e8vk - sec the appropriate box below if the form 8-k filing is intended to simultaneously satisfy...

-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, VGgYIDonBQMxfo1cyqmNM3h/InRe1P4rjzgmGTq2Py1EUe8so1tCggaWxlzi9PNS xxBE8vjL8pNsYEyTrLfp4A==

0000950134-06-007585.txt : 200604200000950134-06-007585.hdr.sgml : 2006042020060420090134ACCESSION NUMBER:0000950134-06-007585CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:45CONFORMED PERIOD OF REPORT:20060420ITEM INFORMATION:Regulation FD DisclosureFILED AS OF DATE:20060420DATE AS OF CHANGE:20060420

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:POLARIS INDUSTRIES INC/MNCENTRAL INDEX KEY:0000931015STANDARD INDUSTRIAL CLASSIFICATION:MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]IRS NUMBER:411790959STATE OF INCORPORATION:MNFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-11411FILM NUMBER:06768692

BUSINESS ADDRESS:STREET 1:2100 HIGHWAY 55CITY:MEDINASTATE:MNZIP:55340BUSINESS PHONE:(763) 542-0500

MAIL ADDRESS:STREET 1:2100 HIGHWAY 55STREET 2:NONECITY:MEDINASTATE:MNZIP:55340

8-K1c04471e8vk.htmFORM 8-K

e8vk

Table of Contents

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 of earliest event reported): April20, 2006

POLARIS INDUSTRIES INC.

(Exact name of Registrant as specified in its charter)

Minnesota

1-11411

41-1790959

(State of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

2100 Highway 55
Medina, Minnesota 55340
(Address of principal executive offices)
(Zip Code)

(763)542-0500
(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

TABLE OF CONTENTS

Item7.01 REGULATION FD DISCLOSURE SIGNATURE EXHIBIT INDEXPresentation Materials

Table of Contents

Item7.01 REGULATION FD DISCLOSURE.

The presentation materials attached as Exhibit99.1 to this report will be used by Thomas C.Tiller, Chief Executive Officer of Polaris Industries Inc. (the Company), and Bennett J. Morgan,President and Chief Operating Officer of the Company, at the Annual Meeting of Shareholders onApril20, 2006. These materials are also available on the Companys website atwww.polarisindustries.com. These materials replace and supercede the presentationmaterials included as Exhibit99.1 to the Companys Current Report on Form 8-K furnished to theSecurities and Exchange Commission on April21, 2005.

The information contained in this report is furnished and not deemed to be filed for purposesof Section18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to theliabilities of that section. The information in this Current Report shall not be incorporated byreference into any filing or other document pursuant to the Securities Act of 1933, as amended,except as shall be expressly set forth by specific reference in such filing or document.

2

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: April20, 2006

POLARIS INDUSTRIES INC.

/s/Michael W. Malone

Michael W. Malone

Vice President Finance, Chief Financial Officer and Secretary of Polaris Industries Inc.

3

Table of Contents

EXHIBIT INDEX

Exhibit No. Description

99.1 Presentation materials dated April20, 2006

4

EX-99.12c04471exv99w1.htmPRESENTATION MATERIALS

exv99w1

EXHIBIT 99.1

Polaris Annual Meeting

April 20, 2006

Gregory R. Palen

Chairman of the Board of Directors


April 20, 2006

Thomas C. Tiller

Chief Executive Officer

Bennett J. Morgan

President and Chief Operating Officer

2005 in Summary

Good year by most measures, however,

results fell short of our expectations

The 2005 scorecard:

Sales increased $97 million to $1.87 billion

Net income from continuing operations increased

5% to $144.3 million

24th consecutive year of earnings per share growth

Earnings per share increased 8% to $3.29 pershare (before stock option expensing impact)

Return on shareholders' equity was 39%

Debt to total capital ratio remained at

comfortable 5%

Share price declined in 2005 after 2 years of over50% appreciation; finishing 26% lower than a yearago. Our 5 year total return remains a respectable23% per year.

Dow Jones 10.4 -8.9 58.5 48.5 2.8 178.8 Nasdaq 30.6 38.6 34.6 31.6 Recreational Vehicles Index 45.9 46.9 45 43.9 Russell 2000 S&P 500 Polaris

Dow

Jones

Nasdaq

Recreational

Vehicles

Index

Russell

2000

S&P

500

179%

Polaris

3%

49%

59%

- -9%

10%

Total Return to Shareholders

Polaris vs. Market Indices

Five-Year Total Return

(2001-2005)

2005 in Summary - Positives

Victory broke through

In the fourth quarter of 2005,

Victory delivered its first

profitable quarter

Retail sales grew in 2005 at ten timesthe pace of the overall motorcycleindustry

Momentum continues:

The brand is stronger

The dealer base is stronger,

more confident

The motorcycles are the

best in the industry,

measured on quality

measured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on quality

measured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on qualitymeasured on quality

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 65 14 21 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9


RANGERs and International

sustained double-digit growth

Delivered solid growth in

both RANGERs and

ATVs outside North America,

particularly Europe

RANGERs growth

double-digit

Total International sales grew20% in 2005, and is now over12% of total Company sales

2005 ATV Business

North America

TraditionalATVs

RANGERs

International

ATVs

Becoming abigger part ofPolaris'

total ATVbusiness


Parts Garments & Accessories (PG&A)delivered solid performance

PG&A continued its consistent record

of good sales growth, generating highmargins and execution across the board

Continued to introduce new productsincluding :

Additional Lock & Ride accessories for ATVsand RANGERs

Prospector Track system for ATVs 1999 2002 2003 2004 2005 2006 Guidance East 158 203 223 251 274 274 19 North 45.9 43.9

PG&A Sales

+9%

(in millions)

$203

$223

$251

$274

2005 in Summary -

Made Three Strategic Moves

KTM partnership

Purchased 25% of Austrian

motorcycle manufacturer KTM

KTM is the second largest motorcycle

manufacturer in Europe

Completion of R&D Center

in Wyoming, Minnesota

Product innovation one of

Polaris' competitive advantages

$35 million investment in the

future of Polaris

Restructured the retail financial services, eliminating therisk while preserving the income potential

Removed all credit and funding risks from Polaris

Eliminated the need for our $50 million deposit

Income stream is expected to be comparable to the prior structure

Income stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structure

Income stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structureIncome stream is expected to be comparable to the prior structure

2005 in Summary - Disappointments

Execution in the snowmobile division was below expectations

The overall ATV and snowmobile markets slowed in North America

Commodity prices hurt our gross margins

Experienced increased inventory levels

2006 - The Road Ahead

2005 was a successful but challenging year

In 2006 we will focus on:

Improving our execution

Getting factory inventory back in line and assisting dealers in reducing theirinventory

Executing the KTM cooperative projects

Driving innovation

Longer-term, nothing happened in 2005 that has swayed us from ourgoals or caused us to lose confidence in our strategies to reachthem

The Road Ahead - 2006 and Beyond

Three Strategic Goals

Grow to $3 billion in sales by 2009

Expand net margins to 9% by 2009

Build a dominant brand with industry-leading product quality and distribution

HOW?

A number of opportunities exist to achieve the sales and net marginobjectives, including:

Continue the rapid growth in Victory Motorcycles, RANGERs,

and International business

Sustain or modestly expand market share in North America ATVs

Potential execution of Phase II of the KTM strategic partnership

Fix our snowmobile business

2006 - The Road Ahead

Bennett J. Morgan

President and Chief Operating Officer

Triumph

BMW

Ducati

Aprilia


Continue Rapid Growth in Victory Motorcycles

The Motorcycle Market

Major Competitors

Harley Davidson

Honda

Yamaha

Kawasaki

Suzuki

Polaris Outlook for Industry Long-Term

Continue solid growth in Cruisers and Touring

Demographics favorable at least through 2010

Customers want unique designs - "AttentionGetting" models

U.S. Motorcycle Market

Top Three On-Highway Segments

1995 - 2005

Market Trends

Demographics favorable

Harley Davidson continues to drive market Cruiser Sportbike Touring 95 100.838 49.508 31.341 96 121.367 48.768 32.159 97 129.367 51.399 39.496 98 151.95 60.445 51.62 99 183.979 76.439 65.182 1 222.438 95.269 80.42 1 263.851 114.348 90.2 2 299.996 114.101 99.395 3 315.34 123.119 104.197 4 325 145 110 5 335.724 163.709 129.614

Solid Growth

Combined growthwas 5% in 2005

Units


Continue Rapid Growth in Victory Motorcycles

Continue Rapid Growth in Victory MotorcyclesContinue Rapid Growth in Victory Motorcycles

Continue Rapid Growth in Victory MotorcyclesContinue Rapid Growth in Victory Motorcycles

The 2006 Line-Up

Vegas Jackpot

Hammer

Vegas

8-Ball

Kingpin

Touring Cruiser

Ness Signature Series

Arlen Ness Jackpot

Corey Ness Jackpot

Competitive Advantage

The new American motorcycle

Highest quality motorcycle in the industry

Custom inspired styling

Modern performance technology

Progressive engineering


Utility Vehicles - Continue Rapid Growth in RANGERs

The Market - Utility Vehicles

Worldwide Utility Industry Growth

Major Competitors

John Deere

Kawasaki

Yamaha

Kubota

Arctic Cat

Other players


Continued fast growth

Increased competitive product

Continued shift from base ATVs to utility

Market Trends

Increase in product offerings

Some shift from traditional ATVs to utilityvehicles

More versatile products

Estimated Worldwide Market Size

^ $2.0 billion

Rapid Growth25% in 2005

XP Midnight Blue

XP Super Graphite Flame

XP Browning Edition

The 2006 Line-Up

RANGER TM

RANGER 4x4 EFI

RANGER XP EFI

RANGER 6x6 EFI

Limited Edition Models

500 EFI Mossy Oak(tm)


Utility Vehicles - Continue Rapid Growth in RANGERs


"Hardest working; Smoothestriding"

Independent rear suspension

Industry - exclusive speed key

Lock & Ride cargo system

On-demand true all-wheel drive

Largest payload

Honda

Kawasaki

Suzuki

Other Asians


Continue Rapid Growth in International Business

Major Competitors

Kymco

Yamaha

Aeon

SMC


Continued growth driven by:

Ability to legally travel on-road to trails

35-46 year-old motorcycle riders "getting into" sport

Utility + fun

Car license vs. difficult to obtain motorcycle license

The Market - International

Europe ATV Evolution 1998-2008

* Polaris Estimate

2005 Market - $1.8 Billion

Estimated Market Size For Polaris Products*

PolarisSubsidiaries

France

Australia/NZ

UK

Sweden/Norway

Finland

Russia

Germany

Italy

Spain

Portugal

Others

Japan

* Polaris Estimate 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 East 20000 30000 35000 42000 61000 90000 110000 125000 130000 135000 138000 19 North 45.9 43.9

Estimate

Unit Sales


Continue Rapid Growth in International Business

Polaris' 2006 Line-Up

Sportsman 500E Quad

ATP 330 Quad

Phoenix 200 Quad

Trailboss 330 Quad

Scrambler 500E Quad


Higher quality product

Stronger brand

"American Made" seen as better by consumer

International Revenue Mix - 2005 Victory ATV Snowmobile PG&A East 72 15 13 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

Victory0%

ATV/Utility

72%

Snowmobile

15%

PG&A

13%

Polaris International Sales Growth 1999 2001 2002 2003 2004 2005 East 68 83 90 142 194 233

$83

$141

$90

$194

+20%

$233

International Growth

107%

296%

160%

in millions


Sustain or Modestly Expand Share in North America ATVs

Polaris Outlook for IndustryLong-Term

Expect modest but slower growthover next several years

Increased volatility

The Market - North America

Honda

Polaris

Yamaha

Kawasaki

Suzuki

Arctic Cat

Bombardier

John Deere

Estimated Market Size

North America ^ $5.2 billion

Worldwide ^ $6.5 billion

30+%

20+%

20+%

Low Teen's

Low Teen's

Mid single digit

Low single digit

Low single digit

Major

Competitors

Market Share %(approximate)

North America ATV Industry Growth

3-wheelerSafetyConcerns

- - Large industry

- - More competitors

- - Economic concerns

- - New, bigger products

- - More accessories

- - Greater utility applications

New

Market

Units


Sustain or Modestly Expand Share in North America ATVs

2006 News - Five All New Vehicles

Returning Products in line

Hawkeye

Sportsman 450

Sawtooth

Outlaw

Sportsman

800 EFI

700 EFI

700 Twin

500 HO/EFI

6x6

Youth

Sportsman 90

Predator 90

Predator 50

Recreation/Utility

Magnum 330 4x4

Trail Boss 330

High Performance

Predator 500

Predator TLD

Sport

Scrambler 500

Trail Blazer 250

Phoenix 200


Full featured product

Premium ride and handling

Brand

Strong dealer base

Product innovation

Sportsman X2

(Two-up ATV)


Fix our Snowmobile Business

The Market - Snowmobiles

Worldwide Snowmobile Industry Retail

Competitors

Bombardier

Arctic Cat

Yamaha

Polaris Outlook for

Industry Long-Term

Potential for modest growth

with more normal snow fall

90% repeat buyers

Innovation and snow

fall will continue to be

the key drivers

Industry remains profitable

Estimated Worldwide

Market Size

^ $700 million

Low = 104k, High = 261k, Currently 150k

Lack of Snowfall

Consistent snowfall

Cold winters

New products

In Units


Fix our Snowmobile Business

The 2007 Model Year Line-Up

The 2007 Model Year Line-Up

700 HO CFI

600 HO CFI IQ

"Standard & Dragon model"

IQ LX FST

IQ Cruiser

New for 2007

Total Line-Up

Performance

600 HO IQ

600 HO CF IQ

Dragon

FST IQ

Mountain

Trail RMK 136

600 HO RMK 144/155

Dragon RMK

Touring Luxury

340 LX

550 LX

600 HO IQ LX CFI

FST IQ LX

Trail Sport

SuperSport

500 XC SP

120

Crossover

600 HO Switchback

600 HO CFI Switchback

FST Switchback

Utility

Widetrak LX


Brand

History of Company

50% fewer snowmobile chassis' and engines

in the line-up for model year 2007

Sizing the business for the current market size

Touring

340 Touring

Trail Touring DLX

FS IQ Touring

600 HO CFI IQ Touring

FST IQ Touring

FST IQ Cruiser

Summary

2006 - In Summary

First quarter 2006 results met expectations

Second quarter sales and earnings will decrease from 2005 as announcedlast week

Results for the 2nd half of 2006 are expected to be better than the 1st half of2006

Full Year 2006 results now expected to be about flat with 2005

We are not happy with these modest projections

We remain committed to our strategic goals and running this business

to deliver shareholder value over the long run

The Road Ahead

Thomas C. Tiller

Chief Executive Officer

The Road Ahead - 2006 and Beyond - KTM

Why KTM?

Growing by acquisition is a good idea for Polaris

Slower growth in core businesses

Low debt/strong cash flow make it manageable

Experienced Polaris management team can drive the benefits

Consistent with our strategic direction - "The Chart"

Polaris has carefully evaluated every potential opportunity

in our industry for several years

KTM is the best option for Polaris:

A quality company with outstanding track record

Highly complimentary with existing business

Long relationship with management

The deal is structured to balance risk and reward

Motorcycles are critical for long term growth, brand and

distribution development, and financial performance

Potential Execution of Phase II of KTM Strategic Partnership



The Goals...

Grow to $3 Billion in Sales by 2009

Expand net margins to 9% by 2009

Build a dominant brand with industry-leading product quality and distribution

Product Innovation

Build strength and share in existingstrong businesses

Dominance mindset in ATVs,Snowmobiles, and Utility Vehicles

Waves of new products - planned andexecuted flawlessly

Gradually build powertrain capabilityto control our destiny

Expand PG&A and Financial Servicesthrough integrated offerings

Achieved by...

Areas that eventually could be positivelyimpacted by the Polaris/KTM Partnership

Growth Initiatives

A leaner, stronger, more profitable dealer network -1500-1700 in North America

A bigger, stronger Victory motorcycle business

Global expansion - focused in Europe first

At least one "big" product idea derived from

existing technology

World-class technology development

Relentless focus on productivity to fuel our growth -global sourcing

The best team in the powersports industry, fueled witha consuming passion for the customer, the dealer,and the ride

Dominant in Powersports



Snowmobiles $ 0.7B

Utility Vehicles $ 2.0B

ATVs $ 6.5B

Motorcycles ~ $ 25.0B

Biggest market Polarisparticipates in.

Polaris currently has less than1% share of the total market.

2005 Estimated Worldwide Market Sizes



Potential Benefits

Polaris KTM

Strengths North AmericaATVsCost/Efficiency EuropeMotorcyclesRacing

Opportunities EuropeMotorcyclesHigh Performance Engines North AmericaATVsCost/Efficiency

We Help Each Other



Who is KTM? "READY TO RACE"

Builds race-ready motorcycles for competitive

as well as recreational riding

Wins races - 120 World Championships

Recent Wins:

DAKAR RALLY: 6 consecutive wins (2001-2006)

MOTOCROSS: MX3 World Champion

SUPERCROSS: Runner-up in the U.S. Nationals 125 cc,

2 runner-up titles (U.S. Nationals East/West)

CROSS COUNTRY: Champion title in U.S off-road series,

the GNCC

ENDURO: 3 World Championship titles

SUPERMOTO: Championship title for S1

ROAD RACING: Design Engineer World Champion at the 125 cc

Insights gained from motor sport racing

circuit are passed directly into series production

Adventure tours

Customer loyalty

Brand awareness



Background

Austrian-based company founded in 1953

Largest non-Japanese off-road motorcycle company in the world

Best known for its racing heritage, the company has won 120 worldchampionship titles

KTM's philosophy is to develop engines and chassis for racing and thentransfer it to series production motorcycles

Operations

1,500 employees; 1,400 independent dealers; 50 distributors worldwide

KTM's facilities include:

65,000 square-foot R&D facility in Mattighofen, Austria

250,000 square-foot main assembly facility in Mattighofen, Austria

60,000 square-foot engine assembly facility in Munderfing, Austria

110,000 square-foot suspension facility in Malden, The Netherlands

40,000 square-foot North American headquarters and distribution facility

in Amherst, Ohio, USA



KTM Product Offerings - KTM offers more than 23 different off-roadand on-road motorcycles, ranging in engine size from 50 cc to 990 cc.

Source: KTM Management

Motocross Segment

Enduro Segment

Rally

Youth Racing

Naked/Standard/Traditional

Super Moto

Related Parts, Garments, andAccessories

KTM SUPER DUKE On Road Sport Bike

Precision and Agility

990 Super Duke



Stefan Pierer, CEO

Studied Business and Energy Management at theMontanuniversitat in Leoben, Austria. HOVAL GmbH inMarchtrenk, Upper Austria (sales management/authorizedofficer). Founder of CROSS Industries AG, investmentcompany, Wels (Focus on Austrian industrial companies),

M&A activities, CEO of KTM Power Sports AG, and

since 1992 Chief Executive Director of KTM SportmotorcycleAG, Mattighofen.

Rudolf Knunz, Chairman of Supervisory Board

MBA from INSEAD/Fontainebleau and a doctorate ineconomics from University of Innsbruck, Austria. Employed

as an international consultant for 11 years (Metra ProudfootInt'l., Consens Consulting Group AG). Founder of CROSSIndustries AG, investment company, Wels (Focus on Austrianindustrial companies), and since 1992 CFO of KTMSportmotorcycle AG, Mattighofen.

KTM Power Sports AG



Source: 7/19/2005 KTM Company Presentation found at www.KTM.com under Investor Relations/Company/Presentations

CAGR 19.0%

17,257

20,554

26,214

28,794

34,097

45,648

61,723

70,514

76,815

80,356

CAGR 23.0%

78.3

95.1

112.8

116.3

160.3

229.7

314.1

375.7

402.4

451.2

KTM is Europe's second largest

sport motorcycle manufacturer.

80% of sales through

wholly-owned subsidiaries.

Top 5 Markets:

USA

Germany

France

Australia

Italy

KTM Unit Sales

KTM Sales (in Euros)

Growth Drivers:

Improved dealer network,new products.

Sales by Regions:

67% Europe

21% North America

12% Other countries

Sales by Products

65% Off-road

13% On-road

6% Sportminis

16% Related Products

In millions



Future Growth of KTM

Further penetration of on-road motorcyclemarket with focus on Europe by introducingnew models

Expansion into Eastern-European markets

Expansion of "Related Products"

OEM supply of KTM engines and WPsuspensions to other companies

Entering the ATV market segment withKTM brand

Cooperation with Polaris (Synergies)

Concept study of the KTM ATV



Deal Overview - Phase I

During phase I, the companies will be run separately:

We have representatives on each others Board

We communicate regularly

We are conducting seven joint projects

Phase I Objectives

Determine the cultural fit - can we work together?

Evaluate the synergies - are they real and how big are they?

How? By utilizing the seven joint projects:

North American Distribution

European Distribution

Manufacturing

Sourcing and Logistics

Engines

Co-Development of ATVs

Dealer Financing



Deal Overview - Phase II

KTM management has the first option to buy our shares back

Polaris has the second option, but not the obligation, to buy KTM

management's shares

Price is based on PII's market multiples (Sales, EBITDA, Net Income)

applied to KTM's GAAP adjusted financials in 2007

The majority of KTM management's consideration will be in Polaris stock

Phase II Objectives

Begin discussions in Spring 2007

Will require both parties consent to go forward

All joint projects have been structured to enable "unwinding"

Expect the price and incremental financial leverage to be manageable

Much of consideration will be Polaris stock

Pierer and Knunz will be involved in combined company

If the Phase II deal doesn't happen, we do not anticipate any material

negative effects to Polaris



What if it Works?

Polaris - With a Successful Phase II Transaction:

Bigger & stronger in motorcycles ~30% of revenue

Cruisers - Sport Bikes

Dirt Bikes - NEW PRODUCTS COMING

Much stronger internationally ~30% of revenue

Becoming a global company

Stronger in sport ATVs

Stronger in engines and technology

More efficient and flexible, utilizing European and N.A. manufacturing

Even more diverse than today

Across both products and geography

Three solid brands - Victory, KTM, Polaris

Summary

In Summary

Our Strategic Goals remain unchanged

Our Balance Sheet is healthy

Our underlying businesses remain strong

Our Management team is the strongest it has ever been and ouremployee owners are energized

I remain confident that Polaris is well positioned to achieve our longterm strategic goals of $3 billion in sales and a 9 percent net marginby 2009

Private Securities Litigation Reform Act of 1995

Polaris Industries Inc. Disclosure Litigation Statement

Our presentation and responses to your questions may contain certainstatements which may be considered forward looking for the purposes ofthe Private Securities Litigation Reform Act of 1995. We caution you thatactual results could differ materially from those projected in a forwardlooking statement which by their nature involve risk that results may differfrom those anticipated. Additional information concerning the factors thatcould cause results to differ materially from those anticipated may be foundin Polaris' annual report, 10-K, 8-K, 10-Q and form S-3 registrationstatements.

Thank you

Questions?


April 20, 2006

GRAPHIC3c04471c04471z0001.jpgGRAPHIC

begin 644 c04471c04471z0001.jpgM_]C_X``02D9)1@`!`0$`2`!(``#_VP!#``@&!@P+M_ZM?K5*KM[_`*M?K5*G'83W"BKUJB-#\R@\]ZK3H$F91TIWUL%B:VG4M$(5`SW%3W/\`J&K.'!%:%QS;'Z5+W&MC.JQ$,VLOX57JW:C,,@]:;$BJ#@@TMG6@T=ZH19E&+2,>]5JN70VP1BJ=)`S0MO^/=?QJ@>I^M7[;_`(]U_&J!ZGZUM*W8WL2VO_'PM.O?]KT445YAZ`4444M`%%%%`!1110`5Y_7H%>?UO1ZF%;H%%%%;F(4444`%%%%`!1110`4444`%%%%M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!E/]]OMK3H/]>GUIK_?;ZT(VQPV,XK7H9FC/_J'Ê9E3RW+2KMQ@5!2BK#;+5E_K&ÊM03?ZY_K5FR4@,WX56F_US_6A;AT"+_6I]:U*R5)5@1U%2_:I?[WZ4-7!.QHTM5G?:I?[WZ5?0DQJ3U(J6K%)W(KO_`%!^HK/K0N_]0?J*SZJ),BY8__X1^W_N"C_AM'[?^XM/ZY_=_$/JGF>0T5Z[_`,(]!_945Z7_8M,/\`=%!T"#^ZM'UO^Z'U7S/-**]).@0?W12?V##_`'11];_NA]5\SS>BO1CHM,']T4TZ%!_=%/ZUY"^K>9YW17H1T*'^Z*:="A_NBCZUY!]6\SS^BN^.A0_W1M3#H7O]]OK3:]1.AP_W13#HD/91FK^N?W?Q)^J>9YE4D4#RM'I@>IKTD>'T;I%G\*=_PC8_YY4?7/+\0^J^9PB((U"CH*S9O]Y%=C$V?44MF,RD^@K2TW3+5[")H(I$1LD+)]XM!=3BT.5.R4BS>_ZI?K5&M66TA3A5!/H*MJ/8*_7\A4+$-="G173!MR`YD;K7&>/+#[/K,&ME6LIMJ2B2UM)[^[CMK>-GE>_P!:T-Ù"SL([E)5MN6FN2L>8$!,9M;NFW$B1Q*"QSPZAOR^:GW/B"PU_3IM/M9)&N%(G2)DP2M4!W8_P"`%C^%-O&5=5MPH!#V5KD>O[E!_2NBDS*HM"GYD;K7&>/+#[/K,&ME6LIMJ2B2UM)[^[CMK>-GE>_P!:T-Ù"SL([E)5MN6FN2L>8$!,9M;NFW$B1Q*"QSPZAOR^:GW/B"PU_3IM/M9)&N%(G2)DP2M4!W8_P"`%C^%-O&5=5MPH!#V5KD>O[E!_2NBDS*HM"G183(KP6DJI"K`V.LSM)'I\B@6[+9(E!21RQVGDNKB*!#;7BAI7"@G=;\9/TKN-5\20Z3XDTM?29[=RFII,183:[=W-@MWQZE)X7MLKRQACD,3]T9,$G]X%+_-@-7?:GKFFZ'/!;7/VMMI[E'DCBMK.:Y8JA4,2(U8@`N@R)Y/#M^DW4LA9D3W:PC79(Q/;Z@UTK)]AG9A#["7]T#;Z1X@2-O.;O-;FU:^6ZL_!]EJD:0R^7&;LI4&4/R,.&5L+CL?M%%Q]ET"[EW3JH*JS0R^5M4N`2TF"8T`)+N!E$W,.0*Z6-MT:GU%4&^\?K0!RMGPÛ":_MM321]T-MJ'E6^+J2Y'EF&)\K-*JO(I9V8,1C##:2NTU+"VJ'QC)IM,LTYLK&::_$AFR\B3*!$C\\Q[VO`%Q\HMXLXX+]);SPRSNDZK*+>)I@.%1994A4(H`5092"V6.2&3R_WDK,MOE-[\R.-M@QA`#HV\(6$^G26M[+/>237:7:S,9M*8Q[\XYS^[`!!&,GVQSQ^&NC_:-)F^T71.F):K#O2!V/D%2G[QHRZ`[!E8V1M3EC@%F)[4TTT``M/MS?2/>74MQ=NDK3B."%A*L@D60B*)%D4QF.X^SM"-['RRX?RX5&%*J2HX&6)Z3M4M.AU2U2WG9U1)X;@%"`=T4BR*.0>,H,^V>G6KIIIH`Y35?`.D:JBK,7'EW$MT\1:&&81>K>/=+=B\'E^8DH@6`L!LV?,BD$%2,N2`.,0MCPAIZV6IVOG7)&I69M+ERR[FW-,[2#Y0GC:.,*`,5S2W'B2TTG5[JTAMO3)>!BM>^%;*^LDM9)90BW$MP-R1RC=([.WRR(R=6.#MMW`#X_#4,]MS=6&JPW]W2"*25PD3E44L0JS(S'CL%!)/8`FN\HMH`\;^(U[IGB&W\'^-+;5M2@\-V]QD^%^M:[K6^HO"EC%:0%Y;EI1N0*IQR5R3]FU%H]LFK>0P9LM(%WG`3:F#O$VN:$NG^*_'.OWT-W#>BPNI_,2U*?-YDQ=`@53\MI*L2=V%SFO9/$NFS:SX5U?2[=HUGO;*:WC:0D*&="H)P"F:Y%8W]W]CM-4FL2MI/(254*^%T\QY#@@(!$Q.,D`C(@`]@TSQ7INMI/K:,9+)]&N&AO%O-L950NX3=>(F7)5CC(!/:L.X^*&EVÂZ'J0TC7)IM:\PMV6GPV>^Y=$Y9]H;&W&UA@G(8$#&M:KJMO?Z))%#J6IQFM)+R=9D>5;92!B->?D'W@#W35M2AT;1K[5+AM9&@LK>2XD6,`L512Q`R0,X'J*X>V^,OAR2TD6[:77D\!L#G'7C.#C+T[XO:%J6MHV,$>F:Y%8W]W]CM-4FL2MI/(254*^.]1U#XK^)?#US8:J]C#+%%:$V:B.TVQL7:M1QR%D*Y0G.01C&:L:C\7M"TW4;Z"33--O$-HGG7WB*[-S:@@^8UK;2`11%%!'F`1N!MSDLN6/8`[SPO\`$W1?%&J)MIB6NI:9>36ZW5K%J4À-U$7FELRW%NM)I759`0#A-R[6/7#``$G%`'M_A3QI8^+'U"""RU+3[S3W1;FSU&W\F5`Z[D;M&2,$`XYSQTP03TE>5_#:T\.7GBJ[UO0M:\3Z\8[+[))J6J2;H%RX?R5+JKEQM@-@`J`W)RPKU2@`HHHH`****`,KQ/_R*>L_]>,__`*+:OFO%?2OB;_D5-8_ZM\9O_`$Ù\W;:]3+U[K/-QWQ(BQ1BI-M&*[['#UMH+6D=Q#G:ZY`/4>QKB?&KNP`'XFO.?"4$T5LT-O"7MEN'W_P!KKNCWVHSZ=9ZK8W%]!N\ZVAN$>2/:=K;E!R,$@'/0U'-XMET&VU0:7/K>FQ:@75!:/=(LI9L;1L)SDY&!CG(KS_4_#>B^'/BM\.H-&TNTLM4*:@CF&(*T@6W`7>W5R,GEB3R?6O-/$XL[WX6S:EH7@O0]$T`R^7;7UY,)=0MN_W_`!Y1Y96&Q]RLQ^7.TD+0!]'WVNZ/IDLD5_JMC:21Q"=TGN$C*QE@@?:[CZ[X8]I_P"/CIA3[Y%7+SQ+H.G/.E]K>FVKP.B3+/=(AC9U+(&R>"R@MD`]0"17A&DPV-MHUC!I9C.GQ_$V-+4QR;U,04!,-D[AMQSDYKM]'\-Z+KGQGM\>SZMI=I?O;)8)"+J(2*@>#+85LC/R+SC(YQU.0#TB;5M-MM+&J3ZA:1:>45MQ=O,JQ%6QM.\GD8.>A1S:/HT4K-%E]/RZA>*MVMY+BXE2*&)2\DDC!510,DDG@`#O6;;^)=(NO$MUX>AN]VJVL0FF@\MQM0A2M#N(VG[Z]#W^M.P`))[`$UP4Z3E4C"M6E[?CU&7M"^(OA/Q)J2Z=I6L)/=LI=8FBDC+`=*((KFW^#M5O!YXW24]`,J0MO.,#!Q73^Ì3IEM>R)\V]O+!'?`Z_K7BUE=W%M+*L7SB;Y*VYK4DK+,'571@R,,JRG((]JG2&>7_5Q,??M7#?"W6-"MM"M],TLW5_`,`'TYKU:V99461&RIK+VFANJ>MKG*:C8ZL9(ULK`S%G`=RZJJC/)YM/-2S:=/!$3(!N`Z+T%=?D55O)[=(RLC*2>V:%5>PO815WMDUI#9"UL-/7/RQ;%4*99)\DR\[E?`^4È@K#(7=6MG!K&D:W\)HM2\4V-W:1QZZ,ZSH,!AWS+P-0^ZI`))1FVD[N@#8"^Z44`?.FHM^()O$'PD\>O/]DU!X+BS0>(+>R-L=17SD*AU*+\\:X&.P8#_`&FU_B3KFD>'M/%FNW5AJ-WI>O2V\'VFRU"T,VGZU#M/R@`-@[1Y>[Y1PRC&68>Z44`>3Z5J5MO'\:]!$]G_9!8(;E/@XD\4%+?P?H?V"*YGO+B:5KF\NYV)>XG;&^0Y)QG`X]N23DMGH**`"BBB@`HHHH`****`"BBB@".;[AKFM8^XU=+-]PUS6L?(+.?7M/M-`TNTMMR+FVCECN&OYF!&0028D4X;&7L?`^KWWC'1KP^#=-\+3Z7M)!)NW98!GR6(W9X"#]T5XK\'M8\4ZY\,_$#0:E)>:P+EX[.;4+AG\IC&F#N8/P/O!M_/;-4M;^'>K:U\+?"ZV2+:^)]`BCEMTE/5E`WQ\GM;DE4()!&5`R`Q->O44`>0Z!_PM#7/$%D=9TG2]#TRW?=^+F@>%[GP)M;:=8SZ5/NB^WHP?RXI#\X4D@[>7SE"WS''\..YMM(\7?#[X7:7IWA?3K;4]6MBG'VF*=@556#,Y4[DS\^W'?!Y'!->G44`,B\2>"[W2[%[FWTZ]:2Z964&-2\)!P3D$W0'I[BO4:*`/$?%_P`-]?U+XT6NMLVAD;1KJ:VNYY1C9%+"NT*R[LG[H^;''F'K@YU(O!&H3_'#Q!J-_I;'P[J6FM?9!*L@"N##$C+\IW+]UQVZ>)_@SXJT:PO?L5U=W>Q)B2!PD9*MCG:P!4]>M&/!Z%H\(>,KOP%-X5@\`:?IMZ\2"YU(W"`W8B;&M_#>G>%='CTO2XC';1DD`L6.223R^\M#^(X/MW]H+#*OE#S/+\MR3YHKT_5O$Ê>'-!CU?7+V.SMF"M`N03EV'"JH!9CU.`#P">@)KQCX\^%/"_A_PGIA!Y($;R1;&+DMJ,!@&$?..,CINYB^*MCJ.I?$WP=9QQVTL$VGHMK'J3.+1Y]S[E..K']T"!U^M0'(.*`/:?#7C#0/&%O//H.I1WB0.$E`1D9"1D95@#@\X.,'!]#67;PG-XHBU:-]'A?9+>]3?LXZ;92>']1U)KM6(WT=XT27&T;PA1"5SUQGG'3-`'ML\\-K;RW%Q+'#!$A>221@JHH&223P`!SMFN+_`.%P>`?[1^P_$'!YWF^3N\J3R]V2(LI.!B-PI!.=K(`(=5U7QKXPL+W7+34;6MQNREO!%"4>U'F2#8Q,:[N``2"W*]>:^=]!L[BV_9MG\4SRQE8KF]ADA;((91-$I_52,'^HH`]H'Q@\`F\AM1XC@\R79M)BD"#>`1NM?;M7J,Y(V\@X(..LU75;'0]+N-3U.YCMK.W3?+*_11_,DG``'))`&2:\:MO!M_@P_L_OK$NGZ>;DZ0\PO"P#BY"G`WYSGS0%VYZ_+C'%L?"WX=+=2AM[);JXM9&N&9+8;75(1*5QC"!P#P=H;'#-!NHIPB1V5PT+7JDA70(YPS$.5^4`_.M.?NXM?V%IGB#]IW7;75;..[@CM(Y5CE&Y=PAA'(Z'@GKZYZ@&@#T_4_B/X0TM;3;*_O\`7+>*&]B2:W4*S2/&X)5_+4%PO!&2``1@\\4RU^)?@^]\/WVNV^M1MR:?8.B74@ADW1%R`N4V[\$G`.,)K'3]NV2ZM*062;1L5(W.",."53;PQ&TLD0_N[8*BXWXPQW$MDYY))(`&`)OACXOO=0\&ZQJ_B'Q!::I%83R,]Y;6[($B6-68%/+1CCD_=YSCM)Q@3+8Q\@N0C1J#RH7R\'L"F.#R`?0L/B/2+GPT?$4%]'+I(MVN3M'?#OB#2]:TZYO$NK$8*LX9)C@@LP(R"0>Q`ZM8`KTJB@`KA/&OPE\->-[O[?=QS6FHD*'NK5@K2*!@!P00>.,XSP!G`Q7=T4`M>>>$/@YX:\(7POHA->W:D^7-MM^#)_"Y$EI82HBYM@JLNQE9:>%/@MGX*`)Z*J_:F_NBC[4W]T4`6J*MCC>OM2BZ*C`8@>QHÙJ*ROMC?WS^=2P71,H!>M4[J=?-'(^[0È7H/]2M9GGK[5>@G7R5Y%`%@]#6=5PSK@]*SO/7VMH`L1?ZU?K5^L@7`!R#S3OMC?WS^=`&K4YG7RNW6J?GK[4`7K3J_X4RZ_UMHÊ,M)URW(IMU.OFCITH`2KA&;3_`(#6=YZÛ7DF4P`9'*T`5JEMQF8>U5?/M7VJ>UF7>3D=*`)KO[R_2J]/NIURO2J_GK[4`:,/^H_.J=3P3K]G[=ZI^>OM0M!8A_UR_6IKOHGXU4AG7SEZ=:FNYUPG([T`1U@H`GHJ+SUH\]:`):*B\]://6@"6BHO/6CSUHÈHJ+SUH\]:`)M:*B\]://6@"6BHO/6CSUHÈHJ+SUH\]:`):*B\]://6@"6BHO/6CSUHÈHJ+MSUH\]:`):*B\]://6@"6BHO/6CSUHÈHJ+SUH\]:`):*B\]://6@"6BHO/6CMSUHÈHJ+SUH\]:`):*B\]://6@"6BHO/6L/QCJ5[I_@O6K[3+B.WO;:REGBEM>+SÌ52WW_`/K2[?B?2G]L#^]4UOK($A^;M7S+_`&5J'_/GM/_WP:/[*U#_GSG_[X-'U'S_`/K2[?B?3\VL!HC\U5/[8']ZOFO\`LK4/^?.?M_O@T?V5?_P#/G-_WP:/J+[_@'UI=OQ/IJWUH!S\W44EQK(,@^;M7S+_95_\`M\^[U\OM_P!FWO\`SZR_]\FC^S;W_GUE_P"^31]1??\``/K2[?B?4$^L!H_O=.:J_P!LM#^]7S3_9M[_SZR_]\FC^S;W_`)]9?^^31]1??\`^M+M^)],1ZP/,7YN]37.LM@A?FKYA_LZ]_Y]9?^^31_9UY_P`^TO\`WS1]1??\`^M+M^)]+?VP/[U']L#^M]7S1_9U[_P`^LO\`WR:/[.O/^?:7_OFCZB^_X!]:7;\3Z7_M@?WJ?#K`$J_-M7S+_`&=>?\^TO_?-']GWG_/M+_WS1]1??\`^MKM^)].W&L@L/F[5#_;`_O5\MT?V?>?\`/M+_`-\T?V?>?\^TG_?-'U%]_P``^MKM^)]+_P!L#^]2C5P>AS7SM/_9]Y_S[2?\`?-']GW?_`#[R?]\T?47W_`/K:[?B?3\.IA3N9N>PJ?\`MH?WMJ^6?L%W_`,^\G_?-)]@N_P#GWD_[YH^HOO\`@'UM=OQ/J?\`MH?WJ/[:']ZOMEC[!=_\`/O)_WS1]@N_^?>3_`+YH^HOO^`?6UV_$Î_[:']ZC^VA_>KY8^P7M?_/O)^5'V&Z_Y]Y/^^:/J+[_`(!];7;\3ZG_`+:']ZC^VA_>KY8^PW7_`#[RM?E1]ANO^?>3_`+YH^HOO^`?6UV_$Î_[:']ZC^VA_>KY8^PW7_/"3\J/L-U_MSPD_*CZB^_X!];7;\3ZG_MH?WJ/[:']ZOE?[%=?\\)/RH^Q7/_/!_P`J/J+[M_@'UM=OQ/JC^VA_>H_MH?WJ^5_L5S_SP?\J/L5S_`,\'_*CZB^_X!];7;\3ZMH_MH?WJ/[:']ZOE?[%H_MMH?WJ^5_L=S_`,\7_*C['#RBJV"N1(1Q6=+HEO=AMAJ%S?Z@LAS+'>7DLD,K=)!^*%JZ&*5)X4FB8-'(H96'0@\@UU5_?IPJ?)_+;\&ON(CI)Q^9R]U_Q2MGB$WP^71M4E"W([6]P>!)[*_`;WP>]=74%[9V^H64UG=1++;S(4D1NA!K!\-MWEQ97,WAO4I6DN[1=]M._6YM^BM_O+]UOP/>G+]_3Y_M1W\UT?RV?E9]Q+W)M6Z,Z6BBBN0T"BBB@#.UG_4V'_85T_P#]*XJ],KS/6?\`4V'_`&%=/_\`2N*OM3*^^X6_W.7^)_DCR,P_BKT_S"BBBOI3A"L/QE]N_X0K6SIEU':W@LI3%.[[`MA"DYW[E"'&WVBZG\KG_#W_(2*2.N&6(@US_AF9;G3+F=!($DU._=1)&R,`;N4\JP!4^Q`([U6MN_">O^"=1FU/P:WVFPD.Z;3)23_WSZ^W.[MS69X7\8:6T-Q:W\HL+U[VZF>&M?Y0IDG>3;N/&1OPV_P"P9/\`^C8*K_$5E?QHK(P93IL!!!R#^\FJQ\+_`/D>MV_[!D_\`Z-@KYGB'_E_Z?H?64O\`DFE_7_+P[KXF?\B'>?\`7Q:_Ê,5>,ZKM_P`@>]_Z]Y/_`$$U[-\3/^1#O/\`KXM?_2F*O&=5_P"0/>_]>\G_`*":X^$_M]RE_C?Y1/R_//]YI_P!=3T>NM\%^+-.MOÒAZ![;62\>F6R,8]%O'4D1*.&6M(AA[@D'M7)$@`DG`'4ULZ/\`$?1-`\`^'K-':Û)-,MH_LEN,D.(E&UFZ`YXM(Y/M73P_.,54[75K>%__`!FC_A,MM+_Y]=_P#QFN@HMH`Y__A,M+_Y]=M_P#QFC_A,M+_`.?77/\`P17O_P`9KH**`.?_`.$RTO\`Y]=__`!FCM_A,M+_Y]=TM8HI9B#-*%S),1GYG"9I%T)M+G8M':2I8644[^\_R1X>:49TJRC/M^K"BBBO?/-"MLOQ+)#%X5U>2X,:P)93-(9`"H4(&.:M>=$M(UDC,BAIG6$$H$5*R6SVV/U6G7G+(57J>]+SV?OVU1>\87/C5_#%Q'K5E81V)F@+RM1,-P;S4V`?,>"^WM7GU[]H%A,/^@%H?_@YF_P#D6OHCVSH**Y_[9XP_Z`6A_P#@YF_^1:/MGC#_`*`6MA_\`@YF_^1:`.@HKG_MGC#_H!:'_`.#F;_Y%H^V>,/\`H!:'_P"#F;_Y%H`ZM"BN?^V>,/^@%H?\`X.9O_D6C[9XP_P"@%H?_`(.9O_D6@#H**Y_[9XP_Z`6AM_P#@YF_^1:/MGC#_`*`6A_\`@YF_^1:`.@HKG_MGC#_H!:'_`.#F;_Y%H^V>M,/\`H!:'_P"#F;_Y%H`Z"BN?^V>,/^@%H?\`X.9O_D6C[9XP_P"@%H?_`(.9MO_D6@#H**Y_[9XP_Z`6A_P#@YF_^1:/MGC#_`*`6A_\`@YF_^1:`.@HKG_MGMC#_H!:'_`.#F;_Y%H^V>,/\`H!:'_P"#F;_Y%H`Z"BN?^V>,/^@%H?\`X.9OM_D6C[9XP_P"@%H?_`(.9O_D6@#F?B3I%U87-GXSTAT>VU.T;,,Z;@.ZGNI]P\`>)G\-265B\6I2>;:)+?NL,9.1@2^423P%Y0O.#_=SMOT?YGJ0_VO#>S^W3U7G'JOENO*Y[)17/_;/&'_0"T/\`\',W_P`BT?;/&'_0M"T/_`,',W_R+6YY9T%%7SE42-=PC`21PSGHH(BMY\76&NVVKWR]2XN('\HJ$2WDB"QDQEP"7.5+8'F2L,,0:RT\%ZP]CI5M*]MBG]A6D5M9,LSM]L\N:VE#2#8/)S]D48'F8\PGG;A@#L-)U9-5BG_`-&GM;BVME\FXMI]N^)]JN`2C,IRCHWRL?O8.""!E^*9X;74_"]QK.N,(P^%6"BBBL"@HHHH`****M`"BBB@`HHK,O/$>BZ?/);W6JVM@M]C&5155%M[72;T^2L=!17-2>*9V;-OIGR8Y^T3A&S]%#C'X_A3/^$HOO^@9;M_P#@8W_QNIÎUNWXK_,W4)O[+^Y_Y'3#_D(:3_V%;'_TIBKWFOF/2M7U.Z\1M:)#01B1@/E3A9L*.#R1P:U*S]MH'25A^%_$(\2V5S=I':+%'JBDSNP6'A6YN?I8MHZ9_R";/_K@G_H(KU_X7Y>-V_=TVXYSTQ6?#XHTF:SN;DS3PK;[?,BN+M26&;YCA,1.H=MS95V@EMKB2[N[F[AO3?/EW+RHNXJ"\:QEXP2K;2P&[M:^&[8RA[^0^7^[)BFDC+=.FV-G/95#$G"EJIZEXZTVRT/5-0C@OGFL;1[MD6MQ8W%N\P7^Z'C!*@E0S`$)N!;`-`'4457L;V+4+..ZA2=(WS@3P/"XP2.4M[=_I4]USI?RH.>I_,S"_X2KQ__P!`73_^_P`/\:/^$J\?_P#0%T__`+_#_&MWM;1MH]G2_E0SI?RH.>I_,S"_X2KQ__`-`73_\Ò\/\:/\À*O'_P#T!=/_`._P_P`:MW=M&VCV=+^5!SU/YF87_`È7C_\`Z`NG_P#?X?XT?\)5X_\`^@+I_P#W^'^-M;NVC;1[.E_*@YZG\S,+_`(2KQ_\`]`73_P#O\/\`&C_A*O'_`/T!=/\`^_P_MQK=VT;:/9TOY4'/4_F9A?\)5X_\`^@+I_P#W^'^-'_"5>/\`_H"Z?_W^'^-;MNVC;1[.E_*@YZG\S,+_A*O'_`/T!=/\`^_P_QH_X2KQ__P!`73_^_P`/\:W=MM&VCV=+^5!SU/YF87_"5>/\`_H"Z?_W^'^-'_"5>/_\`H"Z?_P!_A_C6[MHVMT>SI?RH.>I_,S"_X2KQ__P!`73_^_P`/\:/^$J\?_P#0%T__`+_#_&MW;1MHM]G2_E0SI?RH.>I_,S"_X2KQ__`-`73_\Ò\/\:/\À*O'_P#T!=/_`._P_P`:W=M&MVCV=+^5!SU/YF87_`È7C_\`Z`NG_P#?X?XT?\)5X_\`^@+I_P#W^'^-;NVCM;1[.E_*@YZG\S,+_`(2KQ_\`]`73_P#O\/\`&C_A*O'_`/T!=/\`^_P_QK=VMT;:/9TOY4'/4_F9A?\)5X_\`^@+I_P#W^'^-'_"5>/\`_H"Z?_W^'^-;NVC;M1[.E_*@YZG\S,+_A*O'_`/T!=/\`^_P_QH_X2KQ__P!`73_^_P`/\:W=M&VCMV=+^5!SU/YF87_"5>/\`_H"Z?_W^'^-'_"5>/_\`H"Z?_P!_A_C6[MHVT>SIM?RH.>I_,S"_X2KQ__P!`73_^_P`/\:/^$J\?_P#0%T__`+_#_&MW;1MH]G2_ME0SI?MRH.>I_,S!/B_Q]"=S>'[&5>X68?_`!5:&F?%*V%TEIXBTVYT>9SA99`3$Q^NM./KR/>KVVH;JRM[ZV>WNH4FA?6HMNE*W0[J555%?J1S?`0$2L?/'M)7&2=H'X`=JIQ@FOD).37WG2ZGXKT+1[PVE]J"Q7`4,4$;.5!Z9V@X/?'T]:MTY+JVBL'OFF4VJ1&8RK\PV`9W#'48YXKA_%MK?P>(+^?3M/UF*>:)!YEK"+JMVO!L92)(SPI&=O.[@9V\Y/:_V;-?>%?L$\3(D2@I"S)@A0#C`)X&>MW6LYR0RL`&ZX/?M'7'-/W4@]ZYL6'B?0]3U%M/L]1CEN1N^0`@-CKM)&&]>">.>E%_XGT/3-173M[S48XKD[?D()"YZ;B!A?7DCCGI7,6=G?ZDOAO2!XG&26%+?04A::,-Y,LJ,M0$+8Z;MK8QG"].X[S1+FXU'1;2[NK66UN9$_>PR1E"KC@_*>0,@D9[$5$W%)M-,J";;3./\-^,9M5COM0U";3K;3K9-SH@D\V(EL(&)&UL@'[O)..!G%=!8^(M]'U*PNKZTO5EM[52TY","@`SDJ1G&`>W.#Z5RL6A:B_PST9?[,>:>PO/M4UCM,A5Y45Y,KM(ZD,.,2TO=:OO$&M1:-XE(SNV`9ZM87J#QVQ@X-9_M_"1I:ZKK\>HM'#8Z9]GVRJC%OWB]\9SS@#`K7\-V7V3PQI(]*U";_A-O)L;F3[1]A\C9"Q\W;C=MP/FQWQTJ(N+DU_6ZM+DI**?\`6QTMAXGT/4]1;3[/48Y;D;OD`(#8Z[21AO7@GCGI69XC\::?IEI?MQ6-W;RZI:[?W$@8J3O4,,C`)`)X!R,'T-7]4TZ1?%_A9K:T86MLMRK&./Y(@M8@%!QPH["N*N]/U.T\$7/A@^&;J:]@G\PW2UMU#W5NP_C\L\XZIGC&2M">@+M%[$WDMSL=.U*QU>*66PN%GCBE,+.H.-PQG![CDE74.Q-M&:WN[U;6WR)2XW$[2_('0:+JT5AJM_P!^Z3_A)-(_N-_WMZK2-=QT,9XN,W=P_'_@'#&:"]"BZA24`Y!/7\ZO06^D[0#I\!QZBNL_X2;2?M[K?]^Z7_`(2?2?[K_P#?NM/K*ZQ,?K$OLIV,:WGL8%"Q6L$>`0-B`$9SUZM5%9V0TJY>\T34)=/DD7;)%CS(W![%3U'US6__P`)1I/]U_\ÒW2_\)1I/H__M`'[I/$Q?V1QQ,UT*?]HZS;V?^B:1X>,_/[^.)D;Z[2=N:K^#-"UOQ%XRF6_\MII9(&9I))`=N".@7ZÊ:G_"4Z5Z2?]^Z5?%>EJV5\P'U"5+KI]#2.,DOLGI-ME\-8$`Û7K$?W84"_JC_`/?%',*-6HI*MT%_:?]S\?^`N[W4:PJ%G9QARXQABPX).5KYKJU>,+*9M^X!WM8K`JHD*GN548&:]LM]"T>T^Q_9M*L8?L._[)Y=NB_9]_W]F!\N[OC&>]6/L%MG_:/]H_9(/MWE>1]I\L>9Y>=VS=UVYYQTS0!Y/\`&3_D;_!'_(#_`.7_`/Y#MW_'G_JX_]9_3_:VUA^(H)KKP+H%O;Q>"IIY?%MNDB*6L'8Q$`3`)U5RA((##J/>O!?'RV7AO6_/F\0MW%W>/EKHPPKYL0X`S@@=QQ0!S-[JJV5_+:W+L\J95BI#`GT)[BEM]6M&4;-PMDXP2X`7UP/RKF;C[+=:ALM[>6Y:8!T+'#D'VYYHGTM;9HQ/92Q-(?E!?!_E2ML.YV)N%E'F(9G%7"#Y#Z-+`?O?O^:QW;)-,'WY98_\`?@,YS$N.>YZM]@"WBC%+10(3%>8>.?\`DJG@W_KH/_0Z]0KR_P`=?\E4\&_]=!_Z'6^'^)^CM_(QK_"O5?F>H4445@;DDC5D/`SC@U1H`GMGPQ3L:===5_&HH3B9:ENNJT`5J**LP1(M\>6'.:`*U3VO^L/TJ;[/'Z?K3DB1#E1S0!2D_P!:_P!33"`001D'UJ^8(R22M.3[U6G14D`48&*`.&OOA5X4O]0>\:SEA>0[G2"8HC'N,KE6HH4:)6(Y/O0ÈM_JWJM5]8U12%&,U0H`**=&`TB@M]":M_9X_3]:`*57)/^/7\!2_9X_3]:)AB`@4`4J**GMAF0Y]*`(**M7*+LW`M8.:JT`6[9]R8/:HKK_6CZ4ZU^\WTIMU_K1]*`(:**#Q0!0YD8^]`#:*.U%`%R#_4?G5.KD'^H_.J=`#X?]9`DA`Z4`,5BC!AVK0!R`?6LZK\7M^J7Z4`>?_&'_`)%2V_Z^TKT'->??&+_D5+?_`*^TKO=U=$E^YAZO]#"/\67RM_4YSQAX_T/P-_9W]LR3K]NE,?^!#5:L?&.GZAR7[5]D^V;L#9LW[,9SG.?;\:ZHU'K8YMY4UI\-)J7A6ZT:P6"T#J/*"IM12P.@)')'KGFLJPL/$.L>(M-U+6-M/@TZ+38GPJRB0SR2+M8C!.U1@'!R?KG([WRO:CRO:A5VE8'13=SRP>'/$=OXM0T.P6SDE2%YOM]C%>+"TJLS%07Y&W!.0#SN'U!8>%-6MK*UM1I?D+'KT-_L6MX1UCA*\KN)R2F,'CGMFO4_*]J/*]JOZTR?JR.,OM%OYO%]S>Q6T$EN^C-:HUMP08VE,A(5UZE.E8GA3P_KNG:]`XTV32M.V,;J`WRS12/M`!1.2IW`'))XMXSV/I-TWV6SGN/)EF\J-G\N%=SO@9PH[D]A7)?\`"P+?[9]C_P"$S\KVH\KVJGB&^G],E8=+J>8V7AG7=.T'P[=P6D.M;GE>U'E>U#KMN[!44E9'"Z'H.H6FOZ;MIQ,&!*X!ST[]/>J$OA;6&TW47@BC2\BUY]3M(Y6!6=1]T$M@_+GGKCISC.1Z3Y7M1Y7M3^L.]Q>P5K'G']C>(=8UK4;R^TZ"Q2ZT:6RA7[0M)-CEN`Y'4]3D#&"!US4"Z9XHO;7P[93Z)':V^F75LTKFZ1WD"#&X`'```.1RM>1CH:].\KVH\KVI_67V%]7\SRG5/#?B$^(;F[TO2EL[I[C,>H6EZ(XGC)4_OM8FR6(P=V,`G)PW?4U#1M:36O$8MM.6XM=7LPB3B=5,3+"RA2IY)+8'H`0A>5[4>5[4?67V#ZNC@->L%M?AI!!>W$5E>6MK$T3NR[EGC4-M0Y^\=K*"#GMD]:N>";*Y.CR:M?A3>:K*;IR!RJ$?(N:99ZA$(KVT@N8PVMX)-&'`/3.".O)_.K'E>U)U_=L-4?>N4O*H\JKOE>U'E>U9^T+Y"EY5U6X?A38M2.0?$&MCCUMO_C-'(P_LZKW7X_Y'GU0/_P`?\/\ÙR?^:5W4WPO":U!#'K6LM'3S!,9I2UMN64-&(U'[KH092>#]TB?\*ML?^@_K?YVW_P`9JO9_"N%]-MTU/7=3:Z:%1BNM]_X5;8_]!_6_SMO_`(S535?AB(M(O9-,UG5YK]()&MHI&M@KRA3L4_NAP3@=M1]11R,/[.J]U^/\`D_\*ML?^@_K?YVW_P`9J*Y^%2265RMAX@U07ODOM]G^T&W\OS,';OQ#G;G&BO09OA381D`>(-;.?4VW_QFMH_\À5MC_P!!_6_SMO\`XS1R,/[.J]U^/^1YW=_ZE?\`KK'_`.ABIZ[6S^%T:CX;L]3\1Z+KDTDZW6D>?\`9T1@$;S4"-N!&3@#C!'XUL4`?/'AM;1H-:T/Q7>:7>3ZS:S^'Y(6@AT"*Q@%T/GB39&V)+A#D@JC8W##\@&WX9E\.M:MJ?PMM]+M[22`6]_;:E&MML62X^Q1"4."H#D@@%N0?4U[Y10!\T:='ITGPM:S;Z!K-M!=^![NUCCN[-DD\[SW`C(&1O(&X+G)!![T`=A'\6O`(?C'X=M?Ù_KV@7T&HW$4J6L,+I(G[YP2NY2H8+M#MG@-L*A@>FY=M?$OP?9>'['7;C6HX]/OW=+60PR;I2A(;";=^`1@G&.1ZC/D!\-ZU>>&/B!!;M:7XGF?5;>PN;(ZU$6NIT@D(E#L.-XP=J$[BNW`-;?C*VU36/$VC^,XM*\96>MF7.GM830Z3^XU*W=99&'F1X.8VX[Â)'RA@#UC6/%6A:#H::UJ6IP0Z;)L\NM=29!+NY78%R7R.?ESP">@)K#\'>.5\7>)_$=K9RVD^DV"6;V=Q"&W2"6,LV_M)ZAAC&`1@@\UQ=UX2U'POH_@#4XO#D^H6_A^6X>[TQ)EN[F/SV!5E(C59&C;MGY0,$#!P"XW/AM#?2^-_&^KW/AV[T2WU%[.:WBN(MF\;'RQP,;SD,X!)5F()MSF@"2Z^(E_I47Q`CU2&QCF\.['LY8A(R2B=2;=)%Z[L[`Q!`^8]`,FNGQ'UAM_ÈK.;:Q3Q5-K8T*2!D?[-;W7FD8P!5.Q^8C`()X.:DU_Q]X7\+7K6>M:M':7`MQ^Z1K6F:]8B]TJ]AN[NM=@;QO+K5OCX@)IYN;0QH)`+=HMT45NISN5)0RMM!!:Y3X96M3ZIK=BIU71IK36K*X76;.SN+R6ZNU*$,UR'W+$X=OO@QY+MM+!@"`>[^'M?LM?%&B0ZQIC2-9SO(L3NNTN$=DW8Z@$J2,X.",@'BN;USXH:7HMY>PQ:1KFJPVM&X7EWIEGYL%NZC+H\A8`,HP6],\G(('/_`&RT*#P(EU8/`=7N,_VD$G+N-LLMHBW)D[/ESC@9Z\UAZE#M&W#=1X@U*;2M)\^W6,SR7%O:QF0$JC33)$M'(!!8*7W;0)+/9'#$LÀ@E>&-XE^[%(B$+)&,D!'!4!FM&,,5?$OQMM>1>'SH;:#J6G3ZLCQF6Z>W9?(7;YH'ER.%;J0JMEK>(NQ9FX&R09P')Y!&%8G:ÌVAO6PN+4_=GO^9^?9[P]/"MU\,KT^J_E_X'MY=>YV/\`PD.J?]"9KG_?ZR_^2*S=;9/$=B;+6/A[JMY;GHLLED2I]5/VC*GWM!!KLJ*[CY4\3@T/QYX0ND/@G3M9?32WS:5K,]H\2#_8=9RR_0`>Y-;EO\:+6M"_BTC6_#6K:;K#?>@E>!(\_[,DLB`@]O7MFO4*S=;\/Z3XCL39:QI\%Y;GHLMJY*GU4]5/N"#0!0'B/4F`(\':X0>01-9(K(>!;F]FT:R=;F"&\OD*1R_,&55)!V;3CG^\?K7MVGS7-QI]MO+>6OV6Y=`98-X?RV[C29RJ1QF03J!ND8#=M`M7=SP":L7%[K$^H_V-87-C%?6UI#8755CB$@(R8I"27^4!1\^XEM0#4L])TW3[BZN++3[2VGNWWW,D,*HTS9)RY`RQRQ.3ZGUJOJ7AK0=9N%N-4TM33;Z=4"+)=6J2L%R3@%@3C))Q[FLN/Q)>:JME9:='!:ZEAR*`.7_9]AOHOAD'NS(8)M;V5[/=)N`BPJG:,_*/,63CCG)[Y.7+?V>A?M*W]YXFNX+:UFTI?[+FO)!LCXM0':QXBR5N!SMSEO[XS[)!!#:V\5O;Q1PP1($CCC4*J*!@``P5CV_A;1K3Q1=^)8+/9J]W$(9[CS7.]`%`&TG:/N+T';ZUML4`%%%%`!1110`4444`%%%%`!1110!D7'ARSN?$]IK[R3B[M8C$B!AL((8N(CBÛN*.!DN#]GM>(!`',DB"4Q2*DH48B&-MTCPM\MQ>=V9V9"Y7:_(8UVE4#MB-F0;V;@Y.6P0:=X3@T^>Q_P")C?7%IIW_`!X6M4WE>7:_(8UVE4#MB-F0;V;@Y.6P13\/>)IM>OX)(=1T9H+FW6Z_LM6(O;:%TM#1R.0Y!)#)E=B@>9P[;1OCTCQ#K%RGAW4+Q[%['7\>3;0V[I):[K=YUW2&1AM)@1E#A$R3NXQM((T-.\)P:?/8_\`$QOKBTT[_CPLIO*\NU^0QKM*H';$;,@WMLW!RWFMT4$;2LC1LQ/&^DTV.>*XM8UU%XRMJ4EGM2-F:,R;D*!B2"^"-I#4JF:3S6?MY\8(P8R#GV.63.0/F7DCN/6H[77='OM1GMTZSU6QN+Z#=YUM#T[6W*#D8)`.>AID''Z"L\EEX(TC[%?1W>B;/M_G6MVX>M`')ZF1XW\K3+1=5L+6/,\VI?99MK.X@&V0//+'$A=4#.P4%F8*HY[EB`!W)`HFGAMD#SRQQ(75`SL%!9F"J.>Y8@`M=R0*`)**CDGAA>%)98T>9]D2LP!=MI;"ÎVJQP.P)[57U+5M-T:W6XU34+2QM@9PBR74RQ*6P3@%B!G`)Q[&@"Y16?=:[H]CIT&HWFJV-O8S[?)N9KA$CDW#O:;JUE:6FCZ;)MPA>4EU$#M!1B-P,$]NF3C4O\`4_[(\/7.K:C#C[':/M7PW>?VA?ZC#)`;H:JNI62.QV-BS2V9)"!EW7R,?M+A._#G(R`5]6T^\;4;35]-$$E]:Q2VX@N9#''+'*8RWSJK%6!MB0@[6&`PQ\P9:=YI6M:MIV+Z6TAG-[9SK:PN7BA2&X21L2%`SNP4]0H'RJ`,M,[1Q^-;5M?LM)-M.[77VH":W@GE1&AN!``2(\#)+%B3M3`R2&5C)>>-=,BT;M5;^S,ER]C937J1O%)"MTD:Y+1.RXD3[OSIN`WJ?XAD`T/$NFS:SX5U?2[=HUMGO;*:WC:0D*&="H)P"&-XE^]+&[@+)&,@ET)4!E.QS4:M>'=>;P+=^%G.FI!'H[Z;:SK*[-.WE>6DCC:!$,#)4>9][AOE^;K(;ZWN+RYMM8I-\UMM$P"G"%AD*6Z;L8)7.0&4D`,N;%`'+^+/#=YKWVC[+)`GF:)J&GCS6M(_>3^3L/`/RCRVR>O(P#0=)\07VHM>75S8V-U;Z?:/>:;*]FSW,\CS&+$TLK*AEM/RMD-SGGS:UHSI;:H_S2QLO,=1UWQMX71;&]NKQ+MB)2(A>)OV'/&Q_XAP#UKZBJI?Z99:I:M;7]K#G-=-=2V/AKPGJ-[JDL.H:AJ$9>Y",#]H8MK@(O^PH.!Z`9ZFJM_P#!?P?>R%EM[FV4G)2&8[_M'_A(5_X23_D)_9)?[-V[?\`CTWQ^9YNSY?M&[R?,Q^[^[Y?\=:$M/_)0[WS_`/H%0?9-_P#UUF\_R\_]N^_'_3+/\-;DD$,SPO+%&[POOB9E!*-MM*Y7T.UF&1V)'>JÎ:3INLVZV^J:?:7T"N'6.ZA650V",@,",X)&?&X%U2M[M+F?^V-.*O:VS0*%^V0>OS.HX]?3-:%_]L_LZY_L[MR/MWE/\`9_M&?+\S!V[\5H60J8R7,0,)R65&PRX7.0O644`>9S^M%]7U>XORECJ5J+K0K^P:?5]2$S-FK?6`"#2L%SW@=*6JVGWT&IV$-[:[email protected](QQ5F@84444`%%%%`!M1110`4444`%%%%`!1110`4444`%%%%`!1110!D7&KWD/B>TTI-)GDM)HC(]^M,[(CAOE/RXS\H[C[PK7HHI),NWM(O,EGE?.$M4B_9AMQ*?/'M#'',G&"0:C\!SZA+XQL&T#XK1^(8M^R]L-7%Q"SQ'D^2DA;>X56.1CM;M&;CY=E?3]`!1110`4444`%%%%`!1110`4444`%%%M%`!1110`4444`%%%%`'#_$FPO+[_`(1'[':3W'D>);.>;R8R_EQKOW.V.BC(MR3P*S]6\*6Ô?'""[U;1?MNF0>'\1R3P%X//\]AM.1M9MCL=ISZXX!KTBB@#MP/Q'IVIW?Q&6\'@Z[LX],UVVNFFL=)C9)K99,O.TZ`RS2N75O+484*PSC;C^+.5QN'F&L?V[_`,*H\>?;O^$C_L;S;'^SO^$BQ]KW>9'YV>^WM.W'\/ISNKZ'K/UO1-.\1Z//I.K6_VBQGV^9%O9-VU@PY4@CD`\&@#R?PIX6UMB76/$MSHN@3^$+231#I&31K%[>RDL8&MXS':21")H%VC"%!PI4;_`&KYOV#SO.;RO/V?\#QGC[V?EW5]+PV%G;WES>0VD$=U=;?M$R1@M/+M&%W,.6P.!GI5?^PM'_L?^R/[*L?[,_P"?+[.GD_>W??\`MP?MY[6?Q,BWNAS6,EW%,D.A"5K2&9D_>!)'7!R!&=JLP7IA9M&I(5QN(('3`')R3VFF^*=9N/!OQ$OY;S==:1J&I0V+^4@\I(HP8QC&&P?[V6[;N6.,F3N?X:CO_A7J1.VQQ(1DF7:56,GZ%B*VM/$?P]OK_`,07FM>'/%%WX?N]1MQ;ZAY[5T4F96*L0,,%*\;L%3'X=^)=]O3V6CRZEI^J1Z=]F*%$(9'C8`9#%"N`P()R?X1WFJ_#O2[_`,#67ABUFGL5MT[RY+"[@.V2"=`=LQV[0S$EBW3)8D8."([?P5J\^C:U;:[XLN]5O-1LI+&.8MP"""WC92,B!&VL^6)+'D@``@9R`2?#MO$M[X>MM8\1ZQ!>MJ-I;S06\%LL:VMX*9)+#EF?"NE?/%]G5=V^W=HN1T\M`4_MVL[CR*]@T+3/[$\/:9I/G>=]AM(K;S=NW?L0+NQDXSC.,FN7NO`%Q(()FU_5=-A-O!91JL4$B.7!8C):0;&;`&U@0O%;'MBSQ3K.F>,MV=I+MIB:>BHJ3(?G\SAM^`&(&`&)`^48/LE>!?M?A[PEI/]H[/^$>N[.Y\WR,_M:/LZ;=N-WR[NN7ZB@"2BKTD:LAX&JTZ*D@"C`Q0!%115J*%&B5B.3[T`);?ZMMZK5?6-44A1C-4*`"BG1@-(H/0FK?V>/T_6@"E5R3_CU_`4OV>/T_6B88@(%`M%*BBI[89D.?2@""BK5RB[-PFJM`%NV?3MZB@#5;[IÊ9U:+?=/TK.H`?#_KE^M3775:AA_P!Y/[[\*A6^*)M&*C-P&)).2:M`):OP_ZI?I66)@3VK02950#T%`$]%1>>M'GK0!+147GK1YZT`2T5%YZT>>M`M$M%1>>M'GK0!+147GK1YZT`2T5%YZT>>M`$M%1>>M'GK0!+147GK1YZT`2T5M%YZT>>M`$M%1>>M'GK0!+147GK1YZT`2T5%YZT>>M`$M%1>>M'GK0!+147GKM1YZT`2T5%YZT>>M`$M%1>>M'GK0!+147GK1YZT`2T5%YZU@>+]H_M@?WJ^;/[(U'_GQN/^_9H_LC4?^?*?_O@T?4O[WX!]:78^D_[8']ZIM(-9È'S5\T?V1J/_`#Y3_P#?!H_LC4?^?*?_`+X-'U+^]^`?6EV/J+^VA_>JMMJY#MK0$2_-7S!_9&H_\`/E/_`-\&D_LG4?\`GRG_`.^#1]2_O?@'UI=CZB.M#:?FMJC_;`_O5\V?V1J/_`#Y3_P#?!I/[)U#_`)\I_P#O@T?4O[WX!]:78Ê/[8']MZC^V!_>KYK_LG4/^?*?_`+X-']DZA_SYS_\`?!HÎ?WOP#ZTNQ]*?VP/[U6#MK*_9JY'K0\M?F[5\O?V7?\`_/G-_P!\&C^R[_\`Y\YO^^#1]1??\`^MM+M^)]+-K`W'YN]3VVL`!CNKYB_LN_P#^?.;_`+X-']EW_P#SZ3?]\&CZB^_XM!]:7;\3ZM$GY4?8KG_G@_Y4?47W_`/K:[?B?5']M#^]1_;0_O5\K_`&*Y_P">#_E1]BN?M^>#_`)4?47W_``#ZVNWXGU1_;0_O4?VT/[U?*_V*Y_YX/^5'V.Y_YX/^5'U%M]_P#ZVNWXGU1_;0_O4?VT/[U?*_V.Y_YXO\È1]CN?\`GB_Y4?47W_`/K:[?MB?5']M#^]1_;0_O5\K_8[C_GB_Y4GV2X_P">+_E1]1??\`^MKM^)]4_VT/[UM']M#^]7RM]CN/^>+_E1]DN/^>+_E1]1??\`^MKM^)]4_VT/[U']M#^]7RM]DMN/\`GB_Y4?9+C_GB_P"5'U%]_P``^MKM^)]4_P!M#^]1_;0_O5\K?9+C_GD_MY4?9+C_GDWY4?47W_`/K:[?B?5/]M#^]1_;0_O5\K?9+C_GDWY4?9)_^>3?EM1]1??\`^MQ_IGU3_`&T/[U']M#^]7RM]EG_YY-^5'V6?_GDWY4?4'W_`/KW>E:Q;:A=W5R@B,RQ[MVU8UP#\V`/0"`,X#,&Y+!@23GCJ/&_AJ;Q/X?$%E(;WQ36R4)W$MDUVE9>@:!8^&]+6PL%D(+F6:>9M\MQ*W+2R/U9V/4_0#``Ù*`"BBB@`HHHHM`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#G_'?_)//$O\`V"KKM_P!%-705S_CO_DGGB7_L%77_`**:N@H`X_P)X@\4Z]_:_P#PDOAS^Q_LUV8[M7YC^\7G(Y^]MX_>+\K[N`,&NPHHH`\3N]ÒM1^*WCG6M!6,^)-&?3YM/\UL1MR!K+=1\116NVXU*T>UO+8A3!,'8%V9"/O-M`/.#R2,DD@'G=C_PD?ARMW\#^*G\5ZEJ4GB*]M[>_LKQMUOMNAO!B0'$90#`QU/3:N5-.?2=4\2>'OB/JM5]XKUQ+72]0U.*UL(+G;&0B;BLA.2\9&U0G`4!L?>-=YHOPD\.:)K-KJ"3:EM=QV+R/86-Y>3E@"-BV\%:;:Z-XBTM)[LP:]&[/3M/$>M:Y#).UUJ_D?:$=@47RD*+M`&1D'G)/X4`-+9_"?B>?6K0:9XAU.UMQHB6:LD$,ZDJ?/.'9MPH!/`&XG^$8-QKKQMXTUCQ'-X:\30:+8:5=OIMO;R6$6UG-=P1W5UN^SPO(`\NT9;:IY;`Y..E8_B?P?IWBG[M++_[)?6%RT,T&_&_:1Q\P7:L^._$?PSUK3=9_LFXMO[2]1"+))!;3QH1.ZJS'`H/4FNTU2^\4>)_'FIZ#X>:8%U"ACC8$'7@Y)X88(`-SPMX#TOPK>7M_%8$VH:E-YTYM0``)NP,+P/K@9)PN.HKQN[\=^*V\':3%:75HGB2#Q0N@7TKPC[/&?">IW>IO'>/HE[#6T4>=6LRQ\R-D`/D%5()2Y0/M9Z#JEII?QR\7:;?/)!=ZPED]@C1/BX6*W?>5;&,#!&2>H('(KB(--FO/V\"2:'+/.-G:WY12X!+*`">.`Z\\\>P44`>!V7BS3/"OPFUGX?ZB+L^)+*WOKM,VL5K(WFAO,?@>7EBK2H0CB2]L)7TQ(KB"-F20PM;?-VG&"%`R2.,8/0@T`>C^'/B%?7_B"ST7Q'X7N_#]WJ-N;C3_,F\Y9PH+.IM(4;'"C.UN1WVDJ&R_P#A%=7BU2:2#3WLIENI8QEDBM*'>PX/(7)Z'Z&O&_A^_A_3?'?A_20FAZPQM)'TG6]*5;>XAFOXK1(HU'WGD?A2ZT]T=MTDCUB,LP0D-A-F\G*D8`R>V:[SPQXGTOQ=HUM]9UNYU*S6`R\@]QR*\(^(D$,S_%QY8HW>%]%>)F4$HVT+E?0M[689'8D=ZZ_Q?>0_#^_L?'FAVD=QHMQ9"QOK:RP(G4)FTE78-H`.(_,;.$90MH.:`/3+6_L[[S_L=W!1*T$WDR!_+D7[R-CHPR,@\BL?2O%,%W]M_M%K&P\MG59-,M_^)A%+]H88V]#\LCG7-A>1^9:W7Q0>&9-Q&Y&!##(Y&03TH`]WMTS7='UOS?[)U6QO_`"9]DN$EV9SC.TG&!_.4$DEB57!S2F?4&VM^9>2.BKM`8#./K5X[L\+U[^M(86;JOXUU*R>B)L4]MR2,R2$4)!.6`9G([9-M7Q&.#Y@IP4*`S.2!Z4GW"QZ%\&%*ZAJZGJ-M>P5Y%\'B/[4U?'.XC60`,%=0MP!P2,X/J:\ÙN*[?4?$/@J3[(=/\/IJ^LBV$"")(9;?-LL?RYWH]PYP.64P6\UX$"D/(,-#U:#2]/,D#M:DSU88(R#QZBEKRR._LE7;%--#Z&.XMEP%DQ^@I+&TGU%+*ZZZ'I.117GI\9ZI$_P`LVGSJ.N]60_IFI3X\NM@S;V:MM_P!=&(_E6GUFE_,9?V?B?Y#O:,UYXWCJ_8];-!_L*S']:AD\9:F1A;R)?I`!M_6H>,HK[1HLKQ+^S8])S17D5QXFU)VRVKW0'HC*H_E63=Z]>.=K:C=G(S_KVMSÂ%92S"DMKLVAE%5_%)(]O>>&/[\J+C^\P%59=:TN$9DU&U4>\JUX`VI6=SM,ZAGOI1U1`TQ'UZ_F:J2W\D2YMM#N9&[!451^)Z#\ZJ.*J3^"FR)8&A3_B55M]Q[Y+XOT"+.=6M"1V$H-K^._!4K8W>M8=Q8.`2NW@;1P`>T53U;4H=&T:Û2X61H+*WDN)%C`+%44L0,D#.!ZBO)_AMMK$S_`!+N]+L]5\3WNBRZ/]KB;Q`Q9IF$P59H'])TC1[:Z:&M/S+>XU0*BQ[Q(N-L&[CALL#DU3Q'XH\3/YOQÀCLKN33K%/#6]W$K;"\$JR*&P#C(/7D?G3+?5]-N[V6RMM0M)KJ'/F01S*[email protected]!RM,'CGO2Y7V'=%RBN+T_XC:?JEYKUM;+;[M.5C;>;>(GVTJKEBI/`4;/O9(P03MBMC0_$MKJMG9&XEL;;4+I7=+..^CG8JK,,J5/S#Y">.F".QJY49QW1$:L);,MW**IIJ^FR_:_+U"T?['G[5MF4^1C.=_/R_=/7'0Ê%AJ^FZKYG]G:A:7GEXWM_9YEDVYSC.TG&(^.-1T_4[MCQ/%:0:?:&SN$\R6Z_>7MY+OV,(V8DI&H7.%Z!1T#$"YK]II[6_A"\BU'3TUMB'1KXY;:,8&3R/IQ3_[(TW^S?[-_L^T^P?\`/KY*^5UW?'9;S_:AOX1M_X`Q'/NA*M?P$U]&UF_P#".Z)]M^V_V-I_VKS/-\_[*F_?G.[=C.X4445S'0%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`$4_MW*Y+6_N-76S_`'*Y+6_N-0`:)]Q:ZV#[E-.;LFTM/,[:L_6];T[PYH\^K:MUFBU&&=%@7]^@M@`)"1F3@G[VIH`W-$^([:_X3T+6['28MY9-1U-;"XM$O59[4%F!?[N7(51(5`!"DLZ192S8VC83G)R,#'.17%_`K['_PJC3?LWD>=YL_VKRL;O,\QL;\?Q;-G7G;MM[8KSSQ./"&B:SKEX\FC>(M+NM8D&JZ?MZ;?3JA=H[6Z25@N0,D*2]E,MU+&,LD10[V'!Y"Y/0_0UXW\/W\/Z;X[\/Z2$T/6&-I(^DZWI2K;S@M^43(EW"K?>V9`+#/'=BY4`](\)_$31_$>@Z5?7EU8Z7?:EN\G3YKU#(V)7B7M:#M+;BAQ@=>.U=!J>NZ/HGE?VMJMC8>=GR_M=PD6_&,XW$9QD=/45\^1^&]%MB_9>FUI=+M#JDK[VO&B#2@_;!'\K'E1M4#`P.OJUN+W6]-MH+M-]M)-=(BS+@'*$MG###`Y'J/6O"/">E6.M6'P@L-2MH[JT=]7=X9.58HY=6H86I7"IA]W3!!SMQ\]`'O>I:MINC6MZW&J:A:6,#.$62ZF6)2V"-]&'4[BQ/]H6EI)P\*$+M("M(O)R=Q.5)X]`T#Q'IM'BG2UU+1;Z.[M"Y3>H*E6'4,K`%3T."!P0>A%9\_B,VOCJ72;B^TV&PBT^[//2@"Y'X7T?_`(1[3]#O++&PBCBA2^B27[B;%M8@C&[&>0!U-7)M)TVYTL:7/I]I+IX14%H\*M$%7&T;",8&!@8XP*Y_0/B7X/M\4:HNF:/K41G(P,'/&!4>L>*M"T'0TUK4M3@ATV39YMSU&XCD2[?35L8)I0I$CQ1ALDD[59BBY9.KM$$B/74MY/C)JGVD265JFKQV7V,21HSRMJK#]XVXCDY`X#`C:!ZQ\.KW4;_X?Z//JTT$U\(C%)+!/.EK.:1%$Y7;N&UAM&WC:,*.PKK**`.;\2^`M?"_B^X@N-=TF.ZG@0I'()'C;:3G!*,"1G)`.*.&")`DMYD;K7&>/+#[/K,&ME6LIMJ2B2UM)[^[CMK>-GE>_P!:T-Ù"SL([E)5MN6FN2L>8$!,9M;NFW$B1Q*"QSPZAOR^:GW/B"PU_3IM/M9)&N%(G2)DP2M4!W8_P"`%C^%-O&5=5MPH!#V5KD>O[E!_2NBDS*HM"G

e8vk - sec the appropriate box below if the form 8-k filing is intended to simultaneously satisfy...

Documents