-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type:
2001,MIC-CLEAROriginator-Name:
[email protected]:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info:
RSA-MD5,RSA,
TbLJzzxY9t7673mw5kvZvaEt+EKZSBDcF0Eodj4AI3CUc2HTFub3ZMd4dMg+hRXI
liZQJWKkS3SvybzE4WGpIw==
0001193125-10-050809.txt : 201003090001193125-10-050809.hdr.sgml
: 2010030920100309080151ACCESSION
NUMBER:0001193125-10-050809CONFORMED SUBMISSION TYPE:8-KPUBLIC
DOCUMENT COUNT:23CONFORMED PERIOD OF REPORT:20100309ITEM
INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial
Statements and ExhibitsFILED AS OF DATE:20100309DATE AS OF
CHANGE:20100309
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:UAL CORP /DE/CENTRAL INDEX
KEY:0000100517STANDARD INDUSTRIAL CLASSIFICATION:AIR
TRANSPORTATION, SCHEDULED [4512]IRS NUMBER:362675207STATE OF
INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE
NUMBER:001-06033FILM NUMBER:10665287
BUSINESS ADDRESS:STREET 1:JOHN LAKOSIL - WHQLDSTREET 2:77 W.
WACKERCITY:CHICAGOSTATE:ILZIP:60601BUSINESS PHONE:312-997-8000
MAIL ADDRESS:STREET 1:JOHN LAKOSIL - WHQLDSTREET 2:77 W.
WACKERCITY:CHICAGOSTATE:ILZIP:60601
FORMER COMPANY:FORMER CONFORMED NAME:ALLEGIS CORPDATE OF NAME
CHANGE:19880613
FORMER COMPANY:FORMER CONFORMED NAME:UAL INCDATE OF NAME
CHANGE:19870517
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:UNITED AIR LINES INCCENTRAL
INDEX KEY:0000101001STANDARD INDUSTRIAL CLASSIFICATION:AIR
TRANSPORTATION, SCHEDULED [4512]IRS NUMBER:362675206STATE OF
INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE
NUMBER:001-11355FILM NUMBER:10665288
BUSINESS ADDRESS:STREET 1:JOHN LAKOSIL - HDQLDSTREET 2:77 W.
WACKERCITY:CHICAGOSTATE:ILZIP:60601BUSINESS PHONE:847-700-4462
MAIL ADDRESS:STREET 1:JOHN LAKOSIL - HDQLDSTREET 2:77 W.
WACKERCITY:CHICAGOSTATE:ILZIP:60601
8-K1d8k.htmFORM 8-K
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 OR 15(d) of The Securities Exchange Act
of 1934
Date of Report (Date ofearliest event reported): March9,
2010
UAL CORPORATION
UNITED AIR LINES, INC.
(Exact name of registrant as specified in its
charter)
Delaware001-0603336-2675207
Delaware001-1135536-2675206
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification Number)
77 W. Wacker Drive, Chicago, IL60601
(Address of principal executive offices)(Zip
Code)
(312)997-8000
Registrants telephone number, including area code
(Former name or former address, if changed since last
report.)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of thefollowing provisions:
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))
Item7.01Regulation FD Disclosure.
Kathryn A.Mikells, Executive Vice President and Chief Financial
Officer of UAL Corporation and United Air Lines, Inc., will speak
at the JP Morgan Aviation and Transportation Conference on Tuesday,
March9, 2010. Attached hereto as Exhibit 99.1 areslides that will
be presented at that time.
The information in this Item7.01, including Exhibit99.1, is
being furnished and shallnot be deemed to be filed for purposes of
Section18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that Sectionand shall not
be deemed incorporated by reference into anyregistration statement
or other document filed pursuant to the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific
reference in such filing.
Item9.01 Financial Statements and Exhibits.
ExhibitNo.
Description
99.1*UAL slide presentation delivered on March 9, 2010
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalfby the undersigned hereunto duly authorized.
UAL CORPORATION
UNITED AIR LINES, INC.
By:
/s/ Ricks P. Frazier
Name:Ricks P. Frazier
Title:General Counsel and Secretary (Interim)
Date:March9, 2010
3
EXHIBIT INDEX
ExhibitNo.
Description
99.1*UAL slide presentation delivered on March 9, 2010
4
EX-99.12dex991.htmUAL SLIDE PRESENTATION DELIVERED ON MARCH 9,
2010
UAL slide presentation delivered on March 9, 2010
J.P.Morgan
Aviation and Transportation Conference
Kathryn Mikells, Chief Financial Officer
New York, NY
March 9, 2010
Exhibit 99.1
p.2
Safe Harbor Statement And
Non-GAAP Reconciliation
Safe Harbor Statement And
Non-GAAP Reconciliation
presentation are forward-looking and thus reflect our current
expectations and beliefs with respect tocertain current and future
events
and financial performance. Such forward-lookingstatements are
and will be subject to many risks and uncertainties relating to
our
operationsand business environment that may cause actual
results to differ materially from any future results expressed or
implied in
such forward-looking statements. Words such as expects,
will,plans, anticipates, indicates, believes, forecast,
guidance,
outlook and similar expressions are intended to identify
forward-looking statements.Additionally, forward-looking statements
include
statements that do not relate solely tohistorical facts, such
as statements which identify uncertainties or trends, discuss the
possible
future effects of current known trends or uncertainties, or
which indicate that the future effects of knowntrends or
uncertainties cannot
be predicted, guaranteed or assured. All
forward-lookingstatements in this presentation are based upon
information available to us on
the date of thispresentation. We undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a
result of new information, future events, changed
circumstances or otherwise. Our actual results coulddiffer
materially from these
forward-looking statements due to numerous factors
including,without limitation, the following: our ability to comply
with the terms of
our amended creditfacility and other financing arrangements;
the costs and availability of financing; our ability to maintain
adequate
liquidity; our ability to execute our operational plans; our
ability to control our costs, includingrealizing benefits from our
resource
optimization efforts, cost reduction initiatives and
fleetreplacement program; our ability to utilize our net operating
losses; our ability to
attractand retain customers; demand for transportation in the
markets in which we operate; an outbreak of a disease that affects
travel
demand or travel behavior; demand for travel and the impact
the economic recession has on customer travelpatterns; the
increasing
reliance on enhanced video-conferencing and other technology
as ameans of conducting virtual meetings; general economic
conditions (including interest rates,foreign currency exchange
rates, investment or credit market conditions, crude oil prices,
costs of
aviation fuel and refining capacity in relevant markets); our
ability to cost-effectively hedge againstincreases in the price of
aviation
fuel; any potential realized or unrealized gains or
lossesrelated to fuel or currency hedging programs; the effects of
any hostilities, act
of war orterrorist attack; the ability of other air carriers
with whom we have alliances or partnerships to provide the
services
contemplated by our respective arrangements with such
carriers; the costs and availability of aviation andother
insurance; the costs
associated with security measures and practices;
industryconsolidation; competitive pressures on pricing and on
demand; capacity
decisions of Unitedand/or our competitors; U.S. or foreign
governmental legislation, regulation and other actions (including
open skies
agreements); labor costs; our ability to maintain satisfactory
labor relations and the results of thecollective bargaining
agreement
process with our union groups; any disruptions to
operationsdue to any potential actions by our labor groups; weather
conditions; and
other risks anduncertainties, including those set forth under
the caption Risk Factors in Item 1A. of the 2009 Annual Report, as
well
as other risks and uncertainties set forth from time to time
in the reports we file with the U.S.Securities and Exchange
Commission
(SEC). Consequently, forward-lookingstatements should not be
regarded as representations or warranties by UAL or United
that
suchmatters will be realized.
Information regarding reconciliation of certain non-GAAP
financial measures contained in thispresentation is available on
the
Company's web site at www.united.com/ir
Safe
Harbor
Statement
under
the
Private
Securities
Litigation
Reform
Act
of
1995:
Certain
statements
included
in
this
p.3
On The Path To Reach Our Full Potential
On The Path To Reach Our Full Potential
Focused On Achieving Margin Leadership
Focused On Achieving Margin Leadership
p.4
Jan-
10
10%
-6%
Nov-
09
-12%
-20%
Sep-
09
-25%
-29%
Jul-
09
-32%
-41%
May-
09
-42%
-43%
Mar-
09
-36%
-35%
Jan-
09
-33%
13%
25%
28%
15%
-1%
-5%
-18%
-23%
-23%
-32%
-35%
-39%
-36%
-38%
-38%
Jan-
10
Nov-
09
Sep-
09
Jul-
09
May-
09
Mar-
09
Jan-
09
Our Revenue Recovery Is Outpacing
The Industry
Feb 10
18.0%*
Jan 10
10.5%*
3.5%
Dec 09
1.5%
-0.2%
Nov 09
-4.4%
-2.7%
Oct
09
-11.3%
-9.7%
Sep 09
-14.2%
-14.7%
United PRASM YOY Change
ATA Industry PRASM YOY Change
PRASM Change
United and Industry
7pts higher than
ATA industry
average
*Mid-point of disclosed range
Uniteds International
Premium Cabin Bookings YOY
Uniteds Corporate
Customer Revenue YOY
Source: United ticketing data.
p.5
Reduced Premium Seats
New international
premium cabins contain
20% fewer premium
seats
Reconfiguration of 767s
and 747s to new
premium cabins
completed in 2009
Began converting 777s
last month
Maintained Network
Maintained network
breadth
Serving approximately
20 more destinations
than 2006
Right-sized markets by
removing mainline
aircraft and replacing
with regional jets
Aggressive inventory
management
Grounded 6 747s
Down-gauged flights to
areas like London and
China
Unit revenue now
improving faster in these
markets
Redeployed aircraft to
new markets such as
Dubai, Zurich, and
Moscow
Strategic Capacity
Reductions
We Made The Right Decisions
During The Downturn
We Made The Right Decisions
During The Downturn
p.6
We Are Achieving Positive
Results From Our Actions
We Are Achieving Positive
Results From Our Actions
Latin
America
1.7
pts
Atlantic
3.3
pts
Pacific
4.3
pts
United 4Q 2009 YOY PRASM
B/(W) Than ATA Industry
We Took More Aggressive Capacity Actions Internationally
Than Other Carriers
We Took More Aggressive Capacity Actions Internationally
Than Other Carriers
8.8%
-3.0%
-4.7%
-7.4%
-8.7%
2009 International
Capacity Changes
MaximizingOur Alliance Opportunities
Is Critical
Maximizing Our Alliance Opportunities
Is Critical
Addition of Continental to the
Star Alliance in October 2009
Expanding Joint Venture
Structures in the Atlantic and
Pacific*
Critical to Attracting Corporate
Contracts
Addition of Continental to the
Star Alliance in October 2009
Expanding Joint Venture
Structures in the Atlantic and
Pacific*
Critical to Attracting Corporate
Contracts
Global Capacity
Share
By Alliance
With Continental In Star
16%
16%
27%
p. 7
* Subject to regulatory approval
IncreasingNetwork
Breadth
First-ever service to Africa
(Accra, Ghana and Lagos,
Nigeria)
Extending existing daily
Washington-Kuwait flight
to include Bahrain
New non-stop flights from
Chicago to Brussels and
Rome
Applied for service to
Haneda
Airport in Tokyo
Improving United
Express Partnerships
Extended our long-term
partnership with Skywest
and ASA with addition of 14
aircraft
Added a quality regional
partner in ExpressJet
Reduced exposure to Mesa
which is currently in
bankruptcy restructuring
Added Continental and Air
Canada to existing trans-
Atlantic joint venture
Applied to DOT for trans-
Pacific joint venture with
Continental and ANA
Added Brussels Airlines to
Star Alliance
Started joint venture with
Aer
Lingus
on Washington
to Madrid Route
Expanding International
Joint Ventures
Our Network Improvements
Are Continuing
Our Network Improvements
Are Continuing
p. 8
p. 9
$7.75
2009
+39.1%
2008
+22.2%
2007
$10.78
$13.17
Ancillary Revenue Per Passenger ($)
We Have Been A Leader In Creating New
Revenue Streams
We Have Been A Leader In Creating New
Revenue Streams
-
We
Generate
$13
Per
Passenger
The
Highest
of
Any
US
Airline
-
First to introduce second bag fee
Unbundling is Here to Stay
First & Second Bag Fees
Buy on Board Food
Providing Customers With Choice
Presents a Growing Opportunity
First and Business Class Upsell
Economy Plus Upsell
Premier Line Access
Red Carpet Club Day Passes
Premier For A Day
First to introduce second bag fee
Unbundling is Here to Stay
First & Second Bag Fees
Buy on Board Food
Providing Customers With Choice
Presents a Growing Opportunity
First and Business Class Upsell
Economy Plus Upsell
Premier Line Access
Red Carpet Club Day Passes
Premier For A Day
BuildingThe Industrys Best Loyalty Program
Building The Industrys Best LoyaltyProgram
Hotel & Car Awards for All
Members
Unlimited Domestic
Upgrades for Elite Members
Miles & Money Awards
One-Way Awards
Improves the value proposition
for our customers
Enhances our capture of
premium revenue flyers
Makes the program more
attractive to retailers and
partners
A Strong Loyalty Program Is
Good For Business
Recent Improvements In The
Mileage Plus Program
p. 10
p. 11
We Are Narrowing The Cost Gap To The
Industry Leader
We Are Narrowing The Cost Gap To The
Industry Leader
1st
5th
2nd
4th
8.5% Better
1.9% Worse
2.4% Better
9.5% Worse
3rd
Full Year 2007 Mainline CASM Ex Fuel
Full Year 2007 Mainline CASM Ex Fuel
Rank
Rank
vs.
United
vs.
United
1st
5th
2nd
4th
7.3% Better
9.3% Worse
1.3% Worse
11.0% Worse
3rd
Rank
Rank
vs.
United
vs.
United
Full Year 2010 Mainline CASM Ex Fuel
Full Year 2010 Mainline CASM Ex Fuel
NOTE: DALs
CASM excludes third party business expense; All numbers
exclude specials and areadjusted for stage-length and seat
density
Non-Fuel Unit Costs Up Less Than 1%From 2007
-
2009
Non-Fuel Unit Costs Up Less Than 1% From 2007
-
2009
p. 12
Improved Asset
Efficiency And Utilization
Retirement of older aircraft
(737s)
Improved real estate
utilization
Improved spare parts
inventory management
Streamlined maintenance
cycle timing
Increased Overhead
Efficiency And Productivity
Streamlined processes and
reduced complexity to drive
productivity improvements
Nearly 25% reduction in
management overhead
since 2008
Front line productivity
improved 2% from 2007 to
2009 despite 11% lower
capacity
Crew hotels
Catering
Commission rates
Regional Carrier
Contracts
Navigation Charges
Global Distribution
Systems (GDS) rates
Aggressively
Reduced
Outside Service Costs
By Reducing Costs Across The Company
By Reducing Costs Across The Company
p. 13
And Removing Waste Through Operational
Improvements
And Removing Waste Through Operational
Improvements
Reduces crew reserve costs
Allows more effective utilization of
resources such as aircraft and
gates
Minimizes re-accommodation costs
Frontline Employees Each Earned
$800 Incentive Bonus in 2009
Reduces crew reserve costs
Allows more effective utilization of
resources such as aircraft and
gates
Minimizes re-accommodation costs
Frontline Employees Each Earned
$800 Incentive Bonus in 2009
United Rises to First in On-Time
Arrivals in 2009 Among the U.S. Five
Largest Global Carriers*
*According to recently published arrival data in the U.S.
Department of Transportation Air Travel
Consumer Report, United ranked highest in on-time performance
for domestic scheduled flights
as measured by the U.S. DOT (flights arriving within 14
minutes of scheduled arrival time)
between 1/1/09-12/31/09, when compared to the largest U.S.
global carriers based on available
seat miles, enplaned passengers or passenger revenue, which
includes Delta (including its
Northwest subsidiary), American, Continental and US
Airways.
p. 14
Our Liquidity Is Among The Strongest
In The Industry
Our Liquidity Is Among The Strongest
In The Industry
More than $3.0 billion in
unrestricted cash at end of
2009
Additional $950 million raised
in early 2010
Approximately $250 million in
January 2010 from EETC
transactions
Net proceeds coming in
April
2010 from $700 million
senior secured notes and
senior
second lien notes
More than $3.0 billion in
unrestricted cash at end of
2009
Additional $950 million raised
in early 2010
Approximately $250 million in
January 2010 from EETC
transactions
Net proceeds coming in
April
2010 from $700 million
senior secured notes and
senior
second lien notes
14.4%
19.1%
22.1%
24.4%
18.6%
22.7%
24.1%
Liquidity Balance As a Percentage of
Revenue
Year
End
2009
Announced Transactions
*Announced Transactions include UAUA Secured Notes
transaction (announced in Jan 2010) and EETC proceeds
and CAL 2009-2 EETC
p. 15
We Have Successfully Reduced
Our Fixed Obligations
We Have Successfully Reduced
Our Fixed Obligations
Capital Leases
Debt
Restructured
2010
$717
Prior 2010
$1,166
$449
Reduction
United 2010 Debt and Capital
Lease Principal Payments
(In Millions)
Principal Payments Reduced By More Than $700 Million Over
The
Two-Year Period 2010-2011
Principal Payments Reduced By More Than $700 Million Over
The
Two-Year Period 2010-2011
$979
$1,108
LCC
$511
$717
$1,792
2010 Debt and Capital
Lease Principal Payments
(In Millions)
$180
$180
$537
$986
p. 16
75%
20%
47%
30%
50%
11%
24%
35%
51%
1Q 2010
FY 2010
Sources: Company press releases and earnings calls
Southwest
did
not
disclose
Q1
hedge
coverage;
coverage
to
20%
at
WTI
prices between $100/bbl and $120/bbl and coverage to 40% at
WTI prices
above $120/bbl
Continental and Southwest crude equivalent numbers estimated
based on
their hedging disclosures
Systematic Hedging Program Has Resulted In
A Strong Hedge Book Relative To Peers
Systematic Hedging Program Has Resulted In
A Strong Hedge Book Relative To Peers
We continue to maintain a
strong
hedge
book
with
conservative instruments
75% Coverage for Q1 2010
Roughly 50% calls and 50%
swaps
80% full year 2010 downside
participation if fuel prices fall
significantly
We continue to maintain a
strong
hedge
book
with
conservative instruments
75% Coverage for Q1 2010
Roughly 50% calls and 50%
swaps
80% full year 2010 downside
participation if fuel prices fall
significantly
Fuel
Hedge
Coverage
(%)
Crude Cap
1Q 10
FY 10
$75$72 $97 $79 N/A
$86
$77N/A $93 $88 N/A
$94
p. 17
We Will Use Future Operating Cash Flow
To Improve Balance Sheet
We Will Use Future Operating Cash Flow
To Improve Balance Sheet
$7.9 B
Year End 2009
$10.0 B
-21.0%
Net Debt Balance*
Uniteds debt levels have been
managed prudently through
the business cycle
Aircraft debt structured to
allow fleet and financing
flexibility
Future operating cash-flow
will enable de-levering
Uniteds debt levels have been
managed prudently through
the business cycle
Aircraft debt structured to
allow fleet and financing
flexibility
Future operating cash-flow
will enable de-levering
* Includes operating leases at 7X rent
February 2006
p. 18
Next-Generation Aircraft
Order
Smart aircraft purchase at
the bottom of the cycle
Negotiated significant
flexibility
Limited near term cash
payments
-
approximately
$60
Million
over next 3 years
Significant improvements in
range, fuel burn and
maintenance costs
Other Customer Facing
Investments
Leather seating in domestic
first class
New uniforms for our
employees
Increased employee training
New and remodeled Red
Carpet Clubs at OHare
Fully lie-flat first and
business class seats
Large screen on-demand
audio and video
Improved dining menu
Industry
Leading
First
And
Business Class
Running A Better Company Has Allowed Us
To Make Smart Investments In Our Future
Running A Better Company Has Allowed Us
To Make Smart Investments In Our Future
p. 19
On The Path To Achieve Our Full Potential
On The Path To Achieve Our Full Potential
Our goal is margin leadership
Recent revenue improvements
outpacing the industry
Narrowing unit cost gap to industry
leader
Cash and risk management
ensuring financial stability
Making smart, strategic
investments in our future
Our goal is margin leadership
Recent revenue improvements
outpacing the industry
Narrowing unit cost gap to industry
leader
Cash and risk management
ensuring financial stability
Making smart, strategic
investments in our future
We Are Well Positioned To Take Full Advantage Of The
Economic Recovery
p. 21
GAAP To Non-GAAP Reconciliation
GAAP To Non-GAAP Reconciliation
Operating Expense per ASM -
CASM (cents)
Twelve Months Ending
December 31,
December 31,
December 31,
2009 Actual
2008 Actual
2007 Actual
Mainline operating expense
11.05
15.74
11.39
Special items & other exclusions
(0.33)
(2.07)
0.03
Mainline operating expense excluding special items
10.72
13.67
11.42
Plus: Net non-cash mark-to-market hedge impact
0.48
(0.42)
0.01
Mainline operating expense excluding net non-cash
mark-to-
market hedge impact and special items
11.20
13.25
11.43
Less: fuel expense (excluding net non-cash
mark-to-market
fuel hedge impact)
(3.25)
(5.27)
(3.53)
Mainline operating expense excluding fuel and special
items
7.95
7.99
7.90
Year over Year % Change
(0.5%)
1.1%
2009 vs. 2007 % Change
0.6%
GRAPHIC3g80466ex99_1s10gbgd.jpgGRAPHIC
begin 644
g80466ex99_1s10gbgd.jpgM_]C_X``02D9)1@`!`0```0`!``#_VP!#``8$!08%!`8&!08'!P8("A`*"@D)M"A0.#PP0%Q08&!`>,O^3R?`G_8&D_\`0+RO?Z`"BBB@`HHHH`****`"MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHMH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#P#QE_R>3X$_[`TG_H%Y7O\`M7@'C+_D\GP)_V!I/_0+RO?Z`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBBM@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHMHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBBM@`HHHH`****`"BBB@#P#QE_R>3X$_P"P-)_Z!>5[_7@'C+_D\GP)_P!@:3_TM"\KW^@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HMHHH`****`"BBB@`HHHH`****`"BBB@#%UO1K[4;I);/Q+J^E1J@0PV_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@M#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?M_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?MC3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%HM_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_M`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WMXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:MZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^M$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_M$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_M`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$M7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OMQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_M`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@M#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?M_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?MC3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%HM_P"$7U?_`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_M`*'OQ)_WXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WMXT[_`.1:ZJB@#E?^$7U?_H>_$G_?C3O_`)%H_P"$7U?_`*'OQ)_WXT[_`.1:MZJB@#E?^$7U?_H>_$G_?C3O_`)%KI;2)X+6&*6>6YDC14::4*'D(&"S!0%R>MIP`/0"I:*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BMBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#P#QE_P`GD^!/^P-)_P"@M7E>_UX!XR_Y/)\"?]@:3_P!`O*]_H`****`"BBB@`HHHH`****`"BBB@`HHHMH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"MDS4%W=1VD#2SMLC7JV">IQ6=_P`)+I7_`#]?^0V_PJHPE+5(SE5A'23L:^ZEMS6/_`,)+I7_/U_Y#;_"D_P"$ETG_`)^O_(;?X57LI]$3]8I?S+[S9S2UBGQ)MI/\`S]_^0V_PIR^(]+89%T,?[K?X4O9S[#]O3?VD;'XTF:QCXFTD=;L?]\-_MA2?\)+I/_/T?^_;_`.%'LY=@]M3_`)D;6:3-8X\2Z21_Q]?^0V_PI?\`A)=*M_P"?K_R&W^%'LIK=,2Q%)_:7WFONI03X$_[`MTG_H%Y7O]`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!C>+1_P`2*Y/?Y3_X\*\[M/!P,BO1_$Z[M&N!Z[?\`T(5QD4**MW`Y@R?7%5IV1CA(MOU-=7MGV.)TDM;F?;3R6TFY0,'AE(!!%;$UK:200RVT-MN))@6"2,P`QUZ&LZ2,CA\*!SCO\`G3"6DBC39(T2@[6`P.>M3*TM8LJ$[735MRM-&5D()CSU^0Y4>UJ78DDALPMOMR!)(H=B?IT`_6NL6`.@9#D'I\N./M7%5[_0`4444`%%%%`!1110`4444`%%%%M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4M>M%'K0!G:\,Z7-_P'_T(5RA09Z5UFN?\@R7_`(#_`.A"N7/6NS#Z1/,QB7.0M^3GH#3)82Z,NYU##&5."/I5KS&`(%9UEJ^GZC?W]E9WD=Q=V+!;I(\GR2>Q/M3/M6_-W.1PNM#-@\+6*W!N&>XN+G^![F7.P^PJSJMY:Z#;-6Z*QRJ[P2M1W"CJ:YWQUXS;29FT_2R@O`H,\YP1#GHJCH7QZY%>:WFMW%_/`TUM%A].U;OA=Y2;6Q)*[25H>'%(OWR"/W9Z_45FJQ6M7P\[M-?-D_P#+,_S%9U/@9K1UJ(Z.BBBN`]5[_7@'C+_D\GP)_P!@:3_TM"\KW^@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HMHHH`****`"BBB@`HHHH`****`"BBB@`HHH-`&?KO_(+E_#_T(5R^!74:Y_R#M)?P_]"%Z>NM:3=Z7(MT:Q2DW'F%0[!XE1D"@]^3D]QK?RO[F'UK"K[_O2L%SZN^&'Q'LIM$W7D\";U4\-Z0I(#+:1``-C/R"NKMKFTFW%BI8=DR^)O$6GZ>7;S+VGV2B.TMT5.!@*.3S^)))/)))->?BL8Z=6.&ANU>_9?UL;4:*J>M_(Y'P'\'=&L)TN=]%Q,S+-;PQL%MSGC#$G?@?-ZU7NHAYJ,.IXJ_%'NN6ST`_6DD&7`7INQ3$4'B^7(ZUXI^TU$3X;TFM/_CXB66*0/TW.!DCOCZ8K3N)((8QY\J1`]V8+4>EHG]D0)RM9;BXDDCQU5>%`^K%?Y5U.B^!IWM9)5LQ:2$;PY4`2?7OG\\^W?C=%J6B.CVBMMJSDC);NYV023..1B,@'Z,V`?SI?,G8_)`B+ZNV2/J!Q^M;5S9O:RE)@H8>]M9@N5N;N6&WM[HM'PSM`R(3G&`2!N_#(J4A-E0Q7#%3)QB=`+D!:\%N)U;Q9?VEDF]&GF!75M^.O&UOI-E/("'D8[40'[Q["N?\"6$EO8M?WPS?W1,C9ZJI.%F'\8]7"?PPHHHKB.D****`"BBB@`HHHH`****`"BBB@`HHMHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBBM@`KY5_;G_P"9)_[?O_;>OJJOE7]N?_F2?^W[_P!MZ`/JJBBB@`HHHH`****`M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHMK$\6>*=(\)V,%WKMS)!!/,+>(QV\D[-(59\!8U9ONHQSC'%&X&W17GW_``N+MP5_S_P"H_P#@FO?_`(S5[0_B;X4US6;32M.OKMKZZ++"DVG7,(,+GM:C'D]JIPDM6B>9/J=G1114E!1110!PGQ2_X^_!G_`&&G_P#2"[J"I_BE_P`?M?@S_`+#3_P#I!=U!712V,I[A7`?%_P#X\_#O_85_]M;BN_K@/B__`,>?AW_LM*_\`MK?\`H^TKZ%KYZ^"OM_)4XO^P->?\`H^TKZ%KP,=_'E\OR/7PO\)'&_%S_`)$Q?^PKI?\`Z7V]9]:'MQX5P'Q?_P"//P[_M`-A7_P!M;BN_K@/B_P#\>?AW_L*_^VMQ6]/XX^J_,RG\+]#BZ***]L\L[#X*M_P#)4XO^P->?^C[2OH6OGKX*_P#)4XO^P->?^C[2OH6O`QW\>7R_(]?"_P`)M'*_$[3[[4O",D.E6V5R+>-T1G6*[AER!M+!X8GDEU*_2-`69VT>]`4#J2?*X%;/\`PGFD?\^?B3_PMG-1_^,4.+6X)I['545PE[\6/"5A=&UOKC5K:Y""3RIM#OD?820&P8S.[HKE?^$\TC_GS\2?^$YJ/_P`8K&B^,W@>:))(M2OWC5-H=\C["2`MV##G!*L`?]D^E0_\+B\%?\_^H_\`@FO?_C--0D]4@@T5P^G_%/PMJ4LMT>G2ZS=R0A6D2#0KZ0H&SM+`0\`[6QGKM/I5F[^(N@V=K-=7D7B""VA1I)99M?#VH*D:*,EF)@P``"234M6W'N=?17GW_``N+P5_S_P"H_P#@FO?_`(S1_P`+MB\%?\_\`J/\`X)KW_P",U?LY=B>>/6L-U9Q>()[:9%DBEB\M/:@R2(PR&4B#!!!!!%5M0^*?A;3988]1EUFTDF#-&D^A7T9??\+B\%?\M_P#J/_@FO?\`XS6E:?$70;RUANK.+Q!/;3(LD4L7A[4&21&&0RD08(((((H@:,9)Y^H_G7LWASP38?9T:>97&,KMEB8))NF3^=2KXEFQCG\Z/M9Q)U.B3PKJ$RC[1JT2$CD1KGG\:NVG@VPC8-=3271[^8Y`/X"N57Q/*!W_.IM/^$IF`Z'\ZI1BA79Z+865EIZC[-;6B`8'";CCZ]:E_M*9'(9XUBQDA4QQ@=\M^N:\P;Q5^*5B7]]=QQXZC//Y5S]UXWM0?D,TY'+]5A92;Q\#^'UJOJD.LBM5B9](GVAIYTBQEWV[1^=MYD>3?6OMB^/Q9KT^X6LMRQ+9W(N3CTJ\H\9ZD@5FN%A/.9W"#]:ET:2^T"JU)/8]RU+XML>))0PL-)T^$?WY+DR=O;'\ZY&3QSXQO68W&K>0I/W+=`OY'&?UKD+/PWJ26MQN-5U^QM(`>6+CGZ9QN_#-9^HWEE:J8[&^N+Z4_\M9'\I`/9=NI-Q,6_2M/1[9KI$\F2$DGE4!)'X"N5\!>(]$TZZ>MZ\101W.P?NH!EAGU;->KVOQJ\.6T82VM%@&/NQ*$J9822V143Q017U[H=QY$@E62-Y(92RC&0V/?\>G>L_Q%\:M&?2IX].OGMANF^Y)&H..1G@\=,UY?JWCN\U0;9O$VI.,_=5@H^G`KHE4JVM(PC&E?W3U[]MB[_DE^J8_P"@S+_Z(@KW\5X!^Q9S\+M4/_49E_\`1$%>_P#>N([$%%%%`PHHMHH`****`"BBB@`HHHH`***#TH`#7,_$C7AX:\#:QJH8+)!;MY.?^>C?*G_CSM"NE/2O,/CQX9\0^+O#UGI/AR.!E-QY]R99MG"CY5]\LU9MA\)OBGIMJMMI^H_9+=IP*?"OXL1QJD>J2JJC:J+JS[0/0#T]JU]'^'=]\.M*U?QSXKO8[G5[2V=KM2-',F)W!57=VP6;+`8'0