-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
LdkRkB//1+BX0blya82DT76eYeWb3i8wlzY7bqfAu194sRuuUECHudmEd9QDlyhn
IkRvQBhVarVaY+lYW6bGCA==
MTMT\^R"JK+Q\]"O@PY,:0"=^5/?OU`K&V^X;)O62WX`9!.B=FJAMVCM,X
M73^>2KFIO)4^B:O9++U@C=?`IS>N>EU.R=[(FV.>!U*\SKY!I)(7_^.2=OMP
MYXN??AX?8FR/ZE.3%\^E?G'DR_,;`\`Y7(.+P.SZ:\T_^)3SB$#"EFN$K`$+
MS(RQ+U#+S4(%4RHL,O=`M(O!$9G[3C$-@\(/0A-_6]`_#E%,#D42YY,HM!I=
MA#$[/"8L\3H?*\QL,@UOPL_(XRR,D<7\0FPRH"ZJ.(.W/H80\*V\[*,2RU*J
MU`.M.*[$D@DP$]1-!S70,<^.H92YS;@TS6AJ./W`O(.).8VC#DK0S).RPU[0
M:8>J,X>SLXZLF'12T2;G4V?11Q/-"-))*86FT5S8JY2<=3+5U--/`TG&%E%!
MY8A4HDI-5=5566W5U5=AC57666FMU=9;>W5UU^!#5;888DMUMAC
MD4U6V669;=;99Z&-5MIIJ:W6VFNQS5;;;;GMUMMOP0U7W'')+=?<<]%-5]UU
MV6W7W7?AC5?>>>FMU]Y[\ [!9.>`VJWK6=GQ?6-)9%K-*
M;(!1FL,=R>$'3DL[S.#G?-(E>]_&:]$KC_,RH\*66_,-F+=*W"R3)A`*Z&H6J`\'>8M? ``8P@6>BJ:Y*
M+PH/`;9FIQ1T[C70\!*\,<5B\3 JNX
MFJNZF@K_!%EP>2@'RX2+Q`2,TH9M"8EOL+J/V22JV<2AY$9.NR@(P3J-#UF0
MRF2M\>B.D)"L(:I$J?B4?.I2*162@?II`T6I!AIE2@D^C`J+.ZET3!1N+=LI[
M/)B&>:>5?Z6BG-F98!F!5HF'.0J79V>7',M=>S>!:SEVT>FG[`=5>5EW/;BQ
MCFBE@_EV%LN55\F"V94_;76>,PN"A/66#XJ,5YJ$"4JA7%B@'4J:`MI-]OFR
M]+>(^,>@2:J31_NC&9BS2NI:BJFT%OJT33AS0&N%;TB1\("<_\9V/ZEHIDZJ
M@,CFM0WZ?XBYH5NE.A XU5>YY5>Z]5>[Q5?\U4P
$@@``.S\_
`
end
9T#D*L2&'
M9*'XS;O +,.@7,*C3`*E?,JFG,J@O,JJW,JL_,JN',NP
M/,NN3`DBL _:&XL*Q_KFS5+8$8T:M-D:NPFX=A(IC>*\RX+[,L?<08N
M"[[IC_EPDYON5,'$^`Q.[XR3!C^(SQ("H&B4=&0^E19)?\[KG_N4S"7G%;4:
M*M0BC(I:0AFJM4^F!F&HS!HK08)*6'(*B4AT7A(!,"JR*?&)PCFFUH:X-JV9
M]#BE,NG;JO@<2,3TBG/[E4VOB=.<$NMOV^QILLK_8\`VAO.`,). O$C@_+O<4OG$.
M'J'O-:M`QP_1$91TID?GZ79]:G8G%/6)]IKJX[%Z7:>N],9V?>N>%?O8R5YV
MLY\=[?]I5_O:V=YVM[\=[G&7^]SI7G>[WQWO>=?[WOG>=[__'?"!%_S@"5]X
MPQ\>\2]/O+'^BEJ4$W+IN?7RS3C:\P`F[>C86QYTR0>5\J?<'LG#+B*)
M3USCP'4KKQNG<=+CU_+J.;U0:7\?`*(MNP#M9+9W7EQ))]/.[ZVWM-MS+XT&
MC^H*YB^X_\D=8X/0N[:+YGR,7_G@ X0VXX0T0P!LF`0$,
M(1O>@""2P!HF0"(&0`T\XAN2P""20/,YX25N1@N4@":60"?B7D3!@0S0FDC%
M5@ELP&AQ6`M4V"9V8BNVHD=I8$EUHAS
Filed by Biogen, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: Biogen, Inc.
Commission File No. 0-12042
This filing relates to the proposed merger-of-equals transaction pursuant to the terms of
that certain Agreement and Plan of Merger, dated as of June 20, 2003 (the "Merger
Agreement"), by and among IDEC Pharmaceuticals Corporation ("IDEC"), Bridges
Merger Corporation, a wholly owned subsidiary of IDEC, and Biogen, Inc. ("Biogen").
The Merger Agreement is on file with the Securities and Exchange Commission as an
exhibit to the Current Report on Form 8-K filed by each of Biogen and IDEC on June 23,
2003, and is incorporated by reference into this filing.
The following is a presentation to be given to the Company's employees by senior
management. The presentation will also be available via the Company's intranet site.
BIOGEN IDEC INC.
Employee Meeting Presentation
Today's Discussion
Additional Information and Where to Find It
IDEC Pharmaceuticals Corporation intends to file with the SEC a registration statement on Form S-4
that will include a joint proxy statement/prospectus of Biogen, Inc. and IDEC and other relevant
documents in connection with the proposed transaction. Investors and security holders of Biogen
and IDEC are urged to read the joint proxy statement/prospectus and other relevant materials when
they become available because they will contain important information about IDEC, Biogen and the
proposed transaction. Investors and security holders may obtain a free copy of these materials
(when they are available) and other documents filed with the SEC at the SEC's website at
www.sec.gov. A free copy of the joint proxy statement/prospectus, when it becomes available, may
also be obtained from Biogen, Inc., Fourteen Cambridge Center, Cambridge, MA 02142, Attn.
Investor Relations or IDEC Pharmaceuticals Corporation, 3030 Callan Road, San Diego, CA 92121.
In addition, investors and security holders may access copies of the documents filed with the SEC
by Biogen on Biogen's website at www.biogen.com and investors and security holders may access
copies of the documents filed with the SEC by IDEC on IDEC's website at www.idecpharm.com.
Biogen, IDEC and their respective executive officers and directors may be deemed to be participants
in the solicitation of proxies from their respective stockholders with respect to the proposed
transaction. Information regarding the interests of the officers and directors of Biogen and IDEC in
the proposed transaction will be included in the joint proxy statement/prospectus.
Today's Discussion
Safe Harbor Statement
This presentation contains "forward-looking" statements including statements regarding
benefits of the proposed merger, integration plans and expected synergies, anticipated
future financial and operating performance and results, including estimates for growth, and
expectations for our products and plans for development and expansion of our pipeline.
These statements are based on our respective managements' current expectations.
There are a number of risks and uncertainties that could cause actual results to differ
materially. For example, we may be unable to obtain shareholder or regulatory approvals
required for the merger. Problems may arise in successfully integrating our businesses.
The merger may involve unexpected costs. We may be unable to achieve cost-cutting
synergies. Our businesses may suffer as a result of uncertainty surrounding the merger.
The market for our products may change or be impacted by competition, new data, supply
issues or marketplace trends. Technical, regulatory or manufacturing issues, new data or
intellectual property disputes may affect our programs or we may encounter other
difficulties in developing our pipeline or in gaining approval of new products.
For more detailed information on the risks and uncertainties associated with each
company's business activities see our respective reports filed with the SEC. Neither
company undertakes any obligation to publicly update its forward-looking statements,
whether as a result of new information, future events, or otherwise.
Introducing
BIOGEN IDEC INC.
A powerful partnership to advance the standard
of care through science
Today's Discussion
Why we will merge...The strategic advantages
What we will look like...The organizational structure
Why the cultures mesh... A shared philosophy
What this means to employees...What we know,
what we don't know
Where we go from here...The integration planning
process
Why We Will Merge...
The Strategic Advantages
Mutual Business Advantages
Marketplace Synergies
Immediate diversification of product portfolio
Acceleration of respective drug-development
programs
Partner-of-choice for out-licensing
Operational Synergies
Minimal operational redundancy
No restructuring costs or infrastructure buildups
Streamlined integration
A True Merger of Equals
New biotechnology industry leader
BIOGEN
Pioneer in Immunology, Neurobiology
Developing in oncology
New product: AMEVIVE
Blockbuster drug: AVONEX
(#1 MS product globally,
$1.1 billion in 2002)
IDEC
Leader in Oncology
Growing focus on autoimmune
diseases
Blockbuster drug: Rituxan
(#1 cancer therapeutic in US,
$1.47 billion in 2002)
New product: Zevalin
Biogen and IDEC Facts and Figures
Headquarters: Cambridge, MA
Employees: Over 2,700
2002 revenue: $1,148MM
2002 earnings: $242MM
Net cash1: $771MM
Market cap2: $6,676MM
1 Cash balance as of 31-Mar-2003. IDEC' debt balance as of 31-Mar-2003 excludes in-the-money convertible notes.
2 Fully diluted market capitalization as of 20-June-2003. Dilutive impact of options calculated using the treasury
method. Includes conversion of IDEC in-the-money convertible debt and convertible preferred stock.
Headquarters: San Diego, CA
Employees: 1,000
2002 revenue: $404MM
2002 earnings: $148MM
Net cash1: $756MM
Market cap2: $6,977MM
BIOGEN
IDEC
Research Triangle
Park, NC
Europe:
Direct Sales Force &
Operations in 13
countries
Cambridge, MA:
Future headquarters
of BIOGEN IDEC
Oceanside, CA
San Diego, CA
Australia/NZ
Japan
Canada
Expanded Global Presence
Biogen
IDEC
Product and Pipeline Synergies
VLA-4sm VLA-1 Monoclonal
Antibody Neublastin Lymphotoxin Beta
Receptor Islands-152 Islands-151 Islands-131 Islands-114 Rituxan Antegren Amevive Avonex
Brady 200 200 500 500 1250 2400 2400
Izzo 0 900 900 900 900 1250
1,000
N/A
N/A
N/A
1,000
1,000+
700+
$1,300MM
Multiple sclerosis
Psoriasis
Multiple sclerosis
Crohn's disease
Allergic asthma
Neurodegenerative disease
Autoimmune disease
Scleroderma, rheumatoid arthritis, cirrhosis
Asthma
Autoimmune, Inflammation and Other
PC
PI
PII
PIII
Filed
Market
1,000+
Rheumatoid arthritis, MS,
other autoimmune
N/A
Autoimmune disease
N/A
Autoimmune disease
N/A
Autoimmune disease
Avonex
Amevive
Antegren
Rituxan
IDEC -114
IDEC -131
IDEC -151
IDEC -152
Lymphotoxin
Beta Receptor
Neublastin
VLA - 1
Monoclonal Antibody
VLA - 4sm
Oncology
Anti-CRIPTO Mab Lymphotoxin Beta
Receptor mAb Provax Interferon Beta
Gene Therapy Islands-152 Islands-114 Islands-160 Zevalin Rituxan
Brady 100 100 200 250
Izzo 100 100 0 250 500 700 700 2400 2400
NHL and CLL
Non-Hodgkin's B-cell lymphoma
Advanced
or metastatic cancer
Non-Hodgkin's
B-cell lymphoma
Cancer indications
Solid tumors
N/A
500+
250+
500+
250
Chronic lymphocytic
leukemia
500+
$2,000MM+
Cancer indications
N/A
Rituxan
Zevalin
IDEC - 114
IDEC - 152
IDEC - 160
Interferon Beta
Gene Therapy
Anti-CRIPTO
Mab
Lymphotoxin Beta
Receptor mAb
LRP
Estimated
Peak Sales
PC
PI
PII
PIII
Filed
Market
LRP
Estimated
Peak Sales
Products Well Distributed at Every Stage of the Lifecycle
ANTEGREN
1 year post U.S. launch, moving earlier in
the treatment paradigm - potential to
displace chemotherapy
New indications expected to drive
significant growth into the future
A compelling new biologic to treat
psoriasis, launched in U.S. in February
At $1BN, providing
critical mass in revenue
Powerful candidate for immunology
franchise targeted for 2005
Financial Strength Today and Tomorrow
Well-positioned to meet goals of:
15% annual revenue growth
20% annual cash EPS growth
35% operating margin
25% net margin
Strategic use of expected $1.5 billion net cash balance
Estimated $300 million planned operating expense
synergies (2004-2007); cumulative additional cash flow
(2004 to 2006)
Management:
Breadth and Depth
of Industry Pioneers
Global Sales and
Marketing Infrastructure
World Class Biologics
Process Sciences
and Manufacturing
2 Blockbusters: Avonex
and Rituxan
$>550 Million of R&D in
Bi-coastal Centers of
Scientific Excellence
A Leader in Immunology
and Oncology
$1.9BN in 2003E Pro Forma
Revenues
$1.5BN in Net Cash
OE Synergies: >$300MM (est. 04-07)
Goal: 5 Approved
Products
by 2005, 10+ Products in
the Clinic
BIOGEN IDEC INC.
Merger Advances Strategic Objectives
of Both Companies by 5 Years
What We Will Look Like...
The Organizational Structure
Bill Rastetter
IDEC
Meet Our Chairman and CEO
CEO
Executive Chairman
Jim Mullen
Biogen
Our Leadership Team
Our Organizational Structure
COO
HR
Legal
Finance
Development
CEO
Chairman
Research
New
Ventures
Corporate Strategy
Business
& Portfolio
Development
Commercial
Technical
Operations
Our Operational Structure
Center of Excellence
Oncology
West Coast
(San Diego)
Headquarters:
Cambridge, MA
Manufacturing, Marketing, Sales
Research and Development
Center of Excellence
Immunology
East Coast
(Cambridge)
How the Cultures Mesh...
A Shared Philosophy
Common Roots
Nobel Prize
Winning Leaders
Founded
Revolutionary
Products
1978
1985
Walter Gilbert, 1980
Sequencing nucleotides
Philip Sharp, 1993
Discovery of split genes
Kohler Milstein, 1984
Discovery of monoclonal
antibodies
Hepatitis B vaccine
Alpha interferon
Avonex (MS)
Amevive (psoriasis)
Rituxan (cancer)
Zevalin (cancer)
Anti-CD80 (psoriasis)
Biogen
IDEC
Shared Vision
From BIOGEN
"We dedicate ourselves daily to improving the lives
of people around the world."
From IDEC
"IDEC is constantly in search of better ways to help
people with life-threatening diseases by developing
more useful therapeutic drugs."
BIOGEN
IDEC
Shared Values
Face the facts
Operate a meritocracy
Build teams
Keep talent a priority
Value each individual
Make an impact
Communicate
Embrace change
See innovation as mandatory
Trust, honesty, integrity, quality
Team as a source of strength
Zeal and commitment
Growth, transformation, renewal
Stay focused on those we serve
Create new standards of care
Goal: Unified Value-Based Culture
Our cultural hallmarks will be:
Pride in innovation and discovery
Accountability
Teamwork
Decision-making speed
Honesty and candor
Execution
Meritocracy, and
An appreciation that strength and competitiveness
are gained and maintained through continual
growth, transformation and renewal of the
corporation and its employees.
What This Means to Employees...
This Merger Means:
Opportunity
Bigger company
More diversification
Greater financial strength
New Challenges
Contribute to the combined company's success
Build something new
What You Can Expect
You should expect that the Company will:
Assign our best people to make critical decisions about the
combined company
Inform employees and departments as quickly as possible
Be direct and honest along the way
Provide competitive rewards
In return, Biogen needs you to be:
Patient. It will take time to do a thorough job
Supportive. We will need the cooperation of many people to
make this successful
Prepared for change. Combining companies is difficult and
will result in many changes, some may be uncomfortable,
many will be exhilarating
Focused on your goals. Few months until closing - most of
2003 performance will be at Biogen. A lot of work to do and
challenging objectives to meet.
Competitive Rewards
Commitment: Provide competitive programs for
compensation and benefits
Process: Evaluate and develop appropriate programs
and policies
Timing: Program/policies effective as soon as practical
after merger closes
Integration Timeline
Biogen and IDEC
enter oncology
deal, discover
synergies
Antitrust
and SEC
Filings
Financial
Analysis/
Due Diligence
Roadshow to investors,
analysts begins
Integration Planning Teams
form (companies operate
independently until closing)
TODAY
Shareholder
Approvals
Integration
begins
Merger Closes
Late Q3,
Early Q4
Communication Plan
Post questions on Bionet
Merger Update
What else would be helpful?
Questions?
]86OM9N)3HQ"W_14YP9^LR,:FN1%1EX,CU9"VQM-YD'4#D]_F-D>H
MT+VO9K0#T?#4:`7D(9(7BEQD+B;GR$A*%.\WRT'^
M<4JJJUJN,N>_@M7.="-#'00!^$/CI4U^!5N5`$T9PNH%\X@-(QG@JG@X;BI.
M;SXKG/^D=+@@'A&&,&MA_K0Y2VZ2$8>RDI'7IO8L>S[NGDTT8=`L^;2.R3.4
M%)S6-JGG.'@6<6?XA-;[S(C0,G9M_UIIW&([(
C[O@K*?1FHXOTY@0UL1=VEMX.+N.9;<>H]WJV5
M\1;\R4S,W0@+H/GKX/)M>IA$\WDWWQ8MU1<*\X-;\:-/P93?HBHO^FNIPRSN
MPR>,;8F(LTB;=*Y-QV@JS!@^R5Y8P@TMC,//_&;J3Y-.M0Q\8AL^X2P-XG<6
MN>3ZJ);.Q+Z>_<9_[!!W_;'*[R3K]ZX3J-?>YY4ZT/,*Z^`YXM,,[2%ZZLL?
MD0:>_[)8B$3S`$I)'0K1#,,<:L#2_+0S&T4#92/PM#\
M8T[@XM1*N$WGJ_,N1S6=$53_"B51M'+^]*XVVU95IE7OTDONOC!
__QK6L9;UK&E=:UO?&M>YUO6N>=UK7_\:V,$6]K")76P,(2K3NMVT
MIS]ZZ-$J^E&X[2595(NIJ'7:+*3%L'^TS>Q0/EB8/+EMDCL61>J!\I+(?O1N
M#\WN16/;TNV^=+Q;2[I226J8RKXWN-U];4FUIKA*)<.H'R+1OE9RS,A4+96K
MW2MP!K'/SW)A>@*&3LKHIWW7@M:8M1UQ>89[RBG[J["H_#V.YQ/E%[_R#:-I
M\EN-L[2=/)@Y7T[S*V^\VY^$+U1+?-&")S85KFKU(>M+/@J?#L98I;`#`1@+
MD_JWOP3L*7LH&%60MVRQA)D'I6]JL`Y/;&-/_3`)^;'>YYFT-/^B%9B%[9+@
MG:LWP^B[6F+HI>J3M?6)M0V*R7`:U+]]M<+/7K#VXIO4#@E>>H;SN[:,BQD(
M+C>#[%5N=K]=>,=C7>^RXQQ;:])DYI'.N_DFIF,KJSK#TK>Q)S6S"S77,ZWV
M'6Q>;GQ&MRWPC6Z1;'D?-U=KK'7$A>BO.I'%H0YOMN;6Z[,=;PQ#^;L]SG=W
MM7;_DD<)#]7Z\2_JS/U?3BT%>^QM,/N#QOS!$]CVI3Z>:F97=EJ%2E[NMVRX
M)V1%VD__P7EJM5F.U3XC5T<^P^_]OM1J_YZ+J^P/_7;&\FCOZM+/<+X'_W[F
MZ'J/\G9KOARJF43L_.`/]1[,*5JG_.3_CFQ^S@!S"Y+8;L5:B&/VCNR>C@&K
MC@0GK_NB[CXV#,?$+[1`QZLZ[W-X+P(9J&(*CNYJ\,3.+L7:H0=_T`#CY^3H?V3+OBK#CFL.6PT.+$"+3*IH9XKXRPZ'`$RN2&L(5^")\F*@_O
MR5N"T-@V:=KFC8VD#[WH:`$E<1$=203M+=50Z!(7!!*M+:(ZT1$KD?^Z3="J
M;?I(41134157D15;T15?$19C419GD19KT19O$1=S41=1AMK^S;"6#=U.@[.>
MAMR&P\K@"-XX_Q`5RR(8%X?
8]33^.1
M\,1NVN6&PW5@71=P?R(YQHC->,AVON"EC5;CM^MY-#TN74,M3N'$Q&O6KDO>
M8%(;ZC\:K$IB3E#,<5OAWJ:YLJGZ59RS&"KW+E@SFU
ZPVG$;2@)#(!_P$L``5`P`!P``14
M@`)40`0,``1L``4L0`/<*'M2P(RV)XY2P(M2@`)``'\J:(&V*`7@:`2PZ``H
MZ08T0`4T`(Q&`)%&0&0^:+&=@`ELJ0EX*5^2&Q.H0"#6F^"9@`;0'?MEXS]R
MJ9>ZJ9O&&W?BFY="07ZR0`54``0PP`)4P`9<*8Y"`(PRP`H\J0)<:03`:`6L
M``,PP(QRP``4J(#J9P0L``OHZ95"0*4VP`!4``M"$+K31H0^-Z$0K
M>M&,;K2C'PWI2$MZTI2NM*4OC>E,:WK3G.ZTIS\-ZE"+>M2D+K6I3XWJ5*MZ
MU:QNM:M?#>M8RWK6M*ZUK6^-ZUSK>M>\[K6O?PWL8`M[V,0NMK&/C>QD*WO9
MS&ZVLY\-[6A+>]K4KK:UKXWM;&M[V]SNMK>_#>YPBWO
1C#$>0X"A='@=S0B*S(,V23
M9^!*UAPGZR9F"9Y*WW2?'T
MRMA:73/\N-^#C7JC6RX!'OE
`\R]O&
MO<@VLPCVOC67LDH,J[T"WULY4QKVFI,EO3=\&SI4$=ORILNM:EA$VE/TXNXUH4N
NXF(L9=,M^[">F2F.Y$YBWYM<+X8J3-4>^'_BP"XN^Y[N2$A*@R5*^\[FP
M,?F^`PN"C:"^/72&`9&"$$N](M&Z23AY@HD--)&([O>#&3A\_CBFLJ*(/WG`
M5>H2G#N*,MBYRSU!6V'6TO
M5F;M1M2")VA`_ED[7F0Q5M1MH)>-BZ6AGN&G[KKLMNONN[;Y
`07?=-W7P<#(0"3*\$B*[L1(1(2#&=BB#3#+_TW(023(-=0B?FB'_J7_QK@
MIX86,GY_N'+))G6F]R>J=W-'IX>E6(01`VO/IW5\"(5RV(?C(H5^TG74IXGV
M8C"1&"_[!X`#TROZ!XPV\S.2J'V^Z#.]6"#&F(GY,)YX\-]9G/8P!:AEEB1Z-**"(&GI0!?8^/6FD
M4H^VFD:5`OPI`%B/U*ELH,J&ZJDTE;I;<;<5AS9M:/.H=MNQ,L=JS1MT`#R/P"(2T+/P#*[*S2*ZU-L$S0K3#/KJ#&`6W*$\W/LKP!
ML_#*]]P*:WP+"N#/-R`+/JT+YTS-05#1&2#2R)P"KF`#R/P#M_#4&(`"4S&:EP$
M7FP$56R"8TS%9_S/#@W0#QW16/RCSQND&4O,+/S+&1W#&MW"'9W"'[VW(=VW
M(XW1'LW1*+W1*GW2TONE&FVL("W.'IV$(IW2+'W3(&W3.;W2.XW3-1Y-RR=!N4"5RCP*ACY&6K7)\\$5<,-RN*`9U[M)4K90.CJ=P++FZ
M:P(QC@JK3`H'<#B&\`6_S[Y.RH`P:?IH$`VGY_JBJ9;*D'THL`5_#ZF(C037
M:6\@#@2O+,!H:]3$[=/$T,K.,,T8<3O4\*1@<.!DB(,$\0JK#)+,Q?["+>;P
M<(LFT41#T#@@44])<1*_38U@%%#E4U"#*OBXQ[O*U!@M
M-$5$L1M),1>CM-N&]-!>C15!;K5BQ1,/]4Z+@QLI=3PM;M$DIDU'%7_$SU):
M\1I!*56ET$Q!A%-=U1N_148'"DN5#3?#_\<]3356.U5!5Y4X6G49B=4:WY.6
M_C0.FU(V$P576XRDZ(]15:0`!3(YK=.HK#54TQ3+AFPY32E9';"\C-!;6S0Y
M`M*EK)-]-WC#STM1=W2P=(9^]P&+E'S'2$H;45,+['T;9H3C:W/!T%+-]WB=D(2R
MUPQ]M(-1V#?L4U;OD=)J&&(5$7=Q4,*BU-PR[;-P\C]QU>-V9&MQ];X]"RK\R7:=NMW=X/]3/;O:&Q#^?;[VG;8PG-3KG=NJ
M*J``D-$*/,SU'>(5GMS.2\1GW:/@C!(`OLVKVJ`"``"DZ]S`T*D62<":_-$.
MGN.RS+LIGKZ>W`0'[A`9/N)R2Y\O[M/*O=_O_;(<#JJP"K=$+N)2OJ@R?L^_
M+>!*'A$K'M)."^/2F^3"T-\T7N.QVKA;KN-HSJTR?>/ZG>420=Q3+ME[]`(R
ME,A/?K7B/)$3-%Z?_89.F=RJ)SEY46X$W#
M:X;7;.MD:]^$E<+63A_5-0NI2'Y4.#*[_*TXW8P?#@/02*`EYY*:8X9"T5
M=2]BX(1`>.2/B;JXNX!E+D9%2OD5!=66=3;8Y#@U]L*-"972^>,*86X"QXU_
MODLU/3CE(F>B6PX9`!#=.[I;JPNB]KZ9O68EN!4?TN78+:6>>LO:TE@ZM;.1
MOI#6G>*V0NFZ<0T[HH&![G%
.--XV"TA'Q4*;YO>F
MM$H3\$4'\#]/1`!@U$85*U0NA4?SX'W"E&BH]$P7L$'K$;3:%$N%XD9#PT[K
MSSK'IDQG4^8255$7E5%E;D_KT<2\]$LCR99D<&ST3PS-3E,WE5,[U5,_%51#
M551'E51%-;[^=$(S!G<&]6T$B55?$S_EAA%>E6A*U59O%5=S55%41]Z(UH
M];0R!5@=TU*=24I7_X4KV<--+ZX3\V%8KXY[GM4Q-2K]&BTZ"TU:DY58LZLS
M_[.\!'`NZ\-P,(5^/46.,W<>O]0K_B6K0BD^]*^CMRJZI1VP;VZW2Q<.]\X!CG-
MH_'I*D17U&8,XU51JX$-`#R,-
=Y1JBM18B4M0.S)?O7+*
M
0Q#7%`0Q_[R`4T<&&06.`"0.P'
MHBOR`X5Q;&18Y'.T!2#GO\0AHL^84N^'$-FARD(`.)A3,8\GYK=*0I3YF.
M.=Q!E;!(PQW6@,<[*""6:P"#*RG)23U:\H^"%"09N+`%+F"!E&1$I3&/R8XY
M2G*9=5PF+"DIRS7(00%[_XQ#'KFP!BZDH9>#!.8HN<=(9(HS='-@93O,F0L%
MF%.9KG`E'>_0A5>F@9*3[((N^9@&;`9RG_M<9#''"5#"E?,5`T4'.F/!2G:Z
MXHZM@*4[ZPA)>>I1EW%8`R\]V4UP*C*@'"7G*C^*SH,J0Y4B;45)W;G,=^I1
MDG. ."PT.Y(F0V>JU":Q-$I4]YG<@!)5=Y&RDX4DN`5U^![]M
MTQT>YP8."1W.WP)NYZT@XU:^"36."PFN"#J."YG]X!2.`EN`!FO`Z(P>!]VT
M!I6=VI#)_\EL7CASO@KT_>'`O=,E'M51/M]+;@LN_@I1[NF;L-NYP-J0)00+
M;@MRP-J(X.I"C@(M4.LL4.B>3=N;6KH7?.G+P=,_7=,Z[=>1`.(V'=^M,`6!
M?>Q3[@IP;@L3,.-_#@EX[>6O7MZX@-D]D`AG#@L5SIUC"^R$\]O(3=C/?=WV
MW>*CS@KK#@G,_NF14-CT[N1W$.I$`..1H.JW@-D/+@DW;@L_G@B2C@)GW0JY
MWNUD&8"B2^Z#T] `+YIL+\2G,%F^:86
M>P8:3`4AO,%+`*W5":YJZ[XD_`M^V[,'**YB,,(KW`@M#)3A*K5NYJN&U[PD
M]KI0N6KPRKV#.L-IP+9[=Z\]ZI+[JH,B"\JFZNAVX>V[M$C`9&K&`WF\3&
MRK$4N[M1NK%=#&FT^\7$5<5D8,0M6[)IR*-1B\-">X@Y^KF6MI%F[`5L6WCX
MUZ,=YJ,V_)S""J+YZ:=U+`9::Y\YO+2;^*@W2;5Y^<9%B[6#;,>CZ[.4C%R^
M"7RCNL>,S)Y$ZX1&&\E68+,?%HN7S,=R"[L(FK?@^LF@3`7UJJ+5.*`1VL?@
MB '/OBY)C=Z'9.M(VFO_HX'$?E7+[:W5#F>.\^L79
M^9TM/)53EE=G%K!E58>=^P@8G,C=C:7MF\BLM;0'/+B&>7HSF[B5[;)W"Q29
MG";5%9JS@0Y,NWRKV3F7G,MS<['U-2F*W,Q%+['MRX/GSV37V91W]AQ5&,=5
M]J\!3&,_.*#?N:(S4P[F66C]N;;I;U-3MKH+VJUUQL5/5L]3W,?1.4/_&:^5
M3J+CG+M#E,X5U=')7+W.G-,)$8MIT&J9O*;Q=HV5F(E'W9B;8.>DU&S9^[\3
M7*7H`*77%TU;,=3!'+1)/;]OL]-[?34-&-,A?:UQ_QS.+YRO$0^>&5K%917"
MLQNL/5EFY4H.$KG$/_C#,9.O0/E763P/$IWP*#S&&;VN&4"J;3N&P9TMYWK1
M,[/.@1?(N\'7XUU9Q5>;<9VGTUB_!1S*G8#GO/42EYR:=PPZYV#6[[:HJS6^
M1=V_-;O4BTC>'UYIL=&>@7N!B3VWD7VW&1JC)QZ@*WV%*6_:S;J??SM!DUNX
M"[W?KCM"YJ#-@6NZ+7UV)3[8C7*[%[V[,5'#1Q3B=SYYU1O?%?[>"WR-LUBH
M8 ZRHN_E("/Z^ 4.[/))YBR>KNR.+NR^KNO^
M<#<^XQ![KON9[N:R7Q(#L1$'L0^7KNK.#@-3<15;\15C<19K,0[44\G712
M`0"<[QB_K_S"[QF;<1K3+QJOL1K;+QN_L1NC+QS/L1R37LBB#!#-@KS"G5'--N'15,_3'18[U6S,$]=-B;
M'-G0`]`$9$%)]"Q"C#N5_$8;/$**'1:,W=@@]-AG9'MHDU)Z+RLCC&+4XPL9D?I3;&@
M=+:XW41M^7G;W/H6A&35K6Q_2]R_]A:X7BVN
1LORXXW>I?WQ[:RS%YU+!PT1KG,_RB9RB7=N73?MQCX<
W_N;-'S,:8A\_/O4
MK(R][#O[7,REY7E,G4VN*SZ-/ES]6]ZN[9X,*S]/7V]_CY^OOV_5E!N6Z8Q`
M(9@$&70$<-F31HWT0#EGJ%;`B0H7$8LFAY`;+GO\X9IHH*!(70Z?&(L3)QPB
M1?\.#CPH"\_)O1VY]OGF"Y
M_/GTZ[_JV/BIX)W\A8?!EI]CB1P#F&3!'9A,8T]LMD5&-[[TBUE@,,"/D51#,Z=R-=4IT%EB%".E#>7#YJ1==5_T?JR-Z46NZ2HXYG
MQ0AFF&+NXYA##`7&&V5''/9;9?X]@E.9