-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TfU2encDvUaeTiy93Uv2YaWxKH/DepREGTN3jz/bHBDCO0ZbJ1mhQ2O+1pvXLMtv
 ja24BJb7QjyJV70WXwhY0Q==

<SEC-DOCUMENT>0000080420-04-000011.txt : 20040116
<SEC-HEADER>0000080420-04-000011.hdr.sgml : 20040116
<ACCEPTANCE-DATETIME>20040116163611
ACCESSION NUMBER:		0000080420-04-000011
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040305
FILED AS OF DATE:		20040116
EFFECTIVENESS DATE:		20040116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000080420
		STANDARD INDUSTRIAL CLASSIFICATION:	SWITCHGEAR & SWITCHBOARD APPARATUS [3613]
		IRS NUMBER:				880106100
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12488
		FILM NUMBER:		04530061

	BUSINESS ADDRESS:	
		STREET 1:		8550 MOSLEY DR
		STREET 2:		POST OFFICE BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075
		BUSINESS PHONE:		7139446900

	MAIL ADDRESS:	
		STREET 1:		8550 MOSLEY DRIVE P O BOX 12818
		STREET 2:		8550 MOSLEY DRIVE P O BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROCESS SYSTEMS INC
		DATE OF NAME CHANGE:	19780926
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>form2004_proxy.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>2004 Proxy Statement</TITLE>
</HEAD>
<BODY>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>POWELL INDUSTRIES, INC. <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
8550 Mosley Drive <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
Houston, Texas 77075 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTICE OF ANNUAL
MEETING OF STOCKHOLDERS <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
to be Held March 5,
2004 </FONT></H1><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the Stockholders of
Powell Industries, Inc.: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice
is hereby given that the Annual Meeting of the Stockholders of Powell Industries, Inc., a
Nevada corporation (the &#147;Company&#148;), will be held at the offices of the Company
at 8550 Mosley Drive, in Houston, Texas on Friday, March 5, 2004 at 11:00 a.m. Houston
time, for the following purposes: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          To elect two (2) members of the Company&#146;s Board of Directors, with terms to
          expire in 2007; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          To approve a proposal to change the state of incorporation of the Company from
          Nevada to Delaware by merging the Company into a wholly owned subsidiary of the
          Company that is incorporated under the laws of Delaware (referred to in the
          accompanying proxy statement as the Reincorporation Proposal); and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
          <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          To transact such other business as may properly come before the meeting or any
          adjournment thereof. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed reincorporation of the Company would result in certain changes to the
Company&#146;s articles of incorporation and bylaws, as more fully described in the
accompanying proxy statement. The stock transfer books will not be closed. Stockholders of
record as of the close of business on January 9, 2004 are entitled to notice of, and to
vote at, the Annual Meeting or any adjournment thereof, notwithstanding any transfer of
stock on the books of the Company after such record date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the meeting in person. YOU ARE URGED TO COMPLETE, DATE AND
SIGN THE ENCLOSED PROXY AND TO RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE, WHETHER OR NOT
YOU PLAN TO ATTEND THE MEETING. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By Order of the Board of Directors<BR>
<BR>
<BR>
<BR>
<u>&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;    THOMAS W. POWELL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Thomas W. Powell<BR>
Chairman and Chief Executive Officer
</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Houston, Texas<BR>January 15,
2004 </FONT></P>

<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>POWELL INDUSTRIES, INC. </font><BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>8550 Mosley Drive <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
Houston, Texas 77075 <BR>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     _________________ <BR><BR></font>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<FONT FACE="Times New Roman, Times, Serif" SIZE=3>PROXY STATEMENT <BR></font>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>January 15, 2004 <BR>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     _________________ <BR><BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
Annual Meeting of
Stockholders <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Default" -->
March 5, 2004 <BR>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     _________________ <BR><BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
SOLICITATION AND
VOTING RIGHTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying proxy is solicited by the Board of Directors of Powell Industries, Inc., a
Nevada corporation (the &#147;Company&#148;), for use at the Annual Meeting of
Stockholders of the Company to be held on Friday, March 5, 2004 at 11:00 a.m., Houston
time, at the offices of the Company at 8550 Mosley Drive, in Houston, Texas, or at any
adjournment thereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Proxy Statement and proxy and the accompanying Notice of Annual Meeting, Annual Report to
Stockholders and Form&nbsp;10-K for the year ended October 31, 2003, including
consolidated financial statements, will be mailed to stockholders on or about January 22,
2004. The cost of soliciting proxies in the enclosed form will be borne by the Company.
The Board of Directors of the Company has fixed January 9, 2004, as the record date for
determination of stockholders entitled to receive notice of and to vote at the Annual
Meeting. As of January 9, 2004, there were 10,653,946 shares of the Company&#146;s Common
Stock, par value $.01 per share (&#147;Common Stock&#148;), outstanding. Each holder of
Common Stock will be entitled to one vote for each share owned, except as noted below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
presence, in person or by proxy, of the holders of a majority of the outstanding shares of
Common Stock of the Company is necessary to constitute a quorum at the meeting. The
holders of shares represented by proxies reflecting abstentions or &#147;broker
non-votes&#148; are considered present at the meeting and count toward a quorum. Brokers
holding shares of record for their customers generally are not entitled to vote on certain
matters unless they receive voting instructions from their customers. When brokers
complete proxy forms, they generally vote on those matters as to which they are entitled
to vote. On those matters as to which brokers are not entitled to vote without
instructions from their customers and have not received such instructions, brokers
generally indicate on their proxies that they lack voting authority as to those matters.
As to those matters, such indications are called &#147;broker non-votes.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
persons receiving the greatest number of votes cast at the meeting to fill the
directorships with terms to expire in 2007 will be elected as directors of the Company,
class of 2007. Thus, abstentions and broker non-votes will have no effect on the election
of directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
approval of the Reincorporation Proposal requires the vote of a majority of the total
voting power represented by outstanding shares of the Common Stock. Broker non-votes,
which will be counted for purposes of determining a quorum, and abstentions, will have the
effect of votes against the Reincorporation Proposal. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2></font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regarding
other matters, the vote of a majority of the voting power present, in person or by proxy,
and entitled to vote on the matters, at a meeting at which a quorum is present, is the act
of the stockholders. Accordingly, abstentions will have the effect of negative votes with
respect to any such other matters. Broker non-votes will have the effect of negative votes
as to any such other matters as to which the broker is entitled to vote, and no effect on
those matters as to which the broker is not entitled to vote. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares represented by each valid proxy received by the Company on the form solicited by
the Board of Directors will be voted in accordance with instructions specified on the
proxy. Under Nevada law, a stockholder giving a duly executed proxy may revoke it before
it is exercised only by filing with or transmitting to the Secretary of the Company an
instrument or transmission revoking it, or a duly executed proxy bearing a later date. </FONT></P>
<BR>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL NO. 1 <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
ELECTION OF DIRECTORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of two directors expire in 2004 under the bylaws of the Company. The terms of the
remaining directors continue after the Annual Meeting. The Nominating Committee has
nominated Joseph L. Becherer and Thomas W. Powell for election as directors with terms to
expire in 2007. Mr. Becherer and Mr. Powell currently serve as directors of the Company
with terms expiring in 2004. Although the Board of Directors does not contemplate that any
nominee will be unable to serve, if such a situation arises prior to the Annual Meeting,
the persons named in the enclosed form of proxy will vote in accordance with their best
judgment for a substitute nominee. </FONT></P>
<BR>
<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSAL NO. 2 <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
APPROVAL OF
REINCORPORATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has unanimously approved the reincorporation of the Company in
Delaware. Through the reincorporation, the state of incorporation of Powell Industries,
Inc. would be changed from Nevada to Delaware. To accomplish the reincorporation, the
Board of Directors has unanimously adopted an Agreement and Plan of Merger. The Agreement
and Plan of Merger provides for the merger of the Company into Powell Industries
(Delaware), Inc., a wholly owned subsidiary of the Company that has recently been formed
pursuant to the Delaware General Corporation Law for this purpose. The name of the Company
after the merger will remain &#147;Powell Industries, Inc.&#148; To maintain clarity in
discussing the Reincorporation Proposal, the Company before the merger is sometimes
referred to as &#147;Powell Nevada&#148; and the Company after the merger is sometimes
referred to as &#147;Powell Delaware.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s corporate affairs are presently governed by the corporate law of Nevada,
the Company&#146;s state of incorporation, the Powell Nevada Articles of Incorporation and
the Powell Nevada bylaws. These documents are available for inspection during business
hours at the principal executive offices of the Company. In addition, copies may be
obtained by writing to the Company at Powell Industries, Inc., 8550 Mosley Drive, Houston,
Texas 77075, Attention: Don R. Madison, Chief Financial Officer. If the Reincorporation
Proposal is approved by the stockholders and the merger effected, the Company will be
governed by Delaware law and the certificate of incorporation and bylaws of Powell
Delaware. A discussion of the material similarities and differences in the rights of
stockholders of the Company before and after the merger appears below. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed reincorporation will not effect any change in the business or management of the
Company and will not change the name or the location of the principal executive offices of
the Company. At the effective time of the reincorporation, the same individuals who serve
as the directors and officers of Powell Nevada will become the officers and directors of
Powell Delaware. All employee benefit and stock option plans of Powell Nevada will become
Powell Delaware plans, and each option or right issued by such plans will automatically be
converted into an option or right to purchase the same number of shares of Powell Delaware
common stock, at the same price per share, upon the same terms and subject to the same
conditions. Stockholders should note that approval of the Reincorporation Proposal will
also constitute approval of these plans continuing as Powell Delaware plans. Other
employee benefit arrangements of Powell Nevada will also be continued by Powell Delaware
upon the terms and subject to the conditions currently in effect. The Company believes
that the Reincorporation Proposal will not affect any of its material contracts with any
third parties and that Powell Nevada&#146;s rights and obligations under such material
contractual arrangements will continue as rights and obligations of Powell Delaware. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Common Stock is listed on the NASDAQ National Market and will continue to be listed on the
NASDAQ National Market after the reincorporation. Following the merger, each share of
common stock of Powell Nevada will be automatically converted into one share of common
stock of Powell Delaware. Furthermore, each share of Powell Delaware common stock will
have the identical rights and restrictions as a corresponding share of Powell Nevada
common stock. Powell Nevada stock certificates will be deemed automatically to represent
an equal number of shares of Powell Delaware common stock. Following the reincorporation,
previously outstanding Powell Nevada stock certificates may be delivered in effecting
sales through a broker, or otherwise, of shares of Powell Delaware stock. <B>It will not
be necessary for you to exchange your existing stock certificates for stock certificates
of Powell Delaware.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
as described in the Agreement and Plan of Merger, the Board of Directors determines that
circumstances have arisen that make it inadvisable to proceed with the Reincorporation
Proposal under the original terms of the Merger Agreement, the merger (and thus the
proposed reincorporation) may be abandoned or the Merger Agreement may be amended by the
Board of Directors either before or after stockholder approval has been obtained (except
that the principal terms may not be amended without obtaining further stockholder
approval). The discussion below is qualified in its entirety by reference to the Agreement
and Plan of Merger, the Delaware Certificate of Incorporation and the Delaware Bylaws,
copies of which are attached to this Proxy Statement as Appendices&nbsp;A, B and C,
respectively, and by the applicable provisions of Nevada corporate law and Delaware
corporate law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE REINCORPORATION PROPOSAL. THE
EFFECT OF AN ABSTENTION IS THE SAME AS THAT OF A VOTE AGAINST THIS PROPOSAL. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reasons for the
Reincorporation Proposal </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
many years Delaware has followed a policy of encouraging incorporation in that state. To
advance that policy, Delaware has adopted comprehensive, modern and flexible corporate
laws that are updated and revised periodically to meet changing business needs. Delaware
courts have developed considerable expertise in dealing with corporate issues. In doing
so, Delaware courts have created a substantial body of case law construing Delaware law
and establishing public policies with respect to Delaware corporations. The Board of
Directors believes that this environment provides greater predictability with respect to
corporate legal affairs and allows a corporation to be managed more efficiently. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comparison of Charter
Documentation </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion summarizes the significant differences between the certificate of
incorporation and bylaws of Powell Delaware and the articles of incorporation and bylaws
of Powell Nevada. If the Reincorporation Proposal is approved and the merger accomplished,
the stockholders of the Company will become subject to the certificate of incorporation
and bylaws of Powell Delaware. The certificate of incorporation of Powell Delaware is
similar in all material respects to the articles of incorporation of Powell Nevada, and
the authorized capitalization of the Company remains at 30,000,000 shares of common stock
and 5,000,000 shares of preferred stock. No shares of preferred stock are currently
outstanding. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the Powell Nevada bylaws did not establish procedures for stockholder proposals or
nominations, the Powell Delaware bylaws set forth specific procedures to be followed for a
proposal or nomination by a stockholder to be considered at the annual meeting of
stockholders. These procedures require that the Company be notified of the stockholder
proposal or nomination not less than 90 nor more than 150 days before the anniversary date
of the annual meeting of stockholders for the immediately preceding year. The Powell
Delaware bylaws provide for seven directors, while the Powell Nevada bylaws provided for
nine; the Powell Delaware bylaws provide further that by resolution of the Board of
Directors the number of directors may be increased to no more than fifteen or decreased to
no fewer than three. Because Powell Delaware will have three classes of directors, as does
Powell Nevada, Delaware law requires, unless otherwise stated in the certificate of
incorporation, that a director may only be removed for cause. The Powell Delaware
certificate of incorporation does not state otherwise, and the Powell Delaware bylaws
provide that a director may only be removed for cause. The Powell Delaware bylaws also add
the position of chief operating officer to the officers of the Company to provide
additional flexibility and clarity to the management structure of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comparison of Delaware
and Nevada Corporate Laws </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion briefly summarizes the significant differences between the corporate
laws of Delaware and the corporate laws of Nevada and does not purport to be a complete
statement of such laws. If the Reincorporation Proposal is approved and the merger
accomplished, the Company will be governed by Delaware law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiduciary Duties of
Directors </b></i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
Delaware and Nevada law provide that the board of directors has the ultimate
responsibility for managing the business and affairs of a corporation. In discharging this
function, directors of Nevada and Delaware corporations owe fiduciary duties of care and
loyalty to the corporations they serve and the stockholders of those corporations. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to fiduciary duties, Nevada corporate law may provide broader discretion, and
increased protection from liability, to directors in exercising their fiduciary duties,
particularly in the context of a change in control. Delaware courts have held that the
directors of a Delaware corporation are required to exercise an informed business judgment
in performing their duties. An informed business judgment means that the directors have
informed themselves of all material information reasonably available to them. Delaware
courts have also imposed a heightened standard of conduct on directors in matters
involving a contest for control of the corporation. A director of a Nevada business
corporation must perform his or her duties as a director in good faith and with a view to
the interests of the corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
director of a Delaware corporation, in performing his or her duties, is protected in
relying, in good faith, upon the records of the corporation and upon such information,
opinions, reports or statements presented to the corporation by any of the
corporation&#146;s officers or employees, by a committee of the board of directors or by
any other person as to matters the director reasonably believes are within such other
person&#146;s professional or expert competence. Such other person must also have been
selected with reasonable care by or on behalf of the corporation. In performing his or her
duties, a director of a Nevada business corporation is entitled to rely, in good faith, on
information, opinions, reports, books of account or statements (including financial
statements and other financial data) prepared or presented by any of the
corporation&#146;s directors, officers or employees so long as the director reasonably
believes such persons to be reliable and competent in such matters; counsel, public
accountants, financial advisers, valuation advisers, investment bankers or other persons
as to matters which the director reasonably believes to be within the professional or
expert competence of such persons; and a duly designated committee of the board which the
director reasonably believes merits confidence and upon which the director does not serve,
but only as to matters within the committee&#146;s designated authority. A director of a
Nevada corporation is not considered to be acting in good faith if the director has
knowledge concerning the matter in question which would cause such reliance to be
unwarranted. </FONT></P>




<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware
corporate law does not contain any statutory provision permitting the board of directors,
committees of the board and individual directors, when discharging their duties, to
consider the interests of any constituencies other than the corporation or its
stockholders. Nevada corporate law, on the other hand, provides that in discharging their
duties, the board of directors, committees of the board and individual directors may, in
exercising their respective powers with a view to the interests of the corporation,
choose, to the extent they deem appropriate, to subordinate the interests of stockholders
to the interests of employees, suppliers, customers or creditors of the corporation or to
the interests of the communities served by the corporation. Furthermore, the officers and
directors may consider the long-term and short-term interests of the corporation and its
stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, directors of a Delaware corporation are presumed to have acted on
an informed basis, in good faith and in the honest belief that their actions were in the
best interest of the corporation. This presumption may be overcome, if a preponderance of
the evidence shows that the directors&#146; decision involved a breach of fiduciary duty
such as fraud, overreaching, lack of good faith, failure of the board to inform itself
properly or actions by the board to entrench itself in office. Delaware courts have
imposed a heightened standard of conduct upon directors of a Delaware corporation who take
any action designed to defeat a threatened change in control of the corporation. The
heightened standard has two elements: the board must demonstrate some basis for concluding
that a proper corporate purpose is served by implementation of any defensive measure and
that measure must be reasonable in relation to the perceived threat posed by the change in
control. Under Nevada corporate law, unless there is a breach of fiduciary duty or a lack
of good faith, any act of the board of directors, any committee of the board or any
individual director is presumed to be in the corporation&#146;s best interest. No higher
burden of proof or greater obligation to justify applies to any act relating to or
affecting an acquisition or a potential or proposed acquisition of control of the
corporation than to any other action. Nevada corporate law imposes a heightened standard
of conduct upon directors who take action to resist a change or potential change in
control of a corporation, if such action impedes the exercise of the stockholders&#146;
right to vote for or remove directors. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Takeover Laws</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;203
of the Delaware General Corporation Law contains certain &#147;anti-takeover&#148;
provisions that apply to a Delaware corporation, unless the corporation elects not to be
governed by such provisions in its certificate of incorporation or bylaws. Powell Delaware
has not elected to opt out of the provisions of Section&nbsp;203. Section&nbsp;203
prohibits a corporation from engaging in any &#147;business combination&#148; with any
person that owns 15% or more of its outstanding voting stock for a period of three years
following the time that such stockholder obtained ownership of more than 15% of the
outstanding voting stock of the corporation. A business combination includes any merger,
consolidation, or sale of substantially all of a corporation&#146;s assets. The three-year
waiting period does not apply, however, if any of the following conditions are met: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the board of directors of the corporation approved either the business combination or the
transaction which resulted in such stockholder owning more than 15% of such stock before
the stockholder obtained such ownership; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
after the transaction which resulted in the stockholder owning more than 15% of the
outstanding voting stock of the corporation is completed, such stockholder owns at least
85% of the voting stock of the corporation outstanding at the time that the transaction
commenced; or </FONT></TD>
</TR>
</TABLE>
<BR>




<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
at or after the time the stockholder obtains more than 15% of the outstanding voting stock
of the corporation, the business combination is approved by the board of directors and
authorized at an annual or special meeting of stockholders (and not by written consent) by
the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned
by the acquiring stockholder. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, Section&nbsp;203 does
not apply to any person who became the owner of more than 15% of a corporation&#146;s
stock if it was as a result of action taken solely by the corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada
corporate law contains certain &#147;anti-takeover&#148; provisions that apply to a Nevada
corporation, unless the corporation elects not to be governed by such provisions in its
articles of incorporation or bylaws. Powell Nevada did not elect to opt out of any of
these provisions. Nevada corporate law prohibits a corporation from engaging in any
&#147;business combination&#148; with any person that owns 10% or more of its outstanding
voting stock for a period of three years following the time that such stockholder obtained
ownership of more than 10% of the outstanding voting stock of the corporation. A business
combination includes any merger, consolidation, or sale of substantially all of a
corporation&#146;s assets. The three-year waiting period does not apply, however, if the
board of directors of the corporation approved either the business combination or the
transaction which resulted in such stockholder owning more than 10% of such stock before
the stockholder obtained such ownership. </FONT></P>

<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
a corporation may not engage in any business combination with an interested stockholder
after the expiration of three years from the date that such stockholder obtained such
ownership unless the combination meets all of the requirements of the corporation&#146;s
articles of incorporation, and: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
is approved by the affirmative vote of the holders of stock representing a majority of the
outstanding voting power not beneficially owned by the interested stockholder proposing
the combination at a meeting called for that purpose no earlier than three years after the
interested stockholder&#146;s date of acquiring shares; or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the form and amount of consideration to be received by stockholders (excluding the
interested stockholder) of the corporation satisfy certain tests and, with limited
exceptions, the interested stockholder has not become the beneficial owner of additional
voting shares of the corporation after becoming an interested stockholder and before the
business combination is consummated. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Nevada corporate law suspends the voting rights of the &#147;control
shares&#148; of a stockholder that acquires 20% or more of a corporation&#146;s shares
entitled to be voted in an election of directors. The voting rights of the control shares
generally remain suspended until such time as the &#147;disinterested&#148; stockholders
of the company vote to restore the voting power of the acquiring stockholder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
full voting rights are accorded to the shares held by the acquiring person and the
acquiring person has acquired shares amounting to or greater than a majority of all voting
power, any stockholder of record, other than the acquiring person, who did not vote in
favor of granting voting power to the shares held by the acquiring person may demand
payment for the fair value of such stockholder&#146;s shares. Within 20 days of the vote
according the shares of the acquiring person voting rights, the corporation is required to
send notice to any stockholders who did not vote in favor of such action notifying them of
their right to demand payment for their shares. Within 20 days of receipt of such notice,
a stockholder seeking payment must demand payment for such stockholder&#146;s shares. The
corporation must comply within 30 days. </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Rights and
Repurchase of Shares </b></i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, a corporation may declare and pay dividends out of surplus or, if
no surplus exists, out of net profits, for the fiscal year in which the dividends are
declared and/or for its preceding fiscal year. Dividends may not be paid out of net
profits if the capital of the corporation is less than the aggregate amount of capital
represented by the outstanding stock of all classes having a preference upon the
distribution of assets. Surplus is defined as net assets minus stated capital. Delaware
corporate law applies different tests to the payment of dividends and the repurchase of
shares. Delaware corporate law generally provides that a corporation may redeem or
repurchase its shares only if such redemption or repurchase would not impair the capital
of the corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Nevada corporate law, a corporation is prohibited from making a distribution (including
dividends on, or redemption or repurchase of, shares of capital stock) to its stockholders
if, after giving effect to the distribution: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the corporation would be unable to pay its debts as they become due in the usual course of business; or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the total assets of the corporation would be less than the sum of its total liabilities
plus the amount that would be needed, if that corporation were then dissolved, to satisfy
the rights of stockholders having superior preferential rights upon dissolution to the
stockholders receiving the distribution. </FONT></TD>
</TR>
</TABLE>
<BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The board of directors of a Nevada
corporation may base the above determination on financial statements prepared on the basis
of accounting principals, fair valuation, including without limitation unrealized
appreciation or depreciation, or any other method that is reasonable under the
circumstances. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number and Election of
Directors </b></i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no material differences in the number and election of directors between Delaware and
Nevada corporate law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability of Directors
and Officers</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware
corporate law permits a corporation to include in its certificate of incorporation a
provision limiting or eliminating the personal liability of its directors to the
corporation or its stockholders for monetary damages arising from a breach of fiduciary
duty, except for: </FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
a breach of the duty of loyalty to the corporation or its stockholders; </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
a  declaration  of a dividend  or the  authorization  of the  repurchase  or  redemption  of stock in  violation  of Delaware
                           corporate law; or </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
any transaction from which the director derived an improper personal benefit. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Powell Delaware Certificate of
Incorporation and Bylaws each include provisions that limit the liability of directors of
Powell Delaware to the maximum extent permitted by law. </FONT></P>




<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada
corporate law permits a corporation to adopt any provision in its articles of
incorporation that are not contrary to the laws of Nevada, and there is no restriction on
a corporation&#146;s ability to limit the personal liability of a director or officer to
the corporation. Under Nevada corporate law, a director or officer is not individually
liable to a corporation or its stockholders for any damages as a result of any act or
failure to act in his capacity as a director or officer unless it is proved that: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
his act or failure to act constituted a breach of his fiduciary duties; and</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
his breach of those duties involved intentional misconduct, fraud or a knowing violation of the law. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Powell Nevada&#146;s Articles of
Incorporation provide that Powell Nevada&#146;s directors and officers will not be
personally liable for monetary damages for any breach of fiduciary duty except for
(i)&nbsp;acts or omissions which involve intentional misconduct, fraud or a knowing
violation of law, or (ii)&nbsp;the payment of unlawful dividends. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of
Directors and Officers</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both
Delaware and Nevada, in substantially similar manner, permit a corporation to indemnify
officers, directors, employees and agents for actions taken in good faith and in a manner
they reasonably believed to be in, or not opposed to, the best interests of the
corporation, and with respect to any criminal action, which they had no reasonable cause
to believe that their conduct was unlawful. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Meetings</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, if the annual meeting for the election of directors is not held on
the designated date, or action by written consent to elect directors in lieu of an annual
meeting has not been taken, the directors are required to cause that meeting to be held as
soon as is convenient. If there is a failure to hold the annual meeting or to take action
by written consent to elect directors in lieu of an annual meeting for a period of 30 days
after the designated date for the annual meeting, or if no date has been designated for a
period of 13 months after the latest to occur of the organization of the corporation, its
last annual meeting or the last action by written consent to elect directors in lieu of an
annual meeting, the Court of Chancery may summarily order a meeting to be held upon the
application of any stockholder or director. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Nevada corporate law, if the annual meeting is not held within 18 months after the last
election of directors, the district court has jurisdiction to order the election of
directors, upon application of any one or more stockholders holding at least 15% of the
voting power. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjournment of
Stockholder Meetings </b></i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, if a meeting of stockholders is adjourned due to lack of a quorum
and the adjournment is for more than 30 days, or if after the adjournment a new record
date is fixed for the adjourned meeting, notice of the adjourned meeting must be given to
each stockholder of record entitled to vote at the meeting. At the adjourned meeting the
corporation may transact any business which might have been transacted at the original
meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Nevada corporate law, a corporation is not required to give any notice of an adjourned
meeting or of the business to be transacted at an adjourned meeting, other than by
announcement at the meeting at which the adjournment is taken, unless the board fixes a
new record date for the adjourned meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments to Bylaws</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, bylaws may be adopted, amended or repealed by the stockholders
entitled to vote thereon. A corporation may, in its certificate of incorporation, confer
this power upon the directors, although the power vested in the stockholders is not
divested or limited where the board of directors also has such power. The Powell Delaware
Certificate of Incorporation provides that the directors have the power to adopt, amend or
repeal the Powell Delaware bylaws. </FONT></P>




<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada
corporate law provides that the board of directors of a corporation may make the bylaws,
but that such bylaws are subject to those adopted by the stockholders, if any. Further,
although not part of Nevada corporate law, an opinion of the Nevada Attorney General also
provides that directors may adopt bylaws for a corporation if the stockholders do not.
Stockholders nevertheless retain the right to adopt bylaws superseding those adopted by
the board of directors. The Powell Nevada bylaws provide that both the stockholders and
the Board of Directors may adopt, amend or repeal bylaws, unless the stockholders in
adopting, amending or repealing a particular bylaw expressly provide that the Board of
Directors may not amend or repeal that bylaw. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interested Director
Transactions </b></i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, contracts or transactions in which one or more of a
corporation&#146;s directors has an interest are not void or voidable because of such
interest, if certain conditions are met. To meet these conditions, either (i)&nbsp;the
stockholders or the disinterested directors must approve any such contract or transaction
after the full disclosure of material facts, or (ii)&nbsp;the contract or transaction must
have been fair as to the corporation at the time it was approved. Under Delaware corporate
law, if board approval is sought, the contract or transactions must be approved by a
majority of the disinterested directors (even though less than a quorum). </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada
corporate law does not automatically void contracts or transactions between a corporation
and one of the corporation&#146;s directors. Under Nevada corporate law, a contract or
transaction may not voided solely because: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the  contract  is  between  the  corporation  and a  director  of the  corporation  or an entity in which a  director  of the
                           corporation has a financial interest; </FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
an  interested  director is present at the meeting of the board of  directors  that  authorizes  or approves  the contract or
                           transaction; or</FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the vote or votes of the interested director are counted for purposes of authorizing or
approving the contract or transaction involving the interested transaction. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contracts or transactions such as
those described above are permissible if: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the facts surrounding the contract or transaction are known to the board of directors and
the board of directors authorize, approve or ratify the contract or transaction in good
faith by a vote without counting the vote of the interested director; or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the facts or circumstances surrounding the contract or transaction are made known to the
stockholders and they authorize, approve or ratify the contract or transaction in good
faith by a majority vote of the shares entitled to vote, including the votes, if any, of
the interested director; or </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the fact that the contract or transaction will prove to be in the interested
director&#146;s financial interest is unknown to the interested director at the time it is
brought before the board of directors; or </FONT></TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the contract or transaction is fair as to the corporation at the time it is authorized or approved. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removal of Directors</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, any director or the entire board of directors may be removed, with
or without cause, by the majority vote of the stockholders then entitled to vote at an
election of directors. If the corporation has a classified board, directors may only be
removed without cause if the certificate of incorporation so provides. The Powell Delaware
certificate of incorporation does not provide for removal of directors without cause, and
the Powell Delaware bylaws provide that a director may be removed only for cause by the
holders of a majority of the shares then entitled to vote at an election of directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
director of a Nevada corporation or the entire board of directors may be removed with or
without cause during their term of office only by a vote of two-thirds of the voting power
of the then outstanding shares entitled to vote in an election of directors. The Powell
Nevada bylaws provide that directors may be removed in the manner specified under Nevada
corporate law. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders&#146; Rights
to Examine Books and Records </b></i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware
corporate law provides that any stockholder of record may, in a written demand made under
oath, demand to examine a corporation&#146;s books and records for a proper purpose
reasonably related to such person&#146;s interest as a stockholder. If management of the
corporation refuses, the stockholder can compel an examination by court order. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada
corporate law permits any person who has been a stockholder of record for at least six
months, or any person holding at least 5% of all outstanding shares, to inspect and copy
the stockholders&#146; list, articles or bylaws, if the stockholder gives at least five
business days&#146; prior written notice. The corporation may deny inspection if the
stockholder refuses to furnish an affidavit that the inspection is not desired for a
purpose or object other than the business of the corporation and that he or she has not at
any time offered for sale or sold any stockholders&#146; lists of any corporation or aided
and abetted any person in procuring a list for that purpose. In addition, a Nevada
corporation must allow stockholders who own or represent at least 15% of the
corporation&#146;s outstanding shares the right, upon at least five days&#146; written
demand, to inspect the books of account and financial records of the corporation, to make
copies from them and to conduct an audit of those records, except that any corporation
listed and traded on any recognized stock exchange or any corporation that furnishes to
its stockholders a detailed, annual financial statement is exempt from this requirement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duration of Proxies</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Delaware corporate law, a proxy executed by a stockholder will remain valid for a period
of three years, unless the proxy provides for a longer period. Under Nevada corporate law,
a proxy is effective only for a period of six months, unless it is coupled with an
interest or unless otherwise provided in the proxy, which duration may not exceed seven
years. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Differences in Franchise
Taxes</b></i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada
does not have a corporate franchise tax, and the Company will not pay annual franchise
taxes to Nevada for the fiscal year ended October&nbsp;31, 2002. After the merger
contemplated by the Reincorporation Proposal is accomplished, the Company will pay annual
franchise taxes to Delaware. The Delaware franchise tax is based on a formula involving
the number of authorized shares or the asset value of the corporation, whichever would
impose a lesser tax. Powell Delaware would mostly likely pay under the asset value method,
which is based on the amount of total gross assets of the corporation. Under this method,
Powell Delaware would have owed approximately $17,000 in franchise taxes for 2003, if it
had been incorporated in Delaware for the entire year. For actual 2004, the Company will
pay a pro rata share of Delaware franchise taxes if the Reincorporation Proposal is
approved, based upon the date upon which the merger is completed. </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain Federal Income
Tax Considerations </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of federal income tax considerations is based on the Internal
Revenue Code of 1986, as amended (Code), and applicable Treasury regulations promulgated
thereunder, judicial authority and current administrative rulings and practices as in
effect on the date of this proxy statement. This discussion should not be considered tax
or investment advice. In particular, this discussion does not address the tax treatment of
special classes of stockholders, such as banks, insurance companies, tax-exempt entities
and foreign persons. Stockholders desiring to know their individual federal, state, local
and foreign tax considerations should consult their own tax advisers. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
reincorporation is intended to qualify as a tax-free reorganization under
Section&nbsp;368(a)(1)(F) or 368(a)(1)(A) of the Code. Assuming such tax treatment, no
taxable income, gain or loss will be recognized by the Company or the stockholders as a
result of the exchange of shares of Common Stock for shares of Powell Delaware common
stock upon consummation of the transaction. The conversion of each share of the Common
Stock into one share of Powell Delaware common stock will be a tax &#151; free
transaction, and the holding period and tax basis of Common Stock will be carried over to
the Powell Delaware common stock received in exchange therefor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities Act
Considerations </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the merger contemplated by the Reincorporation Proposal is accomplished, Powell Delaware
will be a publicly held company, Powell Delaware common stock will be listed for trading
on the NASDAQ National Market System, and Powell Delaware will file periodic reports and
other documents with the Securities and Exchange Commission and provide to stockholders
the same types of information that the Company has previously filed and provided.
Stockholders whose Common Stock is freely tradable before the reincorporation will have
freely tradable shares of Powell Delaware common stock. Stockholders holding restricted
Common Stock will have shares of Powell Delaware common stock that are subject to the same
restrictions on transfer as those to which there present shares of Common Stock are
subject, and their stock certificates, if surrendered for replacement certificates
representing shares of Powell Delaware common stock, will bear the same restrictive legend
as appears on their present stock certificates. For purposes of computing compliance with
the holding period requirement of Rule&nbsp;144 under the Securities Act of 1933,
stockholders will be deemed to have acquired their shares of Powell Delaware common stock
on the date they acquired their shares of Common Stock. In summary, Powell Delaware and
its stockholders will be in the same respective positions under the federal securities
laws after the reincorporation as they were before the reincorporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dissenters&#146; Rights
of Appraisal </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada
corporate law generally provides that stockholders may have dissenters&#146; rights in
connection with a plan of merger in which the approval of the corporation&#146;s
stockholders is required. Nevada corporate law provides, however, that there is no right
of dissent with respect to a plan of merger, such as the Agreement and Plan of Merger, in
favor in holders of any class or series which, at the record date for the
stockholders&#146; meeting to approve the plan of merger, were either (i)&nbsp;listed on a
national securities exchange or designated as a national market system security by the
National Association of Securities Dealers or (ii)&nbsp;held by at least 2,000
stockholders of record. The Common Stock is listed for trading on the National Market
System of the National Association of Securities Dealers, and the Company qualifies for
the exemption for dissenters&#146; rights pursuant to Section&nbsp;92A.300 of the Nevada
General Corporation Law. Accordingly, stockholders will not have dissenters&#146; rights
in connection with the Reincorporation Proposal. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMMON STOCK OWNED BY <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
PRINCIPAL STOCKHOLDERS
AND MANAGEMENT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth as of January 9, 2004 (except as otherwise noted below), the
number of shares of Common Stock owned by each person who is known by the Company to own
beneficially more than five percent (5%) of the Company&#146;s outstanding Common Stock: </FONT></P>



<TABLE WIDTH="90%" BORDER="0" CELLPADDING="0" CELLSPACING="0" align=center>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name and Address  <BR>
<u>of Beneficial Owner</u>
</FONT></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amount and Nature<BR>
of Beneficial<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;Ownership&nbsp;&nbsp;&nbsp;&nbsp;    </u>
</FONT></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Percent of Class</u>
</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Thomas W. Powell<BR>
&nbsp;PO Box 12818<BR>
&nbsp;Houston, Texas 77217
</FONT></TD>
     <TD WIDTH="33%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>3,029,756&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman, Times, Serif" SIZE="1">(1)
</FONT></TD>
     <TD WIDTH="33%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>28.4%</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Bonnie L. Powell<BR>
&nbsp;PO Box 112<BR>
&nbsp;Warda, Texas 78960
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;728,469&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, Serif" SIZE="1">(2)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>6.8%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Royce &amp; Associates, L.L.C <BR>
&nbsp;1414 Avenue of the Americas, 9th Floor<BR>
&nbsp;New York, New York 10019
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>1,311,800&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, Serif" SIZE="1">(3)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>12.3%</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Wellington Trust Company, NA<BR>
&nbsp;75 State Street<BR>
&nbsp;Boston, Massachusetts 02109
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;681,400&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, Serif" SIZE="1">(4)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>6.4%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Nationwide Trust Company, FSB<BR>
&nbsp;Trustee of the Powell Industries, Inc.<BR>
&nbsp;Employee Stock Ownership Trust<BR>
&nbsp;PO Box 1412<BR>
&nbsp;Austin, Texas  78767<BR>
&nbsp;____________________
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;634,629&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman, Times, Serif" SIZE="1">(5)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>6.0%</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mr. Powell has sole voting power and sole investment power with respect to
                    2,727,502 of such shares, of which 573,650 are held directly, 78,720 are held by
                    Mr. Powell&#146;s IRA, 1,990,292 are held by TWP Holdings, Ltd., a partnership
                    controlled by Mr.&nbsp;Powell and 84,840 are shares subject to stock options
                    which are currently exercisable by Mr. Powell. Also includes 285,360 shares held
                    by the Thomas Walker Powell Trust, of which Mr.&nbsp;Powell is a co-trustee and
                    shares voting and investment power with respect to the shares held by such trust
                    with the other co-trustees, Michael&nbsp;W. Powell and Holly&nbsp;C. Powell
                    Arnold. Also includes 2,975 shares allocated to the account of Mr.&nbsp;Powell
                    under the Powell Industries, Inc. Employee Stock Ownership Plan (see footnote
                    (5) to this table) and 919 shares held in trust for the account of
                    Mr.&nbsp;Powell under the Employees Incentive Savings Plan of the Company. Also
                    includes 13,000 shares of restricted stock issued in connection with the
                    exercise of options by Mr. Powell that are subject to forfeiture if the related
                    option shares are not held for five years or if he leaves employment of the
                    Company, other than for retirement, within five years after receiving the
                    shares. Mr. Powell has sole voting rights but no investment power with respect
                    to such restricted stock. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mrs.&nbsp;Powell has sole voting power and sole investment power with respect to
                    482,969 of such shares. Also includes 245,500 shares held by Testamentary Trust
                    No.&nbsp;1, of which Mrs. Powell is a co-trustee. Mrs.&nbsp;Powell shares voting
                    and investment power with respect to such shares held by Testamentary Trust
                    No.&nbsp;1 with J.&nbsp;Suzzanne May, the other co-trustee of such trust. Any
                    act of such co-trustees requires the approval of a majority of them. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The shares set forth in the table reflect the number of shares owned on
                    September 30, 2003, based on a Schedule 13F dated November 11, 2003 filed by
                    Royce &amp; Associates, LLC, Royce &amp; Associates, LLC owned beneficially
                    1,311,800 shares of the Common Stock of Powell Industries, Inc. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The shares set forth in the table reflect the number of shares owned on
                    September 30, 2003, based on a Schedule 13F dated September 30, 2003, filed by
                    Wellington Management Company, LLP, the parent of Wellington Trust Company, NA,
                    Wellington Management Company, LLP owned beneficially 681,400 shares with shared
                    dispositive power over all such shares and shared voting power as to 169,100 of
                    such shares and no voting power as to 314,100 shares. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(5)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The shares set forth in the table reflect the number of shares owned on October
                    31, 2003 according to the records of the Company. Nationwide Trust Company, as
                    Trustee for the Powell Industries, Inc. Employee Stock Ownership Trust (the
                    &#147;ESOP&#148;), as directed by the administrative committee for the ESOP
                    appointed by the Board of Directors of the Company, votes and disposes of shares
                    not allocated to the accounts of participants, and votes allocated shares as to
                    which no direction is received from the participant. Participants have the right
                    to direct the voting and tender of shares allocated to their accounts. As of
                    January 9, 2004, approximately 358,712 of the shares held by the ESOP were
                    allocated to the accounts of participants. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table sets forth, as of
January 9, 2004, the number of shares of the Common Stock beneficially owned by each
director and nominee for director, each of the executive officers listed in the Summary
Compensation Table below, and all executive officers and directors of the Company as a
group. </FONT></P>




<TABLE WIDTH="90%" BORDER="0" CELLPADDING="0" CELLSPACING="0" align=center>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name of Beneficial Owner</u></FONT></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Amount and Nature<BR>
&nbsp;&nbsp;of Beneficial  <BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership</u></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><u> (1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT></TH>
     <TH align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Percent<BR>
<u>&nbsp;of Class&nbsp;</u>
</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Joseph L. Becherer</FONT></TD>
     <TD WIDTH="33%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7,000(2)</FONT></TD>
     <TD WIDTH="33%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Eugene L. Butler</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">8,500(2)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">James F. Clark</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5,000(3)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert B. Gregory</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,498(4)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Don R. Madison</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,000(3)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3,029,756(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">28.4%</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Stephen W. Seale, Jr</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14,514(6)&nbsp;&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert C. Tranchon</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4,100(3)</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ronald J. Wolny</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15,873(7)&nbsp;&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">M.M. Zeller</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">54,888(8)&nbsp;&nbsp;</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">*</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>All Executive Officers and Directors<BR>
&nbsp;&nbsp;as a group (10 persons)<BR>
______________________
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>3,148,129&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>*</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Less than one percent (1%).</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The persons listed have sole voting power and sole investment power with respect
                    to the shares beneficially owned by them, except as otherwise indicated. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Includes 6,000 shares subject to stock options which are currently exercisable. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Includes 4,000 shares subject to stock options which are currently exercisable. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Includes 1,498 shares allocated to Mr. Gregory&#146;s account in the ESOP (see
                    footnote (5) to the preceding table) and 3,000 shares subject to stock options
                    which are currently exercisable. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(5)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    See footnote (1) to the preceding table. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(6)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Includes 6,000 shares subject to stock options which are currently exercisable.
                    Also, includes 5,461 shares subject to deferred director&#146;s fees which are
                    available for distribution within 60 days. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(7)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Includes 4,883 shares subject to stock options which are currently exercisable. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(8)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Includes 2,762 shares allocated to Mr. Zeller&#146;s account in the ESOP (see
                    footnote (5) to the preceding table) and 27,370 shares subject to stock options
                    which are currently exercisable. Also includes 2,446 shares of restricted stock
                    issued in connection with the exercise of options by Mr. Zeller that are subject
                    to forfeiture if the related option shares are not held for five years or if he
                    leaves employment of the Company, other than for retirement, within five years
                    after receiving the shares. Mr. Zeller has sole voting rights but no investment
                    power with respect to such restricted stock. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION ABOUT THE
BOARD OF DIRECTORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth for each nominee and for each director whose term of office
continues after the Annual Meeting, his name, age, principal occupation and employment for
the past five years, offices held with the Company, the date he first became a director,
and the date of expiration of his current term as director. </FONT></P>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name<BR><BR></u></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Age<BR><BR></u></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Principal
Occupation for  <BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Past Five Years</u></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><u>&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR><BR>
</FONT></Td>
     <Td align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Offices Held With Company</u><BR><BR>
</FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director<BR>
<u>Since</u><BR><BR>
</FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Term<BR>
<u>Expires</u><BR><BR>
</FONT></Td></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Stephen W. Seale, Jr.</FONT></TD>
     <TD WIDTH="7%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">64</FONT></TD>
     <TD WIDTH="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Owner, Seale Land &amp; Cattle Company</FONT></TD>
     <TD WIDTH="25%" align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD WIDTH="8%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1985</FONT></TD>
     <TD WIDTH="8%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2006</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert C. Tranchon</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">President and CEO, Reveille

Technology, since 1995; <BR>President,
Chief Executive Officer, and Director<BR>
of Ansaldo Ross Hill from 1997-2000
</FONT></TD>

     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2000</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2006</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">James F. Clark</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">57</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vice President, Square D Corporation
from <BR>1989 until his retirement in
December 2000
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2006</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Eugene L. Butler</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">62</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chairman of the Board, Intercoastal<BR>
Terminal since 1991
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1990</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2005</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Ronald J. Wolny</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">64</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vice President, Fluor Daniel, Inc.   <BR>
until his retirement  in January 2003
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2005</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">63</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Chairman of the Board, President and  <BR>
Chief Executive Officer of the Company<BR>
since November 1984
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director,
Chairman of<BR>
the Board,
President<BR> and
Chief
Executive<BR>
Officer <sup>(2)</sup>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1984</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Joseph L. Becherer</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">61</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Senior Vice President, Eaton          <BR>
Corporation, from September 1995 until<BR>
his retirement in October 1997
</FONT></TD>
     <TD align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Director</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1997</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2004</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">_________________________</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    None of the corporations listed (other than the Company) is an affiliate of the Company. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mr. Powell also serves as a director of each subsidiary of the Company. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
the directors who are not employees of the Company or any of its subsidiaries or
affiliates are entitled to receive a fee, plus reimbursement of out-of-pocket expenses,
for their services as directors. Under the Company&#146;s standard arrangement for
compensation of directors, outside directors receive a quarterly retainer of $2,500 and a
fee of $2,000 for each board meeting attended. Members of a committee other than the
chairman receive a fee of $800 for each committee meeting attended. Committee chairmen
receive a fee of $1,250 for each committee meeting attended. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1993, the Company adopted the Powell Industries, Inc. Directors&#146; Fee Program which
permits directors to defer receipt of the directors&#146; fees to which they would
otherwise be entitled and to have such deferred fees allocated to a shadow account as if
they were invested in Common Stock of the Company on the date the fees were payable. Then
upon expiration of the deferral period or the retirement or death of the director, payment
will be made in the form of shares of Common Stock equal to the number of shares in his
shadow account (plus any distributions on the Common Stock that were credited to the
shadow account). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Stockholders voted at the March 16, 2002 meeting to approve the Non-Employee Director
Stock Option Plan which supersedes the 2000 Non-Employee Stock Option Plan adopted by the
Board of Directors in 2000. The total number of shares of Common Stock reserved under the
plan is 100,000 shares. The Plan is administered by the Board of Directors. Eligibility to
participate in the Plan is limited to those individuals who are members of the Board of
the Company and who are not an employee of the Company or any affiliate of the Company.
Options have been issued to each of the non-employee directors to acquire shares of the
Company&#146;s common stock in accordance with the terms of the Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four
meetings of the Board of Directors were held in the last fiscal year. No incumbent
director attended fewer than seventy-five percent (75%) of the aggregate of (1)&nbsp;the
total number of meetings of the Board of Directors and (2)&nbsp;the total number of
meetings held by all committees of the Board on which he served. It is the Company&#146;s
policy that directors attend the Annual Meeting of Stockholders. At the Annual Meeting of
Stockholders on March&nbsp;7, 2003, all of the Company&#146;s directors at that date were
present. Stockholders may communicate with directors of the Company by writing to them at
the Company&#146;s headquarters. Communications addressed to the Board of Directors will
be reviewed by the Secretary of the Company and directed to them for their consideration. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Nominating Committee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has a standing Nominating Committee comprised of Eugene L. Butler,
Thomas W. Powell and Ronald J. Wolny. Mr.&nbsp;Butler and Mr. Wolny are independent within
the meaning of the NASDAQ Marketplace Rules. The Nominating Committee proposes a slate of
directors for election by the Company&#146;s stockholders at each annual meeting and
appoints candidates to fill any vacancy on the Board. The Nominating Committee is also
responsible for establishing director qualifications and the selection criteria for new
directors. The Nominating Committee also recommends to the Board of Directors a slate of
directors to serve on each standing committee of the Board and recommends one member of
each standing committee to serve as chairman of the committee. During the fiscal year 2003
the Committee met once and acted twice by unanimous consent. The Nominating Committee
Charter is attached as Appendix&nbsp;D. The Board of Directors will be meeting immediately
following the annual stockholder meeting to, among other things, adopt an amended charter
to reflect recent changes in the NASDAQ Marketplace Rules. The Nominating Committee
Charter, as so amended, will be available upon written request addressed to the Secretary,
Powell Industries, Inc., 8550 Mosley Drive, Houston, Texas 77075. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee will consider written recommendations from stockholders for nominees
for director. Any such nominations should be submitted to the Nominating Committee c/o the
Secretary, Powell Industries, Inc., 8550 Mosley Drive, Houston, TX 77075 and accompany it
with the following information: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
all information relating to such nominee that is required to be disclosed pursuant to
Regulation&nbsp;14A under the Securities Exchange Act of 1934 (including such
person&#146;s written consent to being named in the proxy statement as a nominee and to
serving as a director if elected); </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
the name(s) and address(es) of the stockholder(s) making the nomination and the number of
shares of the Company&#146;s Common Stock which are owned beneficially and of record by
such stockholder(s); and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Hang Lv 4-TNR" FSL="Default" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
appropriate biographical information and a statement as to the qualifications of the nominee. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The written recommendation should be
submitted in the time frame described under the caption &#147;Stockholder Proposals&#148;
below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominees
for director are selected on the basis of a number of qualifications, including their
independence, knowledge, judgment, character, leadership skills, education, experience,
financial literacy, standing in the community and ability to foster a diversity of
backgrounds and views and to complement the Board&#146;s existing strengths. The
Nominating Committee initiates the process for identifying and evaluating nominees to the
Board of Directors by preparing a slate of candidates who meet the criteria for selection
as a nominee and have any specific qualities or skills being sought based on input from
members of the Board. The Committee may, to the extent it deems appropriate, engage a
third-party search firm and other advisors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee evaluates the candidates by reviewing their biographical information
and qualifications, with qualified nominees being interviewed by at least one member of
the Committee and the Chief Executive Officer. Members of the Board also have an
opportunity to interview qualified nominees. The Nominating Committee then determines,
based on the background information and the information obtained in the interviews,
whether to recommend to the Board that a nominee be nominated to fill a directorship with
an expiring term. Candidates recommended by the Nominating Committee to fill a
directorship with an expiring term are presented to the Board for selection as nominees to
be presented for the approval of the stockholders. The Nominating Committee anticipates
that a similar process will be used to evaluate nominees recommended by stockholders, but
has not yet received a stockholder recommendation for a nominee for director. The
Nominating Committee is responsible for appointing new members to the Board to fill the
unexpired term of a directorship vacated during the term. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOMINATING COMMITTEE
REPORT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee, upon its own recommendation, recommended that the Board nominate
Joseph L. Becherer and Thomas W. Powell for re-election as directors, subject to
stockholder approval, for a three-year term ending at the annual stockholder meeting in
2007 and has otherwise satisfied its responsibilities under its charter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee of the Board of Directors: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas
W. Powell, Chairman <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eugene L. Butler <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald J. Wolny</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Audit Committee </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has a standing Audit Committee which met five times during the last
fiscal year. The Audit Committee consists of Mr. Butler, Mr. Seale and Mr. Tranchon. The
Board of Directors has determined that Mr. Butler is an independent director and qualifies
as the &#147;audit committee financial expert&#148; as defined in Item 401(h) of
Regulation S-K of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). The
Audit Committee has the responsibility to assist the Board of Directors in fulfilling its
fiduciary responsibilities as to accounting policies and reporting practices of the
Company and its subsidiaries and the sufficiency of the audits of all Company activities.
It is the Board&#146;s agent in ensuring the integrity of financial reports of the Company
and its subsidiaries, and the adequacy of disclosures to stockholders. The Audit Committee
is the focal point for communication between other directors, the independent auditors,
internal auditors and management as their duties relate to financial accounting,
reporting, and controls. During fiscal 2003, the Board of Directors amended and updated
the Audit Committee Charter, which is attached as Appendix E. A copy of the Audit
Committee Charter may be obtained at the offices of the Company in Houston, Texas. The
current members of the Audit Committee are &#147;independent&#148; as that term is defined
by Rule 4200(a)(15) of the listing standards of the National Association of Securities
Dealers. All meetings of the Audit Committee were separate and apart from meetings of the
full Board of Directors during fiscal 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AUDIT COMMITTEE REPORT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has (1) reviewed the Company&#146;s audited financial statements for
fiscal 2003 and discussed them with Management, (2) discussed with the Company&#146;s
independent accountants the matters required to be discussed by Statement of Auditing
Standards No. 61, as amended, (3) received written disclosures and a letter from the
Company&#146;s independent accountants required by Independence Standards Board Statement
No. 1, and (4) discussed the independence of the Company&#146;s accountants with the
accountants. Based on the foregoing discussions, the Audit Committee recommended to the
Company&#146;s Board of Directors that the Company&#146;s audited financial statements be
included in its annual report on Form 10-K for the year ended October 31, 2003. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee of the Board of Directors: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eugene
L. Butler, Chairman <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen W. Seale, Jr. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert C. Tranchon</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compensation Committee </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors has a standing Compensation Committee comprised of Mr. Becherer, Mr.
Wolny and Mr. Tranchon, all of whom are non-employee directors of the Company. The
Compensation Committee, which held three meetings during the last fiscal year, provides
oversight on behalf of the full Board on development and administration of the
Company&#146;s executive compensation program and each component plan in which officers
and directors are eligible to participate. The Compensation Committee also administers the
Stock Option Plan, the Director&#146;s Fee Program, Incentive Compensation Plan and the
Non-Employee Director Stock Option Plan of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Code of Ethics </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted a Code of Business Conduct and Ethics that applies to all employees,
including its executive officers and directors. A copy of the Company&#146;s Code of
Business Conduct and Ethics may be obtained by request through the Investor Relations
section of the Company&#146;s website at <U>www.powellind.com</U> or by written request
addressed to the Secretary, Powell Industries, Inc., 8550 Mosley Drive, Houston, Texas
77075. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXECUTIVE OFFICERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table provides information regarding the executive officers of the Company who
are not also a director or a nominee for director. The officers of the Company serve at
the discretion of the Board of Directors of the Company. </FONT></P>


<TABLE WIDTH="80%" BORDER="0" CELLPADDING="0" CELLSPACING="0" align=center>
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name<BR><BR></u></FONT></TD>
     <TD WIDTH="10%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Age<BR><BR></u></FONT></TD>
     <TD WIDTH="20%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Since<BR><BR></u></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Position<BR><BR></u></FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Don R. Madison <sup>(1)</sup></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">46</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2001</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Vice President and Chief Financial Officer of Company</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>M. M. Zeller <sup>(2)</sup><BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>65<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>1990<BR><BR></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Vice President of Company and President of Powell Electrical<BR>
Manufacturing Company ("PEMCO")<BR><BR>
</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Robert B. Gregory</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">48</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2000</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Controller of Company</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>____________________________ </FONT></TD>
                    </TR>
                    </TABLE>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mr.  Madison was  appointed  Vice  President  and Chief  Financial  Officer of the Company by the Board of  Directors  at its
         September  7, 2001  meeting  which  became  effective  on  October 1, 2001.  For more than five  years  prior to joining  the
         Company, Mr. Madison served in several capacities with ABB, Inc. including Vice President of Finance.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19</font></P>
<HR Size=2 Noshade>
<PAGE>





<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mr.  Zeller was  appointed  Vice  President of the Company by the Board of  Directors  at its January 18, 2002 meeting  which
         became  effective on that date.  This  appointment  is in addition to Mr.  Zeller's  position as President of PEMCO, a wholly
         owned subsidiary of the Company.</FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXECUTIVE COMPENSATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following  table sets forth  certain  information  concerning  the  compensation  of the Chief  Executive  Officer of the
Company,  and of the Company's most highly  compensated  executive  officers for the last fiscal year (other than the CEO) whose total
annual salary and bonus  exceeded  $100,000,  for each of the Company's  fiscal years ending  October 31, 2003,  October 31,  2002 and
October 31, 2001.</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Summary Compensation Table </FONT></H1>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>&nbsp;&nbsp;&nbsp;Annual Compensation&nbsp;&nbsp;&nbsp;</u></FONT></TH>
     <TH colspan=2 align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Long Term<BR><u>&nbsp;&nbsp;&nbsp;Compensation Awards&nbsp;&nbsp;&nbsp;</u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(a)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(b)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(c)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(d)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(e)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(f)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(g)<BR><BR></FONT></Td></TR>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name and Principal Position<BR><BR></u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Year<BR><BR></u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Salary<BR><u>&nbsp;&nbsp;&nbsp;($)&nbsp;&nbsp;&nbsp; <BR><BR></u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Bonus<BR><u>&nbsp;&nbsp;&nbsp;($) &nbsp;&nbsp;&nbsp;<BR><BR></u></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Restricted<BR>&nbsp;&nbsp;Stock   <BR>&nbsp;Awards   <BR>
<u>&nbsp;&nbsp;&nbsp;(#)</u></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><u> (1) &nbsp;&nbsp;&nbsp; <BR><BR></u> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Securities<BR>Underlying<BR>Options   <BR><u>&nbsp;&nbsp;&nbsp;(#)&nbsp;&nbsp;&nbsp; <BR><BR></u>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;All Other<BR>
Compensation<BR>
<u>&nbsp;&nbsp;&nbsp;($) </u></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><u>(2)&nbsp;&nbsp;&nbsp;<BR><BR></u></FONT></TH></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="22%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell.....................<BR>
&nbsp;&nbsp;&nbsp;CEO of Company                    <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003<BR>
2002<BR>
2001
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">370,000<BR>
354,231<BR>
335,000
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;---<BR>
322,700<BR>
256,095
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;---<BR>
7,000<BR>
&nbsp;&nbsp;---
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44,000<BR>
&nbsp;&nbsp;&nbsp;---<BR>
42,500
</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">78,729 </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3)</FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">57,448 </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3)</FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="2">56,408 </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">(3)
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Don R. Madison (4)...................<BR>
&nbsp;&nbsp;&nbsp;Vice President and                <BR>
&nbsp;&nbsp;&nbsp;CFO of Company    <BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>2003<BR>
2002<BR>
2001<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>182,000<BR>
181,731<BR>
&nbsp;14,583<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;&nbsp;&nbsp;---<BR>
118,000<BR>
&nbsp;47,500<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>---<BR>
- ---<BR>
- ---<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>22,000<BR>
&nbsp;&nbsp;&nbsp;---<BR>
10,000<BR><BR>
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>15,957<BR>
10,048<BR>
&nbsp;&nbsp;&nbsp;750<BR><BR>
</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">M. M. Zeller.........................<BR>
&nbsp;&nbsp;&nbsp;Vice President of Company         <BR>
&nbsp;&nbsp;&nbsp;and President of PEMCO
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2003<BR>
2002<BR>
2001
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">222,602<BR>
220,097<BR>
210,000
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;---<BR>
201,600<BR>
200,000
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;---<BR>
1,926<BR>
&nbsp;&nbsp;---
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20,000 <BR>
&nbsp;&nbsp;&nbsp;--- <BR>
20,000
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;9,483<BR>
14,500<BR>
14,100
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Robert B. Gregory....................<BR>
&nbsp;&nbsp;&nbsp;Controller of Company             <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
____________________________
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>2003<BR>
2002<BR>
2001
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>115,260<BR>
114,815<BR>
110,000
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>&nbsp;&nbsp;&nbsp;---<BR>
53,000<BR>
40,695
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>---<BR>
- ---<BR>
- ---
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>7,500<BR>
&nbsp;&nbsp;---<BR>
7,500
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>3,118<BR>
5,894<BR>
3,300
</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    As of October 31, 2003, the aggregate number of shares of restricted stock held
                    by named executive officers of the Company was 15,446, and the value of such
                    shares as of such date was $299,343. These officers have the right to receive
                    dividends with respect to such restricted stock awards to the extent dividends
                    are paid generally on the Common Stock. However, the Company has not previously
                    paid dividends and it is not anticipated that dividends will be paid in the
                    immediate future. Such awards were made to these officers in connection with
                    their exercise of stock options granted by the Company, pursuant to a provision
                    in the stock option agreement designed to encourage retention of shares received
                    upon exercise of options. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(2)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The amounts in this column include contributions matched by the Company for the
                    Employees Incentive Savings Plan (401(k) plan), estate planning and automobile
                    allowance. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(3)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    In addition to the items noted above, with respect to Mr. Powell, the amounts in
                    this column also include $28,230 for all years for premiums paid by the Company
                    with respect to life insurance for the benefit of Mr. Powell. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Default" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(4)</SUP> </FONT></TD>
                    <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Mr. Madison was appointed Vice President and Chief Financial Officer of the
                    Company by the Board of Directors at its September 7, 2001 meeting and assumed
                    his duties on October 1, 2001. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Option Grants in Last Fiscal Year </FONT></H1>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
          <TH colspan=5><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Individual Grants</FONT></TH>
          <TH colspan=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Potential Realized Value at<BR>
Assumed Annual Rates of<BR>
Stock Price Appreciation for<BR>
Option Term
</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD COLSPAN=5><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN="BOTTOM">
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(a)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(b)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(c)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(d)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(e)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(f)<BR><BR></FONT></Td>
     <Td align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>(g)<BR><BR></FONT></Td></TR>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name</u> </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number of <BR>
Underlying <BR>
Options  <BR>
<u>&nbsp;Granted (#)&nbsp;</u>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">% of Total<BR>
Options<BR>
Granted to<BR>
Employees in<BR>
<u>&nbsp;&nbsp;&nbsp;Fiscal Year&nbsp;&nbsp;&nbsp;</u>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exercise Price<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($/Sh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Expiration<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5%<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;($)&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">10%<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;($)&nbsp;&nbsp;&nbsp;&nbsp;</u>
</FONT></TH></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">44,000</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">14%</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15.10</FONT></TD>
     <TD WIDTH="13%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6/29/2010</FONT></TD>
     <TD WIDTH="14%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">270,478</FONT></TD>
     <TD WIDTH="14%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">630,328</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Don R. Madison<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>22,000<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>7%<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>15.10<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>6/29/2010<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>135,239<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>315,164<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">M. M. Zeller</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">20,000</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">7%</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">15.10</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">6/29/2010</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">122,944</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">286,513</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Robert B. Gregory</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>7,500</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>2%</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>15.10</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>6/29/2010</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>46,104</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>107,442</FONT></TD></TR>
</TABLE>


<BR><BR>
<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH colspan=5><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Aggregated Option Exercises in Last Fiscal Year and FY-End Option Values<BR><BR></FONT></TH>
     </TR>
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name</u><BR><BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Shares  <BR>
Acquired <BR>
on Exercise<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(#)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR><BR>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Value  <BR>
Realized<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>  <BR><BR>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number of Securities<BR>
Underlying Unexercised  <BR>
Options         <BR>
at October 31, 2003 (#) <BR>
<u>Exercisable/Unexercisable</u><BR><BR>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Value of Unexercised<BR>
In-the-Money Options<BR>
at October 31, 2003 ($)<BR>
<u>Exercisable/Unexercisable</u><BR><BR>
</FONT></TH></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="16%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Thomas W. Powell</FONT></TD>
     <TD WIDTH="19%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD WIDTH="19%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD WIDTH="23%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">84,840 / 78,960</FONT></TD>
     <TD WIDTH="23%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">544,810 / 330,260</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Don R. Madison<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>---<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>---<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>4,000 / 28,000<BR><BR></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>--- / 94,160<BR><BR></FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">M. M. Zeller</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">27,370 / 36,000</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">198,351 / 147,480</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>Robert B. Gregory</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>2,000</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>36,090</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>3,000 / 13,000</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>4,569 / 49,865</FONT></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the named executive officers is covered by the Company&#146;s Executive Severance
Protection Plan, which provides severance pay and other specified benefits upon
termination of employment other than for cause (as defined in the Plan) within three years
of a change in control of the Company. The benefits payable in such event (grossed up for
taxes) are (1)&nbsp;three times the officer&#146;s current annual base salary, plus
(2)&nbsp;three times the maximum incentive opportunity for the officer under the
Company&#146;s then current Incentive Compensation Plan, plus (3)&nbsp;continuation of
medical, dental and life insurance benefits for three years or until the officer is
covered under another plan, whichever is earlier. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas
W. Powell is covered by the Company&#146;s Executive Benefit Plan. Pursuant to Mr.
Powell&#146;s Executive Benefit Agreement executed under such Plan, he is entitled to the
following payments: (1)&nbsp;if he should die while in active employment with the Company,
a lump sum benefit of $630,000 payable to his designated beneficiary; (2) upon normal
retirement on or after age&nbsp;65 and the completion of at least ten years of continuous
employment, salary continuation payments of $150,000 per year for five years and then
$75,000 per year for ten years; (3)&nbsp;upon termination of employment prior to
qualifying for normal retirement but after attaining age&nbsp;55 and the completion of at
least ten years of continuous employment with the Company, the salary continuation
payments payable upon normal retirement, reduced by 1/2% for each month prior to
age&nbsp;65 that employment is terminated, commencing on the later of the date of
retirement or attainment of age 60; and (4)&nbsp;upon a sale of all or substantially all
of the property and assets of the Company other than in the usual course of its business,
or a merger of the Company wherein the Company is not the surviving corporation, and
within two years thereafter Mr.&nbsp;Powell&#146;s employment with the Company is
terminated or he resigns following a change of his position to one of less responsibility,
Mr.&nbsp;Powell would be entitled to receive salary continuation payments of $150,000 per
year for five years and then $75,000 per year for ten years. If Mr. Powell entered into
competition with the Company following termination or retirement described in (3) above,
he would (a) forfeit all further payments if the competition occurred within 36 months
following termination, or (b) not be entitled to any further payments until age 60, if the
competition occurred after 36 months following termination. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Equity Compensation
Plan Information </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes information about the Company&#146;s equity compensation plans
as of October 31, 2003. All outstanding awards relate to the Company&#146;s common stock. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH align=left><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Plan category</u><BR><BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number of Securities   <BR>
to be Issued Upon    <BR>
Exercise of       <BR>
Outstanding Options,   <BR>
Warrants and Rights   <BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>           <BR>
<BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Weighted-Average  <BR>
Exercise Price of <BR>
Outstanding Options,<BR>
Warrants and Rights<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<BR><BR></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Number of Securities<BR>
Remaining Available for<BR>
Future Issuance Under Equity<BR>
Compensation Plans<BR>
(Excluding Securities<BR>
Reflected in Column (a))<BR>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<BR><BR></FONT></TH></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Equity compensation plans      <BR>
&nbsp;&nbsp;&nbsp;approved by security holders
</FONT></TD>
     <TD WIDTH="25%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">986,763</FONT></TD>
     <TD WIDTH="25%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$15.06</FONT></TD>
     <TD WIDTH="25%" align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">217,629</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Equity compensation plans not<BR>
&nbsp;&nbsp;&nbsp;approved by security<BR>
&nbsp;&nbsp;&nbsp;holders(1)................
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">---</FONT></TD></TR>
<TR VALIGN="TOP" BGCOLOR="#eeeeee">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Total</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">986,763</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">$15.06</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2">217,629</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">____________________________
</FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>

</TABLE>



<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 0-TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>(1)</SUP></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In 1993, the Company adopted the Powell Industries, Inc. Directors&#146; Fee
          Program (the &#147;Program&#148;). Under the Program, directors may defer
          receipt of the directors&#146; fees and have such fees allocated to a shadow
          account as if they were invested in the Company&#146;s common stock based on the
          fair market value on the date the fees are payable. Upon expiration of the
          deferral period elected by the director, or upon death, the shares held in his
          shadow stock account are distributed, along with any distributions on the Common
          Stock that were credited to the shadow stock account. As of October 31, 2003, a
          total of 12,247 shares of Common Stock were held in shadow stock accounts for
          the directors, with a weighted average price per share of $12.57. The program
          was not approved by the Company&#146;s stockholders. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Compensation Committee
Interlocks and Insider Participation </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the last fiscal year of the Company, Mr. Becherer, Mr. Wolny and Mr. Tranchon served on
the Compensation Committee of the Board of Directors of the Company. None of them has ever
served as an officer or employee of the Company or any of its subsidiaries. Also during
the last fiscal year, no executive officer of the Company served as a member of the
Compensation Committee or Board of Directors of another entity, one of whose executive
officers served on the Company&#146;s Board of Directors. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Compensation Committee
Report On Executive Compensation </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee (the &#147;Committee&#148;) of your Board of Directors is pleased
to present to the stockholders its annual report on executive compensation. This report
summarizes the responsibilities of the Committee, the compensation policy and objectives
that guide the development and administration of the executive compensation program, each
major component of the program, and the basis on which the compensation for the Chief
Executive Officer, corporate officers and other key executives were determined for the
fiscal year ended October 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Compensation Committee, which held three meetings during the last fiscal year, provides
oversight on behalf of the full Board on development and administration of the
Company&#146;s executive compensation program and each subcomponent plan under which
officers or directors are eligible to participate. The Compensation Committee also
administers the Stock Option Plan, Directors&#146; Fee Program, Incentive Compensation
Plan, and the Non-Employee Director Stock Option Plan of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Executive Compensation
Philosophy </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
philosophy of the Committee is that the Company&#146;s executive compensation program
should be an effective tool for fostering the creation of stockholder value. The following
objectives guide the Committee in its deliberations: </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Provide a competitive compensation program that enables the Company to attract and retain
key executives and Board members. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Assure a strong relationship between the performance results of the Company or subsidiary
and the total compensation received. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Balance both annual and longer performance objectives of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Encourage executives to acquire and retain meaningful levels of Common Stock of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Para Hang Lv 5-TNR" FSL="Project" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Work closely with the Chief Executive Officer to assure that the compensation program
supports the management style and culture of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to normal employee benefits, the executive total compensation program includes
base salary, annual cash incentive compensation, and longer-term stock based grants and
awards. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparisons
are made and surveys taken periodically to determine competitive compensation levels and
practices for certain benchmark positions in the Company. Such analysis covers a broad
group of manufacturing companies and the results are adjusted for differences in factors
such as company size and position responsibilities. This comparison group is broader than
the published industry index of companies included in the cumulative total return
performance graph presented elsewhere in this Proxy Statement because it is more
representative of the executive market in which the Company competes for talent and
provides a consistent and stable market reference from year to year. Other comparative
information from national survey databases, proxy statement disclosures and general trend
data provided by compensation consultants is also considered. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable
incentives, both annual and longer term, are important components of the program and are
used to link pay and performance results. Variable incentive awards and performance
standards are calibrated such that total compensation will generally approximate the
market 50th percentile when Company performance results are at target levels which
approximate the recent historical performance of the Company (subject to certain minimum
target levels), and will exceed the 50th percentile when performance exceeds targets.
However, changes in the mission and strategy of the Company or certain of its subsidiaries
as well as projected profit and growth are also important considerations in the
calibration of the Company&#146;s total executive compensation program. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Internal Revenue Code (Section 162(m)) imposes a $1,000,000 limit, with certain
exceptions, on the deductibility of compensation paid to each of the five highest paid
executives. In particular, compensation that is determined to be &#147;performance
based&#148; is exempt from this limitation. To be &#147;performance based,&#148; incentive
payments must use predetermined objective standards, limit the use of discretion in making
awards, and be certified by the Compensation Committee made up of &#147;outside
directors.&#148; While the Committee believes that the use of discretion is appropriate in
specific circumstances, it believes that the annual incentive compensation and longer term
stock plans comply with the provisions of Section&nbsp;162(m) as &#147;performance
based&#148;. It is not anticipated that any executive will receive compensation in excess
of this limit during fiscal year 2004. The Committee will continue to monitor this
situation and will take appropriate action if it is warranted in the future. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
is a discussion of each of the principal components of the executive total compensation
program. </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Base Salary</b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
base salary program targets the median of the primary comparison group for corporate
officers and managers. Since subsidiary presidents generally have a higher incentive
opportunity relative to comparable positions in the market, base salaries for subsidiary
presidents are targeted somewhat below the market median. Each executive&#146;s base
salary is reviewed individually each year. Salary adjustments are based on the
individual&#146;s experience and background, performance during the prior year, the
general movement of salaries in the marketplace, and the Company&#146;s financial
position. Due to these factors, an executive&#146;s base salary may be above or below the
target point at any point in time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Annual Incentive
Compensation </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company administers an annual incentive plan for its corporate officers and managers, and
subsidiary presidents and selected subsidiary managers. The goal of the plan is to reward
participants in proportion to the performance of the Company and/or the subsidiary for
which they have direct responsibility, and their individual contributions to the
Company&#146;s performance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of annual incentive compensation each participant is eligible to earn varies based
on his potential contribution to the future performance of his subsidiary or the Company.
The amount of such compensation actually earned by each participant is based on the actual
financial performance of his subsidiary or the Company for the year compared to profit and
growth target ranges which are set at the beginning of that year. Historical performance,
current mission and strategy, and projected profit and growth capability are considered in
setting the targets for each subsidiary and the Company. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Stock Based Compensation</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
ownership is encouraged through the use of a stock plan that provides for the grant of
stock options and stock awards. Stock option grants are made on a periodic basis
(typically every other year) and are based on competitive multiples of base salary. Senior
executives typically have a higher multiple and, as a result, have a greater portion of
their total compensation linked to the longer term success of the Company. In determining
the appropriate grant multiples, the Company targets the market median among publicly held
manufacturing companies of similar size. To encourage stock retention, participants who
retain the shares obtained through the exercise of an option receive a restricted stock
award equal to one additional restricted share for every five option shares retained for
five years from the date they were acquired. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Compensation of the Chief
Executive Officer </b></FONT></P>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive  Officer,  Mr. Thomas W. Powell,  participates in the executive  compensation  program  described in this
report.</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
establishing the total compensation program for Mr. Powell, the Committee assessed the pay
levels for CEOs in similar companies in the manufacturing industry and the profit
performance of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee of the
Board of Directors: </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph
L. Becherer, Chairman <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald J. Wolny
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert C. Tranchon</FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>Performance Graph</b> </FONT></P>



<IMG SRC="proxygraph2004.jpg" width=100%>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=80% align=center>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=38% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>1998</b></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>1999</b></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>2000</b></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>2001</b></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>2002</b></FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>2003</b></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=14><HR NOSHADE COLOR=Black SIZE=1></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWELL INDUSTRIES, INC</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>82.43</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>118.25</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>229.08</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>169.84</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>209.51</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDUSTRIAL ELECTRICAL EQUIPMENT</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125.82</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>159.08</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90.98</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>70.48</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>98.54</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NASDAQ MARKET INDEX</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100.00</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>165.06</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>194.13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>97.35</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>78.33</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>113.76</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>

</TABLE>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECTION 16(a)
BENEFICIAL OWNERSHIP REPORTING COMPLIANCE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Securities Exchange Act of 1934 requires the Company&#146;s officers and
directors, and persons who own more than ten percent of a registered class of the
Company&#146;s equity securities, to file reports of ownership and changes in ownership
with the Securities and Exchange Commission. Officers, directors and greater-than ten
percent stockholders are required by the regulation to furnish the Company with copies of
all Section 16(a) forms they file. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
solely on the Company&#146;s review of the copies of such forms received by it, or written
representations from certain reporting persons that no Form 5 reports were required for
those persons, the Company believes that all filing requirements applicable to its
officers and directors and greater-than ten percent beneficial owners during the 2003
fiscal year were in compliance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDEPENDENT AUDITORS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deloitte
&amp; Touche LLP has served as the principal accountants for the Company for the fiscal
year ending October 31, 2003. It is anticipated that the Audit Committee will appoint
Deloitte &amp; Touche LLP as independent auditors of the Company for the year ending
October&nbsp;31, 2004. Representatives of Deloitte&nbsp;&amp; Touche LLP are expected to
be present at the Annual Meeting of Stockholders. They will have the opportunity to make a
statement if they desire to do so, and are expected to be available to respond to
appropriate questions. Prior to the appointment of Deloitte &amp; Touche LLP, Arthur
Andersen LLP served as the Company&#146;s principal accountants. The decision to replace
Arthur Andersen with Deloitte &amp; Touche was made pursuant to the recommendation of the
Company&#146;s Board of Directors and its Audit Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andersen&#146;s
report on the Company&#146;s financial statements for the two fiscal years ended October
31, 2000 and October 31, 2001, did not contain an adverse opinion or disclaimer of opinion
and were not qualified or modified as to uncertainty, audit scope or accounting
principles. During the Company&#146;s two fiscal years ended October 31, 2000 and October
31, 2001, and the subsequent interim periods preceding the decision to change independent
public accountants, there were no disagreements with Andersen on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or procedure
which, if not resolved to Andersen&#146;s satisfaction, would have caused them to make
reference to the subject matter of the disagreement in connection with the audit reports
of the Company&#146;s consolidated financial statements for such years. There were no
reportable events as described under Item 304(a)(1)(v) of Regulation S-K. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company provided Andersen with a copy of the foregoing disclosures. A letter from Andersen
dated May 23, 2002, stating its agreement with these statements is attached to this Proxy
Statement as Appendix A. In the years ended October 31, 2000 and October 31, 2001, and
through the date hereof, the Company did not consult Deloitte with respect to the
application of accounting principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered on the Company&#146;s
financial statements, or any other matters or reportable events as set forth in
Items&nbsp;304(a)(2)(i) and (ii) of Regulation S-K. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Audit Fees</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate fees billed by Deloitte &amp; Touche LLP for professional services rendered for
the audit of the Company&#146;s annual financial statements for the fiscal year ended
October 31, 2003 and for reviews of the financial statements included in the
Company&#146;s quarterly reports on Form 10-Q for the same fiscal year were $272,000. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Financial Information
Systems Design and Implementation Fees </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were no fees billed by Deloitte &amp; Touche LLP for professional services rendered for
information technology services related to financial information systems design and
implementation for the fiscal year ended October 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>All Other Fees </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate fees billed by Deloitte &amp; Touche LLP for services other than the services
described under &#147;Audit Fees&#148; and &#147;Financial Information Systems Design and
Implementation Fees&#148; above, for the fiscal year ended October 31, 2003 were $56,775
which amount included, among other things, fees for general and specific tax work and tax
advice, review of the Company&#146;s benefit plans and management advisory services
regarding internal and disclosure controls frameworks. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee has considered whether the provision of non-audit services by Deloitte
&amp; Touche LLP is compatible with maintaining the independent auditor&#146;s
independence. It is the judgment of the Audit Committee that the level of effort and mix
of professional services does not constitute a conflict of interest and therefore does not
compromise the auditor&#146;s independence. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER MATTERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this statement, the Board of Directors has no knowledge of any business
which will be presented for consideration at the meeting other than the election of two
directors of the Company. Should any other matters be properly presented, it is intended
that the enclosed proxy will be voted in accordance with the best judgment of the persons
voting the matter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ANNUAL REPORT </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Annual Report to Stockholders and an Annual Report on Form&nbsp;10-K covering the fiscal
year of the Company ended October 31, 2003 are enclosed herewith. These reports do not
form any part of the material for solicitation of proxies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STOCKHOLDER PROPOSALS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposals
of stockholders to be presented at the Annual Meeting of Stockholders to be held in 2005
must be received at the office of the Secretary of the Company no later than September 30,
2004 in order to be included in the Company&#146;s proxy statement and form of proxy
relating to that meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
stockholder that intends to present business at the 2005 Annual Meeting and has not
submitted such proposal by the date set forth above must notify the Secretary of the
Company no later than December&nbsp;3, 2004. If such notice is received after
December&nbsp;3, 2004, then the notice will be considered untimely, and the Company is not
required to present such business at the 2005 Annual Meeting. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All proposals
must comply with applicable SEC regulations and the Company's Bylaws as amended to date. </FONT></P>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By Order of the Board of Directors <BR>
<BR><BR><BR>
<u>&nbsp;/s/&nbsp;&nbsp; THOMAS W. POWELL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  <BR>
Thomas W. Powell<BR>
Chairman and Chief Executive Officer
</FONT></TD></TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: January 15, 2004 </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPENDIX A </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AGREEMENT AND PLAN OF
MERGER </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
AGREEMENT AND PLAN OF MERGER (&#147;Agreement&#148;) dated as of ____________________,
2004, is made and entered into by and between Powell Industries, Inc., a Nevada
corporation (&#147;Parent&#148;) and Powell Industries (Delaware), Inc., a Delaware
corporation (&#147;Subsidiary&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
Parent is a corporation organized and existing under the laws of Nevada; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Subsidiary
is a corporation organized and existing under the laws of Delaware and is a wholly owned
subsidiary of Parent; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>,
Parent and Subsidiary and their respective Boards of Directors deem it advisable and to
the advantage, for the welfare and in the best interests of the corporations and their
respective stockholders to merge Parent with and into Subsidiary pursuant to the
provisions of Nevada Revised Statutes (&#147;NRS&#148;) and the Delaware General
Corporation Law (&#147;DGCL&#148;) upon the terms and conditions set forth in this
Agreement; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW
THEREFORE</B>, in consideration of the premises, the mutual covenants herein contained and
other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree that Parent shall be merged into Subsidiary (the
&#147;Merger&#148;) upon the terms and conditions set forth below. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 1 <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
PRINCIPAL TERMS OF THE
MERGER </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
1.1</I></B><I></I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Merger.</I></B><I></I> On the Effective Date (as defined in
Section&nbsp;4.1 below), Parent shall be merged into Subsidiary, the separate existence of
Parent shall cease and Subsidiary (the surviving entity following the Merger is referred
to in this Agreement as the &#147;Surviving Corporation&#148;) shall operate under the
name &#147;Powell Industries, Inc.&#148; by virtue of, and shall be governed by, the laws
of Delaware. The address of the registered office of the Surviving Corporation in Delaware
will be Corporation Trust Center, 1209&nbsp;Orange Street, in the City of Wilmington,
County of New Castle, and the registered agent in charge thereof shall be The Corporation
Trust Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
1.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Certificate of Incorporation of the Surviving Corporation.</I>
</B>The certificate of incorporation of the Surviving Corporation shall be the certificate
of incorporation of Subsidiary as in effect on the date hereof without change unless and
until amended in accordance with applicable law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
1.3</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Bylaws of the Surviving Corporation.</I></B><I></I> The bylaws of
the Surviving Corporation shall be the bylaws of Subsidiary as in effect on the date
hereof without change unless and until amended or repealed in accordance with applicable
law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
1.4</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Directors and Officers.</I></B><I></I> At the Effective Date of
the Merger, the directors and officers of Parent in office at the Effective Date of the
Merger shall become the directors and officers, respectively, of the Surviving
Corporation, each of such directors and officers to hold office, subject to the applicable
provisions of the certificate of incorporation and bylaws of the Surviving Corporation and
the DGCL, until his or her successor is duly elected or appointed and qualified. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2></font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 2 <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
CONVERSION,
CERTIFICATES AND PLANS </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section 2.1
</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Conversion of Shares.</I></B><I></I> At the Effective Date of the Merger,  each of the following  transactions  shall be
deemed to occur simultaneously: </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(a)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Common Stock. </I>Each share of Parent&#146;s common stock, $0.01 par value
          per share (&#147;Parent Stock&#148;), issued and outstanding immediately before
          the Effective Date of the Merger shall, by virtue of the Merger and without any
          action on the part of the holder thereof, be converted into and become one
          validly issued, fully paid and nonassessable share of the Surviving
          Corporation&#146;s common stock, $0.01 par value per share (the &#147;Surviving
          Corporation Stock&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(b)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Options.</I> Each option to acquire shares of Parent Stock outstanding
          immediately before the Effective Date of the Merger shall, by virtue of the
          Merger and without any action on the part of the holder thereof, be converted
          into and become an equivalent option to acquire, upon the same terms and
          conditions, the number of shares of Surviving Corporation Stock that is equal to
          the number of shares of Parent Stock that the optionee would have received had
          the optionee exercised such option in full immediately before to the Effective
          Date of the Merger (whether or not such option was then exercisable) and the
          exercise price per share under each such option shall be equal to the exercise
          price per share thereunder immediately before the Effective Date of the Merger,
          unless otherwise provided in the instrument granting such option. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(c)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Other Rights.</I> Any other right, by contract or otherwise, to acquire
          shares of Parent Stock outstanding immediately before the Effective Date of the
          Merger shall, by virtue of the Merger and without any action on the part of the
          holder thereof, be converted into and become a right to acquire, upon the same
          terms and conditions, the number of shares of Surviving Corporation Stock that
          is equal to the number of shares of Parent Stock that the right holder would
          have received had the right holder exercised such right in full immediately
          before the Effective Date of the Merger (whether or not such right was then
          exercisable) and the exercise price per share under each such right shall be
          equal to the exercise price per share thereunder immediately before the
          Effective Date of the Merger, unless otherwise provided in the agreement
          granting such right. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(d)</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <I>Subsidiary Stock.</I> Each share of Subsidiary Stock issued and outstanding
          immediately before the Effective Date of the Merger and held by Parent shall be
          canceled without any consideration being issued or paid therefor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.2</I></B><I></I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stock Certificates.</I></B><I></I> After the Effective Date of
the Merger, each certificate theretofore representing issued and outstanding shares of
Parent Stock will thereafter be deemed to represent the same number of shares of the same
class and series of capital stock of Subsidiary. The holders of outstanding certificates
theretofore representing Parent Stock will not be required to surrender such certificate
to Parent or the Surviving Corporation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.3</I></B><I></I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Employee Benefit and Compensation Plans.</I></B><I></I> Employee
Benefit and Compensation Plans. At the Effective Date of the Merger, each employee benefit
plan, incentive compensation plan and other similar plans to which Parent is then a party
shall be assumed by, and continue to be the plan of, the Surviving Corporation. To the
extent any employee benefit plan, incentive compensation plan or other similar plan of
Parent provides for the issuance or purchase of, or otherwise relates to, Parent Stock,
after the Effective Date of the Merger such plan shall be deemed to provide for the
issuance or purchase of, or otherwise relate to, Surviving Corporation Stock. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 3 <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
TRANSFER AND
CONVEYANCE OF ASSETS <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
AND ASSUMPTION OF
LIABILITIES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.1</I></B><I></I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effects of the Merger</I></B><I></I>. At the Effective Date of
the Merger, the Merger shall have the effects specified in the NRS, the DGCL and this
Agreement. Without limiting the generality of the foregoing, and subject thereto, at the
Effective Date of the Merger, the Surviving Corporation shall possess all the rights,
privileges, powers and franchises, of a public as well as a private nature, and shall be
subject to all the restrictions, disabilities and duties of each of the parties to this
Agreement; the rights, privileges, powers and franchises of Parent and Subsidiary, and all
property, real, personal and mixed, and all debts due to each of them on whatever account,
shall be vested in the Surviving Corporation; and all property, rights, privileges, powers
and franchises, and all and every other interest shall be thereafter the property of the
Surviving Corporation, as they were of the respective constituent entities, and the title
to any real estate, whether by deed or otherwise vested in Parent and Subsidiary or either
of them, shall not revert or be in any way impaired by reason of the Merger; but all
rights of creditors and all liens upon any property of the parties hereto shall be
preserved unimpaired, and all debts, liabilities and duties of the respective constituent
entities shall thenceforth attach to the Surviving Corporation and may be enforced against
it to the same extent as if such debts, liabilities and duties had been incurred or
contracted by it. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Additional Actions.</I></B><I></I> If, at any time after the
Effective Date of the Merger, the Surviving Corporation shall consider or be advised that
any further assignments or assurances in law or any other acts are necessary or desirable
(a)&nbsp;to vest, perfect or confirm, of record or otherwise, in the Surviving
Corporation, title to and possession of any property or right of Parent acquired or to be
acquired by reason of, or as a result of, the Merger, or (b)&nbsp;otherwise to carry out
the purposes of this Agreement, Parent and its proper officers and directors shall be
deemed to have granted to the Surviving Corporation an irrevocable power of attorney to
execute and deliver all such proper deeds, assignments and assurances in law and to do all
acts necessary or proper to vest, perfect or confirm title to and possession of such
property or rights in the Surviving Corporation and otherwise to carry out the purposes of
this Agreement. The proper officers and directors of the Surviving Corporation are fully
authorized in the name of Parent or otherwise to take any and all such action. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 4 <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
APPROVAL BY
STOCKHOLDERS; <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
AMENDMENT; EFFECTIVE
DATE </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.1</I></B><I></I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Approval.</I></B><I></I> This Agreement and the Merger
contemplated hereby are subject to approval by the requisite vote of stockholders in
accordance with the NRS and the DGCL. As promptly as practicable after approval of this
Agreement by stockholders in accordance with applicable law, duly authorized officers of
the respective parties shall make and execute Articles of Merger and a Certificate of
Merger and shall cause such documents to be filed with the Secretary of State of Nevada
and the Secretary of State of Delaware, respectively, in accordance with the laws of
Nevada and Delaware. The effective date (&#147;Effective Date&#148;) of the Merger shall
be the date on which the Merger becomes effective under the laws of Nevada or the date on
which the Merger becomes effective under the laws of Delaware, whichever occurs later. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Amendments.</I></B><I></I> The Board of Directors of Parent may
amend this Agreement at any time before the Effective Date, <I>provided, however, that</I>
an amendment made subsequent to the approval of the Merger by the stockholders of Parent
shall not (a)&nbsp;alter or change the amount or kind of shares to be received in exchange
for or on conversion of all or any of the shares of Parent Stock, (b)&nbsp;alter or change
any term of the certificate of incorporation of Subsidiary or (c)&nbsp;alter or change any
of the terms and conditions of this Agreement if such alteration or change would adversely
affect the holders of Parent Stock. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 5 <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
MISCELLANEOUS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.1</I></B><I></I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Termination.</I></B><I></I> This Agreement may be terminated and
the Merger abandoned at any time before the filing of this Agreement with the Secretary of
State of Nevada and the Secretary of State of Delaware, whether before or after
stockholder approval of this Agreement, by the consent of the Boards of Directors of
Parent and Subsidiary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.2</I></B><I></I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Counterparts.</I></B><I></I> This Agreement may be executed in
any number of counterparts, each of which shall be considered to be an original
instrument. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I>Descriptive Headings.</I></B><I></I> The descriptive headings are
for convenience of reference only and shall not control or affect the meaning or
construction of any provision of this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.3</I></B><I></I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Governing Law.</I></B><I></I> This Agreement shall be construed
in accordance with the laws of Delaware, except to the extent the laws of Nevada shall
apply to the Merger where mandated by the NRS. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN
WITNESS WHEREOF</B>, the undersigned officers of each of the parties to this Agreement,
pursuant to authority duly given by their respective boards of directors, have caused this
Agreement to be duly executed on the date set forth above. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">POWELL INDUSTRIES, INC.<BR>
<BR>
<BR>
By:________________________________<BR>
Name:______________________________<BR>
Title:_______________________________<BR>
<BR>
<BR>
<BR>
POWELL INDUSTRIES (DELAWARE), INC.<BR>
<BR>
<BR>
By:________________________________<BR>
Name:______________________________<BR>
Title:_______________________________
</FONT></TD></TR>
</TABLE>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPENDIX B </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATE OF
INCORPORATION <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
OF <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
POWELL INDUSTRIES
(DELAWARE), INC. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The name of the corporation is Powell Industries (Delaware), Inc. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The address of its registered office in Delaware is Corporation Trust Center,
                    1209 Orange Street, in the City of Wilmington, County of New Castle. The name of
                    its registered agent at such address is The Corporation Trust Company. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The nature of the business or purpose to be conducted or promoted is to engage
                    in any lawful act or activity for which corporations may be organized under the
                    General Corporation Law of Delaware. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of all classes of stock which the corporation
                    shall have authority to issue is thirty-five million (35,000,000) shares, of
                    which thirty million (30,000,000) shall be shares of common stock, par value
                    $.01 per share, and five million (5,000,000) shall be shares of preferred stock,
                    par value $.01 per share. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 3- TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
          <TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Holders of common stock shall have one vote for each share on each matter
          submitted to a vote of the stockholders of the corporation. Except as otherwise
          provided by law, by the certificate of incorporation or by resolution or
          resolutions of the board of directors providing for the issuance of any series
          of preferred stock, the holders of common stock shall have sole voting power.
          Subject to all rights of the preferred stock or any series thereof, the holders
          of common stock shall be entitled to receive, when, as and if declared by the
          board of directors, out of funds legally available therefor, dividends payable
          in cash, stock or otherwise. Upon any liquidation of the corporation, and after
          holders of preferred stock of each series shall have been paid in full the
          amounts to which they respectively are entitled or a sum sufficient for such
          payment in full has been set aside, the remaining net assets of the corporation
          shall be distributed pro rata to the holders of common stock, to the exclusion
          of holders of preferred stock. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 3- TNR" FSL="Project" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
          <TD ALIGN=LEFT WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Preferred stock may be issued from time to time in one or more series. The
          board of directors is hereby expressly granted the authority to authorize the
          issuance of one or more series of preferred stock, and to fix by resolution or
          resolutions providing for the issuance of each such series the voting powers,
          designations, preferences and relative, participating, optional or other special
          rights, and qualifications, limitations or restrictions thereof, of such series,
          to the full extent now or hereafter permitted by law. No holders of any series
          of preferred stock will be entitled to receive any dividends thereon other than
          those specifically provided for by the certificate of incorporation or the
          resolution or resolutions of the board of directors providing for the issuance
          of such series of preferred stock. Upon any liquidation of the corporation,
          whether voluntary or involuntary, the holders of preferred stock of each series
          will be entitled to receive only such amount or amounts as will have been fixed
          by the certificate of incorporation or by the resolution or resolutions of the
          board of directors providing for the issuance of such series. </FONT></TD>
          </TR>
          </TABLE>
          <BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2></font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The name and mailing address of the incorporator is as follows: </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>



<TABLE WIDTH="50%" BORDER="0" CELLPADDING="0" CELLSPACING="0" align=center>
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Name</u> <BR>             <BR>
Mark W. Eisenbraun
</FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><u>Address</u><BR><BR>
910 Travis, Suite 2400<BR>
Houston, Texas  77002<BR><BR>
</FONT></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The corporation is to have perpetual existence. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The number of directors constituting the initial Board of Directors is one (1)
                    and the name and address of the person who is to serve as director until the
                    first annual meeting of the shareholders or until his successor is elected and
                    qualified is Thomas W. Powell, P.O. Box 12818, Houston, Texas 77217. The number
                    of directors may hereafter be increased or decreased as provided in the bylaws
                    of the corporation. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    In furtherance and not in limitation of the powers conferred by statute, the
                    board of directors is expressly authorized to make, alter or repeal the bylaws
                    of the corporation. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Elections of directors need not be by written ballot unless the bylaws of the
                    corporation shall so provide. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Meetings of stockholders may be held in Delaware or elsewhere, as the bylaws may
                    provide. The books of the corporation may be kept (subject to any statutory
                    provision) at such place or places, whether in Delaware or elsewhere, as may be
                    designated from time to time by the board of directors or in the bylaws of the
                    corporation. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The corporation reserves the right to amend, alter, change or repeal any
                    provision contained in this certificate of incorporation, in the manner now or
                    hereafter prescribed by statute, and all rights conferred upon stockholders
                    herein are granted subject to this reservation. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Project" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    No director of the corporation shall be liable to the corporation or its
                    stockholders for monetary damages for breach of fiduciary duty as a director,
                    provided, however, that this provision shall not eliminate or limit the
                    liability of a director (a)&nbsp;for any breach of the director&#146;s duty of
                    loyalty to the corporation or its stockholders; (b)&nbsp;for acts or omissions
                    not in good faith or which involve intentional misconduct or a knowing violation
                    of law; (c)&nbsp;under Section&nbsp;174 of the Delaware General Corporation Law;
                    or (d)&nbsp;for any transaction from which the director derived an improper
                    personal benefit. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lv 2 -TNR" FSL="Default" -->
               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
                    <TR VALIGN=TOP>
                    <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13. </FONT></TD>
                    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Executed as of December _____, 2003. </FONT></TD>
                    </TR>
                    </TABLE>
                    <BR><BR>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">________________________________________<BR>Mark W. Eisenbraun</FONT></TD></TR>
</TABLE>

<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>APPENDIX C </FONT></P>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>BYLAWS OF <BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
POWELL INDUSTRIES
(DELAWARE), INC. </FONT></P><BR><BR><BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Adopted by the Board of
Directors: December&nbsp;___, 2003 <BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
Effective:
December&nbsp;___, 2003 </FONT></P>

<BR><BR><BR><BR><BR><BR>
<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2></font></P>
<HR Size=2 Noshade>
<PAGE>





<!-- MARKER FORMAT-SHEET="Head Center Underline-TNR"  -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Table of Contents </U></FONT></P>


<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Page<BR><BR></u></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 1</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=73% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OFFICES</FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 1.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Principal Office</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 1.2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Registered Office</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 1.3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Other Offices</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STOCKHOLDERS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Place of Meetings</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Annual Meeting</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Stockholder Proposals and Nominations</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.4</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Notice of Meeting</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.5</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Special Meetings</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.6</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Quorum</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.7</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Officers of Meeting</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.8</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Conduct of Meeting</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.9</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Voting</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.10</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Proxies</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.11</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Record Date</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.12</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Voting List</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.13</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Consent of Absentees</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 2.14</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Action Without Meeting</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DIRECTORS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Powers</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Number, Tenure and Qualification</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Vacancies</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.4</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Removal</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.5</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Regular Meetings</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.6</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Special Meetings</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.7</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Place of Meetings</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.8</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Chairman of the Board</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.9</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Secretary of the Board</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.10</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Quorum</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.11</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Action Without Meeting or by Telephone</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.12</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Adjournment</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.13</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Presumption of Assent</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.14</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Compensation</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.15</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Consent of Absentees</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>i</font></P>
<HR Size=2 Noshade>
<PAGE>

<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=73% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Page<BR><BR></u></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 3.16</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Committees</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 4</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OFFICERS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Title</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Election</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Removal</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.4</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Vacancies</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.5</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Chief Executive Officer</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.6</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>President</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.7</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Chief Operating Officer</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.8</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Vice President</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.9</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Secretary</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.10</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Chief Financial Officer</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.11</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Treasurer</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.12</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Assistant Officers</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.13</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Salaries</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.14</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Bonds of Officers</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 4.15</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Delegation</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 5</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INDEMNIFICATION</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 5.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Mandatory Indemnification</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 5.2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Prepayment of Expenses</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 5.3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Vesting</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 5.4</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Enforcement</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 5.5</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Nonexclusive</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 5.6</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Permissive Indemnification</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 5.7</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Insurance</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 6</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATES</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 6.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Share Certificates</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 6.2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Issuance and Payment</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 6.3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Replacement of Certificates</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 6.4</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Registration of Transfer</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 6.5</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Transfer Agent and Registrar</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 6.6</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Holder of Record</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 6.7</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Stockholder's Change of Name or Address</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 7</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MISCELLANEOUS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 7.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Contracts</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 7.2</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Corporate Seal</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ii</font></P>
<HR Size=2 Noshade>
<PAGE>

<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=16% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=73% ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
     <TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Page<BR><BR></u></FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 7.3</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Books and Records</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 7.4</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Resignations</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom BGCOLOR="#eeeeee">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 8</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDMENTS</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Section 8.1</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Amendments</i></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>



<BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>iii</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>POWELL INDUSTRIES
(DELAWARE), INC. </b><BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
(a Delaware corporation) <BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
(the
&#147;Company&#148;) </FONT></p>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BYLAWS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 1<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
OFFICES </FONT></H1><BR>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
1.1</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Principal Office</I></B><I></I>. The principal office of the Company shall be in Houston, Harris County, Texas. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
1.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Offices</I></B><I></I>. The  registered  office of the Company shall be at  1209 Orange  Street,  Wilmington,  Delaware
19805. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
1.3</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Offices</I></B><I></I>. The Company may also have
other offices at such places, whether in Delaware or elsewhere, as the Board of Directors
may from time to time determine or the business of the Company may require. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 2<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
STOCKHOLDERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.1</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Place of Meetings</I></B><I></I>. All meetings of the
stockholders shall be held at the principal office of the Company or any other place,
whether in Delaware or elsewhere, as may be designated for that purpose from time to time
by the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.2</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Annual Meeting</I></B><I></I>. The annual meeting of the
stockholders for the purpose of electing directors and for the transaction of any other
business to come before such meeting shall be held at such time and on such date in each
year as may be determined by the Board of Directors. If the election of directors is not
accomplished at the annual meeting of the stockholders, or at any adjournment of such
meeting, the Board of Directors shall cause the election to be held at a special meeting
of the stockholders as soon after the annual meeting as may be convenient. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.3</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stockholder Proposals and Nominations.</I></B><I></I></FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          At an annual meeting of the stockholders, only such business shall be conducted
          as shall have been properly brought before the meeting. To be properly brought
          before an annual meeting, business must be (i)&nbsp;specified in the notice of
          meeting (or any supplement thereto) given by or at the direction of the Board of
          Directors, (ii)&nbsp;otherwise brought before the meeting by or at the direction
          of the Board of Directors or (iii)&nbsp;brought before the meeting by a
          stockholder in accordance with this Section&nbsp;2.3.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          For business to be properly brought before an annual meeting by a stockholder
          and for nominations by stockholders for the election of directors at an annual
          meeting, the stockholder must give timely notice of such business or nomination
          to the secretary of the Company. All notices given pursuant to this
          Section&nbsp;2.3 shall be in writing and must be received by the secretary of
          the Company not less than 90 nor more than 150 days before the anniversary date
          of the annual meeting of the stockholders for the immediately preceding year.
          All such notices shall include (i)&nbsp;a representation that the person sending
          the notice is a stockholder of record and will remain a stockholder of record
          through the record date for the meeting in which such business or nomination is
          to be considered, (ii)&nbsp;the name and address of such stockholder, as they
          appear on the stock transfer books of the Company, (iii)&nbsp;the class and
          number of the Company&#146;s shares owned beneficially and of record by such
          stockholder and (iv)&nbsp;a representation that such stockholder intends to
          appear in person or by proxy at such meeting to make the nomination or move the
          consideration of other business set forth in the notice.  </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</font></P>
<HR Size=2 Noshade>
<PAGE>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Notice as to proposals with respect to any business to be brought before the
          meeting other than the election of directors shall also set forth the text of
          the proposal, may set forth any statement in support of such proposal that the
          stockholder wishes to bring to the attention of the Company and shall specify
          any material interest of such stockholder in such business. The stockholder
          providing the notice shall also be required to provide such further information
          as may be requested by the Company to comply with federal securities laws, rules
          and regulations.   </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Notice as to nominations for the election of directors shall include
          (i)&nbsp;the name(s) of the nominee(s) and the address and principal occupation
          or employment of each, (ii)&nbsp;a description of all arrangements or
          understandings between the stockholder and each nominee and any person or
          persons (naming such person or persons) pursuant to which the nomination or
          nominations are to be made by the stockholder, (iii)&nbsp;the written consent of
          each nominee to serve as a director if so elected and (iv)&nbsp;such other
          information as would be required to be included in a proxy statement soliciting
          proxies for the election of the nominee(s) of such stockholder.   </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A stockholder shall also comply with all applicable requirements of the
          Securities Exchange Act of 1934 and the rules and regulations under such act
          with respect to stockholder proposals and nominations, including the time
          periods set forth in such act, rules or regulations for stockholder proposals
          requested to be included in the Company&#146;s proxy statement for such annual
          meeting.   </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Company shall be under no obligation to include any stockholder proposal in
          its proxy statement or otherwise present any such proposal to stockholders at a
          meeting of stockholders if the Board of Directors believes that the proposing
          stockholder has not complied with the applicable requirements of the Securities
          Exchange Act of 1934 and the rules and regulations under such act, nor shall the
          Company be required to include in its proxy statement to stockholders any
          stockholder proposal not required to be included in its proxy statement to
          stockholders in accordance with the Securities Exchange Act of 1934 and the
          rules and regulations under such act. The chairman of the meeting shall refuse
          to acknowledge the nomination of any person or the consideration of any business
          not made in compliance with the foregoing procedures.   </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.4</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Notice of Meeting</I></B><I></I>. Written notice of each
meeting of stockholders, stating the place, date and hour of the meeting and, in the case
of a special stockholder meeting, the purpose or purposes for which the meeting is called,
shall be delivered by or at the direction of the chief executive officer, president, the
secretary, an assistant secretary or the persons calling the meeting to each stockholder
of record entitled to vote at the meeting not less than ten, or in the event of a merger
or consolidation not less than twenty, nor more than sixty days before the date of such
meeting either personally or by mail, postage prepaid, addressed to the stockholder at his
address appearing on the stock transfer books of the Company. If mailed, such notice shall
be deemed to be delivered when deposited in the United States mail. The signing by a
stockholder of a written waiver of notice of any stockholders&#146; meeting, whether
before or after the time stated in such waiver, shall be equivalent to the receiving by
him of all notice required to be given with respect to such meeting. Attendance by a
person at a stockholders&#146; meeting shall constitute a waiver of notice of such meeting
except when a person attends a meeting for the express purpose of objecting, at the
beginning of the meeting, to the transaction of any business because the meeting is not
lawfully called or convened. No notice of any adjournment of any meeting shall be
required. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.5</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Special Meetings</I></B><I></I>. Special meetings of the
stockholders for any purpose or purposes whatsoever may be called by the chairman of the
Board of Directors, the chief executive officer, the president, a majority of the
directors or by one or more stockholders holding in the aggregate not less than <B>[thirty
percent (30%)]</B> of all the shares entitled to vote at the proposed special meeting.
Only business within the purpose or purposes described in the notice of the special
meeting of the stockholders may be conducted at the meeting. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.6</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Quorum</I></B><I></I>.Unless otherwise provided by law, by
the Company&#146;s certificate of incorporation or by these bylaws, the holders of a
majority of the shares entitled to vote and present in person or represented by proxy
shall constitute a quorum for the transaction of business at a meeting of stockholders.
When a quorum is present, the stockholders present in person or represented by proxy at
the meeting may conduct such business as may be properly brought before the meeting until
it is adjourned, and the subsequent withdrawal from the meeting of any stockholder or the
refusal of any stockholder present in person or represented by proxy to vote shall not
affect the presence of a quorum at the meeting. The stockholders present in person or
represented by proxy at a meeting at which a quorum is not present may adjourn the meeting
until such time and place, without notice other than announcement at the meeting, as may
be determined by a vote of the holders of a majority of the shares present in person or
represented by proxy at that meeting, <I>provided, however, that</I> if the adjournment is
for more than thirty days or if a new record date is fixed for the adjourned meeting, a
notice of the adjourned meeting shall be given to each stockholder of record entitled to
vote at the meeting.</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.7</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Officers of Meeting</I></B><I></I>.The chairman of the
board shall preside at, and the secretary of the Company shall keep the records of, each
meeting of stockholders, and in the absence of either such officer, such duties shall be
performed by any other officer authorized by these bylaws or, in the absence of any
officer authorized by these bylaws, any person appointed by resolution duly adopted at the
meeting. The chairman of the meeting shall appoint at least two persons to act as
inspectors of election at the meeting.</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.8</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Conduct of Meeting</I></B><I></I>. Meetings of stockholders
generally shall follow accepted rules of parliamentary procedure, subject to the
following:</FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The chairman of the meeting shall have absolute authority over matters of
          procedure and there shall be no appeal from the ruling of the chairman. If the
          chairman, in his absolute discretion, deems it advisable to dispense with the
          rules of parliamentary procedure as to any one meeting of stockholders or part
          thereof, the chairman shall so state and shall clearly state the rules under
          which the meeting or appropriate part thereof shall be conducted.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If disorder should arise which prevents continuation of the legitimate business
          of the meeting, the chairman may quit the chair and announce the adjournment of
          the meeting. Upon his so doing, the meeting shall immediately be adjourned.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The chairman may ask or require the removal of anyone not a stockholder of
          record or a proxy of a stockholder of record not present in person to leave the
          meeting.  </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.9</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting</I></B><I></I>. Each outstanding share shall be
entitled to one vote on each matter submitted to a vote at a meeting of stockholders
except to the extent that the Company&#146;s certificate of incorporation or the laws of
Delaware provide otherwise. In all matters other than the election of directors, the
affirmative vote of the holders of a majority of the shares present in person or
represented by proxy and entitled to vote on the subject matter at a meeting at which a
quorum is present shall be the act of the stockholders, unless the vote of a greater
number is required by law. Directors shall be elected by the holders of a plurality of the
votes of the shares present or represented by proxy at the meeting and entitled to vote on
the election of directors. No stockholder shall have the right to cumulate his votes at
any election for directors of the Company.</FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.10</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Proxies</I></B><I></I>. Each stockholder entitled to vote
or execute a consent may do so either in person or by proxy appointed by an instrument in
writing executed by such stockholder or by his duly authorized attorney-in-fact. No such
proxy shall be voted or acted upon after three years from its date, unless the proxy
provides for a longer period. A duly executed proxy shall be irrevocable if it states that
it is irrevocable and if, and only as long as, it is coupled with an interest sufficient
in law to support an irrevocable power. A proxy may be made irrevocable regardless of
whether the interest with which it is coupled is an interest in the stock itself or an
interest in the Company generally. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.11</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Record Date.</I></B><I></I> </FONT></P>



<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          For the purpose of determining the stockholders (i)&nbsp;entitled to notice of
          or to vote at any meeting of stockholders or adjournment thereof,
          (ii)&nbsp;entitled to express consent to corporate action in writing without a
          meeting, (iii)&nbsp;entitled to receive payment of any dividend or other
          distribution or allotment of any rights, (iv)&nbsp;entitled to exercise any
          rights in respect of any change, conversion or exchange of stock or (v)&nbsp;for
          the purpose of any other lawful action, the Board of Directors may provide that
          the stock transfer books shall be closed for a stated period not to exceed, in
          any case, sixty days. If the stock transfer books shall be closed for the
          purpose of determining stockholders entitled to notice of or to vote at a
          meeting of stockholders, the stock transfer books shall be closed for at least
          ten days immediately preceding such meeting. In lieu of closing the stock
          transfer books, the Board of Directors may fix, in advance, a date as the record
          date for such determination of stockholders, which shall not be more than sixty
          nor less than ten days, or in the case of a merger or consolidation twenty days,
          before the date on which the meeting will take place or more than sixty days
          before any other action requiring such determination of stockholders. If the
          stock transfer books are not closed and no record date is fixed for the
          determination of stockholders entitled to notice of or to vote at a meeting of
          stockholders, or stockholders entitled to receive a distribution (other than a
          distribution involving a purchase or redemption by the Company of any of its own
          shares) or a share dividend, the date on which notice of the meeting is mailed
          or the resolution of the Board of Directors declaring such distribution or share
          dividend is adopted, as applicable, shall be the record date for such
          determination of stockholders. When a determination of stockholders entitled to
          vote at any meeting of stockholders has been made as provided in this
          subsection&nbsp;(a), such determination shall apply to any adjournment of such
          meeting, except where the determination has been made through the closing of the
          stock transfer records and the stated period of closing has expired.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          For the purpose of determining stockholders entitled to call a special meeting
          of stockholders pursuant to Section&nbsp;2.5, the record date shall be the date
          the first stockholder signs the notice of the meeting.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Unless a record date shall have previously been fixed or determined pursuant to
          this Section&nbsp;2.11, whenever action by stockholders is proposed to be taken
          by consent in writing without a meeting of stockholders, the Board of Directors
          may fix a record date for the purpose of determining stockholders entitled to
          consent to that action. Such record date shall not precede and shall not be more
          than ten days after the date upon which the resolution fixing the record date is
          adopted by the Board of Directors. If no record date has been fixed by the Board
          of Directors and prior action of the Board of Directors is required by the
          Delaware General Corporation Law, the record date for determining stockholders
          entitled to consent to action in writing without a meeting shall be at the close
          of business on the date on which the Board of Directors adopts a resolution
          taking such prior action. If no record date has been fixed by the Board of
          Directors and prior action by the Board of Directors is not required by the
          Delaware General Corporation Law, the record date for determining stockholders
          entitled to consent to action in writing without a meeting shall be the first
          date on which a signed written consent setting forth the action taken or
          proposed to be taken is delivered to the Company as provided in the Delaware
          General Corporation Law.  </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.12</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting List</I></B><I></I>. The officer or agent having
charge of the stock transfer books for shares of the Company shall make, at least ten days
before each meeting of stockholders, a complete list of the stockholders entitled to vote
at such meeting or any adjournment thereof, arranged in alphabetical order, with the
address of and the number of shares held by each. Such list shall be kept, for a period of
ten days before such meeting, on file at the principal place of business of the Company.
The list shall be subject to lawful inspection by any stockholder at any time during usual
business hours. Such list shall also be produced and kept open at the time and place of
the meeting and shall be subject to inspection by any stockholder during the whole time of
the meeting. Such list shall be <I>prima facie</I> evidence as to who are the stockholders
entitled to examine such list or to vote at such meeting of stockholders. Failure to
comply with the requirements of this Section&nbsp;2.12 shall not affect the validity of
any action taken at such meeting. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.13</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consent of Absentees</I></B><I></I>. No defect in the
calling or giving notice of a stockholder meeting will affect the validity of any action
at the meeting if a quorum was present and if each stockholder not present in person or
represented by proxy signs a written waiver of notice, consent to the holding of the
meeting or approval of the minutes, either before or after the meeting, and such waivers,
consents or approvals are filed with the corporate records or made a part of the minutes
of the meeting.  </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
2.14</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Action Without Meeting</I></B><I></I>.  Any action required
or permitted to be taken at any annual or special meeting of stockholders of the Company
may be taken without a meeting, without prior notice or call and without a vote, if a
consent or consents in writing, setting forth the action so taken, shall be signed by the
holder or holders of shares having not less than the minimum number of votes that would be
necessary to authorize or take such action at a meeting at which the holders of all shares
entitled to vote on the action were present and voted. The written consent shall be filed
with the minutes of the proceedings of the stockholders. The Company shall give prompt
notice of the taking of the corporate action without a meeting by less than unanimous
consent to those stockholders who have not consented in writing and who, if the action had
been taken at a meeting, would have been entitled to notice of the meeting if the record
date for such meeting had been the date that written consents signed by a sufficient
number of holders to take the action were delivered to the Company as provided in the
Delaware General Corporation Law. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 3<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
DIRECTORS </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.1</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Powers</I></B><I></I>. The directors of the Company shall
act only as a board, and an individual director shall have no power as such. The Board of
Directors shall manage and direct the business and affairs of the Company, except as
otherwise provided in the Delaware General Corporation Law or the Company&#146;s
certificate of incorporation.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.2</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Number, Tenure and Qualification</I></B><I></I>. The number
of directors of the Company shall be seven and may be increased to no more than fifteen or
decreased to no fewer than three by resolution of the Board of Directors. Directors shall
hold office for a term of three years and shall serve until the expiration of such
director&#146;s term and thereafter until such director&#146;s successor is duly elected
and qualified, or until such director&#146;s earlier death, resignation or removal. No
decrease in number of directors shall shorten the term of any incumbent director. The
Board of Directors shall be divided into three classes of directors, each class to be as
nearly equal in number as possible. Directors need not be residents of Delaware nor
stockholders of the Company. Further qualifications shall be established by resolution of
the Board of Directors or in the charter governing the nominating committee of the Board
of Directors and shall include such qualifications as may be necessary to ensure
compliance with applicable federal securities law and, during any period in which the
Company&#146;s shares are listed on a stock exchange or with a registered securities
association or other self-regulatory organization, the listing standards of such stock
exchange, registered securities association or other self-regulatory organization. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.3</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Vacancies</I></B><I></I>. Any vacancy occurring in the
Board of Directors, including a vacancy occurring by reason of an increase in the number
of directors, may be filled by a majority of the remaining directors, although less than a
quorum, or by a sole remaining director. Subject to the terms of Section&nbsp;2.3, the
stockholders may, at an annual meeting of the stockholders, fill any vacancy occurring in
the Board of Directors not filled by the directors. A director elected to fill a vacancy
shall be elected for the unexpired term of such director&#146;s predecessor in office. A
vacancy shall be deemed to exist by reason of the death, resignation, failure or refusal
to act by the person elected, upon the failure of stockholders to elect directors to fill
the unexpired term of directors removed in accordance with the provisions of these bylaws
or upon an increase in the number of directors by resolution of the Board of Directors or
amendment of these bylaws.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.4</I></B><I></I>  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Removal</I></B><I></I>. Any director of the Company may be
removed, but only for cause, by the holders of a majority of the shares then entitled to
vote at an election of directors.</FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.5</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Regular Meetings</I></B><I></I>. Regular meetings of the
Board of Directors shall be held, without call or notice, immediately following each
annual meeting of the stockholders of the Company and at such other times as the Board of
Directors may determine. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.6</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Special Meetings</I></B><I></I>. Special meetings of the
Board of Directors may be called for any purpose at any time by the chairman of the board,
the president or any two directors. Written notice of special meetings, stating the time
and, in general terms, the purpose or purposes of such meeting, shall be mailed, sent by
telecopy or delivered personally to each director at his usual business or residence
address so that such notice is received not later than the day before the date of the
meeting. The signing of a written waiver of notice of any special meeting by the person
entitled to such notice, whether before or after the meeting, shall be deemed timely
receipt of such notice. Attendance of a director at a meeting shall also constitute a
waiver of notice of such meeting, except where a director attends a meeting for the
express and announced purpose of objecting, at the beginning of the meeting, to the
transaction of any business on the ground that the meeting is not lawfully called or
convened. </FONT></P>




<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.7</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Place of Meetings</I></B><I></I>. All meetings of the Board
of Directors shall be held at the principal office of the Company or at such place in
Delaware or elsewhere as may be designated from time to time by resolution of the Board of
Directors or by written consent of all of the directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.8</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Chairman of the Board</I></B><I></I>. The Board of
Directors shall elect a chairman of the board from among the directors to preside at
meetings of the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.9</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Secretary of the Board</I></B><I></I>. The secretary of the
Company shall be the secretary of the Board of Directors and shall act as secretary of the
meetings of the Board of Directors, recording the minutes of all such meetings. If the
secretary of the Company is not available, then the chairman of the board may appoint a
person, who need not be a director or officer of the Company, to serve as secretary of the
meeting. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.10</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Quorum</I></B><I></I>. A majority of the number of
directors fixed by or in accordance with these bylaws shall be necessary to constitute a
quorum for the transaction of business, except to adjourn the meeting as provided in
Section&nbsp;3.12 below or as provided in Section&nbsp;3.3 above. Every act or decision
done or made by a majority of the directors present at a meeting at which a quorum is
present shall be regarded as the act of the Board of Directors, unless a greater number is
required by law. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.11</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Action Without Meeting or by Telephone</I></B><I></I>. Any
action required or permitted to be taken by the Board of Directors may be taken without a
meeting and with the same force and effect as a unanimous vote of the directors if before
or after such action all directors shall sign a written consent to such action. Such
written consent shall be filed with the minutes of the proceedings of the Board of
Directors. The directors may participate in a meeting of the Board of Directors by means
of a telephone conference or similar method of communication by which all persons
participating in the meeting can hear each other. Participation in such a meeting shall
constitute presence in person at the meeting, except where participation is for the
express purpose of objecting to the transaction of business at the meeting on the ground
that the meeting is not lawfully called or convened. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.12</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Adjournment</I></B><I></I>. A quorum of directors may
adjourn any meeting of the Board of Directors to a subsequent date and time. Notice of the
date, time and place of holding an adjourned meeting shall be given to each absent
director and to all directors if the date, time or place is not fixed at the meeting
adjourned. In the absence of a quorum, a majority of the directors present at any meeting
of the Board of Directors, either regular or special, may adjourn from time to time until
the time fixed for the next regular meeting of the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.13</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Presumption of Assent</I></B><I></I>. A director of the
Company who is present at a meeting of the Board of Directors in which action on any
corporate matter is taken shall be presumed to have assented to the action taken unless
his dissent or abstention shall be written in the minutes of the meeting or unless he
shall file his written dissent to such action or abstention with respect to such action
with the person acting as the secretary of the meeting before the adjournment thereof or
shall forward such dissent or abstention by registered or certified mail to the secretary
of the Company immediately after the adjournment of the meeting. Such right to dissent or
abstain shall not apply to a director who voted in favor of such action. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.14</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compensation</I></B><I></I>. Directors and members of
committees of the Board of Directors may receive such compensation, if any, for their
services and such reimbursement for expenses in connection with such service as may be
fixed or determined by resolution of the Board of Directors or by the Compensation
Committee, subject to ratification by the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.15</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consent of Absentees</I></B><I></I>. No defect in the
calling or noticing of a meeting of the Board of Directors will affect the validity of any
action at the meeting if a quorum was present and if each director not present signs a
written waiver of notice, consent to the holding of the meeting or approval of the
minutes, whether before or after the meeting, and such waivers, consents or approvals are
filed with the corporate records or made a part of the minutes of the meeting. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
3.16</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Committees</I></B><I></I>. The Board of Directors may, by
resolution adopted by a majority of the Board of Directors, designate one or more members
of the Board of Directors to constitute one or more committees of the Board of Directors,
including without limitation an executive committee, an audit committee, a compensation
committee and a nominating committee. Each committee shall have and may exercise such
powers in the management of the business and affairs of the Company as the Board of
Directors may determine by resolution and specify in the respective resolutions appointing
them, subject to such restrictions as may be contained in the certificate of incorporation
or imposed by law. Such committee or committees shall have such name or names as may be
determined from time to time by resolutions adopted by the Board of Directors. A majority
of the members of any such committee may fix its rules of procedure, determine its actions
and fix the time and place, in Delaware or elsewhere, of its meetings and specify what
notice thereof, if any, shall be given, unless the Board of Directors shall provide
otherwise by resolution. The Board of Directors shall have the power to change the
membership of any such committee at any time, to fill vacancies on the committee and to
disband any such committee for any reason at any time. Each committee shall keep regular
minutes of its proceedings and report such proceedings to the Board of Directors when
required. The proceedings of each committee shall be placed in the minute book of the
Company. Unless otherwise specifically provided by law or the Board of Directors, any
action required or permitted to be taken at a meeting of a committee may be taken without
a meeting if a consent in writing, setting forth the actions so taken, is signed by all
members of the committee. Such consent shall have the same force and effect as a unanimous
vote at an actual meeting. The executed consent shall be placed in the minute book of the
Company. Members of a committee may participate in a meeting of the committee by means of
a telephone conference or similar method of communication by which all persons
participating in the meeting can hear each other. Participation in such a meeting shall
constitute presence in person at the meeting, except where participation is for the
express purpose of objecting to the transaction of business at the meeting on the ground
that the meeting is not lawfully called or convened. Except as otherwise specifically
provided by the Board of Directors, any committee shall have the power to appoint a
subcommittee from among its members and to delegate to any such subcommittee any of its
powers, duties and functions. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 4<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
OFFICERS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.1</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Title</I></B><I></I>. The officers of the Company shall be
a president, a vice president, a secretary and a treasurer. The officers of the Company
may also include, as the Board of Directors shall from time to time determine, a chairman
of the board, a chief executive officer, a chief operating officer, a chief financial
officer and other officers and assistant officers. Any two or more offices may be held by
the same person. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Election</I></B><I></I>. The officers of the Company to be
elected by the Board of Directors shall be elected annually by the Board of Directors at
the first meeting of the Board of Directors held after each annual meeting of the
stockholders. If the election of officers is not held at such meeting, such election shall
be held as soon thereafter as conveniently may be. Each officer shall hold office until
his successor shall have been duly elected and shall have qualified or until his earlier
death, resignation or removal as provided in these bylaws. The Board of Directors may
delegate to any officer or committee the power to appoint any officers, other than the
chief executive officer, president, chief operating officer, vice president, secretary,
chief financial officer or treasurer, subcommittees or agents, to specify their duties and
to determine their compensation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.3</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Removal</I></B><I></I>. Any officer or agent may be
removed, either with or without cause, by a majority of the directors then in office at
any regular or special meeting of the Board of Directors or by any committee or officer
upon whom such power of removal may be conferred by the Board of Directors. Such removal
shall be without prejudice to the contract rights, if any, of the person so removed.
Election or appointment of an officer or agent shall not of itself create any contract
rights. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.4</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Vacancies</I></B><I></I>. If the office of the chief
executive officer, chief operating officer, president, secretary, chief financial officer
or treasurer becomes vacant for any reason, including the refusal, failure or other
inability of the holder of such office to perform the duties of such office, the Board of
Directors shall elect a successor who shall hold office for the unexpired term thereof and
until such officer&#146;s successor is elected and qualified. Any vacancy in any other
office for any reason may be filled by appointment of the chief executive officer or
president, subject to ratification by the Board of Directors. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.5</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Chief Executive Officer</I></B><I></I>. The chief executive
officer of the Company shall in general, subject to the control of the Board of Directors,
supervise and control all business and affairs of the Company. The chief executive officer
shall perform all duties incident to the office of chief executive officer and such other
duties as may be prescribed by the Board of Directors from time to time. Within this
authority and in the course of such duties, the chief executive officer shall, in the
absence of the chairman of the board, preside at meetings of the stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.6</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>President</I></B><I></I>. The president of the Company
shall in general, subject to the control of and in cooperation with the chief executive
officer, supervise and control the business and affairs of the Company and exercise the
general powers and management of the Company. The president shall perform such other
duties as may be prescribed by the Board of Directors from time to time. Within this
authority and in the course of such duties, the president shall (a)&nbsp;sign, with the
secretary or other proper officer of the Company thereunto authorized by the Board of
Directors or these bylaws, certificates for shares of the Company, unless the Board of
Directors shall by resolution determine otherwise, (b)&nbsp;appoint and remove, employ and
discharge and prescribe the duties and fix the compensation of all agents and employees of
the Company other than the duly appointed officers, subject to the approval of the Board
of Directors, and control all of the officers, agents and employees of the Company,
subject to the direction of the Board of Directors, (c)&nbsp;in the absence or inability
or refusal to act of the chief executive officer, or if the Board of Directors has not
elected a chief executive officer or the office is otherwise vacant, assume the duties
incident to the office of chief executive officer and (d)&nbsp;if the Board of Directors
has not elected a chief operating officer, perform the duties of the chief operating
officer. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.7</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Chief Operating Officer</I></B><I></I>. The chief operating
officer of the Company shall, subject to the control of the president, have the day-to-day
supervision, direction and control of the business and the officers of the Company and
such other powers and duties as may be prescribed by the Board of Directors or these
bylaws. Within this authority and in the course of such duties, the chief operating
officer shall (a)&nbsp;agree upon and sign such deeds, mortgages, bonds, contracts and
other obligations in the name of the Company and otherwise take such actions as the
ordinary conduct of the Company&#146;s business may require, unless the Board of Directors
shall by resolution determine otherwise, and (b)&nbsp;in the absence or inability or
refusal to act of the president, or if the office of president is vacant, assume the
duties incident to the office of president. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.8</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Vice President</I></B><I></I>. In the absence of the chief
operating officer, or in the event of his death, inability to act or refusal to act, or,
if the Board of Directors has not elected a chief operating officer, in the absence of the
president, or in the event of his death, inability to act or refusal to act, a vice
president designated by the Board of Directors shall perform the duties of the president
and when so acting shall have all of the powers of and be subject to the restrictions upon
the president. In the absence of a designation by the Board of Directors of a vice
president to perform the duties of the chief operating officer or the president, as
applicable, or if the designated vice president is unable or unwilling to act, the vice
president who is present and who has served longest as a vice president of the Company
shall so act. The vice president shall perform such other duties and have such other
powers as the Board of Directors may from time to time prescribe. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.9</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Secretary</I></B><I></I>. The secretary shall
(a)&nbsp;sign, with the president or other proper officer of the Company thereunto
authorized by the Board of Directors or these bylaws, certificates for shares of the
Company, (b)&nbsp;attest and keep at the principal office of the Company the original or a
copy of these bylaws as then amended or otherwise altered, (c)&nbsp;keep, or cause to be
kept, the minutes of the meetings of the stockholders, the Board of Directors and the
committees of the Board of Directors, including all consents in lieu thereof, all notices
of meetings, all waivers thereof and such other corporate documents as the Board of
Directors may direct, in one or more books provided for that purpose, (d)&nbsp;sign or
attest such documents as may be required by law or the business of the Company, affixing
the seal of the Company to such documents when authorized by the Board of Directors to do
so or as may otherwise be proper and necessary, (e)&nbsp;duly give, or cause to be duly
given, all notices in accordance with these bylaws or as may be required by law,
(f)&nbsp;have charge and oversight of the stock certificate books, transfer books and
stock ledgers and such other books and papers of the Company as the Board of Directors may
direct and (g)&nbsp;in general, perform all duties and exercise all powers incident to the
office of the secretary and such other duties and powers as the Board of Directors may
from time to time assign to the secretary. In the absence, inability to act or refusal to
act of the secretary, an assistant secretary or the treasurer or any other officer
thereunto authorized by the president, vice president or Board of Directors may perform
the functions of the secretary. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.10</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Chief Financial Officer</I></B><I></I>. The chief financial
officer shall, subject to the control of the Board of Directors, (a)&nbsp;be custodian of
the financial records of the Company, (b)&nbsp;analyze, monitor and present results of
financial operations to the Board of Directors, the chief executive officer and the
president and otherwise as directed by the Board of Directors, (c)&nbsp;design, establish
and administer or cause to be designed, established and administered an integrated
financial reporting system with appropriate internal controls, (d)&nbsp;ensure compliance
with all applicable federal laws and regulations governing the financial reporting
obligations of the Company, (e)&nbsp;conduct periodic internal reviews of financial
reporting policies, procedures and systems and (f)&nbsp;have the general powers and duties
usually vested in a chief financial officer and such other powers and duties as may be
prescribed by the Board of Directors. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.11</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Treasurer</I></B><I></I>. The treasurer shall (a)&nbsp;have
charge of and be responsible for all securities, funds, receipts and disbursements of the
Company, (b)&nbsp;shall deposit or cause to be deposited in the name of the Company all
monies or valuable effects in such banks, trust companies or other depositories as shall,
from time to time, be selected by or under authority granted by the Board of Directors,
(c)&nbsp;keep full and accurate records of all receipts and disbursements of the Company
and (d)&nbsp;have the general powers and duties usually vested in a treasurer and such
other powers and duties as may be from time to time be prescribed by the Board of
Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.12</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Assistant Officers</I></B><I></I>. Any assistant secretary
or assistant treasurer appointed by the Board of Directors shall have power to perform,
and shall perform, all duties incumbent upon the secretary or treasurer of the Company,
respectively, subject to the general direction of such respective officers, and shall
perform such other duties as these bylaws may require or the Board of Directors may
prescribe. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.13</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Salaries</I></B><I></I>. The salaries or other compensation
of the officers shall be fixed from time to time (a)&nbsp;by the Board of Directors or
(b)&nbsp;by the compensation committee, subject to ratification by the Board of Directors.
No officer shall be prevented from receiving such salary or other compensation by reason
of the fact that such officer is also a director of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.14</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Bonds of Officers</I></B><I></I>. The Board of Directors
may secure the fidelity of any officer of the Company by bond or otherwise, on such terms
and with such surety or sureties, conditions, penalties or securities as shall be deemed
proper by the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
4.15</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Delegation</I></B><I></I>. The Board of Directors may
delegate temporarily the powers and duties of any officer of the Company, in such
officer&#146;s absence or for any other reason, to any other officer, and may authorize
the delegation by any officer of the Company of any of such officer&#146;s powers and
duties to any agent or employee, subject to the general supervision of such officer. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 5<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
INDEMNIFICATION </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.1</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mandatory Indemnification</I></B><I></I>. Each person who
at any time is or was a director or officer of the Company, and is threatened to be or is
made a party to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative, arbitrative or investigative (a &#147;Proceeding&#148;),
by reason of the fact that such person is or was a director or officer of the Company, or
is or was serving at the request of the Company as a director, officer, partner, venturer,
proprietor, member, employee, trustee, agent or similar functionary of another domestic or
foreign corporation, partnership, joint venture, sole proprietorship, trust, employee
benefit plan or other for-profit or non-profit enterprise (all such persons entitled to
indemnification hereunder being referred to as &#147;Indemnitees&#148;), whether the basis
of a Proceeding is alleged action in such person&#146;s official capacity or in another
capacity while holding such office, shall be indemnified and held harmless by the Company
to the fullest extent authorized by the Delaware General Corporation Law or any other
applicable law as may from time to time be in effect (but, in the case of any amendment of
an existing statute or enactment of a new statute, only to the extent that such amendment
or new statute permits the Company to provide broader indemnification rights than law
existing before such amendment or enactment permitted the Company to provide), against all
expense, liability and loss (including without limitation court costs and attorney fees,
judgments, fines, excise taxes or penalties and amounts paid or to be paid in settlement)
actually and reasonably incurred or suffered by such person in connection with a
Proceeding, if a majority of disinterested directors, the stockholders or independent
legal counsel through a written opinion determines that such person acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of
the Company, and in a criminal Proceeding, such person had no reasonable cause to believe
his conduct was unlawful. Such indemnification shall continue as to a person who has
ceased to be a director or officer of the Company or a director, officer, partner,
venturer, proprietor, member, employee, trustee, agent or similar functionary of another
domestic or foreign corporation, partnership, joint venture, sole proprietorship, trust,
employee benefit plan or other for-profit or non-profit enterprise, and shall inure to the
benefit of such person&#146;s heirs, executors and administrators. The Company&#146;s
obligations under this Section&nbsp;5.1 include without limitation the convening of any
meeting and the consideration at such meeting of any matter which is required by statute
to determine the eligibility of any person for indemnification. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Prepayment of Expenses</I></B><I></I>. Expenses incurred by
a director or officer of the Company in defending a Proceeding shall be paid by the
Company in advance of the final disposition of such Proceeding to the fullest extent
permitted by, and only in compliance with, the Delaware General Corporation Law or any
other applicable federal or state laws as may from time to time be in effect, including
without limitation any provision of the Delaware General Corporation Law which requires,
as a condition precedent to such expense advancement, the delivery to the Company of an
undertaking, by or on behalf of such director or officer, to repay all amounts so advanced
if it shall ultimately be determined that such director is not entitled to be indemnified
under Section&nbsp;5.1 or otherwise. Repayments of all amounts so advanced shall be upon
such terms and conditions, if any, as the Company&#146;s Board of Directors deems
appropriate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.3</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Vesting</I></B><I></I>. The Company&#146;s obligation to
indemnify and to prepay expenses under Sections&nbsp;5.1 and 5.2 shall arise, and all
rights granted to the Company&#146;s directors and officers hereunder shall vest, at the
time of the occurrence of the transaction or event to which a Proceeding relates, or at
the time that the action or conduct to which such Proceeding relates was first taken or
engaged in (or omitted to be taken or engaged in), regardless of when such Proceeding is
first threatened, commenced or completed (and whether arising out of a transaction or
event occurring before or after adoption of this Article&nbsp;5). Notwithstanding any
other provision of the certificate of incorporation or bylaws of the Company, no action
taken by the Company subsequent to the adoption of this Article&nbsp;5, either by
amendment of the certificate of incorporation of the Company or these bylaws or otherwise,
shall diminish or adversely affect any rights to indemnification or prepayment of expenses
granted under Sections 5.1 and 5.2 which shall have become vested as aforesaid before the
date that such amendment or other corporate action is effective or taken, whichever is
later. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.4</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Enforcement</I></B><I></I>. If a claim under
Section&nbsp;5.1 and/or Section&nbsp;5.2 is not paid in full by the Company within thirty
days after a written claim has been received by the Company, the claimant may at any time
thereafter bring suit in a court of competent jurisdiction against the Company to recover
the unpaid amount of the claim and, if successful in whole or in part, the claimant shall
also be entitled to be paid the expense of prosecuting such claim. It shall be a defense
to any such suit (other than a suit brought to enforce a claim for expenses incurred in
defending any Proceeding in advance of its final disposition when the required
undertaking, if any is required, has been tendered to the Company) that the claimant has
not met the standards of conduct which make it permissible under the Delaware General
Corporation Law or other applicable law to indemnify the claimant for the amount claimed,
but the burden of proving such defense shall be on the Company. The failure of the Company
(including its Board of Directors, independent legal counsel or stockholders) to have made
a determination before the commencement of such suit as to whether indemnification is
proper in the circumstances based upon the applicable standard of conduct set forth in the
Delaware General Corporation Law or other applicable law shall neither be a defense to the
action nor create a presumption that the claimant has not met the applicable standard of
conduct. The termination of any Proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that the person did not act in good faith and in a manner which such person
reasonably believed to be in or not opposed to the best interests of the Company, and,
with respect to any criminal Proceeding, had reasonable cause to believe that his conduct
was unlawful. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.5</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Nonexclusive</I></B><I></I>. The indemnification provided
by this Article&nbsp;5 shall not be deemed exclusive of any other rights to which a person
seeking indemnification may be entitled under any statute, the Company&#146;s certificate
of incorporation, other provisions of these bylaws, agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in such person&#146;s official
capacity and as to action in another capacity while holding such office. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.6</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Permissive Indemnification</I></B><I></I>. The rights to
indemnification and prepayment of expenses which are conferred on the Company&#146;s
directors and officers by Sections&nbsp;5.1 and 5.2 may be conferred upon any employee or
agent of the Company or other person serving at the request of the Company if, and to the
extent, authorized by the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
5.7</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Insurance</I></B><I></I>. The Company shall have power to
purchase and maintain insurance, at its expense, on behalf of any Indemnitee against any
expense, liability or loss asserted against such person and incurred by such person in any
such capacity, or arising out of such person&#146;s status as such, whether or not the
Company would have the power to indemnify such person against such expense, liability or
loss under the Company&#146;s certificate of incorporation, the provisions of this
Article&nbsp;5, the Delaware General Corporation Law or other applicable law. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 6<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
CERTIFICATES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
6.1</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Share Certificates</I></B><I></I>. Certificates in the form
determined by the Board of Directors and these bylaws shall be delivered representing all
shares to which stockholders are entitled. Certificates shall be consecutively numbered
and shall be entered in the books of the Company as they are issued. Each certificate
shall state on its face the holder&#146;s name, the number and class of shares, the par
value of shares or a statement that such shares are without par value and such other
matters as may be required by law. Such certificates shall be signed by the chief
executive officer, president or a vice president, and by the secretary or an assistant
secretary, of the Company and may be sealed with the seal of the Company or imprinted or
otherwise marked with a facsimile of such seal. If a certificate is countersigned by a
transfer agent or registered by a registrar (either of which is other than the Company or
an employee of the Company), the signature of any officer may be represented by a printed
facsimile thereof. If any officer whose signature, or a facsimile thereof, shall have been
set upon any certificate shall cease, before the issuance of such certificate, to occupy
the position in right of which his signature, or facsimile thereof, was so set upon such
certificate, the Company may nevertheless adopt and issue such certificate with the same
effect as if such officer occupied such position as of such date of issuance, and issuance
and delivery of such certificate by the Company shall constitute adoption thereof by the
Company. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
6.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Issuance and Payment</I></B><I></I>.</FONT></P>


<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Shares (both treasury and authorized but unissued) may be issued for such
          consideration (not less than par value) and to such persons as the Board of
          Directors may determine from time to time. Shares may not be issued until the
          full amount of the consideration, fixed as provided by law, has been paid.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The consideration for the issuance of shares shall consist of any tangible or
          intangible benefit to the Company, including cash, promissory notes, services
          performed, contracts for services to be performed or other securities of the
          Company. In the absence of fraud in the transaction, the judgment of the Board
          of Directors as to the value of consideration received shall be conclusive. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Upon receipt of consideration in the form of cash, services performed, personal
          property, real property or leases thereof at least to the extent of the amount
          determined to be capital under the Delaware General Corporation Law and if there
          is a promissory note or other binding obligation for any balance remaining, the
          shares shall be deemed to have been issued and shall be considered fully paid
          and nonassessable. The consideration received for shares shall be allocated by
          the Board of Directors, in accordance with the Delaware General Corporation Law,
          between stated capital and capital surplus accounts.  </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
6.3</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Replacement of Certificates</I></B><I></I>. The Company
shall issue a new certificate to replace any certificate for shares previously issued if
the registered owner of the certificate (a)&nbsp;furnishes an affidavit that the
certificate has been lost, destroyed or stolen, (b)&nbsp;requests the issuance of a new
certificate before the Company has notice that the certificate has been acquired by a
purchaser for value in good faith and without notice of an adverse claim, (c)&nbsp;assents
to such terms, conditions and guaranties as the Board of Directors may see fit to impose
or gives a bond in such form and with such surety or sureties, with fixed or open penalty,
as the Board of Directors may direct to indemnify the Company (and its transfer agent and
registrar, if any) against any claim that may be made on account of the alleged loss,
destruction or theft of the certificate and (d)&nbsp;satisfies any other reasonable
requirements imposed by the Board of Directors. When a certificate has been lost,
apparently destroyed or stolen, and the holder of record fails to notify the Company
within a reasonable time after he has notice of it, and the Company registers a transfer
of the shares represented by the certificate before receiving such notification, the
holder of record shall be precluded from making any claim against the Company for the
transfer or for a new certificate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
6.4</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Registration of Transfer</I></B><I></I>. The Company shall
register the transfer of a certificate for shares presented to it for transfer if
(a)&nbsp;the certificate is properly endorsed by the registered owner or by his duly
authorized attorney, (b)&nbsp;the signature of such person has been guaranteed by a
national banking association or member of the New York Stock Exchange and reasonable
assurance is given that such endorsements are effective, (c)&nbsp;the Company has no
notice of an adverse claim or has discharged any duty to inquire into such a claim and
(d)&nbsp;any applicable law relating to the collection of taxes has been complied with. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
6.5</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transfer Agent and Registrar</I></B><I></I>. The Board of
Directors may appoint one or more transfer agents or registrars of the shares, or both,
and may require all stock certificates to bear the signature of a transfer agent or
registrar, or both. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
6.6</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Holder of Record</I></B><I></I>. The Company shall be
entitled to treat the holder of record of any shares as the owner thereof for all
purposes, and shall not be bound to recognize any equitable or other claim to, or interest
in, such shares or any rights deriving from such shares on the part of any other person,
including without limitation a purchaser, assignee or transferee, unless and until such
other person becomes the holder of record of such shares, whether or not the Company shall
have either actual or constructive notice of the interest of such other person. </FONT></P>



<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
6.7</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stockholder&#146;s Change of Name or
Address</I></B><I></I>. Each stockholder shall promptly notify the secretary of the
Company, at its principal business office, by written notice sent by certified mail,
return receipt requested, of any change in name or address of the stockholder from that as
it appears upon the official list of stockholders of record of the Company. The secretary
of the Company shall then enter such changes into all affected Company records, including
without limitation the official list of stockholders of record. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 7<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
MISCELLANEOUS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
7.1</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Contracts</I></B><I></I>. The chief executive officer and
president shall have the power and authority to execute, on behalf of the Company,
contracts or instruments in the usual and regular course of business, and in addition the
Board of Directors may authorize any officer or officers or agent or agents of the Company
to enter into any contract or execute and deliver any instrument in the name of and on
behalf of the Company, and such authority may be general or confined to specific
instances. Unless so authorized by the Board of Directors or by these bylaws, no officer,
agent or employee shall have any power or authority to bind the Company by any contract or
engagement or to pledge its credit or to render it pecuniarily liable for any purpose or
in any amount. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
7.2</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Corporate Seal</I></B><I></I>. The corporate seal, if any,
shall be in such form as the Board of Directors shall approve, and such seal, or a
facsimile thereof, may be impressed on, affixed to or in any manner reproduced upon
instruments of any nature required to be executed by officers of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
7.3</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Books and Records</I></B><I></I>. The Company shall keep
correct and complete books and records of account and shall keep minutes of the
proceedings of its stockholders and Board of Directors, and shall keep at its registered
office or principal place of business, or at the office of its transfer agent or
registrar, a record of its stockholders, giving the names and addresses of all
stockholders and the number and class of the shares held by each. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
7.4</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Resignations</I></B><I></I>. Any director or officer may
resign at any time. Such resignations shall be made in writing and shall take effect at
the time specified therein, or, if no time is specified, at the time of its receipt by the
president or secretary. The acceptance of a resignation shall not be necessary to make it
effective, unless expressly so provided in the resignation. </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ARTICLE 8<BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
AMENDMENTS </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Section
8.1</I></B><I></I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendments</I></B><I></I>. These bylaws may be altered,
amended or repealed or new bylaws adopted as set forth in the certificate of
incorporation. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15</font></P>
<HR Size=2 Noshade>
<PAGE>




<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>APPENDIX D <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
NOMINATING COMMITTEE
CHARTER </FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,  the Board of
Directors of Powell Industries,  Inc. has resolved to maintain a standing  committee  designated the Nominating Committee, and </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, it is the intent of the
Board in recognition of its responsibilities to reaffirm and ratify the Statement of
Duties and Responsibilities of the Nominating Committee, </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THEREFORE, BE IT RESOLVED
THAT, </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AUTHORITY</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee is granted
the authority to perform each of the specific duties listed under &#147;Specific
Duties&#148; in this Charter. In addition, the Chairman of the Board may from time to time
direct specific assignments to the Nominating Committee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee is granted the
authority to engage a search firm and other advisors, as it deems necessary to carry out
its duties. The Committee is required to notify the Board of Directors of any intent to
retain consultants. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>RESPONSIBILITY</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee is
responsible in assisting the Board of Directors in fulfilling its responsibility to
enhance the independence and quality of the Company&#146;s Board. The Committee will
evaluate and establish the minimum qualifications for Board members. The Committee is also
responsible for determining the selection criteria of prospective candidates to ensure the
Board has and maintains the appropriate mix of experience and skills to fulfill its
responsibilities. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMPOSITION</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee shall be
composed of not less than three Directors who are qualified and of which all but one must
be independent. Committee members will not be considered independent if they, or any
family member of the director, have during the past three years been employed by, or have
had a business relationship with, Powell Industries, Inc., its executives or an affiliate
of Powell Industries, Inc. other than board services. A single non-independent director is
permitted to serve on the Committee provided the individual is an officer of the Company
who owns or controls more than 20% of the Company&#146;s voting securities. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment to the Committee shall be
made annually at the Board meeting following the Annual Shareholders&#146; Meeting.
Appointments to the Committee and selection of the Committee Chairman shall be made by the
Nominating Committee with approval by the Board and recorded in the Minutes of the Board
of Directors. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MEETING</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall hold at least one
meeting annually to select director nominees for the next annual meeting of shareholders,
directors to serve on all Board committees, and Chairmen for each committee of the Board
of Directors. As many additional meetings as necessary to complete their assigned duties
shall be scheduled during the year. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</font></P>
<HR Size=2 Noshade>
<PAGE>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ATTENDANCE</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All members of the Committee should
be present at all Committee meetings. All members of the Board of Directors may attend any
Nominating Committee meeting. The Chairman will designate any absences as
&#147;excused&#148; or &#147;unexcused&#148; in the minutes of the meeting. The report of
attendance will reflect presence or absence without reference to whether or not the
absence is excused. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MINUTES</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minutes of each meeting will be
prepared and distributed to all members of the Board of Directors. The permanent file of
the Minutes will be maintained by the Secretary of the Corporation. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SPECIFIC DUTIES</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee is
responsible for identifying individuals qualified to become Board members. It is the
Committee&#146;s responsibility to establish director qualifications and selection
criteria for new directors. The Committee is also responsible for maintaining the Rules of
Tenure for members of the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee may
establish sub-committees to meet with prospective Board candidates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee is
responsible for selecting director nominees for election by the shareholders to fill
directorships with expiring terms. The Committee is also responsible for appointing new
members to the Board to fill unexpired terms of directorships vacated during the term. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annually, the Nominating Committee
will recommend to the Board of Directors a slate of directors to serve on each standing
committee of the Board. The Nominating Committee will also recommend one member of each
standing committee to serve as chairman. Appointments of committee members and their
chairmen shall be approved by the Board at the meeting following the Annual
Shareholders&#146; meeting and recorded in the Minutes of the Board of Directors. The
Nominating Committee is responsible for filling Committee vacancies which may occur during
the course of the year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annually, the Nominating Committee
shall review its own charter and report the results of that review and any recommendations
to the Board of Directors. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>REPORTS</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At each meeting of the Board of
Directors the Committee Chairman shall present an oral report of activities and the status
of any ongoing studies or evaluations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee shall
prepare and approve the Nominating Committee Report to be included in the Company&#146;s
Proxy Statement stating that it has satisfied the responsibilities under this Charter. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BOARD ACTION</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By motion unanimously approved, the
Board of Directors adopted this Resolution of March 7, 2003. </FONT></P><BR><BR><BR>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH=100%>
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">________________________________________________<BR>
Thomas W. Powell<BR>
Chairman  <BR>
<BR>
<BR>
<BR>
________________________________________________<BR>
Don R. Madison<BR>
Secretary
</FONT></TD></TR>
</TABLE>

<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>APPENDIX E <BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
AUDIT COMMITTEE CHARTER </FONT></H1><BR>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,  the Board of Directors of Powell Industries,  Inc. has since
its inception  maintained a standing  committee  designated the Audit Committee, and </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, it is the intent of the
Board in recognition of its responsibilities to reaffirm and ratify the Statement of
Duties and Responsibilities of the Audit Committee, </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THEREFORE, BE IT RESOLVED
THAT, </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AUTHORITY</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is granted the
authority to perform each of the specific duties listed under &#147;Specific Duties&#148;
in this Charter, upon direction of the Board of Directors to investigate any activity of
the Company and to engage independent counsel and other advisers, as it deems necessary to
carry out its duties. In addition, the Chairman of the Board may from time to time direct
specific assignments to the Audit Committee. All employees and consultants are directed to
cooperate as requested by members of the Committee to assist the Committee in fulfilling
its responsibilities. The Committee is required to notify the Board of Directors of any
intent to retain consultants. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The specific duties of the Audit
Committee are listed below; however, if extraordinary circumstances indicate a requirement
for the Audit Committee to assume additional duties the Audit Committee has the full
authority to act on its own authority. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>RESPONSIBILITY</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has the
responsibility to assist the Board of Directors in fulfilling its fiduciary
responsibilities as to accounting policies and reporting practices of the Company and all
subsidiaries and the sufficiency of the audits of all Company activities. It is the
Board&#146;s agent in ensuring the integrity of financial reports of the Corporation and
its subsidiaries, and the adequacy of disclosures to shareholders. The Audit Committee is
the focal point for communication between other Directors, the independent auditors,
internal auditors, and management as their duties relate to financial accounting,
reporting and controls. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is responsible
for ensuring its receipt from the outside auditors a formal written statement delineating
all relationships between the auditors and the Company, consistent with Independence
Standards Board Standard No. 1, and that the Audit Committee is also responsible for
actively engaging in a dialogue with the auditors with respect to any disclosed
relationships or services that may impact the objectivity and independence of the auditors
and for taking, or recommending that the full Board take, appropriate action to ensure the
independence of the outside auditors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee is responsible
for inquiring of management and determining that adequate internal control systems and
policies are in place to control business and financial reporting risks. </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMPOSITION OF AUDIT
COMMITTEE </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall be composed
of not less than three Directors who are qualified and independent. Members of the
Committee shall be financially literate or become financially literate within a reasonable
period of time after appointment to the Committee. At least one member of the Committee
must have accounting or related financial management expertise. Committee members are
independent, if they have not for the past three years been employed by, or currently have
a significant business relationship with, Powell Industries, Inc., its executives or an
affiliate of Powell Industries, Inc. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1</font></P>
<HR Size=2 Noshade>
<PAGE>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment to the Committee shall be
made annually at the Board meeting following the Annual Shareholders&#146; Meeting.
Appointments to the Committee and selection of the Committee Chairman shall be made by the
Nominating Committee with approval by the Board and recorded in the Minutes of the Board
of Directors. The Nominating Committee is responsible for filling committee vacancies
which may occur during the course of the year. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MEETING</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall hold quarterly
meetings and as many additional meetings as necessary to complete its assigned duties. The
quarterly meetings are to be scheduled to review quarterly financial results and to review
the quarterly reports prior to release. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ATTENDANCE</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All members of the Committee should
be present at all meetings. All members of the Board of Directors may attend any Audit
Committee meeting. The Chairman will designate any absences as &#147;excused&#148; or
&#147;unexcused&#148; in the minutes of the meeting. The report of attendance will reflect
presence or absence without reference to whether or not the absence is excused. The
Chairman may request that members of management, the Director of Internal Audit and
representatives of the independent accountants be present. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MINUTES</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minutes of each meeting will be
prepared and distributed to all members of the Board of Directors. The permanent file of
the Minutes will be maintained by the Secretary of the Corporation. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SPECIFIC DUTIES</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee, in consultation
with the Chief Executive Officer and the Chief Financial Officer, shall perform an annual
review of performance of the independent accounting firm or firms and recommend to the
Board of Directors the firm or firms to be selected for examination of the financial
statements of the Corporation and its subsidiaries. The recommendation shall include the
scope of the audit and the estimated fees to be paid. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall review and
approve the recommendation of management for the scope of the annual audit. </FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall review and approve
management&#146;s recommended Annual Report to the Shareholders, and the annual financial
statements, including all financial discussions and disclosures. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall review with
the independent public accountants the recommendations included in the management letter
and the informal observance, competence and adequacy of the financial, accounting, and
internal audit control procedures of the Corporation and its subsidiaries. On the basis of
this review the Audit Committee shall make recommendations to the Board for any changes
which seem appropriate. </FONT></P>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall review with
the independent public accountants and financial management of the Company the disposition
of the recommendation(s) from the previous audits. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall make an
independent determination whether any professional services to be provided by the public
accounting firm would adversely affect the independence of the firm and its ability to
render impartial review and judgment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall determine
by interview with the public accounting firm if there were restrictions imposed by
management on the scope of conduct of any audit or examination. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall consult
with general counsel, corporation financial management, and the independent accountants to
confirm compliance with public law and accounting practices relating to financial reports
of the Corporation and its subsidiaries, the absence of conflicts of interest of Directors
and officers, and compliance with the provisions of the Foreign Corrupt Practices Act. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall establish
procedures for the receipt, retention, and treatment of complaints received by the Company
regarding accounting, internal accounting controls, and auditing matters; and the
confidential, anonymous submission by employees of the Company of concerns regarding
questionable accounting or auditing matters. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annually, the Audit Committee shall
review its own charter and report the results of that review and any recommendations to
the Board of Directors. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In its role as part of corporate
governance, the Audit Committee is not expected to provide any expert or special
assurances as to the Company&#146;s financial statements or any professional
certifications as to the work of management, internal auditors or independent auditors. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>REPORTS</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At each meeting of the Board of
Directors the Committee Chairman shall present an oral report of activities and the status
of any ongoing studies or investigations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall prepare and
approve an Audit Committee Report to be included in the Company&#146;s Proxy Statement
stating that it has satisfied the responsibilities under this Charter. </FONT></P><BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ANNUAL REVIEW </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Charter was revised by the Audit
Committee in February 2003 to ensure compliance with Section 301, &#147;Public Company
Audit Committees&#148; of Sarbanes-Oxley Act of 2002. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall include in
its standing agenda for the February meeting a self-assessment of skill requirements
(including financial literacy and independence). The results of that self-assessment and
any skill enhancement plans or issues will be reported to the Board of Directors. </FONT></P><BR>


<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</font></P>
<HR Size=2 Noshade>
<PAGE>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BOARD ACTION</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By motion unanimously approved, the
Board of Directors adopted this Resolution on March 7, 2003. </FONT></P>

<BR><BR><BR>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH=100%>
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">________________________________________________<BR>
Thomas W. Powell<BR>
Chairman of the Board <BR>
<BR>
<BR>
<BR>
________________________________________________<BR>
Don R. Madison<BR>
Secretary
</FONT></TD></TR>
</TABLE>




<P Align=Center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</font></P>
<HR Size=2 Noshade>
<PAGE>

</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>proxygraph2004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 proxygraph2004.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`+.`WX#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`**X34OBOHEA?WEM;Z;K>I16+F.\N]/LC+!;L.H=\CI[9Z5K:CX\\/
MZ=X8M?$+79GL;PJMJ+="\EP[=$5>N[@\'&,'.*`.EHKEO#7CS3/$NH3::+34
MM,U.*/S6L=3MC!,8\XW@9((S[U%X1^(^A>,M&U#5+$7-O!IY/VA;M55E7;NW
M?*Q&,`]^QH`ZZBO.X/C'H-UX5B\06^F:S-!+J8TN.WC@1IWF*;QA0^""..N<
M]JT]!^(VG:WKD>BS:5K6D7\T;201:K9^09E7KLY.<<_E0!V-%<K??$#1M/\`
M'%IX3F6Y-]<JN)E0&&-F#%49LY#$+P,'J/?$/B3XAV?ASQ#'H?\`8FN:I?/:
M"\V:9:"?;&7*9(W`CD>F.1SS0!V%%<5IWQ.T>_MM8:6PU:PN])LVO;BQOK7R
MIS$H)+*I.#T[D=13]0^)>D6-GI,L5CJM_=ZI:)>V]A8VOG7`A8`[F4'``SCK
MV.,XH`[*BN;T3QSHNN:-?:DDDUFFGEA?0WL9BEMBHR=Z]N/3/YUD:;\6-!U'
M4+2W>RUBQM[YQ'97U[9&.WN6/0(^3U[9`H`[NBN;M?'&CW7CJ^\'@S1:I:1K
M(?,50DH**^$.<D@,,@@=^N*N:=XDL]3\1ZUH<,<ZW6D>1]H=U`1O-0NNT@Y.
M`.<@?C0!L45RWB7Q[IGAK48=,-GJ6IZG-'YJV6F6QGE$><;R,C`S[U7D^)>@
M+X(O/%4?VN6SLI%BN;=8@L\4A=4V,C$`$%AGGIZT`=C17'Z)X_\`[;UB#3O^
M$2\5V'G;O])O]-\J%,*6^9MQQG&![D58\6>.+/PC>:99S:7JNHW6I>;]GATV
MW$SGRPI;Y2P/1L\9Z&@#J**X=OB;9V_AS5=<O_#GB/3K73?)WI?6(A>7S'V#
MRP7PV#C/(QD5T.C^(K/6M0U:PACGANM+N?L]Q%.H!.5#*ZX)^1@<@G!X/`H`
MUZ*XC5_BAI&D->#^S]5O1:ZE'I>;.%'\ZY="^Q`7!8KC:1@')`&:GT3Q_P#V
MWK$&G?\`")>*[#SMW^DW^F^5"F%+?,VXXSC`]R*`.PHK&UGQ+9Z#J&EVU]%.
MD>I3_9H[H*#%'+C*JYSD%N0,`C/7%4]>\;Z;H&HO82P7=U<16$VHSK;(K>1!
M&I.Y]S#&XC:H&<GK@<T`=+17G<'Q;ANK>*XM_!'C6:"5`\<D>DAE=2,@@A\$
M$<YK>\:>.=*\#6%O=ZG%=3?:)#''%:H'?A2S-@D#:`.3GN*`.FHKF_$_C73O
M"^C6&J2VU[?Q7]Q';VT=A$)))&D4LF%)&<A>W.2.*RM/^*.FW>L6>F7VA^(=
M&EO9/*MI-4L/)25_[H.X\]/S%`'<T5GZYKFG^'-'N-5U2X$%G;@%WP2>3@``
M<DDD"N9TGXH:/J>KVNFW.FZSI,UX<6;ZG9F%+D]@C9.<]LXSD=S0!VU%8^@>
M)+/Q'_:GV..=/[-U"73YO.4#=)'C<5P3E>1@G!]JYO5OBSH.C:-?:I<6FI-!
M9:Q)HTBQQH6,R*6+#+@;,#KD'VH`[RBN1\7?$?0O!NC:?JE\+FX@U`C[.MHJ
MLS+MW;OF8#&"._<5K:=XDL]3\1ZUH<,<ZW6D>1]H=U`1O-0NNT@Y.`.<@?C0
M!L45Q^L?$?1]$_X27[3;7S_\(]]E^U^6B'?]HQLV989QGG./;-=A0`45RM]\
M0-&T_P`<6GA.9;DWURJXF5`88V8,51FSD,0O`P>H]\4?%/Q-L_"-Y=Q7_ASQ
M'):VNS??P6(-L=P7&)"X'5@OUXH`[BBN'@^)MF_V7[9X<\1Z;]JU"WT^'[?8
MB'?)-OVD9?E1L.XCD9'!S70^'/$5GXGTQ[VTCGA,4\EM-!<*%DAD1L,K`$@'
MH>O0B@#7HK@+KXMZ1#'9/;:/KFH"^N;FWM!96R2M<>00'=!OR4.3@]?E;(&*
MU_#?C3_A(]1DL_\`A&?$>E[(C+YVIV'D1M@@;0VXY;G./0'TH`ZBBN'\4_$V
MS\(WEW%?^'/$<EK:[-]_!8@VQW!<8D+@=6"_7BK%I\1=/?1]2U75-(UO0[/3
MU0N^K67D^;N)`$8!.XY`&/\`:'K0!V%%<=H7Q)TG6]7ATJ2PU?2KRY4O:IJE
MH8/M*@9)C.2#QSVK(F^,5G;WEM9S>#?&4=U=;OL\+Z8`\NT9;:I?+8')QTH`
M](HKE;[QY8Z7X+C\3:AINJVD4D@C6QGMPET7+E`OEEL9.-PYZ<^U.O?'FD67
M@!?&92YETQHHY=D2J9?G94Q@L!D,V#SV/6@#J***Y?Q9XXL_"-YIEG-I>JZC
M=:EYOV>'3;<3.?+"EOE+`]&SQGH:`.HHKCM!^(VFZWKD>BS:5K6D:A+&TL$.
MJV?D&95Z[>3G'/Y&LBQ^,5GJ=G'>6'@WQE=VLF=DT&F"1&P2#A@^#@@C\*`/
M2**\_P!:^+%GH$1GO_"OBN.U6**5[DZ>!$GF*K!68N`&!<*1V8$58@^)MF_V
M7[9X<\1Z;]JU"WT^'[?8B'?)-OVD9?E1L.XCD9'!S0!W%%8^O^)+/PY_9?VR
M.=_[2U"+3X?)4';))G:6R1A>#DC)]JY>3XL6?]HZA9V?A7Q7J'V"[DLYIK'3
MQ+'YB'#`,'^AYP<$<4`>@45PMU\6?#5KX4M?$;B]:RGO18.JP@202X8D2*2,
M`!<G&3R.#6_K/BG3]$@T>>42W$6K7T-C;/;[6&^4$JQ)(^3CJ,_0T`;=%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`>2?#?Q9X?\*^!)=(U_4[6QU73+BY2^@G<+)(_F,V5
M4\OE2!QGI3_$FL:6-0^'/BP0M:^&899U;?!L$!EBVPL5_A`(//3N.U>BWOAW
M0]2NTN[_`$;3KJY3&V:>U1W7'3#$9J]/;075N]O<0QS0.-KQR(&5AZ$'@B@#
MSBYU;3O$_P`8O##Z!>07RZ7:W<FH3VK!XPDB!8U+C@G=DXSQ7D^AKJ&G>#-!
ML].1POC&SDTJ1DZ)*MZX+M_VRD=?U[&OIC3M(TS1X6ATO3K2QB8[F2U@6)2?
M4A0*9#H>D6T-I#!I=E%%9N7MD2W15@8YR4`'RDY/(]30!X%-92)HLEAILXL9
M!\33#;3",2>0=N$;:>&V\'!ZXKU/2?!&HVOB&V\1>*/%4NM7.G12+:9M([6.
M`.,.Q"DY)'&?\!74_P!A:/\`]`JQ_P"/O[=_Q[I_Q\?\]NG^L_VNOO5V:&*X
M@D@GC26*12CQNH964C!!!Z@B@#YTN&\5ZYH&N>)K/PC),M]J*:O::J;Z)6@C
MMSB(>2?F;"*XZC.[@=,]-=R:KXN^*NG7_AC7!HTUUX1CN1,UJEQE#<']V0W`
MY(R>HVU['!;6]K:QVMO!'#;QH$2*-`J*H&``!P!CM56ST/2-.FCFL=+LK66.
M$P(\%NB%8MV[8"!PNXDXZ9YH`\5TLW,UC\0SXJN[F;QG::)<VSB38L1M-C,K
M1*JCY2V"?JOJ:M7":-]@\"O+KU[X7UMO#T`MM8&P6TB!%)ADW,`2"=V#@<]2
M<"O8+K1-)OKHW5WI=E<7!A:`S2VZ.YB8$%,D9VD$Y'3DTMQHFE7FG1:=<Z99
M3V,058[:6W5HD"C"@*1@`#@>E`'BEU=ZGXF^'WQ"LH_[.U.^M3;AM:TVW$8U
M%%(=@Q`PS(BD<<?-@>IW/'_BSPYXJ^'MOI'AW4+:YU/4IK9-/M8"#+"PD1LL
MHYCPH8<XKU6RL+/3;5;6PM(+6W3[L4$81%^@'%5K30-&L+Z2^L](L+>[DSON
M(;9$D;/7+`9-`'ETOAV77OB3\0I+"46^LV$FF76G7./N2BW;Y3_L,/E8=,'H
M<5=^%NM?\)!X^\=ZF;:2UDE&G+-;R##12I$Z.A^C*P_"O38;"SM[RYO(;2".
MZNMOVB9(P'EVC"[F'+8'`STIMOIMC:75S=6UE;0W-T0;B:.)5>8C."Y`RV,G
M&?6@#SRUU?3?#'QD\4-K]Y!8KJEK:2:?<7+A(RD:%9%WG@'=SCOBN(\4W$.K
M>$/BGKNG-OT>]NM/CMI`N%D>-XUE9?4%B.>]>\:CI&F:Q"L.J:=:7T2G<J74
M"RJ#Z@,#1-I&F7&E_P!F3:=:2:?@+]E>!3%@'(&PC'!`/3M0!A^&]#\5:9J,
MDVN>,?[:M6B*+;_V9%;;7R"'W(<G`!&/?VKE_B1::C??$?P#;:3JG]EWS_VC
MY=Y]G6?R\0H3\C<'(!'/3.>U>H57FL+.XO+:\FM()+JUW?9YGC!>+<,-M8\K
MD<''6@#R_P").G:SIGP0\0PZYKW]M732P.MQ]C2VVIYT(";4.#@@G/O[5)\0
M-7?X=^+8_&$<)DL]2LI+&Z0#@W"*7@8^YP5]@#7IE]86>IV<EG?VD%W:R8WP
MSQB1&P01E3P<$`_A27NGV6I0K#?V=O=1*X<)/$KJ&'0X(ZCUH`\5\4Z)<>'?
MAGX*@N+];#4YO$5M=WE_,JGR+B02.TCAOE.PGG/!"\UU?A:ZOY/$=HDWQ;TK
M7HSOSIL%I:H\WR-T*.6&/O<#^'TKO-2TG3=9MUM]4T^TOH%<.L=U"LJAL$9`
M8$9P2,^YJG8^$_#>F7D=Y8>']*M+J/.R:"RCC=<@@X8#(R"1^-`&+##JOCG0
MM5TCQ=X4_L6WD15B(U".Y9R<G<NP?*4(4C/7/L:XOPI`U[\"O$?B>]F>ZU?6
M--O&NKF3EBL221(H]@$S]2:]FJG#I.FVVEG2X-/M(M/*,AM$A58BK9W#8!C!
MR<C'.30!XOX:O-17PKI"I\:]&T]!90A;*2SLV:W&P?NR6?)*],GGCFM+Q1=:
MQKWQ/NUTSPN?$%AHM@]C)$;Z.V5);A<N0SYS^[^4@#CO7H7_``@G@_\`Z%30
M_P#P70__`!-;%M8V=DT[6EK!`;B0S3&*,+YCGJS8ZL<#D\T`>!S7>IW_`,.O
M".A33-I^MZ1XLMM+:1E64P.H?RVVYPP4%?8[3VK9>UURT^*&AZ5\0->GU+3_
M`#A<Z-<1016\,ETO19%5<[AG@9/)'J:];DT+2)KIKJ72K%[AIDN#*UNA<RH,
M(^<9W*"0#U&>*EO]+T_58DBU&QMKR.-Q(B7$*R!7'1@&!P>3S0!Q7Q<5HO#V
MD:C)&TECINM6EY?*J[OW"L0W'<9*UI/X^\'WNL:186VH6NIWEW*?LPM`)S"=
MI^9L9V<$C/7D]LXZUE5T9'4,K#!!&016=IWA_1=(FDFTS1]/LI9!AWMK9(V8
M>Y4#-`'GW@;Q'HOAO5/&FF:WJMGIUXWB&ZNUCNY1%NBD"%&7=C.0.W]:XSRX
M=5T*TN2ADT[5OB2)X&92!-`^5R,]C@C\*]TU'P]HFL2I+JFCZ??2(,*]U;)*
M5'L6!Q4\NEZ?/%;136%K)':R++;H\*D0NOW60$?*1G@CD4`?,VN+J&H^#->L
M]11RO@ZSCTJ-GZ/*UZ@#K_VRC1?U[BO5M-UK2_#?QA\:KK>H6VG#48K":U>Z
MD$22JD3(Q#-@<-QU]?0UW\VAZ1<PW<,^EV4L5XX>Y1[=&6=AC!<$?,1@<GT%
M+J6BZ5K*(FJ:997R(<HMU`LH7Z;@<4`>#^+KRWU?1/BUK.GRK<:;<2Z5##<I
MRDC1LBN%/?!(Y'J*]LM?&'AF^N!;V?B+2;B=@S"*&]C=B`"20`V>`"3["K;:
M)I+Z4=*?2[)M.(`-H;=##P<CY,8Z@'IU%4[?P;X7M)?-MO#>CPR;63?'8Q*=
MK`JPR%Z$$@^H)%`'AEPWBO7-`USQ-9^$9)EOM135[353?1*T$=N<1#R3\S81
M7'49W<#IGO\`XI:K#KGP$OM5M_\`57D%I.HSTW31'!]QT_"O2H+:WM;6.UMX
M(X;>-`B11H%15`P``.`,=JJG0](;2/[(.EV1TS&/L9MT\G[V[[F-OWN>G7F@
M#COBG_S)7_8UV/\`[/7+^-=4U#P)XFURQTR&1_\`A+H$.G!!_J[[<L3X]RK*
M^?7`KV"ZL+.^\C[9:07'D2K/#YT8?RY%^ZZYZ,,G!'(I+G3[*\FMYKJSMYY;
M9]\#RQ*S1-ZJ2/E/N*`/'?&FDKX9UGX::58:];Z#]B@O8EU2>-&2,B)-S%7(
M7+G(Y/5ZZ_P5<WDVLS+<?$S3?%""W8BRM;:WC9#N7]X3&Q.!TQT^8>U=9J>A
M:/K?E?VMI5C?^3GR_M=NDNS.,XW`XS@=/05'IOAK0=&N&N-+T33;&=D*-):V
MJ1,5R#@E0#C(!Q["@#D_C;_R2'7?^W?_`-*(Z7XN*8_#VCZC)&TEAINM6EY?
MJJ[O]'5B&X[\D<5V]]86>IV<EG?VD%W:R8WPSQB1&P01E3P<$`_A4[*KHR.H
M96&"",@B@#R[Q;X@T?Q5X@\%Z?X>U&VU"_CUB*^=K1Q)Y5NBL9-Q'W<@@8/)
MK2\6_P#)7OAU_P!Q/_TG6NPT[0M(T=Y'TS2K&R:7_6&VMTC+_7:!FK$UA9W%
MY;7DUI!)=6N[[/,\8+Q;AAMK'E<C@XZT`>:?$"_U:_\`B#X?TK1=$.M'2`=6
MN;4720`MRD1+OP"IRV,$G/XUP^I7=[9_"#QSX7U/3CIEQI]U!<P69F67RH)[
MA'50Z\,`=W(]1WKZ#BL;.&\GO(K6".ZN`HFG2,!Y`HPNYNIP.F>E5[W0M(U*
M262^TJQNGEC$,C3VZ.70-N"DD<J&`('3/-`%>Q\6>&]3O([.P\0:5=W4F=D,
M%['([8!)PH.3@`G\*X?XD6FHWWQ'\`VVDZI_9=\_]H^7>?9UG\O$*$_(W!R`
M1STSGM7<6/A/PWIEY'>6'A_2K2ZCSLF@LHXW7((.&`R,@D?C6A-86=Q>6UY-
M:0275KN^SS/&"\6X8;:QY7(X..M`'DGA6/4U^+8L?'>J3WFMV,$CZ+($CBMY
MHG&)&554?/@'(]`WH#7-_#NZOX_`FFI#\6]*T&,>;C39[2U=X?WK]2[ACG[W
M(_B]*]\NM+T^]N;:YN[&VN+BU8M;RRPJ[0DXR4)&5/`Z>E97_"">#_\`H5-#
M_P#!=#_\30!R?Q79F^!%^SW\>H.;>T+7L:JJW!\Z+]X`O`#=<#CGBK7Q;=;7
M2_#6I396TT[Q%9W5U(%)$<2E@6..V2/SKMIM)TVYTL:7/I]I+IX14%H\*M$%
M7&T;",8&!@8XP*LRQ1SQ/%+&LD;@JR.,A@>H([B@#R_QSXCT7Q)J?@K3=$U6
MSU*['B&UNVBM)A*4BC#%V;;G;@$=??T-<UI>G>.9(/'6H>$/$*VQ@\1WW_$M
M-E$YG<%26$C`D$@@!<8XZ\U[-IWA[1-(F>;3-'T^RE<8=[:V2-F'N5`S5JUL
M+.Q\_P"QVD%OY\K3S>3&$\R1OO.V.K'`R3R:`/"D31KWP%X+ELGGNC?>,K:7
M4Q>D/(URVX2AQC'IVY&">M6/$B7/AG6O"G@V<2R6,?B:RO-(G;)_T?<P:$GU
MC9E`Y.58=,5[$/#NAB5I1HVG"1KD79<6J9,XSB7./OC)PW7D\U9N]-L;][=[
MRRMKE[:02P--$KF)QT9<CY6'J.:`+5%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%9/B=M47POJ8T6!I]3:W=+9%=4/F$8!RQ
M`XSGD]J`//=%\<Z]=?$&.XN;A#X3U*_N=,L4\I1LDB5=LF_&XARK@`D]^!Q3
MD\;:Y;_'6^T.YNPWAX/#:1QF-!Y4TMOYJ?,%W')1Q@G^+VXH7GP8NM/\'6Z:
M/X@UN?5M/$=U:64MXOV07*G<=J%0%R2V#D8)Y/6GZ[X)\2:Q=>-=3M[!K2_N
MVTN\TD^?'N$\$>'`(;Y2"67)P#G(R*`'>'_B-J]U\1/$CWUUO\-6FF75]9PI
M&G*0S"(N&VACDI(<$XY]N)/[3^(__"(?\)W_`&QI_P!F^S_;_P"POL:[/LV-
MW^N^_NV<_7\JFT3X<W=EKMO:7%MMTEO!YTBXN$D7FX>4M(`N<\[F.<8]ZA&F
M_$C_`(1#_A!3HVG?9_LWV#^W/MB^7]FV[/\`4XW[MG&?6@!=<^(^JV/CO2;B
MSW3>&)-"AU2]@$:EXXI)2AF!`W';N0D`XP#QWK=U#QA/I_Q'NH&NQ+H-OX6?
M5C'&J,&=9B-X;&3E!C&<4MAX/N+#XD6LZV@ET&W\+)I(DD9"&=9@=A3.3E!G
M.,=JP=%^'.K67CK5;:\W3>&7T&;2K*X\Q2Z122AQ$03N)4,X!QC`7Z4`6+0?
M$_6_#UMXGL-?TZ&2ZA6Y@T3["IB9&&Y09F.[)4CT&>XKMO$5_J&G>`M6U%2E
MOJ5OIDTX,>'6.58BW&X?,`P[CGTKRW5O!'BG6=!TWPMJGA+3KYM,MVM;'71J
MK11PJ5"AS"/F9@$3@@C(^M>C7GA^Z@^%-QX;MB+F\CT1K"/&$$L@@\L=3@9/
MJ>,T`>6GQOXDTSPYIFO1_$?3-;O9_L[/X?6S@$K&3;NCS&=P9<D=!T]>*[K5
M]4\3^(_&]_X;\-:M!HUOI,$4E[>O:K<2-)*"R(J-QC:,D]:U?!O@W2M$\/Z*
M\N@:;;:S!90I<3);1^:)0@#Y=1R<YR<\UE:MI?B?PYXWU#Q)X:TF#6;;5H84
MO;)[I;>19(@51U=AC;M."*`,2]\9^*['PSXABN)X6USPM>6[W;V\2[+VU?#<
MJP.TE"2<8QMXQ2ZI\0=53XQ:5I]C>`^&S]FMKE!&A#S7$<CQ'<1N&1M.`1]W
MW-=#X8\):A/;>)K_`,4)!'J'B3"7-M;MN6&%8S&B;N[!2<GI7`:;\,_%EK\,
MM6BE@;_A)UU&VGL<3QDE(`B1D-NP,*7P">P]:`+NM^./$DNFSZI9^((],T^[
M\51Z3:7+V\3I#:JKJ\OSKR"PW9)XVXR!72>%KJ_D\1VB3?%O2M>C._.FP6EJ
MCS?(W0HY88^]P/X?2LO7?`FJVWPP\'Z-IVC1ZK<Z7J%O>7MB\T:)+A9&E4LY
MVD%G*]^#T-:GA:UOX_$=H\WPDTK08QOSJ4%W:N\/R-T"(&.?N\'^+TH`V/A;
MK>H^(_AQI.K:M<?:+Z?SO,EV*F[;,ZCA0`.`!P*/#NMZC??$?QII-S<;['3?
ML/V2+8H\OS(2S\@9.2,\DX[5Q_@F?XA^#O"%CH'_``KO[9]E\S]__;5O'NW2
M,_W><8W8Z]JT)8O&7ASXC^*M6TGP?_;-CJWV3RY?[3AM]OE0[3PV2>21R!T[
MYH`]0KP>#XB^,SX<\`7]M-_:%WJ']HRW]N(8U-U';OG:,+\K!`V-N,G'6O:-
M$N]1OM'@N=6TO^R[Y]WF6?VA9_+PQ`^=>#D`'CIG':O+_!_@GQ%I?_"MOMNG
M^5_8W]J?;_WT;>3YV[R^C'=G(^[G'?%`'2WOBZ6[\9>`4T>^5]'UN.]DF4(I
M\T)"&3DC*D,3D`CG@URWA`_$KQ/X(M/$]KXVA>>99&33I]*A".4D9-ID7!`.
MWJ!QG\:TAX$U?3/BWH>H:?&K^&+>2[NM@=5^QRSQ%74*3DHS!2`HP"S=*SO!
MP^)/A?P5:>&;?P1")H1(J:A/JT.Q"\C/N,:Y)`W=`><4`:VF^/K_`%[5_AS/
M:R"WL]<BOC?6X12&>&/H"02`'#8P1D=:W?$6MZC8_$?P7I-M<;+'4OMWVN+8
MI\SRX0R<D9&"<\$9[USLW@#6/#FB^#)_#R6U_J/AOS]]O-)Y:W'GKB7:QZ')
M.,_TP;NGZ=XK\3>.]&\0>(-#@T*TT6*X$%N+Q;F2:250A)*\!0!]<^N>`#D]
M.\9^+]>DO)[7Q;IFGZW!/(B>%+JR1"Q5L"/S7(8L1Z'&>XYQM?$2Z\=:'X8O
M?%MGXH.G11Q6['1CI\$ODNYC1U\XYW89F.<$=AQS5#Q)X9\9:S97FBZIX2TC
M7;F0NEKXD>>*!XD)^1F0*&W*.R\<#AN<]3XZ\+ZMJ7P=F\.6.[4=4%M:PAF=
M4,S1O&68EB`,A2>30!@>+IO&O@W1M/:[\?QROJ.L6MG]MDTNWA6TB99?,8@Y
M##[AYQC9UY-06_BK7-)\4Z!:P_$'3/%\6HWJVT]G;6D*/%&1S+F(GA>IR1^/
M..O^(WAR[\2V_ARWM[&.\@M]=MKF\CD*;?LZAPY(8X88;&WDG/0UDW7@F[\)
M^.;+Q'X,TR)K*Z_T?5=-A,<2^7VEC#$*"/0$9Q[F@#G=6\<>)%T:^9/$$>GN
M/'$FCK>R6\++;VFT]0PP0O7)YXY-=)X6NK^3Q':)-\6]*UZ,[\Z;!:6J/-\C
M="CEAC[W`_A]*YO5O`_B1M&OE3P_'J#GQQ)K"V4EQ"JW%IM/4L<`-TP>>>17
M2>%K6_C\1VCS?"32M!C&_.I07=J[P_(W0(@8Y^[P?XO2@#EM.\9^+]>DO)[7
MQ;IFGZW!/(B>%+JR1"Q5L"/S7(8L1Z'&>XYQ[592SSV%O-=6YMKB2)6E@+!O
M*<@$KD<'!R,CCBO(/$GAGQEK-E>:+JGA+2-=N9"Z6OB1YXH'B0GY&9`H;<H[
M+QP.&YSZ#I-[>Z7K&F>%+F`W*Q:,LS:F9@3++&R1LICQD9W!MQ/.2!G!P`=+
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%5;#4K'5;476G7MM>6S$@36\JR(2.HRI(JU7@_
MPDGF\'^&=!U665FT+7GD@NR[<6ET)72.3V1U54/H0I)[4`>V0:MIUSI9U.WU
M"UET\*SFZCF5HMJYW'>#C`P<G/&#4EE?6>I6<=W874%U;29V302!T;!P<,.#
MR"/PKP"/7;73/V<?#FEW-W]E76+J2UEF`),<`N7:5\`$D!1C`!^]71?#S6=!
MOK'QMX8T?6%@TE/-NK*\PT?V>"5/GP'P0(V[GUSF@#U*#Q'H=UJ)T^WUG3IK
MY20;:.Z1I`1U^4'-17WBSPWIEY)9W_B#2K2ZCQOAGO8XW7(!&5)R,@@_C7B+
M:/!X=\-Z?%XD\*VD>F0/"\'BWPY+&95^8;)6)!8@Y&2>.>!G&.VT70M'UOXO
M?$#^UM*L;_R?[.\O[7;I+LS;G.-P.,X'3T%`'I=O<07=NEQ;31S0R#<DD;!E
M8>H(X-0VFJZ=J%Q<V]E?VMS/:/LN(X9E=H6R1AP#E3P>#Z&O,-`U*U\"7GQ)
MAME":+H[P7-K#G*K+)$6>-?0%PHQVS7(_#/Q%H&E>,?#RV.J_:KS6;*2WU=3
M$Z;;LN948EE`8Y8Q_+D<#US0![QJ.NZ1H[QIJ>JV-DTO^K%S<)&7^FXC-7U9
M7171@RL,@@Y!%>4^%])\/^(?$'B_4?%%I87=\==ETV!;X*VV)%41+&&Z$C<>
M.3BMGX2NT>@:QIR.SV6F:W=V=DS-N_<*P*X/<?,10!V5GJ^F:A<W-M9:C:7-
MQ:MLN(H9U=H6R1AP#E3D$8/H:++5],U*>Y@L=1M+J:U;9<1P3J[0MDC#@'*G
M*G@^A]*\"T?6T\#^,O$_B>7)M;O5]6L90Q.WS(]DT(^K'>H_WJT/AQ/_`,(&
MGC^]OV+36EAIUW,)#RT\D#R%2?4R/C\:`/;K35=.U"XN;>RO[6YGM'V7$<,R
MNT+9(PX!RIX/!]#6=/XT\*VMQ+;W'B71H9XG*21R7\2LC`X((+9!!XQ7B?PS
M\1:!I7C'P\MCJOVJ\UFRDM]74Q.FV[+F5&)90&.6,?RY'`]<TV&__L>7QMJE
MQ\-['Q'90>(;TRZC.\1:'YA\FUD9]H^]GI\Q]Z`/?6UC3%M[6X;4K,07<BPV
MTAG7;,[9VJASAF.#@#DXJ6ZU"RLG@2[N[>W>XD$4*RR!#*YZ*N3R?85X+-9/
MX>^'/A*_7RKR*Z\7V^I06FFDR+&C!RL$>[!)&W&#_$2*[7PC+=7/Q)U/_A+[
M58O$2VZS:9&)=\4%HPPRQ<`;PWRNW?MQU`.QG\:>%;6XEM[CQ+HT,\3E)(Y+
M^)61@<$$%L@@\8HD\:>%84A>7Q+HR),F^)FOX@'7<5ROS<C<K#([@CM7C^@V
MUY-K/B]K?X9Z;XH0>([T&]NKFWC9#N'[L"12<#KGI\Q]Z[37?#VF77PJU2^U
M+P7I6DZE;Z5=^7;+%#,;3`D9=DBK@9)W_+C!8]\T`=IIOB70=9N&M]+UO3;Z
M=4+M':W22L%R!DA23C)`S[BK-IJNG:A<7-O97]K<SVC[+B.&97:%LD8<`Y4\
M'@^AKA?#Z:%X-^$]CXIBTJPM[N/0H9)9XK=$DF8Q(=K,`"=S[>IY.*\\^&?B
M+0-*\8^'EL=5^U7FLV4EOJZF)TVW9<RHQ+*`QRQC^7(X'KF@#WZTU*QOWN$L
M[VVN7MI#%.L,JN8G'56P?E8>AYJK/XET&UMY;BXUO388(K@VLDDETBJDP&3&
M23@.!SMZUX]X:>Y\,Z[XJ\90-))8)XFO++5X`20+?<I290.\;.Q/7*L>F,UG
M.EMJ%DT<B17-K<?%$JRL`Z2HPY!'0@@_0@T`>[:;KVC:T7&E:M87QC^^+6Y2
M7;]=I.*L75_9V/D?;+N"W\^58(?.D">9(WW47/5C@X`Y->;>,M`TCPQXC\&:
MKX?TVUTZ_EUJ*RD6SB6(2P2!O,W*H`.`!SVK1^*?_,E?]C78_P#L]`';6FI6
M-^]PEG>VUR]M(8IUAE5S$XZJV#\K#T/-59_$N@VMO+<7&MZ;#!%<&UDDDND5
M4F`R8R2<!P.=O6O'O#3W/AG7?%7C*!I)+!/$UY9:O`"2!;[E*3*!WC9V)ZY5
MCTQFLYTMM0LFCD2*YM;CXHE65@'25&'((Z$$'Z$&@#W;3=>T;6BXTK5K"^,?
MWQ:W*2[?KM)Q5BUO[.^\_P"QW<%QY$K03>3('\N1?O(V.C#(R#R*\V\9:!I'
MACQ'X,U7P_IMKIU_+K45E(MG$L0E@D#>9N50`<`#GM6E\+!@^-0>#_PE5\<?
M]\4`=FFK:;+!=3QZA:/#:2-%<R+,I6%U^\KG/RD9&0>14%IXCT._M;BZL]9T
MZYM[92\\L-TCI$H&26(.%&`3D^E>.+HIU[PMXLM(]0L;:?\`X3FXD@AOY-D-
MZX*X@;D$[O0<DJ/J-/P_9Z<GC[3K+7?!H\-:K<VMQ!'%8F)[#4XMN9%D55[#
MYL?]]'H*`/0_^$[\'_\`0UZ'_P"#&'_XJI)O&GA6V<)/XET:)RBN%>_B4E64
M,IY;H5((/<$&N#_X1/PW_P`+U_L[_A']*^P_\(UY_P!F^Q1^7YGVG;OVXQNQ
MQGKBN=U",:=\2_&YM/AY8^);.SBL!Y;F)/L:+;@`1HR,2"!T4<;![4`>TQ^(
M-%FM[>XBU>P>"YE$$$BW*%99#T13G#,?0<U9N[^SL!";R[@MA-*L,1FD">9(
MW1%R>6.#@#FO(O`'A2P\8>$O$=\4LK'3M?F22ULM/<L-.DB!`8<#;)NP2``,
M`=CBM+P+'JOC#Q`^K>)&B=_#$LFEPQ1G*27:\2W!]R"H'89)&*`/2YK^SM[R
MVLYKN".ZNMWV>%Y`'EVC+;5/+8')QTJ+3[S3-4C_`+1TVYM+M''E_:;9UD#!
M2?EW+G."3QVR:XSQ;_R5[X=?]Q/_`-)UKA_A)/-X/\,Z#JLLK-H6O/)!=EVX
MM+H2ND<GLCJJH?0A23VH`]@F\6>&[>SMKR;Q!I4=K=;OL\SWL827:<-M8G#8
M/!QTJYIVKZ9K$+3:7J-I?1*=K/:SK*H/H2I->">#;"SU.S^$-G?VD%W:R?VS
MOAGC$B-@L1E3P<$`_A7=76D:=X7^,?A<:!9P6*:K:W<5_!;($C9(T#(VP<`[
MN,T`=;_PG?@__H:]#_\`!C#_`/%5J6^KZ9=W$=O;:C:33RP"YCBCG5F>$])`
M`<E#V;I7@GP[M;^3P)IKP_"32M>C/FXU*>[M4>;]Z_4.A88^[R?X?2NU^(BG
M2/"_A[Q'96D>E^)=/:&*PT^%1*',@"O:`)C>H&<;?[O&,T`>E17]G/>W%E#=
MP275L%,\"2`O%N&5W*#E<CD9ZU8KBOA9:V0\$VVJ07?VV\U5C>7UTPPSSM]]
M3Z;3\N.G'O7:T`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`5S>F>!]'TWP*/!^)KK2_+DC/VAE9R'=G)R`!D%N
M"!Q@5TE%`'(>'_ASI'AV;1I+:YOIQH\$\-HMPZ$+YSEW<X4?-SM],=L\UJWG
MA?3[[Q-;Z]*91=16DEDZ`KY<\+G.R0$'(!Y&".O.:VJ*`//X?@_X?BFB1K_6
MYM+AE$L6D37Q>S0@Y'R$9QGU/UJQJWPRL]3\1ZAKD/B/Q'I=U?\`E_:$TV^$
M"-Y:!%X"9.`.Y/4^M=Q10!QZ_#704\-#04:[%H]VEY=,90TEW(K!OWK,#D$@
M9QCIQBMCQ'X<L_$UA!:W<D\)M[F.Z@FMV`DBE0Y5E)!'J.G0FMBB@#B?$GPL
M\/\`B?5)K^YFU&V:YV?;(;2Y\N*[V?=\Q<'./48K8\(>&(?!^@+HUM<&:VBE
M=H2\85E5FSM8C[Q&3\W&>*WJ*`.+N_A?H%_I=_IUT]W+!>ZPVLR;G3*S-C*K
M\OW,9&#DX)YJ74OASI&JZCJ]W<W-]C5I[2:[A5T$;_9QA$QMSM/!;G)(&"*Z
M^B@#'\1^'+/Q-806MW)/";>YCNH)K=@)(I4.59201ZCIT)INA^&+#08]6CMV
MEF35+^:_N%N"K#?+C<H``^7CH<GW-;5%`'$VOPOT:RL[2R@O-2%E9ZNFKVMN
M94*0RKG"+E,^6=W(SGW!)SNZSX9LM:U+2M2DDGM[W2YS+;SV[!6((PT;9!RC
M#J.OH16S10!Y_)\)[/\`M'4+RS\5>*]/^WW<EY-#8Z@(H_,<Y8A0GT'.3@#F
MNDB\,0KX.G\-W&HZE>P3V\UO)=W<XDN&63=DER,$@-@<<`"MRB@#G+WP7IU_
MX3T[PU//='3K$6Z[0Z[IUAQM60[<$':"<`=.,5;\1^'+/Q-806MW)/";>YCN
MH)K=@)(I4.59201ZCIT)K8HH`Q-&\+:?HD&L01&6XBU:^FOKE+C:PWR@!E``
M'R<=#GZFN97X/Z!#X;70[6_U:UMTU3^U8I8)T66*8)L`5MG"@8([Y'6O0:*`
M..T3X<Z;H^LPZO<ZIK6LWUNK+;RZM>&?R-PP=@P`,BMG7_#=GXC_`++^V23I
M_9NH1:A#Y+`;I(\[0V0<KR<@8/O6Q10!B:-X6T_1(-8@B,MQ%JU]-?7*7&UA
MOE`#*``/DXZ'/U-<ROP?T"'PVNAVM_JUK;IJG]JQ2P3HLL4P38`K;.%`P1WR
M.M>@T4`<=HGPYTW1]9AU>YU36M9OK=66WEU:\,_D;A@[!@`9%1ZM\,M*U+6+
MG5+35=;T:YNR#=?V5>F!9R.[#!Y^F/SS7:T4`<L/AYX;'@X^%OL;?V<6\S/F
M'S?,SGS-_7=GO^'3BHM`^'>FZ'K*ZO+J6L:O?Q1M'!/JMV9S`IZA.!C/]3ZU
MUU%`&/\`\(W9_P#"9?\`"4>9/]N_L_\`L_R]P\OR_,\S.,9W9[YQCM1IWANS
MTSQ'K6N0R3M=:OY'VA'8%%\I"B[0!D9!YR3^%;%%`'/Z%X/T_P`.:QJM_ILU
MS%'J<@EFLMRF!).[HNW*D\YYQ[<#%C0/#=GX<_M3[')._P#:6H2ZA-YS`[9)
M,;@N`,+P,`Y/O6Q10!CZCX;L]3\1Z+KDTDZW6D>?]G1&`1O-0(VX$9.`.,$?
MC5/3/`^CZ;X%'@_$UUI?ER1G[0RLY#NSDY``R"W!`XP*Z2B@#S]_A'H_]CZ#
MIUMK&N67]B?:/LES:7*1S?OFW/E@GX<8X)SFM?PWX#TWPWJ,VI"\U/4]2EC\
MDWNIW1GE6/.=@.``,CTKJ:*`/-['X.V>F6<=G8>,O&5I:QYV0P:F(T7)).%"
M8&22?QKIXO!]D-8TG4[J\OKZ?2K3[-:BZE#@,0`TS?*"TK`8+$X]@:Z&B@#&
MT7PS9:!?ZI<V$MPL6HS_`&F2U9@8HY",,R#&06X)R2..,5LT44`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`<WJ=_KVE3)?3R
MZ:VGO>P6HLT@<R[99EA5_.+@9^<.5\OU7)^_7/V/CV:\TO4];AUSP_>V]G;W
M=ZNE6R'[4UO'O\HL_G-L++Y9.8L@MM(!K<^R^))?%'VR[T_2I[&&7;9_\3"0
M-;QD;6D\OR"&F(+<[L!3M!&79\_5?"VL>(-+AT6\BTK3K&UBFCAGL7=]VZVE
MMUQ`441J!,6VB1L;0N3G<`#8LKW6+3Q#!I.K7-C=_:K2:YCEM+5[?R_*>)2I
M#22;MWG`Y!7&T]<\=!7/V5EK%WXA@U;5K:QM/LMI-;1Q6ET]QYGFO$Q8EHX]
MNWR0,`-G<>F.=#4]"T?6_*_M;2K&_P#)SY?VNW279G&<;@<9P.GH*`-"BN#\
M%^"_"MUX%\/7%QX:T::>73+9Y))+")F=C$I))*Y))YS6Y_P@G@__`*%30_\`
MP70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-
M`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<_
M_P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#
M_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30
M_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/
M_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\
M()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`
MH5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`
MP70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-
M`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<_
M_P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#
M_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30
M_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/
M_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\
M()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`
MH5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`
MP70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-
M`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<_
M_P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#
M_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30
M_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/
M_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\
M()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`
MH5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`
MP70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-
M`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<_
M_P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#
M_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30
M_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/
M_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\
M()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`
MH5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`
MP70__$T`=!17/_\`"">#_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-
M`'045S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<_
M_P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`P70__$T`=!17/_\`"">#
M_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-`'045S__``@G@_\`Z%30
M_P#P70__`!-'_"">#_\`H5-#_P#!=#_\30!T%%<__P`()X/_`.A4T/\`\%T/
M_P`31_P@G@__`*%30_\`P70__$T`=!17#^)/"?AO3-/L[RP\/Z5:74>JZ=LF
M@LHXW7-Y"#A@,C()'XUW%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`45G_`-NZ/_;']D?VK8_VG_SY?:$\[[N[[F=WW>>G3FBU
MUW1[[49].L]5L;B^@W>=;0W"/)'M.UMR@Y&"0#GH:`-"BLO3?$N@ZS<-;Z7K
M>FWTZH7:.UNDE8+D#)"DG&2!GW%:E`'/^!/^2>>&O^P5:_\`HI:Z"N?\"?\`
M)//#7_8*M?\`T4M=!0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`445C^)_$^E^$=#FU?5Y_*MX^%5>7E<]$0
M=V.#^1)(`)`!L45R_@7QUI?CS0Q?V!\JXCPMU:.V7MW/8^JG!PW?'8@@=10`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`<_XR_Y`=M_V%=-_]+8:Z"N?\9?\@.V_["NF
M_P#I;#704`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`'-ZG!#J<R:'IL4<:6][!>WLR*`D+),MQLP/O2R,`2.P<NQY0/GZY&U_:!
M=!FM--M]`2=XKZ0*EO'.MO+"L:C&-D?F$NV-JE-F&.\)N?\`")^&_P"T?[1_
MX1_2OMWF^?\`:?L4?F>9G=OW8SNSSGKFBQ\)^&],O([RP\/Z5:74>=DT%E'&
MZY!!PP&1D$C\:`,_0_M^@ZCIWAJZDL9[4Z?(]J;2VDA\A(##'L.^60OD2KSD
M8V'.[=QL:G-K$7E?V38V-UG/F?:[Q[?;TQC;$^>_7&,#KG@TS0M'T3S?[)TJ
MQL/.QYGV2W2+?C.,[0,XR>OJ:T*`.#\%W7BI?`OAY;?1M&D@&F6PC>35I49E
M\I<$J+8@'';)QZFMS[9XP_Z`6A_^#F;_`.1:/`G_`"3SPU_V"K7_`-%+704`
M<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T
M/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]
ML\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P
M<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`
M<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T
M/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]
ML\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P
M<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`
M<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T
M/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]
ML\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P
M<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`
M<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T
M/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]
ML\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P
M<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`
M<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T
M/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]
ML\8?]`+0_P#P<S?_`"+7044`<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P
M<S?_`"+7057OKZWTZSDNKJ3RX4P"0I8DD@*JJ,EF)(`4`DD@`$F@##GU/Q5:
MV\MQ<:1X?A@B0O)))K<JJB@9))-K@`#G-<_J5GXM\:6"P:GH&C)H-P@:33Y=
M2GBGF97)1G<091#A7";5<$#<1\R5U$%G?:O<176LV\=M;PN)+;3UE\SYP<K)
M,0,%UXPB[E5@6W.=A3<H`\STKP1JN@:7;VFAZ+INF3P)M^VVNNR"68]VE#6A
M24\MC>K!=QV!>,:DVO>/-'L[8ZGX:TJ_8[OM%UIM[/LCY^7]R('E.<@?('Z$
MG:.G<44`<O8ZUXDU.SCO+#3?#EW:R9V30:[)(C8)!PPML'!!'X58^V>,/^@%
MH?\`X.9O_D6K%]X8TN\O)+](/L>IOC.H6?[J<D`!=S#_`%BC"_(^Y#M7*G%5
M_M6NZ+Q?6_\`:]BO_+U:(%N8U]9(>DF`"2T9#,2`L-`!]L\8?]`+0_\`P<S?
M_(M'VSQA_P!`+0__``<S?_(M:FFZK8ZO;M/87,<Z(YCD"\-$X`)1U/*.,C*L
M`1W`JY0!S_VSQA_T`M#_`/!S-_\`(M'VSQA_T`M#_P#!S-_\BUT%%`'/_;/&
M'_0"T/\`\',W_P`BT?;/&'_0"T/_`,',W_R+7044`<_]L\8?]`+0_P#P<S?_
M`"+1]L\8?]`+0_\`P<S?_(M=!10!S_VSQA_T`M#_`/!S-_\`(M'VSQA_T`M#
M_P#!S-_\BUT%%`'/_;/&'_0"T/\`\',W_P`BT?;/&'_0"T/_`,',W_R+7044
M`<_]L\8?]`+0_P#P<S?_`"+1]L\8?]`+0_\`P<S?_(M=!10!S_VSQA_T`M#_
M`/!S-_\`(M'VSQA_T`M#_P#!S-_\BUT%%`'/_;/&'_0"T/\`\',W_P`BT?;/
M&'_0"T/_`,',W_R+7044`<_]L\8?]`+0_P#P<S?_`"+1]L\8?]`+0_\`P<S?
M_(M=!10!S_VSQA_T`M#_`/!S-_\`(M'VSQA_T`M#_P#!S-_\BUT%%`'/_;/&
M'_0"T/\`\',W_P`BT?;/&'_0"T/_`,',W_R+7044`<_]L\8?]`+0_P#P<S?_
M`"+1]L\8?]`+0_\`P<S?_(M=!10!S_VSQA_T`M#_`/!S-_\`(M'VSQA_T`M#
M_P#!S-_\BUT%%`'/_;/&'_0"T/\`\',W_P`BT?;/&'_0"T/_`,',W_R+7044
M`</XDN?$DFGV:W^E:5!:G5=.WR0:G)*Z_P"F0XPI@4'G'\0]>>E=Q7/^,O\`
MD!VW_85TW_TMAKH*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HKF]3O]>TJ9+Z>736T][V"U%FD#F7;+,L*OYQ<#/SAROE^JY/
MWZPYO&FL:;X;L/$MXEC<V.HVDES#8PPO%)!BUDNE5IB[!^(BA(1<EMW&-I`/
M0**Y^RO=8M/$,&DZM<V-W]JM)KF.6TM7M_+\IXE*D-))NW><#D%<;3USQT%`
M'/\`@3_DGGAK_L%6O_HI:Z"N?\"?\D\\-?\`8*M?_12UT%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`445GZGK%OI?E1ND
M]Q=3Y\BUMHC))(1C/`X5<E078JBEEW,,B@"34M2ATRW6219)9)'$<%O$`9)Y
M""0B`D#.`222``"S$*"13L;&XO;R/5=5C\N9,FTLRP86@((+,1D-,02"PR%!
M**2"[R2:;ILR7#:EJ31RZE(A3$9)CMHR0?*CR`<9`+.0"Y`)``1$U*`"BBB@
M`HHHH`****`,O4M`L=2N%O"LEMJ"($COK5O+G5020I8??0,=WEN&0D#*FJ?_
M`!46C?\`4?M!_P!<X+Q?_089>3_TRVJO\;&N@HH`S],UO3M8\U;*XW30X\ZW
MD1HIH<YV^9$X#ID`D;@,CD9%:%9^IZ)IVL>4U[;[IH<^3<1NT4T.<;MDJ$.F
M0`#M(R.#D5G^3XETKYH[J#6[5.L4\:V]V1U)$BXB=NH5-D8.1EQ@E@#H**R]
M-U^QU*X:S#26VH(A>2QNE\N=5!`+!3]]`QV^8A9"0<,:U*`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HJGJ6K:;HUNMQJFH6EC
M`SA%DNIEB4M@G`+$#.`3CV-9?_"3O=_)I&AZK=R="UQ;-91Q$_=+F<*Q7KDQ
MK(0!TR0"`=!4<\\-K;RW%Q+'#!$A>221@JHH&223P`!SFL/[#XEU'YKS5X-*
MC/(ATR)99%(XP9IE*NIY.!"I!P,D`[I(/!^@0W$5T^FQW=W"X>*ZOW:[GC(.
M1MDE+.H!Y`!`!)(Y)H`\S^+?Q/>PTRQB\/V/VZT:[@G;56C9K-GBD$J11R+A
M7;='\V#P`1][.SUC0]0N-5T.RO[O3I]-N+B)9)+2<@O$3V./ZX/J%.0,_P`9
M?\@.V_["NF_^EL-=!0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`<O\`9?$DOBC[9=Z?I4]C#+ML_P#B82!K>,C:TGE^00TQ!;G=
M@*=H(R[/CS>"]8U+PW8>&KQ[&VL=.M)+:&^AF>62?-K):JS0E%"<2ER`[8*[
M><[AZ!10!S]E9:Q=^(8-6U:VL;3[+:36T<5I=/<>9YKQ,6):./;M\D#`#9W'
MICG0U/0M'UORO[6TJQO_`"<^7]KMTEV9QG&X'&<#IZ"M"B@#@_!?@OPK=>!?
M#UQ<>&M&FGETRV>222PB9G8Q*222N22><UN?\()X/_Z%30__``70_P#Q-'@3
M_DGGAK_L%6O_`**6N@H`Y_\`X03P?_T*FA_^"Z'_`.)H_P"$$\'_`/0J:'_X
M+H?_`(FN@HH`Y_\`X03P?_T*FA_^"Z'_`.)H_P"$$\'_`/0J:'_X+H?_`(FN
M@HH`Y_\`X03P?_T*FA_^"Z'_`.)H_P"$$\'_`/0J:'_X+H?_`(FN@HH`Y_\`
MX03P?_T*FA_^"Z'_`.)H_P"$$\'_`/0J:'_X+H?_`(FN@HH`Y_\`X03P?_T*
MFA_^"Z'_`.)H_P"$$\'_`/0J:'_X+H?_`(FN@HH`Y_\`X03P?_T*FA_^"Z'_
M`.)H_P"$$\'_`/0J:'_X+H?_`(FN@HH`Y_\`X03P?_T*FA_^"Z'_`.)H_P"$
M$\'_`/0J:'_X+H?_`(FN@HH`Y_\`X03P?_T*FA_^"Z'_`.)H_P"$$\'_`/0J
M:'_X+H?_`(FN@HH`Y_\`X03P?_T*FA_^"Z'_`.)H_P"$$\'_`/0J:'_X+H?_
M`(FN@HH`Y_\`X03P?_T*FA_^"Z'_`.)H_P"$$\'_`/0J:'_X+H?_`(FN@HH`
MY_\`X03P?_T*FA_^"Z'_`.)H_P"$$\'_`/0J:'_X+H?_`(FN@HH`Y_\`X03P
M?_T*FA_^"Z'_`.)H_P"$$\'_`/0J:'_X+H?_`(FN@HH`Y_\`X03P?_T*FA_^
M"Z'_`.)H_P"$$\'_`/0J:'_X+H?_`(FN@HH`Y_\`X03P?_T*FA_^"Z'_`.)H
M_P"$$\'_`/0J:'_X+H?_`(FN@HH`Y_\`X03P?_T*FA_^"Z'_`.)H_P"$$\'_
M`/0J:'_X+H?_`(FC_A,]&GXTR6?5V/"G3+=[F,OV0S(#$C=/ONN`020#FC^T
M?$M[_P`>>@P6$9^0R:G>+YB'^^(H0ZNHR.#*A)!'RC#$`/\`A!/!_P#T*FA_
M^"Z'_P")H_X03P?_`-"IH?\`X+H?_B:V+%+R.SC6_G@GNAG?)!"8D;DXPI9B
M.,?Q'UXZ5C_\(3X=D_X_=/\`[3Q]S^U9I+[R_79Y[/LSQG;C.!G.!0!YOXV\
M3_"_PS9V$FFZ'X4U::>[1)H[2V@F,4`.9'^48W8X4,RY+9Y"D5Z)!X+\$W5O
M%<6_AKP_-!*@>.2.PA974C(((7!!'.:C\2?#OPKXNU&._P!<TK[7=1Q"%7^T
M2QX0$D#",!U8_G6QHFB:=X<T>#2=)M_L]C!N\N+>S[=S%CRQ)/))Y-`&?_P@
MG@__`*%30_\`P70__$T?\()X/_Z%30__``70_P#Q-:FFZK8ZO;M/87,<Z(YC
MD"\-$X`)1U/*.,C*L`1W`JY0!S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`
MH5-#_P#!=#_\37044`<__P`()X/_`.A4T/\`\%T/_P`31_P@G@__`*%30_\`
MP70__$UT%%`'/_\`"">#_P#H5-#_`/!=#_\`$T?\()X/_P"A4T/_`,%T/_Q-
M=!10!S__``@G@_\`Z%30_P#P70__`!-'_"">#_\`H5-#_P#!=#_\3705EZEJ
M4R7"Z;IJQRZE(@?,@)CMHR2/-DP0<9!"H""Y!`(`=T`.?U+P_P"";.X73[;P
MIX?NM7E0/#8K9PJVTDCS'^4E(@0<N0>F`&8JIL:;\./"MG;L+GP_HUU<RN9)
MI6TZ)5W$`81,$(@``"@GIDEF+,>@TW38=,MVCC:2621S)/<2D&2>0@`NY``S
M@``````*H"@`7*`.?_X03P?_`-"IH?\`X+H?_B:/^$$\'_\`0J:'_P""Z'_X
MFN@HH`Y__A!/!_\`T*FA_P#@NA_^)H_X03P?_P!"IH?_`(+H?_B:Z"B@#G_^
M$$\'_P#0J:'_`."Z'_XFC_A!/!__`$*FA_\`@NA_^)KH**`.?_X03P?_`-"I
MH?\`X+H?_B:/^$$\'_\`0J:'_P""Z'_XFN@HH`Y__A!/!_\`T*FA_P#@NA_^
M)H_X03P?_P!"IH?_`(+H?_B:Z"B@#G_^$$\'_P#0J:'_`."Z'_XFC_A!/!__
M`$*FA_\`@NA_^)KH**`.;G^'W@VYMY8'\*Z,$D0HQCLHT8`C'#*`5/N"".U8
M?_"NM,T7FQ\.:'J]BO\`RZW=C"MS&OI'-MQ)@``+(`S$DM-7H%%`'#V.D>`[
MJ\CL+KPAI6FZE)G99WVFP(\F`2?+8`I+A>3Y;-MR-V#Q6Q_P@G@__H5-#_\`
M!=#_`/$UL7UA9ZG9R6=_:07=K)C?#/&)$;!!&5/!P0#^%8_]E:QI'.C7_P!L
MMQ_RXZK,[X_W+C#2+R2QWB7.`J[!0`?\()X/_P"A4T/_`,%T/_Q-'_"">#_^
MA4T/_P`%T/\`\34D'BJQ-Q%:ZA#=Z3=R.(UBOXMBL['Y4689B=SG(5'8]>,A
M@-R@#G_^$$\'_P#0J:'_`."Z'_XFC_A!/!__`$*FA_\`@NA_^)KH**`.?_X0
M3P?_`-"IH?\`X+H?_B:/^$$\'_\`0J:'_P""Z'_XFN@HH`Y__A!/!_\`T*FA
M_P#@NA_^)H_X03P?_P!"IH?_`(+H?_B:Z"B@#G_^$$\'_P#0J:'_`."Z'_XF
MC_A!/!__`$*FA_\`@NA_^)KH**`.?_X03P?_`-"IH?\`X+H?_B:/^$$\'_\`
M0J:'_P""Z'_XFN@HH`Y__A!/!_\`T*FA_P#@NA_^)H_X03P?_P!"IH?_`(+H
M?_B:N:EXCTC2;A;6[OHQ>.@>.SB!EN)%R1E(4!=AP<D*<!2>@-4_[6UW4>-,
MT3[+">EUJLHC^4_==(4W.V!R4D,+=!P2=H`?\()X/_Z%30__``70_P#Q-9^I
MZ!\.]&\H:CH?ARWDFR((6L8?,G(QE8T"[I&Y`VJ"22`!DBM#^PM4OO\`D,>(
M)WCZ-;Z9']BC<=02P9I@V>ZRJ"``1C=NT-,T/2]&\TZ=806\DV#/,J?O)R,X
M:1S\TC<D[F)))))R30!Q_P#8F@7G&D_#&QE5_P#5W-_806<)QUW*RF=>A`S#
MR<?PG=1_PJ[3-1YU.PT.UA/6UTK2H8_E/WD>9U9VP.`\8A;J>"1M]`HH`Y>Q
M^''@K3[..UA\+Z4\:9P9[99G.23R[@L>O<\=.E6/^$$\'_\`0J:'_P""Z'_X
MFN@HH`Y__A!/!_\`T*FA_P#@NA_^)H_X03P?_P!"IH?_`(+H?_B:Z"B@#A_$
MGA/PWIFGV=Y8>']*M+J/5=.V3064<;KF\A!PP&1D$C\:[BN?\9?\@.V_["NF
M_P#I;#704`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`$9GA6X2W:6,3NC.D98;F52`Q`ZD`LH)[;AZUEV/BSPWJ=Y'9V'B#2KNZD
MSLA@O8Y';`).%!R<`$_A6?-8V\'Q.T^[CC_TBYTJ]$LA8L2%DM`JC/11DD*,
M#+,<98DU[E[C4O\`A(-=M;R"S:RM+G3],NK@@1PNO^OF<D<+YJ*A#*<"WW#(
M<Y`-S3?$N@ZS<-;Z7K>FWTZH7:.UNDE8+D#)"DG&2!GW%:E<OH?V_0=1T[PU
M=26,]J=/D>U-I;20^0D!ACV'?+(7R)5YR,;#G=NXV-3FUB+RO[)L;&ZSGS/M
M=X]OMZ8QMB?/?KC&!USP`9_@3_DGGAK_`+!5K_Z*6N@K@_!=UXJ7P+X>6WT;
M1I(!IEL(WDU:5&9?*7!*BV(!QVR<>IK<^V>,/^@%H?\`X.9O_D6@#H**Y_[9
MXP_Z`6A_^#F;_P"1:/MGC#_H!:'_`.#F;_Y%H`Z"BN?^V>,/^@%H?_@YF_\`
MD6C[9XP_Z`6A_P#@YF_^1:`.@HKG_MGC#_H!:'_X.9O_`)%H^V>,/^@%H?\`
MX.9O_D6@#H**Y_[9XP_Z`6A_^#F;_P"1:/MGC#_H!:'_`.#F;_Y%H`Z"BN?^
MV>,/^@%H?_@YF_\`D6C[9XP_Z`6A_P#@YF_^1:`.@HKG_MGC#_H!:'_X.9O_
M`)%H^V>,/^@%H?\`X.9O_D6@#H**Y_[9XP_Z`6A_^#F;_P"1:/MGC#_H!:'_
M`.#F;_Y%H`Z"BN?^V>,/^@%H?_@YF_\`D6C[9XP_Z`6A_P#@YF_^1:`.@HKG
M_MGC#_H!:'_X.9O_`)%H^V>,/^@%H?\`X.9O_D6@#H**Y_[9XP_Z`6A_^#F;
M_P"1:R]2\7ZKI%PMK?V_AB"[=`\=JVO2&>4$D#9&+7>Y)!`"@DG@9-`':45Y
M_P#\)KXPN/\`D&^!/MVW_6?Z;-:;/3_CYMXMV>?N[L8YQD9Z#[9XP_Z`6A_^
M#F;_`.1:`.@JGJ6K:;HUNMQJFH6EC`SA%DNIEB4M@G`+$#.`3CV-<7_8/C"X
M_P"0DWV[;_J_^*EFM-GK_P`>UI%NSQ][=C'&,G-S3='U72+AKJP\'>&(+MT*
M272ZI(9Y02"=\AM=[DD`DL22>3DT`=98WUOJ5G'=VDGFV\F3'(%(#@$C<N>J
MG&0PX8$$$@@UC_:?%EW\L6G:5IT;\K-<73W$D0Z@/"B*I;L0LV`3D%@.3[9X
MP_Z`6A_^#F;_`.1:/MGC#_H!:'_X.9O_`)%H`/\`A']1O.=6\1WTJO\`ZRVL
M%6SA..FUES.O0$XFY.?X3MK8L;*+3[..UA>=XTS@SSO,YR2>7<ECU[GCITK'
M^V>,/^@%H?\`X.9O_D6C[9XP_P"@%H?_`(.9O_D6@#H**Y_[9XP_Z`6A_P#@
MYF_^1:/MGC#_`*`6A_\`@YF_^1:`.@HKG_MGC#_H!:'_`.#F;_Y%H^V>,/\`
MH!:'_P"#F;_Y%H`Z"BN?^V>,/^@%H?\`X.9O_D6C[9XP_P"@%H?_`(.9O_D6
M@"YJ6E33W"W^FW,=GJ2H(_-DB,L<L>2=DB!E+`$DJ0P*DG!PSJQINM+>7#6%
MU!)9ZG&A:2W<-M8`@%HI"`)4Y7E>1O4,$8[:I_;/&'_0"T/_`,',W_R+5/4H
M?%6IVZQR:+HT4D;B2"XBUJ4202`$!T)M2,X)!!!!!*L"I((!UE%<O8S>.+>S
MCBNM,T.ZF3(,QU65"XR=I8"UQNQC)``)R0%!VBQ]L\8?]`+0_P#P<S?_`"+0
M!T%%<_\`;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+0!T%%<_\`;/&'
M_0"T/_P<S?\`R+6/-J7C#7?M%G9Z7I4%M#*(KFZBUB8>;C<'BBD%N"K`A0S@
M'&652'!,8!T%]?7%[>2:5I4GES)@7=X%#"T!`(50<AIB""%.0H(=@0422YIN
ME6.D6[06%M'`CN9)"O+2N0`7=CR[G`RS$D]R:P[%?$^G6<=K:^'M#CA3)`.M
MS,22269F-L2S$DDL22222235C[9XP_Z`6A_^#F;_`.1:`.@HKG_MGC#_`*`6
MA_\`@YF_^1:/MGC#_H!:'_X.9O\`Y%H`Z"BN?^V>,/\`H!:'_P"#F;_Y%H^V
M>,/^@%H?_@YF_P#D6@#H**Y_[9XP_P"@%H?_`(.9O_D6C[9XP_Z`6A_^#F;_
M`.1:`.@HKG_MGC#_`*`6A_\`@YF_^1:/MGC#_H!:'_X.9O\`Y%H`Z"BN?^V>
M,/\`H!:'_P"#F;_Y%H^V>,/^@%H?_@YF_P#D6@#H**Y_[9XP_P"@%H?_`(.9
MO_D6C[9XP_Z`6A_^#F;_`.1:`.@HKG_MGC#_`*`6A_\`@YF_^1:/MGC#_H!:
M'_X.9O\`Y%H`Z"BN?^V>,/\`H!:'_P"#F;_Y%H^V>,/^@%H?_@YF_P#D6@#H
M**Y_[9XP_P"@%H?_`(.9O_D6C[9XP_Z`6A_^#F;_`.1:`-R>"&ZMY;>XBCF@
ME0I)'(H974C!!!X((XQ6'_8-YI/S^'KWRH1S_9MV3);$?W8S]^#@*HVEHT&<
M1$T?;/&'_0"T/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+0!)!XEACN(K/6;>32
M;R1Q'&)R#!.Y.`(IA\K%CG:AVR$#)0"MRN;GD\575O+;W'AWP_-!*A22.35Y
M65U(P00;7!!'&*P_[$\8:=\_AO3M#TG_`*=/[4FELS_VQ^S+LZL?W31Y8Y;=
MTH`]`HKA[[Q?XDTJ\DBU3P]I5A:C&R_GU>3[,_`SF06Q$>"0O[S9N)PNZK$/
MBC6[C7+G1(K'PX^IVT2S36HUR7>B-T)'V7Z9]-RDXW+D`["BO/\`_A/]6GXT
MS1]*U=CPITS4;BYC+]D,R6AB1NGWW7`()(!S5R34/B-J&EPRV.@>'])NV?+Q
MZCJ,EP549&,11@9/!!#GCJ,]`#M*Q[[Q3HUA>264EYY]]'@R6=G$]S/&"`0S
M11!G5<$?,1CYEYY&>7_X1WQ)=<ZSIUCK7;R[_7I/)9>P:".T2%\'D%D+9QS\
MJXV+%/$FF6<=G8>&/#EI:QYV0P:K)&BY))PHM<#))/XT`6/MWB74?EL](@TJ
M,\&;4Y5ED4CG(AA8JZG@9,RD')P0!N/^$8>[^?5]<U6[DZA;>Y:RCB)^\$$!
M5BO3`D:0@#KDDD^V>,/^@%H?_@YF_P#D6C[9XP_Z`6A_^#F;_P"1:`-33=)T
MW1K=K?2]/M+&!G+M':PK$I;`&2%`&<`#/L*N5S_VSQA_T`M#_P#!S-_\BT?;
M/&'_`$`M#_\`!S-_\BT`=!17/_;/&'_0"T/_`,',W_R+1]L\8?\`0"T/_P`'
M,W_R+0!T%%<_]L\8?]`+0_\`P<S?_(M'VSQA_P!`+0__``<S?_(M`'045S_V
MSQA_T`M#_P#!S-_\BT?;/&'_`$`M#_\`!S-_\BT`=!17/_;/&'_0"T/_`,',
MW_R+1]L\8?\`0"T/_P`',W_R+0`>,O\`D!VW_85TW_TMAKH*X?Q)<^))-/LU
MO]*TJ"U.JZ=OD@U.25U_TR'&%,"@\X_B'KSTKN*`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`**HZWJ2Z+H.HZJ\9E6RM9;DH#@L$4MC/;.*Y6
MV^($MS=>$+-=)0W?B&W-VT:W1(M(`@?<3L^8D'&,#D$9H`[BBN>\)>)V\3PZ
MLSV0M9--U.;3G"R^8KF/'S@[1P<],5T-`$9@A:X2X:*,SHC(DA4;E5B"P!Z@
M$JI([[1Z40P0VR%((HXD+LY5%"@LS%F/'<L22>Y)-244`9^F:%H^B>;_`&3I
M5C8>=CS/LEND6_&<9V@9QD]?4UH444`<_P"!/^2>>&O^P5:_^BEKH*Y_P)_R
M3SPU_P!@JU_]%+704`%%%%`!1110`4444`%%%%`!1110`4444`%%%9>I:_8Z
M;<+9EI+G4'0/'8VJ^9.RDD!BH^XA8;?,<J@)&6%`&I7+Z3XZTO6/'.L>%;8Y
MNM,B21I`VY9#G$@&,@;"R*<D'<S#'RDFQ]EUW6N;ZX_LBQ;_`)=;1PUS(OI)
M-TCR"05C!92`5FKE]$^"^B:#XH@\1VNLZY)J44K2F2XGBD\TL"'WYCR=P9@3
MG/.00>:`.H_X2#4;SC2?#E]*K_ZNYOV6SA..NY6S.O0@9AY./X3NH^R>*;[_
M`(^=4L=+A?[T5A;F>:/'3;/+\AR1DY@X!('(#UT%%`%>QMY;2SC@FO9[V1<Y
MGG"!WR2>0BJO'3@#IZ\U'INDZ;HUNUOI>GVEC`SEVCM85B4M@#)"@#.`!GV%
M7**`"BBB@`HHHH`****`"BBB@`HHHH`***IZEJVFZ-;K<:IJ%I8P,X19+J98
ME+8)P"Q`S@$X]C0!<HKY\^+/Q8U_2/%5K!X6U>2#3WLDD):R4K*Y=QO1I$^=
M"H7#*2I[$\U['X(UQ/$/@W2K_P"WP7MTUI"+QX74[9S&I=6"\*V3RO&,]*`.
M@HHHH`*Y_;>>&N(8K[4])/)7S#/<VIZL<NV^:,C)P"T@/"APP6/H**`(X)X;
MJWBN+>6.:"5`\<D;!E=2,@@C@@CG-25S]_I_]A_:=7T86-KG?-?07$GV>VGZ
MEI7<*?+D'),FT[@,,#A&2O8BX\8V<=[?P7VG:3)E1I-S"(Y9P"0WVD$$A21Q
M&I`9?OEP^Q0"QE_%/,4\\&ACE9K>9HI+T]F1T(9(1U#*09#R"(_];N000VMO
M%;V\4<,$2!(XXU"JB@8``'``'&*DHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*\?TSX`Z%8^.9=5FE^TZ(F);7
M39`6Q)DY60G[T:\$`\MG#9"G?[!10`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`'/\`C+_D!VW_`&%=-_\`2V&N@KG_`!E_R`[;_L*Z;_Z6PUT%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`5M1:T73+MK_9]C$+
MFXWC*^7M.[/MC->+^#[GX>6LFJ207?B'33+ILB6M]JKF/RK3.#]D?G`#'CJV
M>G>O5?&D$UUX%\0V]O%)-/+IERD<<:EF=C$P``'))/&*\1OYGU@>`+?5/`7B
MRXLO#]HT-_$=*;]\WE1JNSGYEWQY.[''Y4`>L?#*YT6X\*,OAW3[JTTJ&Y>.
M"6Z!#W?"EIN>2"Q89_V>W0=E6+X8UQ->TIKB/1M4TE(I/)6WU*U\A\!5(*KD
M_+S@'U!]*VJ`,-M7OAXU@T=K...PDLIYUG9\O*\;0#Y0.%0"8CGDD'@``OR]
MCX]FO-+U/6X=<\/WMO9V]W>KI5LA^U-;Q[_*+/YS;"R^63F+(+;2`:["?39I
M?%6GZHK1^1;V5S;NI)W%I'@92.,8Q$V>>XZ]N;U7PMK'B#2X=%O(M*TZQM8I
MHX9[%W?=NMI;=<0%%$:@3%MHD;&T+DYW``V+*]UBT\0P:3JUS8W?VJTFN8Y;
M2U>W\ORGB4J0TDF[=YP.05QM/7/'05S]E9:Q=^(8-6U:VL;3[+:36T<5I=/<
M>9YKQ,6):./;M\D#`#9W'ICG0U/0M'UORO[6TJQO_)SY?VNW279G&<;@<9P.
MGH*`,_P)_P`D\\-?]@JU_P#12UT%<'X+\%^%;KP+X>N+CPUHTT\NF6SR226$
M3,[&)2225R23SFMS_A!/!_\`T*FA_P#@NA_^)H`Z"BN?_P"$$\'_`/0J:'_X
M+H?_`(FC_A!/!_\`T*FA_P#@NA_^)H`Z"BN?_P"$$\'_`/0J:'_X+H?_`(FC
M_A!/!_\`T*FA_P#@NA_^)H`Z"BN?_P"$$\'_`/0J:'_X+H?_`(FC_A!/!_\`
MT*FA_P#@NA_^)H`Z"BN?_P"$$\'_`/0J:'_X+H?_`(FC_A!/!_\`T*FA_P#@
MNA_^)H`Z"BN?_P"$$\'_`/0J:'_X+H?_`(FC_A!/!_\`T*FA_P#@NA_^)H`Z
M"L_4];T[1_*6]N-LTV?)MXT:6:;&-VR)`7?`()V@X')P*X__`(02QUG_`)E3
M0]`M#_U#K:>\;_QUH8N1_P!-=RM_`PK8L?AQX*T^SCM8?"^E/&F<&>V69SDD
M\NX+'KW/'3I0!T%C-<7%G'+=6OV69\DPF0.4&3M#$<;L8R`2`<@%@-QCTW2K
M'2+=H+"VC@1W,DA7EI7(`+NQY=S@99B2>Y-9?_"">#_^A4T/_P`%T/\`\31_
MP@G@_P#Z%30__!=#_P#$T`=!17/_`/"">#_^A4T/_P`%T/\`\31_P@G@_P#Z
M%30__!=#_P#$T`=!17/_`/"">#_^A4T/_P`%T/\`\31_P@G@_P#Z%30__!=#
M_P#$T`=!17/_`/"">#_^A4T/_P`%T/\`\31_P@G@_P#Z%30__!=#_P#$T`=!
M17/_`/"">#_^A4T/_P`%T/\`\31_P@G@_P#Z%30__!=#_P#$T`=!17/_`/""
M>#_^A4T/_P`%T/\`\31_P@G@_P#Z%30__!=#_P#$T`=!17%ZEH_PYTFX6UN]
M"\/B\=`\=G%IL<MQ(N2,I"B%V'!R0IP%)Z`U3_L30+SC2?AC8RJ_^KN;^P@L
MX3CKN5E,Z]"!F'DX_A.Z@#T"BO/_`/A6=K>_\?EEX<L(S\XCTS0X/,0_W#+,
M'5U&3R(D)(!^494Z&F?"WP5I?FLOAZQN9IL&62[A67<PSR%(V1Y)/"*J]!@`
M```T/^$TT*?Y=,N_[8F/`CTI3=88_=#LF4BW'H9&5>"<X!(/[1\2WO\`QYZ#
M!81GY#)J=XOF(?[XBA#JZC(X,J$D$?*,,3_A!/!__0J:'_X+H?\`XFC_`(03
MP?\`]"IH?_@NA_\`B:`#_A']1O.=6\1WTJO_`*RVL%6SA..FUES.O0$XFY.?
MX3MJYIOAS2-)N&NK2QC%XZ%)+R4F6XD7(.'F<EV'`P"QP%`Z`53_`.$$\'_]
M"IH?_@NA_P#B:/\`A!/!_P#T*FA_^"Z'_P")H`Z"LO4M`L=2N%O"LEMJ"($C
MOK5O+G5020I8??0,=WEN&0D#*FJ?_"">#_\`H5-#_P#!=#_\31_P@G@__H5-
M#_\`!=#_`/$T`']JZQI'&LV'VRW'_+]I4+OC_?M\M(O)"C89<X+-L%;%C?V>
MIV<=Y87<%W:R9V302"1&P2#AAP<$$?A6/_P@G@__`*%30_\`P70__$UEZE\+
MO"MU<+>66CZ;8WB($4K8Q20.`2=KPL-I!.,LNV3`P'44`=I5>^OK?3K.2ZNI
M/+A3`)"EB22`JJHR68D@!0"22``2:\[U*W\&^%;=?^$K\(>'[=Y'$=K<6NG1
MF"Z?!PI+*!`YQG;(VT`C]XVURNQIOP[T%[AK_5?#'A^.<H8X[.UM$>"%<@DE
MC&ID<D`[BHVC"J!\S.`;$%A?:K<17FLB..WC<36VFJN?+<'*M,X8B1UP&`4!
M48GF0JCC<KG_`/A!/!__`$*FA_\`@NA_^)H_X03P?_T*FA_^"Z'_`.)H`L6.
ML[+R/2=7>"WU5L^4`=J7B@$EX03DX`)9,ED[Y4J[[%<W/\/O!MS;RP/X5T8)
M(A1C'91HP!&.&4`J?<$$=JP_^$4\,>'/W>L^'=*O+`\IJ;:1#NB/=;@1QA44
M<D2[50*"'VE0T@!Z!17/_P#"">#_`/H5-#_\%T/_`,31_P`()X/_`.A4T/\`
M\%T/_P`30!T%%<__`,()X/\`^A4T/_P70_\`Q-'_``@G@_\`Z%30_P#P70__
M`!-`'045S_\`P@G@_P#Z%30__!=#_P#$T?\`"">#_P#H5-#_`/!=#_\`$T`=
M!17/_P#"">#_`/H5-#_\%T/_`,31_P`()X/_`.A4T/\`\%T/_P`30!T%%<__
M`,()X/\`^A4T/_P70_\`Q-'_``@G@_\`Z%30_P#P70__`!-`'045S_\`P@G@
M_P#Z%30__!=#_P#$T?\`"">#_P#H5-#_`/!=#_\`$T`=!17/_P#"">#_`/H5
M-#_\%T/_`,31_P`()X/_`.A4T/\`\%T/_P`30!T%%<__`,()X/\`^A4T/_P7
M0_\`Q-'_``@G@_\`Z%30_P#P70__`!-`'045S_\`P@G@_P#Z%30__!=#_P#$
MT?\`"">#_P#H5-#_`/!=#_\`$T`=!17/_P#"">#_`/H5-#_\%T/_`,31_P`(
M)X/_`.A4T/\`\%T/_P`30!T%%<__`,()X/\`^A4T/_P70_\`Q-'_``@G@_\`
MZ%30_P#P70__`!-`'045S_\`P@G@_P#Z%30__!=#_P#$T?\`"">#_P#H5-#_
M`/!=#_\`$T`=!17/_P#"">#_`/H5-#_\%T/_`,31_P`()X/_`.A4T/\`\%T/
M_P`30!T%%<__`,()X/\`^A4T/_P70_\`Q-'_``@G@_\`Z%30_P#P70__`!-`
M'045S_\`P@G@_P#Z%30__!=#_P#$T?\`"">#_P#H5-#_`/!=#_\`$T`=!17/
M_P#"">#_`/H5-#_\%T/_`,31_P`()X/_`.A4T/\`\%T/_P`30!T%%<__`,()
MX/\`^A4T/_P70_\`Q-'_``@G@_\`Z%30_P#P70__`!-`'045S_\`P@G@_P#Z
M%30__!=#_P#$T?\`"">#_P#H5-#_`/!=#_\`$T`=!17/_P#"">#_`/H5-#_\
M%T/_`,31_P`()X/_`.A4T/\`\%T/_P`30!T%%<__`,()X/\`^A4T/_P70_\`
MQ-'_``@G@_\`Z%30_P#P70__`!-`'045S_\`P@G@_P#Z%30__!=#_P#$T?\`
M"">#_P#H5-#_`/!=#_\`$T`'C+_D!VW_`&%=-_\`2V&N@KA_$GA/PWIFGV=Y
M8>']*M+J/5=.V3064<;KF\A!PP&1D$C\:[B@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`*FJZC#H^CWNIW"R-!9V\EQ(L8!8JBEB`"1S@5X[K?
MQ8\3ZCX,U#Q%X>L]*L=/M0F7GNUN+H[G5`1$G$9RPX?M]:]MKCO$7PN\'^)@
M[7FCPPW#];BT'DR9]25X8_[P-`&SX<TB^T;3I(=2UNYU>[EE,LES.BI@D`;4
M1>%7C./4GUK8KD/A[>"?3]8LQJNIZD--U6:Q\[4E3S08P@*[E/SKDDAC@\].
M*Z^@`HJ,SPK<);M+&)W1G2,L-S*I`8@=2`64$]MP]:IVNNZ/?:C/IUGJMC<7
MT&[SK:&X1Y(]IVMN4'(P2`<]#0!H45EZ;XET'6;AK?2];TV^G5"[1VMTDK!<
M@9(4DXR0,^XK4H`Y_P`"?\D\\-?]@JU_]%+705S_`($_Y)YX:_[!5K_Z*6N@
MH`****`"BBB@`HHJGJ6JV.D6ZSW]S'`CN(XPW+2N02$11R[G!PJ@D]@:`+E4
M]2U6QTBW6>_N8X$=Q'&&Y:5R"0B*.7<X.%4$GL#4EC=?;K..Y%O/`LF2J3IL
M?;DX)7JN1@X.&&<$`Y`IZ;H%CIMPUX%DN=0="DE]=-YD[*2"5#'[B%AN\M`J
M`DX44`4_-UG7N;5I]$L.TLL"-=SCJ&16++$O3B1"YRP*1E03L6-E%I]G':PO
M.\:9P9YWF<Y)/+N2QZ]SQTZ58HH`****`"BBB@`HHHH`***Y_P#X3;P[)_QY
M:A_:>/O_`-E0R7WE^F_R%?9GG&[&<'&<&@#H**Y_^T?$M[_QYZ#!81GY#)J=
MXOF(?[XBA#JZC(X,J$D$?*,,3^PM4OO^0QX@G>/HUOID?V*-QU!+!FF#9[K*
MH(`!&-VX`V+Z_L],LY+R_NX+2UCQOFGD$:+D@#+'@9)`_&L?_A+;>YXTK3-5
MU1NH-O:F*-D_OI-,8XG4\8VN<@Y`(R18L?"NA:?>1WL.F0/?IG%].#-<G((Y
MF?,AX.WEN!QTXK8H`Y_?XLOOGB32M(CZJMPKWLC@]`X1HEC8=PK2`D\'`RQ_
MPBB7/&KZQJNJQC@0W$RQ1D'[RND"QK*K<`K(&&.,`$YZ"B@"GINDZ;HUNUOI
M>GVEC`SEVCM85B4M@#)"@#.`!GV%7***`"BBB@`HHHH`****`"BBB@`K/U/5
MDTWRHDMI[R\FR8;2VV^9(%QN;YF555<C+,0,E1G<R@QZEK2V=PMA:P27FIR(
M&CMT#;5!)`:60`B).&Y;D[&"AV&VI-,TS[#YMQ<3?:=0N,&XN2NW=C.U%7)V
M1KD[5R<9))9F9F`(]-TV9+AM2U)HY=2D0IB,DQVT9(/E1Y`.,@%G(!<@$@`(
MB4_^$;_LK]]X;D^P[.?[.W8LY?\`9V8/DYRQW1!?F;<RR8VGH**`,.#Q+#'<
M16>LV\FDWDCB.,3D&"=R<`13#Y6+'.U#MD(&2@%;E1SP0W5O+;W$4<T$J%)(
MY%#*ZD8((/!!'&*P_P"RM8TCG1K_`.V6X_Y<=5F=\?[EQAI%Y)8[Q+G`5=@H
M`Z"BLO3==MM0N&LI$DLM31#(^GW3()U3(`<!68,AR/F4D9RI(8$#4H`KV-C;
MZ;9QVEI'Y5O'D1QAB0@))VKGHHS@*.%`````%%C?6^HV<=U:R>9"^0"5*D$$
MAE93@JP((*D`@@@@$58K'OM'=+R35-)?R-1.#)&\K""Z``&V11D!B`H$H7>N
MU?O*"C`&Q16?IFI_;O-M[B'[-J%O@7%L6W;<YVNK8&^-L':V!G!!"LK*NA0`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`<_XR_Y`=M_V%=-_]+8:
MZ"N?\9?\@.V_["NF_P#I;#704`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110!7O_`+9_9US_`&=Y'V[RG^S_`&C/E^9@[=^.=N<9QSBN'_XN_P#]
M2-_Y-UW%_=?8=.N;S[//<>1$\ODVZ;Y)-H)VHO=CC`'<UP__``M/_J0O'/\`
MX)__`+.@"Q\,M*O-+T[7O[1O]*O+ZZUNXNKC^S)C)'#(P3=&<@%6!!^4\@$5
MW%>?_">.\_L[Q+>7FFWVG_;_`!!=7D,-]`8I/+<(5)4_B.,C(/->@4`<O-8V
M\'Q.T^[CC_TBYTJ]$LA8L2%DM`JC/11DD*,#+,<98DT]<C:_M`N@S6FFV^@)
M.\5](%2WCG6WEA6-1C&R/S"7;&U2FS#'>$[`P0M<)<-%&9T1D20J-RJQ!8`]
M0"54D=]H]*R['PGX;TR\CO+#P_I5I=1YV3064<;KD$'#`9&02/QH`S]#^WZ#
MJ.G>&KJ2QGM3I\CVIM+:2'R$@,,>P[Y9"^1*O.1C8<[MW&QJ<VL1>5_9-C8W
M6<^9]KO'M]O3&-L3Y[]<8P.N>#3-"T?1/-_LG2K&P\['F?9+=(M^,XSM`SC)
MZ^IK0H`X/P7=>*E\"^'EM]&T:2`:9;"-Y-6E1F7REP2HMB`<=LG'J:W/MGC#
M_H!:'_X.9O\`Y%H\"?\`)//#7_8*M?\`T4M=!0!S_P!L\8?]`+0__!S-_P#(
MM'VSQA_T`M#_`/!S-_\`(M=!5>^O[/3+.2\O[N"TM8\;YIY!&BY(`RQX&20/
MQH`Q_MGC#_H!:'_X.9O_`)%H^V>,/^@%H?\`X.9O_D6C^U=8U?C1K#[';G_E
M^U6%TS_N6^5D;D%3O,6,AEWBMBQMY;2SC@FO9[V1<YGG"!WR2>0BJO'3@#IZ
M\T`<?#KWCS6+.Y.F>&M*L&&W[/=:E>S[).?F_<F!)1C!'SA.H(W#K)INE^(=
M-N&O!H&C7.H.A22^NM;FDG9202H8VOR(6&[RT"H"3A17:44`<_\`;/&'_0"T
M/_P<S?\`R+1]L\8?]`+0_P#P<S?_`"+7053U+5M-T:W6XU34+2Q@9PBR74RQ
M*6P3@%B!G`)Q[&@#+^V>,/\`H!:'_P"#F;_Y%H^V>,/^@%H?_@YF_P#D6C_A
M,M)FXT];[4]W$4EA8RS0S-Z+.%\GKP27"J<[B,'!_:_B*Z_X\O"_V?;]_P#M
M6_CAW>FSR!-GOG=M[8SS@`/MGC#_`*`6A_\`@YF_^1:/MGC#_H!:'_X.9O\`
MY%H^P^*;OBYUNQLH9.62PL2TT7<*LLKLC8/!8PC(SA5)&#_A$XI_FU'6=<O9
MAP)/[0>UPOIMMO*0\YY*EN<9P```4]2\1:]HUNMQJEEX8L8&<(LEUK[Q*6P3
M@%K8#.`3CV-9?_"?:U-QI^@6.I[N(I+"[NYH9F]%G%GY/7@DN%4YW$8..LTW
MPUH.C7#7&EZ)IMC.R%&DM;5(F*Y!P2H!QD`X]A6I0!Q^F:YXYO\`S?M/@FQT
MW9C;]KUP-YF<YQY4+],=\=1C/./$/!/PH^(>A^+['4?[,^P^3YG^D?;K<;,Q
MLO7;+USC_5MU[=1]/T4`>?\`_"+ZM/SJ?A[2M78\L-3\0W%S&7[N(7MC$C=?
MN(N`2``#BN@^V>,/^@%H?_@YF_\`D6N@HH`Y_P"V>,/^@%H?_@YF_P#D6C[9
MXP_Z`6A_^#F;_P"1:Z"B@#G_`+9XP_Z`6A_^#F;_`.1:/MGC#_H!:'_X.9O_
M`)%KH**`.?\`MGC#_H!:'_X.9O\`Y%H^V>,/^@%H?_@YF_\`D6N@HH`Y_P"V
M>,/^@%H?_@YF_P#D6C[9XP_Z`6A_^#F;_P"1:Z"B@#G_`+9XP_Z`6A_^#F;_
M`.1:/MGC#_H!:'_X.9O_`)%KH**`.?\`MGC#_H!:'_X.9O\`Y%H^V>,/^@%H
M?_@YF_\`D6N@HH`Y_P"V>,/^@%H?_@YF_P#D6C[9XP_Z`6A_^#F;_P"1:W)Y
MX;6WEN+B6.&")"\DDC!510,DDG@`#G-8?_"8:=<?+I,%]J[-_JVL+9FAE]=M
MPVV#CG.9!R"OWN*`#[9XP_Z`6A_^#F;_`.1:RY_$?BJ6_ETG3])\/RZDJ'S-
MNKRRK9Y3*-,HMU(!)7"Y#-DD<!F7C_BKIWQ+\06%DVCVL=I8)<1-]CL[PF[,
MA?,;RL`%4(=N0K,%;YMS!0R^F>%=,O-&\+Z=I^HS03WT,0%Q-`I"R2$Y9SDD
MLQ))9CRS$M@9P`#+TV'Q5IENT<>BZ-+)(YDGN)=:E,D\A`!=R+4#.```````
MJ@*`!<^V>,/^@%H?_@YF_P#D6N@HH`Y_[9XP_P"@%H?_`(.9O_D6C[9XP_Z`
M6A_^#F;_`.1:Z"B@#G_MGC#_`*`6A_\`@YF_^1:/MGC#_H!:'_X.9O\`Y%KH
M**`.3U*V\0ZO;K!?^&?#\Z(XDC+:S,&B<`@.C"URCC)PRD$=B*IPR>/=#L[D
MIH]CK$*[?L]L=:)G09P5$CVZ!U`VD%SOX8EW)`'<44`<?IGB?7]8\U;+2]#:
M:''G6\FK3Q30YSM\R)[0.F0"1N`R.1D5H?;/&'_0"T/_`,',W_R+6AJ>CV^J
M>5([SV]U!GR+JVE,<D9.,\CAER%)1@R,57<IP*S_`+5KNB\7UO\`VO8K_P`O
M5H@6YC7UDAZ28`)+1D,Q("PT`9^IV7B35?*DF\/Z''=V^3:WD>L2":V8XR48
MVAQG`R#E6'#!E)!L6-SX\CLXUO\`2O#D]T,[Y(-3GB1N3C"F!B.,?Q'UXZ5T
M%C?V>IV<=Y87<%W:R9V302"1&P2#AAP<$$?A5B@#G_MGC#_H!:'_`.#F;_Y%
MH^V>,/\`H!:'_P"#F;_Y%H\V_P##G_'RT^HZ0/EC>*"2:[MAV#[2S3K_``[@
MN]<*6WY>1=R">&ZMXKBWECF@E0/')&P974C(((X((YS0!A_;/&'_`$`M#_\`
M!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'
M_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`
MR+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;
M/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`
M!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'
M_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`
MR+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;
M/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`
M!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'
M_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`
MR+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;
M/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`
M!S-_\BT?;/&'_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'
M_0"T/_P<S?\`R+7044`<_P#;/&'_`$`M#_\`!S-_\BT?;/&'_0"T/_P<S?\`
MR+7044`</XDN?$DFGV:W^E:5!:G5=.WR0:G)*Z_Z9#C"F!0><?Q#UYZ5W%<G
M\0M5L=*T*P:_N8[=)M8T]$>3A<K<QR-ENB@)&YR<#BNLH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@"AKNHMH_A_4M36+SFL[66X$8_C*(6Q^.
M*\\\/>$M7\5^'K#Q#J7CSQ!'>WT"W*QZ;<K#;Q;AD)Y84YVYP>>H->GR^7Y+
M^=M\K:=^_ICOG/:O`W_X1$RS#PX/B/\`V(9&W_V%O^P'GY\9YQUSB@#TWX;:
M[J.MZ!?1ZK/'=7FF:C/ISW<:A5N?+(Q(`..0>WI795SW@@>'1X2LAX5\O^R,
M'RMN<YR=V[=SNSG.>:Z&@`HKGWOM43Q]:V,DD"Z9-I]S+'$BY=WC>W&]F/3_
M`%KJ%'IDD[@$Y.Z\2ZYI/@[2O%/]IR7<NIV4EPUE<0Q"WA;[%-<@)L59,!HE
M7YG;Y2<Y.&`!Z917-V9U#2_%5II<^KW>I07EE<7!:[CA5HFB>%0%\J-!@B9L
M[@?NKC'.<_XD_$&'X>:-:7K6<=]/<W'E);&Y$3%=I+./E8D`A0>/XQSZ@&IX
M$_Y)YX:_[!5K_P"BEK<GGAM;>6XN)8X8(D+R22,%5%`R22>``.<UX/X0^.FF
M6WA73M%N((]-N[*WCM1=71DE@*(BIY@6-"[/GGR_E!`/[P'%=!!XOTB]N(KF
M]N=-O]0B<2H^MZY9PVD+`Y'DQ023;7#$[692X4L#*<`$`]4L;ZWU*SCN[23S
M;>3)CD"D!P"1N7/53C(8<,"""00:S['0$CO(]1U.?^TM3CSY5Q-$JBV!!#+`
MH'[M3D\Y9R,!G;:,<O\`\)DEW\TOCSP;IT;\-#;SK<21#H2DSRJI;N"T.`3@
MA@.3^T?!]Q_R$OB3]NV_ZO\`XGL-IL]?^/8Q;L\?>W8QQC)R`=Q?7]GIEG)>
M7]W!:6L>-\T\@C1<D`98\#)('XUC_P#":Z#)S9W4^HQ]#-IEG->QJ?[I>%&4
M-T.TG."#C!%8]CJ'POTZ\CO;74?"D=\F2+PW4#3DD$,S2DEV8@G+$DG)R3FM
MC_A._!__`$->A_\`@QA_^*H`/[9UZY^2S\*SP2#DMJ=[#%&1Z`PM,V[IP5`Q
MGD'`)]F\67?S2ZCI6G1OPT-O:O<21#H2DSNJENX+0X!."&`Y/^$[\'_]#7H?
M_@QA_P#BJ/\`A._!_P#T->A_^#&'_P"*H`/^$5^T?\A+7M<OMO\`J_\`3/LF
MSU_X]A%NSQ][=C'&,G-S3?#6@Z-<-<:7HFFV,[(4:2UM4B8KD'!*@'&0#CV%
M4_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!
M_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_
M^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*
MH_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_
M`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`
MX,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`
M.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`
MA._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKB]2^*W@W3[A;
M6/6K2]NW0.D5K/&589.<S,RQ*1@G#.#TQDD`T_\`A8<&H\VVO>%-'A/*O?ZE
M%=3<<%6BBD5%R>0PF;@#*Y)V@'H%9>I>)-%TBX6UO]4M(+MT#QVK2@SR@D@;
M(Q\[DD$`*"2>!DUR?]J>$[OY]7^(T%W)U"V^M)91Q$_>""!U8KTP)&D(`ZY)
M)U--\2_#[1K=K?2];\,6,#.7:.UNK>)2V`,D*0,X`&?84`7/[=U2^_Y`_A^=
MX^JW&IR?8HW'0@*5:8-GLT2@@$@XV[C^R_$5]\][X@^P=TATJVC^7/57DG63
MS,<`,JQYY)7D!3_A._!__0UZ'_X,8?\`XJC_`(3OP?\`]#7H?_@QA_\`BJ`)
M(/!^@0W$5T^FQW=W"X>*ZOW:[GC(.1MDE+.H!Y`!`!)(Y)K<KG_^$[\'_P#0
MUZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?
M_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X3OP?
M_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`
M@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H
M**Y__A._!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'
M_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`L7WANSNKR2_M9)]-U*3&
M^\L6"/)@`#S%(*2X7@>8K;<G;@\U7_MZ\TGY/$-EY4(X_M*T!DMB/[T@^_!P
M&8[@T:#&92:/^$[\'_\`0UZ'_P"#&'_XJC_A._!__0UZ'_X,8?\`XJ@#<@GA
MNK>*XMY8YH)4#QR1L&5U(R""."".<UCSZ;=Z7<2W^CM))&[F2?2R4$<I8Y=X
MR0"DI/."PC8[LA6<R#GY];\)6]Q+=Z#XU\/Z7<3.9)XQ<026]RY/+R1AU)?D
M_,C(2=NXL%`JQIOQ,\/37#6FIZMHUG<*A<21:K#/;R#(SLDR""-RY#JA)SMW
M!2:`.LL;K[;9QW!MY[=FR&AG3:Z,"00>QP0>02IZ@D$$V*Y__A._!_\`T->A
M_P#@QA_^*K/TSXE^&+SS8KS6=*L;J'&]6U*%XW!R-T<@;#+D-P0K@8+(NX9`
M.PHKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`
MA._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T
M->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'
M_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3
MOP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7
MH?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?
M_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HK
MG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!
M_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_
M^#&'_P"*H_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*
MH_X3OP?_`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_
M`-#7H?\`X,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7H?\`
MX,8?_BJ`.@HKG_\`A._!_P#T->A_^#&'_P"*KG_^%F6M[_QYWOARPC/R&34]
M<@\Q#_?$4)=749'!E0D@CY1AB`>@45Y__;/AN^^;6?B38W&>?(L-3CL85;H"
MIC?SNG4-*RDDG`^4+L6/BWP/IUG':VOB?0XX4R0#J43$DDEF9BQ+,222Q)))
M)))-`%C_`(26XN^-*\/:K=*?E$UQ$+.-']'$Q67:."66-^#QN(*T?9/%-]_Q
M\ZI8Z7"_WHK"W,\T>.FV>7Y#DC)S!P"0.0'H_P"$[\'_`/0UZ'_X,8?_`(JC
M_A._!_\`T->A_P#@QA_^*H`\_P#BK\-;CQ!;:3</XCG%O:2PVBQ3VXE=I;FY
M1))B^Y?[ZG8`%&S"A0<#U#0[*\TW0[*QO[_[?=6\2Q/=E"AFV\!F!9CN(QDY
M.3D\9P.#\;_$WP7%9VUDOB"TGG^VV-R?LNZ=1&EU&[DL@*@A48[<YX''(SZ)
M87UOJ>G6U_9R>9:W4230OM(W(P!4X/(R".M`%BBBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`Q/&4,]QX&\006L<DMQ)IMRD4<2EG9S$P`4#DDGIB
MN%\,>/Y-#\*:1I4O@+QIYUG9Q02&+1_D+J@#$?,."03R.]>JT4`>?_":*[72
M_$5Q=:9?::EYKUU=6]O>P&%UB<(5^4]!U''&0:]`HHH`SYM,\WQ#9:MYV/LU
MI/;>5M^]YKPMNSGC'DXQCG=VQSS;>!)KO2+70]0U6.31[*W>WM$M[4Q7`4P/
M;@O(796(CD;HBY;!X`*GM**`,.PT?4O[9CU35]1M+J>"WDMX%M+-K=0LC1LY
M;=)(6.8DQ@C'S9SD8K^-?!6F^/-&ATO5)[N&"*X6X5K5U5BP5EP=RL,8<]O2
MNDHH`\S^&_PZ\/6W@72Y;NTCU1+ZWBOO*U&"&98)9(D\PQY3(#80$$G[@]\]
M9_PA6@Q\6=K/IT?4PZ9>364;'^\4A=5+=!N(S@`9P!1X$_Y)YX:_[!5K_P"B
MEKH*`.?_`.$9NHODLO%&N6MN/N0[X+C;Z_O)XGD/.3\S'&<#```/L/BR/Y(M
M?TIXUX5KC2':1AV+E+A5+>I55&>@`XKH**`.?^W>+(_GET#2GC7EEM]7=I&'
M<('MU4MZ!F49ZD#FC_A)KJ+Y[WPOKEK;C[\VR"XV^G[N"5Y#S@?*IQG)P`2.
M@HH`Y_\`X3708^;RZGTZ/H)M3LYK*-C_`'0\R*I;J=H.<`G&`:T-,UW1];\W
M^R=5L;_R<>9]DN$EV9SC.TG&<'KZ&M"L_4]"T?6_*_M;2K&_\G/E_:[=)=F<
M9QN!QG`Z>@H`T**Y_P#X0K08^+.UGTZ/J8=,O)K*-C_>*0NJEN@W$9P`,X`H
M_P"$<OT^6#Q;KD4(X2/%K)L7L-TD#.V!W9F8]22>:`.@HKG_`+-XPC^?^U=#
MN-O/D_V9-#YG^SYGGOLSTW;6QUVGI1_:/BF#]Y<^';&6$?>2PU0R3'TVK+%$
MAYZY=>,XR<`@'045S_\`PE$L'S:CX<URRA/`D\A+K+>FVV>5QQGDJ%XQG)`)
M_P`)MX=C_P"/W4/[,S]S^U89+'S/79YZIOQQG;G&1G&10!T%%4]-U;3=9MVN
M-+U"TOH%<HTEK,LJAL`X)4D9P0<>XJY0`4444`%%%<__`,)GHT_&F2SZNQX4
MZ9;O<QE^R&9`8D;I]]UP""2`<T`=!17/_:_%-]_Q[:78Z7"_W9;^X,\T>.NZ
M"+Y#DC`Q/P"">04H_P"$:N+OG5?$.JW2GYC#;RBSC1_5#"%EVCD!6D?@\[B`
MU`%S4O$FBZ1<+:W^J6D%VZ!X[5I09Y020-D8^=R2"`%!)/`R:I_\)!J-YQI/
MAR^E5_\`5W-^RV<)QUW*V9UZ$#,/)Q_"=U:FFZ3INC6[6^EZ?:6,#.7:.UA6
M)2V`,D*`,X`&?85<H`Y_^SO$M[_Q^:]!81GYQ'IEFOF(?[AEF+JZC)Y$2$D`
M_*,J9(/"&APW$5Q):27L\+AX)-1N);QH&!SF,S,QC.0"2N,X&>@QN44`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5'/!#
M=6\MO<11S02H4DCD4,KJ1@@@\$$<8J2B@#G_`.P;S2?G\/7OE0CG^S;LF2V(
M_NQG[\'`51M+1H,XB)KSOXU>+K8?#Z2QGTF2#4[FX2)(-1@0M`"&+2QG#QR'
M;\I:-B4\T9*MQ7LE<?\`$?P+_P`+`\/6^D_VC]@\F[6Y\WR/-SA'7;C<O]_.
M<]J`.#^"%_XKUGP5*D&L1I!8W'V6'^T+,7"!`JL$C*2QN"-QSOW#!0+C:PKV
M2Q2\CLXUOYX)[H9WR00F)&Y.,*68CC'\1]>.E<'X*^%T_@S1IK"U\6:DKRW#
M3/):PQ(K`JH`*2K*`1M/S+M)W`'.U<=)_9WBF#]W;>(K&6$?=>_TLR3'UW-%
M+$AYZ81>,9R<D@!_PD=^GS3^$M<BA'+R9M9-B]SMCG9VP.RJS'H`3Q1_PFN@
MQ\WEU/IT?03:G9S64;'^Z'F15+=3M!S@$XP#1_:/BF#]Y<^';&6$?>2PU0R3
M'TVK+%$AYZY=>,XR<`G_``E7V?\`Y"6@ZY8[O]7_`*']KW^O_'L9=N./O;<Y
MXS@X`-BQO[/4[..\L+N"[M9,[)H)!(C8)!PPX.""/PJQ7/\`_"<^%D^6YUZQ
MLIA]ZWOY1:S)Z;HI=KKD<C(&001P11_PA>B)\MLE]90C[MO8:E<VL*>NV**1
M47)Y.`,DDGDF@#H**Y_^P];@_>6WBV^EF'W4O[2VDA/KN6*.)SQTPZ\XSD9!
MV+%+R.SC6_G@GNAG?)!"8D;DXPI9B.,?Q'UXZ4`6**Y_^V=>MODO/"L\\AY#
M:9>PRQ@>A,S0MNZ\!2,8Y)R`?\)CIL?%Y;:K9,O^N-QIEP(X2/O;Y@AB"CG+
MARF!G=CF@#H**KV-_9ZG9QWEA=P7=K)G9-!()$;!(.&'!P01^%6*`"BBB@`H
MHHH`****`"BBB@`HHK#G\8:!#<2VJ:E'=W<+E);6P1KN>,@X.Z.(,Z@'@D@`
M$@'DB@#<HJO8W$MW9QSS64]E(V<P3E"Z8)')1F7GKP3U]>*Q_P#A']1O.=6\
M1WTJO_K+:P5;.$XZ;67,Z]`3B;DY_A.V@#4U+5M-T:W6XU34+2Q@9PBR74RQ
M*6P3@%B!G`)Q[&I+&]BU"SCNH4G2-\X$\#PN,$CE'`8=.XYZ]*IZ;X;T72+A
MKJPTNT@NW0I)=+$#/*"03OD/SN20"2Q))Y.36I0!S_V?Q3J/%S>V.CPGADL`
M;J;CD,LLJJBY/!4PMP#ALD;3_A#M+N?FUCS];D/+?VF_FQD]F$``A1@.-RH#
MC.22S$ZFI:MINC6ZW&J:A:6,#.$62ZF6)2V"<`L0,X!./8UE_P#"8:=<?+I,
M%]J[-_JVL+9FAE]=MPVV#CG.9!R"OWN*`-R""&UMXK>WBCA@B0)''&H544#`
M``X``XQ4E<__`&CXEO?^//08+",_(9-3O%\Q#_?$4(=749'!E0D@CY1AB?V1
MXBNO^/WQ1]GV_<_LJPCAW>N_SS-GMC;M[YSQ@`Z"L.?QCX<@N);4:Q:3WD3E
M&L[1_M%QN!PP$,>YR1@Y`7@`DX`-1_\`"%:#)Q>6L^HQ]1#J=Y->QJ?[P29V
M4-U&X#."1G!-;D$$-K;Q6]O%'#!$@2..-0JHH&``!P`!QB@##_X2.]N?^0=X
M9U6>-^(KBX$=K&3TRZR.)D4'J?*)P,J&&,FSQA=?/Y^AZ9CCR?)FOMW^UYFZ
M''IMVGIG<<X'044`>)_$[X2SZY=VNM7'BJ[G</:Z>%NK2)F`EN`F08Q&,#S<
MXVY.#SR,>N:%IG]B>'M,TGSO.^PVD5MYNW;OV(%W8R<9QG&36?XR_P"0';?]
MA73?_2V&N@H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"L.S\6Z5?:I!IL2ZE'=SH[QI<:7<P`JF-QW/&``-RC)/5E'4C.Y7'F%
M]<L_$FK"ZGM6:*YTRQF@C:26U2(NDDB(OS>8TRL<(?F6.'@,*`-C1O$^FZ_L
M.G"^>-XA,DTVGW$,;H<8*O(BJV<@C!Y'/2MBN+\+ZA;KK,&EZ/XBCUW2TLI#
M(T?V9ELF1HEB0?9T15#*TG#`Y\KY<8;/2:G#K$OE?V3?6-KC/F?:[-[C=TQC
M;*F._7.<CICD`S_`G_)//#7_`&"K7_T4M=!7!^"[7Q4W@7P\UOK.C1P'3+8Q
MI)I,KLJ^4N`6%R`3CO@9]!6Y]C\8?]!W0_\`P33?_)5`'045S_V/QA_T'=#_
M`/!--_\`)5'V/QA_T'=#_P#!--_\E4`=!17/_8_&'_0=T/\`\$TW_P`E4?8_
M&'_0=T/_`,$TW_R50!T%%<_]C\8?]!W0_P#P33?_`"51]C\8?]!W0_\`P33?
M_)5`'045S_V/QA_T'=#_`/!--_\`)5'V/QA_T'=#_P#!--_\E4`=!17/_8_&
M'_0=T/\`\$TW_P`E4?8_&'_0=T/_`,$TW_R50!T%%<_]C\8?]!W0_P#P33?_
M`"51]C\8?]!W0_\`P33?_)5`%S4O#6@ZS<+<:IHFFWTZH$62ZM4E8+DG`+`G
M&23CW-4_^$+T1/EMDOK*$?=M[#4KFUA3UVQ12*BY/)P!DDD\DT?8_&'_`$'=
M#_\`!--_\E4?8_&'_0=T/_P33?\`R50`?\(Y?I\L'BW7(H1PD>+638O8;I(&
M=L#NS,QZDD\UYGIOA?XH2?%[4KFZUZ2TT^1%\V_@C4Q2V^XF.*&)PP5Q\PYR
M4RQ);>/,],^Q^,/^@[H?_@FF_P#DJC['XP_Z#NA_^":;_P"2J`#_`(0O0I_F
MU.T_MB8\F356-UAC]XHKY2+<>HC55X`Q@`#H*Y_['XP_Z#NA_P#@FF_^2J/L
M?C#_`*#NA_\`@FF_^2J`.@HKG_L?C#_H.Z'_`.":;_Y*H^Q^,/\`H.Z'_P""
M:;_Y*H`Z"BN?^Q^,/^@[H?\`X)IO_DJC['XP_P"@[H?_`()IO_DJ@#H**Y_[
M'XP_Z#NA_P#@FF_^2J/L?C#_`*#NA_\`@FF_^2J`.@HKG_L?C#_H.Z'_`.":
M;_Y*H^Q^,/\`H.Z'_P"":;_Y*H`Z"BN?^Q^,/^@[H?\`X)IO_DJC['XP_P"@
M[H?_`()IO_DJ@#H**Y_['XP_Z#NA_P#@FF_^2J/L?C#_`*#NA_\`@FF_^2J`
M.@HKG_L?C#_H.Z'_`.":;_Y*H^Q^,/\`H.Z'_P"":;_Y*H`Z"BN?^Q^,/^@[
MH?\`X)IO_DJC['XP_P"@[H?_`()IO_DJ@#H**Y_['XP_Z#NA_P#@FF_^2J/L
M?C#_`*#NA_\`@FF_^2J`.@HKG_L?C#_H.Z'_`.":;_Y*H^Q^,/\`H.Z'_P""
M:;_Y*H`Z"BN?^Q^,/^@[H?\`X)IO_DJC['XP_P"@[H?_`()IO_DJ@#H**Y_[
M'XP_Z#NA_P#@FF_^2J/L?C#_`*#NA_\`@FF_^2J`.@HKG_L?C#_H.Z'_`.":
M;_Y*H^Q^,/\`H.Z'_P"":;_Y*H`Z"BN?^Q^,/^@[H?\`X)IO_DJC['XP_P"@
M[H?_`()IO_DJ@#H**Y_['XP_Z#NA_P#@FF_^2J/L?C#_`*#NA_\`@FF_^2J`
M.@HKG_L?C#_H.Z'_`.":;_Y*H^Q^,/\`H.Z'_P"":;_Y*H`Z"BN?^Q^,/^@[
MH?\`X)IO_DJC['XP_P"@[H?_`()IO_DJ@#H**Y_['XP_Z#NA_P#@FF_^2J/L
M?C#_`*#NA_\`@FF_^2J`.@KG_P#A!O"R?-;:#8V4P^[<6$0M9D]=LL6UUR.#
M@C()!X)H^Q^,/^@[H?\`X)IO_DJC['XP_P"@[H?_`()IO_DJ@`_X17[/_P`@
MW7M<L=W^L_TS[7O]/^/D2[<<_=VYSSG`P?V=XI@_=VWB*QEA'W7O]+,DQ]=S
M12Q(>>F$7C&<G))]C\8?]!W0_P#P33?_`"51]C\8?]!W0_\`P33?_)5`!_:/
MBF#]Y<^';&6$?>2PU0R3'TVK+%$AYZY=>,XR<`G_``E7V?\`Y"6@ZY8[O]7_
M`*']KW^O_'L9=N./O;<YXS@X/L?C#_H.Z'_X)IO_`)*H^Q^,/^@[H?\`X)IO
M_DJ@`_X3GPLGRW.O6-E,/O6]_*+69/3=%+M=<CD9`R""."*/^$)\.Q_\>6G_
M`-F9^_\`V5-)8^9Z;_(9-^.<;LXR<8R:/L?C#_H.Z'_X)IO_`)*KG_\`A7<Z
M?-;#PI93#[MQ8:#+:S)Z[98KI77(X.",@D'@F@#H/^$9NHODLO%&N6MN/N0[
MX+C;Z_O)XGD/.3\S'&<#```V+&&XM[..*ZNOM4R9!F,80N,G:6`XW8QD@`$Y
M("@[1P__``A7C"W_`.0;X[^P[O\`6?Z%-=[_`$_X^;B7;CG[NW.><X&-BQTO
MQK:6<<$WBG2KV1<YGGT5@[Y)/(2X5>.G`'3UYH`L?VIXEMOGO/#4$\9X"Z9J
M2RR`^I$R0KMZ\AB<XX(R0?\`"5?9_P#D):#KECN_U?\`H?VO?Z_\>QEVXX^]
MMSGC.#CG_-^+$'[RYB\*2PC[R6$4TDQ]-JRRQ(>>N77C.,G`)_;WC"W_`.0D
MOV'=_J_^*:FN]_K_`,>UW+MQQ][;G/&<'`!W%C>Q:A9QW4*3I&^<">!X7&"1
MRC@,.G<<]>E8<_CWPS:>(+_1;W5[2RN[%(FE^US+"I,@+!5+$;B%`)QP-Z\Y
MR!A_\);.GRW/CKPI93#[UO?Z7+:S)Z;HI;I77(Y&0,@@C@BO$/A]J.B:?\0+
M>_T[Q7/874_G!WU#28K>S(96)5Q'=`!<@;5&`&"\<4`?1_\`PE:7/.D:/JNJ
MQCDS6\*Q1D'[K(\[1K*K<D-&6&.<@$9V+%[R2SC:_@@@NCG?'!,947DXPQ52
M>,?PCTYZUP__``DVM3<:?K=CJ>[B*2P\,7<T,S>BSBX\GKP27"J<[B,'!]H^
M*MS\]G;^'((QP5U."2*0GU`AGF7;TY+`YSP!@D`Z#_A#].N/FU:>^U=F_P!8
MM_<LT,OINMUVP<<8Q&.0&^]S6Y!!#:V\5O;Q1PP1($CCC4*J*!@``<``<8KD
M]3T/QS?^5]F\;6.F[,[OLFAAO,SC&?-F?ICMCJ<YXQG_`/"`:M/SJ>L:5J['
MEAJ>G7%S&7[N(7NS$C=?N(N`2``#B@#J+[Q5H6GWDEE-J<#WZ8S8P$S7)R`>
M(4S(>#NX7@<].:K_`/"2W%WQI7A[5;I3\HFN(A9QH_HXF*R[1P2RQOP>-Q!6
MJ]CHOB33+..SL-2\.6EK'G9#!H4D:+DDG"BYP,DD_C5C['XP_P"@[H?_`()I
MO_DJ@`_XK"[_`.@'I>W_`*[7_F9_[\;,?\"SG^'')_PB\L_RZCXCUR]A'(C\
M]+7#>NZV2)SQG@L5YSC(!!]C\8?]!W0__!--_P#)5'V/QA_T'=#_`/!--_\`
M)5`%S3?#>BZ1<-=6&EVD%VZ%)+I8@9Y02"=\A^=R2`26))/)R:U*Y_['XP_Z
M#NA_^":;_P"2J/L?C#_H.Z'_`.":;_Y*H`Z"BN?^Q^,/^@[H?_@FF_\`DJC[
M'XP_Z#NA_P#@FF_^2J`.@HKG_L?C#_H.Z'_X)IO_`)*H^Q^,/^@[H?\`X)IO
M_DJ@#H**Y_['XP_Z#NA_^":;_P"2J/L?C#_H.Z'_`.":;_Y*H`/&7_(#MO\`
ML*Z;_P"EL-=!7#^)+;Q)'I]FU_JNE3VHU73M\<&F21.W^F0XPQG8#G'\)]..
MM=Q0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110!S_@3_DGGAK_`+!5K_Z*6N@KG_`G_)//#7_8*M?_`$4M=!0`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5YOX6^"G
MAOPCXCM-<L+W59+JUW[$GEC*'<C(<@1@]&/>O2**`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`Y_QE_P`@.V_["NF_^EL-=!7/^,O^0';?]A73
M?_2V&N@H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"O+[7Q?<-X>OO$7]MZJ9S:7=_9:?>Z:(;21`DDD,?F&!2[",*2$E.=C$%E
M!->H5R>H^$;[7H19:YK,=S81I,L7V>S\FX)DAD@W.^]D8[)7/RQJ-V"``-I`
M+%F=0TOQ5::7/J]WJ4%Y97%P6NXX5:)HGA4!?*C08(F;.X'[JXQSG4U/7='T
M3RO[6U6QL/.SY?VNX2+?C&<;B,XR.GJ*IV&CZE_;,>J:OJ-I=3P6\EO`MI9M
M;J%D:-G+;I)"QS$F,$8^;.<C&Y0!P?@OQIX5M?`OAZWN/$NC0SQ:9;))')?Q
M*R,(E!!!;((/&*W/^$[\'_\`0UZ'_P"#&'_XJCP)_P`D\\-?]@JU_P#12UT%
M`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=
M^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/
M_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`
M\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@
M_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0_
M_!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%
M5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_
M`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^
MAKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&
M,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_
MPG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z
M&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#
M_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%
M`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=
M^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/
M_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`
M\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@
M_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0_
M_!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%
M5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_
M`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^
MAKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&
M,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_
MPG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z
M&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#
M_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%
M`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=
M^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/
M_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`
M\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@
M_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0_
M_!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%
M5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_
M`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^
MAKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&
M,/\`\51_PG?@_P#Z&O0__!C#_P#%5T%%`'/_`/"=^#_^AKT/_P`&,/\`\51_
MPG?@_P#Z&O0__!C#_P#%5T%%`'#^)/%GAO4]/L[.P\0:5=W4FJZ=LA@O8Y';
M%Y"3A0<G`!/X5W%<_P",O^0';?\`85TW_P!+8:Z"@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***Q['Q1I.HWD=M;S3EI<^1+)
M:2QPSX!/[J5E"294%AL8Y4%AD`F@#8HK'T;Q/INO[#IPOGC>(3)--I]Q#&Z'
M&"KR(JMG((P>1STK8H`Y_P`"?\D\\-?]@JU_]%+705S_`($_Y)YX:_[!5K_Z
M*6N@H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`Y_QE_R`[;_
M`+"NF_\`I;#705S_`(R_Y`=M_P!A73?_`$MAKH*`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`KSO4M?T7QI++;:?XEM+?[$ER;-
M[.<2W<L_D2Q-)'$AWE$5W(`&YV`*X509/1**`.+\+ZA;KK,&EZ/XBCUW2TLI
M#(T?V9ELF1HEB0?9T15#*TG#`Y\KY<8;/2:G#K$OE?V3?6-KC/F?:[-[C=TQ
MC;*F._7.<CICG0HH`X/P7:^*F\"^'FM]9T:.`Z9;&-)-)E=E7REP"PN0"<=\
M#/H*W/L?C#_H.Z'_`.":;_Y*H\"?\D\\-?\`8*M?_12UT%`'/_8_&'_0=T/_
M`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA
M_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_
M\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8
M?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\
ME4?8_&'_`$'=#_\`!--_\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/
M_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10
M!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_\E5T%%`'/_8_&'_0=T/_
M`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA
M_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_
M\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8
M?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\
ME4?8_&'_`$'=#_\`!--_\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/
M_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10
M!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_\E5T%%`'/_8_&'_0=T/_
M`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA
M_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_
M\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8
M?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\
ME4?8_&'_`$'=#_\`!--_\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/
M_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10
M!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_\E5T%%`'/_8_&'_0=T/_
M`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA
M_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_
M\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8
M?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\
ME4?8_&'_`$'=#_\`!--_\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/
M_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10
M!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_\E5T%%`'/_8_&'_0=T/_
M`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8?]!W0_\`P33?_)5'V/QA
M_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\E4?8_&'_`$'=#_\`!--_
M\E5T%%`'/_8_&'_0=T/_`,$TW_R51]C\8?\`0=T/_P`$TW_R57044`<_]C\8
M?]!W0_\`P33?_)5'V/QA_P!!W0__``33?_)5=!10!S_V/QA_T'=#_P#!--_\
ME4?8_&'_`$'=#_\`!--_\E5T%%`'#^)+;Q)'I]FU_JNE3VHU73M\<&F21.W^
MF0XPQG8#G'\)]..M=Q7/^,O^0';?]A73?_2V&N@H`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBLOQ+J4VC>%=7U2W6-I[*RFN
M(UD!*ED0L`<$'&1ZB@#4HKF[,ZAI?BJTTN?5[O4H+RRN+@M=QPJT31/"H"^5
M&@P1,V=P/W5QCG.IJ>NZ/HGE?VMJMC8>=GR_M=PD6_&,XW$9QD=/44`9_@3_
M`))YX:_[!5K_`.BEKH*X/P7XT\*VO@7P];W'B71H9XM,MDDCDOXE9&$2@@@M
MD$'C%;G_``G?@_\`Z&O0_P#P8P__`!5`'045S_\`PG?@_P#Z&O0__!C#_P#%
M4?\`"=^#_P#H:]#_`/!C#_\`%4`=!17/_P#"=^#_`/H:]#_\&,/_`,51_P`)
MWX/_`.AKT/\`\&,/_P`50!T%%<__`,)WX/\`^AKT/_P8P_\`Q5'_``G?@_\`
MZ&O0_P#P8P__`!5`'045S_\`PG?@_P#Z&O0__!C#_P#%4?\`"=^#_P#H:]#_
M`/!C#_\`%4`=!17/_P#"=^#_`/H:]#_\&,/_`,51_P`)WX/_`.AKT/\`\&,/
M_P`50!T%%<__`,)WX/\`^AKT/_P8P_\`Q5'_``G?@_\`Z&O0_P#P8P__`!5`
M'045S_\`PG?@_P#Z&O0__!C#_P#%4?\`"=^#_P#H:]#_`/!C#_\`%4`=!17/
M_P#"=^#_`/H:]#_\&,/_`,55=/B+X/?49K/_`(2/2E\J*.7SFOH1&^\N-JMN
MY8;,D=@R^M`'445S_P#PG?@__H:]#_\`!C#_`/%4?\)WX/\`^AKT/_P8P_\`
MQ5`'045S_P#PG?@__H:]#_\`!C#_`/%4?\)WX/\`^AKT/_P8P_\`Q5`'045S
M_P#PG?@__H:]#_\`!C#_`/%4?\)WX/\`^AKT/_P8P_\`Q5`'045S_P#PG?@_
M_H:]#_\`!C#_`/%4?\)WX/\`^AKT/_P8P_\`Q5`'045S_P#PG?@__H:]#_\`
M!C#_`/%4?\)WX/\`^AKT/_P8P_\`Q5`'045S_P#PG?@__H:]#_\`!C#_`/%4
M?\)WX/\`^AKT/_P8P_\`Q5`'045S_P#PG?@__H:]#_\`!C#_`/%4?\)WX/\`
M^AKT/_P8P_\`Q5`'045S_P#PG?@__H:]#_\`!C#_`/%4?\)WX/\`^AKT/_P8
MP_\`Q5`'045R][\1?!]G`LO_``D>E3[I8XMD%]"S#>ZIN(W?=7=N8]E!/:K'
M_"=^#_\`H:]#_P#!C#_\50!T%%<__P`)WX/_`.AKT/\`\&,/_P`51_PG?@__
M`*&O0_\`P8P__%4`=!17/_\`"=^#_P#H:]#_`/!C#_\`%4?\)WX/_P"AKT/_
M`,&,/_Q5`'045S__``G?@_\`Z&O0_P#P8P__`!5'_"=^#_\`H:]#_P#!C#_\
M50!T%%<__P`)WX/_`.AKT/\`\&,/_P`51_PG?@__`*&O0_\`P8P__%4`=!17
M/_\`"=^#_P#H:]#_`/!C#_\`%4?\)WX/_P"AKT/_`,&,/_Q5`'045S__``G?
M@_\`Z&O0_P#P8P__`!5'_"=^#_\`H:]#_P#!C#_\50!T%%<__P`)WX/_`.AK
MT/\`\&,/_P`51_PG?@__`*&O0_\`P8P__%4`=!17/_\`"=^#_P#H:]#_`/!C
M#_\`%4?\)WX/_P"AKT/_`,&,/_Q5`'045R]A\1?!]]IUM>?\)'I5OY\22^3<
M7T*21[@#M==W##.".QJQ_P`)WX/_`.AKT/\`\&,/_P`50!T%%<__`,)WX/\`
M^AKT/_P8P_\`Q5'_``G?@_\`Z&O0_P#P8P__`!5`'045S_\`PG?@_P#Z&O0_
M_!C#_P#%4?\`"=^#_P#H:]#_`/!C#_\`%4`=!17/_P#"=^#_`/H:]#_\&,/_
M`,51_P`)WX/_`.AKT/\`\&,/_P`50!T%%<__`,)WX/\`^AKT/_P8P_\`Q5'_
M``G?@_\`Z&O0_P#P8P__`!5`'045S_\`PG?@_P#Z&O0__!C#_P#%4?\`"=^#
M_P#H:]#_`/!C#_\`%4`=!17/_P#"=^#_`/H:]#_\&,/_`,51_P`)WX/_`.AK
MT/\`\&,/_P`50!T%%<__`,)WX/\`^AKT/_P8P_\`Q5'_``G?@_\`Z&O0_P#P
M8P__`!5`'045S_\`PG?@_P#Z&O0__!C#_P#%573XB^#WU&:S_P"$CTI?*BCE
M\YKZ$1OO+C:K;N6&S)'8,OK0!U%%<_\`\)WX/_Z&O0__``8P_P#Q5'_"=^#_
M`/H:]#_\&,/_`,50!T%%<_\`\)WX/_Z&O0__``8P_P#Q5'_"=^#_`/H:]#_\
M&,/_`,50!T%%<_\`\)WX/_Z&O0__``8P_P#Q5'_"=^#_`/H:]#_\&,/_`,50
M!T%%<_\`\)WX/_Z&O0__``8P_P#Q5'_"=^#_`/H:]#_\&,/_`,50!T%%<_\`
M\)WX/_Z&O0__``8P_P#Q5'_"=^#_`/H:]#_\&,/_`,50!T%%<_\`\)WX/_Z&
MO0__``8P_P#Q5'_"=^#_`/H:]#_\&,/_`,50!T%%<_\`\)WX/_Z&O0__``8P
M_P#Q5'_"=^#_`/H:]#_\&,/_`,50!T%%<_\`\)WX/_Z&O0__``8P_P#Q5'_"
M=^#_`/H:]#_\&,/_`,50`>,O^0';?]A73?\`TMAKH*X?Q)XL\-ZGI]G9V'B#
M2KNZDU73MD,%['([8O(2<*#DX`)_"NXH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"J>K:;#K.C7VEW#2+!>V\EO(T9`8*ZE21D
M$9P?0U<HH`P[#1]2_MF/5-7U&TNIX+>2W@6TLVMU"R-&SEMTDA8YB3&",?-G
M.1C<K#\2ZO?:1%8O9V<<R37MM!/-*^%B22>.(X`Y9SYG'0#!)/`5L?5?&,VF
M^)392W6FP(M[;6<6GS@BZO%F,:^?$V\?(K2L,!&R87&X9^4`ZC2=-AT;1K'2
M[=I&@LK>.WC:0@L510H)P`,X'H*N5YO!\0[QE"&XTJ:\N+07#6<*GSM+;S88
MS%.F\M+(OGGY`(V=HB@7<XV]9X7U>YU:RN6N_+:2WN##YBV[VQD&Q'RT$A+Q
M'Y\;7.2`''RNM`&Y1110`4444`%%%%`!1110`4444`%%%%`!114<\C0V\LJ0
MR3NB%EBC*AG('W1N(&3TY('J10!)5./388M9N=45I//N+>&W=21M"QM(RD<9
MSF5L\]AT[\N?%>I+X8MKZ[.FZ=/+J=S97%W+NDM;)8I)E#N24+`F)(P24RT@
M..B''N?B5-#I,FHM>Z-!!:V\TJ-,3MU=HIIHV2V;S`$)$*M_RUQYZ<'&7`/3
M**XNU\8S/XLM],GNM-#W-[<68TL`K=VZQK*RSN2_S(ZQ!@/+7B9#N./F[2@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHKG]7U#6-.U&VE4V+V,UW#:QV8C
M=KB?>0&</N`78"[E=C_)$QW#)V`&IJ>FPZK:I;SM(J)<07`*$`[HI5E4<@\;
MD`/MGIUJY7GZ>--82QTJYE2Q?^W;2*YLE6%U^Q^9-;1!9#O/G8^UJ<CR\^61
MQNRMR#7]>N];D\.Q3:;'J%N\QEOFM':*18TMGPL/F@J3]K49,C?ZLG'S84`[
M2BL_0M3_`+;\/:9JWD^3]NM(KGRMV[9O0-MS@9QG&<"M"@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HK+UN34H;?S;*]TVQ@B1Y;FZOXVD5%4?W0Z`#&26+
M\;>AW97F[7Q=K%U$NHR6<%G:PW=C97.GS1.9Q)<K;DGS-RA=AN0"IC)/EGE=
MWR@'6:3IL.C:-8Z7;M(T%E;QV\;2$%BJ*%!.`!G`]!5RN+TGQ1K5VFFRM:6E
MV=8TPZC9V\(,)MP&A&R21F8.`+@$NJJ0(V(1BP4=!X:U*;6?"ND:I<+&L][9
M0W$BQ@A0SH&(&23C)]30!J4444`%%%%`!1110`4444`%%%%`!1110`445'.9
MEMY6MXXY)PA,:2.45FQP"P!(&>^#CT-`$E4X]-ABUFYU16D\^XMX;=U)&T+&
MTC*1QG.96SSV'3OR\FOZ]!JRZ"TVFSWDUQ%"FHQVCK!$S0SS-&T7FDLX6!3_
M`*Q>)T.,#YZ;^--8>QU6YB2Q3^PK26YO5:%V^V>7-<Q%8SO'DY^R,<GS,>8!
MSMRP!Z!17/R:AK%IXCLK:Y-C+:WTLJ1VT$;^=!&B,WG/(6PRY"*1L4*TRC<<
M#?T%`!1110`4444`%%%%`!1110`4444`%%%%`!117/ZOJ&L:=J-M*IL7L9KN
M&UCLQ&[7$^\@,X?<`NP%W*['^2)CN&3L`-34]-AU6U2WG:142X@N`4(!W12K
M*HY!XW(`?;/3K5RO/T\::PECI5S*EB_]NVD5S9*L+K]C\R:VB"R'>?.Q]K4Y
M'EY\LCC=E=!]:U_[+J,7G6*S:7=_9[F[CTV>Y\W=%#(OEVT;EQQ-@G>V/+SC
M#?(`=A15/2;UM2T:QOWBCB>YMXYFCCF695+*#@.O#@9^\.#U%7*`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@"GJ>FPZK:I;SM(J
M)<07`*$`[HI5E4<@\;D`/MGIUJG>^'TOM16XFU"^-J)8YWL-ZF%Y8RK(V2I=
M<,B':K*I*Y(.YMVQ10!S<G@VVN"6N]2U*Z>-`EF\TB%K,"1)!L;9ER'AA.9?
M,)\L9SEMVII.DII44_\`I,]U<7,OG7%S/MWROM5`2$55&$1%^51]W)R22="B
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`QQX?2+3#9VFH7UHWVN:[6
MXA==ZO+(\CC#*49<R,`&5L<'[P#"G+X-MI;#[`-2U)+29)$O85D0K>B1V>3>
M"AV%FDDR8O+/S8&`J!>DHH`QU\/I_;$=_-J%]<1P2O/;VDSJT<$K*RLRG;YA
MX>0!6<J`^```NW8HHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*PYO#LDOB
M4:VNMZE&X18Q;*L#1+&""R#=$74.0"Q#`G"\_*NW<HH`Y>/P+8)`D+WM])';
M1+#IX9H_]`17CD41X0;L-#"?WOF?ZL9R"VZ0>#XHW%U#J^I1:H7=I=27R3+*
M'6-65E,9B`Q#"/E0']V.>6W=)10!7L+&WTS3K:PLX_+M;6)(84W$[44`*,GD
MX`'6K%%%`!1110`4444`%%%%`!1110`4444`%%%%`&/KV@G7?L8_M6^L5M9?
M."VPA*R./NEQ)&X.T_,/1L-U52*Y\)P/>">74;Z2-Y8;FY@;R@EU<1!`DSD(
M&##RHCA"J'8/EP6!Z"B@##T?PO;:/<0RQW=W.EK;FTLHIBFVT@)7,:;5!8?N
MXQER[?(.>6SH:3IL.C:-8Z7;M(T%E;QV\;2$%BJ*%!.`!G`]!5RB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`J.>-IK>6))I('="JRQA2R$C[PW`C(Z\@CU
M!J2B@#E[3P6MIIT-H->U61K:7S[2XD%OYEO(0ZNX(B`=G$C[C(')+%N&YHD\
M"V#P/"E[?1QW,30Z@%:/_3T9Y)&$F4.W+33']UY?^L.,`+MZBB@##L_#LEGX
M@NM6&MZE*;E\R6TJP&/:`0B`B(.$7)(`;J23DLQ.Y110`4444`%%%%`!1110
M`4444`%%%%`!1110`5AS>'9)?$HUM=;U*-PBQBV58&B6,$%D&Z(NH<@%B&!.
M%Y^5=NY10!R\?@6P2!(7O;Z2.VB6'3PS1_Z`BO'(HCP@W8:&$_O?,_U8SD%M
MUA/"QAB9K?7=5@OI93+<7J-"7G)5$^9#&8N%CC`(0$;>#\S[N@HH`KV%C;Z9
MIUM86<?EVMK$D,*;B=J*`%&3R<`#K5BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`***Y_P#X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0
MUZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?
M_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X3OP?
M_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`
M@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H
M**Y__A._!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'
M_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`
MX,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X
M3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->
MA_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_X
MJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^
M$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7
MH?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^
M*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__
M`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#
M&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@H
MKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_
M`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@
MQA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A.
M_!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'
M_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ
M`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3
MOP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A
M_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJ
MC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`
M0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8
M?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN
M?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`
MT->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&
M'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\
M'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_
M`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`
MZ"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._
M!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_
M`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/
M^$[\'_\`0UZ'_P"#&'_XJ@#H**Y__A._!_\`T->A_P#@QA_^*H_X3OP?_P!#
M7H?_`(,8?_BJ`.@HKG_^$[\'_P#0UZ'_`.#&'_XJC_A._!__`$->A_\`@QA_
M^*H`Z"BN?_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#&'_XJ@#H**Y_
M_A._!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`.@HKG_^$[\'_P#0
MUZ'_`.#&'_XJC_A._!__`$->A_\`@QA_^*H`Z"BJ>FZMINLV[7&EZA:7T"N4
M:2UF650V`<$J2,X(./<5<H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`KG_`G_`"3SPU_V"K7_`-%+705S_@3_`))YX:_[!5K_`.BEH`Z"BBL.
M?QIX5M;B6WN/$NC0SQ.4DCDOXE9&!P006R"#QB@#<HKG_P#A._!__0UZ'_X,
M8?\`XJN;\1?&CPAH&J:=9K?1Z@ER_P#I%Q8R+,EK'R`S%<[CNQ\HYQD_W0P!
MZ)17/_\`"=^#_P#H:]#_`/!C#_\`%4?\)WX/_P"AKT/_`,&,/_Q5`'045Q_C
M&_M9+?PW+]KOGTV[U#YWTJ2<O-&;6=UVFW^=EW!&^7CC)XK/2^NK"VU"329-
M5BTR:73[6"34UG,T<TUR8IV07.7XC>$KD&/<.A^<$`]`HKC]2TD:5<Z?86.H
MZK%#K,LMA<-)J$T[Q@VTTBR1-*S&.13'P1Q\QR"0I7'O/$^J7EMIE\D_D-I5
MH+O78X>$@=;F.*88.?,4)%J``!;[@89;RS0!Z117F^NW=YJ&JPW*'5;BQFUL
MZ?%::;>FV::."UN"Y!\Q,-]H\P,2RAE@3`.`6N2B;3]'9X+#Q!ICOJ>FH6U+
M5#<F16NXU8)B>7:-K$,/EW!@.>P!WE%8>NSS0ZQX82*61$FU-TE56(#K]DN&
MPWJ-RJ<'N`>U;E`!17E_A_7-4MO[(U*XOYY["/P_I+Z@DS[P!-]H#7&3T966
M-G8D#RQ(3DJN+FGQRZYK6GV=]?:EY&_7'*P7\T!8QW\:1Y,;J2%5BH!.`#Q0
M!Z)17#Q7]Y%KUAI0NYW@L_$#62L\A+RPG37G"R-_'M9P`3R=BDEFRQL:N=4N
MM?URRL)YSLT_3I/)CFV%D-Q<><L9R`DCQH5#97G;\RX#``["BN+TJPL[J]DL
M/M'B#3R]NQN=.OKZX:5R'0I)%/YK#"C(80N1^^4/@@"L-[5+'P5=:B=0UQI#
MK9LI&74[N5_LXU01;44.3N\M0N5&\\C)).0#U"BO+[^_2/2?$DOAR[UQ+6TT
M2]^V/?R78>&Z$:/!L-S\RML,K?)ZJ6_@JY,DU[XI\1B72_$^H)!>QQQ-IVL&
MVBB7[+`VS9]ICYW,S$A?XNOH`>B45Q>IV=R;BUEN['Q!+I*642I%8ZBZ3VC@
MMYK3>7,'F)4Q`;3*24?`RWS]!X>96T2$QW\E]'OD$<LJL'5-[;8WW?-O081B
MWS$H=WS9H`U**X?Q]?WEG]K^RW<\&WPUJTX\J0KB1/L^Q^/XEW-@]1DXZU)_
M:M\-8T32KNYD^V6VL/!.P^3[5`;2Y>&0@8#`A5W':%\V*0*,**`.THKD_#5I
M<ZIHVD>)/[2NTU"_MX;JY1YG>W9)%#-$L);8@`.%90&!52Q?+A^LH`****`"
MBBLO4O$N@Z-<+;ZIK>FV,[('6.ZNDB8KDC(#$'&01GV-`&I17/\`_"=^#_\`
MH:]#_P#!C#_\57'^.OC7H_A3[!_9*V.O_:?,\S[)J*?N-NW&=JO][<>N/NGK
M0!ZA17#^%OBGX;U[PY::G?ZKI6DW4V_?93ZC'OBP[*,YVGD`'H.M;'_"=^#_
M`/H:]#_\&,/_`,50!T%%<OXBUVSOOAYXCU'0]5@N/(T^YVW-C<!_+D6(L,,A
MX89!]1Q5.RU6^L_&NK_:;F2329M32Q"2<BUE-I;O&0>-J.S2*02<R-$%`+,2
M`=I17F_A2U;Q'_9_]IZAJK[/#6E3_N=3N(-TDGG[W;RW7<S;%R3D\5J:'JM]
M>^(=*BN;F20+;ZO`_P#")C;WD,*2.HPN_:"20`,LV``<4`=I17#W8U2^N]=B
M@:^NK6WUN,3VMK=>3,\'V&$A(G+ILQ*ZN<.N0'Y.2K6-)TRPU/[7:"^UR*&/
MRG?3[F^NH[FWE_>!F\[S-[QL,*-K-$3$Q4L<F@#L**\K@CBM?!W@B\N[[Q!*
M-5>W>_:"_O9I92;*9_E".7`WX8A`!P,\#BY'?M]DNI]%N]5_L;^T-+@CDO9+
MCS/M'VX1W*9G_>;=OEJ1]S.X#G?0!Z117F^J^.K"U\:/*WB2QAL=.NX=/N+)
MKN-7<N'$KA">55Y+7+$@IY$X&/F#]9H4\TVL>)TEED=(=31(E9B0B_9+=L+Z
M#<S'`[DGO0!N45R?CAYL^'X(HM2G2?4RDMOIUV;:691;3MC?YD?`958@L/N]
M^E9\HFT_1V>"P\0:8[ZGIJ%M2U0W)D5KN-6"8GEVC:Q##Y=P8#GL`=Y17)^.
M'FSX?@BBU*=)]3*2V^G79MI9E%M.V-_F1\!E5B"P^[WZ53\VXTC1;F2UT_7-
M,FGN[*U$FJ:@+P@2SK$S1`S3!642$\@`G;D,!B@#N**PX_#4<*36B:AJ1T^9
M/WD,E_.TJR!@0R3F3S$!`PRY(.!C;\^_BWM4L?!5UJ)U#7&D.MFRD9=3NY7^
MSC5!%M10Y.[RU"Y4;SR,DDY`/4**\OO[](])\22^'+O7$M;31+W[8]_)=AX;
MH1H\&PW/S*VPRM\GJI;^"NH2V?Q#K6M">^OK;^S+M+:T^QW+1!"8(I3(R@[9
M&W2XQ(&3"*-O+[@#J**X/QMK[60T[1/^$ETW2]6DMY;J2XGG6VB)2,K'PQ9E
M!G:-@O(9(I%)8`JVAIOB&'7]>\.7^G7,AT^_T>\N/+WC&X26H`<*2-Z[G4]<
M$L/6@#K**P_&D\UKX%\0W%O+)#/%IER\<D;%61A$Q!!'((/.:R]$L_*UB!_[
M!\5VN-W[Z_UO[1"ORG[T?VI\^@^4X)!XQD`'845Y_NG_`.%>?\)Q]MOO[8_L
MK^U-OVR7[-N\KS/*\C=Y?EX^3[N['.[?\]=)H4\TVL>)TEED=(=31(E9B0B_
M9+=L+Z#<S'`[DGO0!N45Y&FK7LGA:V>ZU#4F1]'\./,T$TIE;S;IUF*[#O+N
MHP2OS-P.>*ZSP]L_X2%?[(_MS^S/LDOVO^U?M?\`KM\?D[/M7S?=\_.SCIN_
M@H`["BBB@`HHHH`**PY_&GA6UN);>X\2Z-#/$Y22.2_B5D8'!!!;((/&*C_X
M3OP?_P!#7H?_`(,8?_BJ`.@HKB[[XH>&;;Q!H6D6NI6E^^JW#0>;:7"RK`<?
M+NV9.6=D4<`<L21MYV)_&GA6UN);>X\2Z-#/$Y22.2_B5D8'!!!;((/&*`-R
MBN?_`.$[\'_]#7H?_@QA_P#BJI^*[N^N8_#C^']1C26[O6:"57S!./L=Q(BN
M0#NB9E7..<<J00"`#K**X=/&5G;W6MZ]=33Q:9;:)9W1MI6"O%(9;I7CVEMJ
MS;D6,KG.Y0IZ53\,:[=ZCINM:#9^)]-U'Q`EDMS:W<%RD\2221!6.<$X6X61
MRNTA4EC``&$4`]$HKB](C@M];LD7_A(-(NF=MUMJUW+=I=Q[&^1',TD2ON`?
M`;S,1-QM)-9^B1RZ7X(\->((;[4IKZ[334N1=W\UQ',+AXHY,I(Y"G]X6!7:
M05`^Z64@'HE%>;ZKXZL+7QH\K>)+&&QTZ[AT^XLFNXU=RX<2N$)Y57DM<L2"
MGD3@8^8/T"6@\1ZUK4=]<WT<.FW:6MO'9WLUL,&"*5F8Q,I9B9<<D@!5P`2Q
M8`ZBBL?PQ?7%_HIDNI/-FAN[JU,A4`R"&>2)68#`W$("<`#).`!P.+\+^(]7
M;P+IVDSWTDWB*[M[5;2[D`9GCN(C(LY!&TF)4N/E8Y?[-DX,BT`>F45Y7=>*
M&'@SPEIW_"36FFZM=Z.E])=7]XL>XK;XC+LV6):=XVQC#K%*#D95M#4?$.E:
M_>^&+_[3K)TF_P!,N[A8]+>YW^8'M@!(+4DY7=(ISD`DCK0!Z)17F]OK@LH=
M&OUO[X:!<:V18/</,\EQ;-82$*0^99-TX;8K9+'9M!&RK&MWMYJ7A/\`MT37
MR?:;NTMX=/LKDP211M=Q))&[!EQ<-RC98",Y0$8=W`/0**X_2=(BN99[>;2/
M%>GQR18,UYKKR`X93A=ET[*W'4`<!AG!P9/!&FQQ6=S>M=:E//\`;;ZV'VK4
M9YU$:74B(`KN5!"HHW8SP>>3D`ZRBO.]5N]:EURXMM,U&2&Y'B/RK=97)B(&
MD^:(G&#^Z,@RP`SR2,-@B/5-:?69KM[:ZOK>UN(M#!A6=H9(#+?RQS(=C9CD
MP/+?!R"N">*`/2**\_\`%#3^&M.U:QTZ]OA#/X?U&]5I[R6:2&:$1A6CD=BZ
MY$O(S@%%*A3N+7-+TQ7OUC?0O%UHCHZ-/=Z\TD:`H1R%NW.><`A202",8R`#
MM**Y/0+N^U35%M[O48Y3HJ&"X,+X^W3GY1.54`!`%D7;ROFF5>L"L>LH`\G\
M/7]Y_P`-(>+-.^US_8?[/CG^S>8?+\SR[5=^WINQQGKBO6*\?\/?\G0^+/\`
ML%1_^@VM>P4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5S_@3
M_DGGAK_L%6O_`**6N@K@_!?C3PK:^!?#UO<>)=&AGBTRV22.2_B5D81*"""V
M00>,4`=Y17/_`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%4`=!
M7-^(O`?ASQ5JFG:CK&G1W%Q8/E">DB\X20?QH&.[![CT9@9/^$[\'_\`0UZ'
M_P"#&'_XJC_A._!__0UZ'_X,8?\`XJ@#H**Y_P#X3OP?_P!#7H?_`(,8?_BJ
M/^$[\'_]#7H?_@QA_P#BJ`-2]TV&^NM.N)6D#V%P;B(*1@L8I(L-QTVR,>,<
M@?0R7UC;ZC9R6MU'YD+X)`8J000596&"K`@$,"""`0016/\`\)WX/_Z&O0__
M``8P_P#Q5'_"=^#_`/H:]#_\&,/_`,50!8L=!-O>1W5]JM]JLT.3;F\$($!(
M(9E6*-!N(.-Q!(!8`@,V9+;P]IML^J'[-'(FIN3<1R(I0J5P4`Q]PL9'(.<M
M+(?XC5/_`(3OP?\`]#7H?_@QA_\`BJ/^$[\'_P#0UZ'_`.#&'_XJ@`E\)P-I
M.E65MJ-]:2:9+Y\5W%Y3322&-T=Y-Z,K,_FNS';DLQ/6B?PQ->:9-97OB+5;
MG?+!-',Z6RO`\4@D4KMA"G+*N=P;IVYH_P"$[\'_`/0UZ'_X,8?_`(JC_A._
M!_\`T->A_P#@QA_^*H`CG\*7-T+=I_%&LR3VUP+BWG,=H&B;RY(R`!`%(*RM
MG<#T&,<YV--LI[&W:*XU.[U!RY82W2Q*P&!\H\M$&.,],\GGIC+_`.$[\'_]
M#7H?_@QA_P#BJ/\`A._!_P#T->A_^#&'_P"*H`DTSPIINF6_V=1)<P'3+?2W
MCN=KJ\,(D"[A@`DB5@W8\<#O3C\$P6BV7]G:SJMC):?:@DJ/%,[K<2B5PQFC
M?=\RC!^]QR2235C_`(3OP?\`]#7H?_@QA_\`BJ/^$[\'_P#0UZ'_`.#&'_XJ
M@"Q_PC=G_9WV?S)_M/F_:?M^X?:/M&,>=NQC=CY<8V;/DV[/EJ,^%[:2PN(;
MF[N[F[G>*1[^4IY^^)P\1&U0@",`0H7;G)*DLVZ/_A._!_\`T->A_P#@QA_^
M*H_X3OP?_P!#7H?_`(,8?_BJ`+&GZ";341?W>JWVIW21-#"]V(5\I'*EP!%&
M@.XHGWLXVC&,G)_PC=G_`&5_9WF3^3_:']H;MPW>9]J^TXZ?=W\8Z[>^>:K_
M`/"=^#_^AKT/_P`&,/\`\51_PG?@_P#Z&O0__!C#_P#%4`6-5\-V>K?VCYLD
M\7]HZ>VGW/E,/GC.[:>0<,OF28(X^<Y#87%>7PQ-_:=_>V7B+5;#[=*LTT,"
M6S)O$:1Y'F0LP^6->]'_``G?@_\`Z&O0_P#P8P__`!5'_"=^#_\`H:]#_P#!
MC#_\50!)<^'9)KB.[M];U*SO/L\=O/<PK`6N50L5+AXF4$%Y#\@7[YSP`!)!
MI-QID6F6VFW.+>.[DFOVFP7N`ZRLQX7`8S.KG&T#!`P/EJO_`,)WX/\`^AKT
M/_P8P_\`Q5'_``G?@_\`Z&O0_P#P8P__`!5`%C6_#=GKWF_:I)T\S3[G3SY3
M`?NY]F\\@_,/+7!Z<G(-27N@6-]K>G:Q(LB7EBY9'C;:)`4D0*XZ,`)7*YY4
MDX(#,#3_`.$[\'_]#7H?_@QA_P#BJ/\`A._!_P#T->A_^#&'_P"*H`D@\+VT
M%Q%_I=V^GP.)+;3'*?9X'!RI4!=Y"GE59BJ';M4;$V[$,;1(5>:28EV;<X4$
M`L2%^4`8`.!WP!DDY)P_^$[\'_\`0UZ'_P"#&'_XJC_A._!__0UZ'_X,8?\`
MXJ@#H**Y_P#X3OP?_P!#7H?_`(,8?_BJ/^$[\'_]#7H?_@QA_P#BJ`.@HKG_
M`/A._!__`$->A_\`@QA_^*H_X3OP?_T->A_^#&'_`.*H`Z"N?\3^"?#OC'[+
M_;^G_;/LN_R?WTD>W=C=]QAG.U>OI1_PG?@__H:]#_\`!C#_`/%4?\)WX/\`
M^AKT/_P8P_\`Q5`&AHFB:=X<T>#2=)M_L]C!N\N+>S[=S%CRQ)/))Y-:%<__
M`,)WX/\`^AKT/_P8P_\`Q5'_``G?@_\`Z&O0_P#P8P__`!5`&IJVFPZSHU]I
M=PTBP7MO);R-&0&"NI4D9!&<'T-5SH%BXU19EDE34KA;F96;&QUCC12A7!4C
MRD8$'(;D$<8I_P#"=^#_`/H:]#_\&,/_`,51_P`)WX/_`.AKT/\`\&,/_P`5
M0!7@\%K8_9?[,U[5;#R-/M]/_<BW?S(X=^PMYD3?-^\;)&`?2M";PW9_8[:&
MRDGT^:UW>1=V[`S+O.9,F0,'WGEMX;<V&/S`,*__``G?@_\`Z&O0_P#P8P__
M`!5'_"=^#_\`H:]#_P#!C#_\50!))X7MFLH8X[N[BO(KC[6-04HTYG*&-I&W
M*4)*,R8*[54@*%"KML:5HHTVXN+N:_N]0O+A$C>YNA&&\M"Q1`(T1<`NYSC/
MS')(``I_\)WX/_Z&O0__``8P_P#Q5'_"=^#_`/H:]#_\&,/_`,50!8M?#=G:
M6&@6<<DYCT3;]F+,,OM@>`;^.?E<GC'..W%%SX;L[F6[<R3HMU=VU[*B,,&:
M!D96&02,B*-2,XPG`!))K_\`"=^#_P#H:]#_`/!C#_\`%4?\)WX/_P"AKT/_
M`,&,/_Q5`&A8Z-9V6AQZ04^TVHB,4OVD!S<;L[VDXPS.2Q8D?,6)/6L>V\'3
M6+2FR\4ZY!YWEF;/V:4R.D4<6]FDA9BQ6)2>>3DX&:L?\)WX/_Z&O0__``8P
M_P#Q5'_"=^#_`/H:]#_\&,/_`,50!<UK11K(LF6_N[&>RN/M$,]J(RP;RWC(
M(D1E(*R-V]*IS^&)KS3)K*]\1:K<[Y8)HYG2V5X'BD$BE=L(4Y95SN#=.W-'
M_"=^#_\`H:]#_P#!C#_\51_PG?@__H:]#_\`!C#_`/%4`1S^%+FZ%NT_BC69
M)[:X%Q;SF.T#1-Y<D9``@"D%96SN!Z#&.<W(=!+6=S:ZGJM]JL,VT@70AC,1
M4Y#(T,:$-G!#9R"H*D$57_X3OP?_`-#7H?\`X,8?_BJ/^$[\'_\`0UZ'_P"#
M&'_XJ@"YINBBQN&N[F_N]2O"AC6YNQ&&CC)!**(T15!(!)`RV%R2%4"/_A&[
M/^RO[.\R?R?[0_M#=N&[S/M7VG'3[N_C'7;WSS5?_A._!_\`T->A_P#@QA_^
M*H_X3OP?_P!#7H?_`(,8?_BJ`+&J^&[/5O[1\V2>+^T=/;3[GRF'SQG=M/(.
M&7S),$<?.<AL+@OO#Z7=Y)<0:A?6'GX^UI9NJ"Z```W$J65MHV[XRCXV_-\J
M;:__``G?@_\`Z&O0_P#P8P__`!5'_"=^#_\`H:]#_P#!C#_\50!H:=HUGI<]
MU+:IM\_RU"8`6&.-`B11@`;8QAF"]`SN1]ZLNX\'Q-JAU&QU?4M.GWS,!;>2
M443>49%"R1L`"T(<XY+.Y)^:I/\`A._!_P#T->A_^#&'_P"*H_X3OP?_`-#7
MH?\`X,8?_BJ`+ESHHOO#5UHE_?W=TEU;RV\MRXC64JX()^1`@(#8'R]AG/.8
M['1K^TO(YYO$VJWL:YS!/':A'R".2D*MQUX(Z>G%5_\`A._!_P#T->A_^#&'
M_P"*H_X3OP?_`-#7H?\`X,8?_BJ`*=[X`T^^>-7O;M;2!)$MK016[);*ZX98
MV:(N$_Z9[BA`V%3'\E:E]X?2[O)+B#4+ZP\_'VM+-U070``&XE2RMM&W?&4?
M&WYOE3;7_P"$[\'_`/0UZ'_X,8?_`(JC_A._!_\`T->A_P#@QA_^*H`DG\*:
M;-,7020)LL46&#:J(MI,TT048X&YL$>@`&.M;$\;36\L2320.Z%5EC"ED)'W
MAN!&1UY!'J#6'_PG?@__`*&O0_\`P8P__%4?\)WX/_Z&O0__``8P_P#Q5`'0
M45S_`/PG?@__`*&O0_\`P8P__%4?\)WX/_Z&O0__``8P_P#Q5`'045S_`/PG
M?@__`*&O0_\`P8P__%4?\)WX/_Z&O0__``8P_P#Q5`'045S_`/PG?@__`*&O
M0_\`P8P__%4?\)WX/_Z&O0__``8P_P#Q5`'-^+?@YH/C/Q!+K.J:GK(G=%18
MXIT\N-5&,(&0D#.6(SU8GO7H$$;0V\43S23NB!6ED"AG('WCM`&3UX`'H!6'
M_P`)WX/_`.AKT/\`\&,/_P`51_PG?@__`*&O0_\`P8P__%4`=!5.]TV&^NM.
MN)6D#V%P;B(*1@L8I(L-QTVR,>,<@?0Y?_"=^#_^AKT/_P`&,/\`\51_PG?@
M_P#Z&O0__!C#_P#%4`'_``AVEKKDFJQ^>C2RQ32VP?,#O'YI4E"#CYYC(<8_
M>*K_`'LDW-9T"QUT1+>K(41)8G6-MGFQ2QLCQ,1SL.0V`1\R(?X15/\`X3OP
M?_T->A_^#&'_`.*H_P"$[\'_`/0UZ'_X,8?_`(J@"2V\.R)?VUW?ZWJ6IFU<
MR6\=TL"K'(49-X\J)"3M=UP21\Q.,@$5])\'Q:9;V-I-J^I:A8V"1K;6EWY/
MEQF,`1L?+C4N5P"-Q(!`;&Y5(D_X3OP?_P!#7H?_`(,8?_BJ/^$[\'_]#7H?
M_@QA_P#BJ`-"QT:SLM#CT@I]IM1$8I?M(#FXW9WM)QAF<EBQ(^8L2>M8][X(
MM;S3ELCJ5\L;Q1QW9=(+C[:8PH6299HG5I/E&7`!.!G(5=MC_A._!_\`T->A
M_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`-32]-ATFP6SMVD:-'=@9""QW.6.
M3C+'+'YCEFZL68DG/T_PIINFOI#Q"1WTNR%E"TFTEE50JNW'+JN\`C&!-*,?
M.:C_`.$[\'_]#7H?_@QA_P#BJ/\`A._!_P#T->A_^#&'_P"*H`L>'_#=GX<M
M?(M9)YOW4$`DN&#.L<42QH@(`PO#-CIND<C&ZBU\-V=GKCZK%).)&\_;#N'E
M)YWDF3:N.,M`'Z\M)(3DMQ7_`.$[\'_]#7H?_@QA_P#BJ/\`A._!_P#T->A_
M^#&'_P"*H`L1^&[.*>VD22<+;:A+J$4>X;5DE217'3)4F:1\$Y#-P0H"B/5O
M"]MJAG9;N[LGG>&61K4I\TL4B/'*0ZL-X\L+G'*X#9VIMC_X3OP?_P!#7H?_
M`(,8?_BJ/^$[\'_]#7H?_@QA_P#BJ`+FFZ5>6-PTMQX@U+4$*%1%=1VZJ#D?
M,/+B0YXQUQR>.F+&F:;#I5J]O`TC(]Q/<$N03NEE:5AP!QN<@>V.O6LO_A._
M!_\`T->A_P#@QA_^*H_X3OP?_P!#7H?_`(,8?_BJ`+'_``C=G_:O]H^9/YW]
MH?VAMW#;YGV7[-CI]W9SCKN[XXJG=^"M-N)M1F@GN[*6_>VD=K=UQ')!,TRN
MBNK*I+L2PQAB2<9+$R?\)WX/_P"AKT/_`,&,/_Q5'_"=^#_^AKT/_P`&,/\`
M\50`2>$X+O3M0MM1U&^OYKVTDLFNY_*$D4+C#+&$147)Y)VY)"[B0J@20Z%J
M,3EG\6:S,"C+M>*S`!*D!OE@!R"<CMD#((R#'_PG?@__`*&O0_\`P8P__%4?
M\)WX/_Z&O0__``8P_P#Q5`%RWT"QLWTIK19(!I=NUI;JK;AY!508VW9)&8XS
MG[V4'."P.I7/_P#"=^#_`/H:]#_\&,/_`,51_P`)WX/_`.AKT/\`\&,/_P`5
M0!Y_X>_Y.A\6?]@J/_T&UKV"O%_"%_9ZG^TKXIO+"[@N[632DV302"1&P+8'
M##@X((_"O:*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*X_6_
MA;X-\1ZQ/JVK:-]HOI]OF2_:IDW;5"CA7`'``X%=A10!Y_\`\*2^'G_0O?\`
MD[<?_'*/^%)?#S_H7O\`R=N/_CE>@44`>?\`_"DOAY_T+W_D[<?_`!RC_A27
MP\_Z%[_R=N/_`(Y7H%%`'G__``I+X>?]"]_Y.W'_`,<H_P"%)?#S_H7O_)VX
M_P#CE>@44`>?_P#"DOAY_P!"]_Y.W'_QRC_A27P\_P"A>_\`)VX_^.5Z!10!
MY_\`\*2^'G_0O?\`D[<?_'*/^%)?#S_H7O\`R=N/_CE>@44`>?\`_"DOAY_T
M+W_D[<?_`!RC_A27P\_Z%[_R=N/_`(Y7H%%`'G__``I+X>?]"]_Y.W'_`,<H
M_P"%)?#S_H7O_)VX_P#CE>@44`>?_P#"DOAY_P!"]_Y.W'_QRC_A27P\_P"A
M>_\`)VX_^.5Z!10!Y_\`\*2^'G_0O?\`D[<?_'*/^%)?#S_H7O\`R=N/_CE>
M@44`>?\`_"DOAY_T+W_D[<?_`!RC_A27P\_Z%[_R=N/_`(Y7H%%`'G__``I+
MX>?]"]_Y.W'_`,<H_P"%)?#S_H7O_)VX_P#CE>@44`>?_P#"DOAY_P!"]_Y.
MW'_QRC_A27P\_P"A>_\`)VX_^.5Z!10!Y_\`\*2^'G_0O?\`D[<?_'*/^%)?
M#S_H7O\`R=N/_CE>@44`>?\`_"DOAY_T+W_D[<?_`!RC_A27P\_Z%[_R=N/_
M`(Y7H%%`'G__``I+X>?]"]_Y.W'_`,<H_P"%)?#S_H7O_)VX_P#CE>@44`>?
M_P#"DOAY_P!"]_Y.W'_QRC_A27P\_P"A>_\`)VX_^.5Z!10!Y_\`\*2^'G_0
MO?\`D[<?_'*/^%)?#S_H7O\`R=N/_CE>@44`>?\`_"DOAY_T+W_D[<?_`!RC
M_A27P\_Z%[_R=N/_`(Y7H%%`'G__``I+X>?]"]_Y.W'_`,<H_P"%)?#S_H7O
M_)VX_P#CE>@44`>?_P#"DOAY_P!"]_Y.W'_QRC_A27P\_P"A>_\`)VX_^.5Z
M!10!Y_\`\*2^'G_0O?\`D[<?_'*/^%)?#S_H7O\`R=N/_CE>@44`>?\`_"DO
MAY_T+W_D[<?_`!RC_A27P\_Z%[_R=N/_`(Y7H%%`'G__``I+X>?]"]_Y.W'_
M`,<H_P"%)?#S_H7O_)VX_P#CE>@44`>?_P#"DOAY_P!"]_Y.W'_QRC_A27P\
M_P"A>_\`)VX_^.5Z!10!Y_\`\*2^'G_0O?\`D[<?_'*/^%)?#S_H7O\`R=N/
M_CE>@44`>?\`_"DOAY_T+W_D[<?_`!RC_A27P\_Z%[_R=N/_`(Y7H%%`'G__
M``I+X>?]"]_Y.W'_`,<H_P"%)?#S_H7O_)VX_P#CE>@44`>?_P#"DOAY_P!"
M]_Y.W'_QRC_A27P\_P"A>_\`)VX_^.5Z!10!Y_\`\*2^'G_0O?\`D[<?_'*/
M^%)?#S_H7O\`R=N/_CE>@44`>?\`_"DOAY_T+W_D[<?_`!RC_A27P\_Z%[_R
M=N/_`(Y7H%%`'G__``I+X>?]"]_Y.W'_`,<H_P"%)?#S_H7O_)VX_P#CE>@4
M4`>?_P#"DOAY_P!"]_Y.W'_QRC_A27P\_P"A>_\`)VX_^.5Z!10!Y_\`\*2^
M'G_0O?\`D[<?_'*/^%)?#S_H7O\`R=N/_CE>@44`>?\`_"DOAY_T+W_D[<?_
M`!RC_A27P\_Z%[_R=N/_`(Y7H%%`'G__``I+X>?]"]_Y.W'_`,<H_P"%)?#S
M_H7O_)VX_P#CE>@44`>?_P#"DOAY_P!"]_Y.W'_QRC_A27P\_P"A>_\`)VX_
M^.5Z!10!Y_\`\*2^'G_0O?\`D[<?_'*/^%)?#S_H7O\`R=N/_CE>@44`>?\`
M_"DOAY_T+W_D[<?_`!RC_A27P\_Z%[_R=N/_`(Y7H%%`'G__``I+X>?]"]_Y
M.W'_`,<H_P"%)?#S_H7O_)VX_P#CE>@44`>?_P#"DOAY_P!"]_Y.W'_QRC_A
M27P\_P"A>_\`)VX_^.5Z!10!Y_\`\*2^'G_0O?\`D[<?_'*/^%)?#S_H7O\`
MR=N/_CE>@44`>?\`_"DOAY_T+W_D[<?_`!RC_A27P\_Z%[_R=N/_`(Y7H%%`
M'G__``I+X>?]"]_Y.W'_`,<H_P"%)?#S_H7O_)VX_P#CE>@44`>?_P#"DOAY
M_P!"]_Y.W'_QRC_A27P\_P"A>_\`)VX_^.5Z!10!Y_\`\*2^'G_0O?\`D[<?
M_'*/^%)?#S_H7O\`R=N/_CE>@44`>?\`_"DOAY_T+W_D[<?_`!RC_A27P\_Z
M%[_R=N/_`(Y7H%%`'+^&_AWX5\(ZC)?Z'I7V2ZDB,+/]HEDRA()&'8CJH_*N
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BHS/"MPENTL8G=&=(RPW,JD!B!U(!903VW#UJG_;N
MC_VQ_9']JV/]I_\`/E]H3SON[ON9W?=YZ=.:`-"BL_\`MW1_[8_LC^U;'^T_
M^?+[0GG?=W?<SN^[STZ<U8-_9K9S7ANX!:P[_-F,@V1["0^YN@VE6!STP<]*
M`+%%1QSPS/,D4L;O"^R558$HVT-AO0[64X/8@]ZR[KQ9X;L?(^V>(-*M_/B6
M>'SKV-/,C;[KKD\J<'!'!H`V**R[SQ+H.GV]K<7NMZ;;07:;[:2:Z1%F7`.4
M).&&&!R/4>M:$\\-K;RW%Q+'#!$A>221@JHH&223P`!SF@"2BJ<.K:;<Z6=4
M@U"TET\(SF[296B"KG<=X.,#!R<\8-&I:MINC6ZW&J:A:6,#.$62ZF6)2V"<
M`L0,X!./8T`7**IWFK:;I]Q:V][J%I;3W;[+:.:94:9L@80$Y8Y8#`]1ZU8D
MGAA>%)98T>9]D2LP!=MI;"^IVJQP.P)[4`2457%_9M9PW@NX#:S;/*F$@V2;
MR`FUNAW%E`QUR,=:!?V;6<-X+N`VLVSRIA(-DF\@)M;H=Q90,=<C'6@"Q16/
M8^+/#>IWD=G8>(-*N[J3.R&"]CD=L`DX4')P`3^%2)XET&2XN[=-;TUI[)'>
MZC6Z0M`J'#EQG*A3P2<8[T`:E%8</C3PK<N4@\2Z-*X1G*I?Q,0JJ68\-T"@
MDGL`34EKXL\-WWG_`&/Q!I5QY$33S>3>QOY<:_>=L'A1D9)X%`&Q16?IFNZ/
MK?F_V3JMC?\`DX\S[)<)+LSG&=I.,X/7T-2:EJVFZ-;K<:IJ%I8P,X19+J98
ME+8)P"Q`S@$X]C0!<HJ,SPK<);M+&)W1G2,L-S*I`8@=2`64$]MP]:(YX9GF
M2*6-WA?9*JL"4;:&PWH=K*<'L0>]`$E%5Q?V;6<-X+N`VLVSRIA(-DF\@)M;
MH=Q90,=<C'6HY-6TV'5(=+EU"T34)DWQ6C3*)77GE4SDCY6Y`['TH`N457-_
M9K9S7ANX!:P[_-F,@V1["0^YN@VE6!STP<]*L4`%%4]-U;3=9MVN-+U"TOH%
M<HTEK,LJAL`X)4D9P0<>XJQ!/#=6\5Q;RQS02H'CDC8,KJ1D$$<$$<YH`DHJ
M.2>&%X4EEC1YGV1*S`%VVEL+ZG:K'`[`GM5>35M-AU2'2Y=0M$U"9-\5HTRB
M5UYY5,Y(^5N0.Q]*`+E%4X]6TV;5)M+BU"T?4(4WRVBS*947CEDSD#YEY([C
MUHL]6TW4+BZM[+4+2YGM'V7,<,RNT+9(PX!RIRI&#Z'TH`N4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`>9ZK)J3^(+SQ=%:6CZ7I=[$AN6N65A;VXEBN&\GR
MR6*&XN_XU)\M"%;'[R3[?;P7O]D1W]C<QG6_,.ASQE-0#M>>89@RR_ZM6)G7
M]WS$HSP2U>D44`>;_;[>"]_LB._L;F,ZWYAT.>,IJ`=KSS#,&67_`%:L3.O[
MOF)1G@EJDO9X8O!GB+PM)+&NO7SZFMKIY8>;/]HEF:)D7^)"LBDN/E7#[BNQ
M]OHE1SSPVMO+<7$L<,$2%Y))&"JB@9))/``'.:`/*]2L;B3QMX@AMX\P:WJ$
M6F7HW#]\BP64A3GE?]'-^<C'UW;*K^']8_LK^R/^*DT/1O-\*:3_`,A6/?YN
M/M'W/WT?3//7J.G?U34M6TW1K=;C5-0M+&!G"+)=3+$I;!.`6(&<`G'L:CNM
M=T>QTZ#4;S5;&WL9]ODW,UPB1R;AN7:Q.#D`D8ZB@#D]0U:&PUF._7Q/HVG3
MWFF6P>\OX`;2\56E*FW/GH<@NQ8;GPLD7/<W+E+=?AGI9DLY]*A@BL)4@8&0
MV)1XF7S=Q4F.,J#(25.Q7.0>1U$-_9W'V?R+N"7[3$9X-D@;S8QMRZX^\OSK
MR./F'J*/M]GY_D?:X/.\WR/+\P;O,V>9LQ_>V?-CKMYZ4`>3Z8EOK'P!U+[3
M9P,MII1*30@K'=.EBFUV&<.T9_=G);#P9`4J%3N-<O[/2/&6CZCJ5W!96(T^
M]@-S<R".,2-);,J;FP-Q".0.I"MZ&MB6_P!'T2S:*6[L;"ULHH]R/(D201L2
MD>1P%4E2HZ#C`Z5'9^)=!U"WNKBRUO3;F"T3?<R0W2.L*X)RY!PHPI.3Z'TH
M`\S;_B6>#;S3K_\`T6^OO!5E8VEM/\DEQ<+'<JT,:GEY`9(P5&2"Z\<BO0/$
M/_(<\)_]A63_`-(KJM33=6TW6;=KC2]0M+Z!7*-):S+*H;`."5)&<$''N*CU
M/7='T3RO[6U6QL/.SY?VNX2+?C&<;B,XR.GJ*`/,]-@FT?P#X4AABD?3=2?1
MY\JI(M;@36F5P.`D@#OD@`2!\EC*H'2:?8W']N6_AMX\6.D7<FH[BP*/`^\V
ML7E_PJCM(%Z[?L2G"[TQUDFK:;#90WLNH6B6DR;XIVF4(Z[#)E6S@C8K-D=@
M3T%27E_9Z?$);V[@MHSNP\T@0':I=N3Z*K,?0*3T%`'G_P`.->\_1?#FG_\`
M"6^'+C&GPI_9L$6+L;81\I/GGYEQ\WR?PG@=CPU?V[W/AG2H;^QU&&RPD-BL
M9COM+"VTB![G;*P+*/W+`HHWRCH0%/:3>)=!MM4&ESZWIL6H%U06CW2+*6;&
MT;"<Y.1@8YR*-2\2Z#HUPMOJFMZ;8SL@=8[JZ2)BN2,@,0<9!&?8T`<GK7_(
ML?%+_MO_`.FV"J^KZ]_:G@WQ3!_PEOAS5]NB7;^1ID6V1?W9&XGSY/EYQT')
M'/8^@6U_9WFW[+=P3[HDG'E2!LQOG8_'\+;6P>AP<=*IWOB70=-2-[_6]-M4
MD>1$:>Z1`S(VUP,GDJW!'8\&@#'EU;3?$'B+0I-`U"TU![2XE:\ELIED$5NT
M$B[793@!I?)(0G+%-P!\LE9+V_L]%\93ZCK5W!9V,NGPP6=S=R!(UD$DK3(&
M;A68>0<<%P@QGRSMZ2">&ZMXKBWECF@E0/')&P974C(((X((YS678^+/#>IW
MD=G8>(-*N[J3.R&"]CD=L`DX4')P`3^%`'%VNB37>J^'X&\RRG@M]5NM.9XR
M#;QB]MV@79PRIY)6,QY4B-F3Y><=!X)O)K^X\27-S:26=P^IQ^=;/DF*065L
M&7.!N`8$!APPP1D$&M3_`(2SPW_:/]G?\)!I7V[S?(^S?;8_,\S.W9MSG=GC
M'7-:$5_9SRK%%=P22-YFU$D!)\M@DF!_LL0I]"<'F@#RO38)M'\`^%(88I'T
MW4GT>?*J2+6X$UIE<#@)(`[Y(`$@?)8RJ!L7T\,?ACQ!H,LL8\47EQ>26=LS
M#[1-(TCFTE3N0JB'$@XC$7)7RCM[Q+^SDO&LTNX&NDSNA$@+K@(3E>O`DC)_
MWU]15._\2Z#I3[-1UO3;-PY3;<721G<%5B/F(YVNAQZ,I[B@#F]0L;C^W+CP
MVD>;'5[N/4=P8!$@38;J+R_XE=UC#=-WVUCAMCYV/%O_`!,_`/B**P_TN233
M[N!$@_>%I`CH4`'5@P*XZY&.M7)/$N@PZ7#JDNMZ:FGS/LBNVND$3MSPKYP3
M\K<`]CZ5'=>+/#=CY'VSQ!I5OY\2SP^=>QIYD;?==<GE3@X(X-`&/8G2_%'B
M;6Y8)X-1TF73[&!Y;>;?#(Z2W+-$64X;ATW(3RK@,"&P;G@B>&'P!X4266-'
MFTRU2)68`NWD!L+ZG:K'`[`GM5B3QIX5A2%Y?$NC(DR;XF:_B`==Q7*_-R-R
ML,CN".U1ZGK_`(3CGTV;4M<TJ&2/%[9&:^2/<&1XQ(OS#<I5W`/(Y]10!7\0
MV-O_`,)9X3OS'FZ&H20J[,3M3[)=$A0>%R<9QC=M7.=JXY_7W>'Q#<Z7;7EB
MTE_K>G7[VSEA=L$>V5A'%@;HPL/F&8%@-LB%05+#TBB@#S>U=U\7Z3I%O>6,
M\=EK=[>2PH6^UH)8[IM\D9`\J-6E"!OF$F^-@5!`8\"3>?J.B0?:8+C^S]$D
MM_(@&)--R;<>1=')W3'9@'$7,4GR<X3TBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"N7\8/>74ND:1IT$%Q=37:7LD4TQA`AMV63=O"MC][]G4C
M:20YP!RR]16/:^+/#=]Y_P!C\0:5<>1$T\WDWL;^7&OWG;!X49&2>!0!P]C>
M?V-9Z/;WFI6.B:EHT5SI+3WR^=9I&#`T<;/OBW3/$()%((!`ERBD86PE_;V=
MMI&JB_L=%F?^T46^O(R]C.)+E7=QNE0AIBJS1@.PV;\;@`U=Q=:[H]CJ,&G7
MFJV-O?3[?)MIKA$DDW':NU2<G)!`QU-27FK:;I]Q:V][J%I;3W;[+:.:94:9
ML@80$Y8Y8#`]1ZT`<7IEY;V-QHVO7@@LM,$6IPRWA<K`TLMU&ZS98G9'-Y;R
M*22HWJH8[EW8_B6QN-7C:[TV/SGO?$#7ND2!@!++%I3"&1<X!7SH<@M\K``\
MHP)]4DGAA>%)98T>9]D2LP!=MI;"^IVJQP.P)[41SPS/,D4L;O"^R558$HVT
M-AO0[64X/8@]Z`/&Y9N/$&N-<P6[:C+HU^MY<#]WY/\`:<PMY77*X46Z0Y&5
M.!\V&R:ZR?5H=6\.WSS^)]&U1+6XM)A-I$`VVC+.KK).#.^8@R!FY3"))SW'
M<">%KA[=98S.B*[QAAN56)"DCJ`2K`'OM/I67>>+/#>GRB*]\0:5;2'=A)KV
M-"=K%&X)[,K*?0J1U%`&7X4U!=3UG5+D7FFZHXM[>,ZII@98)`&F(@V^9(-Z
M9+$ALD3+D#`)->U;3=&\=:)<:IJ%I8P-IE\BR74RQ*6\VT.`6(&<`G'L:Z1+
M^SDBM98[N!X[O'V9UD!$V5+C8?XOE!;CL">E9]]XL\-Z9>26=_X@TJTNH\;X
M9[V.-UR`1E2<C((/XT`<GY$-]JMBQBCFT?4/$<SVJ,H,4T+:9*)"JG@H\HF;
M.,/N+C(<$Y^K0WUWX0UR#43)(?#FA7EC)+-)YAN;EH>)CD_*_D*CY^8XO&3=
ME7SZ9?7]GIEG)>7]W!:6L>-\T\@C1<D`98\#)('XU3LO$N@ZDDCV&MZ;=)&\
M:.T%TCA6=MJ`X/!9N`.YX%`'-V^N>'[+7/%^FZO?V(DN-00?89G5Y+A&LK9=
MJP\M)NP5"@'<>`">*P[74;[0=9MH-4\2Z-H^H?\`".:8ET=9_?--*K7(?:WG
MIDAB<G+9W#IW],N;^SL]WVJ[@@VQ/.?-D"XC3&]^?X5W+D]!D9ZU7TS7='UO
MS?[)U6QO_)QYGV2X279G.,[2<9P>OH:`./DM[B\\6W6LZ=+!?:G9Z)8SV[6Y
M"17P9KS=$"6.V.3@CYB%98V.[9@Y^AZYI>GZMI%_J-_!86L_]OA'OG^SY+:C
M$0I$F"&P#\IP1@\<5Z1;7]G>;?LMW!/NB2<>5(&S&^=C\?PMM;!Z'!QTJ.?5
MM-M;"6_N-0M(;.)RDEQ),JQHP?806)P"&^7'KQUH`R_"W[QM9NX.=-N]0,]B
MR\(\9BB#N@_NM*)6ST;<7&0P8\?H,.L-X2\$0:G?6+:%<16)S!9O'-#)&L<M
MNKR-*R[6>,(6V@EF554%\KZ9!/#=6\5Q;RQS02H'CDC8,KJ1D$$<$$<YJOJ6
MK:;HUNMQJFH6EC`SA%DNIEB4M@G`+$#.`3CV-`'!^&M>\B]GT_\`X2WPY;YU
MN]3^S9XLW9W7DOR@^>/F;/R_)_$.#WKV.F?VIK>F)'-]GNH)=>N+:<+N,<BZ
MG$1QD$J1E&`(+([+D9S7I%]?V>F6<EY?W<%I:QXWS3R"-%R0!ECP,D@?C5.\
M\2Z#I]O:W%[K>FVT%VF^VDFND19EP#E"3AAA@<CU'K0!P]E>3%]7\4W%I)93
MZ9K"2W]NV=T<)L+=+A-^`61#B7@$2>0FT'*D1W4EQX?UK0KN^U?2M$O[ZTU*
MYNI=542H'DFMF$&X2IO9%VQAMW*Q#``P!Z)INK:;K-NUQI>H6E]`KE&DM9EE
M4-@'!*DC."#CW%$FK:;#JD.ERZA:)J$R;XK1IE$KKSRJ9R1\K<@=CZ4`<?J&
MK0H=$UAO$^C1SFWNH4U9H`=.D4R1%H_]>")28UV_O#D1R\>A)(LW@&RF2&.,
M2:[;2;HBVR<G5$)G3<20DA/F*,D`.`"1@GN!/"UP]NLL9G1%=XPPW*K$A21U
M`)5@#WVGTHGGAM;>6XN)8X8(D+R22,%5%`R22>``.<T`<'K>L?V5\0[_`/XJ
M30]&\W2K/_D*Q[_-Q+=?<_?1],\]>HZ=[$'B/1],\97<^K:]I47VK1-/>.=I
MTACN/WET2T89CE>0>"V`1R>M=1_;NC_V/_:_]JV/]F?\_OVA/)^]M^_G;][C
MKUXHNM=T>QTZ#4;S5;&WL9]ODW,UPB1R;AN7:Q.#D`D8ZB@"GX1@FMO#L<<L
M4D*?:+EK>)U*F.W:=VA7:>4`B*`(0"H`7`Q@;E4[S5M-T^XM;>]U"TMI[M]E
MM'-,J-,V0,("<L<L!@>H]:N4`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%>9V<>I)\`KIKV[M)H&\+YMDAMFB:-?LIX=C(P<XQR`O0\<\>F4
M4`>;^);^WL+GQ-9B_L?]-R\^BWT9%QJ9-M&FRU=95;:ZJL8(1B)`^,X`&P]]
MI>EZUXBB\120)_:,J+:Q7*[S=VP@C7RHUY,G[SSOW2@G,F=O[P%NPHH`\SUZ
MTUK6KUSHFEQS'1+*&.*.^ORDJ7>^&Z\ISB02D"&UR=Z@[W'F$G*:&@^,O#,.
MI^(9[C7]-M4O+V"Z@%U<K"SQ/96I5PKD'!^G8UWE%`'-^+HVMXK+5;6:2WOH
M[B&Q29`IQ%<SQ12##`C(^1P<<-&N<J65N;O+JW\+^,IK"S\0:'H-K%HEA#"F
MJH9-Z))<A0A,T9^48SG=U'3OZ110!YGKR:UXEO7NM$ATW53I5E#Y5PET;=);
MLO#=X5=KAT(AM2/G48D8;R>4DMM2UNX'BG7?#%W8SV+7<-TD$NG2S33H;*U8
MF/$J?,4/RH5Y;`+#.1Z110!P_B.*STCX8Z;%IVHP"QLY=+6WOKAA)&(TN8-L
MCD%0RX`8D%01W%4]3U"'Q!X;FM[C7O#^OP'4],22/3H0%56O(@1(#-("&'`'
M'0]>WHE%`'D_BC[9:Q:EI-[Y\K6'A35HX+R7+&[A*VNUV;H9`0RMSDE=^%#J
M*ZR75M-\0>(M"DT#4+34'M+B5KR6RF6016[02+M=E.`&E\DA"<L4W`'RR5ZR
MB@#R?PO8W$D6FZGIT?F:GI_A329;>+<%%R"MT&@9CC"OQSG`=8V(;9@Z&AWU
MO;G3-:OI/L^C)=ZT3-=J8D@GDO3Y3.'QY;;//4,P&-Y3(+A3Z110!S?@TW,E
MEJ$TQM)()KUI;:XM(7ABN49$+2K&SOM#2>9R"`_^L&=^YH[V_L]%\93ZCK5W
M!9V,NGPP6=S=R!(UD$DK3(&;A68>0<<%P@QGRSMZBB@#S_3O^),^B7^K_P"A
M:-;_`-I>4UU^[CM?,N%-IN#?ZG%OO1=P78&\OY2P4W-?DL9_AIXNN=-AD2TG
MLKR5)"?W<Y,)+2QC/",V3D`!SN<9#[V[2B@",SPK<);M+&)W1G2,L-S*I`8@
M=2`64$]MP]:X_P`3WEBVI6NEV]Q:+=R:G:3W6GB+9=7166$K,AS\R(J9=MK@
MK$R[D*DKVE%`'+Z38V]E\0_$!MX]K3Z?932L6+,[F6[Y)/)P`%'HJJHP``-3
M5-5T6V\/MK&HW-H=)C1+K[0^'C(!#1NN,[CNVE<9).W'.*U*KV%C;Z9IUM86
M<?EVMK$D,*;B=J*`%&3R<`#K0!Y_!J%@XTSQ(^HV)MY?$$EU?3Q74;P68-E+
M#$LDBDJK;!`K?,1YCG:2&6C2+^STK4M*U74;N"STV7^V_+O+B01POYU_')%A
MVP#O12Z\_,H)&0*](HH`\OO);?3_`(66&DW#06>KW/A^"VEM+B`I<WJ"!E^S
M0DD?OMS$`8DV%QE#O&?4***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#__
!V3\_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
