Y8K MB)X#.)@V(R#\J_L$>*OB_P"-/@;;Z_\ %?0-+\+)+KFLV?A#1;73]1L-5_L: MUU.\:_U+7!J%U<,;BZUN>_M;.*"."*.ST^.7]_\ :%G?U$_LH? -@P/@>X(8 M.&'_ F7CP9$D@F<<>)^,R*&XQC&T87BA/V4/@%'&(H_ DD48+$1Q>+O'$:* M75E?:J>)5 W!V)P!EF+?>.:]>AF&3T3^RI\!FSGP1< M'=NS_P 5CX[YW>;NZ>)^_GR].F[C[JX0_LI_ 4YSX(N#G.?^*Q\=\[O,S_S, M_?SI/INXQA<>1[/+/^@O&_\ A!1_^>!ZO/C_ /H&PG_A;5_^8CZ'HKYX/[*? MP%.<^"+CG.?^*Q\=C[V\GIXF[^8_Y\=!CE?"OPX\'?##]I#P]IG@;3KW1-/U M[X(_$2_UBR/B+Q-JEG?WFE>//A7!IEU+9ZUK&HVB7-A#JFIQ6]S!!%<+%J%U M$TK12!%J.&P56-;V&*Q,JE+#UJZC5P=.G"2HQA*47..,J.+<9/E?LY*ZLTD[ MJ98C%4I4?;8>@J=6O1H.5/%3G.+K2G&,E"6%IJ24H^\N>+L[J[5G]8T445YQ MW!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 M%%%% !1110 4444 %%%% !1110!X+\:_^1E_9TZ_\EZL^G_9)_BU^GK[5[U7 M@OQK_P"1E_9TZ_\ )>[/I_V2?XM?IZ^U>]5VXC_=,N_Z]XW_ -3SCP_^]YA_ MU\P?_J"4-5U.ST72]2UG49?(T_2;"\U.^FVL_DV=A;R75U+L0%G\N")WVJ"S M8P 20*_*/X0?\%J/V+OBZWP>U%[+]HKX3^ /VA-;TCPS\#/C1\<_V;_BM\+? M@;\4O$OB*ZFL_#&@>&?BWKV@#P3'JGBNZ@>V\+PZYJVCIX@NFAL]*ENKRYMK M>7]-?B9G_A7'Q VYS_PA'BO&"%.?[!O\88A@IST)5@#R0>E?QY>'/VC_ -GK MXN?\&VOP(_89^&/Q+^&GQL_;#^._[/'PR^!WPH_9L^'_ (PT7QU\68?C!JWC M_2Y]#U;Q%X4\/7]]KWP^TWX:75D/B!XD\;^+;70-!\&V'AF;6+F^@,%G;S\/ M=7L[)J]K;RYM'JU9*[5^57=F['7KKJEHK7T3U?-KO[L4I.RDTKMQLTU_0/\ M'C_@K9^RQ^SK\6OC#\)O'OA[]HS56_9VTSP#KO[0GQ*^'?[.OQ.^)/P@^!WA M[XCZ*OB70/$/Q-\>^#=%U>Q\.Z-;^&_/\0:W=M;W']CZ/8W]_>1K!9SLG9_M M2?\ !3W]D;]D1O@L?BQX^:&T^.]]X,F\#:OIEG+)X=O_ 9XRENDC\>Z?XEO MOL/A_P 3Z;HT$%OJ.J>%?!NI>(OB/+I.IZ7JFD^"]3L+V*X/\YO[6DM[-^UY M_P %M_A5KO\ P4_^"/[#T/B_]GC]D'PAX]\,_%KPQ\,_$.K?M'03_LG>(M(U MVUT"\\3>,_#'Q#T2TU6*ZU'PEK,8;GP^(_$[:7;C]C_A;^PY M^S5_P4=_8V_X)]_%S]HW]F:_^#_B7P;\%O@-K6A_!J]O=6O(OAUX8\.>'H)X MOA VE^.[/4;K2?#NHV\UM;:AKUGIOAWXMS:%::/IMSXSLWLY(R:W:YM5*STB M]-)7LI:7NH;Z?'&[O%O3WE>S3MHTW:T'>R;V;>C=I-JS2NSZU_:?_P""DO[+ M?[)'@/X3?$+XO^*=:T/0_C5<>"&\!'4/"^N>&FOM'\9>(_"&ASZGJ5[XSL?# M>D:#J/A73_&5GXK\0^!M=U'3?B.?#FE>(KC1_"&JWNA:C8P?9'P_\=^&/BAX M)\+?$3P7>7VH>$O&>B6'B+P[?:EH6O>&;Z\TC4X5N+&ZN- \4:9HWB'2GG@= M)1::OI5C>HK*9;=-PS\A?M(_\$XOV5_VJ?!?PK\#?%CP5>:UI'P8/@BU^'[Z MAK5_XIETO0O!7B;P?XB_L*]MO'V\%Z=X7\3>*=9T^_\>W7A?4- M?T_3_%FF3ZYJ%Y-]>?#_ ,!>%OA=X)\+?#KP/I\^D^#_ 7HECX=\-:773(JAYVVC D]V^^EM5HOM*R M=G=)\J!_P#L@WQ4_P#5A?!R MO>:\&U3_ ).>\#_]D&^*G_JPO@Y7=@OBQ7_8OQ__ *9I'%C?APO_ &,,#_Z> MJGO-%%%<1V!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1 M110 4444 %%%% !1110 4444 %%%% !1110!X+\:_P#D9?V=.O\ R7JSZ?\ M9)_BU^GK7O5>'?&_0?&FJ1_##7? WANS\6ZGX"^*%EXOO?#]WXAMO##7^E#P M7XX\,3_9-5O+*^M5NK:[\365W]GGBC6XMH+F-)XY?+SF_P#"Q/CY_P!&Y0?^ M'C\)_C_S"/\ /M7INA+$8/ ^SJ89.E'%PJ1JXO#4)Q<\9[2-X5JD)6E!J49) M.+5[.Z:7FJO'#XO&^TIXEJK+"3IRI83$UH2C'">SE:=&G.-XS3C*+:DG;2S3 M?T$RJRLK*&5@596 *LI&"K Y!!!(((P1P:\^\*?"/X4> ]3O=:\#?#'X>^#- M8U&-HM0U;PIX+\-^'=3OXF?S6CO;_1]-L[JZC:3]XR3RNI?YR"W->??\+$^/ MG_1N5OU_Z+'X4Z?^"?K[?K56\^*/QPTZVFO=0_9^TZPL[='EN+N\^-7@ZUMH M(HU+O+-//I211(B*S.SNJJH+%@ 362R[$-J*G@VVTDEF&!;;>B22KMMMM))) MMWLD[V-'F.'BFY0QD8I-MO 8V,4DM6VZ*226[;22W:1Z-K_P<^$7BKQ';^,/ M%'PK^''B3Q;:/9R6OBG7_ _AC6/$=L^G%&T][?6]1TNXU.%[!HT:S:.Z4VI1 M# 4*C'H]?"VO_M?^-=%6UCTWX!77CG4-0N([/3=+^'WQ1\*>)KK4[R1V7['I MMTNGV>C7ES$D=Q<7,4.JL;6WM;J:Y,202$>E:!\9OC5XEM+F\TS]G&2);/5- M2T>]LM2^+W@FWU/3]1TJ[DM+JTU&VLK74;>WG!1+B,0WMS%-:7%M=032V]Q% M*_75R#-*%&.(KT:-&C.2C&=;&X&GS.[BK0GB8UN7F3ASRH0I\Z<%-S3@N2EG M^58BO+#T,15KUX14Y0I8/&U;1MS?'##SHM\MIN$:\ZBA:;IJG:;^GZ*^6?$O MQJ^./A6T@U'4OV8M6N]-:=H[^_T3XG>%=831;5(99I-2U2RM=..K&PC$6R27 M3-.U)H"PDN4@@#3#ED_:>^)KH;]?V<=2/AF5\6'C*V^*?@K7/"U]$H8RSMJ/ MA2'Q$^E+ R%)HM>@TJY1\*8-V554\AS.K3C5I4\/4ISER0G#,,NDI3NU[.*6 M,YG6T;5%0]LXVG&E.#C-U4SS+:-1T:M3$TZJ7,X3R_,(OD]W]YKA&G23DHNJ MFZ49/DG5IS3BOL^O!M4_Y.>\#_\ 9!OBG_ZL+X.URVB?&[XJ^)HY)O#?P5\- M^((HB%EDT;X[^!]1$+D!O+F%KILCP2!2"T4RQRKG#HIXK3$V/Q2\3?&73?' M_C3X=V/P_P!%\/\ PR\6^#X$'CC3/%E]J^I^)_%7@76H7BMM+TRUCLK2PM?" M=XMS/6D<%OM2>03#!UL&\4\3+#TVL%BZ?)]:P\JOM*M.E&G%48S]L MW)IV_=K1.3:BKCGC*.-6$^K*O5B\9A*JJ+#5U1=.G.K.<_;N+H\JBT[JH[W2 MC=Z'T?1117DGK!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M !1110 4444 %%%% !1110 4444 %%%<5XD^(W@;PC*+;Q!XGTJQU!]@AT>. M"OAAK9MR)$37_B!=Q^!M'#;"T$\>F-;ZQXONH6 M(!\N3P[8,Q*QO+ ',T:CP7\1-?\ F\7_ !+N-+M7PS:'\-=*@\.0#!=?*G\2 M:PVO>(YT9"K-+IDWA^7S02NU $KK^H.G_O>)PN$LKN$JJQ.(]/JV#>(E&7E5 MKT;7UL[I&_"MH+[Q+K^CZ!:,6$<^KZC::?',ZKN,4!NI8C/,1]V&$22N2%1&8@'@3\ M5CK$8;P#X)\7^-U=28M3%@/"?AIP'9-T>N^+FT@:A"VQF2XT.RUB!E _>!G1 M6V] ^%G@#PW=#4=/\-6-QK)VE_$.M-/XA\22,JQC+^(-=FU'5\$Q(_E)>)"' M7>D:FNUO[^QTNRNM1U.\M=.T^R@DN;R^OKB*UL[2WB4O+/(& M/]K^)O#O@/3V?/V'P78MXDU[R&6+=&_B;Q390Z5#-D2_-!X-D$6\!9IB@E;S M75-"\(_$#-X=\-:/-\8OB5IY@.JZG\0-=OO$/AWP/YZ.;?4O$377G:%I=Y' MYTEY9>%?#&E6FNW<4SM;V^DZ;,-2@[,:MXK^+*JOABXU7P/\.)EW2>+V@DT_ MQEXQMI4&U/"%C?6WG>&M"N8GWKXKU*&/6KI0KZ!IMK#);Z]7JGAWPWH?A/2; M;0_#VFV^EZ9:*?+MX [-)(V/-NKNYF:2ZOK^Y8>;>:A>S7%[>SL\]U<33.\C M>B\3/+DU5]E3Q-G%9=@HQPU.@[)?\*>)H2>*G/3WL!3QRJ-JV.K8=<^&//6$ MIXZ5X*K4H)KFQ^.<\14K--/_ (3\-B(K"4X73:QTL HKF4L#3JVC7.7\'_#Z MU\.W$FNZS?R>*O&=U!]FN_$U]:P6IM;(MN&C>&]+M]UGX:T")N5TW3\RW:G?L]VV+"3X3^+US;$LFC_%/1QJ%LNX^3#XV\'6T5KJ*[!&$2?7?"3Z; M,A,C-(OA*[8J/E)]=KS7XKZ1?ZAX2EU71+?[5XD\&:A8^-O#EN#,&N]2\.R- M=3Z4HMR)6'B#2&U/P](JALQ:JY"%@N.'#XJIBL7*&+JIQQM)X.4I M$E&$5"E0HX;%1H3C"G"G3I4YUVHI.HZG9BE5YGKGPMT.^U*[\1^&[O4/ ?C"[1 M1/XE\*-;VDFHR1!_LY\1:-<07.@^)XHV;!&M:==7219CM+RS<)+'W.B:Q8>( M=&TG7M*G6YTS6M-LM5T^X0Y6:SU"VCNK:4?[\,J-@\@D@@$$5IUR4JV)P=2H MJ"E%2CUU*6&QE.FYPIU MZ;4:U&:UMSPC*G6H582C.G)PG&4*M&K"3C)-2<9N-(NMLEJNK7NG?$WPW.@C >,7.JM_PDLXUYAK?PKT2[U2X\2>&+[4O /BZY>.6ZU_PJUO;QZN\*2K% M'XFT*Z@N=!\1P$RCS7U'3VU((B+::G9LB2+ZL,SC7BJ=:I+"2BK02I+'98]; MVEE^)6)G@DWO++JOLHN[^JQC[J\NIELJ,G4HTX8N+^-.I]2S)6V=/,<,\-'% M26ON9A30NQA(WAKQ7&U MD)"I<".#QCM)&4Q*W MD:_*D_AB["M*@A MZGI7B'1-0C817NG75KJ>G749&V2/S8'F@DQDI-$Q+(V8Y$5@5&=>G"$8U<3E MU*5"=2"346W)?5<7*GS.WMZ53&T6W%1K?9EX\.S:>E\Z$L -1BO(]CNA0H[*:9\(_$[0\?\(Q\3(]:M4""/2_B/ MX=M-7=5Y#JGB#PS+X7U,@ AD?4+?5K@NN))W1@J\OU?!5;NACO9/=4\?0G2^ M2Q&%^M4&^EYTZ2>_N['5]8QM+^-@?;);U,#7A5^?U;%?5JZOJ[1K5&M%>6YZ MY17D1\<_$'0R1XK^%=_>6Z81M6^'>NV7BVWD(60B5M&U2#POXA@638I,-OI^ MJ"W:58C=7 7SWTM+^,/PWU2Y2P/BBST;5G81C1/%<-YX/ULRD+^[32/%%MI- M_.0S; ]M!-"[JXBD?:Q$RR[&*+G"B\13BKRJX.4,93BN\I865:4%;7]Y1I65 M[VL[5',,'*483J_5ZDGRQI8N%3"5)2U]V,<3&E&;NFE[*M5O;W>;2_I=%%%< M1VA1110 4444 %%%% !1110 4444 %%%% !1110 445X+XJ^*?Q"M?B+J_P_ M^'WPJL?&[^'?"WA#Q/KVLZK\0K+P;;VR>,M3\9:=IUC8VJ0BE M=N4I)13>V5:O3H1C*IS^_-4X1A3G5G*MD,LV/,7/_"N^!'SAN?,QP%SQT?V=7_Y_9?\ ^'/ ?_+OZW,O MKE+_ )]XO_PBQ7_RO\?F?0](2%!9B H!))( R22> .23P!7YN_M(>'?V^ M/C%I^D:+\--#^'/P?\/Z5J%IK>L%?BK?:QXJ\5W^D:A;ZCING+=V?@;3[#3M M$#VJ?:;![L'59I#%?W5O8Q;)O0E\,?&W6 K^/_@RWQ%=XT::R\4_M"6%OX<^ MT>2%F9?!?AWX>:9X79'::<1QW]IJTELL<8CNY'Q,?6EP]0IX#!XVKGV33JXJ M6)57+<)BZ6(QV#5!TU1>)*C.4Z:5>K&$:;C4E[62IQ\=9[7J8[&8. MED>;QIX:-!TLPQ6%J8? XQU8S=7ZMR1Q.*G'#35.G.]"C.K*(_CCH-G'IFA?LT>!M'TV%V:*RTKXR:3I]G&9& MB:61+6T^',4*.Y>9W(0,[1 L29Y@ECCO(8HDN8PDRQ1[]B\=:E0PE+VU+! MT,1%5(T_;XC'T,;RSE&M/EE.$9>RA0:YE)))^[B?\*PU;6BS>//B- MXM\1Q.?FT;0)E\ >'?+R^8C;^&I8_$%S&P9-ZZEXGOP3&,!49D/:>&_!'@[P M?&\?A;PQH>@>:FR>72]-M;2YN02C,;N[CB%U=N[(CR27,TKR2*)'9G^:N<\? M_&'X=?#"\T33_&VORZ7J'B*VUB]T;3[/0_$7B"_O;+0&TU-8O%L_#FDZO'*GBI<IAEB8:2J8BO[?%1;BGK5Q$Z]:#E%IM1E134D^1*23^AJ M*^>1^U3\#R0/^$E\098RJ/\ BV?Q1Y,(W2<_$9@ #H3PW1"QXKY!_:\_:R\ M77'AKP9H/[+;>*K[Q9?>*++7M>\2OX!^(6FZ1HN@^'9H+V+1]0GU;P?#8S+X MJU%K>RNK.67$FC6NJQW$8CN$8].5<-9IFN8X7+U26 ^LU'"6-S)_4\#AHQIU M:DJV)Q-64(4Z<53MO*-Q M,Y3A"-'#8>G%RJ5).4I:N$(QISE4J4X)S7Z(^,/'6A^#(K*._-WJ.M:O));^ M'O"^C0+?^)/$5W$F^2#2M.$D68H%*M>ZE>2VFD:7&Z3ZIJ%G PD/(6'@;6O& M=];>(OBNME+%9W4%_P"'?AO8W+7_ (8\.W-N7:WU+7+HPVJ^,?$BEDE2:\M5 MT/0YU T6QENXCK=WX-\+/CK\'M$T6S\2^,]6\3?\+2\0Z5:3>.-0U#P/\1]= MN[745MUN[W0=)U"S\$I86?AG3KJ27^R=(T:*WTZ-"KF.XOFGN9?5C^U/\$!G M/B7Q ,%@?^+:?%'JL0G/_,F<_NR&&.I^09<%:NI@OB(\T7+#2A'"X:?-3G2Q=:E*JOH6BO-OA_\ %WX> M?%&;7;;P/K[ZM=^&3I8UZQNM&U_0;_35UJ&YGTF6>P\0Z7I5XUOJ$=E>&UN8 MH)+>5[2YB$OFP2HF7\:/'?B7P#X:T.Z\':1H.L^)?$WCOP7X&TJW\3ZEJ.DZ M%;S^+-;M],DO]0N]*TW5M0,=G \LT<%M9.T\XBB>2")I)D\6.$Q#Q,,)*FZ. M(G*,>2O^XY>:$JBE4=1>Y#V<74YFFN1,^+OB3_ST&S/_%$= MX=Q?'20!1N4E@OVO]J[/_( _9ZVY?_F;OB1G'F+Y?'_"$XR8MY?GB0*%RI+# M;Z@_^@W+/_"^'_S,9_6U_P! N._$)__ "XYGX:_&'X:>%_B)K/[.7_"::/J M/C"V\4ZW=>#/#^E21ZA%M2LKOQ9/I]\VG>?;:9)X3O5UW1)K._>TNK:QM M-$9X"+^!G^JZ_/!OV9OBM:_'W2OVCM!\%?L]>'?B#::3K^E:W_9GBGXC0Z5X MM_MVR%G_ &EK%BG@U+>+6K!$^35K>$W%_%3)C[J[O9SS"Y57KX/$95F%.I+$9?AJN:K M'XK"TI0SA\T,;'#K#T)4YX6;I4Z]*KS.525>K*I&G4]I37C9+B,UHTL90S3! M3A&CF.)AE;P>'K5(SRAN-3!2Q#JU_:0Q4?:UJ-:G*,535"DH<]-TYR^A**^> MS=_M6]M!_9[[XSXM^(_J^W_F2O3R\^^_'1#_'7Q:C^*5G\.OB9H/PXM8M M8\ ^(_&NDZGX$U_Q/J<\3^&?$7A'0KJPU*S\0>'-(B6*[3Q;#<6US:7SIJ+FXP]C!RY5)-I23M=J]K' ML+&PYJ<9T<72]I4A2C.KA9PA[2HY*$93]K-1YG%I-Q:O9-J]SZ KRW6/A/H, M^J7'B7PI>:A\/O%EU(LUYKGA-H+6#69$8N!XF\/SPS^'_$B.QVR3ZEI[ZHD9 M*V>IV;$2#U*OG?4O$GQ=\2_%OQUX'\$^)?A[X4T+P1X5^'NK--XE^'_B'QIJ MVJZCXSN/&@NC]ITWXE>";.PLK&#PU:);VPL+R>66XN99;L)Y,*&!EB8SK2P^ M(CAHQHN>(E5FU0G152E#DJTG1Q,*\95*L$J=3#U%=N2=-QYTL^/'7C7P1B'XF^&_ M[2TB,QQ_\+"\ 65[J&DJC%E-SXD\'M)>^(_#21JHDN;NPE\3:/ K-+JZUH%G8ZK9W4VL:7H=Q8VFLWNGB"5Q M=1:9-OV"/ MBAXT^.>B_M Q?M+:1X-\:^';C3[K1['P;\$!I_ARWFL3.;EKC3[[XJ:C-?\ M]N+(&NKII-5@F>":142#R?;P.#R#'U*ZS7-L+DCC@\54HU\%A\=CL-B< M;"DWA*%3!1PJK82%>NXQK5L/7G0I4N>2H1DH0?BX[&9[@:=%Y7E.*SE2Q>%I MUL/C*^!P6(P^"E4MBZ]/&RQ;I8JI1HJ]"AB*,*E6KRJ>(<7.:_3>LS5M$T;7 MK5K'7-)TW6+-PZM::I8VNH6S"1#'(##=12Q_.A*-\OS*2#P:\?\ ^$=_:0P< M?%GX-Y^?:3\!O&)ZQ@1[L?M"#)67<[XP'0B-1&P,A#X>_:0YQ\6?@WC)QGX# M>,>!Y0"Y(_:#&<39=N!NC/EC:P\T^+'#*$E.&98&$XN\9PKXR$XOO&4,!&46 MN\9)^9[DJSG%QG@<5*,E:49TL-*+7:498N46O)Q:T9JO\%O"UBYF\':EXI^' M<^YI!'X+\07=CH[2E45))/"NH_VGX4DV; 2O]B*))=,N?!VOO%NRL?\ ;?AQ-3T.:8 D>8/"=A&0%!3(9WY;1_$/ MQ=\._%OP;X%\=>)OA[XKT3QEX+^(>O1S^%_A[XA\%:II6I>"M1^'MK;JUQJ? MQ,\'-?U2UV?:M-T35;^ MV\U=\?GV=C/<0^8F1N3S(UWKD;ER,C.:Z*N(QD)T:>(J83,8UZ<)TIUZ<<4I M1J5)TE_M%2CA<;&4:E.2?-7DX\L6G*-DZ$I4ZD,-4EA>5 MTX0JM?5X5,3@Y1<)P:Y:$4T^7W+-+SK_ (6I?Z/\GCCX<>./#.T@2ZEI.G+X M]T @R/&)8KWP=GAGQ9H.M3JH M>2RLM3M7U&W!!^6[TQI%U"SD4AEDBNK:&6-U=)$5T91\\_#3PG\*O#HC"GB,V4(5:-"6+I5(0JPCBHX/#5G"I3A4@O;83%N%^64; MNIA$TYN]^5GTAH7B30/$]M=7GAW6=,UNUL=3U'1;V?2[V"]CL]7TBZ>RU32[ MLP._V;4-/NHW@N[.8)/!(,21KD9VJ_/KX+_L*ZS\")_$.I^ OVF?BOINK>+K MFXOO$\)T3P'J/A?5M2N+AKI]6;PUXCT'Q!]FU<32W.-1M]36XDAG:WN6N(HX ME3WO_A5/QL_Z.E\9?^&Q^#G_ ,QM/,\NR2AC:M/*N(J./P,53='$XG+,TP5: M;=.#JQGA_8UXKV=7VL8SA4Y*M/V^-/B3>_$G2[+X<_#SQGH][JGA;PIX)OB3H>JV@;PIINE6U[9SV_A;2YHA>6TD]O.LYCG,<_EIP2P5+V=:I1S# M"XB5&DZTJ4*6.ISE",Z4).,J^&ITVXNM!\KG%M7Y;M6?>\3*,Z4:F&K4U6JQ MHQG*6'E%3E"K.*DJ=64DFJ4U=1:3M=6=U]&4445YYU!1110 4444 %%%% !7 MAOAC_DXOXQ_]DI^ OX?\5'\>O_U_C7N5>&^&/^3B_C'_ -DI^ OX?\5'\>O_ M -?XUV87^'C_ /L!G_ZE8 X\5_$P'_8=#_U%QYY9^V)^VO\ #C]BS1?A'J'C MKP+\8_B9KGQS^+6E_!3X8^!/@=X)M?'?C?Q)X\U;P[XC\4VME%I=]KWARRM[ M-='\*ZO//>W&J1K&T4:!&#LR>;?#'_@IM^SK\1_"O[16JZEHGQG^#_Q!_93^ M'&J?%WXX? #XX_"W6/AK\=?"WPVL-!UOQ'8^-=-\'ZK/-IGC'PMXCL/#NK0> M'_$G@WQ'KV@7.JVK:1>ZG8:B1;5\B_\ !9KXB> OA)\0_P#@DI\3/BEXPT#X M>?#SP=_P4J\&:GXJ\=^+]0L='$^&=.;X%?'&W6[\0:WJ/^",/[:7P2 M^)W[07@Z"^N/AC\3OB;\6_)\6>"_@OX0\:16T6D_$BX^'NC^"]>\;:]=>%K[ M6=&\*7OBW3[":]@US4Y;1..VJN[)\O1)ZR<;ZO573M*W+=--^[*W;9\RO=)\ MG2WQ2:;3=D]%96;2:;E8_57]EW_@JU\ ?VHOB!\*_AE:_#/]I;X%>*?C]\++ MOXS_ +/(_:,^#\WP[T3X^?#S2](T7Q#KFL?"OQ)IVO>*="UR\T#PWXD\/^(] M8T"]U#2M?M=!UBRU5=,EM#-)#PWP@_X+-?LR?%[Q;\+M(7X7?M5?#;X?_'#X ML^(_@3\&_P!H/XI_!"X\.?L__$?XO>'_ !)XD$V_@/1/B#IOB+7FTW6O%6N M^#_$^G>#?^$JT?P]9>(;W1;K3K:[75)+2QN?PH_X)W_$2WU/X\?\$1/$/@7] MMGPE_P %%O%6B_LWK\%?$'[.FD^#_ %KJW_!/OX>^,_V9/#NJ^-OBS_PE'P3 MM]-@TJ_\,:E\-?#OP%\21_M!1:UKWBF'Q#!I_AB>Q\3P:M+/\D?LZ?$:#3OV M=_V,!X+_ &W_ O^T5\5?@[_ ,%)M=\;>%_^"/=UX)\!7WB#4_%&H?MA?$GP ME/XA?6/ ]I;_ !]L]3^%F@>+]4^/WACQ/\3;N[^'?A[5]-M+[Q3H\]A9:.\$ MZNUFW=-WC%2V;Z1N]HO3=:NWNR:EZM)::;[W=WJDES2]WE?+%7LTU=*4H_W_ M %?/O[*W_)OOPQ_[ MW_ .GK4Z^@J^??V5O^3??AC_V!;O\ ]/6IUZ$/^1;B M?^PW!?\ J/CCCG_R,<-_V!8S_P!2,$:>L_\ )R7PY&>OP0^-/'KCQY\ \'\, MG\S7M]>(:S_R)=/T"/ M6]:>)KC^R]$M[J47NL7T=LCW4]MIMM=2VUJCW5PL5NC2#ROXH_\ !17]A;X* M^#?A7\0_BC^U;\$?!_@;XXZ;JVL?!_Q5J'CG2;C1/B3I.@P6=UKFH^#K[3IK MV+7++18-0LGU:YLC+%IWVA%O&A<,J^"?MX_LI_%7XN?&[]F[]I;]E3XJ_"+P MM^U[^RIH'Q:D\#_##X^:3>>*_A!\5OAG\6[;PSH'C[1_%.F>'[^W\<_#^_%W MX?T*V\/_ !?\%6M[?Z#<7-WH6JZ9K>D:U<:>/QQ;]KSXF?M"_M(_\$:?VB_V M$EN?%UIJ O[R.RU&/45'"^9=EJDDTV];I M/XE=/3:S2OI)6;ZM?)=-?/F:>ZNFDE96=WNTXM_U/?#3XG_#GXS>!?#?Q/\ MA)XZ\)_$OX=>,+#^T_"WCCP-K^F>)_"VOV*SS6LEQI>MZ/_LA? ;Q[X=^*5]X*3XB?&W]I M#X[_ +3_ (N\%?"];P?"KX2ZK\<_&4WB@?"?X:R7UCI-Q>>%_!MDMI;/J?\ M8FAPZQX@N-=U:WTFS@O8U;]$JK]---M---M---%I8?K_ %^+_-KLVK-^"^#V M8_M%?'$$DA?A[\"54$DA5^W_ !B;"@]!N9FP.-S$]2:@_:&_Y!GPF_[."^#7 MX_\ %6VW_P"O\*F\'?\ )Q?QR_[)]\"/_2WXP5#^T-_R#/A-_P!G!?!K\?\ MBK;;_P#7^%>U3_Y&>!_[ \'_ .JK%'C3_P"1;CO^PS&?^K3#'T#7@I_:D_9U M7PCX*\>O\9OA\G@OXCV7C;4O GB=_$5DFB^*M/\ AMX<\1^+_'M[HM\[B&\M MO"7A?PAXHU[79D;R[#3-"U*[F81VSD>]5_,[9?\ !/+]KFP_9P_9$\/W$_Q5 M\5>)/!_P_P#V[]#\9_!OQ+XA^!4?@?X1:I\7_P!F+]I7P+\.X_#5_H/AW1O$ MFHMK_B[QOX5\-6DFK>/?'5KIUMXBEN]8ALX;2:^TSQ-6[:6MOKO>W=*UKMWU M[;,]E:NWE^+;2UV5G9M6NXWLTS]J]"_;R_8[\2> _'/Q,T?]H3X=3^"?AIIG MAS6_'6LW&ISZ:_AO0O&5Y'IW@[7K[2=3M;/6FT+Q?J4HTSPKK5MIT^E^(]32 M?3M%N[Z]MKF"+OO G[4'[/?Q-D\#6_@/XN^"O$M[\2KKQY8>"-,L=51-8U_4 MOA=]C/Q&TN#1KI+?5;75O!*ZC8/XDTK4+.TU#2H[ZTEN[:..YA9_PS^/G[-' M[47[17P=T?Q#X;_9R^)WPU\4?!C]BGX1_L^I::[K/PET[XR_%3Q_9_M(_LO? M%;Q5_P (;90^-?%7A'^P?A+X;^!?B'7/!^M>.=?L[?7_ !MXXEM=(TL6VG:M M/JW4_!_]B_\ :AUG]HWX9>/KBY_:%^$WP^C_ &@?VR_BB_Q?\1ZG^SDG[2O] ME_%_X)_L\>'[2Z^+VAVGAKQU\+E/B/XC>"_&OA;P/8^#?!8OM)^%_A?P8-<@ MT"Z!GOVE>VMKQ3M+=-QYK72:>FEO=L]-78<;2M?W?=O:6]^3F27*GUT:;5GU M;]T_>OP#\0O!'Q2\+6/C?X=>*=%\9^$=2O-'[V+4=*N[WPUKVI^%] M?M8+N$M&\^D>(M&U71K^,'=;ZAI]U;N \3 >;ZI_R<]X'_[(-\4__5A?!VO% M/^";_P (?B'\!_V//AM\*_BKIVIZ9XZ\->*/CA/J\6LWWA_4=5O+;Q)\??BA MXKT'7-0O/"I_X1^2[\1^'=\ MUX%X+_Y.)^.__8C? K_T;\5J]]KP+P7_ ,G$_'?_ +$;X%?^C?BM3PG\+,?^ MP%_^IF!%BOXN7_\ 8(]/T6[\+Z#(-1O]6TG1[[0/"UG';6EXFES^*]5T5-?O;*^T_0CJ-]9W M-O%^./\ P5)_9D\>?M*?MY?"73?AYHNKQ?$+P5_P3=_:U^(OP&\?PV&H1:+X M._:A^%O[3?[%?Q8^!*W/B**(6&FW>L^*/ S:9=64]T)[[PQ=>(@+2\M$N86\ MA^# ^)W[3G[0W[#_ /P48^(WP9^)/PU\6?M,_MJW^D>#OAYXT\,:WI_BSX&_ MLN_ _P#8]_:+\%>%]!\;Z;-8-<>%T\=?&74OB-\49I=8DTVSNCXX\&VZBYN$ MTYI>+JETM=[-]=DY13^RMUJWI+0[O=TN[*SNVTK=G9ZM;1?G.-KV:/WDT7]L MC]FK7?V;M:_:[L_BGI-O^SKX=M?'5YK?Q+U73=?T;3M/A^&_B[7? ?B\2Z5J MFDVGB*2YT_Q?X;U?0;2QM](FOM;U"&WAT.WU(W]A]IZ3X"_M'?#7]I#0];U_ MX;P_$6SMO#NIVVDZO8?$SX0?%7X-:];W-[I\&JV4T/A_XL^#O!NLW^GW=A>![;7_"?Q6M= M0\&W6L:MI>E::=>TC2=4CTFXLZ_1#_@EI\7_ (Z?$.X_:2\&^,?BCXZ_:7_9 MT^%WBWP!I'[,'[5_Q2^$U_\ !_XD?%C1]:$2:C\0_"/BG3KOP[X+M/B#/\ M"7Q%%8>'X_BUI/@GPW;>+Y]1O+6_CU+6=$U'49TO5/MINKR5]+I)VC9IV>O5 MH':U]5=^[I=-:VLXW6JM*[LK/S3/O;Q9_P G%_!3_LF?QYY_[C'P2_S^%>H> M-_\ D2_%W;_BE]?Y]/\ B57=>7^+/^3B_@I_V3/X\\_]QCX)?Y_"O4/&_P#R M)?B[M_Q2^O\ /I_Q*KNO1J[Y5_V#4/\ U/Q9Y]+;-/\ L)K_ /J!A3C_ (#? M\D-^#'?_ (M/\.N?7_BD-'KQ7X%_MR? 7]HC]H#]IG]FKXM^ M']#^(RZWX?ETCP_K"_ 7B+XJ>,? W[,FE>*O"7PT$6%QJ7B M7Q_XGT3X96M_X?\ !^BV-HDES/?^(M6@M-*A$,;O&;HRA&$9!_$KX'?LE_MU M_L(^,OV!_P!H/QS-X6^/UIX>\._%OX(?M,>!OV=_@1XY@^,D^F?M2R:Y^T5X MO\?>-]]T[POX-@BC^(6O:LKVUI(-/3#&_[[C-4 MO]LQFZEK_M6*LE9-;WWOTO:]S;!6^IX36UL'A'JFT_\ 9,/HN5-WTM;EM>4; MM*]OVE\%_MP_ 7Q]^V%\5_V'?#^I^(G^.'P=\ Z+\1/%"W>@R6O@S4-+U0>' M9-1TCPQXJ:Y:WU[Q/X/MO&G@:]\:Z+;VZ2^'[7QMX9>>21[Z6.VPOV3?^"@/ M[/7[9WCO]ISX:_!V\\7Q>,?V2_C%XC^"WQ4TGQGX9D\,O)/"-WXE M\&R/>7D?B;P-=^*?!OB[0+#Q!";9WU/PYJ5O=6-IBV:Y_%7X6_LI_P#!0KX2 M6W['?[=?C&Q\$>+/&D7[4_B;]H/X[? /P%\$?'%K^TAH_@7_ (* :M:>$/C9 MX(\5^*S\2=7TCQ>W[/7A;7_AKJ=_HEG\,-(O+?3?V?-)L;:\LX])FN;GR6V_ M9@_;P^!VE^/?C#^S)\$/&-G\;/C]^VI_P5&_8^\=M<:98JWU7+>*/ NJ()?[%\2B&QCU,6\LT%L;/?^R$_"/_U8'QLK MXF_X)Y_LVW'[,GQF_;B\!Z#X!\1>#?@WIOBC]E?PE\%-2UG33:Z;XO\ "7PT M_9%^%'@+4]8T#4=BKK<<'B'1=0L]=U!"V[Q.FL++BX\[/VSI/_)S7CW_ +(3 M$__ %8'QLKNPB:AC4W=_P!G5KO3?VN O:S=E=M)-WLES:MI>MGKK=+W:BBBN,ZPHHHH **** "BBB@ KPWPQ_P G%_&/_LE/ MP%_]2/X]=/\ /7->Y5XOXP^".C^+/%]UXWM_&GQ,\&:[J.@:+X;U1O WC"?0 M++5--\.WVO:AHQOK$VEW!)=6,_B;652ZC$4CPW0BF,BPP[.O"3HQ^L0K5'2C M7PTZ4:BI3K*,W6PU6/-"$HSY6J,HW3T;BVFF[C_ (9]'_1; M?VA/_#EO_P#*>J]A@O\ H8?^6&+_ /EI/M\;_P!"_P#\O$_\I/:=(\->'- M:X?0?#^B:(]UM^U-I&E6&FM<["Q3[0UG!"9MA9BOF%MI9B,9-,L_"WAC3M1F MU?3_ YH-AJUP9C/JEGI&GVNHS&X;=.9KV"W2YD,S?--OE;S&Y?<>:\9_P"& M?1_T6W]H3_PY;_\ RGH_X9]'_1;?VA/_ Y;_P#RGH]A@O\ H8_^6&+_ /EP M>WQO_0O_ /+_ G_ ,I/H2OGW]E;_DWWX8_]@6[_ /3UJ=-_X9]'_1;?VA/_ M Y;_P#RGKU?P'X*T3X<^#_#W@?PX+[^Q/#.FPZ9I[:G?W&J:E-%$6=[G4-1 MNV>XO;VZFDEN+JYE;=+/*[X4$*+J2PU+!U*%+$/$5*N)H5?]VJT(PA1HXB#O M*K4ES.4JT4E%:)2;>RKAUAX4L/7I)?6*5>4YUJN'FK*E"*BHQH MN[D]7)**T;//=9_Y.2^'/_9$/C3]/^1\^ ?^?SKV^O)?'OPPO_%WB?PSXR\/ M_$/Q3\//$?AK0_$_AI+WP[IW@W5X-2T3Q9?^%M4U&TO[+QEX9\26RR0W_@_1 MY[.[L5L[B-?M<,KSQ3A8\ _"SXJ$K_QDU\21@Y('@CX&X8;6&#GX7$@9(;Y2 M#E0,[2P+G'#UZ>%;QE*C*EA849TZE'%RDIPJXJ=U*C2G"491K0::=[W4DFM2 M$L10J8E+"5:T:N)G6A4IUL+&/+.EAH\KC5J0FI*5&2?NM:Q:;3=N-_:3_8=_ M9)_; D\,7'[2OP%\ _%O4/!:7\'A;6?$>GW,'B#1+'53&=5TFR\0Z/=Z9KBZ M'JCPPR:EH3Z@^C7\L,4UW8S2Q(Z]?X?_ &6?V<_">M?!7Q!X5^#'P^\,:K^S MCX3\6^!O@5/X=\/6>B0?"OPCX\M-(L?&6@>#K#3$M=/TG3_$EKH6DQ:K'%:E MKG[&DC.)))GD#_\ "K/BI_T1WEU.9((EEC@MHXZU?B?\ #N'XE^'[#1CXBUOP MG?Z/XG\-^+]$\0^'XM%N-1TW6_"^J0:KI\HM/$6DZYHUY;220M!=6U[ILZ20 M2N8FAG6*9.E5\/#,<-4]KS4*-'#49UHTZJ5Z>!JX>>\45X/\ \*L^ M*G_1S/Q)Z_\ 0D? [\O^27]/U]Z/^%6?%3_HYGXD]?\ H2/@=^7_ "2_I^OO M1]6P_P#T,<-_X3YA_P#,X?6<1_T+L1_X48#_ .7GO%>#:I_R<]X'_P"R#?%3 M_P!6%\'*7_A5OQ4_Z.9^)'_A$? [\O\ DE__ -?WJ_X0^$FKZ%XZC^('BGXI M^,?B)K-GX2U;P=I5OKVC^ -%T_3-,UW6-!UO59XXO!O@_P .7-W>W%UX;TF. M.2_NKF"U@BG6"W22YED.U*.&PZQ$_KM&K*>$Q-&%.G0QBE*=:%.$?>JTH0BD MXMR'A]2JTE#%X:M.I4KX-QC"C.I.7NTJLYR;4DHJ,7=O M5I)L]IKP+P7_ ,G$_'?_ +$;X%?^C?BM7OM>)>*_@9HOB?QCJ7CFU\;?$_P9 MKFM:/HFB:P/ _C*XT'3]4M/#LVKS:/+=V!M+R W=I_;FHQ?:8A$\L,J1S;Q# M&5QPDZ,5BJ=:HZ4:^%E2C45*=91G[?#55S0IRC.S5&2NF[-QNFF[:XN%:3PU M2C3565#$JK*FZL*+E#V&)I/EG.,X?K_R&/@C_ M )_*O4?&_'@OQ=_V*^O_ /IJNZ\]$?!#1?"GB^S\<7/C/XF>--=TS0M:\/: M0WCKQC<:_9:3I_B*\T.]UEK"P%K9VZ7=]+X:<(QBVW3E)J*TBTFW*]O+_ (#?\D-^#'7_ ))1\.NO7_D4-'Z^_K7J M]?/EA^R[\'=+LK/3-,L/'NG:=I]K!8Z?I]C\:OC7:65C96L206MG9VL'Q"C@ MMK6V@C2&WMX(TA@A1(HD5%51:_X9K^%7]SXC_P#A\OCA_P#/%K2NLOK5Z]98 MO$Q56M6JJ+P";BJM:K546UC[-Q511;6C:;6C1G1^OT:-&C]5PTO94:-+F6.: M4O94J5+F2>!;2E[/F2;;7-9MM-OWFBO!O^&:_A5_<^(__A\OCA_\\6C_ (9K M^%7]SXC_ /A\OCA_\\6LO98#_H,Q/_AO_P#O\U]IC_\ H$P__A?_ />)[S7A M.E?\G->/3V_X43$/_5@?&S_ !%,_P"&:_A5_<^(_P#X?+XX?_/%KKO WPA\ M!?#G4]:UKPKIVKQZQXAL=)TS5M5U[Q?XR\9:C^,=?UZYL[ M*RN=XOYYI8Y)&#+<98*C3Q/L\1B*M2MAIT(1EA%1BG.KAI>=X445\H>*/VY?V3/!'B+XT>%O&?QQ\&^$=5_9WT+0?$ MWQJ?Q-)J.AZ3\/=#\3:I8:+HM_KNOZG86VAK%>ZGJNE6:BUU"Y>.74[(2J@G M! %TM]#ZOHKS,_&;X3CXDZ9\'O\ A8?A(_%#6?AW>?%O2O RZU9-XBU#X8V& MLV'AV[\=VM@LIDE\,0ZYJEAIAU93]E>[N4CCD?#E;'Q*^*_P_P#A!X2?QU\1 M/$47A[PI'=6-DVL?8-6U>+[1J19;)1;Z%8:G>,DY4D3K;- BC=)(BD$G_ _' M;[[JWJ'_ /QM;[[JWJNYZ)17"?#SXG_ ]^+/@WPO\ $+X;^+]#\8^"_&GA M^V\5>%/$6BWJ7&GZ[X;O"1:ZWI[-Y[M8F19+FWC M:23R8U>:-&>; ;RD#,"TFTAO+7+8(.,&@"Q15+^TM.^R#4/M]E]@8J%O?M4' MV1B\H@0"Y\SR27G985 ?YI2(QER!5DS0@,QEC"IYAFQ1W,TNH6,<5FT:7V+(SAE%Q< P0$@"68&*/'6T]-8U>VM'U3Q#I'A6RC EN9)/$&O/LTC3)8[2.=[6:^;!BDNEA@52))) M41@Q .DHK-GUC2K:TN+^;4K)+*U>6.XN?M,3112PMY*KSPY_88\0Z=I=\KZGH+^)?#NE^+="B MUG3)A%J&ESZEX:UK2M9M[>^MH)_L5] \D:,Q4'EU[!=7MU?3J>DT5S4GC'PS M%XB;PI+K%M%KR>'!XM>RD$R(OAPWSZ:-5:]:(:>(/MD;Q%#=>> IF,7D#S*R M]-^)WP[UCQ7XR\#:7XV\,W_C#X>67AS4O'/ANVUFQDU?PGI_BZSN=0\,7NO6 M0F\W3;;7;&SN;O3)KE4CNK>)I8V*%23] _3<[FBJDVH6%N7%Q>VD!B@:ZD$U MS#$8[9"BO<.'==D"-)&&F;$:F1 6!=<\EXV^)GP]^&^GVNK>/O&GAGPAIM[K M?AGPY:7OB#6++3(+C7?&>NV/ACPII<3W,R;KSQ!X@U*PTC2XAS=7UU%#&22< M '<45S8\7^&O[?U'PNVKVT>N:1HNF^(M1LY1+"MKHNKW.I6>G7\EY+&EBT=S M6..-XG?S#XS_M+_ ?]GA_#"?&KXG>&_AV_C)==E\-KKTM MVIU.U\+0Z=<>)M17[):W7V72?#MMJ^F7.NZQ>_9M+TBVO;>XU"\MX7#T!_7W M;_=9_<>YT5Y1'\=?@Y-'?30?$OP=<0:=XW\'_#:]N+;7+.XMX?'GQ!TGPQKW M@?PL;B"22&35O%>B^-/">JZ#;Q.XU*P\0Z5=6S20WD3-ZO19K^OZ[A9K?^OZ MNOO04444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !7Q1^U%^QG\/?C?\/OBII/A+P)\+-!^(OQEU7X-0?$;QIJ_AB""Z\<>"_A MQ\7/!7CO6O#/BO5M&L6UO5;?5/#>@:QH]G#/))#)?7EA]N=;:V66W^UZ_/#Q ME^QO\=?$OCK]J_Q7I7[:?Q6\-Z/\?OAOI?@OX8>%+#IG[/>N65\E[<^+/ M!XC\:6\-S?W*Q26P^R6NAR"#4K^)I&@!ANC7HVO-.UMNJUOVLF]/O->C:OU3 MM9::W5W?6ZLF[KIU^*]:_P""2OQ.\6W6@W?C[XB?#+X@RV5ROPUUA/$-AXD6 MUU7]E_X=_'7]G7Q%\#?AA>V:6%U'JVH6OP4^$'C/3OB(]$\#^*+WP)\5M8\'PZGX6M-1\.^%=5\/>%$OXM2T&1;ZP MM)(?F3]KY?BA^S'^R+\"=)O_ -I?Q1K>O_#/4VC^(&M7GB7Q7\,?'_[3EOX? M^'WC2[B\&>'/BII>B?%*\\&?$W4-=31/$GA'2->,_A%X]U.^_9O^'L? MQ=^!GA[X4_%'XFZ9I.LZ=I%TVF_"+XE>)?'NNZ'I^LQV7BZXT"\U+3M0T#PO MX:\03(EHD^KM[K2DVYZ]YMZ)-VBY*, M4D^4UOB)_P $X/C'\2]:\87(@_9Y^&7_ D^@ZW_ &+XQ\)ZCXPU[QSX"T&^ M_94O/V==+_9/T267X>>$(+W]F?3/$*="_:@_P"$?\!>%O&'Q#ATOPIXA^-? MPT_9'^''A.;0_B)K?P^DUK0-6T?3_@!XY&I?$;1O!D6MZ$?&FG77ACPS*YU: MV;FO'G[>G[1OAW0?BUJ7A;Q9\+O&^M^!=.^%5AX:\)Z7\%_%FB:EXO\ A9XT MB^$,WB7]N2QU3Q;\3M&\.Z=\+?#Z^/?&F?!>O:KIOAF%? %T;GXG%_M"/SUY M_P %!?VH-.MM.L==\5_LVZ7XB\0_LY2^.O"T_A^Z\.^+/!EMXFTKQW-I>K>) M_BQXSM/BLOA[X9MXJ\#RZ)(_B3JMQX+\1?%W0_L43W):Z=G M9Q;;DG%33DE97W32?-%)IQOJ]>0<;I2LWHXN3YES)WYXQ>J=TI.48OWH1DU> M,K)?0>M?L/?&75_V:?V+-.G\,_ +QAX= M\8>&?B-X6\%G44\!_"G2],U3QE\,8O%7A[Q!%K\7P6\-Z9XK\3Z;K^MV>@^! M==U32M%-:^'NAS^ ?#FKZ9K/\ PE@UGQ;\ M//''ASX;Q?MEP:O9/%J.E-XI^*_C'X(_#'5O"5_=WFJ+'H-]XWT77;RVNKZ' M4[KFO%G_ 4?_:4C\,^-/%?PWM?#NL^(=)^#'B_Q/X6^!GC_ . 7Q \-?$V; MP_HO[+-G\8?#'[4WB]=)\'_'UYXW ML+RW/O'[6_[1_P"UK\!?!/@NYL/!5QXF\5^%;/XQ:W_PLNUT(VOPX^,6N>%? MV/\ ]H+XM:':0?"SP)\2?$GCKP[X8TOX@^$/"7A_4=,\?\ !)7Q[X?^&T.@^ H?@$_CF[\/:'=ZOJ6L7&LVGA#4?C!X;^,'QO\ MB%X?^*'C[PKKWPM^)VA_&_3-+\._%B+PM<>!O'FA6$][I\,]CH'C3P3+H7@[ M6M'^L?C_ /L>?'?XM?MA?LS?';1O&/PMTSP)\$M;^'.N:U,=._L/XC78\.Q_ M$:V\>Z#IMQ%X \3ZW>Z%XXMO%VAQV6EZ;\6/A[X>TV#2]7L_%WAKXA_VAI=W MHG ^-?VD?VLM%_9^_::T[Q#X&N_'7B[X8:OXJT*S^-OPNT>3X8Z'86P^''PR M^(GAIV^'U_\ $75_B9JE]+J/CO4?!UMJGP[NM=@O!H*WM_\ V->R:A96_P Y M?%O]JW]M^^T&SU2Y^*'@_P"#WA34?C)8ZY+XR\._ ;Q3,OPJ^&'P=_X*$>!? MV<_%MCX^U/Q)X\N-/\6>'/'_ ,+O%2^/_%>HI9>$9-*T;PUX@73?^*23?\*C\:^!-8\6Z?!!Y]KX7U#4[7Q-X/A7Q3+J-S+X)\1OV%?VKO#_ M ,R^"7P\T_P"%OCB/2+GPYK,OA*?XP^&M+T'XN>,O"M[H/AGX M83_&&"[\;^+OB!\,_#-AXT\&P^/[[X3?VOK-[?Z9X.L?%-K?>&CM)/BYXQ\8:_I?BSQ7-J6CWTNA6_@WPO>6GBKQ7XOL4\0Q^)^+O^":GQ MK^#OPJU(_#"Q^&-U\:_$7B+]C_PMH7Q:^'GAW7O^$\A.J_"+PA^Q[^U._CJ: MT\-:=?R?#Z+X8ZMX\^*WAOQ=J?BG4I;7Q8-*UKQ/X:MKWP_#?:AZ1XA^,'[6 M#?L3_P#!03Q#9_M$:[:?&7X5?M$^(Y_">K'X)#2?&/P=^$:>._!_BBPT^\\% MW7B"ZGU/2)_A1J5WJUK>W/EW>E^'WOE9=1N[-W3Z)^"'[7/QD\=?M3VGPKU+ M6/!/BKP;+<_$W2=>\.:'\-_%GA_Q3X.\%^!_"OA36OAO^T9J/C.X\0:MX%O%BRFR:2];+:SDE)JZ:M=R4G: M.MU?WD*[6UW>STUZODGNG%*/O1DU&,5/W;2YTK/QV_X)YGXL?%OX.ZE8R^ I M?@1\,O"?[.7@N^^%GBR'6-3M-<\.?!#XE>*/%5YHMYHOV&\\/:II6H>&]6TG M2K6RU4R6VHW%A<6&N0OI$Q$GR+J'_!(CXFVFE:Q8^'=7^!Z7FI>&_P!ER"_U MF&VATC6_%D?[.WB3Q]:3?![Q/=>*/@M\5]$O?A-KG@G7O .JZ9>^)/"_CF'3 MO%/PQ\.Z!J'PVU71;72M?T?Q3XA_ME_M.:A8_'G6-6/[27PW\"?'GX@_ [XB M?!#Q!XYMKSX&^"O OPK$?M=_#?X+>/?"/@KXHZ#X5\<>)?!GA;XG?LZ:_X- M^,?B[Q;XC\,)KGAJ\\2?$+5-*TZ2*Q$-K[_^S7\Z9:>!=%/P)U#PQJEVGAK]I7XBVG[0WQ0\,>*C)XRMO J77QUTFP\%:+\$]% M$6GB'0M"U'QQX&\6ZA\4=1\'V6I>)KF]T9:2M;2Z3M;XTM.TN9+2[NM.2SY M7RL^*S3MS)2LDO?23ALHR3TMS6<=/9M2<79ZNI?\$DO$S>"/&L.BZSX'A\;Z MKKO[)LVAW/B/7X?&NL:S\-_@!\*?"_@SQ)\%/'7Q*\9? [Q%HNH>$-9\6Z3< M>+=,F?X":OX9U6YTCPQ=Z]\-+6ZM+>'1ZNN?\$J?'MYI\6BZ;X<^ VM>&M+\ M$_LT^9H'QM\77'QSU;QYX_\ V>_&/POUO3K/4?B%K'[-/ACQ)\.?!]UX3$> M)_ VJ+X>M?%GACQ+#JVF^(+/X2> ]1E\00:GR7QZ_:<_:5^%W_!0/XX0_#_4 M/'7Q*M_ M[9IX(_9UTKQQK-X?&^@W/[#?B#QUI]CI7P4'@2/17\%/\>+#1;_ M ,8?'*U^)47B/PYJ3OX*L?#E[!J?";Q_P" O!7B34? _P 4O'-K\-OB%::A MJ/C?3] \+V'BS5=#/B5XL7X::Y\'=*;]GP^)_A7XH@U;5K'5H/A#HG[7EEKFG'0I-&D\-:MINI MW_[0'@9].M-3C@M[FT\*ZP=1@MWBTB*:M+^RO^TQX*\(?L4P_#N_^"7C7QG^ MSE^SC\1?@1X\'Q0\6?$32?#.M7WCGP=\*/#UIXGT:;3/ _C/5_%.F:1?_#JX MN+[PWXFBT"XUO3[NVM_^$@TVY\ZYC^#9_P!JO]J;XN2_!H:[JR76G7?CCX;Z MG!XR^"&L7$NC^)]$TC]M;]D?PZ6\7Z7\*/B'\1O!GAG56\*^/OB%X;\7^&%\ M6>)KJ?PMI4&M7[:9IFK:[I%A@?#C_@IG^U7.HTZ6?P3IR?"O]G'P/X_\9>"? M%_@/Q#KGC;Q9+<_!GX"_$+7?%&CZ[>?%./XAZ]K&D7WQ$^)L_CGPC!\-[Z7P MEX6^'EGXAN_$^H_;[PR4VWK;I%))6:LG%1M9I*RUNVK)+164FW)OF:=WRV5O M>NN9):Q?1/FO*5UI)V=I_:7PK_X)Z_%WX+CPI$O"GBWX9Z_\"=.^*'[,?QI MUCQ=K]UXMT[XJP^*_P!G#X-?#7X:#PCI/@NQT34?"EWX=\::U\&O!>N)XDNO M'EA?>$M'UWQ+H4'A;7IM-T;4Y_U7\#'QLW@WPLWQ*C\*Q?$$Z#I9\:Q^!IM7 MG\&IXG-G%_;2>%IM?AMM;ET%=0\\:7)JUO#J#6?E&[C2 M-O&/B#Q!\,[+X?7OP:\&^,?$UY:R3_!_XE7VJ?%;P!:_MK:+^SEX>A\-^(SX MFTZ#2%OOAIJU[X\A\7V?AOQ)9:M<:?I7B'3]+'@W4GEE\$T;_@J%^V;XJ^&F MI>/_ [+\&!;:]\1+#PNLWB#PIX/$0_ V]3X2^*O&AT'XAOXB_:2ATFX\(^ M+_B3:Z7\//!'Q(\2:[X)U3Q-HGAWQ3J&@^"+[Q+=6.FVJT;TUNK)J5TTG?3W MGW;T72VCM$6G-9--M)I*3=XV^(K_1O'>E>,9_'/BK2;":V\(^&;#4[+1-(UK0KN=SJEB_YH^-_P!L;]LR M^C\>^*=&^&/[4WB";XJ_'CX!?M!_LM_#WQ9X>;X::+JG@WP3^TEI'@#5_@IX M-UW0+NXU*^\%^./@]/\ "/XM^*-/\;KIMWK%_P"-/'^E?V<]G+]BTU.ZMH]7 M;T=VK6M>]T]'9V3DKK<>EKIJ\E%:/?F<6NEFK2=G9M*Z333?]0-%?SR-^U?^ MU=H/B[XI>*-$^)MW^TC=3_%+X1^,OA%\'-!^%'B_X40:AX&\1?L&>+/'L5SI MEK'XFU7Q%)X$\5?&7PMJ7AF\$>,$NY],^(.C:Y;WU[;^(7L+#3.B\/?MV?M MQ^)/!%AXETBX^"&I6GAKP!\;?C#J.IZ+X!F^(=]\3=&^%%[\ !:?"^XLOA=\ M9_%'AOX3^+M8O/B9X]\/-(?$OC;Q FG^&_#OB>7PI97$VM:-&_-)NR5[:V;U MM=7U2M=_"KVOHP[V3:5KM*ZNTFE=7U2:YME%M*31^_-%?SC_ /#S7]K77K'X MQ^)/#5]\*4\-^'OC-X5^%Q@G\&>$;/5_@C87GBK]H&WUSQKXGE\2?M#Z'I?B MKX;WL'PV^$/P^\._$7QE<_".RNO'OQ/\4PC0I[_PC9^';WN_'W_!1/\ :U\+ MS^)=(-I\)=0\10V?[/.I:_?_ PTSP_X]^%OP*\&_$+P_HK^._%7COXD>(?B M]X0T=?%R>/99?#/AOPOXQNO!/@Z[\)>*_#?CGP]XW\90Z%XHL8COU2=KIIJ^ MNWO+MY/;357-KMVLFTY$?B[>^#_%GQ6_9EU:Z_:&\8-HGQ)GT MR;X:^*KCQMXNT+7_ (8Z?/[JX@\36M&CV?2[>B2N[;\UK* MZ;;:2U6K24A6>WE=W5E=VT?-9I)IMWC&[Y4VTS^@.BOYZO'G_!0;]JZZU/X> M_!:SDT_2?'WC/PM\"]$U+QE!X;U[XB0:CKGA,2^H_\$V/B1\0/A#X@\9?! MS]H+X_ZOXNTRYTG]DRP^"?@G7_AGXYMMHZ9XA^(-G\0]/\0ZAXLU5].TSQOI>LQ2ZSHD-WI7ANU-FDTXMWLI63NNEF MT[O6RMT=[!II=I!:; M^R]\"=(^,5[\?-/\!00_%.^U+5-^T4?U]VJ_$/+II MIZ.Z^YZHAN+>"[MY[6ZABN+:YAEM[BWG1989X)D:.:&:)PR212QLR2(X*NC% M6!!(KQ'X*?LU?!3]G>'68/A!X+/A5=>L?#>D:A)<^)/%WBJZ3P_X,M]1M?!O MA33+WQEKWB"\T/P9X0M]7U>/PKX,T2?3O"OAP:MJAT;2+)M1O&F]THH_KY]_ M7SW\P\NF]O/OZ^>_F%%%% !1110!X'\(/V7_ ($_ ;5]=UWX4> +;PKJGB&Q MBT>ZN#KGB?74TSP_!K6K^(X?"OA.T\2ZWK%GX&\'1:]KVKZQ'X.\%V^@>%TU M&]>[721,D+Q^^444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1 M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?_9 end