0001193125-12-308042.txt : 201207200001193125-12-308042.hdr.sgml : 2012072020120720060955ACCESSION NUMBER:0001193125-12-308042CONFORMED SUBMISSION TYPE:6-KPUBLIC DOCUMENT COUNT:12CONFORMED PERIOD OF REPORT:20120719FILED AS OF DATE:20120720DATE AS OF CHANGE:20120720

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:TAIWAN SEMICONDUCTOR MANUFACTURING CO LTDCENTRAL INDEX KEY:0001046179STANDARD INDUSTRIAL CLASSIFICATION:SEMICONDUCTORS & RELATED DEVICES [3674]IRS NUMBER:000000000FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:6-KSEC ACT:1934 ActSEC FILE NUMBER:001-14700FILM NUMBER:12970974

BUSINESS ADDRESS:STREET 1:NO. 8, LI-HSIN ROAD 6STREET 2:SCIENCE-BASED INDUSTRIAL PARKCITY:HSINCHUSTATE:F5ZIP:00000BUSINESS PHONE:886-3-5636688

MAIL ADDRESS:STREET 1:NO. 8, LI-HSIN ROAD 6STREET 2:SCIENCE-BASED INDUSTRIAL PARKCITY:HSINCHUSTATE:F5ZIP:00000

6-K1d382388d6k.htmFORM 6-K

Form 6-K

1934 Act Registration No.1-14700

SECURITIES AND EXCHANGECOMMISSION

Washington, DC 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2012

TaiwanSemiconductor Manufacturing Company Ltd.

(Translation of Registrants Name Into English)

No.8, Li-Hsin Rd. 6,

Hsinchu Science Park,

Taiwan

(Address of Principal Executive Offices)

(Indicate bycheck mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form20-FForm40-F

(Indicate by check markwhether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

YesNo

(If Yes is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82:.)

SIGNATURES

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

TaiwanSemiconductorManufacturingCompanyLtd.

Date: July19, 2012

By

/s/ Lora Ho

Lora Ho

SeniorVicePresident&ChiefFinancialOfficer

2012 Second Quarter Earnings Conference

July19, 2012

2012 TSMC, Ltd

Open InnovationPlatform

Agenda

TSMC Property

Welcome

2Q12 Financial Results and 3Q12 Outlook CEO Message

Q&A

Elizabeth Sun Lora Ho Morris Chang Morris Chang / Lora Ho

2012 TSMC, Ltd

Open InnovationPlatform

Safe Harbor Notice

TSMC Property

TSMCs statements of its current expectations are forward-looking statements subject to significant risks anduncertainties and actual results may differ materially from those contained in the forward-looking statements.

Information as to those factors that could cause actual results to vary can be found in TSMCs Annual Report on Form20-F filed with the United States Securities and Exchange Commission (the SEC) on April13, 2012 and such other documents as TSMC may file with, or submit to, the SEC from time to time.

Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of newinformation, future events, or otherwise.

2012 TSMC, Ltd

Open Innovation Platform

Income Statements

TSMC Property

Selected Items from Income Statements 2Q12 2Q12 Guidance 1Q12 2Q11 2Q12 over 1Q12 2Q12 over 2Q11

(In NT billions)

Net Sales 128.06 126 - 128 105.51 110.51 +21.4% +15.9%

Gross Margin 48.6% 47% - 49% 47.7% 46.0% +0.9 ppt +2.6 ppts

Operating Expenses (15.54)(14.92)(12.99) +4.2% +19.7%

Operating Margin 36.5% 34.5% - 36.5% 33.6% 34.3% +2.9 ppts +2.2 ppts

Non-Operating Items (0.79) 0.22 1.19 -464.8% -166.3%

Net Income 41.81 33.47 35.95 +24.9% 16.3%

NetMargin 32.7% 31.7% 32.5% +1.0 ppts +0.2 ppt

EPS (NT Dollar) 1.61 1.29 1.39 +24.9% 16.3%

ROE 26.0% 20.8% 24.5% +5.2 ppts +1.5 ppts

Shipment (Kpcs, 8-equiv. Wafer) 3,701 2,919 3,291 +26.8% 12.5%

Average Exchange RateNTD/USD 29.60 29.71 28.86 -0.3% +2.6%

2012 TSMC, Ltd

Open InnovationPlatform

2Q12 Revenue by Application

TSMC Property

Industrial/Standard 22%

Consumer 9%

Computer 21%

Communication 48%

Communication

QoQ +27%

1Q12 2Q12

Revenue (NT$B)

0 50

Computer

QoQ +20%

1Q12 2Q12

Revenue (NT$B)

0 50

Consumer

QoQ +9%

1Q12 2Q12

Revenue (NT$B)

0 50

Industrial/Standard

QoQ +39%

1Q12 2Q12

Revenue (NT$B)

0 50

2012 TSMC, Ltd

Open Innovation Platform

2Q12 Revenue by Technology

TSMC Property

0.25/0.35um6%

0.5um+ 2%

28nm 7%

0.15/0.18um 15%

0.11/0.13um 6%

90nm 10%

65nm 26%

40/45nm 28%

65nm and below revenue

Revenue (NT$B)

1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12

0 10 20 30 4050 60 70

0% 10% 20% 30% 40% 50% 60% 70%

% of Sales

28nm Rev (NT$B) 40nm Rev (NT$B) 65nm Rev (NT$B)

65nm and below combined as % of Sales

2012 TSMC, Ltd

Open InnovationPlatform

Balance Sheets& Key Indices

TSMCProperty

Selected Items from Balance Sheets 2Q12 1Q12 2Q11

(In NT billions) Amount% Amount% Amount%

Cash& Marketable Securities 188.37 21.3% 180.65 21.7% 159.13 20.3%

Accounts Receivable - Trade 54.94 6.2% 48.02 5.8% 46.19 5.9%

Inventory 30.78 3.5% 27.76 3.3% 31.52 4.0%

Long-Term Investment 28.16 3.2% 29.84 3.6% 34.84 4.4%

Net PP&E 548.15 62.0% 509.92 61.3% 477.89 61.0%

Total Assets 883.91 100.0% 831.89 100.0% 783.82 100.0%

Current Liabilities 211.85 23.9% 126.20 15.2% 205.49 26.2%

Long-Term Interest-bearing Debt 37.28 4.2% 37.30 4.5% 5.19 0.7%

Total Liabilities 253.85 28.7% 168.31 20.2% 215.46 27.5%

Total Shareholders Equity 630.06 71.3% 663.58 79.8% 568.36 72.5%

Key Indices

A/R Turnover Days 37 39 39

Inventory TurnoverDays 44 47 53

Current Ratio (x)1.3 2.1 1.2

Asset Productivity (x)(1)1.0 0.8 1.0

(1) Asset productivity = Annualized net sales / Average net fixed assets.

2012 TSMC, Ltd

Open InnovationPlatform

Cash Flows

TSMC Property

(In NT billions) 2Q12 1Q12 2Q11

Beginning Balance 170.82 143.47 129.45

Cash fromoperating activities 69.97 57.05 63.06

Capital expenditures (59.47)(48.57)(64.88)

Short-term loans (3.92) 8.76(1.04)

Proceeds from issuance of bonds 0.00 17.00 0.00

Repayment of bonds payable 0.00(4.50) 0.00

Investments and others 1.04(2.39) 24.39

EndingBalance 178.44 170.82 150.98

Free Cash Flow 10.50 8.48(1.82)

2012 TSMC, Ltd

Open Innovation Platform

Installed Capacity

2012 Overall Capacity +14%;12-inch Capacity +21%

TSMC Property

FAB / (Wafer size) 4Q11 2011 1Q12 2Q12 3Q12 4Q12 2012

(A)(A)(A)(A)(F)(F)(F)

Fab-2( 6)(1)255 1,000 253 247 256 256 1,012

Fab-3( 8) 304 1,184 298 300 304 306 1,208

Fab-5( 8) 136 547 145 146 148 148 587

Fab-6( 8) 286 1,128 298 296 298 298 1,191

Fab-8( 8) 255 1,003 262 263 266 266 1,057

Fab-12( 12) (2)337 1,334 373 367 378 382 1,500

Fab-14( 12) (2)504 1,927 549 546 563 552 2,210

Fab-15( 12) (2)0 0 0 18 69 135 222

WaferTech( 8) 107 429 110 111 112 112 444

TSMC China( 8) 230 772 222 230 232 236 921

TSMC& Subsidiaries 3,352 12,963 3,553 3,579 3,776 3,915 14,823

(8 Equivalent Kpcs)

SSMC( 8) 65 258 64 64 65 65 258

TotalTSMC-managed 3,417 13,221 3,616 3,643 3,841 3,980 15,080

(8 Equivalent Kpcs)

(1) Figures represent number of 6 wafers. Conversion to 8-equivalent wafers is obtained by dividing thisnumber by 1.78.

(2) Figures represent number of 12 wafers. Conversion to 8-equivalent wafers isobtained by multiplying this number by 2.25.

2012 TSMC, Ltd

Open Innovation Platform

3Q12 Guidance

TSMC Property

Based on our current business outlook and exchange rate assumption, management expects:

Revenue to be between NT$ 136 billion and NT$ 138 billion, at a forecast exchange rate of 29.76 NT dollars to 1 US dollar

Gross profit margin to be between 46% and 48%

Operating profit margin to be between 34% and 36%

2012 TSMC, Ltd

Open Innovation Platform

TSMC Property

http://www.tsmc.com

invest@tsmc.com

2012 TSMC, Ltd

Open InnovationPlatform

GRAPHIC2g382388g07a17.jpgGRAPHIC

begin 644 g382388g07a17.jpgM_]C_X0`817AI9@``24DJ``@``````````````/_L`!%$=6-K>0`!``0```!DM``#_X00M:'1T&UL.FQA;F8OOZU+,ZJVXH`;@HH-"AV"'TJA,Q*GC&L;N(]Q1`0('FM^E4!D_4)>XJ:VWB;N&U5*F!C.P!?:\4>RGB2MB)1$HB41*(E$2B)1$HB:AYP^G2J]H5Q$Y`[3%#W3`'V:\J%[PN\!3O$_V9//M\(O9].O4X'^`^XN1?7XD`3@'#U`$W$>SL`>V@!.X%0.JX?M*F=?6#!5\\`'CD8-W]\IQ*!GEMP$4(&K^Q%XZ52=/@+%G4C0=.B%5!30Q!UI?76L>DMY;PMSW3+_`2D\,;R=S*WDK4$XXMV;K('E7#.,24+'&30YTC)G`_=$;F`=.81SW7Y!ZN>I1J#5US8\QC9+N6YNK6V#@(^>R0%L#9G100FM&WQMDEIMI+*!)F0GWA3`D*:)O$&$2"(%$']IN3_[OY/^2_\`V2?\A'3W_P#6M?0?^GMO_`,@KM,-TL;%E1+'=,[J2M"MTHA!`$K\SGHDE`V'(XOAR$YH0VG@+M`EW,60>T4%C&,)E=%`?VFY3_`+OY/^2__9)_R$=/?_UGT'_I[;_\@IEWNLA)M=ZU=W-TM^H9>#=NX?+KPEUW7FR:MR7+)VG$6+),+B@'$'[+N.%D[1@6[CWMR3AB[;-P(NBH!E.=_:;E/^[^3_DO_P!DG_(1T]__`%GT'_I[;_\`(+*>*ZN&M2(*,CX6$Z5^[R'AXEDVC8J)BK&GH^,C(YDB1NS81[!ICI%JR9-&Z94TDDR%(MF0H%*```!3^TW*?]W\G_`"7_`.R3_D(Z>_\`ZSZ"_P!/;?\`Y!7NP9U0KNROMDJU(U_=9&_CLKK#9.W$KVM#S&XL:2:5>2UG"T=IV^18#U+[F>GM$M:0O=5Z?ZH:$SZS%QQ^5.I+E>&LXY99S%HXQQ2'@?OIG5W,K=BVC^.M3[O43NV4U,^!.4/6*NB8G:&E?/CKY>,S/5FZML>.9)&88=FWBD;&P.;Y6OJPM^-I"^U/K>LVKHM)Z4B]+8^XN'@\FU@J`Z:9P[!N8P>G(^C&M"I)'D(M>TMWG7`W5NKCGG)[;Q[;*R;.7G$47*^.,#6&[TM=V4N&>R,/:73//A5V/FZFVD&T=F#=?/,=3OU"88QNNX(!MC^`CSL)_(4LV,H43Z.Y'V8Q*J4?A,W)!'B8*O?=7TD60WVMKIE'R'V:&HIL]M&29P\1^+:TC=21JQ/ZQ#J5S+C$=*;"3T8Q](W@!^Z=Q16D9I]ZSG2EI[)(W>M!:>LP9/F7O5*R=E*?QB_SM)V[NOO)^WQ&F5ZZ=4=5Z[TQH-EKO&=31RIAH(\PDN&PE#`(AP+H0H]M_ZTGH.PMCBKF^R.+P4V8O)61LYC"\&%M7EPJR&7Y4MAM:\/R>RNU=0=Z+I9ANK>/Q6$U%J^UTSC+>6:;E3\DB[D(C:U]);JVK[..,"MG&`9C7A-*U%U$\F9]W]7S8N0R[!,S8>NBUK9E;4GY&/L_(EV.;SBUWK9[`EDM5_DTMDS=2VCB\*B8P+F,1X)=2E(4!K>JF8U3U*R5KE6Z9O;&]@C+'N$1'3@]*GK5#J;`T*W]W?3.@N@F#OM/'7V&S&+NKED\3'W%I`VW>&ELO`M/;)JB;XLN`X0#'6A+B5[$-F4[=UR[3-N$S?\=-15[N\,8\)=C"XF+Z,GD;@9MVS'L949=A))(/VD@L\;'45(L0J@',.H:UW?H*>_N=%8J7*->W(FPA$H>"'%=\38Y3ICD)+MK3-;`X;CRY&,E:3NS3V\L#@?P'S2%OM@)6!6RMQ+=.CJ]&PM0/;M[HQQX%*=4-0XUK?0#Y^E?70X"ZV)W;9A&1C5M)DP9-R!P(@U:H$(0/(4H5]`[>WAM8&6MNT,MXV!C6C.>/`+X@S.$A8-$B"`F[MM(ZBIRE`RIQ-F'=QQ./L>F5M?VS&>V7DTSY7@>DXLE?$T$[Z-:P4&X%SB!5Q6MK^_-J3,Y?KY?86_DD.+Q5M:PVT9)X&-DMXIY'M;NXI))7%SJ5%OO`+/3H?8ULRMRNGWBZ[;>C&*-RY5E+XNR^YI)!'VE+2T=?-R6M%M7SPH"NHVA(.#00;HF-R(MZG,4H&44$VR>[OB!6@M)SL_D*(SW0[;9!`KICMGO#[IN^&[TEFT]NCS"Y:.%D7"C)KD&,75\ZL%)9/RI/`J6!6*^T%HG*L+,EA\7,UQJ>*UA)).\EW`"2?M#59&VYU$-\%M$;(Q^Y/)#A!H1%-NWF7[._3DI])^-/%_M@^CWZXQKSAK1EUQM=&9)[QD%P!!(Z0CB#HP7E6MOZB&V5AF?%5P;V;+RB2&M3'^`=O5ZX@VSKV2];0V-MBESY7NG:_MQ;1>23W.M\0DLFO)6QE)VY84T4W22_3DI])^-/%_M@^CWZ[-Q#5=0-2)@40XE^%Z*ON.P=Y?D/(MY=O]\1O\@[?+N6J-:=4].:1:^W#Q=Y@;!#&X'A.W;([:&T.]OK>)6*EYR1FWM'B'RPFT`2IHIZD01((Z\A$P'0>/:(ZB-;"LL?:V$7*MVT\).TD^,KCW4^KLYMJZ^]MS$I-!1L;:MC8VM:-;\)-2>TKIZKEBQWKA7JE+TA?-K.ETXWX;S8_,>2M(=4VW3:B^MG)-U`];N",K]O\\D_4QO8[-*%9]:9JWO81/;N#F$>$5'B(!-#XE%\34'*53[>WJ\="GM%6^J.OK/6$BHXZW@'B(]PV^W%/$4Y2>W%/$4YM2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%M/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4Y2>W%/$4YM2>W%0EGZ+_Y%;F7R3-OQ,FP`D6WM$HE^]Z*N3`/ZX5CAH0=/V(]QU;>9J.W[]Z[6M(D"BHD`4F4>U`_>.'2PD0;I`)U#%*`C4V*)\KPQ@JXJAOKVWQ]N^YN7!L3`2M233=_#[`J=B_6,Z+O1UQ'TIL%>'2!K>VYS*$3$.\ZY;N?HN?COM$RO+I+4NVQN=ODMW&O`XFA>SU'[_1)?FZ[IMK&=M-GF6KDPKN!L.5L:]K=>+H`#I!92#N*/(NVH_N=PJEV\"FU+Q[?4-J37WJ.@AF^4:#_#MP[U%!ELECC6RGDC'@!V?R35OGHNP2N>01X*E1&J-^&G'R;FN'N+(K;J7C'[+R*6)WA%'CWJ'WBNT2GHQ;3D>HE$?(H/=#_M`/6`7C5(_'7;-\;O-M^!9!;:RT_=`&@C5.Z)S=C@0?(KU%D(9QQ0R,>T]H(/P*)WHU#P!3O:'+YWH_1I3@3V@MIWH_1I3@3V@IWH_1I3@3VDK[WH^BG`GM)7SO1^C2G`GM)3O1^C2G`GM!3O1^MC2G`GM!3O1^C2G`GM!7WO#=NG#W*\X0O>>^E>Q2RT@U;%YG#IN@7CQ562('`M-1^$8.P*FLMII32-CG'Q`E4%UF\=8LYE[S70R8"GY?*8*N,.!R%PT86QCRD#B/FKXZJE7V19]UJ5MX:/(.O]@3[Q4.MS315;FT^E5XM],8V';+QRN\9H/A0N7`>VO5*.]UM9^[$NF)O-ZC5XIVSMCQ)*7%`,YR(A;PRE.&]@8OL`DMXLX25T70Z(8ID6;5@MLJHV8)/7YN0I$T#J*)D/66UG/=.I&W9VGL"QW-:CQ6#A,E[(!)0\+!M?M>)*4MEMFT^A'V#QN\+O'V;A0+;W5:L:2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB4M1*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)M1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(ME$2B)1$HB418K;NMEFV_?)C!UB?(OJW^5ZM`2IR^"NRRI9ZT,S-/69^C#V;:'M:3VM.\'^!68Z*U[MJKI]EAF-+73[>X]'C;OCE:TUX)8SZ+V^7:*GA()JOSINI+T%]XVRJ[,G7ECSM&%X9BVIV[+N%[6RI;KF(NVY6%H!&)R@RF1+5MQ!K.6Z6*T60=O1CB1I%$@^_M:*)B?3.9TCDL7*^6&-TF/:=CQ0FE*U5+G\OT>M2IK50R[RI\?F"H'6=K)Z\;#YOM*IAU'G[+YM>7#?[\GM\JJCEN6;)H/C3'TX:*$(8!]WU0U&I9Q5@[_)@>0E5D>OM6Q4/M;G4^^:T_8"MC!>,R4``3-CZ:?N_9GU&P>E#;.\SA\!7+X_2)0XLF1A\XFM7#7W@/I7G[N6I/RDGO?:47]L^=8VAM+0GPUD'P.4`;_E0_P5E_\`6_UU3!IRMS^_D]Y4CNM.HQNMK3_#^VI[,[H^?BM6O\`4+FP,NKFX[*J,:Z@U*)^-YYA\ANOSO7>1-?37^-V!L1W%OPGMR+\NRW%GG)'RXUU5N2:V0XE;)N(E,R([(%^@````?C^%!X_T%?W$0\8O(KVGMZ8HZ/P[.!_(14P?4OPD1ESZ\\F?[/04/(V;S)MZ0FTN%)KX_@)A,'T^'_B_]M+U%MY!FV](V;5M]'SD=$(_3\"C_IX(C_`.(6W?\`.C,MZ2]B49/XD1OH2_U2M_O\`\XM^\>1YSM.CHZ;^B]A&3`(C(_:1_\?]/P(6WD.F\RX:-%234=I,)@_;[#_L_[HMO(\YFVM]'KM4614Q$EZ>A&?WF1?W>AF+;OUW.IF6]'DE7A:7;L*EKW22ZG&G"JZFL9J3]Q\)X./&I9UAM>J,Y,N;4]%>VMPM"86@M@)^M9^ZN;7,5Z#Y+W$9KER6B2DR^TQL[/3_GC(_D]-R5^DE'Y6CA&I>+WPKZ-5Y?M.NBRHZ-6ISNNO_5VY%T:GQ@]S[12>=1.5S9D1^^QR#'V/0R(R/V?F"EGZ>I\M$-I8Z49&?[1LX"VO@\IHW?:2S.76MXO$HV%KE;EFSMM:?B1?E5N)P[/Z]]]?;\P@,)/+%V3[9I#FKBW;,?Y3J&/8M]'6S+;CO)`W>Z3/[_M`%X_J(7%A.K3WF-+FNYM?>;#BNW^SW_#GE//Q_S?`5/#EZS%GS=Y/*S]#(OV>AF9_8"Q([:;JF/+F"E1SH&HY=F-_#LW)VI)RDU"M322;6QT\QWOJ?5/DW1M5GHFJ:O@8NH1HHV[EZU&ZY-TBN&4DWQ;TGY=A?G7WMC][+;.ZSYIVEQC#;>;A>)3X495$>9E3+;(J%F-6.UCF-8]"@N+MF/F^@V#-!&7!GQLL;E+5,K3KNI6;4^X@TJEUJ1M-WG5;*H!+X0_SCF*RTH2HOQ>K.,Q367[>2&?:Z_1#S['^!'"\S[I'MQ*6FUB9>E78K=LDO],JJ#YGO&5:)6F]TCE-8E;1&:_Y;54IOYA+23:3-I$97M!)"Q5M[YF%W=4:W$H,G-;'',D\>KG^!:M>TC,_L&;'K+T^;H\M_`K3;ZMSU=!R%NCF$I#0%TV.]K;:KU";20E&Z/+:*6D>1V\WS3;Q(AG8)K7NOJ%RHDH7MMKEZMKSFC+ZQXJ:U4JSJZ6F'IM:V%OYC9F5/K5#K!I4E9K\+$0B3U_)*`V1!M)N0%?>4[5`-J#1/D)X:+LES.U)OVC3?&RO14_+7+9-?ZAO7O'RS^2,GE#Y?6ZRJ5;F;8==\AZ@VK8`%@C[DPGVT;-U:PQ"IR)JQKULB_,HJB":1_?1]PM"R#BK]09XI>9.\HGCKI7D@=3:%J?K1FOXV]Z]O\`KB)V3()*+)$CJ18+G7HBM)DI5\H@8K1BLJV?/5`]M!%13\&`8R]R_4GZWUWYLH;A9+;#J]2X;:M;W?5FXM+BUU?L"?OUEY5(NI.EL]8XB!M)+/'M.?-6,5\P,K(O"I-VKM=99=`B@$EKM.\\_"-03UC6Z'#W%V[9J+'580;A4BY"I.D2FM`I#?M972A7GCQK.W6C;ENM_-?AOSBJ9=0PJMO>6*]FNL!'S/(+M7DQ1]L4^)L,M.)`\1:QR-*[2:/5'O=(=X&-*D05\C/I+>3,O.MIAGK:U^3:K3.ME4)CWA!6H-6VO8&;>1)U0[58H;E$/VQS)B*8R#5W_K]^`;('F)XVDUK],G$0M_%K6D%4DHS0W"M[N177=4C8>QV?45:-3K!9WEG?0C-&7G8]C:90LY+*N5%@!M,SYTN(E.X.(&/SRB\DO$-??ION/^H=`V/C[/[S4IO&6)T9JBC%J[K>]"W!#RM-+#=3^U5B+2-=JU*KPJ5B:SDC())HS3U\02K.3NFYS@35Y!*!?JSR"^D%K/(M*"06W61[J*M[M)9(MFZL$I:8:7X:1K#JNCW&X\A(Z'T74K.]JM>L=DE&&Q-NM*R47JN'DC-)"2?-8=^@HX;Q1#*`U4*7_`+Q^JO\`M^X+4N`:N7E[U?KNM?2]>&%2O4NMPCF0N'&>:>/HN'8LI!>6V5QXVK9[[(*/FMZ";H[JVV%;YQ\83"+AP4AS]3$((`9&_,WKJAZR\Q/TT100F&WOMDEIMI+*!)F0GWA3`D*:)O.#")!$"B#_F;D_P#Z?R?^*_\`[I/_M`"$TV@:C[/;1%]MT1*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41=9Z]9QK-W(R+MLPCV#9M=Z_?O5TFK-DS:I'7=.W;IYG!&P6Y4MU>MQN_E-G^6MN^-KCQSD3:E$8ZP8TO^:L&^KVD;DFV63;!N*QI?DD;@6:HKJRC]MZ\2!!`%4W)%9-CW%&YWHX86VU;T*X/+F85+AS'DM6[)0V2L1[KI2$;OKDNJS)NTW(-6"#=-"*=-BH"DJH5RX0(KXVX6Z;7DX&W;^F(VT%BM'"")8^+?2!G";,Y44T:(KM37^Z7JPLMA?5%W$CU/DND7O,N3;]B5DCC+$19'/+."S1:EJS$UN*FW=K/M7EW-QMV[6Y8Q@CW3=LJDN#GSLITNY(MQ#,NYI6S>FQQ\>7%?L5ECM;#9]J.7M^67BJ2UG-&6;$67!?-V^GJ,]5;+^U7%V].\-B^+-HNT#;GF^/8X>L?']US&6\Q9M^L2S+^3G+U3R-#S2=Q8QL]6ZPCG4,`D0FR77D&[M9MNC/B?OA,4IR$6YAU,,CY#V_=-/>EE/%UYS%O9/Q%M.R_=MCW]W)=2B,DR(X,"C8R!U==4^7R:(M6#(>\7J>;6>E3M"W;7-OBS!MG#._58O+:%AFV"0V$L=S2>U6V;ZMR];EG[DPICZ-9LV>2LXW[:CMVLS#6?[M'W'6K)0!G>#;C.E#N;9NVULG/%Q\T=/F)G#>-(Z*@!1)ST1=39SU:MR/4PW"M=*K$V%\EW)93+%.UF^]TG550M>"@1E+BO#&4VKA^)PW-(RL&N-K*WSE>S%9%M>/:"T=G@KD143,7N0$I%CJPEU2^KON!L&`ZA6&7F_P!RK?MP;E9!)IM%LS:+M:LOT\Y#;?$7NYM:6Q-%9:01"[E,K1T2T4,:=[[TB$@06Q@%4!5MW]@ZZ+62066Q'>$JW"&+&N!5:M".T%`M.JJHD*1%MT41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$MHB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$M2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB41*(E$2B)1$HB4M1*(E$2B)1$HBMPW51;6Z\-73CBT-N@33NMXJA1_N8UH5RH]9V?*#QJE6_GK/MT,?DU\+_`)49H^&.^*^BSL__M`,JEG]';[/C6#'J8_*[96_(?"WY@1=:$=N?U@N_D8OF8U1\M^T/M@'OIFG]7#G[P/]SKRTT)ZT,^4'C5`A_:*H>UWY"'=Y\;2`^%+;!7T.]E[^6(M^NO^9@5Z8_Z/_:*W`*V+4ZE$2B)1$HB41*(E$2B)1$HB41*(E$2B+6/^'K0!QUX75X:>;05[H4R,][%VV;;73WA\4VJWL^3V"S-W7M_"2,I)>G6&1%L73:T59R61)6$F9=^E;#.Y"B5XX9*+.O-P`Y2B4(?,ENM/@N]WBO+%AWE!/%W*$,QRM!6[+STKCB904*C(P:A4FRIN\6+RJ*#I,8?5N,LMV2PY2PBNH9)`]IXNKD:X`BG6!KB6$&A;0#I%"IK`ZXP]A'/;YK&0WMO+*)&GMCZJ5C@"*"5K7.+'`T+*`=(H5=\:^.KEPM%,+=Q[&,;FCX&XWT[;(6S"L64F11)NY>`@HH"B8KB!+_T3S\U/MH/54VL=//DM,ZZ=DL4MO)U3HW,;P!KJLD9+&^.DOO?/"W7;/3PM5:*G5KM]=ESP>68?,F+&Y,LOWL01D6)J\;N#H-B.5Q:MD$$C',8AAX!5?`'`),8'_BFP?RHW_N,G`+\6S?%1_I>'ODZ=FUM7^DD>(Q[P#(B/4#J:X^D)D#`F0]>'SK:B!M6)M(R[426G5888*C:WDN'M6T;M.>:R4IL!D=.V/V^6(NCGL"JC=FUCXL)95,AG9@Z=H@3%V(TZR5L]K-@'#>4LMY0C[*6*LWZY9RO\`EJ,QHG#0F2+#@NYEMLNVBL?QM@;MJ8E4:,HI9:ZI4KO3[U1_GRM/9.!LL&*?8NS?MG;)RW(HFM(]1Z`8R+MZ)^>Y+'.MN,*9NY124_#63@?8#KS4FG?TP:C^\++[!IT,WE_9Q;M,?.W5'X1.9+N;;.>8X`X`X!;W+5)E\DXOR#CZO9!M6)Y^Y5*9KT'DZCBR^E]M`F)!J9.-M=?)))+Q[A_$/`(IY*Q?+73`R0B7O[B@88;KZ-V2]AXS82Z[>:'B?&M#F4IF*_J3QC#TO"L,Y85(7=79V2V2\S;+')+^\S,FHZZID$R+1(B9A#@$*+CMZ,%PNCS7VV3&>Z5)92A[59\C;29(G,?SYN**P&?==7SEUENTI/-545["_7*PI0,C6[%]CB+]46Q%Q49[1;M)1F6[OLNP6,\05V!CI-S.4O8?8FKR>,IO8"4,H^M:1#O@$7^`.`.`M.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`.`M.`.`.`.`.`.`.`.`.`9\1,9T&JWO(F4LZXNU]I;C)$S(5O$%$GLHNI-NTOV7;#%"F^B:M-"C%BFJP1H24':K_KS@O/MXPS8M&J_MC)S'`;:M-]-_=KT]P]FJ10YO%^`&%4Q5&X3PEKQ3;604;L\H]$8SUF?2U[NKM43MWLT]=@M\DLHV$BA`0,B!G[070D-'K%N_/!E$V2O\`.1NIEO;X6IJ@6J?TM^'*1(JVY+K4_.&'L8/L"W)O)87K.::IDS"DMM=EKQ*5A2+L,]!E@)-Q(O7!#.@*Y,(&1.D+=1#N5`W&\`T2ZR^&JVX"O6\&-M;5M4.9O'+NU+;!7.T:6VO#-=C9JKY`V+D8A2USC#.\;8#6EPRB()BNP9MTF;M4G15)ST(\0]]0##+#PZ^1BMX2'T.-`K8ZB8Q_K/2Y7;*M8+79GBMS87AL_?JYFQ*P1@#C&-YL8K77)^IOCAUZUH\9-PREMA.T8GS!KKC3$T!C*G.,AV/(U=?VE2"M]6O\`8%&3B/I=H_(Q%=NQ_B^F5J@4J#37*-HUBF4ZMRRAUEC@)SF,:@4M7&Z>;:#6H:^U/)&.MOFE9!I2#DKM4BI:MCB'](%0+#A5\A,[V%V_6_ZC5,^%Y\I\K]/^E)>WW>Y\P;IV%7'/3P_5(_Q1,N'K(JJ=6ZE39Q3'F"T;JHG@1=6RMZ:=>GAIU]P$:ONX(F"QZD+PK(O\`@?VQ%2:[`I2CV,Y^[]+_`*MB_P"!_;$>M>?I)O$GZ6/N_2_ZMB_X']L.>?I'B3]+'W?I?]6Q?\#^V'/+TCQ)^EC[OTO\`MJV+_`(']L.>?I'B3]+(J*:J1IVU\4M/#5I)_^%J)6Z]I+)N7:3'R$'_HOKH3)K2V3DF9*6])?!*,G]Q$;Y$OYI?G_`)13M^(]9=+2%^:OND=,`NA]G3W]I?PZ"F\CUEY#1TVGR\/83"81F?U5&?Y?Y!3>0MJ%[;TB3E1IMD=,`]/J>WVE_=%-Y/K+R&BNG&/>1T0?9VZ>WH6A"F\CUEW;T=MTHHT]A'3`\#TZ_@_D(4WDEW#17P=.),%!+^:?3Z-!3>1ZR^CHZ;^B^!&3`(CM(^TC_A_#X$*;R'3M+N&C14DU'B3"8/M[#_)_=%-Y'K+VWH]>*BR*F(DNG0C/MWF1?FZ&8IN_7L=2\MZ/)*O*TN_@7+6X3D]NDEU.,Y!:HZ:*KJ:QFI/N/1.AQMXSA'J?TBM;LYM_\`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`%G6')38.K,_G]V\M'B&1Z*)Z[C_D(B6?4`6I81>=O-ARS,R+MC35OKU/P^JT9=0!:\SG7QMS8,R@Y98Y`9:Z)QZDF62E_0GRS;[C(`4YOG1M;*;-VJP7>^Z(C-*$U6VDZ0;MGL+L[Y[?-'(NR):24AV=@JJ=A1&9^+KLF22=/>9>M``Z_UDM[9A$=5Q+SKRS,^U^XRN!4DG7H1N-+HWU%X]2[N@F2;["#BY=CH05[MR\K)A_Z/X]8E5(5T2Y>[G-&Y]!G'8HV35H7B1*(Q'DD1CX7T937,0?OKS0GDMOY?%-C*37_)JE6UYPBT;GU\>"-$G3$MJ=SKM2>Q+9JPS'FWX%O[]B1M@S)/7?\`4$N5.'`SC!,4:4DTI30X9%(FC,NALKM9%GJ:?9KJ,+>ZW[WO\,?XM:#_>IO[[9TG2/LM/*OIDE+4'K&,]1C93S)37BWKUR3?^$DU_51M6-+M:VFVW#`PL#'5."ACV5]Z!3GIEMZL6S;\."45_BX*)P=RRR>B$)1H9Z]I=I^/N+0BZB#P9\SHF23W;C]C;^5_?]M?I.?MQ/CWFHM/#77K_&)XX,Z[+2?NSHCHJ\3T/S"07N5H>NI>!:^`KM6\!NOL+.6[K2=?$5"6^V^Y)GWEJ1GVZJZ:_@(R$9Z?)]D)5XDM/UCA_B3_(8K_5UOO+2[O6/%J9DI?X3,O#3VD1:$(?5R[NPI?MC;E%-SHCJN_1[7->I&70B_@/KU$/J^2M^B49;PBOHW/NG4[U)F1&KN+J>G=[2\-!-'3YM\2VEO)157.J(9WA:*[M25H>MADHNFI&6O4NHJ?5LNVA:RWK"M$R$F\7IIYBS+V=$_P`@GAIG,O44Y;SKVW/NMG7[=46JCI=#TI`#CYJ+XE)8/4M?\NC3IX_I=/$`2RKM>K2KM59UJ5%]9*ITJLDIDD1EXZ]TTB+0`4Y>ZFV*->[XXF>C65Y5)MT+_S7:K=:2G7^;JUA:B[OQB(HO3]\E%\V]DU*2B&WN=.6H]>V/L_N@WV-GKHM\I4G$F4]AI,C\=?H$*+UD>5]RDR37S8V]-2DPL$WKLB+7L7%VHS,B=(O!2$OM4[*B)1^\B(/>78JCEEV\LB!_7/IW$ZQ=D]_)&JTH1KM_,B&M2E$DBTFN1S21MF?MT"LN^(49^A_*[MHQ&1NK=5^;E>U+,N-][N25?DKP]!T#3>@_ERT6,8Z9L_;UN4.SEP[+[Z_259'8I-/ZWYJ\LY)+[M/KD\YU,8^YJFL7W7(RLE_U\OQFMXXVU.FNGKEPMOZ18BNRF+:CV=E/=+7DV#3I:N/>EJU!MTN/F]IU^9F&I2T&T:3+12B>26B2+5/3N(RT[C\!?+2G)5H8![_M*L>=UKZ23M59NFE:NXM&^BS)6JEGW=34>O7H)OJJ2[4F6]W?-FZDI7'1>LD7;KIJE?7M+VMZ>TNG0N@J1P+L>"X1*+WM;4'&%Q\>ZO`@KNR[5$;FAZ>QPRZGXB+TVO;&K+*M6]7W27SD)R[TU[5=IG_?:=Q%[Q%X$I?2C7Y"UEO*2_*I\I`^V5Z?71VGU[35M[?#7Z=1&.F_O5\Q;RWS*"SG(:ZPQ_B=C*,MA7CUWY%U63*.1A=69.%4LX_3M,N*DMQTH[FT*[S,^HR6L_%8V!F3U&1SM4S5BY]^,YNY#/MMPC*-.6"F_=HU5IU[ZU2M1YDQ]R-QH:IRXFX>?1'+-Q;]HY%S;*(RK1]V*=>^]9^1:MIL7GZT_E5J>):CMC_J]>WH-8CF9D*)7;E*\57M]OM['ZCL-W2=*O1C&[BXTE;)M?1LK"MW[]J4[]YJCA3W:SKF'7O-*6QDY]/-JQU*WMC35]69_%04)@KEUNS?E#E9AO?GBML'LIG+V-TF#\L=^(.[MV\.\>VVRJ-H)^'V&6;;5&V&UFV&!2,DB0J8&`H'MGUQU)L3?-JTYUUJ\YM/U"MMI[IU5V"O/:26SID^W=?MWVS5^+J5^LNA]Z[7T.]VG5(--PA!U_:1-7VFNMKNWA&;M5LR=.B?63-HH9NBMZ31X3`"S-O\`3EUI8]VZ8L];>3FGM)Z/ZE7?K32J'H?8.P=,6N)2N.Q:I97CM)"P423C#OJ%+5.%=LY-L[KKC8([1H4_J_:%[U%