(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) | ||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Exhibit Number | Exhibit Title or Description | |||
Press release of Aflac Incorporated dated July 28, 2020 | ||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
Aflac Incorporated | ||||
July 28, 2020 | /s/ June Howard | |||
(June Howard) | ||||
Senior Vice President, Financial Services | ||||
Chief Accounting Officer |
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT | |||||||||||
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | |||||||||||
THREE MONTHS ENDED JUNE 30, | 2020 | 2019 | % Change | ||||||||
Total revenues | $ | 5,407 | $ | 5,511 | (1.9 | )% | |||||
Benefits and claims, net | 2,897 | 2,964 | (2.3 | ) | |||||||
Total acquisition and operating expenses | 1,440 | 1,438 | 0.1 | ||||||||
Earnings before income taxes | 1,070 | 1,109 | (3.5 | ) | |||||||
Income taxes | 265 | 292 | |||||||||
Net earnings | $ | 805 | $ | 817 | (1.5 | )% | |||||
Net earnings per share – basic | $ | 1.12 | $ | 1.10 | 1.8 | % | |||||
Net earnings per share – diluted | 1.12 | 1.09 | 2.8 | ||||||||
Shares used to compute earnings per share (000): | |||||||||||
Basic | 717,889 | 745,153 | (3.7 | )% | |||||||
Diluted | 719,764 | 748,849 | (3.9 | ) | |||||||
Dividends paid per share | $ | 0.28 | $ | 0.27 | 3.7 | % |
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT | |||||||||||
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | |||||||||||
SIX MONTHS ENDED JUNE 30, | 2020 | 2019 | % Change | ||||||||
Total revenues | $ | 10,569 | $ | 11,168 | (5.4 | )% | |||||
Benefits and claims, net | 5,837 | 5,932 | (1.6 | ) | |||||||
Total acquisition and operating expenses | 2,943 | 2,885 | 2.0 | ||||||||
Earnings before income taxes | 1,789 | 2,351 | (23.9 | ) | |||||||
Income taxes | 419 | 606 | |||||||||
Net earnings | $ | 1,370 | $ | 1,745 | (21.5 | )% | |||||
Net earnings per share – basic | $ | 1.90 | $ | 2.33 | (18.5 | )% | |||||
Net earnings per share – diluted | 1.89 | 2.32 | (18.5 | ) | |||||||
Shares used to compute earnings per share (000): | |||||||||||
Basic | 721,128 | 748,271 | (3.6 | )% | |||||||
Diluted | 723,638 | 752,302 | (3.8 | ) | |||||||
Dividends paid per share | $ | 0.56 | $ | 0.54 | 3.7 | % |
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET | |||||||||||
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS) | |||||||||||
JUNE 30, | 2020 | 2019 | % Change | ||||||||
Assets: | |||||||||||
Total investments and cash | $ | 142,233 | $ | 136,597 | 4.1 | % | |||||
Deferred policy acquisition costs | 10,222 | 10,128 | 0.9 | ||||||||
Other assets | 4,632 | 4,675 | (0.9 | ) | |||||||
Total assets | $ | 157,087 | $ | 151,400 | 3.8 | % | |||||
Liabilities and shareholders’ equity: | |||||||||||
Policy liabilities | $ | 109,103 | $ | 106,989 | 2.0 | % | |||||
Notes payable and lease obligations | 7,771 | 6,231 | 24.7 | ||||||||
Other liabilities | 10,793 | 9,939 | 8.6 | ||||||||
Shareholders’ equity | 29,420 | 28,241 | 4.2 | ||||||||
Total liabilities and shareholders’ equity | $ | 157,087 | $ | 151,400 | 3.8 | % | |||||
Shares outstanding at end of period (000) | 713,908 | 740,465 | (3.6 | )% |
• | Adjusted earnings are adjusted revenues less benefits and adjusted expenses. The adjustments to both revenues and expenses account for certain items that cannot be predicted or that are outside management’s control. Adjusted revenues are U.S. GAAP total revenues excluding net investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest cash flows from derivatives associated with certain investment strategies. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest cash flows from derivatives associated with notes payable but excluding any nonrecurring or other items not associated with the normal course of the company’s insurance operations and that do not reflect the company's underlying business performance. The most comparable U.S. GAAP measure is net earnings. |
• | Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The most comparable U.S. GAAP measure is net earnings per share. |
• | Adjusted return on equity excluding foreign currency impact is calculated using adjusted earnings excluding the current period foreign currency impact divided by average shareholders’ equity, excluding AOCI. The most comparable U.S. GAAP financial measure is return on average equity (ROE) as determined using net earnings and average total shareholders’ equity. |
• | Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign exchange risks in the Company's Japan segment or in the Corporate and Other segment. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight line basis over the term of the hedge. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income. |
• | Adjusted book value is the U.S. GAAP book value (representing total shareholders' equity), less AOCI as recorded on the U.S. GAAP balance sheet. The company considers adjusted book value important as it excludes AOCI, which fluctuates due to market movements that are outside management's control. |
• | Adjusted book value per share is the adjusted book value at the period end divided by the outstanding common shares at the period end. The most comparable U.S. GAAP measure is total book value per share. |
RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS1 | |||||||||||
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | |||||||||||
THREE MONTHS ENDED JUNE 30, | 2020 | 2019 | % Change | ||||||||
Net earnings | $ | 805 | $ | 817 | (1.5 | )% | |||||
Items impacting net earnings: | |||||||||||
Net investment (gains) losses | 166 | 33 | |||||||||
Other and non-recurring (income) loss | — | — | |||||||||
Income tax (benefit) expense on items excluded from adjusted earnings | (50 | ) | (5 | ) | |||||||
Adjusted earnings | 921 | 846 | 8.9 | % | |||||||
Current period foreign currency impact 2 | (5 | ) | N/A | ||||||||
Adjusted earnings excluding current period foreign currency impact 3 | $ | 916 | $ | 846 | 8.3 | % | |||||
Net earnings per diluted share | $ | 1.12 | $ | 1.09 | 2.8 | % | |||||
Items impacting net earnings: | |||||||||||
Net investment (gains) losses | 0.23 | 0.04 | |||||||||
Other and non-recurring (income) loss | — | — | |||||||||
Income tax (benefit) expense on items excluded from adjusted earnings | (0.07 | ) | (0.01 | ) | |||||||
Adjusted earnings per diluted share | 1.28 | 1.13 | 13.3 | % | |||||||
Current period foreign currency impact 2 | (0.01 | ) | N/A | ||||||||
Adjusted earnings per diluted share excluding current period foreign currency impact 3 | $ | 1.27 | $ | 1.13 | 12.4 | % |
1 | Amounts may not foot due to rounding. |
2 | Prior period foreign currency impact reflected as “N/A” to isolate change for current period only. |
3 | Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. |
RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS1 | |||||||||||
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS) | |||||||||||
SIX MONTHS ENDED JUNE 30, | 2020 | 2019 | % Change | ||||||||
Net earnings | $ | 1,370 | $ | 1,745 | (21.5 | )% | |||||
Items impacting net earnings: | |||||||||||
Net investment (gains) losses | 614 | (70 | ) | ||||||||
Other and non-recurring (income) loss | 15 | 1 | |||||||||
Income tax (benefit) expense on items excluded from adjusted earnings | (196 | ) | 18 | ||||||||
Adjusted earnings | 1,803 | 1,695 | 6.4 | % | |||||||
Current period foreign currency impact 2 | (14 | ) | N/A | ||||||||
Adjusted earnings excluding current period foreign currency impact 3 | $ | 1,789 | $ | 1,695 | 5.5 | % | |||||
Net earnings per diluted share | $ | 1.89 | $ | 2.32 | (18.5 | )% | |||||
Items impacting net earnings: | |||||||||||
Net investment (gains) losses | 0.85 | (0.09 | ) | ||||||||
Other and non-recurring (income) loss | 0.02 | — | |||||||||
Income tax (benefit) expense on items excluded from adjusted earnings | (0.27 | ) | 0.02 | ||||||||
Adjusted earnings per diluted share | 2.49 | 2.25 | 10.7 | % | |||||||
Current period foreign currency impact 2 | (0.02 | ) | N/A | ||||||||
Adjusted earnings per diluted share excluding current period foreign currency impact 3 | $ | 2.47 | $ | 2.25 | 9.8 | % |
1 | Amounts may not foot due to rounding. |
2 | Prior period foreign currency impact reflected as “N/A” to isolate change for current period only. |
3 | Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes. |
RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE 1 | |||||||||||
(UNAUDITED - IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS) | |||||||||||
JUNE 30, | 2020 | 2019 | % Change | ||||||||
U.S. GAAP book value | $ | 29,420 | $ | 28,241 | |||||||
Less: | |||||||||||
Unrealized foreign currency translation gains (losses) | (1,469 | ) | (1,455 | ) | |||||||
Unrealized gains (losses) on securities and derivatives | 8,496 | 8,028 | |||||||||
Pension liability adjustment | (277 | ) | (209 | ) | |||||||
Total AOCI | 6,750 | 6,364 | |||||||||
Adjusted book value 2 | $ | 22,670 | $ | 21,877 | |||||||
Add: | |||||||||||
Unrealized foreign currency translation gains (losses) | (1,469 | ) | (1,455 | ) | |||||||
Adjusted book value including unrealized foreign currency translation gains (losses) 3 | $ | 21,201 | $ | 20,422 | |||||||
Number of outstanding shares at end of period (000) | 713,908 | 740,465 | |||||||||
U.S. GAAP book value per common share | $ | 41.21 | $ | 38.14 | 8.0 | % | |||||
Less: | |||||||||||
Unrealized foreign currency translation gains (losses) per common share | (2.06 | ) | (1.96 | ) | |||||||
Unrealized gains (losses) on securities and derivatives per common share | 11.90 | 10.84 | |||||||||
Pension liability adjustment per common share | (0.39 | ) | (0.28 | ) | |||||||
Total AOCI per common share | 9.45 | 8.59 | |||||||||
Adjusted book value per common share 4 | $ | 31.75 | $ | 29.54 | 7.5 | % | |||||
Add: | |||||||||||
Unrealized foreign currency translation gains (losses) per common share | (2.06 | ) | (1.96 | ) | |||||||
Adjusted book value including foreign currency translation gains (losses) per common share 3 | $ | 29.70 | $ | 27.58 | 7.7 | % |
1 | Amounts may not foot due to rounding. |
2 | Adjusted book value is the U.S. GAAP book value (representing total shareholder's equity), excluding AOCI (as recorded on the U.S. GAAP balance sheet). |
3 | Adjusted book value including unrealized foreign currency translation gains (losses) is adjusted book value plus unrealized foreign currency translation gains (losses). |
RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE 1 | ||||||
(EXCLUDING IMPACT OF FOREIGN CURRENCY) | ||||||
THREE MONTHS ENDED JUNE 30, | 2020 | 2019 | ||||
Net earnings - U.S. GAAP ROE 2 | 11.5 | % | 12.0 | % | ||
Impact of excluding unrealized foreign currency translation gains (losses) | (0.8 | ) | (0.9 | ) | ||
Impact of excluding unrealized gains (losses) on securities and derivatives | 3.7 | 4.0 | ||||
Impact of excluding pension liability adjustment | (0.1 | ) | (0.1 | ) | ||
Impact of excluding AOCI | 2.8 | 3.0 | ||||
U.S. GAAP ROE - less AOCI | 14.3 | 15.0 | ||||
Differences between adjusted earnings and net earnings 3 | 2.1 | 0.5 | ||||
Adjusted ROE - reported | 16.4 | 15.6 | ||||
Less: Impact of foreign currency 4 | 0.1 | N/A | ||||
Adjusted ROE, excluding impact of foreign currency | 16.3 | 15.6 |
1 | Amounts presented may not foot due to rounding. |
2 | U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity. |
3 | See separate reconciliation of net income to adjusted earnings. |
4 | Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period. The impact is the difference of the restated adjusted earnings compared to reported adjusted earnings. For comparative purposes, only current period income is restated using the weighted average prior period exchange rate, which eliminates the foreign currency impact for the current period. This allows for equal comparison of this financial measure. |
RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE 1 | ||||||
(EXCLUDING IMPACT OF FOREIGN CURRENCY) | ||||||
SIX MONTHS ENDED JUNE 30, | 2020 | 2019 | ||||
Net earnings - U.S. GAAP ROE 2 | 9.4 | % | 13.5 | % | ||
Impact of excluding unrealized foreign currency translation gains (losses) | (0.6 | ) | (1.0 | ) | ||
Impact of excluding unrealized gains (losses) on securities and derivatives | 3.6 | 3.9 | ||||
Impact of excluding pension liability adjustment | (0.1 | ) | (0.1 | ) | ||
Impact of excluding AOCI | 2.8 | 2.7 | ||||
U.S. GAAP ROE - less AOCI | 12.2 | 16.2 | ||||
Differences between adjusted earnings and net earnings 3 | 3.8 | (0.5 | ) | |||
Adjusted ROE - reported | 16.0 | 15.7 | ||||
Less: Impact of foreign currency 4 | 0.1 | N/A | ||||
Adjusted ROE, excluding impact of foreign currency | 15.9 | 15.7 |
1 | Amounts presented may not foot due to rounding. |
2 | U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity. |
3 | See separate reconciliation of net income to adjusted earnings. |
4 | Impact of foreign currency is calculated by restating all foreign currency components of the income statement to the weighted average foreign currency exchange rate for the comparable prior year period. The impact is the difference of the restated adjusted earnings compared to reported adjusted earnings. For comparative purposes, only current period income is restated using the weighted average prior period exchange rate, which eliminates the foreign currency impact for the current period. This allows for equal comparison of this financial measure. |
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1 | ||||||
(SELECTED PERCENTAGE CHANGES, UNAUDITED) | ||||||
THREE MONTHS ENDED JUNE 30, 2020 | Including Currency Changes | Excluding Currency Changes2 | ||||
Net premium income 3 | (0.4 | )% | (1.8 | )% | ||
Net investment income 4 | 2.9 | 2.1 | ||||
Total benefits and expenses | (1.4 | ) | (2.9 | ) | ||
Adjusted earnings | 8.9 | 8.3 | ||||
Adjusted earnings per diluted share | 13.3 | 12.4 |
1 | Refer to previously defined adjusted earnings and adjusted earnings per diluted share. |
2 | Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes. |
3 | Net of reinsurance |
4 | Less amortized hedge costs/income on foreign investments |
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1 | ||||||
(SELECTED PERCENTAGE CHANGES, UNAUDITED) | ||||||
SIX MONTHS ENDED JUNE 30, 2020 | Including Currency Changes | Excluding Currency Changes2 | ||||
Net premium income 3 | (0.3 | )% | (1.4 | )% | ||
Net investment income 4 | 4.0 | 3.4 | ||||
Total benefits and expenses | (0.6 | ) | (1.7 | ) | ||
Adjusted earnings | 6.4 | 5.5 | ||||
Adjusted earnings per diluted share | 10.7 | 9.8 |
1 | Refer to previously defined adjusted earnings and adjusted earnings per diluted share. |
2 | Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes. |
3 | Net of reinsurance |
4 | Less amortized hedge costs/income on foreign investments |
• | the effects of COVID-19 and any resulting economic effects and government interventions on the Company’s business and financial results |
• | ability to attract and retain qualified sales associates, brokers, employees, and distribution partners |
• | events related to the Japan Post investigation and other matters |
• | competitive environment and ability to anticipate and respond to market trends |
• | deviations in actual experience from pricing and reserving assumptions |
• | ability to continue to develop and implement improvements in information technology systems |
• | defaults and credit downgrades of investments |
• | exposure to significant interest rate risk |
• | concentration of business in Japan |
• | limited availability of acceptable yen-denominated investments |
• | failure to comply with restrictions on policyholder privacy and information security |
• | interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality or privacy of sensitive data residing on such systems |
• | catastrophic events including, but not necessarily limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, terrorism or other acts of violence, and damage incidental to such events |
• | difficult conditions in global capital markets and the economy |
• | ability to protect the Aflac brand and the Company's reputation |
• | extensive regulation and changes in law or regulation by governmental authorities |
• | foreign currency fluctuations in the yen/dollar exchange rate |
• | tax rates applicable to the Company may change |
• | decline in creditworthiness of other financial institutions |
• | significant valuation judgments in determination of amount of impairments taken on the Company's investments |
• | U.S. tax audit risk related to conversion of the Japan branch to a subsidiary |
• | subsidiaries' ability to pay dividends to the Parent Company |
• | decreases in the Company's financial strength or debt ratings |
• | inherent limitations to risk management policies and procedures |
• | concentration of the Company's investments in any particular single-issuer or sector |
• | differing judgments applied to investment valuations |
• | ability to effectively manage key executive succession |
• | changes in accounting standards |
• | level and outcome of litigation |
• | allegations or determinations of worker misclassification in the United States |
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Document and Entity Information Document |
Jul. 28, 2020 |
---|---|
Entity Central Index Key | 0000004977 |
Document Type | 8-K |
Document Period End Date | Jul. 28, 2020 |
Entity Registrant Name | Aflac Incorporated |
Entity Incorporation, State or Country Code | GA |
Entity File Number | 001-07434 |
Entity Tax Identification Number | 58-1167100 |
Entity Address, Address Line One | 1932 Wynnton Road |
Entity Address, City or Town | Columbus |
Written Communications | false |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 31999 |
City Area Code | 706 |
Local Phone Number | 323.3431 |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
NEW YORK STOCK EXCHANGE, INC. [Member] | |
Title of 12(b) Security | Common Stock, $.10 Par Value |
Trading Symbol | AFL |
Security Exchange Name | NYSE |
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