<SUBMISSION>
<ACCESSION-NUMBER>0000950123-06-012025
<TYPE>S-1/A
<PUBLIC-DOCUMENT-COUNT>23
<FILING-DATE>20060927
<DATE-OF-FILING-DATE-CHANGE>20060927
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IPG PHOTONICS CORP
<CIK>0001111928
<ASSIGNED-SIC>3674
<IRS-NUMBER>043444218
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-1/A
<ACT>33
<FILE-NUMBER>333-136521
<FILM-NUMBER>061111998
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 OLD WEBSTER ROAD
<CITY>OXFORD
<STATE>MA
<ZIP>01540
<PHONE>5083731100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 OLD WEBSTER ROAD
<CITY>OXFORD
<STATE>MA
<ZIP>01540
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>b61608a1sv1za.htm
<DESCRIPTION>IPG PHOTONICS CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>AMENDMENT NO. 1 TO FORM S-1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>As filed with the Securities and Exchange Commission on
September&nbsp;27, 2006</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Registration
No.&nbsp;<FONT style="white-space: nowrap">333-136521</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 6.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>UNITED STATES</B>
</DIV>

<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff;">
<B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Amendment No.&nbsp;1</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>to</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff;">
<B>Form&nbsp;<FONT style="white-space: nowrap">S-1</FONT></B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B> REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>UNDER</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 24.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>IPG Photonics Corporation</B>
</DIV>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>(Exact name of Registrant as specified in its charter)</I>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 7pt; ">

<TR style="font-size: 1pt;">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Delaware<BR>
     </B><I>(State or other jurisdiction of<BR>
    incorporation or organization)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>3674<BR>
     </B><I>(Primary Standard Industrial<BR>
    Classification Code Number)<BR>
    <BR>
     </I><B>50 Old Webster Road<BR>
    Oxford, Massachusetts 01540<BR>
    (508) 373-1100</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>04-3444218<BR>
     </B><I>(I.R.S. employer identification<BR>
    number)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>(Address, including zip code, and telephone number, including
area code, of registrant&#146;s principal executive offices)</I>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Valentin P. Gapontsev,&nbsp;Ph.D.</B>
</DIV>

<DIV align="center" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
<B>Chief Executive Officer and Chairman of the Board</B>
</DIV>

<DIV align="center" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
<B>IPG Photonics Corporation</B>
</DIV>

<DIV align="center" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
<B>50 Old Webster Road</B>
</DIV>

<DIV align="center" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
<B>Oxford, Massachusetts 01540</B>
</DIV>

<DIV align="center" style="font-size: 9.0pt;color: #000000; background: #ffffff;">
<B>(508) 373-1100</B>
</DIV>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>(Name, address, including zip code, and telephone number,
including</I>
</DIV>

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff;">
<I>area code, of agent for service)</I>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Copies To:</I></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Robert W. Ericson,&nbsp;Esq.<BR>
    David A. Sakowitz,&nbsp;Esq.<BR>
    Winston&nbsp;&#38; Strawn LLP<BR>
    200 Park Avenue<BR>
    New York, New York 10166- 4193<BR>
    (212)&nbsp;294-6700</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>Robert G. Day,&nbsp;Esq.<BR>
    Wilson Sonsini Goodrich&nbsp;&#38; Rosati<BR>
    Professional Corporation<BR>
    650 Page Mill Road<BR>
    Palo Alto, California 94304- 1050<BR>
    (650) 493-9300<BR>
    Adam M. Dinow, Esq.<BR>
    Wilson Sonsini Goodrich&nbsp;&#38; Rosati<BR>
    Professional Corporation<BR>
    1301 Avenue of the Americas<BR>
    New York, New York 10019<BR>
    (212) 999-5800</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Approximate date of commencement of proposed sale to the
public:</B> As soon as practicable after the effectiveness of
this registration statement.
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any of the securities being registered on this form are to be
offered on a delayed or continuous basis pursuant to
Rule&nbsp;415 under the Securities Act of 1933, please check the
following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
please check the following box and list the Securities Act
registration statement number of the earlier effective
registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this form is a post-effective amendment filed pursuant to
Rule&nbsp;462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this form is a post-effective amendment filed pursuant to
Rule&nbsp;462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If delivery of the prospectus is expected to be made pursuant to
Rule&nbsp;434, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 9.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The Registrant hereby amends this Registration Statement on
such date or dates as may be necessary to delay its effective
date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act, or until the Registration Statement shall
become effective on such date as the Commission, acting pursuant
to said Section&nbsp;8(a), may determine.</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" cellpadding="5" style="border: 3pt double #000000; margin-bottom: 6pt; font-size: 10pt"><TR><TD>
<FONT color="#E8112D" face="helvetica,arial">The information in
this prospectus is not complete and may be changed. We may not
sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.

</FONT>
</TD></TR></TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT color="#E8112D">Subject to Completion</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B><FONT color="#E8112D">Preliminary Prospectus
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>&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;Shares</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="b61608a1b6160800.gif" alt="IPG LOGO">
</DIV>

<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Common Stock</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 27%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This is IPG Photonics Corporation&#146;s initial public offering
of its common stock. We are
offering &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock. The selling stockholders named in this
prospectus, including our chairman and chief executive officer
and two other members of our board of directors, are offering an
additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock. We expect the public offering price to be
between
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Currently, no public market exists for our common stock. After
pricing of the offering, we expect that our common stock will be
quoted on the Nasdaq Global Market under the symbol
&#147;IPGP.&#148;
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Investing in our common stock involves risks that are
described in the</B>
</DIV>

<DIV align="center" style="font-size: 12.0pt;color: #000000; background: #ffffff;">
<B>&#147;Risk Factors&#148; section beginning on page&nbsp;7 of
this prospectus.</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 27%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Total</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public offering price</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting discount</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds, before expenses, to IPG Photonics</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds, before expenses, to selling stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters may also purchase up to an
additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock from us at the public offering price, less the
underwriting discount, within 30&nbsp;days from the date of this
prospectus to cover overallotments.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The shares will be ready for delivery on or
about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006.
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 27%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 18.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><B>Merrill Lynch&nbsp;&#38; Co.</B></TD>
    <TD align="right"><B>Lehman Brothers</B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 27%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B> Needham&nbsp;&#38; Company, LLC</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 18.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="20%"></TD>
    <TD width="80%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies&nbsp;&#38;
    Company</B></TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 18.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B> Thomas Weisel Partners LLC</B></TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 27%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The date of this prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006.
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
&nbsp;

<IMG src="b61608a1b6160802.jpg" alt="(Logo)">

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>Prospectus Summary</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>Risk Factors</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>Special Note&nbsp;Regarding Forward-Looking
    Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>Use of Proceeds</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>Dividend Policy</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>Capitalization</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>Dilution</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>Selected Consolidated Financial Data</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>Management&#146;s Discussion and Analysis
    of Financial Condition and Results of Operations</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>Business</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>48</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>Management</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>Principal and Selling Stockholders</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>Certain Relationships and Related Party
    Transactions</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>Description of Capital Stock</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>88</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>Shares Eligible for Future Sale</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>92</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#116'>Certain Material U.S.&nbsp;Federal Income
    Tax Consequences to Non-U.S.&nbsp;Holders</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>95</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#117'>Underwriting</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>98</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#118'>Legal Matters</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>104</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#119'>Experts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>104</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#120'>Where You Can Find Additional
    Information</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>104</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#121'>Index to Financial Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w21.txt">EX-10.21 ASSIGNMENT RESEARCH & DEVELOPMENT AGREEMENT DATED AUGUST 30, 2000</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w22.txt">EX-10.22 INVESTMENT AGREEMENT DATED MARCH 1, 2001</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w23.txt">EX-10.23 LOAN & SECURITY AGREEMENT DATED AUGUST 23, 2002</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w24.txt">EX-10.24 NON-RECOURSE PROMISSORY NOTE DATED APRIL 1, 2003</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w25.txt">EX-10.25 AMENDED & RESTATED NON-RECOURSE PROMISSORY NOTE DATED APRIL 13, 2001</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w26.txt">EX-10.26 STOCK PURCHASE AGREEMENT DATED DECEMBER 14, 2004</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w27.txt">EX-10.27 GUARANTY DATED AUGUST 9, 2006</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w28.txt">EX-10.28 STOCK PURCHASE AGREEMENT DATED AUGUST 30, 2000</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w29.txt">EX-10.29 LOAN AGREEMENT DATED JANUARY 3, 2002</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w30.txt">EX-10.30 EXCHANGE AGREEMENT DATED JULY 31, 2006</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w31.txt">EX-10.31 SUBSCRIPTION AGREEMENT DATED AUGUST 13, 2003</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w32.txt">EX-10.32 CONFIDENTIAL SETTLEMENT AGREEMENT DATED JUNE 25, 2003</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w33.txt">EX-10.33 CONVERTIBLE PROMISSORY NOTE DATED AUGUST 13, 2003</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w34.txt">EX-10.34 SECURED PROMISSORY NOTE DATED AUGUST 13, 2003</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w35.txt">EX-10.35 NON-RECOURSE PROMISSORY NOTE DATED SEPTEMBER 30, 2003</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv10w36.txt">EX-10.36 NON-RECOURSE PROMISSORY NOTE DATED DECEMBER 3, 2003</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="b61608a1exv23w1.txt">EX-23.1 CONSENT OF DELOITTE & TOUCHE LLP</A></FONT></TD></TR>
</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- /TOC -->
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should rely only on the information contained in this
prospectus or any free writing prospectus prepared by or on
behalf of us. We have not, and the underwriters have not,
authorized anyone to provide you with additional information or
information different from that contained in this prospectus. We
are offering to sell, and seeking offers to buy, shares of our
common stock only in jurisdictions where offers and sales are
permitted. The information contained in this prospectus is
accurate only as of the date of this prospectus, regardless of
the time of delivery of this prospectus or of any sale of shares
of our common stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this prospectus, references to &#147;IPG Photonics,&#148;
&#147;our company,&#148; &#147;we,&#148; &#147;us&#148; and
&#147;our&#148; refer to IPG Photonics Corporation and its
consolidated subsidiaries, except where the context otherwise
indicates.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The market and industry data and forecasts included in this
prospectus are based upon independent industry sources,
including Strategies Unlimited and Frost&nbsp;&#38; Sullivan.
Although we believe that these independent sources are reliable,
we have not independently verified the accuracy and completeness
of this information, nor have we independently verified the
underlying economic assumptions relied upon in preparing any
data or forecasts.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='101'></A>
</DIV>

<!-- link1 "PROSPECTUS SUMMARY" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROSPECTUS SUMMARY</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="98%"></TD>
    <TD width="2%"></TD>
</TR>

<TR valign="top">
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I>This summary highlights information contained elsewhere in
    this prospectus. Because it is a summary, it does not contain
    all of the information that you should consider before investing
    in our common stock. You should read the entire prospectus
    carefully, including our financial statements and the related
    notes and the risks of investing in our common stock discussed
    under &#147;Risk Factors&#148; before making an investment
    decision.</I></TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>IPG Photonics Corporation</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Overview</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are the leading developer and manufacturer of a broad line of
high-performance fiber lasers for diverse applications in
numerous markets. Since our founding in 1990, we have pioneered
the development and commercialization of optical fiber-based
lasers. Fiber lasers are a new generation of lasers that combine
the advantages of semiconductor diodes, such as their long life
and high efficiency, with the high amplification and precise
beam qualities of specialty optical fibers to deliver superior
performance, reliability and usability at a lower total cost of
ownership compared to conventional lasers. Our products are
displacing traditional lasers in many current applications and
enabling new applications for lasers. Our vertically integrated
operations allow us to rapidly develop and integrate advanced
products, protect our proprietary technology and ensure access
to critical components while reducing manufacturing costs.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our diverse lines of low, mid and high-power lasers and
amplifiers are used in materials processing, communications,
medical and advanced applications. For the year ended
December&nbsp;31, 2005, we reported net sales of
$96.4&nbsp;million and net income of $7.4&nbsp;million. For the
six months ended June&nbsp;30, 2006, we reported net sales of
$64.9&nbsp;million and net income of $6.1&nbsp;million.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our headquarters and manufacturing facilities are located in
Oxford, Massachusetts. We have additional manufacturing
facilities in Germany, Russia and Italy, and regional sales
offices in the United States, Japan, South Korea, India and the
United Kingdom.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Industry Background</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Historically,
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
gas lasers and crystal lasers have been the two principal laser
types used in materials processing and many other applications.
A
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
laser produces light by electrically stimulating a gas-filled
tube, while a crystal laser uses a lamp, diode stack or array to
optically pump a special crystal. Traditional lasers have a
number of disadvantages and limitations, including low beam
quality, low reliability, limited output powers and wavelength
choices, high energy consumption, large size, lack of mobility,
the need for expensive replacement parts and complex cooling and
maintenance requirements. In addition, the operating parameters
of traditional lasers are difficult to control precisely.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that fiber lasers represent a disruptive technology,
a technology that has the potential to displace traditional
laser technologies and processes because it constitutes a
fundamental shift, not merely an incremental advance, in laser
technology. Fiber lasers use semiconductor diodes as the light
source to pump specialty optical fibers, which are infused with
rare earth ions. The laser emission is created within optical
fibers and delivered through a flexible cable. Over the last
several years, technological improvements in active optical
fibers, semiconductor diodes and other optical components have
resulted in performance improvements and increases in cost
effectiveness, reliability and output power levels of fiber
lasers. As a result, fiber lasers have gained market share by
replacing traditional lasers in existing laser applications and
enabling new applications by addressing customer needs that are
not met by traditional lasers and non-laser processes. We
believe that fiber lasers provide a combination of benefits that
include:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Superior Performance.</I></B> Fiber lasers provide high
    beam quality over the entire power range.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Lower Total Cost of Ownership.</I></B> Fiber lasers offer
    strong value to customers because of their lower total operating
    costs due to their lower maintenance costs, high reliability and
    energy efficiency.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">1
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Ease of Use.</I></B> The all solid-state design and
    integrated fiber delivery of fiber lasers make them easy to
    operate, maintain and integrate into laser-based systems.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Compact Size and Portability.</I></B> Fiber lasers are
    typically smaller and lighter than traditional lasers, and their
    portability and versatility allow them to be used in new laser
    applications.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Choice of Wavelengths and Precise Control of Beam.</I></B>
    The design of fiber lasers generally provides a broad range of
    wavelength choices and increased beam control, allowing users to
    select the precise wavelength and beam parameter that best match
    their application and materials.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the benefits offered by fiber lasers, there
remain applications and processes where traditional laser
technologies may provide superior performance with respect to
particular features. For example, crystal lasers can provide
higher peak power pulses and fiber lasers do not generate the
deep ultraviolet light that is used for photolithography in many
semiconductor applications.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
According to Strategies Unlimited, sales of fiber lasers are
estimated to grow at a compound annual growth rate of
approximately 39%, from $131&nbsp;million in 2005 to
$674&nbsp;million by 2010. Strategies Unlimited also estimates
the total available market for fiber lasers to be growing at 9%
annually from $1.8&nbsp;billion in 2005 to $2.8&nbsp;billion by
2010. The penetration of fiber lasers is estimated to grow from
7% to 24% of the total available market for fiber lasers during
that time period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our Strengths</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our key strengths and competitive advantages include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Differentiated Proprietary Technology Platform.</I></B>
    Our proprietary technology platform allows our products to have
    higher output powers and superior beam quality than are
    achievable through traditional techniques. In addition, we have
    developed a wide range of advanced proprietary optical
    components that contribute to the superior performance and
    reliability of our products.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Leading Market Position.</I></B> As a pioneer and
    technology leader in fiber lasers, we have built leading
    positions in our various end markets with a large and diverse
    customer base.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Breadth and Depth of Expertise.</I></B> We have extensive
    know-how in materials sciences, which enables us to make our
    specialty optical fibers, semiconductor diodes and other
    critical components. We also have expertise in optical,
    electrical, mechanical and semiconductor engineering which we
    use to develop and manufacture our products.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Vertically Integrated Development and
    Manufacturing.</I></B> We believe that we are the only fiber
    laser manufacturer that is vertically integrated. We develop and
    manufacture all of the key components of our fiber lasers,
    including semiconductor diodes, specialty optical fibers and
    other advanced optical components. We believe our vertical
    integration enhances our ability to meet customer requirements,
    accelerate development, manage costs and improve component
    yields, while maintaining high performance and quality standards.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Diverse Customer Base, End Markets and
    Applications.</I></B> Our diverse customer base, end markets and
    applications provide us with many growth opportunities. We have
    shipped more than 21,000&nbsp;units and, in 2005, we shipped to
    more than 300&nbsp;customers worldwide.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Broad Product Portfolio and Ability to Meet Customer
    Requirements.</I></B> We offer a broad range of standard and
    custom fiber lasers and amplifiers ranging in power from one
    watt to 50&nbsp;kilowatts. As a result of our modular, scalable
    technology platform, we are able to easily customize and upgrade
    our products to meet customer requirements.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our Strategy</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to maintain and extend our leadership position by
pursuing the following key elements of our strategy:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Leverage Our Technology to Gain Market Share.</I></B> We
    plan to leverage our brand and position as the leader in
    developing and commercializing fiber lasers to increase our
    market share in the broader market. We believe that our fiber
    lasers will continue to displace traditional lasers in many
    existing applications due to their superior performance and
    value.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Target New Applications for Lasers.</I></B> We intend to
    continue to enable and penetrate additional applications where
    lasers have not traditionally been used. We believe that fiber
    laser technology can overcome many of the limitations that have
    slowed the adoption of traditional lasers.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Expand Our Product Portfolio.</I></B> We plan to continue
    to invest in research and development to add additional
    wavelengths, power levels and other parameters, improve beam
    quality and develop new products.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Optimize Our Manufacturing Capabilities.</I></B> We plan
    to seek further increases in the automation of our component
    manufacturing processes and device assembly to improve component
    yields and increase the power outputs and capacities of the
    various components that we make.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Expand Global Reach to Attract Customers
    Worldwide.</I></B> We intend to capitalize on and grow our
    global customer base by opening new application development
    centers as well as sales and service offices in Asia, Europe and
    the United States.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Risk Factors</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our business is subject to numerous risks and uncertainties,
including those highlighted in the section entitled &#147;Risk
Factors&#148; immediately following this prospectus summary. The
principal risks that we face relate to the following factors:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Application Penetration and Increasing Market
    Share.</I></B> Our future growth depends upon our ability to
    penetrate new applications for fiber lasers and increase our
    market share in existing applications.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Acceptance and Rate of Penetration.</I></B> If fiber
    lasers do not achieve broader market acceptance or if market
    penetration occurs more slowly than we expect, prospects for our
    growth and profitability may be negatively impacted.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Effectively Managing Our Growth.</I></B> We may not be
    able to effectively manage our growth, which may harm our
    business and operating results.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>High Levels of Fixed Costs.</I></B> Our vertical
    integration strategy results in high levels of fixed costs, and
    our manufacturing capacity may not be at the appropriate size
    for future levels of demand.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Intellectual Property Infringement Claims.</I></B> We are
    currently subject to claims that we are infringing third-party
    intellectual property rights and other claims may arise in the
    future, which could result in costly and lengthy litigation, the
    outcome of which is unknown.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Corporate Information</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We began our operations in Russia in 1990 and were incorporated
in Delaware in 1998. Our principal executive offices are located
at 50&nbsp;Old Webster Road, Oxford, Massachusetts 01540, and
our telephone number is
(508)&nbsp;<FONT style="white-space: nowrap">373-1100.</FONT>
Our website is located at <I>www.ipgphotonics.com</I>.
Information on our website should not be considered part of this
prospectus.
</DIV>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">3
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>THE OFFERING</B>
</DIV>

<DIV style="margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    Common stock offered by IPG Photonics</TD>
    <TD></TD>
    <TD valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Common stock offered by the selling stockholders</TD>
    <TD></TD>
    <TD valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Common stock to be outstanding after the offering</TD>
    <TD></TD>
    <TD valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
    Use of proceeds</TD>
    <TD></TD>
    <TD valign="top">
    We expect to receive net proceeds from the offering of
    approximately
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million.
    We expect to use the net proceeds from the offering to
    repurchase our series&nbsp;B warrants, to repay certain of our
    outstanding indebtedness and for general corporate purposes,
    which may include working capital, expansion of our
    manufacturing facilities, purchases of equipment and expansion
    of our applications development and service capabilities. We
    will not receive any proceeds from the shares sold by the
    selling stockholders. The selling stockholders include our
    chairman and chief executive officer and two other members of
    our board of directors. See &#147;Principal and Selling
    Stockholders.&#148; Entities that may be deemed to be affiliates
    of Merrill Lynch&nbsp;&#38; Co., one of the underwriters in this
    offering, will receive a portion of the proceeds of this
    offering as a result of our repurchase of series&nbsp;B warrants
    held by them. See &#147;Underwriting&nbsp;&#151; Certain
    Relationships.&#148; One of our directors, Michael C. Child, is
    a managing director of TA Associates, Inc., which will receive a
    portion of the proceeds of this offering as a result of our
    repurchase of the series&nbsp;B warrants held by it. See
    &#147;Use of Proceeds.&#148;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Nasdaq Global Market Symbol</TD>
    <TD></TD>
    <TD valign="top">
    &#147;IPGP&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The number of shares of common stock to be outstanding after the
offering is based on 40,883,700&nbsp;shares outstanding as of
June&nbsp;30, 2006 and
includes &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
that we will issue upon conversion of our outstanding preferred
stock effective immediately prior to completion of the offering
assuming an initial public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, which is the midpoint of the range set forth on the cover
page of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The number of shares of common stock to be outstanding after the
offering excludes:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    6,655,960&nbsp;shares issuable upon exercise of stock options
    outstanding as of June&nbsp;30, 2006, which have a weighted
    average exercise price of $1.71&nbsp;per share;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    4,790,034 additional shares reserved as of June&nbsp;30, 2006
    for future issuance under our stock-based compensation plans;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    warrants to purchase shares of our common stock that will be
    repurchased at the closing of this offering; and</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    2,684,211&nbsp;shares of our series&nbsp;D preferred stock that
    were issuable upon conversion of a convertible note. We repaid
    the convertible note in August 2006 and therefore the
    series&nbsp;D preferred stock underlying the convertible note
    will not be issued.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise stated, all information contained in this
prospectus:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    gives effect to the conversion of our outstanding preferred
    stock into a combination of common stock and subordinated notes;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    gives effect to amendments to our certificate of incorporation
    and by-laws that will become effective upon completion of this
    offering;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    assumes no exercise of the option to
    purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
    shares of common stock granted to the underwriters.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SUMMARY CONSOLIDATED FINANCIAL DATA</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following summary consolidated financial data should be read
together with the more detailed information contained in
&#147;Selected Consolidated Financial Data,&#148;
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and our consolidated
financial statements and the related notes included elsewhere in
this prospectus. The data for the years ended December&nbsp;31,
2003, 2004 and 2005, is derived from our audited consolidated
financial statements and related notes included elsewhere in
this prospectus. The data for the years ended December&nbsp;31,
2001 and 2002, is derived from our audited consolidated
financial statements and related notes not included in this
prospectus. The summary interim consolidated financial data as
of June&nbsp;30, 2006 and for the six months ended June&nbsp;30,
2005 and 2006, is derived from our unaudited consolidated
financial statements and related notes included elsewhere in
this prospectus. We have prepared our unaudited interim
consolidated financial data on a basis consistent with our
audited consolidated financial statements except that, effective
January&nbsp;1, 2006, we were required to begin accounting for
stock-based payments at fair value, as discussed in note&nbsp;2
to the consolidated financial statements. In the opinion of our
management, our unaudited interim consolidated financial
statements reflect all adjustments, consisting only of normal
recurring adjustments, necessary for a fair presentation of our
results of operations and financial position. Our historical
results are not necessarily indicative of the results for any
future period.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="26" align="center" nowrap><B>(in thousands, except per share data)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Consolidated Statement of<BR>
    Operations Data:(1)</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>22,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>96,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>41,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>64,927</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,119</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit (loss)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,097</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,843</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,808</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sales and marketing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,343</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,622</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    General and administrative</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,813</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,778</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating (loss) income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(63,297</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(52,218</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(27,014</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,030</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest income (expense), net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,089</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,505</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,150</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,840</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(969</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(709</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fair value adjustment to series&nbsp;B warrants(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,664</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(615</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(745</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(314</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,219</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other income, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (Loss) income before benefit from (provision for) income taxes
    and minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(53,603</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(48,375</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(30,536</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,114</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Benefit from (provision for) income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,175</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,080</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,219</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,598</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(80</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(426</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(398</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net (loss) income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(49,622</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(49,385</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net (loss) income per share:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basic</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1.45</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1.42</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.93</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.01</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Diluted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1.45</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1.42</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.93</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.01</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted average shares outstanding:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basic</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Diluted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,584</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Supplementary pro forma net income per share(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="right" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>(footnotes on following page)</I>
</DIV>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Due primarily to certain stock-based compensation awarded
    primarily in 2000 and 2001, we have recorded significant
    stock-based compensation during the years ended
    December&nbsp;31, 2001, 2002 and 2003. Those awards became fully
    vested during the year ended December&nbsp;31, 2004. See
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&nbsp;&#151; Critical
    Accounting Policies and Estimates&nbsp;&#151; Stock-Based
    Compensation.&#148;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    The change in value of the series&nbsp;B warrants is a non-cash
    charge related to recording the increase or decrease in the fair
    value of the warrants. The change in fair value for this
    derivative instrument is directly related to the probability
    that the warrants will be exercised prior to their expiration in
    April 2008. We intend to use a portion of the net proceeds from
    this offering to repurchase the series&nbsp;B warrants. See
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&nbsp;&#151; Factors and
    Trends That Affect our Operations and Financial
    Results&nbsp;&#151; Effect of Preferred Stock On Net Income and
    Net Income Per Share.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    The supplemental pro forma disclosures are intended to
    demonstrate the effects on net income per share of the
    completion of this offering and the related impacts of the
    conversion of our preferred stock and the repurchase of the
    series&nbsp;B warrants with a portion of the net proceeds of
    this offering. The number of shares used in the calculation of
    supplementary pro forma net income per common share includes
    (a)&nbsp;the basic weighted average common stock outstanding,
    (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    of common stock, which will be issued upon completion of this
    offering upon the conversion of our preferred stock, and
    (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    related to the additional dilutive impact of existing options
    assuming that the fair value of the common stock increases to
    the midpoint of the range set forth on the cover page of this
    prospectus. Supplementary pro forma net income used in the
    calculation of supplementary pro forma net income per share
    reflects the elimination of the increase in value of the
    series&nbsp;B warrants, which will be repurchased upon the
    completion of this offering, totaling $745,000 for the year
    ended December&nbsp;31, 2005 and $2.2&nbsp;million for the six
    months ended June&nbsp;30, 2006. In addition, all accretion of
    preferred stock has been eliminated in the determination of net
    income attributable to common stockholders. See &#147;Use of
    Proceeds,&#148; &#147;Management&#146;s Discussion and Analysis
    of Financial Condition and Results of Operations&nbsp;&#151;
    Critical Accounting Policies and Estimates&nbsp;&#151; Fair
    Value Adjustment of Warrants&#148; and &#147;Certain
    Relationships and Related Party Transactions.&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The table below summarizes our consolidated balance sheet as of
June&nbsp;30, 2006 on an actual basis, on a pro forma basis to
give effect to the conversion of all outstanding shares of
preferred stock as of that date into common stock and the
issuance of subordinated notes totaling $20.0&nbsp;million,
which will occur upon closing of this offering, and on a pro
forma as adjusted basis to reflect the transactions described
above as well as the sale
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock in this offering at an assumed offering
price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share and the application of the estimated net proceeds
therefrom as described in &#147;Use of Proceeds.&#148;
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>As of June&nbsp;30, 2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma as Adjusted</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Consolidated Balance Sheet Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash and cash equivalents</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Working capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>131,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>131,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long-term debt, including current portion</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;B warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Convertible redeemable preferred stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>97,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stockholders&#146; (deficit) equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(38,545</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='102'></A>
</DIV>

<!-- link1 "RISK FACTORS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>RISK FACTORS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>This offering involves a high degree of risk. You should
carefully consider the risks and uncertainties below, together
with the financial and other information contained in this
prospectus, before you decide to buy our common stock. If any of
the following risks and uncertainties actually occur, our
business, prospects, financial condition and results of
operations would likely suffer. In these circumstances, the
market price of our common stock could decline, and you could
lose all or part of your investment in our common stock.</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Risks Related To Our Business</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our future growth depends upon our ability to penetrate
    new applications for fiber lasers and increase our market share
    in existing applications.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our future growth will depend on our ability to generate sales
of fiber lasers in applications where traditional lasers, such
as
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and yttrium aluminum garnet (YAG) lasers, have been used or in
new and developing markets and applications for lasers where
they have not been used previously. To date, a significant
portion of our revenue growth has been derived from sales of
fiber lasers primarily for applications where
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and YAG lasers historically have been used. In order to increase
market demand for our fiber laser products, we will need to
devote substantial resources to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    demonstrate the effectiveness of fiber lasers in new
    applications;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    increase our direct and indirect sales efforts;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    extend our product line to address new applications for our
    products;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    continue to reduce our manufacturing costs and enhance our
    competitive position; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    effectively service and support our installed product base.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are unable to implement our strategy to develop new
applications for our products, our revenues, operating results
and financial condition could be adversely affected. We cannot
assure you that we will be able to successfully implement our
business strategy. In addition, our newly developed or enhanced
products may not achieve market acceptance or may be rendered
obsolete or less competitive by the introduction of new products
by other companies.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If fiber lasers do not achieve broader market acceptance
    or if market penetration occurs more slowly than we expect,
    prospects for our growth and profitability may be negatively
    impacted.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The fiber laser market is relatively new when compared to the
conventional laser market and our future success depends on the
development and broader market acceptance of fiber lasers.
Potential customers may be reluctant to adopt fiber lasers as an
alternative to traditional lasers, such as
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and YAG, and non-laser methods, such as mechanical tools. Such
potential customers may have substantial investments and
know-how related to their existing laser and non-laser
technologies, and may perceive risks relating to the
reliability, quality, usefulness and cost-effectiveness of fiber
lasers when compared to other laser or non-laser technologies
available in the market. Many of our target markets, such as the
automotive, machine tool and other manufacturing, communications
and medical industries, have historically adopted new
technologies slowly. These markets often require long test and
qualification periods or lengthy government approval processes
before adopting new technologies. As a result, we may expend
significant resources and time to qualify our products for a new
customer application, and we cannot assure that our products
will be qualified or approved for such markets. If acceptance of
fiber laser technology, and of our fiber lasers in particular,
does not continue to grow within the markets that we serve, then
the opportunities to increase our revenues and profitability may
be severely limited.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may not be able to effectively manage our growth and we
    may need to incur significant costs to address the operational
    requirements related to our growth, either of which could harm
    our business and operating results.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been experiencing a period of significant growth and
expansion, both in the United States and internationally, which
has required, and will continue to require, increased efforts of
our management and other resources. Our recent and anticipated
growth has placed, and is expected to continue to place,
significant strain on our research and development, sales and
marketing, operational and administrative resources. To manage
our growth, we will need to continue to improve our operational
and financial systems and expand, train and manage our
employees. For example, we must implement new modules of our
management information system, hire and train new sales
representatives, service and application personnel, and expand
our supply chain management and quality control operations. This
may require substantial managerial and financial resources, and
our efforts in this regard may not be successful. If we fail to
adequately manage our expected growth, or to improve our
operational, financial and management information systems, or
fail to effectively motivate or manage our new and future
employees, the quality of our products and the management of our
operations could suffer and our operating results could be
adversely affected.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our vertically integrated business results in high levels
    of fixed costs that may adversely impact our gross profits and
    our operating results in the event of a reduction in demand for
    our products.</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have a high fixed cost base due to our vertically integrated
business model, including the fact that approximately 710 of our
900 employees as of June&nbsp;30, 2006 were employed in our
manufacturing operations. We cannot adjust these fixed costs
quickly to adapt to rapidly changing market conditions. Our
gross profit, in absolute dollars and as a percentage of net
sales, is greatly impacted by our sales volume and the
corresponding absorption of fixed manufacturing overhead
expenses. In addition, because we are a vertically integrated
manufacturer and design and manufacture our key specialty
components, insufficient demand for our products may subject us
to the risk of high inventory carrying costs and increased
inventory obsolescence. Given our vertical integration, the rate
at which we turn inventory has historically been low when
compared to our cost of sales. We do not expect this to change
significantly in the future and believe that we will have to
maintain a relatively high level of inventory compared to our
cost of sales. As a result, we continue to expect to have a
significant amount of working capital invested in inventory and
changes in our level of inventory to lead to an increase in cash
generated from our operations when it is sold or a decrease in
cash generated from our operations at times when the amount of
inventory is increasing. We may be required to write down
inventory costs in the future as we have done in the past, and
the high inventory costs may have an adverse effect on our gross
profits and our operating results.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We are subject to lawsuits alleging that we are infringing
    third-party intellectual property rights. Intellectual property
    claims could result in costly litigation and harm our
    business.</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In recent years, there has been significant litigation involving
intellectual property rights in many technology-based
industries, including our own. We face risks and uncertainties
in connection with such litigation, including the risk that
patents issued to others may harm our ability to do business;
that there could be existing patents of which we are unaware
that could be pertinent to our business; and that it is not
possible for us to know whether there are patent applications
pending that our products might infringe upon, since patent
applications often are not disclosed until a patent is issued or
published. Moreover, the frequency with which new patents are
granted and the diversity of jurisdictions in which they are
granted make it impractical and prohibitively expensive for us
to monitor all patents that may be relevant to our business.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
From time to time, we have been notified of allegations and
claims that we may be infringing patents or intellectual
property rights owned by third parties. We are presently
defending two patent infringement lawsuits brought by the
<FONT style="white-space: nowrap">Scientific-Atlanta</FONT>
division of Cisco Systems, Inc. and Spectra-Physics, a division
of Newport Corporation. See &#147;Business&nbsp;&#151; Legal
Proceedings.&#148; There can be no assurance that we will be
able to amicably dispose of the pending litigation, claims and
other allegations
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
made against us and claims that may be asserted in the future.
The outcome of any litigation, including the pending
litigations, is uncertain. Even if we ultimately are successful
on the merits of any such litigation, legal and administrative
proceedings related to intellectual property are typically
expensive and time-consuming, generate negative publicity and
divert financial and managerial resources. Some litigants
against us may have greater financial resources and may be able
to sustain the costs of complex intellectual property litigation
more easily than we can.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we do not prevail in any intellectual property litigation
brought against us, it could affect our ability to sell our
products and materially harm our business, financial condition
and results of operations. These developments could adversely
affect our ability to compete for customers and increase our
revenues. Plaintiffs in intellectual property cases often seek,
and sometimes obtain, injunctive relief. Intellectual property
litigation commenced against us, including the lawsuits brought
by Scientific-Atlanta and Spectra-Physics that we are presently
defending, could force us to take actions that could be harmful
to our business, including the following:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    stop selling our products or using the technology that contains
    the allegedly infringing intellectual property;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    pay actual monetary damages, royalties, lost profits or
    increased damages and the plaintiff&#146;s attorneys&#146; fees;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    attempt to obtain a license to use the relevant intellectual
    property, which may not be available on reasonable terms or at
    all;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    attempt to redesign the products that allegedly infringed upon
    intellectual property of others.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, intellectual property lawsuits can be brought by
third parties against OEMs and end users that incorporate our
products into their systems or processes. In some cases, we
indemnify OEMs against third-party infringement claims relating
to our products and we often make representations affirming,
among other things, that our products do not infringe on the
intellectual property rights of others. As a result, we may
incur liabilities in connection with lawsuits against our
customers. Any such lawsuits, whether or not they have merit,
could be time-consuming to defend, damage our reputation and
result in substantial and unanticipated costs.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our inability to protect our intellectual property and
    proprietary technologies could result in the unauthorized use of
    our technologies by third parties, hurt our competitive position
    and adversely affect our operating results.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We rely on trade secret laws, contractual agreements, technical
know-how and other unpatented proprietary information to protect
our products, product development and manufacturing activities
from unauthorized copying by third parties. While we own a small
number of patents, we have not historically emphasized patents
as a source of significant competitive advantage, and we do not
expect these patents alone to prevent third parties from
unauthorized copying of our technologies, products and product
components. Rather, we seek to protect our proprietary
technology under laws affording protection for trade secrets. We
also seek to protect our trade secrets and proprietary
information, in part, by requiring employees to enter into
agreements providing for the maintenance of confidentiality and
the assignment of rights to inventions made by them while
employed by us. We have significant international operations and
we are subject to foreign laws which differ in many respects
from U.S.&nbsp;laws. Policing unauthorized use of our trade
secret technologies throughout the world and proving
misappropriation of our technologies are particularly difficult,
especially due to the number of our employees and operations in
numerous foreign countries. The steps that we take to acquire
ownership of our employees&#146; inventions and trade secrets in
foreign countries may not have been effective under all such
local laws, which could expose us to potential claims or the
inability to protect intellectual property developed by our
employees. Furthermore, any changes in, or unexpected
interpretations of, the trade secret and other intellectual
property laws in any country in which we operate may adversely
affect our ability to enforce our trade secret and intellectual
property positions. Costly and time-consuming litigation could
be necessary to determine the scope of our
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
confidential information and trade secret protection. We also
enter into confidentiality agreements with our consultants and
other suppliers to protect our confidential information that we
deliver to them. However, there can be no assurance that our
confidentiality agreements will not be breached, that we will be
able to effectively enforce them or that we will have adequate
remedies for any breach.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Given our reliance on trade secret laws, others may
independently develop similar or alternative technologies or
duplicate our technologies and commercialize discoveries that we
have made. Therefore, our intellectual property efforts may be
insufficient to maintain our competitive advantage or to stop
other parties from commercializing similar products or
technologies. Many countries outside of the United States afford
little or no protection to trade secrets and other intellectual
property rights. Intellectual property litigation can be
time-consuming and expensive, and there is no guarantee that we
will have the resources to fully enforce our rights. If we are
unable to prevent misappropriation or infringement of our
intellectual property rights, or the independent development or
design of similar technologies, our competitive position and
operating results could suffer.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We depend upon internal production and on outside single
    or limited-source suppliers for many of our key components and
    raw materials. Any interruption in the supply of these key
    components and raw materials could adversely affect our results
    of operations.</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We rely exclusively on our own production capabilities to
manufacture certain of our key components, such as semiconductor
diodes, specialty optical fibers and optical components. We do
not have redundant production lines for some of our components,
such as our diodes and some other components, which are made at
a single manufacturing facility. These may not be readily
available from other sources at our current costs. If our
manufacturing activities were obstructed or hampered
significantly, it could take a considerable length of time, or
it could increase our costs, for us to resume manufacturing or
find alternative sources of supply. Many of the tools and
equipment we use are custom-designed, and it could take a
significant period of time to repair or replace them. In
particular, we use complex tools in the production of our
semiconductor diodes that may be taken out of production for
months to be serviced and the tools must be recertified before
they are put back into production. If we are unable to
successfully recommission these tools in a timely fashion, our
results of operations and business may be adversely affected.
Our three major manufacturing facilities are located in Oxford,
Massachusetts; Burbach, Germany; and Fryazino, Russia. If, as a
result of a flood, fire, natural disaster, political unrest, act
of terrorism, war, outbreak of disease or other similar event,
any of our three major manufacturing facilities or equipment
should become inoperable, inaccessible, damaged or destroyed,
our business could be adversely affected to the extent that we
do not have redundant production capabilities.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Also, we purchase certain raw materials used in the manufacture
of our products and other components, such as semiconductor
wafer substrates, modulators and high-power beam delivery
products, from single or limited-source suppliers. In general,
we have no long-term contractual supply arrangements with these
suppliers. Some of our suppliers are also our competitors.
Furthermore, other than our current suppliers, there are a
limited number of entities from whom we could obtain these
supplies. We do not anticipate that we would be able to purchase
these components or raw materials that we require in a short
period of time or at the same cost from other sources in
commercial quantities or that have our required performance
specifications. Any interruption or delay in the supply of any
of these components or materials, or the inability to obtain
these components and materials from alternate sources at
acceptable prices and within a reasonable amount of time, could
adversely affect our business. If our suppliers face financial
or other difficulties or if there are significant changes in
demand for the components and materials we obtain from them,
they could limit the availability of these components and
materials to us, which in turn could adversely affect our
business.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">10

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We rely on the significant experience and specialized
    expertise of our senior management and scientific staff and if
    we are unable to retain these key employees and attract other
    highly skilled personnel necessary to grow our business
    successfully, our business and results of operations could
    suffer.</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our future success is substantially dependent on the continued
service of our executive officers, particularly our founder and
chief executive officer, Dr.&nbsp;Valentin P. Gapontsev, and our
managing director of IPG Laser, Dr.&nbsp;Eugene Shcherbakov, our
highly trained team of scientists, many of whom have several
years of experience and specialized expertise in optical fibers,
semiconductors and optical component technology, and other key
engineering, sales, marketing, manufacturing and support
personnel, any of whom may leave, which could harm our business.
Furthermore, our business requires scientists and engineers with
experience in several disciplines, including physics, optics,
materials sciences, chemistry and electronics. We will need to
continue to recruit and retain highly skilled scientists and
engineers for certain functions. Our future success also depends
on our ability to identify, attract, hire, train, retain and
motivate highly skilled research and development, managerial,
operations, sales, marketing and customer service personnel. If
we fail to attract, integrate and retain the necessary
personnel, our ability to extend and maintain our scientific
expertise and grow our business could suffer significantly.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Failure to effectively build and expand our direct field
    service and support organization could have an adverse effect on
    our business.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that it will become increasingly important for us to
provide rapid, responsive service directly to our customers
throughout the world and to build and expand our own personnel
resources to provide these services. Accordingly, we have an
ongoing effort to develop our direct support systems in Asia,
one of our largest markets. This requires us to recruit and
train additional qualified field service and support personnel
as well as maintain effective and highly trained organizations
that can provide service to our customers in various countries.
We may not be able to attract and train additional qualified
personnel to expand our direct support operations successfully.
We may not be able to find and engage additional qualified
third-party resources to supplement and enhance our direct
support operations. Further, we may incur significant costs in
providing these direct field and support services. Failure to
implement our direct support operation effectively could
adversely affect our relationships with our customers, and our
operating results may suffer.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The laser and amplifier industries may experience
    declining average selling prices, which could cause our gross
    margins to decline and harm our operating results.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Products in the laser and amplifier industries generally, and
our products specifically, have in the past and may in the
future continue to experience a decline in average selling
prices (ASPs) as a result of new product and technology
introductions, increased competition and price pressures from
significant customers. If the ASPs of our products decline and
we are unable to increase our unit volumes, introduce new or
enhanced products with higher margins or reduce manufacturing
costs to offset anticipated decreases in the prices of our
existing products, our operating results may be adversely
affected. In addition, because of our significant fixed costs,
we are limited in our ability to reduce total costs quickly in
response to any revenue shortfalls. Because of these factors, we
may experience material adverse fluctuations in our future
operating results on a quarterly or annual basis if the ASPs of
our products continue to decline.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>A few customers account for a significant portion of our
    sales, and if we lose any of these customers or they
    significantly curtail their purchases of our products, our
    results of operations could be adversely affected.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We rely on a few customers for a significant portion of our
sales. Our top five customers accounted for an aggregate of
between 37% and 38% of our consolidated net sales for each of
the past three years. Our largest customer has accounted for at
least 10% of our net sales for each of the last three years and
accounted for approximately 13% of our consolidated net sales in
2005 and approximately 11% for the six months ended
June&nbsp;30, 2006. We generally do not enter into agreements
with our customers
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">11

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
obligating them to purchase our fiber lasers or amplifiers. Our
business is characterized by short-term purchase orders and
shipment schedules. If any of our principal customers
discontinues its relationship with us, replaces us as a vendor
for certain products or suffers downturns in its business, our
business and results of operations could be adversely affected.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We have experienced, and expect to experience in the
    future, fluctuations in our quarterly operating results. These
    fluctuations may increase the volatility of our stock
    price.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have experienced, and expect to continue to experience,
fluctuations in our quarterly operating results. We believe that
fluctuations in quarterly results may cause the market price of
our common stock to fluctuate, perhaps substantially. Factors
which may have an influence on our operating results in a
particular quarter include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the increase, decrease, cancellation or rescheduling of
    significant customer orders;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the timing of revenue recognition based on the installation or
    acceptance of certain products shipped to our customers;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the timing of customer qualification of our products and
    commencement of volume sales of systems that include our
    products;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the rate at which our present and future customers and end users
    adopt our technologies;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the gain or loss of a key customer;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    product or customer mix;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    competitive pricing pressures;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the relative proportions of our U.S. and international sales;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    our ability to design, manufacture and introduce new products on
    a cost-effective and timely basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the incurrence of expenses to develop and improve application
    and support capabilities, the benefits of which may not be
    realized until future periods, if at all;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    different capital expenditure and budget cycles for our
    customers, which affect the timing of their spending;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    foreign currency fluctuations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    our ability to control expenses.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These factors make it difficult for us to accurately predict our
operating results. In addition, our ability to accurately
predict our operating results is complicated by the fact that
many of our products have long sales cycles, some lasting as
long as twelve months. Once a sale is made, our delivery
schedule typically ranges from four weeks to four months, and
therefore our sales will often reflect orders shipped in the
same quarter that they are received and will not enhance our
ability to predict our results for future quarters. In addition,
long sales cycles may cause us to incur significant expenses
without offsetting revenues since customers typically expend
significant effort in evaluating, testing and qualifying our
products before making a decision to purchase them. Moreover,
customers may cancel or reschedule shipments, and production
difficulties could delay shipments. Accordingly, our results of
operations are subject to significant fluctuations from quarter
to quarter, and we may not be able to accurately predict when
these fluctuations will occur.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our manufacturing capacity may not be at the appropriate
    size for future levels of demand.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In response to an increase in demand for our fiber lasers over
the last three years, we started adding substantial
manufacturing capacity at our facilities in the United States,
Germany and Russia beginning in early 2005, and we are
continuing to expand our capacity further. A significant portion
of our
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">12

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
manufacturing facilities and production equipment, such as our
semiconductor production and processing equipment, diode
packaging equipment and diode burn-in stations, are
special-purpose in nature and cannot be adapted easily to make
other products. If the demand for fiber lasers or amplifiers
does not increase from current levels, we may have significant
excess manufacturing capacity, which could in turn adversely
affect our business.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Conversely, if demand for fiber lasers or amplifiers increases
substantially more than we anticipate, our manufacturing
capacity may not be adequate to meet the increased customer
demand. As a result, we might not be able to fulfill customer
orders in a timely manner, which could adversely affect our
customer relationships and operating results. Moreover, our
efforts to increase our production capacity may not succeed in
enabling us to manufacture the required quantities of our
products in a timely manner or at gross profit margins that we
have achieved in the past. As a result, the profit margins we
ultimately achieve on sales of fiber lasers and amplifiers may
be lower than our historical profit margins.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Future downturns in the economy, particularly in the
    materials processing and communications markets, could have a
    material adverse effect on our sales and profitability.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our business depends substantially upon capital expenditures by
our customers, particularly by manufacturers in the materials
processing and communications markets. We estimate that
approximately 79% of our revenues during 2005 were in these two
markets. Although these industries are broad, they are cyclical
and have historically experienced sudden and severe downturns
and periods of oversupply, resulting in significantly reduced
demand for capital equipment, including the products that we
manufacture and market. For the foreseeable future, our
operations will continue to depend upon capital expenditures by
customers in these markets, which, in turn, depend upon the
demand for their products or services. Decreased demand for
products and services from customers in these industries during
an economic downturn may lead to decreased demand for our
products, which would reduce our sales or sales growth rate.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We depend on our OEM customers and system integrators and
    their ability to incorporate our products into their
    systems.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our future growth will depend in part on our ability to maintain
existing and secure new OEM customers. Our revenues also depend
in part upon the ability of our current and potential OEM
customers and system integrators to develop and sell systems
that incorporate our laser and amplifier products. The
commercial success of these systems depends to a substantial
degree on the efforts of these OEM customers and system
integrators to develop and market products that incorporate our
technologies. Relationships and experience with traditional
laser makers, limited marketing resources, reluctance to invest
in research and development and other factors affecting these
OEM customers and third-party system integrators could have a
substantial impact upon our financial results. Furthermore, if
our OEM customers or third-party system integrators experience
financial or other difficulties that adversely affect their
operations, our financial condition or results of operations may
also be adversely affected.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Because we lack long-term purchase commitments from our
    customers, our sales can be difficult to predict, which could
    adversely affect our operating results.</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We generally do not enter into long-term agreements with our
customers obligating them to purchase our fiber lasers or
amplifiers. Our business is characterized by short-term purchase
orders and shipment schedules and, in some cases, orders may be
cancelled or delayed without significant penalty. As a result,
it is difficult to forecast our revenues and to determine the
appropriate levels of inventory required to meet future demand.
In addition, due to the absence of long-term volume purchase
agreements, we forecast our revenues and plan our production and
inventory levels based upon the demand forecasts of our OEM
customers, end users, and distributors, which are highly
unpredictable and can fluctuate substantially. This could lead
to increased inventory levels and increased carrying costs and
risk of excess or obsolete inventory due to unanticipated
reductions in purchases by our customers. In this regard, we
recorded provisions for inventory totaling $8.3&nbsp;million,
$0.0&nbsp;million and $2.4&nbsp;million in 2003, 2004 and
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">13

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
2005, respectively. These provisions were recorded as a result
of changes in market prices of certain components, the value of
those inventories that was realizable through finished product
sales and uncertainties related to the recoverability of the
value of inventories due to technological changes and excess
quantities. If our OEM customers, end users or distributors fail
to accurately forecast the demand for our products, fail to
accurately forecast the timing of such demand, or are unable to
consistently negotiate acceptable purchase order terms with
customers, our results of operations may be adversely affected.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The markets for our products are highly competitive and
    increased competition could increase our costs, reduce our sales
    or cause us to lose market share.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The industries in which we operate are characterized by
significant price and technological competition. Our fiber laser
and amplifier products compete with conventional laser
technologies and amplifier products offered by several
well-established companies, some of which are larger and have
substantially greater financial, managerial and technical
resources, more extensive distribution and service networks,
greater sales and marketing capacity, and larger installed
customer bases than we do. Also, we compete with widely used
non-laser production methods, such as resistance welding. We
believe that competition will be particularly intense from
makers of
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and YAG lasers, as these makers of traditional solutions may
lower prices to maintain current market share and have committed
significant research and development resources to pursue
opportunities related to these technologies.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Further, we face competition from a growing number of fiber
laser makers. We also expect competition from established laser
makers which may have started or may start programs to develop
and sell fiber lasers or alternative new solid state laser
technologies. Because many of the components required to develop
and produce low-power fiber lasers and amplifiers are
commercially available, barriers to entry into these submarkets
are relatively low, and we expect new competitive product
entries in these submarkets. We may not be able to successfully
differentiate our current and proposed products from the
products of our competitors and the market may not consider our
products to be superior to competing products. To maintain our
competitive position in these markets, we believe that we will
be required to continue a high level of investment in research
and development, application development and customer service
and support, and react to market pricing conditions. We may not
have sufficient resources to continue to make these investments
and we may not be able to make the technological advances or
price adjustments necessary to maintain our competitive
position. We also compete against our OEM customers&#146;
internal production of competitive laser technologies.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our inability to manage risks associated with our
    international customers and operations could adversely affect
    our business.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our products are currently marketed and sold in numerous
countries. The United States, Germany, Japan and Russia are our
principal markets. A significant amount of our revenues are
derived from customers outside of the United States. We
anticipate that foreign sales will continue to account for a
significant portion of our revenues in the foreseeable future.
Our operations and sales in these markets are subject to risks
inherent in international business activities, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    longer accounts receivable collection periods;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    changes in the values of foreign currencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    changes in a specific country&#146;s or region&#146;s economic
    conditions, such as recession;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    compliance with a wide variety of domestic and foreign laws and
    regulations and unexpected changes in those laws and regulatory
    requirements, including uncertainties regarding taxes, tariffs,
    quotas, export controls, export licenses and other trade
    barriers;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    certification requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    environmental regulations;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">14

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    less effective protection of intellectual property rights in
    some countries;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    potentially adverse tax consequences;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    different capital expenditure and budget cycles for our
    customers, which affect the timing of their spending;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    political, legal and economic instability, foreign conflicts,
    and the impact of regional and global infectious illnesses in
    the countries in which we and our customers, suppliers,
    manufacturers and subcontractors are located;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    preference for locally produced products;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    difficulties and costs of staffing and managing international
    operations across different geographic areas and cultures;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    seasonal reductions in business activities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    fluctuations in freight rates and transportation disruptions.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Political and economic instability and changes in governmental
regulations could adversely affect both our ability to
effectively operate our foreign sales offices and the ability of
our foreign suppliers to supply us with required materials or
services. Any interruption or delay in the supply of our
required components, products, materials or services, or our
inability to obtain these components, materials, products or
services from alternate sources at acceptable prices and within
a reasonable amount of time, could impair our ability to meet
scheduled product deliveries to our customers and could cause
customers to cancel orders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are also subject to risks of doing business in Russia through
our indirect subsidiary, NTO IRE-Polus, which conducts research
and development and provides components and test equipment to
us. The results of operations, business prospects and facilities
of NTO IRE-Polus are subject to the economic and political
environment in Russia. In recent years Russia has undergone
substantial political, economic and social change. As is typical
of an emerging market, Russia does not possess a well-developed
business, legal and regulatory infrastructure that would
generally exist in a more mature free market economy. In
addition, the tax, currency and customs legislation within
Russia is subject to varying interpretations and changes, which
can occur frequently. The future economic direction of Russia
remains largely dependent upon the effectiveness of economic,
financial and monetary measures undertaken by the government,
together with tax, legal, regulatory, and political
developments. Our failure to manage the risks associated with
NTO IRE-Polus and our other existing and potential future
international business operations could have a material adverse
effect upon our results of operations.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Foreign currency transaction risk may negatively affect
    our net sales, cost of sales and operating margins and could
    result in exchange losses.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We conduct our business and incur costs in the local currency of
most countries in which we operate. In 2005, our net sales
outside the United States represented a significant portion of
our total sales. We incur currency transaction risk whenever one
of our operating subsidiaries enters into either a purchase or a
sales transaction using a different currency from the currency
in which it receives revenues. We currently do not hedge against
foreign currency exchange risks, and therefore the impact of
future exchange rate fluctuations on our results of operations
cannot be accurately predicted. Given the volatility of exchange
rates, we may not be able to effectively manage our currency
transaction or translation risks, and any volatility in currency
exchange rates may increase the price of our products in local
currency to our foreign customers, which may have an adverse
effect on our financial condition, cash flows and profitability.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">15

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our products could contain defects, which may reduce sales
    of those products, harm market acceptance of our fiber laser
    products or result in claims against us.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The manufacture of our fiber lasers and amplifiers involves
highly complex and precise processes. Despite testing by us and
our customers, errors have been found, and may be found in the
future, in our products. These defects may cause us to incur
significant warranty, support and repair costs, divert the
attention of our engineering personnel from our product
development efforts and harm our relationships with our
customers. These problems could result in, among other things,
loss of revenues or a delay in revenue recognition, loss of
market share, harm to our reputation or a delay or loss of
market acceptance of our fiber laser products. Defects,
integration issues or other performance problems in our fiber
laser and amplifier products could also result in personal
injury or financial or other damages to our customers, which in
turn could damage market acceptance of our products. Our
customers could also seek damages from us for their losses. A
product liability claim brought against us, even if
unsuccessful, could be time-consuming and costly to defend.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may pursue acquisitions and investments in new
    businesses, products or technologies. These may involve risks
    which could disrupt our business and may harm our financial
    condition.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We currently have no commitments or agreements to make any
acquisitions and have limited experience in making acquisitions.
In the future, we may make acquisitions of and investments in
new businesses, products, technologies and geographic areas, or
we may acquire operations that expand our current capabilities.
Acquisitions present a number of potential risks and challenges
that could, if not met, disrupt our business operations,
increase our operating costs and reduce the value of the
acquired company to us. For example, if we identify an
acquisition candidate, we may not be able to successfully
negotiate or finance the acquisition on favorable terms. Even if
we are successful, we may not be able to integrate the acquired
businesses, products or technologies into our existing business
and products. As a result of the rapid pace of technological
change in our industry, we may misgauge the long-term potential
of the acquired business or technology, or the acquisition may
not be complementary to our existing business. Furthermore,
potential acquisitions and investments, whether or not
consummated, may divert our management&#146;s attention and
require considerable cash outlays at the expense of our existing
operations. In addition, to complete future acquisitions, we may
issue equity securities, incur debt, assume contingent
liabilities or have amortization expenses and write-downs of
acquired assets, which could adversely affect our profitability
and result in dilution to our existing and future stockholders.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We are subject to various environmental laws and
    regulations that could impose substantial costs upon us and may
    adversely affect our business, operating results and financial
    condition.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Some of our operations use substances regulated under various
federal, state, local, and international laws governing the
environment, including those relating to the storage, use,
discharge, disposal, labeling, and human exposure to hazardous
and toxic materials. We could incur costs, fines and civil or
criminal sanctions, third-party property damage or personal
injury claims, or could be required to incur substantial
investigation or remediation costs, if we were to violate or
become liable under environmental laws. Liability under
environmental laws can be joint and several and without regard
to comparative fault. Compliance with current or future
environmental laws and regulations could restrict our ability to
expand our facilities or require us to acquire additional
expensive equipment, modify our manufacturing processes, or
incur other significant expenses. There can be no assurance that
violations of environmental laws or regulations will not occur
in the future as a result of the inability to obtain permits,
human error, accident, equipment failure or other causes.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
European Union Directive 2002/95/ EC on the restriction of the
use of hazardous substances in electrical and electronic
equipment, known as the &#147;RoHS Directive,&#148; restricts
the use of certain hazardous substances in specified covered
products. We are implementing changes to our manufacturing
processes and redesigning products regulated under the RoHS
Directive in order to be able to continue to offer them for sale
within the European Union, a market currently accounting for
approximately one-third of our revenues. We will continue to
review the applicability and impact of this directive and,
although we cannot
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">16

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
currently estimate the extent of such impact, it could result in
additional costs, which may adversely affect our operating
results. Failure to comply with the directive could result in
the imposition of fines and penalties, inability to sell covered
products in the European Union, and loss of revenues. Similar
laws may be enacted in other countries in the near future, which
would result in similar risks and impacts to operating results.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We are subject to export control regulations that could
    restrict our ability to increase our international sales and may
    adversely affect our business.</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A significant part of our business is the export of our products
to other countries. Because our products can be used or adapted
for military, weapons or other similar uses, our products are
subject to the Export Administration Regulations, administered
by the Department of Commerce and the Bureau of Industry
Security, and their foreign counterpart laws and regulations
which require that we obtain an export license before we can
export products, components or technology to specified
countries. Under applicable regulations, some of our laser
products are treated differently than traditional lasers or
mechanical tools and, in some cases, the export of our products
to certain countries requires an export license even though an
export license would not be required for the export of a
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
or YAG laser or mechanical tool. The stricter controls
applicable to some products could put us at a competitive
disadvantage in selling our products to customers in certain
countries that require an export license, restrict our ability
to sell products to customers in certain countries, or give rise
to delays or expenses in obtaining appropriate licenses. We have
experienced and, in the future, may experience delays in
obtaining export licenses as we respond to questions from
licensing authorities on license requests and await their
determination to grant permission in instances where a license
is required. Failure to comply with these laws and regulations
could result in government sanctions, including substantial
monetary penalties, denial of export privileges, debarment from
government contracts and a loss of revenues. Delays in obtaining
or failure to obtain required export licenses also may require
us to defer shipments to subsequent periods or cancel orders.
Any of these could adversely affect our operations and, as a
result, our financial results could suffer.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Risks Related To This Offering</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
    <TD>
    <B><I>The market price of our common stock may be volatile,
    which could result in substantial losses for investors
    purchasing shares in this offering.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to this offering, there has not been a public market for
our common stock, and an active market for our common stock may
not develop or be sustained after this offering. The market
price of our common stock after this offering may vary from its
initial public offering price. Fluctuations in market price and
volume are particularly common among securities of technology
companies. As a result, you may be unable to sell your shares of
common stock at or above the initial offering price. The market
price of our common stock may fluctuate significantly in
response to the following factors, among others, some of which
are beyond our control:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    general market conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    U.S. and international economic factors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    actual or anticipated fluctuations in our quarterly operating
    results;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    changes in or failure to meet publicly disclosed expectations as
    to our future financial performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    changes in securities analysts&#146; estimates of our financial
    performance or lack of research and reports by industry analysts;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    changes in market valuations or earnings of similar companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    announcements by us or our competitors of significant products,
    contracts, acquisitions or strategic partnerships;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">17

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    developments or disputes concerning intellectual property or
    proprietary rights, including increases or decreases in
    litigation expenses associated with intellectual property
    lawsuits we may initiate, or in which we may be named as
    defendants;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    failure to complete significant sales;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    any future sales of our common stock or other securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    additions or departures of key personnel.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We could be the subject of securities class action
    litigation due to future stock price volatility, which could
    divert management&#146;s attention and adversely affect our
    operating results.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The stock market in general, and market prices for the
securities of technology companies like ours in particular, have
experienced volatility from time to time that often has been
unrelated to the operating performance of the underlying
companies. A certain degree of stock price volatility can be
attributed to being a newly public company. These broad market
and industry fluctuations may adversely affect the market price
of our common stock, regardless of our operating performance. In
several recent situations where the market price of a stock has
been volatile, holders of that stock have instituted securities
class action litigation against the company that issued the
stock. If any of our stockholders were to bring a lawsuit
against us, the defense and disposition of such lawsuit could be
costly and divert the time and attention of management and harm
our business.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Dr.&nbsp;Valentin P. Gapontsev, our chairman, chief
    executive officer and principal stockholder, will control more
    than &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our voting power after
    the completion of this offering, and will have a significant
    influence on the outcome of director elections and other matters
    requiring stockholder approval, including a change in corporate
    control.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After giving effect to the offering, Dr.&nbsp;Valentin P.
Gapontsev, our chairman and chief executive officer, and IP
Fibre Devices (UK)&nbsp;Ltd. (IPFD), of which Dr.&nbsp;Gapontsev
is the managing director and majority owner, will beneficially
own an aggregate
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock, or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our
common stock. In addition, after giving effect to the offering,
Dr.&nbsp;Denis Gapontsev, our Vice President of Research and
Development and the son of Dr.&nbsp;Valentin P. Gapontsev, will
beneficially own 2,578,352&nbsp;shares of our common stock,
or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our common stock, and
collectively with Dr.&nbsp;Valentin P.
Gapontsev, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our common stock.
As a result, Dr.&nbsp;Valentin P. Gapontsev will continue to
have a significant influence on the outcome of matters requiring
stockholder approval, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    election of our directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    amendment of our certificate of incorporation or by-laws; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    approval of mergers, consolidations or the sale of all or
    substantially all of our assets.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dr.&nbsp;Valentin P. Gapontsev may vote his shares of our common
stock in ways that are adverse to the interests of other holders
of our common stock, including investors in this offering.
Dr.&nbsp;Valentin P. Gapontsev&#146;s significant ownership
interest could delay, prevent or cause a change in control of
our company, any of which could adversely affect the market
price of our common stock.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Dr.&nbsp;Valentin P. Gapontsev, our chairman, chief
    executive officer and principal stockholder, owns a material
    portion of one of our operating subsidiaries, which creates the
    possibility of a conflict of interest.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although we own 51.0% of NTO IRE-Polus, our Russian subsidiary,
Dr.&nbsp;Valentin P. Gapontsev owns 26.7%, and the remaining
22.3% is owned by unaffiliated third parties and certain current
and former employees of NTO IRE-Polus. NTO IRE-Polus conducts
research and development for us and provides us with components
and test equipment. Transactions between us and NTO IRE-Polus
generated approximately $7.8&nbsp;million and $5.8&nbsp;million
of revenues for NTO IRE-Polus for the year ended
December&nbsp;31, 2005 and the six months ended June&nbsp;30,
2006, respectively. Dr.&nbsp;Gapontsev&#146;s significant
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">18

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
ownership interest in this entity creates the possibility of a
conflict of interest since, by having an ownership interest in
both our company and NTO IRE-Polus, his economic interests may
be affected by transactions between the two entities. Under
Russian law and NTO IRE-Polus&#146;s charter, supermajority or
unanimous stockholder approval is required to take certain
significant non-operational actions, such as amending NTO
IRE-Polus&#146;s charter, electing the executive body or
altering certain fundamental stockholder rights. Although we
have taken steps to address possible conflicts of interests and
potential issues concerning the requirement to obtain
supermajority approval, these steps may not prove effective. See
&#147;Certain Relationships and Related Party
Transactions&nbsp;&#151; Transactions with NTO-IRE Polus.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Anti-takeover provisions in our charter documents and
    Delaware law could prevent or delay a change in control of our
    company, even if a change in control would be beneficial to our
    stockholders.</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Provisions of our certificate of incorporation and by-laws that
will be in effect upon completion of this offering, including
certain provisions that will take effect when
Dr.&nbsp;Valentin&nbsp;P. Gapontsev (together with his
affiliates and associates) ceases to beneficially own an
aggregate of 25% or more of our outstanding voting securities,
may discourage, delay or prevent a merger, acquisition or change
of control, even if it would be beneficial to our stockholders.
The existence of these provisions could also limit the price
that investors might be willing to pay in the future for shares
of our common stock. These provisions include:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    authorizing the issuance of &#147;blank check&#148; preferred
    stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    establishing a classified board;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    providing that directors may only be removed for cause;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    prohibiting stockholder action by written consent;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    limiting the persons who may call a special meeting of
    stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    establishing advance notice requirements for nominations for
    election to the board of directors and for proposing matters to
    be submitted to a stockholder vote; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    supermajority stockholder approval to change these provisions.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Provisions of Delaware law may also discourage, delay or prevent
someone from acquiring or merging with our company or obtaining
control of our company. Specifically, Section&nbsp;203 of the
Delaware General Corporation Law, which will apply to our
company following such time as Dr.&nbsp;Valentin P. Gapontsev
(together with his affiliates and associates) ceases to
beneficially own 25% or more of the total voting power of our
outstanding shares, may prohibit business combinations with
stockholders owning 15% or more of our outstanding voting stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Substantial sales of our common stock could cause our
    stock price to decline.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Sales of a substantial number of shares of common stock after
the completion of this offering, or the perception that sales
could occur, could adversely affect the market price of our
common stock. On completion of this offering, we will
have &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock outstanding
and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
subject to outstanding options. The shares sold in this offering
will be freely tradable without restriction or further
registration under the federal securities laws. An
additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
will be eligible for sale without restriction under
Rule&nbsp;144(k) under the Securities Act. Our directors,
executive officers and other stockholders holding in the
aggregate approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our
outstanding shares have agreed not to sell or otherwise dispose
of any shares of common stock for a period of at least
180&nbsp;days after the date of this prospectus without the
prior written approval of Merrill Lynch&nbsp;&#38; Co. and
Lehman Brothers Inc., which could be given at any time. When the
<FONT style="white-space: nowrap">lock-up</FONT> agreements
expire or are terminated,
approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock will be eligible for sale under
Rule&nbsp;144, Rule&nbsp;144(k) or Rule&nbsp;701. An
additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
will become eligible for sale under one or more of those rules
from time to time thereafter. After the completion of this
offering, the holders of an aggregate of
approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock will have registration rights, including the
right to require us to register the sale of their
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">19

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
shares and the right to include their shares in public offerings
we undertake in the future. After the completion of this
offering, we intend to register all shares of common stock that
we may issue under our stock option plans. Once we register
these shares, they may be freely sold in the public market,
subject to the <FONT style="white-space: nowrap">lock-up</FONT>
restrictions described above, and subject, in the case of any
awards under our stock-based compensation plans, to applicable
vesting requirements.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We will incur increased costs and demands upon management
    as a result of complying with the laws and regulations affecting
    public companies, which could adversely affect our operating
    results.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a public company, we will incur significant legal, accounting
and other expenses that we did not incur as a private company,
including costs associated with public company reporting
requirements. We also have incurred and will incur costs
associated with recently adopted corporate governance
requirements, including requirements under the Sarbanes-Oxley
Act of 2002, as well as new rules implemented by the SEC and the
Nasdaq Global Market. The expenses incurred by public companies
generally for reporting and corporate governance purposes have
been increasing. We expect these rules and regulations to
significantly increase our legal and financial compliance costs
and to make some activities more time-consuming and costly, and
we may be required to hire additional personnel. We also expect
these rules and regulations may make it more difficult and more
expensive for us to obtain director and officer liability
insurance, and we may be required to accept reduced policy
limits and coverage or incur substantially higher costs to
obtain the same or similar coverage. As a result, it may be more
difficult for us to attract and retain qualified individuals to
serve on our board of directors or as our executive officers.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We will be required to evaluate our internal control over
    financial reporting under Section&nbsp;404 of the Sarbanes-Oxley
    Act of 2002, and any adverse results from such evaluation could
    result in a loss of investor confidence in our financial reports
    and have an adverse effect on our stock price.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to Section&nbsp;404 of the Sarbanes-Oxley Act of 2002,
beginning as early as the time of the filing of our Annual
Report on
Form&nbsp;<FONT style="white-space: nowrap">10-K</FONT> for the
fiscal year ending December&nbsp;31, 2007, we will be required
to furnish a report by our management on our internal control
over financial reporting. Such a report will contain, among
other matters, an assessment of the effectiveness of our
internal control over financial reporting as of the end of our
fiscal year, including a statement as to whether or not our
internal control over financial reporting is effective. This
assessment must include disclosure of any material weaknesses in
our internal control over financial reporting identified by
management. Such report must also contain a statement that our
independent registered public accounting firm has issued an
attestation report on management&#146;s assessment of such
internal controls.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have begun the systems and process documentation and
evaluation needed to comply with Section&nbsp;404. If our
management identifies one or more material weaknesses in our
internal control over financial reporting, we will be unable to
assert that such internal control is effective. If we are unable
to assert that our internal control over financial reporting is
effective, or if our independent registered public accounting
firm is unable to attest that our management&#146;s report is
fairly stated or it is unable to express an opinion on the
effectiveness of our internal controls, investors could lose
confidence in the accuracy and completeness of our financial
reports, which could have an adverse effect on our stock price.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Investors in this offering will experience immediate and
    substantial dilution.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The initial public offering price of our common stock will be
substantially higher than the net tangible book value per share
of our common stock immediately after the completion of this
offering. Therefore, if you purchase our common stock in this
offering, you will incur an immediate dilution of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
net tangible book value per share from the price you paid. In
the past, we issued options to acquire common stock at prices
significantly below the initial public offering price. To the
extent these outstanding options are ultimately exercised, there
will be further dilution to investors.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">20

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='103'></A>
</DIV>

<!-- link1 "SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SPECIAL NOTE&nbsp;REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus contains forward-looking statements that involve
substantial risk and uncertainties. All statements, other than
statements of historical facts, included in this prospectus are
forward-looking statements, including, but not limited to,
statements regarding our strategy, future operations, future
financial position, future revenues, projected costs and
prospects. In some cases, you can identify forward-looking
statements by terminology such as &#147;may,&#148;
&#147;could,&#148; &#147;should,&#148; &#147;expect,&#148;
&#147;intend,&#148; &#147;plan,&#148; &#147;anticipate,&#148;
&#147;believe,&#148; &#147;estimate,&#148; &#147;predict,&#148;
&#147;potential&#148; or &#147;continue,&#148; and similar
expressions, whether in the negative or affirmative. These
statements are only predictions and may be inaccurate. Actual
events or results may differ materially and adversely from those
anticipated, estimated or expected. In evaluating these
statements, you should specifically consider various factors,
including the risks outlined under &#147;Risk Factors&#148; and
in other parts of this prospectus. These factors may cause our
actual results to differ materially from any forward-looking
statement. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot
guarantee future results, levels of activity, performance or
achievements and you should not place undue reliance on our
forward-looking statements. The forward-looking statements made
in this prospectus relate only to events as of the dates on
which the statements are made. We do not assume any obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required
by law.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus also contains market data related to our
business and industry. This market data includes projections
that are based on a number of assumptions. If these assumptions
turn out to be incorrect, actual results may differ from the
projections based on these assumptions. As a result, our markets
may not grow at the rates projected by this data, or at all. The
failure of these markets to grow at these projected rates may
have a material adverse effect on our business, results of
operations and financial condition and the market price of our
common stock.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">21

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='104'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>USE OF PROCEEDS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that the net proceeds from the sale of the shares of
common stock we are offering will be approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;after
the underwriting discount, commissions and expenses, assuming an
initial public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, the midpoint of the price range set forth on the cover of
this prospectus. If the underwriters&#146; overallotment option
is exercised in full, the net proceeds from the shares we sell
will be approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million.
We will not receive any proceeds from the sale of shares of
common stock by the selling stockholders. Our chairman and chief
executive officer and two other members of our board of
directors are selling shares of common stock in this offering.
See &#147;Principal and Selling Stockholders.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A $1.00 increase (decrease) in the assumed initial public
offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share would increase (decrease) the net proceeds to us from this
offering by
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million,
assuming the number of shares offered by us, as set forth on the
cover page of this prospectus, remains the same, after deducting
the estimated underwriting discounts and commissions and
estimated offering expenses payable by us.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use the net proceeds from this offering as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    approximately $22.1&nbsp;million to repurchase the warrants to
    purchase shares of our common stock that are owned by holders of
    the series&nbsp;B preferred stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    approximately $4.7&nbsp;million to repay Euro-denominated
    construction loans due from 2006 to 2010 that bear annual
    interest at 5.25%;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    approximately $5.7&nbsp;million to repay a
    U.S.&nbsp;construction loan due January 2007 that bears annual
    interest at 7.9%;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    approximately $5.5&nbsp;million to repay other Euro-denominated
    term debt with various maturities ranging from 2006 to 2019 with
    fixed and variable interest rates ranging from 4.2% to 6.5%; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the balance of the net proceeds for general corporate purposes,
    which may include working capital, expansion of our
    manufacturing facilities, purchases of equipment and expansion
    of our applications development and service capabilities.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may also use a portion of the net proceeds in acquisitions of
businesses, products and technologies that are complementary to
our business. Although we have from time to time evaluated
possible acquisitions, we currently have no commitments or
agreements to make any acquisitions, and we cannot assure you
that we will make any acquisitions in the future. Until we use
our net proceeds of the offering, we intend to invest the funds
in U.S.&nbsp;government securities and other short-term,
investment-grade, interest-bearing instruments or high-grade
corporate notes. Management will have significant flexibility in
applying the net proceeds of the offering.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
TA&nbsp;Associates, Inc. beneficially owns 2,000,000&nbsp;shares
of our series&nbsp;B preferred stock and will beneficially
own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our common stock after
the completion of this offering. TA Associates, Inc. will
receive
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the proceeds of this offering as a result of our repurchase of
the series&nbsp;B warrants held by it. One of our directors,
Michael&nbsp;C. Child, is a managing director of TA Associates,
Inc. See &#147;Principal and Selling Stockholders.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Entities that may be deemed to be affiliates of Merrill
Lynch&nbsp;&#38; Co., one of the underwriters in this offering,
will receive
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the proceeds of this offering as a result of our repurchase of
series&nbsp;B warrants held by them. See
&#147;Underwriting&nbsp;&#151; Certain Relationships.&#148;
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">22

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='105'></A>
</DIV>

<!-- link1 "DIVIDEND POLICY" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DIVIDEND POLICY</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have never declared or paid any cash dividends on our capital
stock. We anticipate that we will retain any future earnings to
support operations and to finance the growth and development of
our business. Therefore, we do not expect to pay cash dividends
in the foreseeable future. Our payment of any future dividends
will be at the discretion of our board of directors after taking
into account general economic and business conditions, any
contractual and legal restrictions on our payment of dividends,
and our financial condition, operating results, cash needs and
growth plans. In addition, current agreements with certain of
our lenders contain, and future loan agreements may contain,
restrictive covenants that generally prohibit us from paying
cash dividends, making any distribution on any class of stock or
making stock repurchases.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">23

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='106'></A>
</DIV>

<!-- link1 "CAPITALIZATION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CAPITALIZATION</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth our capitalization as of
June&nbsp;30, 2006:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    on an actual basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    on a pro forma basis to give effect to the conversion of all
    outstanding shares of preferred stock upon the closing of this
    offering
    into &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    of common stock and the issuance of subordinated notes totaling
    $20.0&nbsp;million to the holders of our series&nbsp;B preferred
    stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    on a pro forma as adjusted basis to give effect to the
    transactions described above as well as our sale
    of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    of our common stock in this offering and the application of the
    estimated net proceeds therefrom as described in &#147;Use of
    Proceeds.&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should read the following table together with
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations,&#148; &#147;Use of
Proceeds,&#148; &#147;Selected Consolidated Financial Data&#148;
and &#147;Certain Relationships and Related Party
Transactions&#148; and our consolidated financial statements and
the related notes included elsewhere in this prospectus.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="center" nowrap><B>As of June&nbsp;30, 2006</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Pro Forma As</B></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Adjusted</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="center" nowrap><B>(in thousands, except share and per share data)</B></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Short-term debt:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Revolving line-of-credit facilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Subordinated notes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other long-term debt (including current maturities)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;B warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Convertible redeemable preferred stock, par value
    $0.0001&nbsp;per share:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;B preferred stock, 3,800,000&nbsp;shares designated,
    issued and outstanding, actual; no shares designated, issued or
    outstanding, pro forma and pro forma as adjusted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>92,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;D preferred stock, 5,400,000&nbsp;shares designated,
    2,684,211&nbsp;shares issued and outstanding, actual; no shares
    designated, issued or outstanding, pro forma and pro forma as
    adjusted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stockholders&#146; (deficit) equity:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock, par value $0.0001&nbsp;per share,
    15,000,000&nbsp;shares authorized, actual; Series&nbsp;A
    preferred stock, 500,000&nbsp;shares designated,
    488,000&nbsp;shares issued and outstanding, actual;
    5,000,000&nbsp;shares authorized, no shares issued or
    outstanding, pro forma and pro forma as adjusted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock, par value $0.0001&nbsp;per share,
    70,000,000&nbsp;shares authorized, 40,883,700&nbsp;shares issued
    and outstanding, actual; 175,000,000&nbsp;shares authorized, pro
    forma and pro forma as
    adjusted; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares issued and
    outstanding, pro forma; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    issued and outstanding, pro forma as adjusted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional paid-in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>94,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>177,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Notes receivable from stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accumulated deficit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(143,507</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(143,507</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accumulated other comprehensive income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total stockholders&#146; (deficit) equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(38,545</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>38,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total capitalization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>110,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>110,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The &#147;Pro forma&#148; and &#147;Pro forma as adjusted&#148;
columns above do not reflect the following transactions, which
occurred after June&nbsp;30, 2006:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    we repaid a $4.6&nbsp;million credit line through an exchange
    with our chief executive officer;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    we repaid a $5.1&nbsp;million subordinated note;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    two of our directors repaid $681,000 owed to us.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See &#147;Certain Relationships and Related Party
Transactions.&#148;
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">24

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='107'></A>
</DIV>

<!-- link1 "DILUTION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DILUTION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our pro forma net tangible book value as of June&nbsp;30, 2006
was approximately $38.8&nbsp;million, or
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share of common stock. Pro forma net tangible book value per
share represents the amount of our total tangible assets less
our total liabilities, divided by the number of shares of common
stock outstanding as of June&nbsp;30, 2006 and reflects the
conversion of all of our preferred stock upon the closing of
this offering and the issuance of subordinated notes to the
holders of our series&nbsp;B preferred stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After giving effect to the transactions described above and the
sale by us
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock in this offering after deducting underwriting
discounts and commissions and estimated offering expenses
payable by us and the use of the proceeds therefrom, our
adjusted pro forma net tangible book value as of June&nbsp;30,
2006 would have been approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million,
or approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share. This amount represents an immediate increase in pro forma
net tangible book value of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share to our existing stockholders and an immediate dilution in
pro forma net tangible book value of approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share to new investors purchasing shares of common stock in this
offering. We determine dilution by subtracting the adjusted pro
forma net tangible book value per share immediately after the
completion of this offering from the amount of cash that a new
investor paid for a share of our common stock. The following
table illustrates this dilution on a per share basis:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Assumed initial public offering price per share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pro forma net tangible book value as of June&nbsp;30, 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Increase per share attributable to new investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Adjusted pro forma net tangible book value per share after this
    offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dilution in pro forma net tangible book value per share to new
    investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the underwriters exercise their option to purchase additional
shares of our common stock in full, the pro forma net tangible
book value per share after the offering would be
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, the increase in pro forma net tangible book value per
share to existing stockholders would be
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share and the dilution to new investors purchasing shares of
common stock in the offering would be
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table summarizes, on a pro forma as adjusted basis
as of June&nbsp;30, 2006, the differences between the number of
shares purchased from us, the total consideration paid to us and
the average price per share that existing stockholders and new
investors paid, before deducting underwriting discounts and
commissions and estimated offering expenses payable by us. The
table gives effect to the conversion of all of our preferred
stock into common stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Shares Purchased</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Total Consideration</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Average</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Price Per</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Share</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Existing stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">25
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The foregoing tables and calculations assume no exercise of any
options outstanding as of June&nbsp;30, 2006. To the extent that
any of our outstanding options are exercised, there will be
further dilution to new investors.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table summarizes, on a pro forma as adjusted basis
as of June&nbsp;30, 2006, the differences between the number of
shares purchased from us, the total consideration paid to us and
the average price per share that existing stockholders and new
investors paid, before deducting underwriting discounts and
commissions and estimated offering expenses payable by us. The
table gives effect to the conversion of all of our preferred
stock into common stock and assumes the exercise of all options
that were outstanding and exercisable as of June&nbsp;30, 2006.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Shares Purchased</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Total Consideration</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Average</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Price Per</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Share</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Existing stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A $1.00 increase (decrease) in the assumed initial public
offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share would increase (decrease) the total consideration that we
receive from this offering by
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million,
assuming that the number of shares offered by us, as set forth
on the cover page of this prospectus, remains the same and after
deducting the estimated underwriting discounts and commissions
and estimated offering expenses payable by us.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">26
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='108'></A>
</DIV>

<!-- link1 "SELECTED CONSOLIDATED FINANCIAL DATA" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SELECTED CONSOLIDATED FINANCIAL DATA</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following selected consolidated financial data should be
read in conjunction with, and is qualified by reference to, our
consolidated financial statements and related notes and
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; included elsewhere in
this prospectus. The data as of December&nbsp;31, 2004 and 2005,
and for the years ended December&nbsp;31, 2003, 2004 and 2005,
is derived from our audited consolidated financial statements
and related notes included elsewhere in this prospectus. The
data as of December&nbsp;31, 2001, 2002 and 2003, and for the
years ended December&nbsp;31, 2001 and 2002, is derived from our
audited consolidated financial statements and related notes not
included in this prospectus. The selected interim consolidated
financial data as of June&nbsp;30, 2006 and for the six months
ended June&nbsp;30, 2005 and 2006, is derived from our unaudited
consolidated financial statements and related notes included
elsewhere in this prospectus. We have prepared our interim
unaudited consolidated financial data on a basis consistent with
our audited consolidated financial statements except that,
effective January&nbsp;1, 2006, we were required to begin
accounting for stock-based payments at fair value, as discussed
in note&nbsp;2 to the consolidated financial statements. In the
opinion of our management, our interim unaudited consolidated
financial statements reflect all adjustments, consisting only of
normal recurring adjustments, necessary for a fair presentation
of our results of operations and financial position. Our
historical results are not necessarily indicative of the results
for any future period.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="26" align="center" nowrap><B>(in thousands, except per share data)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="31" align="left" valign="top">
    <B>Consolidated Statement of<BR>
    Operations Data:(1)</B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>22,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>96,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>41,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>64,927</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,119</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit (loss)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,097</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,843</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,808</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sales and marketing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,343</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,622</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    General and administrative</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,813</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Aborted offering costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    In-process research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision for contract settlement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization and impairment of intangible assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,778</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating (loss) income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(63,297</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(52,218</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(27,014</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,030</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest income (expense), net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,089</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,505</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,150</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,840</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(969</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(709</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fair value adjustment to series&nbsp;B warrants(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,664</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(615</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(745</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(314</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,219</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other income, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (Loss) income before benefit from (provision for) income taxes
    and minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(53,603</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(48,375</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(30,536</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,114</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Benefit from (provision for) income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,175</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,080</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,219</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,598</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(80</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(426</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(398</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net (loss) income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(49,622</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(49,385</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net (loss) income per share:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basic</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1.45</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1.42</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.93</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.01</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Diluted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1.45</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1.42</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.93</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.01</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted average shares outstanding:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basic</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Diluted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,584</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Supplementary pro forma net income per share(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">27

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>As of December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>As of June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 7.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>(in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Consolidated Balance Sheet Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash and cash equivalents</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,282</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Working capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,721</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>128,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>117,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>105,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>110,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>115,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>131,996</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long-term debt, including current portion and a provision for
    contract settlement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,268</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;B warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,863</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Convertible redeemable preferred stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>93,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>96,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>97,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stockholders&#146; equity (deficit)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(19,516</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(51,947</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(49,038</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(46,504</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(38,545</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Due primarily to certain stock-based compensation awarded
    primarily in 2000 and 2001, we have recorded significant
    stock-based compensation during the years ended
    December&nbsp;31, 2001, 2002 and 2003. Those awards became fully
    vested during the year ended December&nbsp;31, 2004. See
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&nbsp;&#151; Critical
    Accounting Policies and Estimates&nbsp;&#151; Stock-Based
    Compensation.&#148;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    The change in value of the series&nbsp;B warrants is a non-cash
    charge related to recording the increase or decrease in the fair
    value of the warrants. The change in fair value for this
    derivative instrument is directly related to the probability
    that the warrants will be exercised prior to their expiration in
    April 2008. We intend to use a portion of the net proceeds from
    this offering to repurchase the series&nbsp;B warrants. See
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&nbsp;&#151; Factors and
    Trends That Affect our Operations and Financial
    Results&nbsp;&#151; Effect of Preferred Stock On Net Income and
    Net Income Per Share.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    The supplemental pro forma disclosures are intended to
    demonstrate the effects on net income per share of the
    completion of this offering and the related impacts of the
    conversion of our preferred stock and the repurchase of the
    series&nbsp;B warrants with a portion of the net proceeds of
    this offering. The number of shares used in the calculation of
    supplementary pro forma net income per common share includes
    (a)&nbsp;the basic weighted average common stock outstanding,
    (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    of common stock, which will be issued upon completion of this
    offering upon the conversion of our preferred stock, and
    (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    related to the additional dilutive impact of existing options
    assuming that the fair value of the common stock increases to
    the midpoint of the range set forth on the cover page of this
    prospectus. Supplementary pro forma net income used in the
    calculation of supplementary pro forma net income per share
    reflects the elimination of the increase in value of the
    series&nbsp;B warrants, which will be repurchased upon the
    completion of this offering, totaling $745,000 for the year
    ended December&nbsp;31, 2005 and $2.2&nbsp;million for the six
    months ended June&nbsp;30, 2006. In addition, all accretion of
    preferred stock has been eliminated in the determination of net
    income attributable to common stockholders. See &#147;Use of
    Proceeds,&#148; &#147;Management&#146;s Discussion and Analysis
    of Financial Condition and Results of Operations&nbsp;&#151;
    Critical Accounting Policies and Estimates&nbsp;&#151; Fair
    Value Adjustment of Warrants&#148; and &#147;Certain
    Relationships and Related Party Transactions.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">28

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='109'></A>
</DIV>

<!-- link1 "MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>CONDITION AND RESULTS OF OPERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>You should read the following discussion and analysis of our
financial condition and results of operations in conjunction
with &#147;Selected Consolidated Financial Data,&#148; our
consolidated financial statements and the related notes included
elsewhere in this prospectus. In addition to historical
consolidated financial information, the following discussion and
analysis contains forward-looking statements that involve risks,
uncertainties and assumptions. Our actual results could differ
materially from those anticipated by these forward-looking
statements as a result of many factors, including those
discussed under &#147;Risk Factors&#148; and elsewhere in this
prospectus.</I>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Overview</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are the leading developer and manufacturer of a broad line of
high-performance fiber lasers for diverse applications in
numerous markets. Since our founding in 1990, we have pioneered
the development and commercialization of optical fiber-based
lasers. Fiber lasers are a new generation of lasers that combine
the advantages of semiconductor diodes, such as long life and
high efficiency, with the high amplification and precise beam
qualities of specialty optical fibers to deliver superior
performance, reliability and usability at a lower total cost of
ownership compared to conventional lasers. Our products are
displacing traditional lasers in many current applications and
enabling new applications for lasers.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our diverse lines of low, mid and high-power lasers and
amplifiers are used in materials processing, communications,
medical and advanced applications. We sell our products globally
to original equipment manufacturers, or OEMs, system integrators
and end users. We market our products internationally primarily
through our direct sales force and also through agreements with
independent sales representatives and distributors. We have
sales offices in the United States, Germany, Italy, United
Kingdom, Japan, South Korea, India and Russia.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are vertically integrated such that we design and manufacture
all key components used in our finished products, from
semiconductor diodes to optical fiber preforms, finished fiber
lasers and amplifiers. Our vertically integrated operations
allow us to reduce manufacturing costs, ensure access to
critical components and rapidly develop and integrate advanced
products while protecting our proprietary technology.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since our formation in 1990 in Russia, we have been focused on
developing and manufacturing high-power fiber lasers and
amplifiers. We established manufacturing and research operations
in Germany in 1994 and in the United States in 1998. In the
following years, we developed numerous OEM customer
relationships for our advanced, active fiber-based products and
generated a substantial majority of our sales from
communications companies. Despite the significant economic
downturn in the communications industry during 2001 and 2002, we
invested in developing and manufacturing our own semiconductor
diodes, one of our highest-cost components, rather than
purchasing them from third-party vendors. Also, we developed new
products with higher output levels, targeting new applications
and markets outside of the communications industry, particularly
materials processing.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Description of Our Net Sales, Costs and Expenses</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net sales.</I> We derive net sales primarily from the sale of
fiber lasers and amplifiers. We also sell diode lasers,
communications systems and complementary products. We develop
our products to standard specifications and use a common set of
components within our product architectures. We sell our
products through our direct sales organization and our network
of distributors and sales representatives, as well as system
integrators. We sell our products to OEMs that supply materials
processing laser systems, communications systems and medical
laser systems to end users. We also sell our products to end
users that build their own systems which incorporate our
products or use our products as an energy or light source. Sales
of our products generally are recognized upon shipment, provided
that no obligations remain and collection of the receivable is
reasonably assured.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">29
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our sales cycle varies substantially, ranging from a period of a
few weeks to as long as one year or more. Our scientists and
engineers work closely with OEMs and end users to analyze their
system requirements and select and meet appropriate
specifications. Our major products are based upon a common
technology platform. We continually enhance these and other
products by improving their components as well as by developing
new components. Although it is difficult to predict the life
cycles of our products and what stage of the life cycle our
products are in, we estimate that our major products are in the
early stages of their life cycles. Our sales typically are made
on a purchase order basis rather than through long-term purchase
commitments.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The average selling prices of our products generally decrease as
the products mature. These decreases arise from factors such as
increased competition, the introduction of new products,
increases in unit volumes and market share considerations. In
the past, we have lowered our selling prices in order to
penetrate new markets and applications in which previously it
was not economically feasible for customers to deploy our
products. Furthermore, we offer volume discounts to customers
who buy multiple units. We cannot predict the timing and degree
of these price declines.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cost of sales.</I> Our cost of sales consists primarily of
the cost of raw materials and components, direct labor expenses
and manufacturing overhead. We are vertically integrated and
currently manufacture all critical components for our products
as well as assemble finished products. We believe our vertical
integration allows us to increase efficiencies, leverage our
scale and lower our cost of sales. For example, we believe that
our internally manufactured diodes offer performance superior to
that of commercially available diodes. Cost of sales also
includes personnel costs and overhead related to our
manufacturing and engineering operations, related occupancy and
equipment costs, shipping costs and reserves for inventory
obsolescence and for warranty obligations. Inventories are
written off and charged to cost of sales when identified as
excess or obsolete.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Due to our vertical integration strategy, we maintain a
relatively high fixed manufacturing overhead. We cannot adjust
these fixed costs quickly to adapt to rapidly changing market
conditions. Our gross profit, in absolute dollars and as a
percentage of net sales, is greatly impacted by our sales volume
and the corresponding absorption of fixed manufacturing overhead
expenses. Additionally, because many of our products are
customized, we are frequently required to devote significant
engineering resources to the sales process, which we also
include in cost of product sales as incurred.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Sales and marketing.</I> Our sales and marketing expense
consists primarily of compensation, costs of advertising, trade
shows, professional and technical conferences, promotions,
travel related to our sales and marketing operations, related
occupancy and equipment costs and other marketing costs.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Research and development.</I> Our research and development
expense consists primarily of compensation, test and development
expenses related to the design of our products and certain
components, and facilities costs. We use a common research and
development platform for our products. Costs related to product
development are recorded as research and development expenses in
the period in which they are incurred.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>General and administrative.</I> Our general and
administrative expense consists primarily of compensation and
associated costs for executive management, finance and other
administrative personnel, outside professional fees, allocated
facilities costs and other corporate expenses.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Fair value adjustment to series&nbsp;B warrants.</I> In
connection with the issuance of our series&nbsp;B preferred
stock in 2000, we issued warrants to purchase shares of our
common stock. The fair value adjustment to our series&nbsp;B
warrants consists of a non-cash benefit or expense relating to a
change in the fair value of the warrants. These warrants are
accounted for as a derivative and are exercisable only after an
initial public offering, a merger or liquidation or the sale of
a majority of our common stock. A change in the fair value of
the warrants is based on a change in the probability of any of
such events occurring prior to the expiration of the warrants.
We will continue to incur a non-cash benefit or expense each
quarter based upon the increase or decrease, respectively, in
the fair value of the warrants until such warrants are
repurchased, exercised or otherwise are no longer outstanding.
We intend to use a portion of
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">30

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
the net proceeds from this offering to repurchase the
series&nbsp;B warrants, following which we will record no
further adjustments to their fair value in our financial
statements.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Minority interests in consolidated subsidiaries.</I> Our
financial statements consolidate the financial results of our
subsidiaries, including the subsidiaries that are not wholly
owned by us. We own all of the stock of our subsidiaries, except
for 20% of our Italian subsidiary, IPG Fibertech S.r.l., 49% of
our Russian subsidiary, NTO IRE-Polus, 20% of our Japanese
subsidiary, IPG Photonics (Japan) Ltd. (IPG Japan), and 10% of
our Korean subsidiary, IPG Photonics (Korea) Ltd. We reduce or
increase our net income by the net income or loss, respectively,
attributable to the minority ownership interest in such
subsidiaries. In the event that any losses attributable to the
minority stockholders of these subsidiaries exceed the minority
interest in the equity capital of the subsidiaries, we recognize
the amount of such excess and any further losses attributable to
the minority stockholders in our consolidated statements of
operations because either the minority stockholders do not have
the ability to absorb such losses or they are not obligated to
do so. Such excess losses historically have not been significant
and we do not expect them to be significant in future periods.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Factors and Trends That Affect Our Operations and Financial
Results</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In reading our financial statements, you should be aware of the
following factors and trends that our management believes are
important in understanding our financial performance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net sales.</I> Our net sales have grown rapidly in recent
years. From 2002 to 2005, our net sales grew from
$22.2&nbsp;million to $96.4&nbsp;million, representing a
compound annual growth rate of approximately 63%. Our net sales
in the six months ended June&nbsp;30, 2006 increased by 56% over
the corresponding period in 2005. The principal drivers of our
net sales growth have been (i)&nbsp;introduction of new
products, including our high-power lasers, and increasing demand
for our products, fueled by the decreasing average cost per watt
of output power, (ii)&nbsp;the expansion of our product line
into higher output power levels, (iii)&nbsp;the growing market
acceptance of fiber lasers, (iv)&nbsp;the development of new
applications for our products and new OEM customer
relationships, and (v)&nbsp;the increased investment by
communications system providers for broadband applications.
Although we believe we have multiple opportunities for
additional net sales growth and are planning our business
accordingly, we do not expect our net sales to continue to grow
at rates as high as those we have recently experienced. We
experienced periods of rapid growth from 1998 to 2000 and from
2002 to the present, as well as a period when net sales
decreased in 2001 and 2002 following the decline in the
communications market. Since 2002 we have diversified our end
markets and reduced our reliance on any particular industry.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In planning our business, we take into account the cyclical
nature of some of the end markets that we serve, as well as the
longer-term historical patterns in the development of our
business. For example, our net sales growth from materials
processing applications could slow if there is a decline in
investment in machinery and equipment used in manufacturing. Net
sales derived from communications sales were adversely affected
following the increase in inventory levels of communications
devices in 2000 and 2001. Furthermore, net sales can be affected
by the time taken to qualify our products for use in new
applications in the end markets that we serve. The adoption of
our products by a new customer or qualification in a new
application can lead to an increase in net sales for a period,
which may then slow until we further penetrate new markets or
customers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Gross margin.</I> One of our important objectives is
maintaining and improving our gross margin, which is our gross
profit expressed as a percentage of our net sales. In the last
three years our gross margins have increased from (14.4)% in
2003 to 30.4% in 2004 and 35.2% in 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our total gross margin in any period can be affected by total
net sales in any period, product mix, that is, the percentage of
our revenue in that period that is attributable to higher or
lower-power products, and by other factors, some of which are
not under our control. Due to the fact that we have high fixed
costs, our costs are difficult to adjust in response to changes
in demand. Therefore, our manufacturing costs as a percentage of
net sales are volatile and can increase or decrease depending on
total net sales reported in a period. Our product mix affects
our margins because the selling price per watt is higher for
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">31

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
low and mid-power devices than for high-power devices. The
overall cost of high-power lasers may be partially offset by
improved absorption of fixed overhead costs associated with
sales of larger volumes of higher-power products. We regularly
review our inventory for items that have been rendered obsolete
or determined to be excess, and any writeoff of such obsolete or
excess inventory affects our gross margins.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The factors that can influence the gross margins derived from
sales of any individual product include the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    factors that affect the prices we can charge, including the
    features and performance of our products, their output power,
    the nature of the end user and application, and competitive
    pressures;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    factors that affect the cost of our net sales, including the
    cost of raw materials and components, manufacturing costs and
    shipping costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    production volumes of specific product lines; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    in the case of our OEM customers, the type of market that they
    serve and the competitive pricing pressures faced by our OEM
    customers.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cost of diodes.</I> Prior to 2004, we used semiconductor
diodes purchased from a third-party supplier. In 2004, we began
production at our semiconductor diode manufacturing facility,
which enabled us to significantly reduce the cost of our
semiconductor diodes and eliminate reliance upon suppliers for
this component. For many of our products, particularly at higher
power levels, the cost of diodes is the most important factor in
determining the price of the product. In addition, we have
increased the output power of an individual semiconductor diode,
further reducing our cost per watt. We do not anticipate that
any further reductions in the cost of diodes will be as
significant as we have experienced in the past.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Sales and marketing expense.</I> We expect to continue to
expand our worldwide direct sales organization and personnel
involved in marketing in our existing and new geographic
locations and to increase expenditures on sales and marketing
activities in order to support the growth in our net sales. As
such, we expect that our sales and marketing expenses will
increase in the aggregate.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Research and development expense.</I> We plan to continue to
invest in research and development to improve our existing
components and products and develop new components and products.
We plan to increase the personnel involved in research and
development and expect to increase other research and
development expenses. As such, we expect our research and
development expenses will increase in the aggregate.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>General and administrative expense.</I> We expect to expand
our general and administrative personnel and other general and
administrative expenses as we expand finance and other
administrative functions to support our growth in net sales and
additional reporting and compliance requirements associated with
being a public company. As such, we expect that our general and
administrative expenses will increase in the aggregate.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Major customers.</I> We have historically depended on a few
customers for a large percentage of our annual net sales. The
composition of this group can change from year to year. Net
sales derived from our five largest customers as a percentage of
our annual net sales was 38% in 2003, 37% in 2004 and 37% in
2005. Sales to our largest customer accounted for 17%, 20%, 13%
and 11% of our net sales in 2003, 2004 and 2005 and the six
months ended June&nbsp;30, 2006, respectively. We seek to add
new customers and to expand our relationships with existing
customers. We anticipate that the composition of our net sales
to our significant customers will continue to change. If any of
our significant customers were to substantially reduce their
purchases from us, our results would be adversely affected.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Effect of preferred stock on net income and net income per
share.</I> Our net income per share computations historically
have been impacted by our convertible preferred stock,
convertible debt and the series&nbsp;B warrants. Upon completion
of this offering, we will no longer have any such convertible
debt or equity instruments outstanding. As such, our net income
per share computations will no longer be adjusted
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">32

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
for the effects of these convertible instruments for the
quarters following the completion of this offering. Elsewhere in
this prospectus, we have supplementally provided pro forma net
income per share information for the year ended
December&nbsp;31, 2005 and the six months ended June&nbsp;30,
2006. See &#147;Selected Consolidated Financial Data.&#148;
These pro forma disclosures are intended to demonstrate the
effects on net income per share upon the completion of this
offering and the related impacts of the conversion of our
preferred stock and the repurchase of the series&nbsp;B warrants.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the issuance of our series&nbsp;B preferred
stock, we issued warrants (the series&nbsp;B warrants) to
purchase, in the aggregate, shares of our common stock valued at
$47.5&nbsp;million at an equivalent per-share price of 50% of
the fair value on the date of an initial public offering of
common stock or the sale, merger or liquidation of our company.
The series&nbsp;B warrants are exercisable upon the completion
of this offering. The series&nbsp;B warrants constitute
freestanding derivatives that are accounted for as liabilities
at fair value and the changes in fair value of the series&nbsp;B
warrants are recorded as non-cash expenses or benefits. Any
increase in the fair value of the series&nbsp;B warrants has the
effect of reducing our reported net income and net income per
share. For the years ended December&nbsp;31, 2003, 2004, and
2005, the fair value of the series&nbsp;B warrants increased by
$3.7&nbsp;million, $0.6&nbsp;million and $0.7&nbsp;million,
respectively. For the six months ended June&nbsp;30, 2006, the
fair value of the series&nbsp;B warrants increased by
$2.2&nbsp;million. We will continue to incur a non-cash expense
or benefit each quarter based upon the increase or decrease,
respectively, in the fair value of the warrants until such
warrants are repurchased, exercised or otherwise are no longer
outstanding. We plan to repurchase the series&nbsp;B warrants
using approximately $22.1&nbsp;million of the net proceeds of
this offering. In the quarter in which we complete this
offering, we will record incremental expense associated with the
series&nbsp;B warrants totaling approximately
$&nbsp;&nbsp;million, representing the increase in fair value
from the carrying value on the most recent measurement date to
the $22.1&nbsp;million repurchase value. In subsequent quarters,
we will not recognize any further income or expense with respect
to the series&nbsp;B warrants.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The terms of our series&nbsp;A preferred stock and series&nbsp;B
preferred stock include price protection or anti-dilution
features that constitute a contingent beneficial conversion
feature (or deemed dividend) that will be recorded upon the
resolution of the contingency, which will occur upon the
completion of this offering. The deemed dividend does not reduce
net income but does reduce net income applicable to common
stockholders in the computation of net income (loss) per share.
A deemed dividend totaling approximately
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;will
be recorded in the period that this offering occurs. No further
deemed dividends associated with the beneficial conversion
features related to our series&nbsp;A preferred stock or
series&nbsp;B preferred stock will be required following the
completion of this offering.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Critical Accounting Policies and Estimates</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of net sales
and expenses. By their nature, these estimates and judgments are
subject to an inherent degree of uncertainty. On an ongoing
basis we re-evaluate our judgments and estimates including those
related to inventories, income taxes and the fair value of
certain debt and equity instruments including stock-based
compensation. We base our estimates and judgments on our
historical experience and on other assumptions that we believe
are reasonable under the circumstances, the results of which
form the basis for making the judgments about the carrying
values of assets and liabilities that are not readily apparent
from other sources. Actual results could differ from those
estimates, which may result in material effects on our operating
results and financial position. The accounting policies
described below are those which, in our opinion, involve the
most significant application of judgment, or involve complex
estimation, and which could, if different judgments or estimates
were made, materially affect our reported results of operations
and financial position.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Revenue recognition.</I> Our net sales are generated from
sales of fiber lasers, fiber amplifiers, diode lasers and
complementary products. Our products are used in a wide range of
applications by different types of end users or used as
components or integrated into systems by OEMs or system
integrators, and
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">33

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
are often used as sub-assemblies required for end products
manufactured by or for the customer. We also sell communications
systems that include our fiber lasers and amplifiers as
components.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We recognize revenue in accordance with SEC Staff Accounting
Bulletin, or SAB, No.&nbsp;104, &#147;Revenue Recognition.&#148;
SAB&nbsp;No.&nbsp;104 requires that four basic criteria be met
before revenue can be recognized: (i)&nbsp;persuasive evidence
of an arrangement exists; (ii)&nbsp;delivery has occurred or
services have been rendered; (iii)&nbsp;the fee is fixed or
determinable; and (iv)&nbsp;collectibility is reasonably
assured. Revenue from the sale of our products is generally
recognized upon shipment, provided that the other revenue
recognition criteria have been met. We have no obligation to
provide upgrades, enhancements or customer support subsequent to
the sale. Revenue from orders with multiple deliverables is
divided into separate units of accounting when certain criteria
are met. The consideration for the arrangement is then allocated
to the separate units of accounting based on their relative fair
values. We defer the revenue on multiple element arrangements if
the fair values of all deliverables are not known or if customer
acceptance is contingent on delivery of specified items or
performance conditions. Applicable revenue recognition criteria
are then applied separately for each separate unit of accounting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Returns and customer credits are infrequent and are recorded as
a reduction to revenue. Rights of return are generally not
included in sales arrangements. Generally, we receive a customer
purchase order as evidence of an arrangement and product
shipment terms are free on board (F.O.B.) shipping point.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Inventory.</I> Inventory is stated at the lower of cost
<FONT style="white-space: nowrap">(first-in,</FONT> first-out
method) or market. Inventory includes parts and components that
may be specialized in nature and subject to rapid obsolescence.
We maintain a reserve for inventory items to provide for an
estimated amount of excess or obsolete inventory. The reserve is
based upon a review of inventory materials on hand, which we
compare with estimated future usage. In addition, we review the
inventory and compare recorded costs with estimates of current
market value. Writedowns are recorded to reduce the carrying
value to the net realizable value with respect to any part with
costs in excess of current market value. Estimating demand and
current market values is inherently difficult, particularly
given that we make unique components and products. We determine
the valuation of excess and obsolete inventory by making our
best estimate considering the current quantities of inventory on
hand and our forecast of the need for this inventory to support
future sales of our products. We often have limited information
on which to base our forecasts. If future sales differ from
these forecasts, the valuation of excess and obsolete inventory
may change. For example, as a result of commencing internal
production of our semiconductor diodes and due to the downturn
in the communications market, we recorded a charge to inventory
of $8.3&nbsp;million in 2003 related to the reduction in the
carrying value of semiconductor diodes and certain other optical
components. In addition, during 2005 we recorded a charge
against the remaining diodes that had been procured from third
parties, other components and finished goods that totaled
$2.4&nbsp;million<I>.</I>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Stock-based compensation.</I> Prior to January&nbsp;1, 2006,
we accounted for stock-based employee compensation arrangements
in accordance with the intrinsic value provisions of Accounting
Principles Board Opinion No.&nbsp;25, &#147;Accounting for Stock
Issued to Employees.&#148; Therefore, we did not record any
compensation expense for stock options we granted to our
employees where the exercise price was at least equal to the
fair value of the stock on the date of grant. Due primarily to
certain stock-based compensation awarded primarily in 2000 and
2001, we have recorded significant stock-based compensation
during the years ended December&nbsp;31, 2001, 2002 and 2003.
Those awards became fully vested during the year ended
December&nbsp;31, 2004. Stock-based compensation is included in
the following financial statement captions as follows:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="26" align="center" nowrap><B>(in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>37</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sales and marketing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    General and administrative</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>21,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>126</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">34

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We comply with the disclosure requirements of
SFAS&nbsp;No.&nbsp;123 and SFAS&nbsp;No.&nbsp;148, which require
that we disclose our pro forma net income or loss and net income
or loss per common share as if we had expensed the options at
fair value. As a private company, we applied the provisions of
SFAS&nbsp;No.&nbsp;123 using the minimum value computations,
which assume no volatility in the fair value of our common stock
underlying employee stock options. In December 2004,
SFAS&nbsp;No.&nbsp;123 was amended (now referred to as
SFAS&nbsp;No.&nbsp;123(R)), and we account for any newly issued,
modified or settled stock awards on or after January&nbsp;1,
2006 at fair value.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We adopted SFAS No.&nbsp;123(R) using the prospective transition
method. Under this method, compensation costs recorded during
the six months ended June&nbsp;30, 2006 include:
(i)&nbsp;compensation costs for all share-based payment awards
granted prior to, but not yet vested as of, January&nbsp;1,
2006, based on the intrinsic value in accordance with the
original provisions of APB&nbsp;25; and (ii)&nbsp;compensation
costs for all share-based payment awards granted subsequent to
January&nbsp;1, 2006, based on the grant-date fair value
estimated in accordance with the provisions of SFAS
No.&nbsp;123(R). We allocate and record stock-based compensation
expense on a straight-line basis over the requisite service
period.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under SFAS&nbsp;No.&nbsp;123(R), we calculate the fair value of
stock option grants using the Black-Scholes option pricing
model. Determining the appropriate fair value model and
calculating the fair value of stock-based payment awards require
the use of highly subjective assumptions, including the expected
life of the stock-based payment awards and stock price
volatility. The assumptions used in calculating the fair value
of stock-based payment awards represent management&#146;s best
estimates, but the estimates involve inherent uncertainties and
the application of management judgment. As a result, if factors
change and we use different assumptions, our stock-based
compensation expense could be materially different in the
future. The weighted average assumptions used in the
Black-Scholes model were 6.25&nbsp;years for the expected term,
65% for the expected volatility, 4.75% for the risk-free rate
and 0% for dividend yield for the six months ended June&nbsp;30,
2006. Because there is currently no public market for our common
stock, we are unable to use actual price volatility or option
life as input assumptions within our Black-Scholes valuation
model.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The weighted average expected option term for 2006 reflects the
application of the simplified method set forth in Securities and
Exchange Commission Staff Accounting Bulletin, or SAB,
No.&nbsp;107, which was issued in March 2005. The simplified
method defines the life as the average of the contractual term
of the options and the weighted average vesting period for all
option tranches.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because there has been no public market for our common stock,
the fair value of our common stock was determined by our board
of directors based on consideration of relevant factors. Factors
considered by our board of directors included:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    independent valuation reports that we received;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the agreed-upon consideration paid in arms-length transactions
    in the form of convertible preferred stock and common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the superior rights and preferences of securities senior to our
    common stock at the time of each grant;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    historical and anticipated fluctuations in our net sales and
    results of operations, which reflect our dependence on certain
    key customers, the cyclical nature of certain of our end markets
    and market acceptance of our products; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the risk of owning our common stock and its non-liquid nature.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">35

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the calculation of expected volatility, because there is
currently no public market for our common stock, and therefore
we lack company-specific historical and implied volatility
information, we based our estimate of expected volatility on the
expected volatility of similar entities whose share prices are
publicly available. We used the following factors to identify
similar public entities: industry, stage of life cycle, size and
profitability. We intend to continue to consistently apply this
process using the same or similar entities until a sufficient
amount of historical information regarding the volatility of our
own share price becomes available, or unless circumstances
change such that the identified entities are no longer similar
to us. In this latter case, more suitable, similar entities
whose share prices are publicly available would be utilized in
the calculation.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As stock-based compensation expense recorded in our statement of
operations for the six months ended June&nbsp;30, 2006 is based
on options ultimately expected to vest, it has been reduced for
estimated forfeitures. SFAS&nbsp;123(R) requires forfeitures to
be estimated at the time of grant and revised, if necessary, in
subsequent periods if actual forfeitures differ from those
estimates. The stock-based compensation recorded for the six
months ended June&nbsp;30, 2006 reflects an estimated forfeiture
rate of 5%. For purposes of preparing the pro forma information
required under SFAS&nbsp;123 for the periods prior to 2006, we
accounted for forfeitures as they occurred.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with the prospective transition method, our
financial statements for prior periods have not been restated to
reflect, and do not include, the impact of SFAS&nbsp;123(R).
Total employee stock-based compensation expense recorded under
SFAS&nbsp;123(R) for the six months ended June&nbsp;30, 2006 was
$0.1&nbsp;million. We expect that our quarterly stock-based
compensation expense will increase for the remainder of 2006.
The timing of the issuance of stock options for the six months
ended June&nbsp;30, 2006 resulted in a pro-rated expense charge
for the period based upon the number of days for which the stock
options were outstanding, which resulted in a smaller percentage
of expense than if they had been granted earlier in the
respective quarters in which they were granted.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Income taxes.</I> We account for income taxes under the
provisions of SFAS&nbsp;No.&nbsp;109, &#147;Accounting for
Income Taxes.&#148; Under this method, we determine the deferred
tax assets and liabilities based upon the difference between the
financial statements and the tax basis of assets and liabilities
using enacted tax rates in effect for the year in which the
differences are expected to affect taxable income. The tax
consequences of most events recognized in the current
year&#146;s financial statements are included in determining
income taxes currently payable. However, because tax laws and
financial accounting standards differ in their recognition and
measurement of assets, liabilities, equity, net sales, expenses,
gains and losses, differences arise between the amount of
taxable income and pretax financial income for a year and the
tax basis of assets or liabilities and their reported amounts in
the financial statements. Because we assume that the reported
amounts of assets and liabilities will be recovered and settled,
respectively, a difference between the tax basis of an asset or
a liability and its reported amount in the balance sheet will
result in a taxable or a deductible amount in some future years
when the related assets or liabilities are settled or the
reported amount of the assets are recovered, giving rise to a
deferred tax asset or liability. We must then periodically
assess the likelihood that our deferred tax assets will be
recovered from our future taxable income, and, to the extent we
believe that it is more likely than not our deferred tax assets
will not be recovered, we must establish a valuation allowance
against our deferred tax assets.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have used the majority of our net operating losses in Germany
that we have previously generated and we are now paying income
taxes in Germany. We have recorded deferred tax assets related
to operating losses in Germany as we believe that no valuation
allowance was necessary. As of December&nbsp;31, 2005, we have a
valuation allowance totaling $19.4&nbsp;million, primarily
against U.S.&nbsp;federal and state net operating losses as well
as certain other U.S.&nbsp;timing differences. The release of
the valuation allowance will depend upon the continued
improvement in results of our U.S.&nbsp;operations and the
reversal of a material U.S.&nbsp;timing difference. If the
results of our U.S.&nbsp;operations continue to improve, we
expect to be able to start using the net operating losses
available in the United States and to release the valuation
allowance. Our reported net income will increase substantially
for the quarter in which we release the valuation allowance,
reflecting the reduction of our future income taxes as a result
of the utilization of the
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">36

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
prior year net operating losses. Based on our projections of
operating income and taxable income, we anticipate that we will
release the valuation allowance in the latter half of 2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Fair value adjustment of warrants.</I> In connection with the
issuance of our series&nbsp;B preferred stock, we issued
warrants to purchase, in the aggregate, shares of our common
stock valued at $47.5&nbsp;million at an equivalent per-share
price of 50% of the fair value on the date of an initial public
offering of our common stock or the sale, merger or liquidation
of our company. The warrants are treated as a free-standing
derivative under SFAS&nbsp;No.&nbsp;133, &#147;Accounting for
Derivative Instruments and Hedging Activities.&#148;
SFAS&nbsp;No.&nbsp;133 requires us to record a non-cash expense
or benefit each quarter, based upon the increase or decrease in
the fair value of the warrants, until such warrants are
repurchased, exercised or otherwise are no longer outstanding.
We periodically assess the fair value of the warrants by
estimating the probability that the warrants will be exercised
based upon our estimate of the increase or decrease in the
likelihood of an initial public offering, merger, liquidation or
sale of the majority of our common stock prior to the
warrants&#146; expiration. Estimating these probabilities is
inherently difficult.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">37

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Results of Operations</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth selected statement of operations
data for the periods indicated in dollar amounts and expressed
as a percentage of net sales.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>Six Months Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>



<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="38" align="center" nowrap><B>(in thousands, except percentages)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>96,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>41,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>64,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>114.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>64.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>68.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60.3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross (loss) profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,843</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(14.4</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39.7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sales and marketing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    General and administrative</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>65.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating (loss) income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(27,014</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(80.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23.1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,505</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4.5</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,150</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3.5</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,840</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(969</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(709</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fair value adjustment to series&nbsp;B warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,664</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(10.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(615</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.0</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(745</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.8</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(314</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.8</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,219</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3.4</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other income, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (Loss) income before benefit from (provision for) income taxes
    and minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(30,536</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(90.6</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18.6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Benefit from (provision for) income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,080</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4.2</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,219</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,598</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(8.6</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(80</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(426</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.4</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(398</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.6</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net (loss) income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(83.7</TD>
    <TD align="left" valign="bottom" nowrap>)%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Comparison of Six Months Ended June&nbsp;30, 2006 to Six
Months Ended June&nbsp;30, 2005</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net sales.</I> Our net sales increased by $23.3&nbsp;million,
or 56.0%, to $64.9&nbsp;million in the six months ended
June&nbsp;30, 2006 from $41.6&nbsp;million in the six months
ended June&nbsp;30, 2005. This increase was primarily
attributable to a higher volume of sales of fiber lasers in
materials processing applications, where net sales increased by
$20.2&nbsp;million or by 86.9% of the total increase in net
sales. Communications accounted for 13.0% of the increase in net
sales. The growth in net sales resulted primarily from increased
market acceptance of high-power fiber lasers and the continued
growth in sales of low and medium-power fiber lasers for
materials processing. Net sales growth was also driven by
increased sales of fiber amplifiers used in broadband systems in
the United States and communications systems in Europe.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cost of sales and gross margin.</I> Our costs of sales
increased by $10.7&nbsp;million, or 37.7%, to $39.1&nbsp;million
in the six months ended June&nbsp;30, 2006 from
$28.4&nbsp;million in the six months ended June&nbsp;30, 2005,
as a result of the increased sales volume. Our gross margin
increased to 39.7% in the six months ended June&nbsp;30, 2006
from 31.7% in the six months ended June&nbsp;30, 2005 because of
a reduction in the cost of our internally manufactured optical
components, including semiconductor diodes, more favorable
absorption of fixed manufacturing costs as a result of higher
production volumes and, to a lesser extent, a
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">38

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
shift in product mix including increased sales of higher-margin
low and mid-power fiber lasers and reduced sales of certain
types of lower-margin fiber amplifiers. The increase in gross
margin was partially offset by greater sales of lower-margin
high-power fiber lasers.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Sales and marketing expense.</I> Sales and marketing expense
increased by $0.8&nbsp;million, or 53.3%, to $2.3&nbsp;million
in the six months ended June&nbsp;30, 2006 from
$1.5&nbsp;million in the six months ended June&nbsp;30, 2005,
primarily as a result of a $0.4&nbsp;million increase in
personnel costs due to increases in sales commissions and the
expansion of our worldwide direct sales organization driven by
the increase in net sales.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Research and development expense.</I> Research and
development expense decreased by $0.3&nbsp;million, or 10.3%, to
$2.6&nbsp;million in the six months ended June&nbsp;30, 2006
from $2.9&nbsp;million in the six months ended June&nbsp;30,
2005. This reduction in research and development expenses for
the six months ended June&nbsp;30, 2006 was primarily
attributable to the timing of research and development projects
and is not indicative of any reduction in our commitment to
research and development.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>General and administrative expense.</I> General and
administrative expense increased by $1.4&nbsp;million, or 31.8%,
to $5.8&nbsp;million in the six months ended June&nbsp;30, 2006
from $4.4&nbsp;million in the six months ended June&nbsp;30,
2005, primarily due to a $0.3&nbsp;million increase in
consulting costs and other administrative expenses. Personnel
expenses related to general and administrative expense were
approximately the same in the six months ended June&nbsp;30,
2006 compared to the same period of 2005 despite an increase in
headcount because the expenses for 2005 included bonuses to
certain employees of $0.4&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interest expense, net.</I> Interest expense, net decreased by
$0.3&nbsp;million, or 30%, to $0.7&nbsp;million in the six
months ended June&nbsp;30, 2006 from $1.0&nbsp;million in the
six months ended June&nbsp;30, 2005, resulting from the
repayment of term debt as well as lower utilization of our
credit lines in Germany in the six months ended June&nbsp;30,
2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Fair value adjustment to series&nbsp;B warrants.</I> The fair
value of the series&nbsp;B warrants increased by
$2.2&nbsp;million in the six months ended June&nbsp;30, 2006 due
to an increase in management&#146;s estimate of the probability
of completion of an initial public offering prior to the
expiration of the warrants.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(Provision for) benefit from income taxes.</I> Our provision
for income tax expense increased by $4.4&nbsp;million, to a
provision of $5.6&nbsp;million in the six months ended
June&nbsp;30, 2006 from $1.2&nbsp;million in the six months
ended June&nbsp;30, 2005 representing an effective tax rate of
39.0% in the six months ended June&nbsp;30, 2006 as compared to
33.8% in the same period of 2005. The increase in the provision
for income taxes was driven by an increase in earnings before
tax of $8.8&nbsp;million to $12.1&nbsp;million in the six months
ended June&nbsp;30, 2006 from $3.3&nbsp;million in the same
period of 2005, as well as changes in the relative amounts of
our taxable income generated throughout various tax
jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net income (loss).</I> Net income increased by
$3.9&nbsp;million, or more than 100%, to $6.1&nbsp;million for
the six months ended June&nbsp;30, 2006 from $2.2&nbsp;million
for the same period in 2005 and our net income margin increased
by 4.2&nbsp;percentage points to 9.4% of net sales for the six
months ended June&nbsp;30, 2006 from 5.2% of net sales for the
same period in 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Comparison of Year Ended December&nbsp;31, 2005 to Year Ended
December&nbsp;31, 2004</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net sales.</I> Our net sales increased by $35.7&nbsp;million,
or 58.8%, to $96.4&nbsp;million in 2005 from $60.7&nbsp;million
in 2004. This increase was primarily attributable to higher
sales of fiber lasers in the materials processing market, where
net sales increased by $18.4&nbsp;million or 51.5% of the total
increase in net sales. Communications, medical and advanced
applications each accounted for an approximately equal portion
of the remaining increase in net sales. The growth in net sales
resulted primarily from increased market acceptance of fiber
lasers in materials processing applications, particularly
high-power fiber lasers, and to a lesser extent, broadband
systems rollouts that increased fiber amplifier sales. In
addition, sales for medical applications grew by almost
$5.9&nbsp;million to $7.4&nbsp;million in 2005 due principally
to qualification of our products by a customer in 2004.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">39

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cost of sales and gross margin.</I> Our cost of sales
increased by $20.2&nbsp;million, or 47.8%, to $62.5&nbsp;million
in 2005 from $42.3&nbsp;million in 2004, as a result of
increased sales volumes. Our gross margin increased to 35.2% in
2005 from 30.4% in 2004 because of a reduction in the cost of
our internally manufactured components, including semiconductor
diodes, and more favorable absorption of fixed manufacturing
costs as a result of higher production volumes. The increase in
gross margin was partially offset by higher manufacturing and
labor costs and a shift in product mix to sales of lower-margin
high-power fiber lasers and lower-margin fiber amplifiers as
well as slightly reduced sales of higher-margin low-power fiber
lasers.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Sales and marketing expense.</I> Sales and marketing expense
increased by $0.8&nbsp;million, or 33.3%, to $3.2&nbsp;million
in 2005 from $2.4&nbsp;million in 2004 as a result of a
$0.4&nbsp;million increase in personnel costs associated with
the increase in sales commissions and the expansion of our
worldwide direct sales organization.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Research and development expense.</I> Research and
development expense increased by $1.0&nbsp;million, or 20.8%, to
$5.8&nbsp;million in 2005 from $4.8&nbsp;million in 2004. The
increase in our research and development expense was primarily
attributable to a $1.9&nbsp;million increase in personnel costs
due to increased headcount, which was partially offset by a
decrease in other development expenses.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>General and administrative expense.</I> General and
administrative expense increased by $2.4&nbsp;million, or 29.3%,
to $10.6&nbsp;million in 2005 from $8.2&nbsp;million in 2004,
primarily due to a $2.7&nbsp;million increase in personnel
costs, partially offset by a $0.5&nbsp;million decrease in
certain other expenses such as travel and lease expenses.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interest expense, net.</I> Interest expense, net decreased by
$0.4&nbsp;million, or 18.2%, to $1.8&nbsp;million in 2005 from
$2.2&nbsp;million in 2004. The decrease resulted from the
repayment of debt.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Fair value adjustment to series&nbsp;B warrants.</I> The fair
value of the series&nbsp;B warrants increased by
$0.1&nbsp;million to $0.7&nbsp;million in 2005 from
$0.6&nbsp;million in 2004 due to an increase in the probability
of their exercise as well as a lower total discount related to
the time value of money.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(Provision for) benefit from income taxes.</I> Our provision
for income tax expense increased by $5.7&nbsp;million, to
$4.1&nbsp;million in 2005 from a benefit of $1.6&nbsp;million in
2004, representing an effective tax rate of 32.2% in 2005 and
more than negative 100% in 2004. The $1.6&nbsp;million benefit
in 2004 largely reflects the reversal of $1.6&nbsp;million in
reserves for prior year taxes as a result of the completion of a
tax audit in the United States. The relative amounts of our
taxable income generated between Germany and the United States
have a significant impact on our effective rate. In each of 2005
and 2004, we did not provide any benefits on our operating
losses in the United States, whereas in Germany we have
historically been profitable and recorded a tax provision
without a valuation allowance. Absent the effects of the
valuation allowance, our blended worldwide effective tax rate is
estimated to have been approximately 40% in each of 2005 and
2004.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net income (loss).</I> Our net income increased by
$5.4&nbsp;million to $7.4&nbsp;million in 2005 from
$2.0&nbsp;million in 2004 and our net income margin increased by
4.4&nbsp;percentage points to 7.7% of net sales in 2005 from
3.3% of net sales in 2004.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Comparison of Year Ended December&nbsp;31, 2004 to Year Ended
December&nbsp;31, 2003</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net sales.</I> Our net sales increased by $27.0&nbsp;million,
or 80.1%, to $60.7&nbsp;million in 2004 from $33.7&nbsp;million
in 2003. This increase was primarily attributable to a higher
volume of sales of fiber lasers in the materials processing
market, where net sales increased by $18.3&nbsp;million.
Communications equipment accounted for $4.5&nbsp;million of the
increase in net sales. The growth in net sales resulted
primarily from increased market acceptance of fiber lasers for
materials processing applications, as well as broadband systems
rollouts that increased fiber amplifier sales. In 2004, our
sales of high-power lasers began to increase as compared to
2003, when these products were still largely in the prototype
phase, such that the increase in our net sales was also
attributable to higher unit sales of high-power (generally one
kilowatt and above) fiber lasers introduced in prior years. In
addition, sales for medical applications grew by almost
$1.3&nbsp;million to $1.5&nbsp;million in 2004 due principally
to qualification of our products by a customer in 2004.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">40
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cost of sales and gross margin.</I> Our cost of sales
increased by $3.7&nbsp;million, or 9.6%, to $42.3&nbsp;million
in 2004 from $38.6&nbsp;million in 2003. The increase in
materials costs related to increased sales volumes was partially
offset by a reduction in charges related to inventory reserves.
Excluding $8.3&nbsp;million inventory reserves that we recorded
in 2003, our cost of sales increased by $12.0&nbsp;million, or
39.6%, in 2004 from 2003. Excluding the impact of this inventory
reserve provision, our gross margin increased to 30.3% in 2004
from 10.1% in 2003 because of a reduction in our cost of
materials resulting from a decrease in the cost of our
semiconductor diodes resulting from our shift to in-house
production from third-party suppliers, more favorable absorption
of fixed manufacturing costs as a result of our increased
production volume and a shift in product mix to sales of
higher-margin low-power fiber lasers. The increase in gross
margin was partially offset by an increase in sales of
lower-margin fiber amplifiers.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Sales and marketing expense.</I> Sales and marketing expense
increased by $0.3&nbsp;million, or 14.3%, to $2.4&nbsp;million
in 2004 from $2.1&nbsp;million in 2003 as a result of increases
in personnel costs associated with the increase in sales
commissions as a result of net sales growth and the expansion of
our worldwide direct sales organization.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Research and development expense.</I> Research and
development expense decreased by $5.3&nbsp;million, or 52.5%, to
$4.8&nbsp;million in 2004 from $10.1&nbsp;million in 2003. The
decrease in our research and development expense was primarily
attributable to the fact that we began commercial production of
our diodes in the first quarter of 2004. The costs related to
the diode manufacturing facility that were previously classified
as research and development were now classified as cost of
sales. Excluding the expenses related to the diode manufacturing
facility, research and development expense decreased by
$1.4&nbsp;million, or 22.6%, to $4.8&nbsp;million in 2004 from
$6.2&nbsp;million in 2003.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>General and administrative expense.</I> General and
administrative expense decreased by $1.8&nbsp;million, or 18%,
to $8.2&nbsp;million in 2004 from $10.0&nbsp;million in 2003,
primarily due to a $0.5&nbsp;million decrease in professional
fees costs and a $0.5&nbsp;million decrease in stock-based
compensation.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interest expense, net.</I> Interest expense, net increased by
$0.7&nbsp;million, or 46.7%, to $2.2&nbsp;million from
$1.5&nbsp;million in 2003, as a result of additional interest
charges relating to the issuance of a note to a supplier and the
increased use of lines of credit on which the interest rates
exceeded our weighted average cost of bank debt.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Fair value adjustment to series&nbsp;B warrants.</I> The fair
value of the series&nbsp;B warrants decreased by
$3.1&nbsp;million to $0.6&nbsp;million in 2004 from
$3.7&nbsp;million in 2003 due to a higher total discount related
to the time value of money.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(Provision for) benefit from income taxes.</I> Our benefit
from income taxes decreased by $0.6&nbsp;million, to
$1.6&nbsp;million in 2004 from a benefit of $2.2&nbsp;million in
2003. In 2004, we released a $1.6&nbsp;million reserve for prior
year taxes upon the completion of a tax audit of our
U.S.&nbsp;operations for the years 1999 through 2001. Our
effective tax rates in each of 2004 and 2003 were impacted by
the relative amounts of our taxable income generated between
Germany and the United States and the full valuation allowance
provided against U.S.&nbsp;timing differences as well as net
operating loss carryforwards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net income (loss).</I> Our net income (loss) increased by
$30.2&nbsp;million to net income of $2.0&nbsp;million in 2004
from a net loss of $28.2&nbsp;million in 2003 and our net income
margin increased to 3.3% of net sales in 2004 from (83.7)% of
net sales in 2003.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Selected Quarterly Results</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table presents certain unaudited quarterly
financial information for our last six quarters. The unaudited
interim consolidated financial information contained herein has
been prepared on the same basis as the audited consolidated
financial statements and, in the opinion of management, includes
all adjustments, consisting of only normal recurring
adjustments, that we consider necessary to fairly present such
information when read together with the audited consolidated
financial statements and related notes appearing elsewhere in
this prospectus.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">41
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>Three Months Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Mar.&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Sep.&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dec.&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Mar.&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>(in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>18,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>22,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>34,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,841</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,343</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sales and marketing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,263</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,387</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    General and administrative</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,909</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,154</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,804</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,539</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(514</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(454</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(442</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(430</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(355</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(354</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fair value adjustment to series&nbsp;B warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(155</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(159</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(163</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(268</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,862</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(357</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other income, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income before provision for income taxes and minority interests
    in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,832</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision for income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(468</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(751</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(818</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,043</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,833</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,765</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(107</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(401</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(288</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(110</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,957</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table presents certain unaudited quarterly
information as a percentage of our net sales for our last six
quarters.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>Three Months Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Mar.&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Sep.&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dec.&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Mar.&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>68.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>64.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58.5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41.5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sales and marketing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    General and administrative</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23.5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2.7</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2.0</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fair value adjustment to series&nbsp;B warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.8</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.7</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.8</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.8</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5.7</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other income, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.0</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income before provision for income taxes and minority interests
    in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21.3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision for income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2.5</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4.0</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(6.0</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(8.7</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(8.6</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.5</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.2</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.5</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">42

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our net sales fluctuate on a quarterly basis and increased from
$18.8&nbsp;million in the quarter ended March&nbsp;31, 2005 to
$32.2&nbsp;million in the quarter ended June&nbsp;30, 2006,
primarily due to the increased acceptance of our lasers in
industrial markets. Our sales have been and will continue to be
impacted by the timing of our shipments and customer acceptance
of our products. For example, we experienced sequential growth
in net sales in the first and second quarter of 2005. In the
quarter ended September&nbsp;30, 2005, our net sales declined as
the revenue from one high-power laser shipped in that quarter
had to be deferred until the fourth quarter of 2005 due to
delayed installation and customer acceptance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our gross margin generally improved over the six quarters ended
June&nbsp;30, 2006, ranging from 31.1% to 41.5%. Gross profit
varies from quarter to quarter depending upon changes in the
level of net sales and upon customer and product mix. Such
changes can impact our absorption of our indirect manufacturing
costs. Furthermore, the level of gross profit in a quarter can
be reduced by the need to record additional inventory provisions.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our operating margin also fluctuated from quarter to quarter,
although it improved as our net sales increased in the fourth
quarter of 2005 and the first two quarters of 2006. The higher
level of net sales and increase in gross profit in those
quarters enabled us to reduce our operating expenses as a
percentage of sales and improve our operating margin. Our
operating margin decreased from 10.8% in the first quarter of
2005 to 10.4% in the second quarter of 2005 despite an increase
in sales over the same period, then increased to 20.6% in the
fourth quarter of 2005 and 23.5% in the second quarter of 2006.
The decline in operating margin in the second quarter of 2005
was due primarily to an increase in operating expenses in that
period, which offset the increase in gross profit. Operating
expenses were higher in the second quarter, primarily due to
personnel expenses relating to bonus payments and accounting and
legal fees.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our quarterly net sales and operating results have fluctuated in
the past and are likely to continue to vary from quarter to
quarter due to a number of factors, many of which are not within
our control. Therefore, we do not believe that our operating
results in any quarter or quarters should be relied upon as an
accurate indicator of our future performance. In future periods,
the market price of our common stock could decline if our net
sales and results of operations are below the expectations of
analysts and investors. Factors that may cause our net sales and
operating results to fluctuate include those discussed in
&#147;Risk Factors.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Liquidity and Capital Resources</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have financed our operations through internally generated
cash flow from operations which includes, from time to time,
deposits made by our customers when they place orders with us
and private sales of common and preferred stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to these sources, we negotiated
<FONT style="white-space: nowrap">line-of</FONT>-credit
facilities and term bank loans with our banks in the United
States, Germany, Japan and Italy. A summary of these financing
arrangements is shown below.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">43

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table details our
<FONT style="white-space: nowrap">line-of</FONT>-credit
facilities:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Available Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Interest Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Security</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Euro Overdraft Facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Euro 4.4&nbsp;million ($5.5&nbsp;million)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    7.5%-8.0%, depending upon principal outstanding</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Euro 2.0&nbsp;million ($2.5&nbsp;million) available through
    September 2006<BR>
    <BR>
    Euro 2.4&nbsp;million ($3.0&nbsp;million) available through
    March 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Common pool of assets of German subsidiary</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.S.&nbsp;Demand Line(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    80% of eligible receivables, up to $7,000,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    LIBOR plus 3.0%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    June&nbsp;2008</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    All assets held by our U.S.&nbsp;parent company (IPG Photonics
    Corporation)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Japanese Overdraft Facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    100% of eligible receivables, up to JPY700,000,000
    ($6.0&nbsp;million)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    1.88%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    September&nbsp;2006</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Pool of assets of Japanese subsidiary</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    This loan has a minimum debt service coverage covenant, which
    requires that we maintain a ratio of not less than 1.20:1.00 of
    (i)&nbsp;earnings before interest, taxes, depreciation and
    amortization, plus stock-based compensation and fair value
    adjustments to the series&nbsp;B warrants, less unfunded capital
    expenditures and cash taxes paid, divided by (ii)(a) current
    maturities of long-term debt and capital leases, plus
    (b)&nbsp;interest expense, measured as of each fiscal quarter.
    After the completion of this offering, we also will be required
    to maintain a ratio of not less than 2.50:1.00 of current assets
    to current liabilities and a ratio of not less than 2.01:1.00 of
    total liabilities to tangible net worth, measured each fiscal
    quarter.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We also have two credit lines with total availability of
$0.7&nbsp;million which bear interest at rates ranging from 4.0%
to 7.6% and are secured by assets of our Italian subsidiary.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table details our fixed-term debt. We plan to use
a portion of the proceeds of this offering to repay this
fixed-term debt:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Principal</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Interest Rate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Maturity</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><B>Security</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.S.&nbsp;Construction Loan(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>$5.8&nbsp; million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>7.9%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    January 2007</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Property and plant in United States</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Euro Construction Loans</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>$7.1&nbsp; million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5.25%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    September&nbsp;2006 to December 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Property and plant in Germany</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other Euro-fixed term debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>$6.3&nbsp; million</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4.2-6.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    December&nbsp;2006 to December 2019</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Property, plant and equipment, receivables and other assets in
    Germany</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    The construction loan has a minimum debt service coverage
    covenant, which requires that we maintain a ratio of not less
    than 1.20:1.00 of (i)&nbsp;net profit plus depreciation and
    amortization divided by (ii)(a) current maturities of long-term
    debt and capital leases, plus (b)&nbsp;interest expense,
    measured each fiscal year.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The financial covenants in our loan documents may cause us to
not take or to delay investments and actions that we might
otherwise undertake because of limits on capital expenditures
and amounts that we can borrow or lease. In the event that we do
not comply with any one of these covenants, we would be in
default under the loan agreement or loan agreements, which may
result in acceleration of the debt, cross-defaults on other debt
and a reduction in available liquidity, any of which could harm
our results of operations and financial condition.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">44
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The improved performance of our business beginning in 2003
enabled us to negotiate the U.S.&nbsp;demand
<FONT style="white-space: nowrap">line-of</FONT>-credit facility
in the fourth quarter of 2004 and, in the second quarter of
2005, obtain the release of restricted cash held by a lender. In
the second quarter of 2005, we obtained a new loan in Germany to
finance part of the acquisition costs of a building there. The
Japanese line of credit was negotiated in the third quarter of
2005 to finance the accounts receivable of IPG Japan as a result
of the increase in net sales of that company.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While historically the use of lines of credit and bank term debt
have been important sources of financing for us, we expect to
repay substantially all of our term financing facilities with
the proceeds of this offering. See &#147;Use of Proceeds.&#148;
We intend to maintain availability under our lines of credit to
finance our short-term working capital requirements that may
arise from time to time.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our principal sources of liquidity as of June&nbsp;30, 2006
consisted of cash and cash equivalents of $11.3&nbsp;million,
unused credit lines and overdraft facilities of
$8.9&nbsp;million and working capital of $22.7&nbsp;million.
This compares to cash and cash equivalents of $7.0&nbsp;million,
unused credit lines and overdraft facilities of
$3.8&nbsp;million and working capital of $30.1&nbsp;million as
of June&nbsp;30, 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating activities.</I> Cash provided by operating
activities was $10.3&nbsp;million and $1.5&nbsp;million in the
six months ended June&nbsp;30, 2006 and 2005, respectively. The
increase in cash provided by operating activities of
$8.8&nbsp;million in the six months ended June&nbsp;30, 2006 as
compared to the six months ended June&nbsp;30, 2005 was
primarily due to the increase in net income of $3.9&nbsp;million
and an increase in deferred income taxes as well as accounts
payable, partially offset by an increase in inventory levels.
Cash flows generated by operating activities were
$13.6&nbsp;million in the year ended December&nbsp;31, 2005 as
compared to cash generated by operating activities of
$6.2&nbsp;million in the year ended December&nbsp;31, 2004 and
cash used by operating activities of $1.1&nbsp;million in the
year ended December&nbsp;31, 2003.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Given our vertical integration, rigorous and time-consuming
testing procedures for both internally manufactured and
externally purchased components and the lead time required to
manufacture components used in our finished product, the rate at
which we turn inventory has historically been low when compared
to our cost of sales. We do not expect this to change
significantly in the future and believe that we will have to
maintain a relatively high level of inventory compared to our
cost of sales. As a result we continue to expect to have a
significant amount of working capital invested in inventory and
for changes in our level of inventory to lead to an increase in
cash generated from our operations when it is sold or a decrease
in cash generated from our operations at times when the amount
of inventory is increasing. A reduction in our level of net
sales or the rate of growth of our net sales from their current
levels would mean that the rate which we are able to convert our
inventory into accounts receivable would decrease.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Investing activities.</I> Cash used in investing activities
was $8.0&nbsp;million in the six months ended June&nbsp;30, 2006
as compared to cash generated from investing activities of
$0.2&nbsp;million in the six months ended June&nbsp;30, 2005.
The cash used in investing activities in the six months ended
June&nbsp;30, 2006 was related to capital expenditures on plant
and machinery and equipment, primarily in the United States and
Germany. In the six months ended June&nbsp;30, 2005, capital
expenditures of $6.5&nbsp;million were offset by a one-time cash
inflow from investing activities of $6.6&nbsp;million related to
the release of restricted cash. We expect to continue to invest
in plant and machinery and to use a significant amount of our
cash generated from operations to finance capital expenditures.
The timing and extent of any capital expenditures in and between
periods can have a significant effect on the cash flow available
for financing activities. Many of the capital expenditure
projects that we undertake have long lead times and are
difficult to cancel or defer in the event that our net sales are
reduced or if our rate of growth slows, with the result that it
would be difficult to defer committed capital expenditures to a
later period. Cash used in investing activities was
$8.6&nbsp;million in the year ended December&nbsp;31, 2005 as
compared to $3.9&nbsp;million in the year ended
December&nbsp;31, 2004 and $0.1&nbsp;million in the year ended
December&nbsp;31, 2003.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Financing activities</I>. Cash provided by financing
activities was $0.4&nbsp;million in the six months ended
June&nbsp;30, 2006 as compared to $2.8&nbsp;million in the six
months ended June&nbsp;30, 2005. The primary uses of cash in
financing activities in the six months ended June&nbsp;30, 2006
were for the repayment of long-
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">45

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
term debt in Germany, the United States and Russia of
$1.9&nbsp;million, $0.2&nbsp;million and $0.6&nbsp;million,
respectively, as compared to $0.3&nbsp;million,
$0.2&nbsp;million and $0.0&nbsp;million, respectively, in the
six months ended June&nbsp;30, 2005. In the six months ended
June&nbsp;30, 2006, the cash outflows related to the repayment
of term debt were offset by net inflows of $2.2&nbsp;million
relating to amounts drawn down against lines of credit and
overdraft facilities and proceeds of $0.9&nbsp;million from the
exercise of stock options. In the six months ended June&nbsp;30,
2005, the cash outflows related to the repayment of term debt
were offset by a cash inflow of $2.2&nbsp;million relating to a
new German mortgage used to finance the acquisition of a
building and net drawdowns of $0.9&nbsp;million against lines of
credit and overdraft facilities. Cash provided by financing
activities was $1.1&nbsp;million in the year ended
December&nbsp;31, 2005 as compared to cash used in financing
activities of $0.4&nbsp;million in the year ended
December&nbsp;31, 2004 and cash provided by financing activities
of $0.4&nbsp;million in the year ended December&nbsp;31, 2003.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use a portion of the net proceeds from this
offering to repurchase the series&nbsp;B warrants and to repay
bank debt owed by us. See &#147;Use of Proceeds.&#148; We
believe that the remaining net proceeds from this offering,
along with our existing cash balances, our cash flows from
operations, and borrowings available under our credit
facilities, will provide us with sufficient liquidity to meet
our current and anticipated financial obligations, committed
capital expenditures, and other liquidity needs through at least
the next 12&nbsp;months. Our future long-term capital
requirements will depend on many factors including our rate of
net sales growth, the timing and extent of spending to support
development efforts, the expansion of our sales and marketing
activities, the timing and introductions of new products, the
need to ensure access to adequate manufacturing capacity and the
continuing market acceptance of our products. We have made no
arrangements to obtain additional financing, and there is no
assurance that such financing, if required or desired, will be
available in amounts or on terms acceptable to us, if at all.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Contractual Obligations</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table describes our contractual obligations as of
December&nbsp;31, 2005 (in thousands).
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Payments Due in</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Less Than</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>More Than</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1&nbsp;Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1-3&nbsp;Years</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>3-5&nbsp;Years</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>5&nbsp;Years</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating lease obligations</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long-term debt obligations (including interest)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,482</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>31,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,579</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,482</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Of the total long-term debt obligations, $4.6&nbsp;million were
repaid in July 2006, $5.1&nbsp;million were repaid in August
2006 and we intend to repay an additional $15.9&nbsp;million
with the net proceeds of this offering. In addition, upon
completion of this offering, we will issue subordinated notes
totaling $20&nbsp;million in principal amount to the holders of
our series&nbsp;B preferred stock. The subordinated notes will
be due on the third anniversary of the date of issuance and will
bear interest at the greater of the short-term applicable
Federal rate or 4% in the first year, 7% in the second year and
10% in the third year.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Quantitative and Qualitative Disclosures about Market Risk</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are exposed to market risk in the ordinary course of
business, which consists primarily of interest rate risk
associated with our cash and cash equivalents and our debt and
foreign exchange rate risk.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interest rate risk.</I> Our investments have limited exposure
to market risk. To minimize this risk, we maintain a portfolio
of cash, cash equivalents and short-term investments, consisting
primarily of bank deposits, money market funds and short-term
government funds. The interest rates are variable and fluctuate
with current market conditions. Because of the short-term nature
of these instruments, a sudden change in market interest rates
would not be expected to have a material impact on our financial
condition or results of operations.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">46

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our exposure to market risk also relates to the increase or
decrease in the amount of interest expense we must pay on our
bank debt and borrowings on our bank credit facilities. The
interest rate on our existing bank debt is currently fixed
except for our U.S.&nbsp;demand line of credit. The rates on our
Euro overdraft facilities in Germany and Italy and our Japanese
Yen overdraft facility are fixed for twelve-month periods.
Approximately 82% of our outstanding debt has a fixed rate of
interest. We do not believe that a 10% change in market interest
rates would have a material impact on our financial position or
results of operations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Exchange rates.</I> Due to our international operations, a
significant portion of our net sales, cost of sales and
operating expenses in 2005 were denominated in currencies other
than the U.S.&nbsp;dollar, principally the Euro and the Japanese
Yen. As a result, our international operations give rise to
transactional market risk associated with exchange rate
movements of the U.S.&nbsp;dollar, the Euro and the Japanese
Yen. Charges related to losses on foreign exchange transactions
are reported as a component of general and administrative
expense and totaled $0.1&nbsp;million, $0.3&nbsp;million and
$0.7&nbsp;million in 2005, 2004 and 2003, respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Historically, we have not utilized any derivative instruments or
other measures to protect us against foreign currency exchange
rate fluctuations. We will continue to analyze our exposure to
currency exchange rate fluctuations and may engage in financial
hedging techniques in the future to attempt to minimize the
effect of these potential fluctuations. However, exchange rate
fluctuations may adversely affect our financial results in the
future.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Recent Accounting Pronouncements</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In November 2004, the FASB issued SFAS&nbsp;No.&nbsp;151,
&#147;Inventory Costs&nbsp;&#151; an Amendment of ARB
No.&nbsp;43, Chapter&nbsp;4,&#148; which revised ARB
No.&nbsp;43, relating to inventory costs. This revision is
intended to clarify the accounting for abnormal amounts of idle
facility expense, freight, handling costs and wasted material
(spoilage). This accounting standard, which is effective for
inventory costs for annual periods beginning after
January&nbsp;1, 2006, requires that these items be recorded as a
current period charge regardless of whether they meet the
criterion specified in ARB No.&nbsp;43. In addition, this
accounting standard requires the allocation of fixed production
overheads to the costs of conversion be based on normal capacity
of the production facilities. The adoption of
SFAS&nbsp;No.&nbsp;151 did not have a material effect on our
financial position or results of operations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In July 2006, the FASB issued Financial Accounting Standards
Interpretation No.&nbsp;48 (FIN&nbsp;48), &#147;Accounting for
Uncertainty in Income Taxes.&#148; FIN&nbsp;48 prescribes a
recognition threshold and measurement process for recording in
the financial statements uncertain tax positions taken or
expected to be taken in a tax return. FIN&nbsp;48 also provides
guidance on derecognition, classification, interest and
penalties, accounting in interim periods, disclosures and
transitions. FIN&nbsp;48 will be effective for us beginning
January&nbsp;1, 2007. We are currently analyzing the effects, if
any, of the adoption of FIN&nbsp;48. We do not anticipate that
adoption of FIN&nbsp;48 to have a material impact on our results
of operations or financial condition.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">47

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='110'></A>
</DIV>

<!-- link1 "BUSINESS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>BUSINESS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our Company</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are the leading developer and manufacturer of a broad line of
high-performance fiber lasers for diverse applications in
numerous markets. Since our founding in 1990, we have pioneered
the development and commercialization of optical fiber-based
lasers. Fiber lasers are a new generation of lasers that combine
the advantages of semiconductor diodes, such as long life and
high efficiency, with the high amplification and precise beam
qualities of specialty optical fibers to deliver superior
performance, reliability and usability at a lower total cost of
ownership compared to conventional lasers. Our products are
displacing traditional lasers in many current applications and
enabling new applications for lasers. Our vertically integrated
operations allow us to rapidly develop and integrate advanced
products, protect our proprietary technology and ensure access
to critical components while reducing manufacturing costs.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We manufacture and sell an extensive array of fiber lasers and
amplifiers across a wide power range to a well-established
customer base in numerous applications across diverse industries:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Materials Processing.</I> Our fiber lasers are used in a
    diverse range of materials processing applications: marking,
    engraving and printing; welding, cutting, drilling, soldering
    and hardening; and high precision machining. Examples of such
    processes using our low and mid-power fiber lasers include
    razorblade, stent and pacemaker manufacturing, integrated
    circuit marking and trimming; semiconductor memory repair and
    trimming; and computer disk manufacturing and texturing.
    Examples of such processes using our high-power fiber lasers
    include cutting and welding metal blanks, sheets, frames and
    transmissions in the automotive industry; welding aluminum and
    titanium air frames in the aerospace industry; hardening,
    cutting and welding in heavy industries such as nuclear power,
    pipelines, ships and rail cars; and drilling and cutting
    concrete and rock.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Communications.</I> Our fiber amplifiers are used in the
    deployment of interactive and advanced &#147;triple-play&#148;
    broadband services that include video, high-speed internet and
    telephony services, as well as in wireline transport networks.
    We also sell integrated transport systems for ultra-long-haul
    optical dense wavelength multiplexing networks.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Medical.</I> Our lasers are used for applications as
    components in medical laser systems, driven by aesthetic
    applications such as skin resurfacing and rejuvenation. Other
    soft-tissue applications include dentistry, urology, surgery and
    vision correction.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Advanced Applications.</I> Our fiber lasers and amplifiers
    are utilized by commercial firms and by academic, government and
    other institutions worldwide for commercial products and for
    research in advanced technologies and products. Our products are
    used in the aerospace, research, scientific and test and
    measurement markets.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the six months ended June&nbsp;30, 2006, materials
processing accounted for 72.6% of our net sales and
communications, medical and advanced applications accounted for
12.8%, 7.6% and 7.0%, respectively, of our net sales. In
addition to these existing applications, we believe that there
are numerous prospective uses for our fiber laser and amplifier
products.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our headquarters and manufacturing facilities are located in
Oxford, Massachusetts. We have additional manufacturing
facilities in Germany, Russia and Italy, and regional sales
offices in the United States, Japan, South Korea, India and the
United Kingdom. We have shipped over 21,000 units and, in 2005,
we shipped to more than 300 customers worldwide. For the year
ended December&nbsp;31, 2005, we reported net sales of
$96.4&nbsp;million and net income of $7.4&nbsp;million. For the
six months ended June&nbsp;30, 2006, we reported net sales of
$64.9&nbsp;million and net income of $6.1&nbsp;million.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">48
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Industry Background</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Traditional Laser Technologies</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since the laser was invented over 45&nbsp;years ago, laser
technology has revolutionized a broad range of applications and
products in various industries, including automotive, medical,
research, consumer products, electronics, semiconductors and
communications. Lasers provide flexible, non-contact and
high-speed ways to process and treat various materials. They are
widely used to transmit large volumes of data in optical
communications systems, in various medical applications and in
test and measurement systems. For a wide variety of
applications, lasers provide superior performance and a more
cost-effective solution than non-laser technologies.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lasers emit an intense light beam that can be focused on a small
area, causing metals and other materials to melt, vaporize or
change their character. These properties are utilized in
applications requiring very high-power densities, such as
marking, printing, welding, cutting and other materials
processing procedures. Lasers are well-suited for imaging and
inspection applications, and the ability to confine laser light
to narrow wavelengths makes them particularly effective in
medical and sensing applications. A laser works by converting
electrical energy to optical energy. In a laser, an energy
source excites or pumps a lasing medium, which converts the
energy from the source into an emission consisting of particles
of light, called photons, at a particular wavelength. Lasers are
used as an energy or light source for various applications. They
are also incorporated into manufacturing, medical and other
systems by original equipment manufacturers (OEMs), system
integrators and end users.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Historically,
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
gas lasers and crystal lasers have been the two principal laser
types used in materials processing and many other applications.
They are named for the materials used to create the lasing
action. A
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
laser produces light by electrically stimulating a gas-filled
tube. A crystal laser uses an arc lamp, pulsed flash lamp, or
diode stack or array to optically pump a special crystal. The
most common crystal lasers use YAG crystals infused with
neodymium or ytterbium.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Despite the improvements in
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and YAG laser technologies over the past 40&nbsp;years, these
technologies have not kept pace with evolving customer
requirements. These traditional lasers have a number of
disadvantages and limitations, including low beam quality, low
reliability, limited output powers and wavelength choices, high
energy consumption, large size, lack of mobility, the need for
expensive replacement parts and complex cooling and maintenance
requirements. In addition, the operating parameters of
traditional lasers are difficult to control precisely. Customers
increasingly require systems that allow for precise control of
various operating parameters such as output power, are energy
efficient and reliable, require little or no maintenance, and
have a higher degree of flexibility and ease of use.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Introduction of Fiber Lasers</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that fiber lasers represent a disruptive technology,
a technology that has the potential to displace traditional
laser technologies and processes because it constitutes a
fundamental shift, not merely an incremental advance, in laser
technology. Strategies Unlimited, an independent industry
publication, estimates that sales of fiber lasers will grow by a
compound annual growth rate of approximately 39%, from
$131&nbsp;million in 2005 to $674&nbsp;million by 2010. In
addition, the 2006 report by Strategies Unlimited states that
fiber lasers have demonstrated several advantages over
conventional lasers and are therefore expected to grow much
faster than the broader laser market.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fiber lasers use semiconductor diodes as the light source to
pump specialty optical fibers, which are infused, with rare
earth ions. These fibers are called active fibers and are
comparable in diameter to a human hair. The laser emission is
created within optical fibers and delivered through a flexible
cable. As a result of their different design and components,
fiber lasers are more reliable, efficient, robust and portable,
and easier to operate than traditional lasers. In addition,
fiber lasers free the laser users from fine mechanical
adjustments and the high maintenance costs that are typical for
conventional lasers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although low-power fiber lasers have existed for approximately
four decades, their increased recent adoption has been driven
primarily by our improvements in their performance, increases in
output
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">49

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
power levels and decreased costs. Over the last several years,
technological improvements in optical components such as active
fibers have increased their power capacities and resulted in
overall performance improvements in fiber lasers. Fiber lasers
offer output powers that exceed those of conventional lasers in
many categories. Also, semiconductor diodes historically have
represented the majority of the cost of fiber lasers. The high
cost of diodes meant that fiber lasers could not compete with
conventional lasers on price and limited their use to high
value-added applications. Recently, however, semiconductor
diodes have become more affordable and reliable due in part to
substantial advancements in semiconductor diode technology and
increased production volumes. As a result, the average cost per
watt of output power has decreased dramatically over the last
decade. Because of these improvements, fiber lasers can now
effectively compete with conventional lasers over a wide range
of output powers and applications. As a pioneer in the
development and commercialization of fiber lasers, we have
contributed to many advancements in fiber laser technology and
products.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Advantages of Fiber Lasers over Traditional Lasers</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that fiber lasers provide a combination of benefits
that include:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Superior Performance.</I></B> Fiber lasers provide high
    beam quality over the entire power range. In most traditional
    laser solutions, the beam quality is sensitive to output power,
    while in fiber lasers, the output beam is virtually
    non-divergent over a wide power range, meaning the beam can be
    highly focused to achieve high levels of precision, increased
    power densities and greater distances over which processing can
    be completed. The superior beam quality and greater intensity of
    a fiber laser&#146;s beam allow tasks to be accomplished rapidly
    and with lower-power units than comparable traditional lasers.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Lower Total Cost of Ownership.</I></B> Fiber lasers offer
    strong value to customers because of their lower total operating
    costs due to their lower maintenance costs, high reliability and
    energy efficiency. The initial purchase price for fiber lasers
    is generally below that of YAG lasers and comparable to that of
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    lasers. Fiber lasers convert electrical energy to optical energy
    2 to 3 times more efficiently than diode-pumped YAG lasers, 3
    times more efficiently than
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    lasers and 15 to 30 times more efficiently than lamp-pumped YAG
    lasers. Because fiber lasers are much more energy-efficient and
    place lower levels of thermal stress on their internal
    components, they have substantially lower cooling requirements
    compared to conventional lasers and lower or no maintenance
    costs. For example, single-emitter diodes used in fiber lasers
    have estimated lives of over 200,000&nbsp;hours. In contrast,
    diode bars used in YAG lasers are typically replaced every
    10,000 to 20,000&nbsp;hours and lamps are typically replaced
    every 1,000&nbsp;hours, involving substantial costs and lost
    production time.
    CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    lasers also utilize components that require frequent
    replacement, such as resonator mirrors, fluids and filters.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Ease of Use.</I></B> Many features of fiber lasers make
    them easy to operate, maintain and integrate into laser-based
    systems, providing a turnkey solution. Unlike traditional
    solutions that require frequent adjustments, fiber lasers have a
    monolithic solid-state design that does not require fine
    mechanical alignment or adjustment of mirrors or other
    components. An additional benefit is that fiber lasers deliver
    their energy through an integrated flexible optical fiber that
    can be up to 100 meters long.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Compact Size and Portability.</I></B> Fiber lasers are
    typically smaller and lighter in weight than traditional lasers,
    saving valuable floor space. While conventional lasers are
    delicate due to the precise alignment of mirrors, fiber lasers
    are more durable and able to perform in variable working
    environments. These qualities permit fiber laser systems to be
    transported easily. The portability and versatility of fiber
    lasers also allow them to be used in new laser applications,
    such as nuclear facility pipe welding and welding on ships.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <B><I>Choice of Wavelengths and Precise Control of Beam.</I></B>
    The design of fiber lasers generally provides a broad range of
    wavelength choices, allowing users to select the precise
    wavelength</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">50

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    that best matches their application and materials. Conventional
    lasers generally have limited wavelength options. In addition,
    the greater stability of the output and improved control of
    output beam parameters in fiber lasers, such as beam shape,
    allow users to more effectively use lasers in their applications.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fiber amplifiers are similar in design to fiber lasers, use many
of the same components, such as semiconductor diodes and
specialty optical fibers, and provide many of the same
advantages in the applications that require amplification.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the benefits offered by fiber lasers, there
remain applications and processes where traditional laser
technologies may provide superior performance with respect to
particular features. For example, crystal lasers can provide
higher peak power pulses and fiber lasers do not generate the
deep ultraviolet light that is used for photolithography in many
semiconductor applications.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Adoption of Fiber Lasers and Amplifiers</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As the performance, output power and cost-effectiveness of fiber
lasers have improved, their acceptance in both new and existing
applications has increased. Fiber lasers have gained market
share by replacing traditional lasers
(CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and YAG) in existing laser applications and enabling new
applications by addressing customer needs that are not met by
traditional lasers and non-laser processes. We believe
proliferation of fiber lasers will be based on the displacement
of traditional lasers in existing applications and the enabling
of new applications. This should drive growth that is
significantly higher than the growth rate of the overall laser
market. Strategies Unlimited estimates the total available
market for fiber lasers to be growing at approximately 9%
annually from $1.8&nbsp;billion in 2005 to $2.8&nbsp;billion by
2010. The penetration of fiber lasers is estimated to grow from
7% to 24% of the total available market for fiber lasers during
that time period. As a result, sales of fiber lasers are
expected to grow at a compound annual growth rate of
approximately 39% annually, from $131&nbsp;million in 2005 to
$674&nbsp;million in 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The major markets served by fiber lasers and fiber amplifiers
are described below.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Materials Processing.</I> This segment represents the largest
market opportunity for fiber lasers with a total addressable
market of approximately $1.3&nbsp;billion in 2005. Strategies
Unlimited estimates that this segment of the market is expected
to grow to $1.9&nbsp;billion by 2010, representing a compound
annual growth rate of approximately 8%. The materials processing
segment includes various applications such as marking,
engraving, printing, other low-power materials processing and
high-power materials processing. Prior to 2004, fiber lasers had
initial success in low-power and mid-power applications, which
require relatively few diode laser pumps, such as marking,
engraving, printing, fine cutting, microwelding, texturing and
soldering. High-power lasers use hundreds or more diodes, which
represent their primary cost component. When we began internally
producing pump diodes in 2004, we were able to reduce
significantly the cost of this component. This reduction enabled
us to penetrate high-power laser applications, such as cutting
and welding for automotive manufacturing, because high-power
lasers contain a larger number of diodes.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Communications.</I> Fiber amplifiers boost light signals in
optical fiber networks and are an essential building block in
optical networks. Fiber amplifiers are used predominantly in
next-generation communications networks that are being deployed
by telephone service providers and cable companies. These
next-generation networks are configured for
&#147;triple-play&#148; services that transmit voice, video and
data traffic over the same network. The fiber amplifier market
was estimated to be $412&nbsp;million in 2005 and is expected to
grow to $540&nbsp;million in 2009, representing a compound
annual growth rate of 7%, according to a report by
Frost&nbsp;&#38; Sullivan, an independent industry research
firm. As data volume transmitted over networks increases and
broadband networks are deployed, fiber amplifiers can help
network operators lower capital investment and operating costs
by sending signals down longer spans of optical fiber or sending
greater data volumes without the need for additional in-line
amplification.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Medical.</I> The addressable medical market is the second
largest market for fiber lasers and is estimated by Strategies
Unlimited to grow from approximately $316&nbsp;million in 2005
to approximately
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">51
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
$565&nbsp;million by 2010, representing a compound annual growth
rate of approximately 12%. This market is in its early stages of
development for fiber lasers and we believe that there are
significant opportunities for fiber lasers to displace
conventional lasers in these applications. Current fiber laser
applications within this market include aesthetic applications
such as skin resurfacing and rejuvenation, and other soft tissue
applications such as urology, surgery and dentistry.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Advanced Applications.</I> Fiber lasers and amplifiers are
also used in other diverse end markets such as test and
measurement, instrumentation, sensing, pollution measurement,
government and scientific research and development. These
markets are expected by Strategies Unlimited to grow from
$233&nbsp;million in 2005 to approximately $336&nbsp;million by
2010, representing a compound annual growth rate of
approximately 8%.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our Competitive Strengths</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that our competitive strengths position us well to
take advantage of the opportunities to displace traditional
laser technologies and enable new laser applications. Our key
strengths and competitive advantages include the following:
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Differentiated Proprietary Technology Platform.</I></B> At
the core of our products is our proprietary pumping technology
platform that allows our products to have higher output powers
and superior beam quality than are achievable through
traditional techniques. Our technology platform is modular,
scalable, robust and electrically efficient. It allows us to
combine a greater number of diodes, specialty optical fibers and
optoelectronic components in parallel into a single beam using
our advanced proprietary components and
<FONT style="white-space: nowrap">state-of</FONT>-the-art
combining techniques. Another key element of our technology is
our ability to side-pump our specialty optical fibers through
the cladding with our high-brightness single-emitter multi-mode
diodes. In addition, we have developed a wide range of advanced
proprietary optical components that contribute to the superior
performance and reliability of our products.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Leading Market Position.</I></B> As a pioneer and
technology leader in fiber lasers, we have built leading
positions in our various end markets with a large and diverse
customer base. Based on our leadership position, we are driving
the proliferation of fiber lasers in existing and new
applications. As a result, we have established a well-respected
and widely recognized brand. We believe that we are the leading
provider of low and mid-power fiber lasers and amplifiers, and
we believe that we introduced and were the first to
commercialize high-power fiber lasers and are the only
significant supplier of high-power fiber lasers. For example, we
believe that we are the sole supplier of industrial-grade fiber
lasers at power levels of 200 watts and above.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Breadth and Depth of Expertise.</I></B> Since the founding
of our company in 1990, our core business has been developing,
designing, manufacturing and marketing advanced fiber lasers and
amplifiers. We have extensive know-how in materials sciences,
which enables us to make our specialty optical fibers,
semiconductor diodes and other critical components. We also have
expertise in optical, electrical, mechanical and semiconductor
engineering which we use to develop and manufacture our
products. Our staff includes over 55 scientists that have Ph.D.
degrees in physics or engineering. Our expertise allows us to
develop the many different types of specialty components used in
our finished products expeditiously and to rapidly incorporate
them into new products.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">52
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Vertically Integrated Development and
Manufacturing.</I></B> We believe that we are the only fiber
laser manufacturer that is vertically integrated. We develop and
manufacture all of our key specialty components, such as
semiconductor diodes, active fibers, passive fibers and
specialty optical components. Our proprietary components, which
we do not resell, are capable of handling the stress of the high
optical powers from our products and we believe they exceed the
performance of commercially available components. We own our
foundry for high-volume manufacturing of semiconductor diodes,
which we process, package and rigorously test in-house. In
addition, we make our own specialty optical preforms, draw our
own specialty optical fibers from the optical preforms, and make
a variety of advanced optical components in addition to
assembling and testing our finished products. We believe that
our vertical integration enhances our ability to meet customer
requirements, accelerate development, manage costs and improve
component yields, while maintaining high performance and quality
standards.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">53

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Diverse Customer Base, End Markets and
Applications.</I></B> Our diverse customer base, end markets and
applications provide us with many growth opportunities. We have
shipped more than 21,000 units and, in 2005, we shipped to more
than 300 customers worldwide. Our products are used in a variety
of applications and end markets worldwide. Our principal end
markets and representative applications within those markets
include:
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="b61608a1b6160804.gif" alt="(CHART)">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that the diversity of our customers, end markets and
applications and the flexible architecture of our products,
which share many of the same components, help mitigate the
impact of fluctuations in demand from any particular customer or
industry on our business.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Broad Product Portfolio and Ability to Meet Customer
Requirements.</I></B> We offer a broad range of standard and
custom fiber lasers and amplifiers that operate between 1 and 2
microns. Our product portfolio currently includes numerous
products ranging in power from one watt to 50 kilowatts. As a
result of our modular, scalable technology platform, we are able
to easily customize and upgrade our products to meet customer
requirements. We often supply custom fiber devices by developing
specialized versions of our standard products and, in other
cases, by developing new products to meet the specific
requirements of our customers. We offer our products in a wide
variety of packaging formats for a broad range of
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">54

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
applications. Our vertically integrated manufacturing and broad
technology expertise enable us to rapidly design, prototype and
commence high-volume production of our products, allowing our
customers to meet their
<FONT style="white-space: nowrap">time-to</FONT>-market
requirements.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Our Strategy</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to maintain and extend our leadership position by
pursuing the following key elements of our strategy:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Leverage
Our Technology to Gain Market Share.</I></B> As the benefits of
fiber lasers become more widely recognized, we plan to leverage
our brand and position as the leader in developing and
commercializing fiber lasers to increase our market share in the
broader market. We believe that our fiber lasers will continue
to displace traditional lasers in many existing applications due
to their superior performance and value. For example, our lasers
are displacing traditional lasers in numerous low and mid-power
materials processing applications, such as marking, engraving
and printing, and our high-power lasers more recently have been
penetrating automotive applications that use conventional
lasers, such as welding and cutting of parts.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Target
New Applications for Lasers.</I></B> We intend to continue to
enable and penetrate additional applications where lasers have
not traditionally been used. We believe that fiber laser
technology can overcome many of the limitations that have slowed
the adoption of traditional lasers. We intend to target
applications where higher power, portability, efficiency, size
and flexible fiber cable delivery can lead customers to adopt
fiber lasers instead of non-laser solutions. New and potential
applications include annealing in nuclear reactors, remote
welding in the auto industry,
<FONT style="white-space: nowrap">on-site</FONT> welding and
cutting of plate steel and aluminum for ships, rail cars,
pipelines and fuel storage tanks, portable cladding systems for
aircraft turbines and portable paint stripping for ships and
aircraft.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expand
Our Product Portfolio.</I></B> We plan to continue to invest in
research and development to add additional wavelengths, power
levels and other parameters while also improving beam quality.
We intend to use our core technologies to develop new products
and complementary products and systems that incorporate fiber
lasers and amplifiers to expand our product portfolio.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Optimize
Our Manufacturing Capabilities.</I></B> We plan to seek further
increases in the automation of our component manufacturing
processes and device assembly to improve component yields and
increase the power outputs and capacities of the various
components that we make. These initiatives, in addition to
maintaining efficient labor costs, are intended to improve
margins. We intend to leverage our technology and operations
expertise to manufacture additional components in order to
reduce costs, ensure component quality and ensure supply.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expand
Global Reach to Attract Customers Worldwide.</I></B> In 2005,
more than 60% of our sales came from international customers. We
intend to capitalize on and grow our global customer base by
opening new application development centers as well as sales and
service offices in Asia, Europe and the United States.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Products</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We design and manufacture a broad range of high-performance
optical fiber-based lasers and amplifiers. We also make direct
diode laser systems and communications systems that utilize our
optical fiber-based products. Many of our products are designed
to be used as general purpose energy or light sources, making
them useful in diverse applications and markets.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our products are based on a common proprietary technology
platform using many of the same core components, such as
semiconductor diodes, specialty fibers, beam combiners,
isolators, polarizers, splitters and modulators, which we
configure to our customers&#146; specifications. Our engineers
and scientists work closely with OEMs and end users to develop
and customize our products for their needs. Because of our
flexible and modular product architecture, we offer products in
different configurations according to the desired application,
including modules, rack-mounted units and tabletop units.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">55
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Lasers</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our laser products include low (1 to 99&nbsp;watts), medium (100
to 999&nbsp;watts) and high (1,000&nbsp;watts and above) output
power lasers from 1 to 2 microns in wavelength. These lasers may
be either continuous wave or may be modulated at different
rates. We offer several different types of lasers, which are
defined by the type of gain medium they use. These are
ytterbium, erbium, thulium and raman. We also sell fiber coupled
direct diode laser systems that use semiconductor diodes rather
than optical fibers as their gain medium. In addition, we offer
high energy pulsed lasers, multi-wavelength lasers, tunable
lasers, single-polarization and single-frequency lasers, as well
as other versions of our products.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that we produce the highest power solid-state lasers
in the industry. Our ytterbium fiber lasers are capable of
reaching power levels over 50,000&nbsp;watts. We also make
single-mode output ytterbium fiber lasers with powers of up to
2,000&nbsp;watts and single-mode output erbium and thulium fiber
lasers with powers of up to 200&nbsp;watts. Our compact, durable
design and integrated fiber optic beam delivery allows us to
offer versatile laser energy sources and simple laser
integration for complex production processes, without
compromising quality, speed or power.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Amplifiers</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amplifier products range from milliwatts to up to 500 watts
of output power from 1 to 2 microns in wavelength. We offer
erbium-doped fiber amplifiers, commonly called EDFAs, raman
amplifiers and integrated communications systems that
incorporate our amplifiers. These products are predominantly
deployed in broadband networks and dense wavelength division
multiplexing, or DWDM, networks. We also offer ytterbium and
thulium specialty fiber amplifiers and broadband light sources
that are used in advanced applications. In addition, we sell
single-frequency, linearly polarized and
polarization-maintaining versions of our amplifier products. As
with our fiber lasers, our fiber amplifiers offer some of the
highest output power levels and highest number of optical
outputs. We believe our line of fiber amplifiers offers the best
commercially available output power and performance.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">56

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following summarizes some of our product offerings by
product family, primary markets and representative applications
for each product family:
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="b61608a1b6160805.gif" alt="(CHART)">
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">57
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Materials Processing</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The most significant materials processing applications for fiber
lasers are marking, printing, welding and cutting. Other
applications include micromachining, surface treatment,
drilling, soldering, annealing, rapid prototyping and
laser-assisted machining.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Marking, Engraving and Printing Applications.</B> With the
increasing need for source traceability, component
identification and product tracking as a means of reducing
product liability and preventing falsification, as well as the
demand for modern robotic production systems, industrial
manufacturers are increasingly demanding marking systems capable
of applying serialized alphanumeric, graphic or bar code
identifications directly onto their manufactured components.
Laser engraving is similar to marking but forms deeper grooves
in the material. In contrast to conventional acid etching and
ink-based technologies, lasers can mark a wide variety of metal
and non-metal materials, such as ceramic, glass and plastic
surfaces, at high speeds and without contact by changing the
surface structure of the material or by engraving. Laser marking
systems can be easily integrated into a customer&#146;s
production process and do not subject the item being marked to
mechanical stress.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the semiconductor industry, lasers are typically used to mark
wafers and integrated circuits. In the electronics industry,
lasers are typically used to mark electrical components such as
contactors and relays, printed circuit boards and keyboards.
With the increase in marking speed in the past few years, the
cost of laser marking has decreased, improving the price and
performance characteristics of this technology. The high beam
quality, flexible fiber delivery and competitive price of fiber
lasers have accelerated the adoption of fiber lasers in this
low-power application.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Historically, the printing industry has depended upon
silver-halide films and chemicals to engrave printing plates.
This chemical engraving process requires several time-consuming
steps. In recent years, we have worked closely with OEMs in the
printing industry to employ fiber lasers for alternative
<FONT style="white-space: nowrap">&#147;computer-to</FONT>-plate,&#148;
or CTP, processes. As a result, our ytterbium fiber lasers are
now widely used for CTP printing, an environmentally friendly
process that saves production time by writing directly to plates
and greatly reduces chemical waste.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Welding Applications.</B> Laser welding offers several
important advantages over conventional welding technology as it
is non-contact, easy to automate, provides high process speed
and results in narrow-seamed, high quality welds that generally
require little or no post-processing machining. Parts can be
accurately machined before welding because laser welding does
not overly heat or otherwise damage or distort the material
being processed. The high beam quality of our fiber lasers
coupled with high CW power offers deep penetration welding as
well as shallow conduction mode welding. High modulation
frequencies offer very high throughput in pulsed applications.
Also, fiber lasers can be focused to a small spot with extremely
long focal lengths, enabling remote welding &#147;on the
fly,&#148; a flexible method of three-dimensional welding in
which the laser beam is positioned by a robot-guided scanner.
Such remote welding stations equipped with fiber lasers are used
for welding door panels and the multiple welding of spot and lap
welds over the entire auto body frame. Typically, mid to
high-power ytterbium fiber lasers are used in welding
applications.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Cutting Applications.</B> Laser-based cutting technology has
several advantages compared to alternative technologies. Laser
cutting is fast, flexible, highly precise and can be used to cut
complex contours on flat, tubular or three-dimensional
materials. The laser source can be easily programmed to process
many different kinds of materials such as steel, aluminum,
brass, copper, glass, ceramic and plastic at various
thicknesses. Laser cutting technology is a non-contact process
that is easy to integrate into an automated production line and
is not subject to wear of the cutting medium. We sell low, mid
and high-power ytterbium fiber lasers for laser cutting. The
operating wavelength, multi-kilowatt power, high beam quality,
wide operating power range, power stability and small spot size
are some of the qualities offered by fiber lasers for most
cutting applications.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Emerging Technologies and Applications.</B> Robotic
production methods are increasing in use, driven by their lower
production costs, flexibility and consistency. Fiber lasers
complement the capabilities
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">58

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
of robots with their flexible fiber delivery, high-power beam
and low beam divergence. We expect that fiber lasers
increasingly will be integrated with robotic systems in
applications such as tailored blanks. Another potential
application of fiber lasers is in cutting new lightweight and
high-strength metal alloys used in automobile manufacturing,
which requires the high output power densities that fiber lasers
provide.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Communications</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We design and manufacture a full range of fiber amplifiers and
raman pump lasers with varying output power and wavelengths that
enhance data transmission in broadband access and DWDM optical
networks.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Broadband Access.</B> The delivery to subscribers of
television programming and Internet-based information and
communication services is converging, driven by advances in IP
technology and by changes in the regulatory and competitive
environment. Fiber optic lines offer connection speeds of up to
50 megabits per second, or 50 times faster than digital
subscriber lines (DSL)&nbsp;or cable links. We offer a series of
specialty multi-port EDFAs and cable TV nodes and transmitters
that support different types of passive optical network
architectures, enabling high speed data, voice, video on demand
and high definition TV. We provide an EDFA that supports up to
32 ports, which allows service providers to support a high
number of customers in a small space, reducing overall power
consumption and network cost. End users for our products include
communications network operators for video wavelength division
multiplexing overlay, as well as cable and multiple service
operators for video signal and hybrid fiber coaxial cable.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>DWDM.</B> DWDM is a technology that expands the capacity of
optical networks allowing service providers to extend the life
of existing fiber networks and reduce operating and capital
costs by maximizing bandwidth capacity. We provide a broad range
of high-power products for DWDM applications including EDFAs and
raman lasers. We provide a DWDM transport system that offers
service providers and private network operators a simple,
flexible, optical layer solution optimized for up to eight
channels.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Medical</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We sell our commercial fiber and diode lasers to OEMs that
incorporate our products into their medical laser systems.
Continuous wave and pulsed lasers from 1 to 150 watts and diode
laser systems can be used in medical and biomedical
applications. Aesthetic applications addressed by lasers include
skin rejuvenation, skin resurfacing and stretch mark removal.
Purchasers use our diode lasers in urological applications and
dental procedures. Fiber lasers have the ability to fine-tune
optical penetration depth and absorption characteristics and can
be used for ear, nose and throat, urology, gynecology and other
surgical procedures.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Advanced Applications</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our fiber lasers and amplifiers are utilized by commercial firms
and by academic and government institutions worldwide for
manufacturing of commercial systems and for research in advanced
technologies and products. These markets may use specialty
products developed by us or commercial versions of our products.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Obstacle Warning.</B> Our products are used aboard aircraft
for obstacle warning and 3-dimensional mapping of earth surfaces.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Special Projects.</B> Due to the high power, compactness,
performance, portability, ruggedness and electrical efficiency
of our fiber lasers and amplifiers, we sell our commercial
products for government research and projects. These include
materials testing, ordnance destruction, coherent beam
combining, advanced communications and research.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Research and Development.</B> Our products are used in a
variety of applications for research and development by
scientists and industrial researchers. In addition, our lasers
and amplifiers are used to design, test and characterize
components and systems in a variety of markets and applications.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">59

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Optical Pumping and Harmonic Generation.</B> Several types of
our lasers are used to optically pump other solid-state lasers
and for harmonic generation and parametric converters to support
research in sensing, medical and other scientific research in
the infrared and visible wavelength domains. Our lasers are used
as a power source for these other lasers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Optical Communication.</B> We provide high-power EDFAs and
ytterbium fiber amplifiers for deployment in both
<FONT style="white-space: nowrap">point-to</FONT>-point and
<FONT style="white-space: nowrap">point-to</FONT>-multipoint
free space optical networks. These networks permit
communications between two or more points on land or in the sky
without the use of fiber optic lines or radio or microwaves.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Remote Sensing.</B> Our products are used in light detection
and ranging, also called LIDAR, a laser technique for remote
sensing. Optical fiber can be used as a sensor for measuring
changes in temperature, pressure and gas concentration in oil
wells, atmospheric and pollution measurements and seismic
exploration.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Technology</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our products are based on our proprietary technology platform
that we have developed and refined since our formation. The
following technologies are key elements in our products.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Specialty Optical Fibers</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have extensive expertise in the disciplines and techniques
that form the basis for the multi-clad active and passive
optical fibers used in our products. Active optical fibers form
the laser cavity or gain medium in which lasing or amplification
of light occurs in our products. Passive optical fibers deliver
the optical energy created in our products. Our active fibers
consist of an inner core that is infused with the appropriate
rare earth ion, such as ytterbium, erbium or thulium, and outer
cores of un-doped glass having different indices of refraction.
We believe that our large portfolio of specialty active and
passive optical fibers has a number of advantages as compared to
commercially available optical fibers. These include higher
concentrations of rare earth ions, fibers that will not degrade
at the high power levels over the useful life of the product,
high lasing efficiency, ability to withstand high optical
energies and temperatures and scalable side-pumping capability.
Our ability to quickly optimize our proprietary active and
passive optical fibers allow us to provide a variety of
innovative fiber devices in customizable configurations.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Semiconductor Diode Laser Processing and Packaging
    Technologies</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Another key element of our technology platform is that we use
multiple multi-mode, or broad area, single-emitter diodes rather
than diode bars or stacks as a pump source. We believe that
multi-mode single-emitter diodes are the most efficient and
reliable pumping source presently available, surpassing diode
bars and stacks in efficiency, brightness and reliability.
Single-emitter diodes have substantially reduced cooling
requirements and have estimated lifetimes of more than
200,000&nbsp;hours at high operating currents, compared to
typical lifetimes of 10,000 to 20,000&nbsp;hours for diode bars.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We developed advanced molecular beam epitaxy techniques to grow
alumina indium gallium arsenide wafers for our diodes. This
method yields high-quality optoelectronic material for
low-defect density and high uniformity of optoelectronic
parameters. In addition, we have developed numerous proprietary
wafer processes and testing and qualification procedures in
order to create a high energy output in a reliable and
high-power diode. We package our diodes in hermetically sealed
pump modules in which the diodes are combined with an optical
fiber output. Characteristics such as the ability of the package
to dissipate heat produced by the diode and withstand vibration,
shock, high temperature, humidity and other environmental
conditions are critical to the reliability and efficiency of the
products.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">60

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Specialty Components and Combining Techniques</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have developed a wide range of advanced optical components
that are capable of handling high optical power levels and
contribute to the superior performance, efficiency, reliability
and uniqueness of our products. In addition to fibers and
diodes, our optical component portfolio includes fiber gratings,
isolators and combiners. We also developed special methods and
expertise in splicing fibers together with low optical energy
loss and on-line loss testing. We believe that our internal
development and manufacturing of key components allows us to
lower our manufacturing costs and improve product performance.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Side Pumping of Fibers and Fiber Block Technologies</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our technology platform allows us to efficiently combine a
greater number of multi-mode single-emitter semiconductor diodes
with our active optical fibers that are used in all of our
products. A key element of this technology is that we pump our
fiber lasers through the cladding surrounding the active core.
We splice our specialty active optical fibers with other optical
components and package them in a sealed box, which we call a
fiber block. The fiber blocks are compact and eliminate the risk
of contamination or misalignment due to mechanical vibrations
and shocks as well as temperature or humidity variations. Our
design is scalable and modular, permitting us to make products
with high output power by coupling a large number of diodes with
fiber blocks, which can be combined in parallel and serially.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>High-Stress Testing</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We employ high-stress techniques in testing components and final
products that help increase reliability and accelerate product
development. For example, we test all of our diodes with high
current and temperatures to accelerate aging. We also have built
a large database of diode test results that allows us to predict
the estimated lifetime of our diodes. This testing allows us to
eliminate defective diodes prior to further assembly and thus
increase reliability.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Customers</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We sell our products globally to OEMs, system integrators and
end users in a wide range of diverse markets who have the
in-house engineering capability to integrate our products into
their own systems. In 2005, we shipped products to over 300
customers worldwide. Our end markets include materials
processing (comprised of general manufacturing, automotive,
aerospace, heavy industry, semiconductor, electronics and
consumer products customers), communications (comprised of
system integrators, utilities and municipalities), medical
(medical laser systems manufacturers) and advanced applications
(comprised of commercial companies, universities, research
entities and government entities). We believe that our customer
and end market diversification minimizes dependence on any
single industry or group of customers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our 15&nbsp;largest customers for the year ended
December&nbsp;31, 2005 were:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;BAE Systems<BR>
    &#149;&nbsp;&nbsp;&nbsp;Daihen Corporation<BR>
    &#149;&nbsp;&nbsp;&nbsp;EO TECHNICS<BR>
    &#149;&nbsp;&nbsp;&nbsp;Esko-Graphics<BR>
    &#149;&nbsp;&nbsp;&nbsp;German Institute for Materials Processing</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Gillette Company<BR>
    &#149;&nbsp;&nbsp;&nbsp;Harmonic Inc.<BR>
    &#149;&nbsp;&nbsp;&nbsp;HM Laser Machinery Co., Ltd.<BR>
    &#149;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd.<BR>
    &#149;&nbsp;&nbsp;&nbsp;Nippon Steel Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;Reliant Technologies Inc.<BR>
    &#149;&nbsp;&nbsp;&nbsp;Sahajanand Laser Technology<BR>
    &#149;&nbsp;&nbsp;&nbsp;SUNX Limited<BR>
    &#149;&nbsp;&nbsp;&nbsp;Telesis Technologies<BR>
    &#149;&nbsp;&nbsp;&nbsp;TEM Incorporated</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">61
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows the allocation of our net sales (in
thousands) among our principal markets:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>



<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Materials Processing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>23,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>70.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>41,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>47,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>72.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Communications</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.8</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Medical</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.5</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.5</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Advanced Applications</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>96,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>64,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SUNX Limited, a provider of laser marking systems, accounted for
17%, 20%, 13% and 11% of our net sales for the years ended
December&nbsp;31, 2003, 2004, and 2005, and the six months ended
June&nbsp;30, 2006, respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our net sales (in thousands) were derived from customers in the
following geographic regions:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="23">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>



<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    North and South America</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>38,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>23,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35.5</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Europe</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>19,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>23,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24.8</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>18,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Asia and Australia</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34.8</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>23,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Rest of World</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>96,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>64,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Sales, Marketing and Support</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We market our products internationally primarily through our
direct sales force and also through agreements with independent
sales representatives and distributors. We have sales offices in
the United States, Germany, Russia, Italy, Japan, South Korea,
India and the United Kingdom. Our independent sales
representatives and distributors are located in the United
States, Japan, China, Brazil and other parts of the world. Only
one of these arrangements is on an exclusive basis. Foreign
sales to customers are generally priced in local currencies and
are therefore subject to currency exchange fluctuations.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We maintain a customer support and field service staff in our
major markets within the United States, Europe, Russia, Japan
and South Korea. We work closely with customers, customer groups
and independent representatives to service equipment, train
customers to use our products and explore additional
applications for our technologies. We typically repair products
at our facilities or at customer sites. We plan to expand our
support and field service, particularly in locations where
customer concentration or volume requires local service
capabilities.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We typically provide one to three-year parts and service
warranties on our lasers and amplifiers. Most of our sales
offices provide support to customers in their respective
geographic areas. Warranty reserves have generally been
sufficient to cover product warranty repair and replacement
costs.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Manufacturing</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Vertical integration is one of our core business strategies
through which we control our proprietary processes and
technologies as well as the supply of key components and
assemblies. We believe that our vertically integrated business
model gives us the following advantages:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    maintaining a technological lead over competitors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reducing component and final product costs as volumes increase;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">62
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    ensuring access to critical components, enabling us to better
    meet customer demands;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    controlling performance, quality and consistency; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    enabling rapid development and deployment of new products and
    technologies.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our vertically integrated manufacturing operations include
optical preform making, specialty fiber drawing, semiconductor
wafer growth, diode processing and packaging, specialty optical
component manufacturing, fiber block and fiber module assembly
for different power units, software and electronics development,
final assembly, as well as testing, tool manufacturing and
automated production systems. We are currently adding additional
production capabilities, including building redundant diode and
optical fiber manufacturing in separate facilities, in order to
increase our capacity as well as reduce the risks associated
with our production process.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We operate our own semiconductor foundry for the production of
the multi-mode single-emitter diodes. Diodes are the pumps that
are used as the light source in each device we make. We also
process, package and extensively test all of our diodes. As pump
diodes represent a significant component cost of the final laser
or amplifier, we have chosen to develop internal manufacturing
capabilities for diodes. As a result of our high volume
production levels of pump diodes, proprietary processes and use
of limited chip designs, we have been able to increase yields,
lower component costs and assure high quality. We also design,
manufacture and optimize many of our own test instruments, diode
test racks, robotic and automated assembly tools and machines.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We developed these proprietary components, manufacturing tools,
equipment and techniques over many years in an effort to address
the major issues that had been inhibiting the development of
fiber laser technology and to provide products that
differentiate us from our competitors. We believe that the
proprietary components, manufacturing tools, equipment,
techniques and software utilized in all of our product lines
provide extensive barriers to potential competitors. Generally,
we do not sell our proprietary components to third parties.
Using our technology platform, we configure standard products
based upon each customer&#146;s specifications. Through our
vertically integrated manufacturing operations, we can develop,
test and produce new products and configurations with higher
performance and reliability and in less time than it would take
by working with external vendors. We have developed proprietary
testing methodologies that allow us to develop higher power
components and products in short periods of time, enable us to
introduce products to the market more quickly, capitalize on new
opportunities and provide superior service to our customers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our in-house manufacturing includes only those operations and
components that are critical to the protection of our
intellectual property, reducing our costs or to the achievement
of performance and quality standards. We purchase from vendors
common as well as specialized mechanical, electrical and optical
parts and raw materials, such as printed circuit boards, wafer
substrates and various optical components.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Research and Development</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have extensive research and development experience in laser
materials, fiber and optoelectronic components. We have
assembled a team of scientists and engineers with specialized
experience and extensive knowledge in fiber lasers and
amplifiers, critical components, testing and manufacturing
process design. Our research and development team includes over
55 scientists who hold Ph.D. degrees and over 30 additional
scientists and engineers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We focus our research and development efforts on designing and
introducing new and improved standard and customized products
and the mass production of components that go into our products.
In addition to our cladding-pumped specialty fiber platform, we
have core competencies in high-power multi-mode semiconductor
laser diodes, diode packaging, specialty active and passive
optical fibers, high-performance optical components, fiber gain
blocks and fiber modules, as well as splicing and combining
techniques and high-stress test methods. Our research and
development efforts are aided by our vertical integration and
our proprietary high-stress testing techniques that result in
accelerated development cycles. The strategy of developing our
proprietary components has allowed us to leverage our optical
experience
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">63

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
and large volume requirements to lower the cost of our products.
We concentrate our research and development efforts on
advancements in performance as well as capacity to hold and
produce higher optical power levels.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our research and development efforts are also directed at
expanding our product line by increasing power levels, improving
beam quality and electrical efficiency, decreasing size and
lowering the cost per watt. Our team of experienced scientists
and engineers work closely with many of our customers to develop
and introduce custom products that address specific applications
and performance requirements.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We incurred research and development costs of approximately
$5.8&nbsp;million in 2005, $4.8&nbsp;million in 2004 and
$10.1&nbsp;million in 2003. The decrease from 2003 to 2004 was
primarily due to the commencement of commercial production of
our diodes early in 2004. Costs related to the diode production
were recorded as research and development costs in 2003 and
transferred to cost of sales in 2004. We plan to continue our
commitment to research and development and to introduce new
products, systems and complementary products that would allow us
to maintain our competitive position. See
&#147;Management&#146;s Discussion and Analysis of Financial
Condition of Results of Operations.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Intellectual Property</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We seek to protect our proprietary technology primarily through
U.S. and foreign laws affording protection for trade secrets,
and to seek U.S. and foreign patent, copyright and trademark
protection of our products and processes where appropriate. We
do not believe that any of our patents are material to the
conduct of our business. We rely primarily on trade secrets,
technical know-how and other unpatented proprietary information
relating to our product development and manufacturing
activities. We seek to protect our trade secrets and proprietary
information, in part, by requiring our employees to enter into
agreements providing for the maintenance of confidentiality and
the assignment to us of rights to inventions that they make
while we employ them. We also enter into non-disclosure
agreements with our consultants and suppliers to protect
confidential information delivered to them. We believe that our
vertical integration, including our long experience in making a
wide range of specialty and high-power capacity components, as
well as our technology platform make it difficult for others to
reverse engineer our products. Intellectual property rights,
including those that we own and those of others, involve
significant risks. See &#147;Risk Factors&nbsp;&#151; Risks
Related to Our Business&nbsp;&#151; Our Inability to Protect Our
Intellectual Property and Proprietary Technologies Could Result
in the Unauthorized Use of Our Technologies by Third Parties,
Hurt Our Competitive Position and Adversely Affect Our Operating
Results.&#148;
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Competition</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our markets are competitive and characterized by rapidly
changing technology. We believe that the primary competitive
factors in our markets are:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    product performance and reliability;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    quality and service support;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    price and value to the customer;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    ability to manufacture and deliver products on a timely basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    ability to achieve qualification for and integration into OEM
    systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    ability to meet customer specifications; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    ability to respond quickly to market demand and technological
    developments.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe we compete favorably on the basis of these criteria.
In the materials processing market, the competition is
fragmented and includes a large number of competitors. We
compete with makers of high-power conventional
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and solid-state lasers, including Lasag Ltd., Rofin-Sinar
Technologies, Inc., and Trumpf Inc., and makers of mid and
low-power conventional
CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and solid-state lasers such as Coherent, Inc., GSI Group Inc.,
Newport Corporation and Rofin-Sinar Technologies, Inc.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">64

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
We also compete with fiber laser makers including Keopsys SA,
Mitsubishi Cable Industries, Ltd., Miyachi Unitek Corporation,
MPB Communications Inc., SPI Lasers plc and JDS Uniphase
Corporation for low and/or mid-power lasers. We believe that we
compete favorably with other makers of fiber lasers on price,
service, installed base and performance with respect to low and
mid-power fiber lasers. In addition, we believe that we are the
only fiber laser manufacturer that sells commercial fiber lasers
of over 200 watts. While we are currently a technology and price
leader in fiber lasers and have a large share of the fiber laser
market as compared to competitors that make fiber lasers, we
expect competition from established laser makers that may have
started or may start programs to develop and sell fiber lasers
or alternative new solid state laser technologies. Because many
of the components required to develop and produce low-power
fiber lasers are becoming increasingly available, barriers to
entry are decreasing, and we expect new competitive products to
enter the market. Several well-established conventional laser
manufacturers are known to be interested in developing and
licensing technology for fiber lasers. Many of the conventional
laser companies are larger and have substantially greater
financial, managerial and technical resources, more extensive
distribution and service networks, greater sales and marketing
capacity, and larger installed customer bases than we do. We
also compete in the materials processing, medical and advanced
applications markets with end users who produce their own
solid-state and gas lasers as well as with manufacturers of
non-laser methods and tools, such as resistance welding in the
materials processing market and scalpels in the medical market.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the communications market, our principal competitors are
manufacturers of high-power fiber amplifiers and DWDM systems,
such as Avanex Corporation, Bookham Inc., the Scientific-Atlanta
division of Cisco Systems, Inc. (Scientific-Atlanta), Emcore
Corporation, JDS Uniphase Corporation and MPB Communications
Inc. We believe that we compete favorably with other high-power
fiber amplifier producers with respect to price, product
performance and output power. The fiber amplifier market is more
established than the fiber laser market and technological change
has not occurred as rapidly as it has in the case of fiber
lasers. Many of our competitors in this market are larger than
we are and have substantially greater financial, managerial and
technical resources, more extensive distribution and service
networks, greater sales and marketing capacity, and larger
installed customer bases than we do.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Employees</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of June&nbsp;30, 2006, we had approximately
900&nbsp;full-time employees, including approximately 80 in
research and development, 710 in manufacturing operations, 40 in
sales and marketing, and 70 in general and administrative
functions. Of our total full-time employees at our principal
facilities, approximately 265 were in the United States, 320
were in Germany, 265 were in Russia and 12 were in Italy. We
have never experienced a work stoppage and none of our employees
is subject to a collective bargaining agreement. We believe that
our current relations with our employees are good.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Facilities</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our main facilities include the following:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Owned or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Lease</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Approximate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Leased</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expiration</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Size (sq.&nbsp;ft.)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Primary Activity</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Oxford, Massachusetts</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>Owned</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>123,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Diodes, components, complete device manufacturing, administration</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Burbach, Germany</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>Owned</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>137,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Optical fiber, components, final assembly, complete device
    manufacturing, administration</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fryazino, Russia</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>Leased</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>April 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Components, complete device manufacturing, administration</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legnano, Italy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>Leased</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>March&nbsp; 2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Complete device manufacturing, administration</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">65

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are expanding our facilities in Massachusetts and Germany by
adding approximately 82,000&nbsp;square feet of property that we
own. These additional facilities will be used primarily for
manufacturing and we plan to finance this expansion using a
portion of the proceeds of this offering.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We maintain our corporate headquarters in Oxford, Massachusetts,
and conduct research and development in Oxford, Massachusetts,
Burbach, Germany and Fryazino, Russia. We operate four
manufacturing facilities for lasers, amplifiers and components
in the United States, Germany, Russia and Italy. We also
manufacture certain optical components in India. We are
committed to meeting internationally recognized manufacturing
standards. Our facilities in the United States and Germany are
ISO 9001 certified and we have ISO certification in Russia for
specific products. We have sales personnel at each of our
manufacturing facilities and at leased offices in Wixom,
Michigan; London, England; Tokyo, Japan; Daejeon, South Korea;
and Bangalore, India.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that our existing facilities are adequate to meet our
current needs and that we will be able to obtain additional
commercial space as needed.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Legal Proceedings</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
From time to time, we are party to various legal proceedings
incidental to our business, including those described below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a defendant in an action by Scientific-Atlanta filed in
April 2005 in the United States District Court for the District
of Massachusetts. The plaintiff alleges that certain of our
optical fiber amplifier products infringe one U.S.&nbsp;patent
allegedly owned by it and seeks damages in an unspecified
amount, treble damages and injunctive relief. Simultaneous with
filing the complaint, Scientific-Atlanta requested that the
U.S.&nbsp;Patent and Trademark Office reexamine its patent to
consider certain prior art. Scientific-Atlanta also presented
narrowing amendments to many of the issued patent claims and
added several new claims. The Patent Office granted
Scientific-Atlanta&#146;s request to reexamine the patent,
finding that the new prior art raised a substantial new question
of patentability. The District Court stayed the litigation until
the conclusion of the Patent Office reexamination and we are
awaiting the outcome of the reexamination. The patent claims in
the issued patent relate generally to silicic optical fiber
containing certain concentrations of erbium and ytterbium
together with phosphate. The patent expires in January 2011.
While we believe we have meritorious defenses and intend to
vigorously contest the claims against us, we cannot predict the
outcome of either the Patent Office reexamination or the
litigation proceeding.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a defendant in an action by the Spectra-Physics division
of Newport Corporation filed in June 2006 in the United States
District Court for the Northern District of California. The
plaintiff alleges that certain of our optical fiber laser and
amplifier products infringe one U.S.&nbsp;patent allegedly owned
by it and seeks damages of over $20.0&nbsp;million, treble
damages and injunctive relief. The patent claims relate
generally to laser diode pumping of a single mode fiber core of
laser material through the use of a surrounding multi-mode pump
cavity. The patent expires in June 2007. While we believe we
have meritorious defenses and intend to vigorously contest the
claims against us, we cannot predict the outcome of the
proceeding.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">66

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='111'></A>
</DIV>

<!-- link1 "MANAGEMENT" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>MANAGEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Officers and Directors</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information with respect to our
executive officers and members of our board of directors as of
June&nbsp;30, 2006:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Age</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Position(s)</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Valentin P. Gapontsev,&nbsp;Ph.D.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Chief Executive Officer and Chairman of the Board</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Eugene Shcherbakov,&nbsp;Ph.D.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Managing Director of IPG Laser and Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Timothy P.V. Mammen</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Chief Financial Officer and Vice President</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Angelo P. Lopresti</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    General Counsel, Secretary and Vice President</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Denis Gapontsev,&nbsp;Ph.D.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Vice President-Research&nbsp;&#38; Development</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    George&nbsp;H. BuAbbud,&nbsp;Ph.D.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Vice President-Telecommunications Products</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Alexander Ovtchinnikov,&nbsp;Ph.D.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Vice President-Components</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Igor Samartsev</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Acting General Manager of NTO IRE-Polus and Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert A. Blair(1)(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Michael C. Child(1)(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John H. Dalton</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Henry E. Gauthier(1)(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    William S. Hurley(2)(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    William F. Krupke,&nbsp;Ph.D.(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Member of the compensation committee.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Member of the nominating and corporate governance committee.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Member of the audit committee.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Valentin P. Gapontsev,&nbsp;Ph.D., </I></B>founded IPG in
1990 and has been our Chief Executive Officer and Chairman of
our Board of Directors since our inception. Prior to that time,
he served as senior scientist in laser material physics and head
of the laboratory at the Soviet Academy of Science&#146;s
Institute of Radio Engineering and Electronics in Moscow. He has
over thirty years of academic research experience in the fields
of solid state laser materials, laser spectroscopy and
non-radiative energy transfer between rare earth ions and is the
author of many scientific publications and several international
patents. Dr.&nbsp;Gapontsev holds a Ph.D. in Physics from the
Moscow Institute of Physics and Technology. In 2006, he was
awarded the Ernst&nbsp;&#38;
Young<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
Entrepreneur of the Year Award for Industrial Products and
Services in New England. He is the father of Denis Gapontsev.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Eugene Shcherbakov,&nbsp;Ph.D., </I></B>has served as the
Managing Director of IPG Laser, our German subsidiary, since
August 2000 and has been a member of our Board of Directors
since September 2000. Dr.&nbsp;Shcherbakov served as the
Technical Director of IPG Laser from 1995 to August 2000. From
1983 to 1995, Dr.&nbsp;Shcherbakov was a senior scientist in
fiber optics and head of the optical communications laboratory
at the General Physics Institute, Russian Academy of Science in
Moscow. Dr.&nbsp;Shcherbakov graduated from the Moscow Physics
and Technology Institute with an M.S. in Physics. In addition,
Dr.&nbsp;Shcherbakov attended the Russian Academy of Science in
Moscow, where he received a Ph.D. in Quantum Electronics from
its Lebedev Physics Institute and a Dr.Sci. degree in Laser
Physics from its General Physics Institute.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">67

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Timothy P.V. Mammen </I></B>has served as our Chief
Financial Officer since July 2000 and a Vice President since
November 2000. Between May 1999 and July 2000, Mr.&nbsp;Mammen
served as the Group Finance Director and General Manager of the
United Kingdom operations for IPFD. Mr.&nbsp;Mammen was Finance
Director and General Manager of United Partners Plc, a
commodities trading firm, from 1995 to 1999 and prior to that he
worked in the finance department of E.I. du Pont de Nemours and
Company. Mr.&nbsp;Mammen holds an Upper Second B.Sc. Honours
degree in International Trade and Development from the London
School of Economics and Political Science and is a Chartered
Accountant and a member of the Institute of Chartered
Accountants of Scotland.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Angelo P. Lopresti </I></B>has served as our General
Counsel and Secretary and one of our Vice Presidents since
February 2001. Prior to joining us, Mr.&nbsp;Lopresti was a
partner at the law firm of Winston&nbsp;&#38; Strawn from 1999
to 2001. Prior to that, he was a partner at the law firm of
Hertzog, Calamari&nbsp;&#38; Gleason from 1998 to 1999 and an
associate there from 1991 to 1998. Mr.&nbsp;Lopresti holds a
B.A. in Economics from Trinity College and a J.D. from the New
York University School of Law.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Denis Gapontsev,&nbsp;Ph.D.</I></B>, has served as our
Vice President of Research and Development since August 2000.
From 2000 until 2005, he was also a member of our Board of
Directors. From 1994 to 1996, Dr.&nbsp;Gapontsev worked as a
scientist at NTO IRE-Polus. He worked at IPFD from 1996 to 1998
and at IPG Laser from 1999 to 2000, where he researched fiber
lasers and raman fiber lasers. Dr.&nbsp;Gapontsev holds a B.S.
and an M.S. in Physics from the Moscow Physics and Technology
Institute and a Ph.D. from the University of London. He is the
son of Dr.&nbsp;Valentin P. Gapontsev.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>George H. BuAbbud,&nbsp;Ph.D.</I></B>, has served as our
Vice President, Telecommunications Products, since July 2002.
Prior to joining us, Dr.&nbsp;BuAbbud was Vice President and
Chief Technical Officer for the Access Network Systems division
of Marconi Communications, Inc., a maker of telecommunications
systems, from 1999 to 2002. He holds a B.E. in Electrical
Engineering from the American University of Beirut and an M.Sc.
and a Ph.D. in Electrical Engineering from the University of
Nebraska.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Alexander Ovtchinnikov,&nbsp;Ph.D., </I></B>has served as
our Vice President, Components, since September 2005 and as
Director of Material Sciences from October 2001 to September
2005. Prior to joining us, Dr.&nbsp;Ovtchinnikov was Material
Science Manager of Lasertel, Inc., a maker of high-power
semiconductor lasers, from 1999 to 2001. For 15&nbsp;years prior
to joining Lasertel, Inc., he worked on the development and
commercialization of high power diode pump technology at the
Ioffe Institute, Tampere University of Technology, Coherent,
Inc. and Spectra-Physics Corporation. He holds an M.S. in
Electrical Engineering from the Electrotechnical University of
St. Petersburg, Russia, and a Ph.D. from Ioffe Institute of the
Russian Academy of Sciences.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Igor Samartsev </I></B>has been the acting General Manager
of NTO IRE-Polus since 2005. He served as the Technical Director
of NTO IRE-Polus from 2000 to April 2005 and, from 1993 to 2001,
he was the Deputy Director of NTO IRE-Polus. Mr.&nbsp;Samartsev
holds an M.S. in Physics from the Moscow Institute of Physics
and Technology.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Robert A. Blair </I></B>has served as a member of our
Board of Directors since September 2000. Since January 1999,
Mr.&nbsp;Blair has been the President of the Blair Law Firm P.C.
Mr.&nbsp;Blair was a senior partner at the law firm of Manatt,
Phelps&nbsp;&#38; Phillips from 1995 to 1999. He was the
managing partner of the law firm of Anderson, Hibey,
Nauheim&nbsp;&#38; Blair from 1981 to 1995. He is a trustee
under Winkler Trusts, previously the primary sources of equity
for, and owners of, real estate ventures developed by The Mark
Winkler Company. Mr.&nbsp;Blair is managing partner of several
real estate partnerships, has been a manager/principal in
cellular telephone ventures and assisted in the launch of a VoIP
business. Mr.&nbsp;Blair holds a B.A. in Mathematics from the
College of William&nbsp;&#38; Mary, where he serves on its
governing Board of Visitors, and a J.D. from the University of
Virginia School of Law.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Michael C. Child </I></B>has served as a member of our
Board of Directors since September 2000. Since July 1982,
Mr.&nbsp;Child has been employed by TA Associates, Inc., a
private equity investment firm, where he currently serves as a
Managing Director. Mr.&nbsp;Child holds a B.S. in Electrical
Engineering from the
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">68

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
University of California at Davis and an M.B.A. from the
Stanford University Graduate School of Business. He is on the
Board of Directors of Eagle Test Systems, Inc.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>John H. Dalton </I></B>has served as a member of our Board
of Directors since September 2000. Since 2005, he has been
President of the Housing Policy Council of The Financial
Services Roundtable. From September 2000 to December 2004,
Mr.&nbsp;Dalton served as our President. He was appointed
Secretary of the Navy by President Clinton in 1993 and served in
that capacity until 1998. Mr.&nbsp;Dalton was nominated by
President Carter to be President of the Government National
Mortgage Association and to the Federal Home Loan&nbsp;Bank
Board, where he served as Chairman. He serves as Chairman of the
board of directors of
<FONT style="white-space: nowrap">Breeze-Eastern</FONT> Corp.
and he is a member of the boards of directors of Fresh Del Monte
Produce Inc. and eSpeed Inc. Mr.&nbsp;Dalton graduated with
distinction from the United States Naval Academy and holds an
M.B.A. from the Wharton School of Finance and Commerce of the
University of Pennsylvania.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Henry E. Gauthier </I></B>has served as a member of our
Board of Directors since April 2006. Mr.&nbsp;Gauthier was
President of Reliant Technologies, Inc., a manufacturer of
medical laser systems, from February to May 2005 and has served
as Chairman of the board of directors of Reliant Technologies
since May 2005. Reliant Technologies is one of our customers. He
also serves as a consultant to Reliant Technologies. See
&#147;Certain Relationships and Related Party
Transactions.&#148; He served as Vice Chairman of the board of
directors of Coherent, Inc., a manufacturer of photonic
products, from October 2002 to March 2005. He served as Chairman
of the board of directors of Coherent, Inc. from February 1997
to October 2002 and was its President from 1983 to 1996. Since
July 1996, Mr.&nbsp;Gauthier has served as a principal at
Gauthier Consulting. He has been a member of the board of
directors of Alara, Inc. since 1997. Mr.&nbsp;Gauthier attended
the United States Coast Guard Academy, San&nbsp;Jose State
University, and the Executive Institute of the Stanford
University Graduate Business School.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>William S. Hurley </I></B>has served as a member of our
Board of Directors since April 2006. Since April 2006, he has
been principal of W.S. Hurley Financial Consulting LLC, which
provides supplemental chief financial officer services. From
2002 to April 2006, he was a partner with Tatum LLC, a
nationwide executive services and consulting firm. He was Senior
Vice President and Chief Financial Officer at Applied
Science&nbsp;&#38; Technology, a developer, manufacturer and
supporter of semiconductor capital equipment, from 1999 until
2001. He served as Vice President and Chief Financial Officer at
Cybex International, Inc., a designer, manufacturer and
distributor of fitness equipment, from 1996 to 1999. From 1992
to 1995, he was Vice President-Controller and Chief Accounting
Officer at BBN Corporation, formerly known as Bolt,
Beranek&nbsp;&#38; Newman, Inc., a high technology company.
Mr.&nbsp;Hurley holds a B.S. in Accounting from Boston College
and an M.B.A. in Finance from Columbia University Graduate
School of Business. Mr.&nbsp;Hurley is a certified public
accountant.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>William F. Krupke,&nbsp;Ph.D., </I></B>has served as a
member of our Board of Directors since February 2001. Since
1999, Dr.&nbsp;Krupke has been President of a laser technology
and applications consulting firm (now WFK Lasers, LLC). From
1972 to 1999, Dr.&nbsp;Krupke worked at the Lawrence Livermore
National Laboratory, which provides research and development
services to various U.S.&nbsp;government departments, serving
for the last twenty of such years as Deputy Associate Director
of the Laser Programs Directorate. He has over forty years of
experience in the fields of solid-state lasers and innovative
laser materials. Dr.&nbsp;Krupke holds a B.S. degree in Physics
from Rensselaer Polytechnic Institute and M.A. and Ph.D. degrees
in Physics from the University of California at Los Angeles.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation that will be in effect upon
completion of this offering authorizes a board of directors
consisting of at least one, but no more than eleven, members. We
currently have nine directors. One of our directors,
Mr.&nbsp;Child, was nominated and elected as a director pursuant
to certain board composition provisions contained in a
stockholders agreement that we entered into with the holders of
our series&nbsp;B preferred stock and certain of our other
stockholders and pursuant to board composition provisions of our
current certificate of incorporation. The board composition
provisions of the stockholders agreement and our certificate of
incorporation will be terminated upon the closing of this
offering. This
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">69

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
stockholders agreement is described below under &#147;Certain
Relationships and Related Party Transactions&nbsp;&#151;
Series&nbsp;B Preferred Stockholders.&#148; Following the
completion of this offering, there will be no further
contractual obligations with respect to the election of our
directors. Our directors hold office until their successors have
been elected and qualified or until their earlier resignation or
removal.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The members of our board of directors are elected annually at
our annual meeting of stockholders. At the first annual meeting
following the date that any stockholder that beneficially owned
25% or more of the total voting power of our company on the
effective date of our certificate of incorporation that will be
in effect upon completion of this offering ceases to own at
least 25% of the total voting power, our board of directors will
be divided into three classes with members of each class serving
staggered three-year terms. The creation of a classified board
could have the effect of making it more difficult for a third
party to acquire control of us.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A majority of our directors are &#147;independent&#148; within
the meaning of the applicable rules of the Nasdaq Global Market.
Our board of directors has determined that each of
Messrs.&nbsp;Blair, Child, Gauthier, Hurley and Krupke is an
independent director.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Committees of the Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board of directors has established an audit committee, a
compensation committee and a nominating and corporate governance
committee. The composition and functioning of all of our
committees complies with the rules of the SEC and the Nasdaq
Global Market that are currently applicable to us, and we intend
to comply with additional requirements to the extent they become
applicable to us.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Audit Committee.</I> The current members of our audit
committee are Mr.&nbsp;Hurley, who serves as Chairman,
Mr.&nbsp;Child and Mr.&nbsp;Gauthier, each of whom is
&#147;independent&#148; for audit committee purposes under the
applicable rules of the Nasdaq Global Market and the SEC. The
board of directors has determined that Mr.&nbsp;Hurley qualifies
as an &#147;audit committee financial expert,&#148; as defined
under the Securities Exchange Act of 1934 and the applicable
rules of the Nasdaq Global Market. The audit committee, among
other things:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    appoints, approves the compensation of, and assesses the
    independence of our independent registered public accounting
    firm;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews the audit committee charter periodically and recommends
    any necessary amendments to such charter to our board of
    directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    oversees the work of our independent auditor, which includes the
    receipt and consideration of certain reports from the
    independent registered public accounting firm;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    resolves disagreements between management and our independent
    registered public accounting firm;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    pre-approves auditing and permissible non-audit services, and
    the terms of such services, to be provided by our independent
    registered public accounting firm;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and discusses with management and the independent
    registered public accounting firm our annual and quarterly
    financial statements and related disclosures;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    coordinates the oversight of our internal and external controls
    over financial reporting, disclosure controls and procedures and
    code of business conduct and ethics;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    establishes, reviews and updates our code of business conduct
    and ethics;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and approves all related-party transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    establishes procedures for the receipt of accounting-related
    complaints and concerns;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">70

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    meets independently with our independent registered public
    accounting firm and management; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    will prepare the audit committee report required by SEC rules to
    be included in our proxy statements.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compensation Committee.</I> The current members of our
compensation committee are Mr.&nbsp;Blair, who serves as
Chairman, Mr.&nbsp;Child and Mr.&nbsp;Gauthier, each of whom is
an independent director. The compensation committee, among other
things:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    annually reviews base salary and incentive compensation for our
    chief executive officer and other executive officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    approves corporate goals and objectives relevant to compensation
    of our chief executive officer and other executive officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    evaluates the performance of our chief executive officer in
    light of our corporate goals and objectives and determines the
    compensation of our chief executive officer;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and makes recommendations to the board of directors with
    respect to the compensation of our other executive officers; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    periodically reviews our incentive-based compensation plans and
    stock-based plans and makes recommendations to the board of
    directors with respect to such plans.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Nominating and Corporate Governance Committee.</I> The
current members of our nominating and corporate governance
committee are Dr.&nbsp;Krupke, who serves as Chairman,
Mr.&nbsp;Blair and Mr.&nbsp;Hurley, each of whom is an
independent director. The nominating and corporate governance
committee, among other things:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    develops and recommends to the board of directors criteria for
    board membership;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    recommends to the board of directors changes that the committee
    believes to be desirable with regard to the appropriate size,
    functions and needs of the board of directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    identifies and evaluates director candidates, including nominees
    recommended by our stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    identifies individuals qualified to fill vacancies on any
    committee of the board of directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews procedures for stockholders to submit recommendations
    for director candidates;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    recommends to the board of directors the persons to be nominated
    for election as directors and to each of the board&#146;s
    committees;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews the performance of the committee and evaluates its
    charter periodically; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    develops and recommends to the board of directors a set of
    corporate governance guidelines.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Director Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors who are also our employees receive no additional
compensation for their service as directors. Our non-employee
directors receive an annual retainer from us of $30,000 and do
not receive separate fees for attending meetings of the board of
directors, committees or stockholders. The chairman of our audit
committee receives an additional annual retainer of $20,000 and
the other members of the audit committee each receive an
additional annual retainer of $10,000. The chairman of our
compensation committee receives an additional annual retainer of
$15,000 and the other members of the compensation committee each
receive an additional annual retainer of $7,500. The chairman of
our nominating and corporate governance committee receives an
additional annual retainer of $10,000 and all other members of
the nominating and corporate governance committee each receive
an additional annual retainer of $5,000. The chairman of any
other committee will receive an additional annual retainer of
$5,000 and all
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">71

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
other members of such committees each will receive an additional
annual retainer of $2,500. In addition, commencing in 2007, the
non-employee directors continuing in office after the date of
our annual meeting of stockholders will receive immediately
following that date, a grant of stock options to
purchase&nbsp;10,000&nbsp;shares of our common stock vesting in
four equal annual installments. Upon initial election to the
board of directors, new non-employee directors will receive a
grant of stock options to purchase&nbsp;30,000&nbsp;shares of
our common stock vesting in four equal annual installments. The
exercise price of these stock options will not be less than the
fair market value of our common stock on the date of grant.
Non-employee directors also are reimbursed for reasonable
expenses incurred in connection with attending board and
committee meetings.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since January&nbsp;1, 2005, we have granted the following
options to purchase common stock to our non-employee directors
for their service on the board of directors:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    We granted options to purchase&nbsp;30,000&nbsp;shares of common
    stock to each of Messrs.&nbsp;Blair, Child and Dalton and
    Dr.&nbsp;Krupke on June&nbsp;12, 2005, at an exercise price of
    $1.00&nbsp;per share;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    We granted options to purchase&nbsp;30,000&nbsp;shares of common
    stock to each of Messrs.&nbsp;Gauthier and Hurley on
    April&nbsp;18, 2006, at an exercise price of $3.58&nbsp;per
    share; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    We granted options to purchase&nbsp;10,000&nbsp;shares of common
    stock to each of Messrs.&nbsp;Blair, Child and Dalton and
    Dr.&nbsp;Krupke on June&nbsp;21, 2006, at an exercise price of
    $4.30&nbsp;per share.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the stock options vests in four equal annual
installments.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Compensation Committee Interlocks and Insider
Participation</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None of our executive officers serves as a member of the board
of directors or compensation committee, or other committee
serving an equivalent function, of any other entity that has one
or more of its executive officers serving as a member of our
board of directors or compensation committee.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth the compensation of our chief
executive officer and each of our other most highly compensated
executive officers during the year ended December&nbsp;31, 2005.
We refer to these officers as the &#147;named executive
officers.&#148;
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">72

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Summary Compensation Table</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Long-Term</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Annual Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Other Annual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Other</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Name and Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Position</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Salary($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Bonus ($)(1)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)(2)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options(#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)(3)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Valentin P. Gapontsev</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>383,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>604,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,945</TD>
    <TD>&nbsp;</TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Chief Executive Officer and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Chairman of the Board(4)(5)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Eugene Shcherbakov</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>256,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>138,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Managing Director and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director(4)(5)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Angelo P. Lopresti</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>254,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>147,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,913</TD>
    <TD align="left" valign="bottom" nowrap>(6)</TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Vice President, General</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Counsel and Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Timothy P.V. Mammen</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>142,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,550</TD>
    <TD align="left" valign="bottom" nowrap>(7)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Vice President and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Denis Gapontsev</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>227,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>94,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>470</TD>
    <TD>&nbsp;</TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Vice President,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR bgcolor="#CCEEFF">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Research and Development(5)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    The bonuses paid in 2005 include an annual performance bonus for
    the achievement of certain performance objectives which were met
    during 2005. Bonuses paid in 2005 also include a one-time,
    non-recurring loyalty bonus intended to reward officers for
    their long-term contributions to us in the following amounts:
    Dr.&nbsp;V. Gapontsev, $368,823; Dr.&nbsp;Shcherbakov, $72,236;
    Mr.&nbsp;Lopresti, $68,750; Mr.&nbsp;Mammen, $82,500; and
    Dr.&nbsp;D. Gapontsev, $29,750.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    We have concluded that the aggregate amount of perquisites and
    other personal benefits paid to each of the named executive
    officers for fiscal year 2005 did not exceed the lesser of 10%
    of such named executive officer&#146;s total annual salary and
    bonus for 2005 or $50,000; such amounts are not included in the
    table.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    All Other Compensation consists of our matching contributions to
    retirement accounts under our 401(k) plan and our payment of
    premiums on group term life insurance on behalf of our
    employees. The group term life insurance does not have a cash
    surrender value and premiums paid are not refunded upon
    termination.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    A portion of the amounts paid to Dr.&nbsp;Shcherbakov and
    Dr.&nbsp;V. Gapontsev were denominated in Euros. These amounts
    are translated into U.S.&nbsp;dollars at the exchange rate as of
    December&nbsp;30, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    A portion of the amounts paid to Dr.&nbsp;Shcherbakov,
    Dr.&nbsp;V. Gapontsev and Dr.&nbsp;D. Gapontsev were denominated
    in Rubles. These amounts are translated into U.S.&nbsp;dollars
    at the exchange rate as of December&nbsp;30, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Reflects our contribution of $8,430 to Mr.&nbsp;Lopresti&#146;s
    retirement account under our 401(k) plan and payment of $483 of
    premiums on Mr.&nbsp;Lopresti&#146;s group term life insurance.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    Reflects our contribution of $8,294 to Mr.&nbsp;Mammen&#146;s
    retirement account under our 401(k) plan and payment of $256 of
    premiums on Mr.&nbsp;Mammen&#146;s group term life insurance.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">73

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Stock Option Grants in the Last Fiscal Year</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth certain information concerning
grants of stock options to purchase shares of our common stock
to each of our named executive officers during the fiscal year
ended December&nbsp;31, 2005. The percentage of total options
set forth below is based on an aggregate of
1,252,000&nbsp;shares of our common stock underlying options
granted to employees and directors during the fiscal year ended
December&nbsp;31, 2005. All options were granted under our 2000
Incentive Compensation Plan and have an exercise price equal to
the fair market value of our common stock on the date of grant
as determined by our board of directors. These options will vest
over four years in four equal installments from the date of
grant.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Value at Assumed</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Annual Rates of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>% of Total</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Stock Price</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Appreciation for</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Granted to</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Option Term (1)</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Granted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Employees in</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Price Per</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fiscal Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Share</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expiration Date</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>5%</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>10%</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Valentin P. Gapontsev</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Eugene Shcherbakov</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Angelo P. Lopresti</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>September&nbsp;22, 2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Timothy P.V. Mammen</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>September&nbsp;22, 2015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Denis Gapontsev</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Potential realizable values are net of exercise price, but
    before any taxes associated with exercise. The assumed rates of
    stock price appreciation are provided in accordance with SEC
    rules based upon an assumed initial public offering price of
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share, and do not represent our estimate of our future stock
    price.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Aggregated Stock Option Exercises in Last Fiscal Year</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>and Fiscal Year-End Option Values</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table provides information regarding exercisable
and unexercisable options held on December&nbsp;31, 2005 by each
of the named executive officers.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Number of Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Value at Assumed Annual</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Underlying Unexercised</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Rates of Stock Price</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Options at Fiscal</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Appreciation for</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Year-End&nbsp;(#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Option Term&nbsp;(1)</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Acquired on</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise&nbsp;(#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Realized&nbsp;($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercisable</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Valentin P. Gapontsev</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>355,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Eugene Shcherbakov</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Angelo P. Lopresti</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>283,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Timothy P.V. Mammen</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>271,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Denis Gapontsev</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>70,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    There was no public trading market for our common stock as of
    December&nbsp;31, 2005. Accordingly, the value of unexercised
    <FONT style="white-space: nowrap">in-the</FONT>-money options is
    based on an assumed initial public offering price of
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share, minus the per share exercise price, multiplied by the
    number of shares underlying the option.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">74

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Benefit Plans</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>2000 Incentive Compensation Plan, 2006 Incentive
    Compensation Plan and Non-Employee Directors Stock Plan</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In April 2000, our board of directors adopted our 2000 Incentive
Compensation Plan, or 2000 plan, and in February 2006, our board
of directors adopted our 2006 Incentive Compensation Plan, or
2006 plan. The 2000 plan was approved by our stockholders and we
plan to seek stockholder approval of the 2006 plan before the
completion of this offering. We reserved 8,750,000&nbsp;shares
under the 2000 plan and 6,000,000&nbsp;shares under the 2006
plan for the issuance of awards under the plans. Other than the
number of shares reserved, the plans are substantially
identical. Each plan will terminate ten years after its
adoption, unless terminated earlier by our board of directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 2000 plan and the 2006 plan are administered by the
compensation committee of our board of directors. The committee
approves awards under the plans, including the exercise price
and other terms of each award, subject to the provisions of the
plans and has general authority to administer the plan,
including to accelerate the vesting of awards and grant awards
in replacement of previously granted awards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each plan authorizes the grant of options to purchase common
stock intended to qualify as incentive stock options, as defined
in Section&nbsp;422 of the Internal Revenue Code, and
nonstatutory stock options. The plans also provide for awards of
restricted stock, stock units, performance shares, performance
units, stock appreciation rights and cash awards. The 2000 plan
also provides for awards of unrestricted stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our officers, directors, employees, consultants and advisors are
eligible to receive awards under the plans. No participant may
receive awards for over 2,000,000&nbsp;shares of common stock in
any calendar year under the 2000 plan, or over
2,500,000&nbsp;shares of common stock in any calendar year under
the 2006 plan.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Incentive stock options may be granted under each plan to our
employees and employees of our affiliates as described in
Treasury Regulation&nbsp;Section&nbsp;1.421(h), including our
officers, as well as officers and directors of our affiliates
who are also employees. The exercise price of incentive stock
options granted under each plan must be at least equal to the
fair market value of our common stock on the date of grant. The
exercise price of incentive stock options granted to an optionee
who owns stock possessing more than 10% of the voting power of
our outstanding capital stock must be at least equal to 110% of
the fair market value of the common stock on the date of grant.
This type of optionee must exercise his or her incentive stock
option within five years from the date of grant.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the terms of the 2000 plan and the 2006 plan, we may grant
nonstatutory stock options to our officers and other employees,
our directors and other individuals providing services to us at
an exercise price at least equal to the fair market value of our
common stock on the date of grant, unless the compensation
committee in its sole discretion and due to special
circumstances determines otherwise on the date of grant.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In June 2006, our board of directors adopted our Non-Employee
Directors Stock Plan (the non-employee director plan). We plan
to seek stockholder approval of this plan before the completion
of this offering. Only our non-employee directors are eligible
to receive awards under the plan. We reserved
250,000&nbsp;shares for issuance under the non-employee director
plan. The maximum number of shares that may be issued or
transferred under the plan equals 0.75% of the number of shares
of our company outstanding (on a fully diluted basis) at the end
of the plan year preceding the then-current plan year, or on
January&nbsp;1, 2006, whichever is greater, up to a maximum of
250,000&nbsp;shares. The plan will terminate ten years after its
adoption, unless terminated earlier by our board of directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The non-employee director plan is administered by our
compensation committee. The committee approves awards under the
plan, including the exercise price and other terms of each
award, subject to the provisions of the plan and has general
authority to administer the plan, including to grant awards in
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">75

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
replacement of other awards. The exercise price must be at least
equal to the fair market value of our common stock on the date
of grant.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The non-employee director plan authorizes the grant of options
to purchase common stock that are not intended to qualify as
incentive stock options, as defined in Section&nbsp;422 of the
Internal Revenue Code. The plan also provides for awards of
stock appreciation rights, stock units, stock awards and cash
awards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the 2000 plan and the 2006 plan provides that, upon a
change of control of our company, the compensation committee
may, in its sole discretion:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    accelerate the time for exercise or payout of all outstanding
    awards;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    cancel the award after notice to the holder of an outstanding
    award as long as the holder receives a payment equal to the
    difference between the fair market value of the award on the
    date of the change of control and the exercise price per share,
    if any, of such award; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    provide that all outstanding awards will be assumed by the
    entity that acquires control or substituted for similar awards
    by such entity.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, in the event that the 2000 plan or 2006 plan is
terminated due to a merger or acquisition of our company, the
compensation committee has the right, but not the obligation, to
direct the repurchase of outstanding stock options at a price
equal to the fair market value of the shares subject to the
repurchased options less the exercise price per share.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The non-employee director plan provides that awards accelerate
upon a change in control.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For these purposes, a &#147;change of control&#148; means the
occurrence of any of the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    any person becomes a beneficial owner of our securities
    representing at least 50% of the combined voting power of our
    then-outstanding securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    persons who, at the beginning of any period of two consecutive
    years, were members of the board of directors cease to
    constitute a majority of the board of directors unless the
    election or nomination for election by the stockholders of each
    new director during that two-year period is approved by at least
    two-thirds of the incumbent directors then still in office;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the occurrence of a merger, sale of all or substantially all of
    our assets, cash tender or exchange offer, contested election or
    other business combination under circumstances in which our
    stockholders immediately prior to such merger or other such
    transaction do not, after such transaction, own shares
    representing at least a majority of our voting power or the
    surviving or resulting corporation, as the case may be; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    our stockholders approve a complete liquidation.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>401(k) Plan</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We adopted an employee savings and retirement plan qualified
under Section&nbsp;401 of the Internal Revenue Code and covering
all of our employees in the United States. Employees may elect
to reduce their current compensation by up to 15% of their
eligible compensation per payroll period, but not in excess of
the statutorily prescribed annual limit and have the amount of
the reduction contributed to the 401(k) plan. We currently make
matching contributions equal to 50% of each employee&#146;s
contribution to the 401(k) plan, subject to a maximum
contribution of 6% of such employee&#146;s annual compensation.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Senior Executive Short-Term Incentive Plan</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Employees who are at the level of vice president or
employee-director or at a more senior level are eligible to
receive awards under our Senior Executive Short-Term Incentive
Plan (short-term plan). The short-term plan is administered by a
committee appointed by our board of directors, which has
discretion to determine the type of award, whether cash or
non-cash, granted pursuant to the terms of the
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">76

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
short-term plan. No later than ninety days after the start of
each fiscal year, the committee must determine who is eligible
to receive awards under the short-term plan, establish
performance goals and objectives for those eligible employees,
establish target awards for each participant of up to 200% of
the participant&#146;s aggregated base salary and deferred
compensation for the relevant performance period, and determine
what percentage of the target award should be allocated to the
achievement of each of the chosen performance targets.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As soon as practicable after the end of the relevant performance
period, the committee must certify the amount of the award for
each participant, after the committee has determined the
performance results for each performance goal and objective and
the amount to which each participant is entitled based on his or
her percentage allocation. The committee has the discretion to
reduce the amount of any award to reflect its assessment of an
individual&#146;s performance during the relevant performance
period or for other reasons. Awards are paid to participants as
soon as practicable after the awards are determined, but in no
event later than two and a half months after the end of the
relevant performance period. A participant must be employed at
the end of the relevant performance period in order to receive
an award subject to certain specified exceptions.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that any recapitalization, reorganization, merger,
acquisition, divestiture, consolidation, spin-off, combination,
liquidation, dissolution, sale of assets or other similar
corporate transaction or any other extraordinary item or event
not foreseen at the time of the grant of the award or other
event that distorts the applicable performance goals and
objectives, the committee is required to adjust the chosen
performance targets to the extent necessary to prevent reduction
or enlargement of participants&#146; awards under the short-term
plan.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of a change of control, we are required to pay each
eligible employee a fraction of either the amount of the award
granted to such employee in the prior performance period or the
amount of such employee&#146;s current target award. This
payment does not discharge the obligation to make a final
payment under the short-term plan, but the payment will be
offset against any later award required under the short-term
plan for the calendar year in which the change of control
occurs. For purposes of the short-term plan, a &#147;change of
control&#148; means the occurrence of any of the following:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    any person becomes a beneficial owner of our securities
    representing at least 50% of the combined voting power of our
    then-outstanding securities; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    our stockholders approve a reorganization, merger or
    consolidation, or a sale or other disposition of all or
    substantially all of the assets of our company.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Agreements with Executive Officers</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Employment Agreements</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On March&nbsp;1, 2006, we entered into employment agreements
with Dr.&nbsp;Valentin Gapontsev, Dr.&nbsp;Shcherbakov,
Messrs.&nbsp;Mammen and Lopresti, and Dr.&nbsp;Denis Gapontsev.
These agreements are for a two-year term of employment, except
that the term of Dr.&nbsp;Valentin Gapontsev&#146;s agreement is
three years. All of these agreements are automatically renewed
upon the completion of their initial terms for successive
one-year periods until either we or the executive officer gives
180&nbsp;days&#146; prior written notice of their intent not to
extend the agreement. The annual base salaries for these
officers are as follows: Dr.&nbsp;Valentin Gapontsev, $360,000;
Dr.&nbsp;Shcherbakov, $280,000; Mr.&nbsp;Mammen, $270,000;
Mr.&nbsp;Lopresti, $270,000; and Dr.&nbsp;Denis Gapontsev,
$240,000. The agreements entitle these executive officers to
participate in any bonus plans, standard insurance plans, such
as life, accidental death and dismemberment, short-term
disability and long-term disability insurance, and retirement
benefits, such as the 401(k) plan and stock option plans
described earlier, on similar terms and on a similar basis as
such benefits are available to executives at similar levels
within the organization. The agreements for Dr.&nbsp;Valentin
Gapontsev, Dr.&nbsp;Eugene Shcherbakov and Dr.&nbsp;Denis
Gapontsev require each of them to refrain from competing with us
for a period of one year following the termination of their
employment with us for any reason, and from hiring our employees
or soliciting our customers for a period ending on the later of
March&nbsp;1, 2008 or eighteen
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">77

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
months following the termination of their employment with us for
any reason. These employment agreements also provide for payment
of any unpaid bonus award to the respective executive officer in
the event his employment with us is terminated as a result of
his disability or to his estate if his employment is terminated
as a result of his death. In addition, each of these agreements,
other than the agreement with Dr.&nbsp;Valentin Gapontsev,
provide that in the case of termination by an officer for good
reason, or by us without cause, the officer will receive 100% of
his salary, for a period of one year from the date of
termination. In the event that Dr.&nbsp;Valentin Gapontsev
terminates his employment for good reason, he will receive 100%
salary continuation for the longer of one year or the remaining
term of his agreement, but in no event longer than two years.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Limitation of Liability and Indemnification</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation that will be in effect upon
completion of this offering limits the personal liability of our
directors for breach of fiduciary duty as our director to the
maximum extent permitted by the Delaware General Corporation
Law. Our certificate of incorporation provides that no director
will have personal liability to us or to our stockholders for
monetary damages for any such breach of fiduciary duty as a
director. However, these provisions do not eliminate or limit
the liability of any of our directors or officers for:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    any breach of the director&#146;s duty of loyalty to us or our
    stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    any act or omission not in good faith or that involves
    intentional misconduct or a knowing violation of law;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    any unlawful payments related to dividends or unlawful stock
    repurchases, redemptions or other distributions; or</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    any transaction from which the director or officer derived an
    improper personal benefit.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These limitations of liability do not alter director liability
under the federal securities laws and do not affect the
availability of equitable remedies such as an injunction or
rescission.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation and by-laws that will be in
effect upon completion of this offering provide that we will
indemnify our directors and officers to the maximum extent
permitted by law, and that we will advance expenses, including
attorney&#146;s fees, to our directors and officers in
connection with legal proceedings, subject to very limited
exceptions.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to the indemnification provisions of our certificate
of incorporation and by-laws, we have entered into
indemnification agreements with each of our directors and our
executive officers. These agreements provide that we will
indemnify each of our directors and executive officers to the
fullest extent permitted by law and advance expenses to each
indemnitee in connection with any proceeding in which
indemnification is available.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We also maintain general liability insurance which covers
certain liabilities of our directors and officers arising out of
claims based on acts or omissions in their capacities as
directors or officers, including liabilities under the
Securities Act. Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors,
officers, or persons controlling us pursuant to the foregoing
provisions, we have been informed that in the opinion of the SEC
such indemnification is against public policy as expressed in
the Securities Act and is therefore unenforceable.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">78

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These provisions may discourage stockholders from bringing a
lawsuit against our directors for breach of their fiduciary
duty. These provisions may also have the effect of reducing the
likelihood of derivative litigation against directors and
officers, even though such an action, if successful, might
otherwise benefit us and our stockholders. Furthermore, a
stockholder&#146;s investment may be adversely affected to the
extent we pay the costs of settlement and damage awards against
directors and officers pursuant to these indemnification
provisions. We believe that these provisions, the
indemnification agreements and the insurance are necessary to
attract and retain qualified and experienced directors and
officers.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At present, there is no pending litigation or proceeding
involving any of our directors or officers where indemnification
may be required or permitted. We are not aware of any threatened
litigation or proceeding that might result in a claim for such
indemnification.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">79

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='112'></A>
</DIV>

<!-- link1 "PRINCIPAL AND SELLING STOCKHOLDERS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PRINCIPAL AND SELLING STOCKHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table provides information about the beneficial
ownership of our common stock as of June&nbsp;30, 2006 by:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    each person or group of affiliated persons known by us to own
    beneficially more than 5% of our common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    each of our named executive officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    each of our directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    all of our executive officers and directors as a group; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    each selling stockholder.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with SEC rules, beneficial ownership includes any
shares for which a person or group of affiliated persons has
sole or shared voting power or investment power and any shares
for which the person or entity has the right to acquire
beneficial ownership within 60&nbsp;days through the exercise of
any option or otherwise. Except as noted below, we believe that
the persons named in the table have sole voting and investment
power with respect to the shares of common stock set forth
opposite their names. Except as otherwise indicated, the address
of each of the persons in this table is in care of IPG Photonics
Corporation, 50&nbsp;Old Webster Road, Oxford, Massachusetts
01540.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The percentages of beneficial ownership are based on
48,574,763&nbsp;shares of common stock outstanding as of
June&nbsp;30,
2006, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock outstanding on a pro forma basis
and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock that will be outstanding after completion of
this offering, assuming no exercise of the underwriters&#146;
overallotment option. The number of shares and percentages of
our common stock beneficially owned prior to this offering are
calculated assuming that each share of preferred stock converts
into common stock at the conversion rates now in effect. The pro
forma beneficial ownership prior to the offering gives effect to
the conversion of each share of preferred stock into common
stock at the adjusted conversion rates for our preferred stock
to be in effect at the closing of the offering that will be
based upon the public offering price. The series&nbsp;B warrants
that are currently outstanding will be repurchased at the
closing of this offering and accordingly have been excluded from
this table for all purposes. See &#147;Certain Relationships and
Related Party Transactions.&#148;
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Pro Forma</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Beneficial Ownership</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Beneficial Ownership</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Beneficial Ownership</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Prior to Offering</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Prior to Offering</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>After Offering</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Being</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Offered</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Valentin P. Gapontsev(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30,398,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    IP Fibre Devices (UK) Ltd.(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TA Associates Funds(2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,352,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.8</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    JDS Uniphase Corporation(3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.5</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Denis Gapontsev(4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,578,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert A. Blair</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>547,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John H. Dalton(5)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>496,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Igor Samartsev(6)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>503,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Eugene Shcherbakov(7)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>389,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Timothy P.V. Mammen(8)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>417,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Angelo P. Lopresti(9)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>417,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    William F. Krupke(10)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>157,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Michael C. Child(11)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,460,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    George H. BuAbbud(12)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Alexander Ovtchinnikov</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>141,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Henry E. Gauthier</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    William S. Hurley</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    All executive officers and directors as a group (14 persons)(13)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,809,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">80
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;*&nbsp;&nbsp;</TD>
    <TD align="left">
    Less than 1.0%.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Includes shares beneficially owned by IPFD, of which
    Dr.&nbsp;Valentin Gapontsev is the managing director.
    Dr.&nbsp;Valentin Gapontsev has voting and investment power with
    respect to the shares held of record by IPFD and is the father
    of Dr.&nbsp;Denis Gapontsev. Dr.&nbsp;Valentin Gapontsev has a
    53% economic interest in IPFD.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Amounts shown reflect the aggregate number of shares of common
    stock held by TA IX L.P., TA/Atlantic and Pacific&nbsp;IV L.P.,
    TA/Advent VIII L.P., TA Executives Fund&nbsp;LLC, and TA
    Investors LLC (collectively, the &#147;TA Associates
    Funds&#148;), assuming the conversion of 2,000,000&nbsp;shares
    of our series&nbsp;B preferred stock. Investment and voting
    control of the TA Associates Funds is held by TA Associates,
    Inc. No stockholder, director or officer of TA Associates, Inc.
    has voting or investment power with respect to our shares of
    common stock held by the TA Associates Funds. Voting and
    investment power with respect to such shares is vested in a
    four-person investment committee consisting of the following
    employees of TA Associates: Messrs.&nbsp;Michael C. Child,
    Jonathan M. Goldstein, C. Kevin Landry and Kenneth T. Schiciano.
    Mr.&nbsp;Child is a Managing Director of TA Associates, Inc.,
    the manager of the general partner of TA IX L.P. and TA/Advent
    VIII L.P.; the manager of TA Investors LLC and TA Executives
    Fund&nbsp;LLC; and the general partner of the general partner of
    TA/Atlantic and Pacific&nbsp;IV L.P. Mr.&nbsp;Child has been a
    member of our board of directors since November 2000. See
    note&nbsp;11 below. The address of TA Associates, Inc. is John
    Hancock Tower, 56th&nbsp;Floor, 200&nbsp;Clarendon Street,
    Boston, Massachusetts 02116.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Amounts shown reflect the aggregate number of shares of common
    stock held by JDS Uniphase Corporation, assuming the conversion
    of 2,684,211&nbsp;shares of our series&nbsp;D preferred stock.
    Does not include a convertible note that was convertible into an
    aggregate of 2,684,211&nbsp;shares of our series&nbsp;D
    preferred stock at our option, which note was repaid in August
    2006. The address of JDS Uniphase Corporation is 1768 Automation
    Parkway, San&nbsp;Jose, California 95131. We have been informed
    that David Vellequette, the Chief Financial Officer of
    JDS&nbsp;Uniphase Corporation, has voting and investment power
    with respect to the shares held by JDS&nbsp;Uniphase.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (4)&nbsp;</TD>
    <TD align="left">
    Includes 78,352 shares of common stock issuable upon exercise of
    options. Does not include shares held by IPFD. Dr.&nbsp;Denis
    Gapontsev has a 15% economic interest in IPFD but does not
    possess voting or investment power with respect to such interest.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (5)&nbsp;</TD>
    <TD align="left">
    Includes 7,500&nbsp;shares of common stock issuable upon
    exercise of options.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (6)&nbsp;</TD>
    <TD align="left">
    Includes 3,445 shares of common stock issuable upon exercise of
    options. Does not include shares held by IPFD.
    Mr.&nbsp;Samartsev has an 8% economic interest in IPFD but does
    not possess voting or investment power with respect to such
    interest.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (7)&nbsp;</TD>
    <TD align="left">
    Does not include shares held by IPFD. Dr.&nbsp;Shcherbakov has
    an 8% economic interest in IPFD but does not possess voting or
    investment power.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (8)&nbsp;</TD>
    <TD align="left">
    Includes 279,592 shares of common stock issuable upon exercise
    of options.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp; (9)&nbsp;</TD>
    <TD align="left">
    Includes 267,042 shares of common stock issuable upon exercise
    of options.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>(10)&nbsp;</TD>
    <TD align="left">
    Includes 7,500 shares of common stock issuable upon exercise of
    options.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>(11)&nbsp;</TD>
    <TD align="left">
    Includes 107,500 shares of common stock issuable upon exercise
    of options and 2,352,941&nbsp;shares held by TA&nbsp;Associates,
    Inc. Mr.&nbsp;Child is a managing director of TA Associates,
    Inc. and may be considered to have beneficial ownership of TA
    Associates, Inc.&#146;s interest in us. Mr.&nbsp;Child disclaims
    beneficial ownership of all such shares. Mr.&nbsp;Child has been
    a member of our board of directors since September 2000. See
    note&nbsp;2 above.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>(12)&nbsp;</TD>
    <TD align="left">
    Includes 270,000&nbsp;shares of common stock issuable upon
    exercise of options.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>(13)&nbsp;</TD>
    <TD align="left">
    Includes 1,020,931&nbsp;shares of common stock issuable upon
    exercise of options.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">81
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='113'></A>
</DIV>

<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Transactions with IP Fibre Devices</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We currently do not have any loans due to IPFD or due from
Dr.&nbsp;Valentin P. Gapontsev, our chief executive officer and
chairman of the board.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dr.&nbsp;Valentin P. Gapontsev, Dr.&nbsp;Denis Gapontsev, our
Vice President, Research and Development, Dr.&nbsp;Eugene
Shcherbakov, a member of our board of directors and Managing
Director of IPG Laser, and Igor Samartsev, a member of our board
of directors and Managing Director of NTO IRE-Polus, own 53%,
15%, 8% and 8%, respectively, of IPFD, which owns
11,150,000&nbsp;shares of our common stock, which will
represent &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our outstanding
common stock upon completion of this offering. IPFD is a limited
company organized under the laws of the United&nbsp;Kingdom. Its
primary purpose is to hold financial and other assets and it
does not engage in any business that is competitive to ours.
IPFD acquired 10,000,000&nbsp;shares of our common stock in 1999
in connection with the formation of IPG Photonics Corporation
and acquired an additional 1,150,000&nbsp;shares of our common
stock in a corporate restructuring in August 2000 as part of the
consideration received by IPFD in connection with our
acquisition of IPG Laser.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until July&nbsp;31, 2006, we maintained a revolving credit line
with available principal of up to $4.6&nbsp;million with IPFD.
Borrowings under the credit facility bore interest at a rate
equal to the three-month LIBOR rate in effect on the date of
drawdown plus 2%. The weighted average annual rate was 3.5% at
June&nbsp;30, 2006. Interest under this credit line totaled
$106,000, $156,000, $161,000 and $80,000 for 2003, 2004, 2005
and the six&nbsp;months ended June&nbsp;30, 2006, respectively.
The credit facility was secured by certain of our inventory and
equipment located in the United States. The credit line was
established in August 2002 with an initial borrowing
availability of $3.0&nbsp;million and increased to
$4.6&nbsp;million in April 2003.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On July&nbsp;31, 2006, IPFD purchased 1,156,005&nbsp;shares of
our common stock from Dr.&nbsp;Valentin P. Gapontsev in exchange
for $357,000 in cash and $4.6&nbsp;million in the form of the
assignment of amounts due under our credit line with IPFD.
Simultaneously, we exchanged with Dr.&nbsp;Valentin P. Gapontsev
the note to us due from him described below with a remaining
amount due of $5.0&nbsp;million for $357,000 in cash and
$4.6&nbsp;million in the form of the assignment of amounts due
under our credit line.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NTO IRE-Polus, one of our subsidiaries, borrowed $560,000 from
IPFD in January 2002 at an interest rate of 4.5% annually.
Interest on the loan was $30,000, $20,000, $25,000 and $9,000
for 2003, 2004, 2005 and the six&nbsp;months ended June&nbsp;30,
2006, respectively. The loan was repaid in full in May 2006.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We sublease office space in London, UK from IPFD and reimburse
IPFD for general and administrative expenses. The costs related
to the sublease and shared services totaled $115,000, $148,000,
$116,000 and $64,000 in 2003, 2004, 2005 and the six&nbsp;months
ended June&nbsp;30, 2006, respectively. During 2004, IPFD sold
optical components to us with an aggregate value of $297,000,
and in 2003, it sold manufacturing equipment and optical
components that we use in our production process to us with an
aggregate value of $819,000 and $16,000, respectively.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Transactions with NTO IRE-Polus</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We own 51% of NTO IRE-Polus, our Russian subsidiary.
Dr.&nbsp;Valentin P. Gapontsev and Igor Samartsev own 26.7% and
4.9%, respectively, of NTO IRE-Polus. The remaining 17.1% of NTO
IRE-Polus is owned by certain of NTO IRE-Polus&#146;s other
current and former employees and unaffiliated third parties. NTO
IRE-Polus provides us with research and development and low-cost
contract manufacturing capacity, and sells products to customers
in Russia and neighboring countries. We acquired our majority
ownership interest directly from NTO IRE-Polus in 2001. At such
time, we agreed to invest up to $5.0&nbsp;million in NTO
IRE-Polus, of which $2.5&nbsp;million has been invested. We will
be obligated to provide the remaining $2.5&nbsp;million at such
time as NTO IRE-Polus requests such amounts. Our investment
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">82

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
obligation is subject to our approval of the business plan of
NTO IRE-Polus. This investment will not increase our equity
interest in
NTO&nbsp;<FONT style="white-space: nowrap">IRE-Polus.</FONT> The
proceeds of our investment were and are to be used by NTO
IRE-Polus solely for equipment purchases and the development of
additional manufacturing capacity. There have been no
distributions to shareholders of NTO-IRE Polus since we
purchased our majority interest. In the ordinary course of
business, we sell components to NTO IRE-Polus. NTO IRE-Polus
also sells us components, tools and equipment that we use in our
production and testing.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In August 2000, we entered into an agreement regarding
intellectual property with NTO IRE-Polus. Pursuant to the
agreement, NTO IRE-Polus provides us and our subsidiaries, on an
exclusive basis, with research and development services relating
to fiber amplifiers, fiber lasers and other associated products
as well as all intellectual property incorporated in or relating
to these products. Under this agreement, we are required to pay
NTO IRE-Polus&#146;s direct and overhead costs, plus a fee of
10% for its research and development services.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Transactions between us and NTO IRE-Polus generated
approximately $7.8&nbsp;million and $5.8&nbsp;million of
revenues for NTO IRE-Polus for the year ended December&nbsp;31,
2005 and the six months ended June&nbsp;30, 2006, respectively.
Dr.&nbsp;Gapontsev&#146;s significant ownership interest in this
entity creates the possibility of a conflict of interest since,
by having an ownership interest in both our company and NTO
IRE-Polus, his economic interests may be affected by
transactions between the two entities. To address potential or
perceived conflicts of interest, we intend to implement the
following procedures:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    we intend to adopt a board policy that the audit committee of
    our board of directors will review and approve any distributions
    and dividends to stockholders of NTO IRE-Polus;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Dr.&nbsp;Valentin P. Gapontsev and Mr.&nbsp;Samartsev intend to
    grant a proxy to us to vote their shares with respect to NTO
    IRE-Polus, giving us the ability to vote 82.6% of its total
    shares and allowing us to have sufficient votes to elect the
    general manager of NTO IRE-Polus and approve other changes that
    require the approval of
    66<FONT style="font-size: 70%"><SUP>2</SUP></FONT>/<FONT style="font-size: 60%">3</FONT>%
    of NTO IRE-Polus&#146;s stockholders;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Dr.&nbsp;Valentin P. Gapontsev and Mr.&nbsp;Samartsev intend to
    grant a right of first refusal to us on any sale of their shares
    of NTO IRE-Polus to existing stockholders of
    NTO&nbsp;<FONT style="white-space: nowrap">IRE-Polus</FONT> at a
    price equal to the lesser of the per-share fair value or book
    value of NTO IRE-Polus as of June&nbsp;30, 2006. The charter
    documents of NTO IRE-Polus and applicable Russian law also
    provide that existing stockholders, including us, have a right
    of first refusal up to their respective pro rata interests with
    respect to transfers of shares of NTO&nbsp;IRE-Polus to third
    parties.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Additionally, in accordance with the applicable rules of the
Nasdaq Global Market, we will conduct an appropriate review of
all related party transactions for potential conflict of
interest situations on an ongoing basis and all such
transactions will be approved by our audit committee. See
&#147;Risk Factors&nbsp;&#151; Risks Related to This
Offering&nbsp;&#151; Dr.&nbsp;Valentin P. Gapontsev, Our
Chairman, Chief Executive Officer and Principal Stockholder,
Owns a Material Portion of One of Our Operating Subsidiaries,
Which Creates the Possibility of a Conflict of Interest.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Transactions with Dr.&nbsp;Valentin P. Gapontsev</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2001, Dr.&nbsp;Valentin P. Gapontsev, our Chief
Executive Officer and Chairman of the Board, borrowed
$5.8&nbsp;million at an annual interest rate of 5.86% from us to
pay personal income taxes related to a restructuring of our
company in 2000. He pledged 696,000&nbsp;shares of our common
stock owned by him to secure the loan. In April 2003, we amended
the note to make it a non-recourse note and lowered the annual
interest rate to 1.46% in consideration for Dr.&nbsp;Gapontsev
(i)&nbsp;causing his affiliate, IPFD, to increase its credit
line to our company to $4.6&nbsp;million from $3.0&nbsp;million
(as described above under &#147;&#151;&nbsp;Transactions with IP
Fibre Devices&#148;), (ii)&nbsp;pledging an additional
5,104,000&nbsp;shares of our common stock and
(iii)&nbsp;agreeing to apply any tax refunds that he received
relating to our restructuring towards prepayment of the note. In
July 2003, Dr.&nbsp;Gapontsev repaid approximately
$1.7&nbsp;million in
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">83

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
principal and interest on the loan. In April 2005, we extended
the maturity date of the loan from December&nbsp;31, 2004 to the
earlier of December&nbsp;31, 2006 or one year following our
initial public offering. This loan was repaid in July 2006 as
described above.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In November 2004, Dr.&nbsp;Valentin P. Gapontsev provided a
personal guarantee relating to a bank line of credit for us in
the principal amount of up to $3.0&nbsp;million. In
consideration of the personal guarantee, we agreed to pay him a
fee equal to the interest on his loan from us (to be adjusted to
account for any adverse tax effects) for each quarter that his
loan was outstanding. We paid $16,000, $136,000 and $36,000 in
2004, 2005 and the six months ended June 30, 2006, respectively,
to Dr.&nbsp;Gapontsev for this guarantee. His loan has been
repaid. The credit line guarantee amount has increased to
$7.0&nbsp;million. Dr.&nbsp;Gapontsev has also provided a
personal guarantee relating to a Euro-denominated note with a
principal balance of $2.1&nbsp;million, as well as partial
guarantees with respect to our overdraft facility with available
principal of Euro&nbsp;4.4&nbsp;million (approximately
$5.5&nbsp;million at June&nbsp;30, 2006) and our Euro
construction loan. We did not compensate Dr.&nbsp;Gapontsev for
these guarantees.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Director and Officer Loans</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes described below from Messrs. Robert&nbsp;A. Blair and
John&nbsp;H. Dalton were repaid in full in August 2006.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2000, Mr.&nbsp;Blair, one of our directors, borrowed $440,000
from us under two notes to exercise options to purchase shares
of our common stock. One of the notes, in the principal amount
of $190,000, was non-recourse and was secured by a pledge of
190,000&nbsp;shares of our common stock and then bore interest
at 6.8%. The other note, in the principal amount of $250,000,
was recourse and then bore interest at 6.0%. We amended the
notes in 2003 to (i)&nbsp;lower the interest rate to 1.68% for
the $190,000 note and 1.52% for the $250,000 note,
(ii)&nbsp;extend the maturity dates to March 2005 for the
$190,000 note and November 2005 for the $250,000 note, and
(iii)&nbsp;convert the $250,000 note to a non-recourse
obligation. Mr.&nbsp;Blair also pledged an additional
300,000&nbsp;shares of our common stock to secure both notes. In
April 2005, we extended the maturity dates of the notes to the
earlier of December&nbsp;31, 2006 or one year following our
initial public offering. Mr.&nbsp;Blair paid a total of $61,583
in interest on these notes.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In April 2001, Mr.&nbsp;Dalton, one of our directors, borrowed
$150,000 from us under a note bearing interest at an annual rate
of 5.86%. The note was secured by a pledge of 75,000&nbsp;shares
of our common stock. We amended the note in September 2003 to
lower the interest rate to 1.52%&nbsp;per year and to extend the
maturity date to December&nbsp;31, 2004. In July 2004, we
extended the maturity date to the earlier of December&nbsp;31,
2006 or one year following our initial public offering.
Mr.&nbsp;Dalton paid a total of $30,293 in interest on the note.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In December 2004, Mr.&nbsp;Dalton exercised non-qualified
options to purchase&nbsp;100,000&nbsp;shares of our common stock
at an exercise price of $1.00&nbsp;per share for a total
purchase price of $100,000. Mr.&nbsp;Dalton paid the exercise
price in the form of 10,000&nbsp;shares of our series&nbsp;A
preferred stock that he owned that had an aggregate liquidation
preference of $100,000. Mr.&nbsp;Dalton acquired the
10,000&nbsp;shares of our series&nbsp;A preferred stock in March
2000, prior to his service as a director and president of our
company, for a price of $10.00&nbsp;per share, the same price
paid by each of the other holders of the series&nbsp;A preferred
stock at that time.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In November 2003, we made an interest-free loan to
Dr.&nbsp;Denis Gapontsev in the amount of $175,000. The loan was
secured by real property owned by Dr.&nbsp;Denis Gapontsev. In
2004, he repaid $103,000 of the outstanding principal amount
and, in 2005, he repaid the remaining outstanding principal
amount of $72,000.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Series&nbsp;B Preferred Stockholders</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>General.</I> In 2000, we sold 3,800,000&nbsp;shares of our
series&nbsp;B preferred stock and warrants to purchase common
stock to a group of investors for a total purchase price of
$95.0&nbsp;million. Of these
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">84
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
investors, TA Associates Inc., together with its affiliated
entities, purchased an aggregate of 2,000,000&nbsp;shares of our
series&nbsp;B preferred stock and related warrants for a total
purchase price of $50.0&nbsp;million. Michael C. Child, one of
our directors, is a managing director of TA Associates. Holders
of series&nbsp;B preferred stock are entitled to elect a
director to our board of directors and they have the right to
require us to redeem their series&nbsp;B preferred stock
starting on April&nbsp;15, 2007. Upon completion of this
offering, the series&nbsp;B preferred stock, including the
2,000,000&nbsp;shares of series&nbsp;B preferred stock held by
TA Associates and its affiliates, will convert
into &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock, assuming an offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, and, pursuant to the terms of the series&nbsp;B preferred
stock, as amended, we will issue to the holders of the
series&nbsp;B preferred stock subordinated notes in the
principal amount of $20.0&nbsp;million, including an aggregate
principal amount of $10.5&nbsp;million of such notes which will
be issued to TA Associates and its affiliates. Also, we intend
to purchase with a portion of the proceeds of this offering the
warrants held by the holders of the series&nbsp;B preferred
stock for an aggregate purchase price of $22.1&nbsp;million,
including an aggregate of $11.6&nbsp;million which we will pay
for the warrants held by TA Associates and its affiliates.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Series&nbsp;B Preferred Stock.</I> In order to provide for
the automatic conversion of the series&nbsp;B preferred stock at
public offering prices below $25.00 per share and a deferral of
the redemption of the series&nbsp;B preferred stock, we amended
its terms in December 2005.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the December&nbsp;2005 amendment, the right of the
holders of our series&nbsp;B preferred stock to require us to
redeem an aggregate of
33<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">3</FONT>%
of the originally issued and outstanding series&nbsp;B preferred
stock then held by such holders was deferred from
August&nbsp;25, 2006 to April&nbsp;15, 2007. We also agreed to
automatically convert the series&nbsp;B preferred stock into a
combination of common stock and subordinated debt upon the
occurrence of a qualified public offering at initial offering
prices below $25.00&nbsp;per share, which was the minimum
conversion price of the series&nbsp;B preferred stock at the
time of the amendment. Under the current terms of the
series&nbsp;B preferred stock, a &#147;qualified public
offering&#148; is one: (i)&nbsp;that generates gross proceeds to
us of at least $75&nbsp;million, (ii)&nbsp;that offers the
shares of our common stock at or above a price of $3.00&nbsp;per
share, (iii)&nbsp;that is listed for trading on the New York
Stock Exchange or quoted on the Nasdaq Global Market, and
(iv)&nbsp;in which either we repurchase all of the warrants to
purchase our common stock that were granted to the holders of
our series&nbsp;B preferred stock or the holders of warrants are
permitted to exercise them and sell the common stock acquired
upon exercise in the offering. We further amended the terms of
the series&nbsp;B preferred stock to provide that in a qualified
public offering, the holders of series&nbsp;B preferred stock
will receive consideration equal to the greater of (A)&nbsp;what
such holders would have received if we were sold to a third
party using the public offering price to compute the total sale
price, which amount would have included the liquidation
preference of the series&nbsp;B preferred stock plus an
additional participation amount, as set forth in our certificate
of incorporation, and (B)&nbsp;what such holders would have
received if the series&nbsp;B preferred stock were converted
upon the public offering at the following per share conversion
prices: (x)&nbsp;$10.00, if (as described under
&#147;&#151;&nbsp;Warrants&#148; below) the price to the public
is equal to or greater than $3.00 and less than $25.00;
(y)&nbsp;the price to the public divided by a factor of 2.5, if
the offering price per share is equal to or greater than $25.00
and less than $62.50; and (z)&nbsp;$25.00, if the price to the
public in the qualified public offering is equal to or greater
than $62.50.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consideration that the holders of series&nbsp;B preferred
stock will receive upon a qualified public offering consists of
subordinated three-year notes totaling $20.0&nbsp;million in
principal amount and the remainder in the form of our common
stock, valued at the per share offering price to the public in
the qualified public offering. The subordinated notes will bear
interest at the greater of the short-term applicable Federal
rate, as published by the Internal Revenue Service in regular
Revenue Rulings, or 4% in the first year, 7% in the second year
and 10% in the third year. The following table shows the
consideration that the holders of the series&nbsp;B preferred
stock, as a class, and TA&nbsp;Associates will receive
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">85
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
upon the conversion of their shares of series&nbsp;B preferred
stock upon the completion of this offering (all amounts in
thousands except per share amounts):
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>$</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>$</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>IPG Common Stock Price Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Holders</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>TA Associates</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Holders</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>TA Associates</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Subordinated notes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,526</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Represents &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares,
    respectively, for all series&nbsp;B preferred stockholders and
    TA&nbsp;Associates at
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share
    and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares,
    respectively, for all series&nbsp;B preferred stockholders and
    TA&nbsp;Associates at
    $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
    share.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the December 2005 amendment, a &#147;qualified public
offering&#148; was one: (i)&nbsp;that generates net proceeds in
excess of $100&nbsp;million; (ii)&nbsp;that is listed for
trading on the New York Stock Exchange or quoted on the Nasdaq
Global Market; and (iii)&nbsp;that offers the shares of our
common stock at or above a price of $62.50&nbsp;per share, after
underwriting commissions and discounts. An offering that did not
meet the minimum offering price condition could have been a
qualified public offering if the conversion price of the
series&nbsp;B preferred stock were to be adjusted downward to
equal the price per share in the qualified public offering
divided by a factor of 2.50, subject to a minimum adjusted
conversion price of $10.00&nbsp;per share. Prior to the December
2005 amendment, the series&nbsp;B preferred stock would not have
automatically converted into common stock upon a qualified
public offering if the net offering price to the public in the
qualified public offering were less than $25.00&nbsp;per share
and would have converted solely into shares of common stock if
the net offering price to the public in the qualified public
offering were $25.00 or more.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Warrants.</I> There are warrants outstanding entitling the
holders to purchase shares of our common stock. We granted the
warrants in 2000 to a group of private investors in connection
with the sale of our series&nbsp;B preferred stock. The warrants
entitle the holders to acquire shares of our common stock valued
at $47.5&nbsp;million,
or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares,
assuming an offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
at an exercise price equal to 50% of the public offering price.
The warrants are exercisable only upon the merger or liquidation
of our company, the sale of all of our assets or stock or an
underwritten initial public offering of our common stock. In
December 2005, we extended the expiration date of all of the
warrants from August&nbsp;30, 2007 to April&nbsp;15, 2008. We
also obtained the option to purchase the warrants for an
aggregate price of $22.1&nbsp;million at the conclusion of our
initial public offering. We intend to purchase all of the
warrants upon the completion of this offering using a portion of
the proceeds from the sale of our common stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Series&nbsp;D Preferred Stockholder</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In August 2003, we settled a contract dispute and related
litigation with JDS Uniphase Corporation (JDSU), one of our
component suppliers. Under the terms of the settlement:
(i)&nbsp;we issued a three-year secured promissory note in the
principal amount of $6.4&nbsp;million payable to JDSU, bearing
interest at a rate of 4%&nbsp;per year, in payment for
previously shipped product; (ii)&nbsp;we entered into two new
supply agreements to sell specified laser products to JDSU at
discounted amounts and to purchase from JDSU certain percentages
of our external requirements, if any, for specified components;
(iii)&nbsp;we issued to JDSU (A)&nbsp;2,684,211&nbsp;shares of
our series&nbsp;D preferred stock having a liquidation
preference of $5.1&nbsp;million and (B)&nbsp;a $5.1&nbsp;million
non-interest bearing three-year note, convertible into an
additional 2,684,211&nbsp;shares of our series&nbsp;D preferred
stock at a conversion price of $1.90&nbsp;per share; and
(iv)&nbsp;we terminated an earlier purchase agreement with JDSU.
The interest we paid to JDSU under the interest-bearing note
totaled $91,000, $187,000 and $45,000 in 2003, 2004 and 2005,
respectively. We repaid all amounts under the interest-bearing
note in May 2005 and we repaid all amounts under the convertible
note in August 2006. We sold products to JDSU for an aggregate
sale price of $38,000, $189,000, $119,000 and $69,000 in 2003,
2004, 2005 and the six months ended June&nbsp;30, 2006,
respectively.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">86
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of our series&nbsp;D preferred stock have a number of
rights superior to those of our common stock and series&nbsp;A
preferred stock relating to liquidation and sale preference,
voting rights, redemption rights and required approvals of
certain transactions. Upon completion of this offering,
2,684,211&nbsp;shares of series&nbsp;D preferred stock held by
JDSU will automatically convert into 2,523,158&nbsp;shares of
our common stock at a rate of 0.94&nbsp;shares of common stock
for each share of series&nbsp;D preferred stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Stockholders Agreement</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the investment in us by the holders of our
series&nbsp;B preferred stock, including TA Associates, we
entered into a stockholders agreement, dated as of
August&nbsp;30, 2000, with the holders of the series&nbsp;B
preferred stock, IPFD, Drs.&nbsp;Valentin P. Gapontsev, Denis
Gapontsev and Eugene Shcherbakov, Igor Samartsev and our other
founders. The stockholders agreement contains rights of last
refusal and co-sale, preemptive rights and voting rights. JDSU
obtained pre-emptive and co-sale rights under a stockholders
agreement, dated as of August&nbsp;13, 2003, in connection with
the issuance of our series&nbsp;D preferred stock. These
provisions of the stockholders agreements will terminate upon
the closing of this offering. We have agreed to indemnify the
holders of our series&nbsp;B preferred stock, subject to
exceptions, for damages, expenses or losses arising out of,
based upon or by reason of any third-party or governmental
claims relating to their status as a security holder, creditor,
director, agent, representative or controlling person of us, or
otherwise relating to their involvement with us. This covenant
continues until the expiration of the applicable statute of
limitations.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Registration Rights Agreements</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the issuance of our series&nbsp;B preferred
stock, we entered into a registration rights agreement in August
2000 with the holders of our series&nbsp;B preferred stock. We
also entered into a registration rights agreement in August 2003
with JDSU in connection with the issuance of our series&nbsp;D
preferred stock and the convertible note to JDSU. Pursuant to
these agreements, under certain circumstances these stockholders
are entitled to require us to register their shares of common
stock under the U.S.&nbsp;federal securities laws for resale.
See &#147;Description of Capital Stock&nbsp;&#151; Registration
Rights&#148; for a description of these and other registration
rights agreements.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Reliant Technologies</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In April 2006, Henry E. Gauthier joined our board of directors.
Mr.&nbsp;Gauthier serves as the non-executive Chairman of the
board of directors of, and a consultant to, Reliant
Technologies, Inc., one of our customers. Our total sales to
Reliant were $180,000, $1.5&nbsp;million, $7.0&nbsp;million and
$4.6&nbsp;million in 2003, 2004, 2005 and the six months ended
June&nbsp;30, 2006, respectively.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">87
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='114'></A>
</DIV>

<!-- link1 "DESCRIPTION OF CAPITAL STOCK" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DESCRIPTION OF CAPITAL STOCK</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>General</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon completion of this offering, our authorized capital stock
will consist of 175,000,000&nbsp;shares of common stock, par
value $0.0001&nbsp;per share, and 5,000,000&nbsp;shares of
preferred stock, par value $0.0001&nbsp;per share. We refer in
this section to our amended and restated certificate of
incorporation and our amended and restated by-laws that will be
in effect upon the closing of this offering. The following
description of our capital stock is intended as a summary only
and is qualified by reference to our amended and restated
certificate of incorporation and our amended and restated
by-laws which have been filed as exhibits to the registration
statement of which this prospectus is a part.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of August&nbsp;31, 2006, there were 40,987,560&nbsp;shares of
our common stock outstanding held by 130 stockholders of record,
488,000&nbsp;shares of our series&nbsp;A preferred stock
outstanding held by 45 stockholders of record,
3,800,000&nbsp;shares of our series&nbsp;B preferred stock held
by 15 stockholders of record and 2,684,211&nbsp;shares of our
series&nbsp;D preferred stock held by one stockholder of record.
In addition, options to purchase&nbsp;6,655,960&nbsp;shares of
our common stock under our stock option plans were outstanding
as of the same date. Immediately prior to the closing of this
offering, each share of our currently outstanding series&nbsp;A
preferred stock will be converted
into &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock, each share of our currently outstanding
series&nbsp;B preferred stock will be converted
into &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock and $20.0&nbsp;million principal amount of
subordinated promissory notes to be issued at the closing of
this offering, and each share of our currently outstanding
series&nbsp;D preferred stock will be converted
into &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of our common stock are entitled to one vote for
each share held on all matters submitted to a vote of the
stockholders. The holders of our common stock do not have any
cumulative voting rights. Holders of our common stock are
entitled to receive proportionally any dividends declared by our
board of directors, subject to any preferential dividend rights
of any outstanding preferred stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of our liquidation or dissolution, holders of our
common stock are entitled to share ratably in all assets
remaining after payment of all debts and other liabilities,
subject to the prior rights of any outstanding preferred stock.
Holders of our common stock have no preemptive, subscription,
redemption or conversion rights.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Preferred Stock</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon completion of this offering, no shares of preferred stock
will be designated or outstanding and our board of directors
will be authorized, without action by the stockholders, to
designate and issue up to 5,000,000&nbsp;shares of preferred
stock in one or more series. The board of directors can fix the
rights, preferences and privileges of the shares of each series
and any of its qualifications, limitations or restrictions. Our
board of directors may authorize the issuance of preferred stock
with voting or conversion rights that could adversely affect the
voting power or other rights of the holders of common stock. The
issuance of preferred stock, while providing flexibility in
connection with possible future financings and acquisitions and
other corporate purposes could, under certain circumstances,
have the effect of delaying, deferring or preventing a change in
control of our company and might harm the market price of our
common stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board of directors will make any determination to issue such
shares based on its judgment as to our company&#146;s best
interests and the best interests of our stockholders. We have no
current plans to issue any shares of preferred stock.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">88

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Registration Rights</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have entered into agreements with holders of our preferred
stock and certain holders of our common stock that give certain
registration rights to such holders. These rights are described
below. Following the conversion of our preferred stock
into &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock, there will
be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock subject to such registration rights.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Piggyback Registration Rights.</I> If we propose to register
any securities under the Securities Act, either for our own
account or for the account of other security holders exercising
registration rights, the holders of registration rights are
entitled to notice of the registration and are entitled to
include their shares of common stock in the registration. We are
required to use our commercially reasonable best efforts to
effect the registrations, subject to conditions and limitations,
including the right of the underwriters in an offering to limit
the number of shares included in the registration.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Demand Registration Rights.</I> At any time more than
180&nbsp;days after the effective date of this offering, subject
to exceptions, holders of registration rights have a right to
demand that we file a registration statement covering the offer
and sale of our common stock held by them and their affiliates.
After the completion of this offering, the holders of such
registration rights will
own &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of our common stock. If we are eligible to file a registration
statement on
Form&nbsp;<FONT style="white-space: nowrap">S-3,</FONT> parties
to three of these agreements have the right to demand that we
file a registration statement on
Form&nbsp;<FONT style="white-space: nowrap">S-3</FONT> so long
as the aggregate value of securities to be sold under the
registration statement exceeds $500,000. We have the ability to
delay the filing of a registration statement under specified
conditions, such as for a period of time following the effective
date of a prior registration statement or if we are in
possession of material nonpublic information that it would not
be in our best interests to disclose. We are not obligated by
any of the registration rights agreements to file a registration
statement on
Form&nbsp;<FONT style="white-space: nowrap">S-1</FONT> on more
than two occasions. This offering will not count toward this
limit.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Expenses of Registration.</I> We will pay all registration
expenses, other than underwriting discounts and commissions,
related to any demand or piggyback registration.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Indemnification.</I> The registration rights agreements
contain customary cross-indemnification provisions, pursuant to
which we are obligated to indemnify the selling stockholders in
the event of material misstatements or omissions in the
registration statement attributable to us, and they are
obligated to indemnify us for material misstatements or
omissions attributable to them.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Anti-Takeover Effects of Provisions in Our Certificate of
Incorporation and By-laws</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our certificate of incorporation and by-laws will, upon
completion of this offering, include a number of provisions that
may have the effect of delaying, deferring or discouraging
another party from acquiring control of us and encouraging
persons considering unsolicited tender offers or other
unilateral takeover proposals to negotiate with our board of
directors rather than pursue non-negotiated takeover attempts.
Further, these provisions will protect against an unsolicited
proposal for our takeover that may affect the long-term value of
our stock or that may otherwise be unfair to our stockholders.
These provisions include the items described below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Board Composition and Filling Vacancies.</I> In accordance
with our certificate of incorporation, after Dr.&nbsp;Valentin
Gapontsev (together with his affiliates and associates) ceases
to beneficially own 25% or more of the total voting power of the
outstanding shares of all classes of stock entitled to vote
generally for the election of our directors, our directors,
other than those elected by any preferred stockholders, will be
divided into three classes serving staggered three-year terms,
with one class being elected each year. The classification of
directors will have the effect of making it more difficult for
stockholders to change the composition of our board. Our
certificate of incorporation also provides that, after
Dr.&nbsp;Valentin Gapontsev (together with his affiliates and
associates) ceases to beneficially own 25% or more of the total
voting power, directors may be removed only for cause by the
affirmative vote of the holders of a majority in voting power of
the shares then entitled to vote at an election of directors.
Furthermore, any vacancy on our board of directors, however
occurring, including a vacancy resulting from an increase in the
size of our
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">89

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
board, may be filled by the affirmative vote of a majority of
our directors then in office even if such majority is less than
a quorum.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Written Consent of Stockholders.</I> Our certificate of
incorporation provides that, after Dr.&nbsp;Valentin Gapontsev
(together with his affiliates and associates) ceases to
beneficially own 25% or more of the total voting power of the
outstanding shares of all classes of stock entitled to vote
generally for the election of our directors, stockholders may
not take any action by written consent in lieu of a meeting.
This provision may lengthen the amount of time required to take
stockholder actions and would prevent the amendment of our
by-laws or removal of directors by our stockholders without a
meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Meetings of Stockholders.</I> Our certificate of
incorporation provides that only a majority of the members of
our board of directors then in office may call special meetings
of stockholders and only those matters set forth in the notice
of the special meeting may be considered or acted upon at a
special meeting of stockholders. Our certificate of
incorporation and by-laws limit the business that may be
conducted at an annual meeting of stockholders to those matters
properly brought before the meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Advance Notice Requirements.</I> Our by-laws establish
advance notice procedures with regard to stockholder proposals
relating to the nomination of candidates for election as
directors or new business to be brought before meetings of our
stockholders. These procedures provide that notice of
stockholder proposals must be timely given in writing to our
corporate secretary prior to the meeting at which the action is
to be taken. Generally, to be timely, notice must be received at
our principal executive offices not less than 90&nbsp;days nor
more than 120&nbsp;days prior to the first anniversary date of
the annual meeting for the preceding year. The notice must
contain certain information specified in the by-laws. These
provisions may impede the stockholders&#146; ability to bring
matters before an annual meeting of stockholders or make
nominations for directors at an annual meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Amendment to By-laws and Certificate of Incorporation.</I> As
required by the Delaware General Corporation Law, any amendment
of our certificate of incorporation must first be approved by a
majority of our board of directors, and if required by law or
our certificate of incorporation, thereafter be approved by
66<FONT style="font-size: 70%"><SUP>2</SUP></FONT>/<FONT style="font-size: 60%">3</FONT>%
of the outstanding shares of our capital stock entitled to vote
on the amendment, and a majority of the outstanding shares of
each class entitled to vote thereon as a class. Our by-laws may
be amended by the affirmative vote of a majority vote of the
directors then in office, subject to any limitations set forth
in the by-laws, or by the affirmative vote of at least
66<FONT style="font-size: 70%"><SUP>2</SUP></FONT>/<FONT style="font-size: 60%">3</FONT>%
of the outstanding shares of our capital stock entitled to vote
on the amendment.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Undesignated Preferred Stock.</I> Our certificate of
incorporation provides for 5,000,000 authorized shares of
preferred stock. The issuance of preferred stock, while
providing desirable flexibility in connection with possible
acquisitions and other corporate purposes, could make it more
difficult for a third party to, or discourage an attempt to,
obtain control of us by means of a merger, tender offer, proxy
contest or otherwise. For example, if in the due exercise of its
fiduciary obligations, our board of directors were to determine
that a takeover proposal is not in the best interests of us or
our stockholders, our board of directors could cause shares of
preferred stock to be issued without stockholder approval in one
or more private offerings or other transactions that might
dilute the voting or other rights of the proposed acquirer or
insurgent stockholder or stockholder group. The issuance of
shares of preferred stock could decrease the amount of earnings
and assets available for distribution to holders of shares of
common stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Section&nbsp;203 of the Delaware General Corporation Law</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, Section&nbsp;203 prohibits a publicly held Delaware
corporation from engaging in a &#147;business combination&#148;
with an &#147;interested stockholder&#148; for a three-year
period following the time that the stockholder becomes an
interested stockholder, unless the business combination or
transaction in which the person became an interested stockholder
is approved in a prescribed manner. A &#147;business
combination&#148; includes, among other things, a merger, asset
or stock sale or other transaction resulting in a financial
benefit to the interested stockholder. An &#147;interested
stockholder&#148; is a person who, together with affiliates and
associates, owns, or did own within three years prior to the
determination of interested stockholder
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">90

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
status, 15% or more of the corporation&#146;s voting stock.
Under Section&nbsp;203, a business combination between a
corporation and an interested stockholder is prohibited unless
it satisfies one of the following conditions:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    before the stockholder became an interested stockholder, the
    board of directors approved either the business combination or
    the transaction that resulted in the stockholder becoming an
    interested stockholder;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    upon consummation of the transaction that resulted in the
    stockholder becoming an interested stockholder, the interested
    stockholder owned at least 85% of the voting stock of the
    corporation outstanding at the time the transaction commenced,
    excluding, for purposes of determining the voting stock
    outstanding, shares owned by persons who are directors and also
    officers and some employee stock plans; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    at or after the time the stockholder became an interested
    stockholder, the business combination was approved by the board
    of directors of the corporation and authorized at an annual or
    special meeting of the stockholders by the affirmative vote of
    at least two-thirds of the outstanding voting stock that is not
    owned by the interested stockholder.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have expressly elected in Article&nbsp;XI of our amended and
restated certificate of incorporation not to be subject to
Section&nbsp;203. Section&nbsp;203 will apply to us following
such time as Dr.&nbsp;Valentin P. Gapontsev (together with his
affiliates and associates) ceases to beneficially own 25% or
more of the total voting power of our outstanding shares.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Nasdaq Global Market Listing</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have applied for the approval of our common stock for
quotation on the Nasdaq Global Market under the trading symbol
&#147;IPGP.&#148;
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Transfer Agent and Registrar</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The transfer agent and registrar for our common stock is
Computershare Trust Company, N.A. Its address is 250 Royall
Street, Canton, MA 02021.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">91

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='115'></A>
</DIV>

<!-- link1 "SHARES ELIGIBLE FOR FUTURE SALE" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SHARES ELIGIBLE FOR FUTURE SALE</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Before this offering, there has been no public market for our
common stock. We cannot predict the effect, if any, that sales
of shares of common stock to the public or the availability of
shares for sale to the public will have on the market price of
the common stock prevailing from time to time. Nevertheless, if
a significant number of shares of common stock are sold in the
public market, or if people believe that such sales may occur,
the prevailing market price of our common stock could decline
and could impair our future ability to raise capital through the
sale of our equity securities.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon completion of this offering, we will have
outstanding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock, assuming no exercise of outstanding options
after June&nbsp;30, 2006. Of these shares,
the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
sold in this offering will be freely tradable without
restriction under the Securities Act, except for any shares
purchased by our &#147;affiliates&#148;, as that term is defined
in Rule&nbsp;144 under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The
remaining &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock held by existing stockholders were issued and
sold by us in reliance on exemptions from the registration
requirements of the Securities Act and are &#147;restricted
securities&#148; as defined in Rule&nbsp;144. Of these shares, a
total
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
are subject to <FONT style="white-space: nowrap">lock-up</FONT>
agreements with the underwriters in this offering that provide
that the holders of those shares may not dispose of or hedge any
common stock or securities convertible into or exchangeable for
shares of common stock. The restrictions imposed by the
<FONT style="white-space: nowrap">lock-up</FONT> agreements will
be in effect for a period of at least 180&nbsp;days after the
date of this prospectus, subject to extension under certain
circumstances for an additional period of up to 18&nbsp;days, as
described under&nbsp;&#151;
<FONT style="white-space: nowrap">&#147;Lock-up</FONT>
Agreements&#148; below. At any time and without notice, Merrill
Lynch and Lehman Brothers Inc. may, in their sole discretion,
release some or all of the securities from these
<FONT style="white-space: nowrap">lock-up</FONT> agreements.
Subject to the <FONT style="white-space: nowrap">lock-up</FONT>
agreements described below and the provisions of Rule&nbsp;144
and 144(k) under the Securities Act and assuming that the
underwriters do not exercise their overallotment option,
additional shares will be available for sale in the public
market as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="53%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>Shares Eligible</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>for Future Sale</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Date</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Immediately after the date of<BR>
    this prospectus</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    After 90&nbsp;days from the<BR>
    date of this prospectus</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    After 180&nbsp;days from the<BR>
    date of this prospectus</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Rule&nbsp;144</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, under Rule&nbsp;144, an affiliate of ours, or any
person or persons whose shares are required to be aggregated,
who has beneficially owned restricted shares for at least one
year will be entitled to sell in any three-month period a number
of shares that does not exceed the greater of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    one percent of the then-outstanding shares of common stock
    (approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    immediately after this offering); or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the average weekly trading volume on the Nasdaq Global Market
    during the four calendar weeks before the date on which the
    seller files a notice of the proposed sale with the SEC.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Sales under Rule&nbsp;144 must also comply with
<FONT style="white-space: nowrap">manner-of</FONT>-sale
provisions and notice requirements and current information about
us must be publicly available.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Rule&nbsp;144(k)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Rule&nbsp;144(k), a person who has not been an
&#147;affiliate&#148; of ours at any time during the three
months before a sale, and who has beneficially owned the shares
proposed to be sold for at least two years, generally including
the holding period of any prior owner other than an
&#147;affiliate&#148; from whom the holder acquired the shares
for value, is entitled to sell those shares without complying
with the manner of sale,
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">92

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
notice filing, volume limitation or public information
requirements of Rule&nbsp;144. Therefore, unless otherwise
restricted, shares eligible for sale under Rule&nbsp;144(k) may
be sold immediately upon the completion of this offering.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Rule&nbsp;701</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain of our employees, officers, directors or consultants who
purchased shares pursuant to a written compensatory plan or
contract may be entitled to rely on the resale provision of
Rule&nbsp;701 under the Securities Act. Rule&nbsp;701 permits
affiliates to sell their Rule&nbsp;701&nbsp;shares under
Rule&nbsp;144 without complying with the holding period
requirements of Rule&nbsp;144. Rule&nbsp;701 further provides
that non-affiliates may sell these shares in reliance on
Rule&nbsp;144 without having to comply with the holding period,
public information, volume limitation or notice requirements of
Rule&nbsp;144. All holders of Rule&nbsp;701&nbsp;shares are
required to wait until 90&nbsp;days after the date of this
prospectus before selling those shares. A total
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the Rule&nbsp;701&nbsp;shares are subject to
<FONT style="white-space: nowrap">lock-up</FONT> agreements and
will only become eligible for sale at the earlier of
(1)&nbsp;the expiration of the
<FONT style="white-space: nowrap">180-day</FONT>
<FONT style="white-space: nowrap">lock-up</FONT> agreements and
(2)&nbsp;no sooner than 90&nbsp;days after this offering upon
obtaining the prior written consent of Merrill Lynch and Lehman
Brothers Inc.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Registration of Shares in Connection with Compensatory
Benefit Plans</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are unable to estimate the number of shares that will be sold
under Rules&nbsp;144, 144(k) or 701 because that number will
depend on the market price for the common stock, the personal
circumstances of the sellers and other factors. After the
closing of this offering, we intend to file a registration
statement on
Form&nbsp;<FONT style="white-space: nowrap">S-8</FONT> under the
Securities Act covering, among other things, shares of common
stock covered by outstanding options under our stock plans.
Based on the number of shares covered by outstanding options as
of June&nbsp;30, 2006 and currently reserved for issuance under
our stock plans, the registration statement would cover
approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares.
The registration statement will become effective upon filing.
Accordingly, shares registered under the registration statement
on Form&nbsp;<FONT style="white-space: nowrap">S-8</FONT> will
be available for sale in the open market immediately, after
complying with Rule&nbsp;144 volume limitations applicable to
affiliates, with applicable
<FONT style="white-space: nowrap">lock-up</FONT> agreements and
with the vesting requirements and restrictions on transfer
affecting any shares that are subject to restricted stock awards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<FONT style="white-space: nowrap"><B>Lock-up</FONT>
Agreements</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed that we will not offer, pledge, sell, contract to
sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant
for the sale of, or otherwise dispose of or transfer, any shares
of our common stock or any securities convertible into or
exchangeable or exercisable for our common stock, or file with
the SEC a registration statement under the Securities Act
relating to any shares of our common stock or securities
convertible into or exchangeable or exercisable for any shares
of our common stock, or enter into any transaction, swap, hedge
or other arrangement relating to any shares of our common stock,
without the prior written consent of Merrill Lynch and Lehman
Brothers Inc. for a period of 180&nbsp;days after the date of
this offering, subject to extension in certain cases.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">93

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our officers and directors and certain of our stockholders have
agreed that they will not offer, pledge, sell, contract to sell,
sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant for the
sale of, or otherwise dispose of or transfer, enter into any
transaction, any shares of our common stock or any securities
convertible into or exchangeable or exercisable for our common
stock, or file with the SEC a registration statement under the
Securities Act relating to any shares of our common stock or
securities convertible into or exchangeable or exercisable for
any shares of our common stock, or enter into any transaction,
swap, hedge or other arrangement relating to any shares of our
common stock, without the prior written consent of Merrill Lynch
and Lehman Brothers Inc. for a period of 180&nbsp;days after the
date of this offering, subject to extension in certain cases.
Merrill Lynch and Lehman Brothers Inc. may, in their sole
discretion at any time without notice, release all or any
portion of the shares of the common stock subject to these
<FONT style="white-space: nowrap">lock-up</FONT> agreements.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Registration Rights</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the completion of this offering, holders
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock will be entitled to specific rights to register
those shares for sale in the public market. See
&#147;Description of Capital Stock&nbsp;&#151; Registration
Rights.&#148; Registration of these shares under the Securities
Act would result in the shares becoming freely tradable without
restriction under the Securities Act, except for shares
purchased by affiliates, immediately upon the effectiveness of
the registration statement relating to such shares.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">94

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='116'></A>
</DIV>

<!-- link1 "CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CERTAIN MATERIAL U.S.&nbsp;FEDERAL INCOME TAX</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>CONSEQUENCES TO
<FONT style="white-space: nowrap">NON-U.S.&nbsp;</FONT>HOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following summary describes certain material U.S. federal
income tax consequences of the ownership and disposition of
common stock by a
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
(as defined below) holding shares of our common stock as capital
assets (i.e., generally for investment) as of the date of this
prospectus. This discussion does not address all aspects of U.S.
federal income taxation and does not deal with estate, gift,
foreign, state and local tax consequences that may be relevant
to such
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holders
in light of their personal circumstances. Special U.S.&nbsp;tax
rules may apply to certain
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holders,
such as &#147;controlled foreign corporations,&#148;
&#147;passive foreign investment companies,&#148; corporations
that accumulate earnings to avoid U.S.&nbsp;federal income tax,
investors in partnerships or other pass-through entities for
U.S.&nbsp;federal income tax purposes, dealers in securities,
holders of securities held as part of a &#147;straddle,&#148;
&#147;hedge,&#148; &#147;conversion transaction&#148; or other
risk reduction transaction, and certain former citizens or
long-term residents of the United States that are subject to
special treatment under the Code. Such entities and persons
should consult their own tax advisors to determine the
U.S.&nbsp;federal, state, local and other tax consequences that
may be relevant to them. Furthermore, the discussion below is
based upon the provisions of the Code, and Treasury regulations
promulgated thereunder, rulings and judicial decisions
thereunder as of the date hereof, and such authorities may be
repealed, revoked or modified with or without retroactive effect
so as to result in U.S. federal income tax consequences
different from those discussed below.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a partnership or other pass-through entity holds our common
stock, the tax treatment of a partner in the partnership or an
owner of the entity generally will depend on the status of the
partner or owner and the activities of the partnership or
entity. Persons who are partners in partnerships or owners of
pass-through entities holding our common stock should consult
their own tax advisors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The authorities on which this summary is based are subject to
various interpretations, and any views expressed within this
summary are not binding on the Internal Revenue Service (which
we also refer to as the IRS) or the courts. No assurance can be
given that the IRS or the courts will agree with the tax
consequences described in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As used herein, a
<FONT style="white-space: nowrap">&#147;Non-U.S.&nbsp;</FONT>Holder&#148;
means a beneficial owner of our common stock that is not any of
the following for U.S.&nbsp;federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    a citizen or resident of the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    a corporation, or other entity treated as a corporation for U.S.
    federal income tax purposes, created or organized in or under
    the laws of the United States, any state thereof or the District
    of Columbia;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    an estate the income of which is subject to U.S. federal income
    taxation regardless of its source; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    a trust (i)&nbsp;which is subject to primary supervision by a
    court situated within the United States and as to which one or
    more U.S. persons have the authority to control all substantial
    decisions of the trust, or (ii)&nbsp;that has a valid election
    in effect under applicable U.S.&nbsp;Treasury regulations to be
    treated as a U.S. person.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Prospective purchasers are urged to consult their own tax
advisors regarding the U.S.&nbsp;federal income tax
consequences, as well as other U.S.&nbsp;federal, state, and
local income and estate tax consequences, and
<FONT style="white-space: nowrap">non-U.S.&nbsp;</FONT>tax
consequences, to them of acquiring, owning, and disposing of our
common stock.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Dividends</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we make distributions on our common stock, such distributions
paid to a
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
generally will constitute dividends for U.S.&nbsp;federal income
tax purposes to the extent such distributions are paid from our
current or accumulated earnings and profits, as determined under
U.S.&nbsp;federal income tax
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">95

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
principles. If a distribution exceeds our current and
accumulated earnings and profits, the excess will be treated as
a tax-free return of the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder&#146;s
investment to the extent of the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder&#146;s
adjusted tax basis in our common stock. Any remaining excess
will be treated as capital gain. See &#147;&#151;&nbsp;Gain on
Disposition of Common Stock&#148; for additional information.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dividends paid to a
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
generally will be subject to withholding of United States
federal income tax at a 30% rate or such lower rate as may be
specified by an applicable income tax treaty. A
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder of
common stock who wishes to claim the benefit of an applicable
treaty rate for dividends generally will be required to complete
IRS Form&nbsp;<FONT style="white-space: nowrap">W-8BEN</FONT>
(or other applicable form) and certify, under penalty of
perjury, that such holder is not a U.S.&nbsp;person and is
eligible for the benefits with respect to dividends allowed by
such treaty. Special certification requirements apply to certain
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holders
that are &#147;pass-through&#148; entities for U.S.&nbsp;federal
income tax purposes. A
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
eligible for a reduced rate of U.S. withholding tax pursuant to
an income tax treaty generally may obtain a refund of any excess
amounts withheld from the IRS by timely filing an appropriate
claim for refund with the IRS.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This U.S. withholding tax generally will not apply to dividends
that are effectively connected with the conduct of a trade or
business by the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
within the United States, and, if a treaty applies, attributable
to a United States permanent establishment or fixed base of the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder.
Dividends effectively connected with the conduct of a trade or
business, as well as those attributable to a United States
permanent establishment or fixed base of the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
under an applicable treaty, are subject to U.S. federal income
tax generally in the same manner as if the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
were a U.S.&nbsp;person, as defined under the Code. Certain IRS
certification and disclosure requirements must be complied with
in order for effectively connected dividends to be exempt from
withholding. Any such effectively connected dividends received
by a
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
that is a foreign corporation may, under certain circumstances,
be subject to an additional &#147;branch profits tax&#148; at a
30% rate or such lower rate as may be specified by an applicable
income tax treaty.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Gain on Disposition of Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A <FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
generally will not be subject to U.S. federal income tax (or any
withholding thereof) with respect to gain recognized on a sale
or other disposition of common stock unless:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the gain is effectively connected with a trade or business of
    the <FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>
    Holder in the United States and, where a tax treaty applies, is
    attributable to a United States permanent establishment or fixed
    base of the
    <FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder is
    an individual who is present in the United States for 183 or
    more days during the taxable year of disposition and meets
    certain other requirements; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    we are or have been a &#147;U.S.&nbsp;real property holding
    corporation&#148; within the meaning of Section&nbsp;897(c)(2)
    of the Code, also referred to as a USRPHC, for United States
    federal income tax purposes at any time within the five-year
    period preceding the disposition (or, if shorter, the
    <FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder&#146;s
    holding period for the common stock).</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gain recognized on the sale or other disposition of common stock
and effectively connected with a U.S. trade or business, or
attributable to a U.S. permanent establishment or fixed base of
the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
under an applicable treaty, is subject to U.S. federal income
tax on a net income basis generally in the same manner as if the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
were a U.S.&nbsp;person, as defined under the Code. Any such
effectively connected gain from the sale or disposition of
common stock received by a
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
that is a foreign corporation may, under certain circumstances,
be subject to an additional &#147;branch profits tax&#148; at a
30% rate or such lower rate as may be specified by an applicable
income tax treaty.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An individual
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
who is present in the United States for 183 or more days during
the taxable year of disposition generally will be subject to a
30% tax imposed on the gain derived from the
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">96

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
sale or disposition of our common stock, which may be offset by
U.S.&nbsp;source capital losses realized in the same taxable
year.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, a corporation is a USRPHC if the fair market value
of its &#147;U.S.&nbsp;real property interests&#148; equals or
exceeds 50% of the sum of the fair market value of its worldwide
(domestic and foreign) real property interest and its other
assets used or held for use in a trade or business. For this
purpose, real property interests include land, improvements and
associated personal property.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that we currently are not a USRPHC. In addition,
based on these financial statements and current expectations
regarding the value and nature of our assets and other relevant
data, we do not anticipate becoming a USRPHC.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we become a USRPHC, a
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
nevertheless will not be subject to United States federal income
tax if our common stock is regularly traded on an established
securities market, within the meaning of applicable Treasury
regulations, and the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
holds no more than five percent of our outstanding common stock,
directly or indirectly, during the applicable testing period. We
intend to apply for our common stock to be approved for
quotation on the Nasdaq Global Market and we expect that our
common stock may be regularly traded on an established
securities market in the United States so long as it is so
quoted.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Information Reporting and Backup Withholding</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We must report annually to the IRS and to each
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
the amount of dividends paid to such holder and the tax withheld
with respect to such dividends, regardless of whether
withholding was required. Copies of the information returns
reporting such dividends and withholding may also be made
available to the tax authorities in the country in which the
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
resides under the provisions of an applicable income tax treaty.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The United States imposes a backup withholding tax on dividends
and certain other types of payments to U.S.&nbsp;persons
(currently at a rate of 28%) of the gross amount. Dividends paid
to a
<FONT style="white-space: nowrap">Non-U.S.&nbsp;</FONT>Holder
generally will not be subject to backup withholding if proper
certification of foreign status (usually on an IRS
Form&nbsp;<FONT style="white-space: nowrap">W-8BEN)</FONT> is
provided, and the payor does not have actual knowledge or reason
to know that the beneficial owner is a U.S.&nbsp;person, or the
holder is a corporation or one of several types of entities and
organizations that qualify for exemption.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any amounts withheld under the backup withholding rules
generally may be allowed as a refund from the IRS or a credit
against such holder&#146;s U.S.&nbsp;federal income tax
liability provided the required information is timely furnished
to the IRS.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">97

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='117'></A>
</DIV>

<!-- link1 "UNDERWRITING" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>UNDERWRITING</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Merrill Lynch, Pierce, Fenner&nbsp;&#38; Smith Incorporated and
Lehman Brothers Inc. are acting as representatives of each of
the underwriters named below and joint book-running managers for
this offering. Subject to the terms and conditions set forth in
an underwriting agreement among us, the selling stockholders and
the underwriters, we and the selling stockholders have agreed to
sell to the underwriters, and each of the underwriters has
agreed, severally and not jointly, to purchase from us and the
selling stockholders, the number of shares of common stock set
forth opposite its name below.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Underwriter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Merrill Lynch, Pierce, Fenner &#38; Smith<BR>
    Incorporated</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Lehman Brothers Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Needham&nbsp;&#38; Company, LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jefferies&nbsp;&#38; Company, Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas Weisel Partners LLC</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the terms and conditions set forth in the
underwriting agreement, the underwriters have agreed, severally
and not jointly, to purchase all of the shares sold under the
underwriting agreement if any of these shares are purchased. If
an underwriter defaults, the underwriting agreement provides
that the purchase commitments of the non-defaulting underwriters
may be increased or the underwriting agreement may be terminated.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to indemnify the underwriters against certain
liabilities, including certain liabilities under the Securities
Act, or to contribute to payments the underwriters may be
required to make in respect of those liabilities.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters are offering the shares, subject to prior sale,
when, as and if issued to and accepted by them, subject to
approval of legal matters by their counsel, including the
validity of the shares, and other conditions contained in the
underwriting agreement, such as the receipt by the underwriters
of officers&#146; certificates and legal opinions. The
underwriters reserve the right to withdraw, cancel or modify
offers to the public and to reject orders in whole or in part.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Commissions and Discounts</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters have advised us that they propose initially to
offer the shares to the public at the public offering price set
forth on the cover page of this prospectus and to dealers at
that price less a concession not in excess of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share. The underwriters may allow, and the dealers may reallow,
a discount not in excess of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share to other dealers. After the initial public offering, the
public offering price, concession and discount may be changed.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows the public offering price,
underwriting discount and proceeds, before expenses to us. The
information assumes either no exercise or full exercise by the
underwriters of their overallotment options.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Per Share</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Without Option</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>With Option</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public offering price</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting discount</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds, before expenses, to IPG Photonics</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds, before expenses, to the selling stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>$</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The expenses of the offering, not including the underwriting
discount, are estimated at
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
are payable by us.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">98

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Overallotment Option</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have granted an option to the underwriters to purchase up
to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
shares at the public offering price, less the underwriting
discount. The underwriters may exercise their option for
30&nbsp;days from the date of this prospectus solely to cover
any overallotments. If the underwriters exercise their option,
each will be obligated, subject to conditions contained in the
underwriting agreement, to purchase a number of additional
shares proportionate to that underwriter&#146;s initial amount
reflected in the above table.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>No Sales of Similar Securities</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We, our executive officers and directors and certain of our
other existing holders of our outstanding common stock have
agreed, subject to certain exceptions, not to sell or transfer
any common stock or securities convertible into, exchangeable
for, exercisable for, or repayable with common stock, for
180&nbsp;days after the date of this prospectus without first
obtaining the written consent of Merrill Lynch, Pierce,
Fenner&nbsp;&#38; Smith Incorporated and Lehman Brothers Inc.
Specifically, we and these other persons have agreed not to
directly or indirectly:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    offer, pledge, sell or contract to sell any common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    sell any option or contract to purchase any common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    purchase any option or contract to sell any common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    grant any option, right or warrant for the sale of any common
    stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    lend or otherwise dispose of or transfer any common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    enter into any swap or other agreement that transfers, in whole
    or in part, the economic consequences of ownership of any common
    stock whether any such swap or transaction is to be settled by
    delivery of shares or other securities, in cash or otherwise; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    publicly announce any of the foregoing.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The <FONT style="white-space: nowrap">180-day</FONT> restricted
period described in the preceding paragraph will be extended if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    during the last 17&nbsp;days of the
    <FONT style="white-space: nowrap">180-day</FONT> restricted
    period, we issue an earnings release or material news or a
    material event relating to us occurs; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    prior to the expiration of the
    <FONT style="white-space: nowrap">180-day</FONT> restricted
    period, we announce that we will release earnings results during
    the <FONT style="white-space: nowrap">16-day</FONT> period
    beginning on the last day of the
    <FONT style="white-space: nowrap">180-day</FONT> period,</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
in which case the restrictions described in the preceding
paragraph will continue to apply until the expiration of the
<FONT style="white-space: nowrap">18-day</FONT> period beginning
on the issuance of the earnings release or the announcement of
the material news or occurrence of a material event, unless such
extension is waived in writing by Merrill Lynch, Pierce,
Fenner&nbsp;&#38; Smith Incorporated and Lehman Brothers Inc.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Merrill Lynch, Pierce, Fenner&nbsp;&#38; Smith Incorporated and
Lehman Brothers Inc., in their sole discretion, may release the
common stock and other securities subject to the
<FONT style="white-space: nowrap">lock-up</FONT> agreements
described above in whole or in part at any time with or without
notice. When determining whether or not to release common stock
and other securities from
<FONT style="white-space: nowrap">lock-up</FONT> agreements,
Merrill Lynch, Pierce, Fenner&nbsp;&#38; Smith Incorporated and
Lehman Brothers Inc. will consider, among other factors, the
holder&#146;s reasons for requesting the release, the number of
shares of common stock and other securities for which the
release is being requested and market conditions at the time.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Quotation on the Nasdaq Global Market</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After pricing of the offering, we expect that our common stock
will be quoted on the Nasdaq Global Market under the symbol
&#147;IPGP.&#148;
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">99

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Offering Price Determination</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Before this offering, there has been no public market for our
common stock. The initial public offering price will be
determined through negotiations among us, the selling
stockholders and the underwriters. In addition to prevailing
market conditions, the factors to be considered in determining
the initial public offering price are:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the valuation multiples of publicly traded companies that the
    underwriters believe to be comparable to us;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    our financial information;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the history of, and the prospects for, our company and the
    industry in which we compete;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    an assessment of our management, its past and present
    operations, and the prospects for, and timing of, our future
    revenues;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the present state of our development; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the above factors in relation to market values and various
    valuation measures of other companies engaged in activities
    similar to ours.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An active trading market for the shares may not develop. It is
also possible that after the offering the shares will not trade
in the public market at or above the initial public offering
price.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Discretionary Sales</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters do not expect to sell more than 5% of the
shares in the aggregate to accounts over which they exercise
discretionary authority.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Stamp Taxes</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you purchase shares of common stock offered in this
prospectus outside the United States, you may be required to pay
stamp taxes and other charges under the laws and practices of
the country of purchase, in addition to the offering price
listed on the cover page of this prospectus.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Certain Relationships</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Merrill Lynch KECALP L.P. 1999, KECALP Inc., as Nominee for
Merrill Lynch KECALP International L.P. 1999, Merrill Lynch
Taurus Fund&nbsp;2000, L.P., ML IBK Positions, Inc. and Merrill
Lynch Ventures L.P. 2001, beneficially own an aggregate of
600,000&nbsp;shares of our series&nbsp;B preferred stock, which
will convert upon the completion of this offering into
(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
of common stock and (b)&nbsp;subordinated notes having an
aggregate principal amount of approximately $3.1&nbsp;million.
In addition, we intend to use a portion of the proceeds from
this offering to purchase warrants to purchase common stock held
by these entities for approximately $3.5&nbsp;million. The
Merrill Lynch entities acquired these shares and warrants
pursuant to a stock purchase agreement in 2000. The Merrill
Lynch entities may be deemed to be affiliates of Merrill Lynch,
Pierce, Fenner &#38; Smith Incorporated, which is acting as a
joint book-running manager of this offering.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Price Stabilization, Short Positions and Penalty Bids</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until the distribution of the shares is completed, SEC rules may
limit underwriters and selling group members from bidding for
and purchasing our common stock. However, the representatives
may engage in transactions that stabilize the price of the
common stock, such as bids or purchases to peg, fix or maintain
that price.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters may purchase and sell our common stock in the
open market. These transactions may include short sales,
stabilizing transactions and purchases to cover positions
created by short sales. Short sales involve the sale by the
underwriters of a greater number of shares than they are
required to purchase in the offering. &#147;Covered&#148; short
sales are sales made in an amount not greater than the
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">100

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
underwriters&#146; option to purchase additional shares in the
offering. The underwriters may close out any covered short
position by either exercising their option to purchase
additional shares or purchasing shares in the open market. In
determining the source of shares to close out the covered short
position, the underwriters will consider, among other things,
the price of shares available for purchase in the open market as
compared to the price at which they may purchase shares through
the overallotment option. &#147;Naked&#148; short sales are any
sales in excess of such option. The underwriters must close out
any naked short position by purchasing shares in the open
market. A naked short position is more likely to be created if
the underwriters are concerned that there may be downward
pressure on the price of the common stock in the open market
after pricing that could adversely affect investors who purchase
in the offering. Stabilizing transactions consist of various
bids for or purchases of shares of common stock made by the
underwriters in the open market prior to the completion of the
offering.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Similar to other purchase transactions, the underwriters&#146;
purchases to cover the syndicate short sales may have the effect
of raising or maintaining the market price of our common stock
or preventing or retarding a decline in the market price of the
common stock. As a result, the price of our common stock may be
higher than the price that might otherwise exist in the open
market.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The representatives may also impose a penalty bid on
underwriters and selling group members. This means that if the
representatives purchase shares in the open market to reduce the
underwriters&#146; short position or to stabilize the price of
such shares, they may reclaim the amount of the selling
concession from the underwriters and selling group members who
sold those shares. The imposition of a penalty bid may also
affect the price of the shares in that it discourages resales of
those shares.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither we nor any of the underwriters make any representation
or prediction as to the direction or magnitude of any effect
that the transactions described above may have on the price of
our common stock. In addition, neither we nor any of the
representatives make any representation that the representatives
will engage in these transactions or that these transactions,
once commenced, will not be discontinued without notice.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Electronic Offer, Sale and Distribution of Shares</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A prospectus in electronic format may be made available on the
Internet sites or through other online services maintained by
one or more of the underwriters and/or selling group members
participating in this offering, or by their affiliates. In those
cases, prospective investors may view offering terms online and,
depending upon the particular underwriter or selling group
member, prospective investors may be allowed to place orders
online. The underwriters may agree with us to allocate a
specific number of shares for sale to online brokerage account
holders. Any such allocation for online distributions will be
made by the representatives on the same basis as other
allocations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than the prospectus in electronic format, the information
on any underwriter&#146;s or selling group member&#146;s web
site and any information contained in any other web site
maintained by an underwriter or selling group member is not part
of the prospectus or the registration statement of which this
prospectus forms a part, has not been approved and/or endorsed
by us or any underwriter or selling group member in its capacity
as underwriter or selling group member and should not be relied
upon by investors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>United Kingdom</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This document is only being distributed to and is only directed
at (i)&nbsp;persons who are outside the United Kingdom or
(ii)&nbsp;to investment professionals falling within
Article&nbsp;19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (Order) or (iii)&nbsp;high
net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article&nbsp;49(2)(a) to
(e)&nbsp;of the Order (all such persons together being referred
to as &#147;relevant persons&#148;). The shares of common stock
are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such common stock will
be engaged in only with, relevant persons. Any person who is not
a relevant person should not act or rely on this document or any
of its contents.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">101

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the underwriters has represented and agreed that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    it has only communicated or caused to be communicated and will
    only communicate or cause to be communicated an invitation or
    inducement to engage in investment activity (within the meaning
    of Section&nbsp;21 of the Financial Services and Markets Act
    2000, or FSMA) received by it in connection with the issue or
    sale of the shares in circumstances in which Section&nbsp;21(1)
    of the FSMA does not apply to us; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    it has complied with, and will comply with, all applicable
    provisions of the FSMA with respect to anything done by it in
    relation to the shares in, from or otherwise involving the
    United Kingdom.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>European Economic Area</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the extent that the offer of the common stock is made in any
Member State of the European Economic Area that has implemented
the Prospectus Directive before the date of publication of a
prospectus in relation to the common stock which has been
approved by the competent authority in the Member State in
accordance with the Prospectus Directive (or, where appropriate,
published in accordance with the Prospectus Directive and
notified to the competent authority in the Member State in
accordance with the Prospectus Directive), the offer (including
any offer pursuant to this document) is only addressed to
qualified investors in that Member State within the meaning of
the Prospectus Directive or has been or will be made otherwise
in circumstances that do not require us to publish a prospectus
pursuant to the Prospectus Directive.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In relation to each Member State of the European Economic Area
which has implemented the Prospectus Directive (each, a
&#147;Relevant Member State&#148;), each underwriter has
represented and agreed that with effect from and including the
date on which the Prospectus Directive is implemented in that
Relevant Member State (the &#147;Relevant Implementation
Date&#148;) it has not made and will not make an offer of shares
to the public in that Relevant Member State prior to the
publication of a prospectus in relation to the shares which has
been approved by the competent authority in that Relevant Member
State or, where appropriate, approved in another Relevant Member
State and notified to the competent authority in that Relevant
Member State, all in accordance with the Prospectus Directive,
except that it may, with effect from and including the Relevant
Implementation Date, make an offer of shares to the public in
that Relevant Member State at any time:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="7%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    to legal entities which are authorized or regulated to operate
    in the financial markets or, if not so authorized or regulated,
    whose corporate purpose is solely to invest in securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    to any legal entity which has two or more of (1)&nbsp;an average
    of at least 250 employees during the last financial year,
    (2)&nbsp;a total balance sheet of more than
    <FONT face="times new roman,times">&#128;</FONT>43,000,000 and
    (3)&nbsp;an annual net turnover of more than
    <FONT face="times new roman,times">&#128;</FONT>50,000,000, as
    shown in its last annual or consolidated accounts; or</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    in any other circumstances which do not require the publication
    by us of a prospectus pursuant to Article&nbsp;3 of the
    Prospectus Directive.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the purposes of this provision, the expression an
&#147;offer of shares to the public&#148; in relation to any
shares in any Relevant Member State means the communication in
any form and by any means of sufficient information on the terms
of the offer and the shares to be offered so as to enable an
investor to decide to purchase or subscribe the shares, as the
same may be varied in that Member State by any measure
implementing the Prospectus Directive in that Member State and
the expression &#147;Prospectus Directive&#148; means Directive
2003/71/ EC and includes any relevant implementing measure in
each Relevant Member State.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">102

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The EEA selling restriction is in addition to any other selling
restrictions set out herein. In relation to each Relevant Member
State, each purchaser of shares of common stock (other than the
underwriters) will be deemed to have represented, acknowledged
and agreed that it will not make an offer of shares of common
stock to the public in any Relevant Member State, except that it
may, with effect from and including the date on which the
Prospectus Directive is implemented in that Relevant Member
State, make an offer of shares of common stock to the public in
that Relevant Member State at any time in any circumstances
which do not require the publication by us of a prospectus
pursuant to Article&nbsp;3 of the Prospectus Directive, provided
that such purchaser agrees that it has not and will not make an
offer of any shares of common stock in reliance or purported
reliance on Article&nbsp;3(2)(b) of the Prospectus Directive.
For the purposes of this provision, the expression an
&#147;offer of shares to the public&#148; in relation to any
shares of common stock in any Relevant Member State has the same
meaning as in the preceding paragraph.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">103

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='118'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The validity of the shares offered in this prospectus and
certain other legal matters will be passed upon for us by
Winston&nbsp;&#38; Strawn LLP, New York, New York. Legal matters
relating to this offering will be passed upon for the
underwriters by Wilson Sonsini Goodrich&nbsp;&#38; Rosati,
Professional Corporation, Palo Alto, California and New York,
New York.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='119'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXPERTS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements of IPG Photonics
Corporation as of December&nbsp;31, 2004 and 2005 and for each
of the three years in the period ended December&nbsp;31, 2005
included in this prospectus have been audited by
Deloitte&nbsp;&#38; Touche LLP, an independent registered public
accounting firm, as stated in their report appearing herein, and
have been so included in reliance upon the report of such firm
given upon their authority as experts in accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='120'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND ADDITIONAL INFORMATION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have filed with the SEC a registration statement on
Form&nbsp;<FONT style="white-space: nowrap">S-1</FONT> with
respect to the shares of common stock that we and the selling
stockholders are offering by this prospectus. In addition, upon
completion of the offering, we will be required to file annual,
quarterly and current reports, proxy statements and other
information with the SEC. You may read and copy the registration
statement and any other documents we have filed at the
SEC&#146;s Public Reference Room at 100 F Street, N.E.,
Room&nbsp;1580, Washington D.C. 20549. You may also obtain
copies of the documents at prescribed rates by writing to the
Public Reference Section of the SEC at 100 F Street, N.E.,
Washington,&nbsp;D.C. 20549. Please call the SEC at
<FONT style="white-space: nowrap">1-800-SEC-0330</FONT> for
further information on the operation of the public reference
facilities. Our SEC filings are also available to the public at
the SEC&#146;s website at http://www.sec.gov.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This prospectus is part of the registration statement and does
not contain all of the information included in the registration
statement. Whenever a reference is made in this prospectus to
any of our contracts or other documents, the reference may not
be complete and, for a copy of the contract or document, you
should refer to the exhibits that are a part of the registration
statement.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">104

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='121'></A>
</DIV>

<!-- link1 "INDEX TO FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INDEX TO FINANCIAL STATEMENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="93%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#300'>Report of Independent Registered Public
    Accounting Firm</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    F-2</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#301'>Consolidated Balance Sheets as of
    December&nbsp;31, 2004 and 2005 and June&nbsp;30, 2006
    (unaudited)</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    F-3</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#302'>Consolidated Statements of Operations for
    the Years Ended December&nbsp;31, 2003, 2004, and 2005 and for
    the Six Months Ended June&nbsp;30, 2005 (unaudited) and 2006
    (unaudited)</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    F-4</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#303'>Consolidated Statements of Convertible
    Redeemable Preferred Stock and Stockholders&#146; Deficit for
    the Years Ended December&nbsp;31, 2003, 2004, and 2005 and for
    the Six Months Ended June&nbsp;30, 2006 (unaudited)</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    F-5</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#304'>Consolidated Statements of Cash Flows for
    the Years Ended December&nbsp;31, 2003, 2004, and 2005 and for
    the Six Months Ended June&nbsp;30, 2005 (unaudited) and 2006
    (unaudited)</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    F-6</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#305'>Notes to Consolidated Financial
    Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    F-7</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='300'></A>
</DIV>

<!-- link1 "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
To the Board of Directors and Stockholders of
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
IPG Photonics Corporation
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Oxford, Massachusetts
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have audited the accompanying consolidated balance sheets of
IPG Photonics Corporation and subsidiaries (the
&#147;Company&#148;) as of December&nbsp;31, 2004 and 2005, and
the related consolidated statements of operations, convertible
redeemable preferred stock and stockholders&#146; deficit, and
cash flows for each of the three years in the period ended
December&nbsp;31, 2005. These financial statements are the
responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We conducted our audits in accordance with standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes consideration
of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#146;s internal control over
financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In our opinion, such consolidated financial statements present
fairly, in all material respects, the financial position of IPG
Photonics Corporation and subsidiaries as of December&nbsp;31,
2004 and 2005, and the results of their operations and their
cash flows for each of the three years in the period ended
December&nbsp;31, 2005, in conformity with accounting principles
generally accepted in the United States of America.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
/s/ Deloitte &#38;&nbsp;Touche LLP
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Boston, Massachusetts
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
July&nbsp;5, 2006
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='301'></A>
</DIV>

<!-- link1 "CONSOLIDATED BALANCE SHEETS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>CONSOLIDATED BALANCE SHEETS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30, 2006</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30, 2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>(in thousands, except share and per share data)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>ASSETS</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CURRENT ASSETS:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash and cash equivalents</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts receivable, net of allowance of $172, $198, and $189 as
    of December&nbsp;31, 2004 and 2005 and June&nbsp;30, 2006,
    respectively</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Inventories&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Prepaid expenses and other current assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>57,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>68,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    RESTRICTED CASH</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    DEFERRED INCOME TAXES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    PROPERTY, PLANT, AND EQUIPMENT&nbsp;&#151; Net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>57,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    EMPLOYEE AND STOCKHOLDER LOANS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OTHER ASSETS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TOTAL</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>110,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>115,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>131,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="20">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="20" align="left" valign="top">
    <B>LIABILITIES AND STOCKHOLDERS&#146; (DEFICIT) EQUITY</B></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CURRENT LIABILITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Revolving line-of-credit facilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current portion of long-term debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses and other liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income taxes payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    DEFERRED INCOME TAXES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    LONG-TERM DEBT</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>28,967</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SERIES&nbsp;B WARRANTS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    COMMITMENTS AND CONTINGENCIES (Notes&nbsp;6, 10 and 13)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    MINORITY INTERESTS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CONVERTIBLE REDEEMABLE PREFERRED STOCK, $0.0001&nbsp;par value:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;B&nbsp;&#151; designated, issued, and outstanding,
    3,800,000&nbsp;shares; liquidation and redemption value, $95,000</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>88,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>92,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;D&nbsp;&#151; designated, 5,400,000&nbsp;shares;
    issued and outstanding, 2,684,211&nbsp;shares; liquidation and
    redemption values, $5,100</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    STOCKHOLDERS&#146; (DEFICIT) EQUITY:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred stock, $0.0001&nbsp;par value&nbsp;&#151; authorized,
    15,000,000&nbsp;shares; Series&nbsp;A&nbsp;&#151; designated,
    500,000&nbsp;shares; issued and outstanding,
    488,000&nbsp;shares; liquidation value, $4,880</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock, $0.0001&nbsp;par value&nbsp;&#151; authorized,
    70,000,000&nbsp;shares; issued and outstanding, 38,987,494,
    39,988,948 and 40,883,700&nbsp;shares at</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    December&nbsp;31, 2004 and 2005 and June&nbsp;30, 2006,
    respectively</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional paid-in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>96,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>95,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>94,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>177,177</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Notes receivable from stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(111</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accumulated deficit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(157,052</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(149,625</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(143,507</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(143,507</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accumulated other comprehensive income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,629</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total stockholders&#146; (deficit) equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(49,038</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(46,504</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(38,545</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,840</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TOTAL</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>110,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>115,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>131,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See notes to consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='302'></A>
</DIV>

<!-- link1 "CONSOLIDATED STATEMENTS OF OPERATIONS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>CONSOLIDATED STATEMENTS OF OPERATIONS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Years Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>(in thousands except per share data)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET SALES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>96,385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>41,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>64,927</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    COST OF SALES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,119</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    GROSS (LOSS) PROFIT</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,843</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,808</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OPERATING EXPENSES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sales and marketing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,343</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,622</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    General and administrative</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,813</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,778</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OPERATING (LOSS) INCOME</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(27,014</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,030</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OTHER (EXPENSE)&nbsp;INCOME&nbsp;&#151; Net:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,505</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,150</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,840</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(969</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(709</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fair value adjustment to Series&nbsp;B Warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,664</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(615</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(745</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(314</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,219</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other income&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total other expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,522</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,569</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,349</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,142</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,916</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (LOSS) INCOME&nbsp;BEFORE BENEFIT FROM (PROVISION FOR) INCOME
    TAXES AND MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(30,536</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,114</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BENEFIT FROM (PROVISION FOR) INCOME TAXES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,080</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,219</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,598</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(80</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(426</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(398</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET (LOSS) INCOME</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET (LOSS)&nbsp;INCOME PER SHARE:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basic</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.93</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.01</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Diluted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.93</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.01</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    WEIGHTED AVERAGE SHARES OUTSTANDING:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basic</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Diluted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,584</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See notes to consolidated financial statements.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- LANDSCAPE -->
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='303'></A>
</DIV>

<!-- link1 "CONSOLIDATED STATEMENTS OF CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS&#146; DEFICIT" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>CONSOLIDATED STATEMENTS OF CONVERTIBLE REDEEMABLE PREFERRED
STOCK AND STOCKHOLDERS&#146; DEFICIT</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 7.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="-1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="-1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="-3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- Right VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="-1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR>
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Convertible</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>Convertible Redeemable Preferred Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Preferred Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>


<TR>
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Series&nbsp;B</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Series&nbsp;D</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Series&nbsp;A</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Common Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Note</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Other</B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Additional</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Receivable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Other</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Comprehensive</B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Par</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Paid-In</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>From</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Deferred</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Accumulated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Comprehensive</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Income</B></TD><TD></TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capital</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stockholders</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Deficit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Income</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Loss)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR>
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="59" align="center" nowrap><B>(In thousands, except share and per-share data)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; January&nbsp;1, 2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>84,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>37,940,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>100,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(2,613</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(130,854</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,103</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Comprehensive income:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net loss</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Translation adjustment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,508</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total comprehensive loss</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(23,702</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Issuance of Series&nbsp;D Preferred Stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Beneficial conversion charge</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,991</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(251</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accretion of Series&nbsp;B Preferred Stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7,594</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7,343</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sale of common stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock-based compensation awarded</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(496</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization of stock-based compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from exercise of stock options</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; December&nbsp;31, 2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>86,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,443,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>98,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(906</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(159,064</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(51,947</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Comprehensive income:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Translation adjustment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,077</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total comprehensive income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,089</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accretion of Series&nbsp;B Preferred Stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,351</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,351</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock issued to acquire subsidiary</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>99,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock-based awards forfeited</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization of stock-based compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercise of stock options</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(12,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(120</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>445,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; December&nbsp;31, 2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>88,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>488,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,987,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>96,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(157,052</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(49,038</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Comprehensive income:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Translation adjustment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,550</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,550</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,550</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total comprehensive income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,877</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accretion of Series&nbsp;B Preferred Stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,351</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,351</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock-based awards</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(118</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization of stock-based compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercise of stock options</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,001,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; December&nbsp;31, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>488,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,988,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>95,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(111</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(149,625</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(46,504</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Comprehensive income:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Translation adjustment (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,847</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total comprehensive income (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,965</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Adoption of FAS 123(R) (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(111</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accretion of Series&nbsp;B Preferred Stock (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,037</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,037</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock-based awards (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization of stock-based compensation (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercise of stock options (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>894,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; June&nbsp;30, 2006 (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>92,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>488,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,883,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>94,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(463</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(143,507</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(38,545</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right:1.5pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See notes to consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='304'></A>
</DIV>

<!-- link1 "CONSOLIDATED STATEMENTS OF CASH FLOWS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>(in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="6" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH FLOWS FROM OPERATING ACTIVITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net (loss) income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Adjustments to reconcile net income (loss) to net cash provided
    by (used in) operating activities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Depreciation and amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,754</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,536</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(462</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,732</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,063</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock-based compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>126</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest accretion of convertible note</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>127</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (Gain) loss on sale of investment and fixed assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(484</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(14</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(238</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>69</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Inventory provisions</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fair value adjustment to Series&nbsp;B Warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,219</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interests in consolidated subsidiaries</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(121</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(81</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>398</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Changes in assets and liabilities that provided (used)&nbsp;cash:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts receivable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,101</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,791</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,599</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,064</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,281</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Due from affiliates&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,174</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(40</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Inventories</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,011</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,174</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(6,091</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Prepaid expenses and other current assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(324</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(55</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(312</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(539</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,212</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,209</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,460</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,030</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,005</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>871</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses and other liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(27</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>983</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income and other taxes payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,312</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,086</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,143</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash provided by (used in) operating activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,148</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,308</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="6" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH FLOWS FROM INVESTING ACTIVITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Purchases of property, plant, and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,588</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,037</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,989</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(6,451</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(9,054</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from sale of property, plant, and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds on sale of investment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Employee and shareholder loans repaid</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,071</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Restricted cash released to support construction loan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash used in investing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(54</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,870</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(8,641</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7,963</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="6" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH FLOWS FROM FINANCING ACTIVITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from line-of-credit facilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,517</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Payments on line-of-credit facilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,493</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,638</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(9,384</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(772</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(6,325</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Principal payments on long-term borrowings</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,351</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,654</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,263</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(449</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,688</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from long-term borrowings</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Issuance of common stock and exercise of employee stock options</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>905</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minority interest capital contribution</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash provided by (used in) financing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(426</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>409</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="6" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(8</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(266</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(147</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>167</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="6" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET INCREASE (DECREASE)&nbsp;IN CASH AND CASH EQUIVALENTS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(843</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,921</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="6" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH AND CASH EQUIVALENTS&nbsp;&#151; Beginning of period</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,361</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="6" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH AND CASH EQUIVALENTS&nbsp;&#151; End of period</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,282</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="6" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash paid for interest</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>716</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income taxes paid</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>781</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="5" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Non-cash transactions:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock-for-stock swap on options</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Issuance of Series&nbsp;D Preferred Stock in satisfaction of
    accrued contract settlement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Issuance of convertible note in satisfaction of accrued contract
    settlement</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
See notes to consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='305'></A>
</DIV>

<!-- link1 "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>1.</B></TD>
    <TD>
    <B>NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING
    POLICIES</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Nature of Business</I></B>&nbsp;&#151; IPG Photonics
Corporation (the &#147;Company&#148;) designs and manufactures a
broad line of high-performance fiber lasers and fiber amplifiers
for diverse applications in numerous markets, such as materials
processing, communications, medical and advanced applications.
The Company&#146;s administrative and manufacturing facilities
in the United States are located in Oxford, Massachusetts; and
European operations are located in Burbach, Germany; Milan,
Italy; London, England; and Fryazino, Russia. In 2004, the
Company opened sales and service centers in Tokyo, Japan and
Bangalore, India. In 2005, the Company opened a sales and
service center in Seoul, Korea.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Principles of Consolidation</I></B>&nbsp;&#151; The
Company was incorporated as a Delaware corporation in December
1998. The accompanying financial statements include the accounts
of the Company and its subsidiaries. All intercompany accounts
and transactions have been eliminated.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Unaudited Pro Forma Presentation</I></B>&nbsp;&#151; The
unaudited pro forma balance sheet data presented as of
June&nbsp;30, 2006 reflects the conversion of all outstanding
shares of preferred stock as of that date into common stock and
the issuance of a long-term note payable totaling $20,000,000,
which will occur upon closing of the proposed initial public
offering.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Unaudited Interim Financial
Information</I></B>&nbsp;&#151; The accompanying unaudited
interim financial statements as of June&nbsp;30, 2006 and for
the six month periods ended June&nbsp;30, 2005 and 2006 have
been prepared by the Company pursuant to the rules and
regulations of the Securities and Exchange Commission regarding
interim financial reporting. As a result, certain footnote and
other disclosure required by accounting principles generally
accepted in the United States of America have been omitted. The
reader is encouraged to read the interim financial statements
together with the audited consolidated financial statements for
the years ended December&nbsp;31, 2003, 2004 and 2005. The
interim financial statements have been prepared on the same
basis as the audited consolidated financial statements, except
that the financial statements as of and for the six months ended
June&nbsp;30, 2006 reflect the Company&#146;s adoption of the
fair value provisions of SFAS&nbsp;123(R) with respect to
recording stock-based compensation discussed in Note&nbsp;2. The
interim financial statements include all adjustments, consisting
only of normal recurring adjustments, necessary for a fair
presentation of the interim periods presented. The operating
results for the interim periods presented are not necessarily
indicative of the results that could be expected for the full
year.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Use of Estimates</I></B>&nbsp;&#151; The preparation of
financial statements in conformity with accounting principles
generally accepted in the United States of America requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from
those estimates.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Foreign Currency</I></B>&nbsp;&#151; The financial
information for entities outside the United States is measured
using local currencies as the functional currency. Assets and
liabilities are translated into U.S.&nbsp;dollars at the
exchange rate in effect on the respective balance sheet dates.
Income and expenses are translated into U.S.&nbsp;dollars based
on the average rate of exchange for the corresponding period.
Exchange rate differences resulting from translation adjustments
are accounted for directly as a component of accumulated other
comprehensive income. Gains or losses from foreign currency
transactions are reflected in the consolidated statements of
operations.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Cash and Cash Equivalents</I></B>&nbsp;&#151; Cash and
cash equivalents consist primarily of highly liquid investments,
such as bank deposits, with insignificant interest rate risk and
original maturities of three months or less at the date of
acquisition.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Inventories</I></B>&nbsp;&#151; Inventories are stated at
the lower of cost or market on a
<FONT style="white-space: nowrap">first-in,</FONT> first-out
basis. Inventories include parts and components that may be
specialized in nature and subject to rapid obsolescence. The
Company periodically reviews the quantities and carrying values
of inventories to assess whether the inventories are
recoverable. The costs associated with provisions for excess
quantities, technological obsolescence, or component rejection
are charged to cost of sales as incurred.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Property, Plant, and Equipment</I></B>&nbsp;&#151;
Property, plant, and equipment are stated at cost, less
accumulated depreciation. Depreciation is determined using the
straight-line method based on the estimated useful lives of the
related assets. In the case of leasehold improvements, the
estimated useful lives of the related assets do not exceed the
remaining terms of the corresponding leases. The following table
presents the assigned economic useful lives of property, plant,
and equipment:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Economic Useful Life</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Buildings</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30&nbsp;years</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Machinery and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3-5&nbsp;years</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Office furniture and fixtures</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3-5&nbsp;years</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3-5&nbsp;years</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Expenditures for maintenance and repairs are charged to
operations. Interest expense associated with significant capital
projects is capitalized as a cost of the project. The Company
capitalized $0, $0, $239,000 and $76,405 of interest expense in
2003, 2004, 2005 and the six months ended June&nbsp;30, 2006,
respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Impairment of Long-Lived Assets</I></B>&nbsp;&#151;
Long-lived assets, which consist primarily of property, plant,
and equipment, are reviewed by management for impairment
whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. In cases in which
undiscounted expected future cash flows are less than the
carrying value, an impairment loss is recorded equal to the
amount by which the carrying value exceeds the fair value of
assets.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Revenue Recognition</I></B>&nbsp;&#151; The Company
recognizes revenue in accordance with SEC Accounting Bulletin,
or SAB, No.&nbsp;104, &#147;Revenue Recognition.&#148; SAB
No.&nbsp;104 requires that four basic criteria be met before
revenue can be recognized: (1)&nbsp;persuasive evidence of an
arrangement exists; (2)&nbsp;delivery has occurred or services
have been rendered; (3)&nbsp;the fee is fixed and determinable;
and (4)&nbsp;collectibility is reasonably assured. Revenue from
the sale of the Company&#146;s products is generally recognized
upon shipment, provided that the other revenue recognition
criteria have been met. The Company has no obligation to provide
upgrades, enhancements or customer support subsequent to the
sale.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Revenue from orders with multiple deliverables is divided into
separate units of accounting when certain criteria are met. The
consideration for the arrangement is then allocated to the
separate units of accounting based on their relative fair
values. The Company defers revenue on multiple element
arrangements if the fair values of all deliverables are not
known or if customer acceptance is contingent on delivery of
specified items or performance conditions. Applicable revenue
recognition criteria are then applied separately for each
separate unit of accounting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Returns and customer credits are infrequent and are recorded as
a reduction to revenue. Rights of return are generally not
included in sales arrangements. Generally, the Company receives
a customer purchase order as evidence of an arrangement and
product shipment terms are free on board (F.O.B.) shipping point.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Allowance for Doubtful Accounts</I></B>&nbsp;&#151; The
Company maintains an allowance for doubtful accounts to provide
for the estimated amount of accounts receivable that will not be
collected. The allowance is based upon an assessment of customer
creditworthiness, historical payment experience and the age of
outstanding receivables.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Activity related to the allowance for doubtful accounts was as
follows (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Balance at January&nbsp;1, 2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>278</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision for bad debts</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>172</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Uncollectible accounts written off</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(153</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Foreign currency translation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Balance at December&nbsp;31, 2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>322</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision for bad debts</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Uncollectible accounts written off</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(185</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Balance at December&nbsp;31, 2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>172</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision for bad debts</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Uncollectible accounts written off</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(24</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Foreign currency translation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Balance at December&nbsp;31, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>198</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Warranties</I></B>&nbsp;&#151; In general, the
Company&#146;s products carry a warranty against defect for a
period of one to three years, depending upon the product type
and customer negotiations. The expected cost associated with
these warranty obligations is recorded when the revenue is
recognized. Warranty costs and related accrued warranty costs
were not significant for the periods presented.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Advertising Expense</I></B>&nbsp;&#151; The cost of
advertising is expensed as incurred. The Company conducts
substantially all of its sales and marketing efforts through
trade shows, professional and technical conferences, direct
sales and use of its website. The Company&#146;s advertising
costs were not significant for the periods presented.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Research and Development</I></B>&nbsp;&#151; Research and
development costs are expensed as incurred.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Income Taxes</I></B>&nbsp;&#151; Deferred tax assets and
liabilities are recognized for the future tax consequences of
temporary differences between the financial statement carrying
amounts and tax bases of assets and liabilities and net
operating loss carryforwards and credits using enacted rates in
effect when those differences are expected to reverse. Valuation
allowances are provided against deferred tax assets that are not
deemed to be recoverable.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Stock-Based Compensation</I></B>&nbsp;&#151; Statement of
Financial Accounting Standards (&#147;SFAS&#148;) No.&nbsp;123,
<I>Accounting for Stock-Based Compensation
</I>(&#147;SFAS&nbsp;No.&nbsp;123&#148;), encourages, but does
not require, companies to record compensation cost for
stock-based employee compensation plans at fair value. As
permitted by SFAS&nbsp;No.&nbsp;123, the Company has elected to
account for stock-based compensation awarded to employees using
the intrinsic value method prescribed in Accounting Principles
Board (&#147;APB&#148;) Opinion No.&nbsp;25, <I>Accounting for
Stock Issued to Employees,</I> and related interpretations and
has adopted the disclosure-only provisions of
SFAS&nbsp;No.&nbsp;123. Accordingly, for financial reporting
purposes, compensation cost for stock options granted to
employees and directors is measured as the excess, if any, of
the estimated fair market value of the Company&#146;s stock at
the deemed measurement date over the amount an employee or
director must pay to acquire the stock.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stock-based compensation is included in the following financial
statement captions as follows:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>37</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Sales and marketing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Research and development</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    General and administrative</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>126</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the compensation costs for options awarded to employees and
directors had been determined using the fair value amortized to
expense over the vesting period of the awards, the recorded net
income would have been as follows (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Reported net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Add stock-based employee compensation expense included in net
    income&nbsp;&#151; net of taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deduct stock-based employee compensation expense determined
    using the fair value for all awards&nbsp;&#151; net of taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,241</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(915</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(22</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pro forma net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,248</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,412</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s pro forma calculations for 2003, 2004, and
2005 were made using the minimum value method with the following
weighted-average assumptions: expected life of four years; stock
volatility of 0%; risk-free interest rate of 3.5% in 2003 and
2004 and 4.5% in 2005; and no dividend payments during the
expected term. Forfeitures are recognized as they occur.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective January&nbsp;1, 2006, the Company adopted the
provisions of SFAS No.&nbsp;123 (revised 2004), <I>Share-Based
Payment</I> (&#147;SFAS&nbsp;No.&nbsp;123(R)&#148;).
SFAS&nbsp;No.&nbsp;123(R) establishes accounting for stock-based
awards exchanged for employee services and other stock-based
transactions. Stock-based compensation cost is measured at the
grant date, based on the fair value of the award, and is
recorded as compensation cost over the requisite service period.
The Company elected to adopt the modified prospective
application method provided by SFAS&nbsp;No.&nbsp;123(R) as
discussed in Note&nbsp;2.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Concentration of Credit Risk</I></B>&nbsp;&#151; Financial
instruments that potentially subject the Company to credit risk
consist primarily of cash and cash equivalents and accounts
receivable. The Company maintains substantially all of its cash
in two financial institutions, which are believed to be
high-credit, quality financial institutions. The Company grants
credit to customers in the ordinary course of business and
provides a reserve for potential credit losses. Such losses
historically have been within management&#146;s expectations
(see discussion related to significant customers in
Note&nbsp;14).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Fair Value of Financial Instruments</I></B>&nbsp;&#151;
The Company&#146;s financial instruments consist of accounts
receivable, accounts payable, and long-term debt. The current
carrying amounts of such instruments are considered reasonable
estimates of their fair market value, due to the short maturity
of these instruments or as a result of the competitive market
interest rates, which have been negotiated.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Comprehensive Income (Loss)</I></B>&nbsp;&#151;
Comprehensive income (loss) includes charges and credits to
equity that are not the result of transactions with
stockholders. Included in other comprehensive income (loss) for
the Company is the cumulative translation adjustment. These
adjustments are accumulated
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-10

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
within the consolidated statements of convertible redeemable
preferred stock and stockholders&#146; deficit under accumulated
other comprehensive income.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Derivative Instruments</I></B>&nbsp;&#151; The Company has
entered into financial instruments that constitute freestanding
derivative instruments. The Company accounts for these
arrangements in accordance with SFAS&nbsp;No.&nbsp;133,
<I>Accounting for Derivative Instruments and Hedging
Activities</I> (&#147;SFAS&nbsp;No.&nbsp;133&#148;), as well as
related interpretations. Derivative instruments are recognized
as either assets or liabilities in the balance sheets and are
measured at fair value with gains or losses recognized in
earnings or other comprehensive income depending on the nature
of the derivative. The Company determines the fair value of
derivative instruments based on available market data using
appropriate valuation models, giving consideration to all of the
rights and obligations of each instrument.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Beneficial Conversion</I></B>&nbsp;&#151; When the Company
issues debt or equity that is convertible into common stock at a
discount from the common stock fair value at the date the debt
or equity is issued, a beneficial conversion feature for the
difference between the fair value and the conversion price
multiplied by the number of shares issuable upon conversion is
recorded as a beneficial conversion charge or deemed dividend.
The beneficial conversion feature is presented as a discount to
the related debt or a deemed dividend to the related equity
holders, with an offsetting amount increasing additional paid-in
capital.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Business Segment Information</I></B>&nbsp;&#151; The
Financial Accounting Standards Board (&#147;FASB&#148;)
Statement of Financial Accounting Standards No.&nbsp;131,
<I>Disclosures about Segments of an Enterprise and Related
Information</I> (&#147;SFAS No.&nbsp;131&#148;), establishes
standards for reporting information about operating segments.
The Company is structured with eight distinct legal entities in
eight different countries; however, the Company operates in one
segment as each of its legal entities have similar economic
characteristics and each meets the criteria for aggregation as
defined in SFAS&nbsp;No.&nbsp;131. All of the Company&#146;s
operations involve the design, development, production and
distribution of fiber lasers, fiber amplifiers and related
optical components. As disclosed in Note&nbsp;14, the Company
monitors and maintains information on the sale of its products
into its various end markets, including (i)&nbsp;materials
processing, (ii)&nbsp;telecommunications, (iii)&nbsp;medical and
(iv)&nbsp;advanced applications, but the Company does not
maintain separate operating financial information for these end
markets or on any other basis. The Company&#146;s product lines,
customer base and manufacturing processes are similar throughout
the world, with little distinction between legal entity or
product end market. The Company has a single, company-wide
management team that administers all properties as a whole
rather than as discrete operating segments. The chief
decisionmaker measures financial performance as a single
enterprise and not on legal entity or end-market basis.
Throughout the year, the chief decisionmaker allocates capital
resources on a project-by-project basis across the
Company&#146;s entire asset base to maximize profitability
without regard to legal entity or end-market basis.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Recent Accounting Pronouncements</I></B>&nbsp;&#151; In
November 2004, the FASB issued SFAS&nbsp;No.&nbsp;151,
<I>Inventory Costs&nbsp;&#151; an amendment of ARB No.&nbsp;43,
Chapter&nbsp;4 </I>(&#147;SFAS&nbsp;No.&nbsp;151&#148;),
relating to inventory costs. This revision is to clarify the
accounting for abnormal amounts of idle facility expense,
freight, handling costs and wasted material (spoilage). This
statement requires that these items be recorded as a current
period charge regardless of whether they meet the criterion
specified in ARB No.&nbsp;43. In addition, this Statement
requires the allocation of fixed production overheads to the
costs of conversion be based on normal capacity of the
production facilities. SFAS&nbsp;No.&nbsp;151 is effective for
the Company for inventory costs incurred beginning after
January&nbsp;1, 2006. The adoption of SFAS&nbsp;No.&nbsp;151 did
not have a material effect on the Company&#146;s consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In July 2006, the FASB issued Financial Accounting Standards
Interpretation No.&nbsp;48, <I>Accounting for Uncertainty in
Income Taxes</I> (&#147;FIN&nbsp;48&#148;). FIN&nbsp;48
prescribes a recognition threshold and measurement process for
recording in the financial statements uncertain tax positions
taken or expected to be taken in a tax return. FIN&nbsp;48 also
provides guidance on derecognition, classification, interest and
penalties,
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-11

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
accounting in interim periods, disclosures and transitions.
FIN&nbsp;48 will be effective for the Company beginning
January&nbsp;1, 2007. The Company is currently analyzing the
effects, if any, of the adoption of FIN&nbsp;48, but does not
anticipate that the results of adoption will have a material
impact on its reported results of operations or financial
condition.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>2.</B></TD>
    <TD>
    <B>STOCK-BASED COMPENSATION (UNAUDITED)</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company adopted SFAS&nbsp;123(R) using the prospective
transition method. Under this method, compensation costs
recorded during the six months ended June&nbsp;30, 2006 include:
(a)&nbsp;compensation costs for all share-based payment awards
granted prior to, but not yet vested as of January&nbsp;1, 2006,
based on the intrinsic value in accordance with the original
provisions of APB&nbsp;25 and (b)&nbsp;compensation costs for
all share-based payment awards granted subsequent to
January&nbsp;1, 2006, based on the grant-date fair value
estimated in accordance with the provisions of SFAS&nbsp;123(R).
The Company allocates and records stock-based compensation
expense on a straight-line basis over the requisite service
period.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under SFAS&nbsp;No.&nbsp;123(R), the Company calculates the fair
value of stock option grants using the Black-Scholes
option-pricing model. Determining the appropriate fair value
model and calculating the fair value of stock-based payment
awards require the use of highly subjective assumptions,
including the expected life of the stock-based payment awards
and stock price volatility. The assumptions used in calculating
the fair value of stock-based payment awards represent
management&#146;s best estimates, but the estimates involve
inherent uncertainties and the application of management
judgment. As a result, if factors change and the Company uses
different assumptions, the Company&#146;s stock-based
compensation expense could be materially different in the
future. The weighted average assumptions used in the
Black-Scholes model were 6.25&nbsp;years for the expected term,
65% for the expected volatility, 4.75% for the risk-free rate
and 0% for dividend yield for the six months ended June&nbsp;30,
2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The weighted-average grant-date fair values of options granted
during the six months ended June&nbsp;30, 2006 were
$2.02&nbsp;per option. The intrinsic value of the options
exercised during the six months ended June&nbsp;30, 2006 was
$1,029,000.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The weighted average expected option term for 2006 reflects the
application of the simplified method set forth in Securities and
Exchange Commission Staff Accounting Bulletin, or SAB,
No.&nbsp;107, which was issued in March 2005. The simplified
method defines the life as the average of the contractual term
of the options and the weighted average vesting period for all
option tranches.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the calculation of expected volatility, because there is
currently no public market for the Company&#146;s common stock,
and therefore a lack of company-specific historical and implied
volatility information, the Company based its estimate of
expected volatility on the expected volatility of similar
entities whose share prices are publicly available. The Company
used the following factors to identify similar public entities:
industry, stage of life cycle, size and profitability. The
Company intends to continue to consistently apply this process
using the same or similar entities until a sufficient amount of
historical information regarding the volatility of its own share
price becomes available, or unless circumstances change such
that the identified entities are no longer similar to the
Company. In this latter case, more suitable, similar entities
whose share prices are publicly available, would be utilized in
the calculation.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As stock-based compensation expense recorded in the
Company&#146;s statement of operations for the six months ended
June&nbsp;30, 2006 is based on options ultimately expected to
vest, it has been reduced for estimated forfeitures.
SFAS&nbsp;123(R) requires forfeitures to be estimated at the
time of grant and revised, if necessary, in subsequent periods
if actual forfeitures differ from those estimates. The
stock-based compensation recorded for the six months ended
June&nbsp;30, 2006 reflects an estimated forfeiture rate of 5%.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-12

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
For the purposes of preparing the pro forma information required
under SFAS&nbsp;123 for the periods prior to fiscal 2006, the
Company accounted for forfeitures as they occurred.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with the prospective transition method, the
Company&#146;s financial statements for prior periods have not
been restated to reflect, and do not include, the impact of
SFAS&nbsp;123(R). Total employee stock-based compensation
expense recorded under SFAS&nbsp;123(R) for the six months ended
June&nbsp;30, 2006 was $126,000.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Incentive Plans</I></B>&nbsp;&#151; In April 2000, our
board of directors adopted the 2000 Incentive Compensation Plan,
or 2000 plan, and in February 2006, our board of directors
adopted the 2006 Incentive Compensation Plan, or 2006 plan,
which provide for the issuance of stock options and other stock
and non-stock based awards to the Company&#146;s directors,
employees, consultants and advisors. The Company reserved
8,750,000&nbsp;shares under the 2000 plan and
6,000,000&nbsp;shares under the 2006 plan for the issuance of
awards under the plans. In June 2006, our board of directors
adopted the Non-Employee Directors Stock Plan, or the directors
plan. Only non-employee directors are eligible to receive awards
under the directors plan. The Company reserved
250,000&nbsp;shares for issuance under the director plan. Under
the three plans, the Company may grant nonstatutory stock
options at an exercise price at least equal to the fair market
value of our common stock on the date of grant, unless the board
of directors or compensation committee determines otherwise on
the date of grant. Incentive stock options may be granted under
the 2000 plan and the 2006 plans at exercise prices equal to or
exceeding the fair market value of the common stock on the date
of grant. Options generally become exercisable over periods of
two to five years and expire seven to ten years from the date of
the grant. The awards under the 2000 plan and the 2006 plans may
become exercisable earlier upon the occurrence of certain change
of control events at the election of the board of directors or
compensation committee, and all awards under the directors plan
automatically become exercisable upon a change-of-control. At
June&nbsp;30, 2006, 4,790,034&nbsp;shares were available for
future grant under the option plans.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Stock Options</I></B>&nbsp;&#151; A summary of option
activity during the six months ended June&nbsp;30, 2006 is
presented below:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Weighted-</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Average</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Weighted-</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Remaining</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Average</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Contractual</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Term</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Price</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(In&nbsp;Years)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Outstanding&nbsp;&#151; January&nbsp;1, 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,879,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.52</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Granted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,696,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercised</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>894,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cancelled</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Forfeited</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Outstanding&nbsp;&#151; June&nbsp;30, 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,655,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.76</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercisable&nbsp;&#151; June&nbsp;30, 2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,248,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.19</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The aggregate intrinsic value of vested and exercisable stock
options was $9,000,000 at June&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The total compensation cost related to nonvested awards not yet
recorded at June&nbsp;30, 2006 was $3,400,000 which is expected
to be recognized over 4.5&nbsp;years on a weighted average basis.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-13

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>3.</B></TD>
    <TD>
    <B>INVENTORIES</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Inventories consist of the following (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Components and raw materials</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,637</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Work-in-process</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,872</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Finished goods</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>29,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>28,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>34,759</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company recorded inventory provisions totaling $8,321,000,
$0 and $2,370,000 in 2003, 2004 and 2005, respectively. These
provisions were recorded as a result of the changes in market
prices of certain components, the realizable value of those
inventories through finished product sales and uncertainties
related to the recoverability of the value of inventories due to
technological changes and excess quantities. These provisions
are reported as a reduction to components and raw materials and
finished goods.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROPERTY, PLANT, AND
EQUIPMENT</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Property, plant, and equipment consist of the following (in
thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Land</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,281</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Buildings</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,010</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Machinery and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>48,797</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Office equipment and fixtures</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,664</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Construction-in-progress</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,350</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total property, plant, and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>103,102</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accumulated depreciation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(36,594</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(40,711</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(45,557</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total property, plant, and equipment&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>45,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>50,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>57,545</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCRUED EXPENSES AND OTHER
LIABILITIES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accrued expenses and other liabilities consist of the following
(in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,666</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Customer deposits and deferred revenue</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,899</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued warranty</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,534</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,248</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-14

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>6.</B></TD>
    <TD>
    <B>FINANCING ARRANGEMENTS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s existing borrowings under financing
arrangements consist of the following (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Revolving Line-of-Credit Facilities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Euro Overdraft Facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,870</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.S.&nbsp;Demand Line of Credit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    IPFD Credit Facility (related party)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,641</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,011</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Term Debt:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.S.&nbsp;Construction Loan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,790</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Note&nbsp;Payable to Supplier</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Convertible Supplier Note</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,069</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Euro Construction Loan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,274</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NTO Note&nbsp;Payable to IPFD (related party)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other term debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,135</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total term debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,268</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Less current portion</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,995</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(10,438</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,301</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long-term debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>25,459</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,967</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Principal maturities of long-term debt as of December&nbsp;31,
2005 are as follows (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,438</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2007</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,306</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2008</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,994</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2009</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,866</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2010</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,134</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2011 and thereafter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,343</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>26,081</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Revolving
    <FONT style="white-space: nowrap">Line-of</FONT>-Credit
    Facilities:</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Euro Overdraft Facility</I>&nbsp;&#151; The Company maintains
a syndicated overdraft facility with available principal of
Euro&nbsp;4,395,500 (approximately $5,205,000 at
December&nbsp;31, 2005). Of the total amount,
Euro&nbsp;2,395,500 (approximately $2,837,000 at
December&nbsp;31, 2005) is available through March 2010 and
Euro&nbsp;2,000,000 (approximately $2,369,000 at
December&nbsp;31, 2005) is available through September 2006.
This facility bears interest at market rates that vary depending
upon the principal outstanding (from 7.5% to 8.0% at
December&nbsp;31, 2005). This facility and the Euro Construction
Loan are collateralized by a common pool of the assets of the
German entity. A portion of this loan is partially guaranteed by
the Company&#146;s largest stockholder. At December&nbsp;31,
2005, the remaining availability under the Euro Overdraft
Facility totaled $2,145,000.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-15

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>U.S.&nbsp;Demand Line of Credit</I>&nbsp;&#151; The Company
maintains a credit line with available principal of 75% of
eligible receivables, up to $3,000,000, on a revolving basis.
This facility bears interest at a variable rate of LIBOR plus
4.0% (8.37% at December&nbsp;31, 2005). The facility is payable
upon demand, and collateralized by all the assets held by the
U.S.&nbsp;parent company (including cross-collaterization by the
assets securing the U.S.&nbsp;Construction Loan) and is senior
to the IPFD Credit Facility and the Convertible Supplier Note,
which is no longer outstanding. At December&nbsp;31, 2005, the
remaining availability under the U.S.&nbsp;Demand Line of Credit
totaled $2,000,000.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Japanese Line of Credit</I>&nbsp;&#151; In September 2005,
the Company negotiated a credit line with available principal of
100% of eligible receivables, up to JPY 700,000,000
(approximately $5,939,000 at December&nbsp;31, 2005), on a
revolving basis. This facility bears interest at a fixed rate of
1.88% at December&nbsp;31, 2005. The facility is renewable
annually and collateralized by accounts receivable and inventory
in Japan. There is no outstanding balance on the credit line at
December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>IPFD Credit Facility</I>&nbsp;&#151; The Company maintains a
credit line with available principal of $4,600,000 on a
revolving basis with its affiliate and stockholder, IPFD.
Principal drawn under the facility bears interest at a rate
equal to the three-month LIBOR rate in effect on the date of the
drawdown plus 2%. The facility bears interest at a
weighted-average rate of 3.5% at December&nbsp;31, 2005. The
commitment period ended in March 2006, and the outstanding
principal is payable in 24 equal monthly installments with the
first installment commencing January&nbsp;1, 2007. The credit
facility is secured by certain inventory and equipment in the
U.S.&nbsp;At December&nbsp;31, 2005, there was no remaining
availability under the IPFD Credit Facility, and the outstanding
balance included $86,000 of accrued interest, which was paid in
January 2006. On July&nbsp;31, 2006, the IPFD Credit Facility
was paid down and terminated.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Debt:</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>U.S.&nbsp;Construction Loan</I>&nbsp;&#151; Outstanding
principal under the U.S.&nbsp;Construction Loan bears interest
at a fixed rate of 7.9% and is collateralized by the real estate
and building housing the Company&#146;s U.S.&nbsp;operations.
The outstanding principal is being repaid on a monthly basis
based upon a <FONT style="white-space: nowrap">20-year</FONT>
amortization schedule with a balloon payment due in January
2007. The U.S.&nbsp;Construction Loan contains certain
covenants, including maintenance of specific financial ratios.
Compliance with the financial covenants has been waived if the
Company maintains cash on deposit with the bank equal to the
principal amount of the loan. At December&nbsp;31, 2004, the
Company maintained with the bank, in a restricted cash account,
an amount equal to the principal amount of the loan, totaling
$6,348,000. As a result of a return to compliance with the
financial covenants, the cash held in the restricted account was
released in May 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Note&nbsp;Payable to Supplier</I>&nbsp;&#151; In connection
with a settlement with a component supplier, who subsequently
became a stockholder, the Company converted outstanding trade
payables into a three-year note payable, bearing interest at
4.0%. The Company repaid the note in May 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Convertible Supplier Note</I>&nbsp;&#151; In connection with
a settlement with a component supplier, who subsequently became
a stockholder, the Company issued a note with a face value
totaling $5,100,000. The note does not require any interest
payments. Upon issuance in 2003, the Company recorded a discount
totaling $726,000, reflecting imputed interest. During the years
ended December&nbsp;31, 2004 and 2005, imputed interest expense
totaling $235,000 and $247,000, respectively, was accreted to
the carrying value of the note. The Company can settle the note
prior to August 2006 for cash totaling $5,100,000 or by issuing
2,684,211&nbsp;shares of Series&nbsp;D preferred stock. Only
upon a change in control of the Company or other events of
default, the note can, at the option of the holder, be converted
to 2,684,211&nbsp;shares of Series&nbsp;D or immediately settled
in cash. In August 2006, the note was fully settled in cash.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-16

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Euro Construction Loan</I>&nbsp;&#151; The Company maintains
a financing agreement with a syndicate of banks used to finance
construction of a manufacturing facility in Germany and to meet
the working capital needs of the German operation. Principal and
interest payments are due semiannually through March 2010.
Interest accrues at 5.25%. A portion of this loan is personally
guaranteed by the Company&#146;s largest stockholder.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>NTO Note&nbsp;Payable to IPFD</I>&nbsp;&#151; At
December&nbsp;31, 2004 and 2005, there was an unsecured $560,000
note payable to IPFD, maturing in January 2006. Interest accrues
at 4.4% annually. The principal balance includes $91,000 and
$35,000 of accrued interest at December&nbsp;31, 2004 and 2005,
respectively. The note was repaid in May 2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Other Term Debt</I>&nbsp;&#151; Other term debt consists
principally of Euro-denominated notes payable with fixed and
variable rates ranging from 4.2% to 6.5% and various maturities
ranging from 2006 to 2019. At December&nbsp;31, 2005, the amount
includes a new Euro 1,780,000 (approximately $2,108,000 at
December&nbsp;31, 2005) mortgage negotiated in 2005 to finance
part of the acquisition costs of a new building in Germany.
These notes are collateralized by property, plant, and equipment
in Germany. A portion of one loan, with a principal balance of
$2,059,000, is personally guaranteed by the Company&#146;s
largest stockholder.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>7.</B></TD>
    <TD>
    <B>CONVERTIBLE REDEEMABLE PREFERRED STOCK, PREFERRED STOCK AND
    WARRANTS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Preferred Stock</I></B>&nbsp;&#151; The Company has
authorized 15,000,000&nbsp;shares of preferred stock, par value
of $0.0001, of which 500,000&nbsp;shares have been designated as
Series&nbsp;A convertible preferred stock (the
&#147;Series&nbsp;A&#148;), 3,800,000&nbsp;shares have been
designated as Series&nbsp;B convertible redeemable preferred
stock (the &#147;Series&nbsp;B&#148;), and 5,400,000&nbsp;shares
have been designated as Series&nbsp;D convertible redeemable
preferred stock (the &#147;Series&nbsp;D&#148;).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The rights and preferences of the outstanding preferred stock
are as follows:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Dividends</I>&nbsp;&#151; The holders of the Series&nbsp;A,
Series&nbsp;B, and Series&nbsp;D are not entitled to dividends
at any fixed rate, but are entitled to receive cumulative
dividends at the rate paid, if any, on the common shares.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Liquidation</I>&nbsp;&#151; In the event of any voluntary or
involuntary liquidation or dissolution of the Company, each
holder of the Series&nbsp;A, Series&nbsp;B, and Series&nbsp;D is
entitled to be paid, before any distributions are made to the
common stockholders or other junior stockholders, a liquidation
preference. The holders of the Series&nbsp;A, Series&nbsp;B, and
Series&nbsp;D also are entitled to receive their preference
values in a merger of the Company. The holders of the
Series&nbsp;A, Series&nbsp;B, and Series&nbsp;D are entitled to
be paid an amount equal to the preference value of $10.00,
$25.00 and $1.90&nbsp;per share, respectively, plus, in each
case, accrued and unpaid dividends. If the assets of the Company
are not sufficient to generate cash sufficient to pay, in full,
the Series&nbsp;A, Series&nbsp;B, and Series&nbsp;D preference
values, the holders of the Series&nbsp;A, Series&nbsp;B, and
Series&nbsp;D will be entitled to share ratably in any
distribution of cash generated by assets in accordance with the
respective amounts that would have been payable in such
distribution if the amounts to which the holders of the
Series&nbsp;A, Series&nbsp;B, and Series&nbsp;D are entitled
were paid in full. After such distributions, the holders of the
Series&nbsp;A and Series&nbsp;D do not participate in any
further distributions. The holders of the Series&nbsp;B
participate in further distributions available for the common
shares in the amount that would have been payable per share if
the Series&nbsp;B had been converted to common shares. If the
total payout to the stockholders of the Series&nbsp;B exceeds
$100.00&nbsp;per share, the preference amount declines linearly
from $25.00&nbsp;per share to $0 as the participation amount
payout increases from $100.00 to $125.00.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Voting Rights</I>&nbsp;&#151; The holders of the
Series&nbsp;A and Series&nbsp;D are entitled to vote as separate
classes with respect to the matters regarding the respective
rights and preferences of their class of shares. The
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-17

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
holders of Series&nbsp;A are not entitled to vote on any other
matters. The holders of the Series&nbsp;B and Series&nbsp;D are
entitled to vote on matters with holders of common shares in an
amount equal to the number of common shares into which the
Series&nbsp;B and Series&nbsp;D are then convertible. The
holders of Series&nbsp;B are also entitled to vote together as a
separate class to elect one director of the Company. In
addition, without approval of the majority of the Series&nbsp;B
stockholders, the Company is restricted from issuing any equity
security or convertible securities with equity participation
ranking senior to the Series&nbsp;B, changing the nature of the
Company&#146;s business, altering the Company&#146;s certificate
of incorporation or by-laws with the effect of altering the
rights of the Series&nbsp;B, increasing the authorized shares of
Series&nbsp;B or, with certain exceptions, redeeming capital
stock, or declaring or paying dividends, or making distributions
of the Company&#146;s assets.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Redemption</I>&nbsp;&#151; At the election of the holders of
a majority of the outstanding Series&nbsp;B, the Company is
obligated to redeem up to 33.3% after April&nbsp;15, 2007, up to
66.7% after August&nbsp;25, 2007, and up to 100% after
August&nbsp;25, 2008, of the outstanding Series&nbsp;B at a
redemption price equal to $25.00&nbsp;per share, plus accrued
but unpaid dividends. In the event that the Company has
insufficient funds to redeem the shares, the Series&nbsp;B will
accrue interest at an annual rate equal to the prime rate, plus
3%, until redeemed. In the event that the holders of
Series&nbsp;B exercise their redemption rights, the
Series&nbsp;D holders are entitled to redeem their shares at a
redemption price of $1.90&nbsp;per share upon the same
conditions and restrictions as the holders of Series&nbsp;B and
at the same time as the holders of Series&nbsp;B. The Company
has no right to redeem any of the preferred stock.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Series&nbsp;B is being accreted to its redemption value
through the redemption dates. Accretion totaled $2,352,000,
$2,351,000, and $2,351,000 for each of the years ended
December&nbsp;31, 2003, 2004, and 2005, respectively.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Conversion</I>&nbsp;&#151; The Series&nbsp;A, Series&nbsp;B
and Series&nbsp;D are convertible into the number of shares of
common stock of the Company as is determined by dividing their
respective preference values by their respective conversion
values then in effect. As of December&nbsp;31, 2005, the
preference values of the Series&nbsp;A, Series&nbsp;B, and
Series&nbsp;D are $10.00, $25.00 and $1.90&nbsp;per share,
respectively, and the conversion values are $9.10, $21.91 and
$1.90&nbsp;per share, respectively. Given the repayment of the
Convertible Supplier Note in August 2006, the conversion prices
of the preferred stock will be adjusted pursuant to the terms of
the preferred stock (see Note&nbsp;6). The conversion price
adjusts in certain circumstances defined by the respective terms
of the different series of preferred stock, including the
issuances of stock, options, warrants or other rights to
purchase equity at prices below the then-applicable conversion
price of the respective preferred stock, subject to exceptions
including the issuance of equity-based instruments under
employee and director compensation plans. As of
December&nbsp;31, 2005, the Series&nbsp;A, Series&nbsp;B, and
Series&nbsp;D are convertible at the holder&#146;s option at any
time. In December 2005 and January 2006, the conversion rights
and obligations of the Series&nbsp;B and Series&nbsp;A,
respectively, were amended to modify their automatic conversion
right into common shares upon public offerings which meet
specific conditions.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon a public offering generating gross proceeds to the Company
of at least $35,000,000, at or above $3.00&nbsp;per share, and
if the common shares are listed on the New York Stock Exchange
or the NASDAQ Global Market, all Series&nbsp;A automatically
convert into common stock at the lower of the conversion price
then in effect or the offering price to the public. Upon a
&#147;qualified public offering,&#148; all of the Series&nbsp;B
automatically converts into subordinated debt and common shares.
A qualified public offering is one (i)&nbsp;that generates gross
proceeds to the Company of at least $75.0&nbsp;million,
(ii)&nbsp;that offers the shares of the Company&#146;s common
stock at or above a price of $3.00&nbsp;per share,
(iii)&nbsp;that is listed for trading on the New York Stock
Exchange or quoted on the NASDAQ Global Market, and (iv)&nbsp;in
which either the Company repurchases all of the warrants to
purchase its common stock that were granted to the holders of
the Series&nbsp;B or the holders are permitted to exercise them
and sell the common stock acquired upon exercise in the
offering. In a qualified public offering, the holders of the
Series&nbsp;B will receive consideration equal to the greater of
(A)&nbsp;what the holders of the Series&nbsp;B would have
received if the
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-18

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Company were sold to a third party using the public offering
price to compute the total sale price, which amount would have
included the liquidation preference of the Series&nbsp;B plus an
additional participation amount, as set forth in the
Company&#146;s certificate of incorporation, and (B)&nbsp;what
the holders of the Series&nbsp;B would have received if it
converted upon the public offering at the following per share
conversion prices: (x)&nbsp;$10.00, if the price to the public
is equal to or greater than $3.00 and less than $25.00;
(y)&nbsp;the price to the public divided by a factor of 2.5, if
the offering price per share is equal to or greater than $25.00
and less than $62.50; and (z)&nbsp;$25.00, if the price to the
public in the qualified public offering is equal to or greater
than $62.50. The consideration that the holders of the
Series&nbsp;B will receive upon a qualified public offering
consists of subordinated three-year notes totaling $20,000,000
in principal amount and the remainder in the form of the
Company&#146;s common stock valued at the per share offering
price to the public in the qualified public offering. The
subordinated notes will bear interest at the greater of the
short-term applicable Federal rate, as published by the Internal
Revenue Service in regular Revenue Rulings, or 4% in the first
year, 7% in the second year and 10% in the third year.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of the outstanding Series&nbsp;D automatically converts into
common stock of the Company upon (i)&nbsp;a public offering of
the Company&#146;s common stock at a price at or above
$1.90&nbsp;per share or a merger or sale of the Company in which
the holders of the Series&nbsp;D would be entitled to
$1.90&nbsp;per share or more, or such lesser amount approved by
the Series&nbsp;A and Series&nbsp;B holders, provided that the
holders of the Series&nbsp;A, Series&nbsp;B and Series&nbsp;D
receive an amount equal to that which they would be entitled to
receive in a liquidation of the Company, or (ii)&nbsp;the
conversion of all of the Series&nbsp;A and Series&nbsp;B. The
Series&nbsp;D will convert into common stock of the Company at a
rate of 0.94 shares of common stock for each share of
Series&nbsp;D.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 2005, the Series&nbsp;A, Series&nbsp;B, and
Series&nbsp;D were convertible into 536,264, 4,335,920, and
2,684,211&nbsp;shares of common stock, respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The issuance of certain shares of common stock and the
Series&nbsp;D in 2003 resulted in an adjustment to the
conversion ratios of the Series&nbsp;A and Series&nbsp;B, and
such price protection or antidilution features constitute a
contingent beneficial conversion feature in the Series&nbsp;A
and Series&nbsp;B. The Company recorded a beneficial conversion
charge (deemed dividend) of approximately $5,242,000 in 2003
arising from these contingent beneficial conversion features.
Future issuances of equity instruments that are deemed to be
antidilutive to the holders of the Series&nbsp;A and
Series&nbsp;B will result in additional beneficial conversion
charges (deemed dividends).
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 2004, two employees exercised 120,000 stock options and
paid the exercise price with 12,000&nbsp;shares of Series&nbsp;A.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Investor Rights</I></B>&nbsp;&#151; The holders of the
Series&nbsp;B have the right to designate one person to the
Company&#146;s board of directors and a right of last refusal,
as well as co-sale and preemptive rights along with the holders
of the Series&nbsp;D. The holders of the Series&nbsp;A have
co-sale rights. These rights terminate upon a qualifying public
offering. In addition, holders of the Company&#146;s preferred
stock and certain other stockholders have demand and
&#147;piggy-back&#148; rights that require the Company to
register their shares for resale on a best efforts basis with no
stated penalty for failing to register their shares. If
registration rights are exercised, the Company agreed to pay
registration expenses, other than underwriting discounts and
commissions, and the Company agreed to indemnify the selling
stockholders for material misstatements or omissions in the
registration statement attributable to the Company. The Company
also agreed to indemnify the holders of the Series&nbsp;B,
subject to certain exceptions, for damages, expenses, or losses
arising out of any third-party claim relating to their status as
a stockholder, director or control person of the Company or
otherwise relating to their involvement with the Company.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Warrants</I></B>&nbsp;&#151; In connection with the
issuance of the Series&nbsp;B, the Company issued Series&nbsp;B
Warrants to purchase, in the aggregate, $47,500,000 of the
Company&#146;s common stock at an equivalent per-share price of
50% of the fair value on the date of an initial public offering
of common stock or the sale, merger or liquidation of the
Company. The Warrants are exercisable only upon the merger or
liquidation
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-19

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
of the Company, the sale of all of the Company&#146;s assets or
stock or an underwritten initial public offering of the
Company&#146;s common stock. In December 2005, the term of the
warrants was extended from August&nbsp;30, 2007 to
April&nbsp;15, 2008, and the Company obtained the right to
repurchase them for $23,750,000, less underwriting discount and
fees applicable to an initial public offering of shares. The
Series&nbsp;B Warrants constitute freestanding derivatives that
are accounted for as liabilities at fair value, which is
estimated to be $13,899,000 and $14,644,000, at
December&nbsp;31, 2004 and 2005, respectively. The Series&nbsp;B
Warrants are a binary financial instrument with a fair value of
either $23,750,000 if the Series&nbsp;B Warrants are exercised
prior to their expiration or zero if the term of the
Series&nbsp;B Warrants expires before they are exercised. At
each balance sheet date, the fair value of the Series&nbsp;B
Warrants is estimated by the Company by assessing the
probability that the Series&nbsp;B Warrants will be exercised
prior to their expiration. To calculate the estimated fair
value, the determined probability percentage is multiplied by
the total potential value of the Series&nbsp;B Warrants. A
discount relating to the time value of money is applied to the
estimated value if the Series&nbsp;B Warrants are not expected
to be exercised within twelve months. As freestanding derivative
instruments, changes in fair value of the Series&nbsp;B Warrants
are recognized in earnings and reported as other income
(expense). For the years ended December&nbsp;31, 2003, 2004, and
2005, the fair value of the Series&nbsp;B Warrants increased by
$3,664,000, $615,000, and $745,000, respectively.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Reserved Shares</I></B>&nbsp;&#151; In addition to the
shares of common stock reserved for issuance under the
Company&#146;s stock option plan, the Company agreed to reserve
a sufficient number of shares of common stock for potential
conversion of the Series&nbsp;A, Series&nbsp;B, and
Series&nbsp;D and for the exercise of outstanding warrants to
purchase common stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Notes&nbsp;Receivable From Issuances of
Shares</I></B>&nbsp;&#151; The Company has received notes from
an individual in connection with this individual&#146;s exercise
of 190,000 nonqualified stock options in March 2000, as well as
the issuance of 250,000&nbsp;shares of common stock in
connection with professional services. This individual later
became a member of the Company&#146;s Board of Directors. The
notes receivable have principal balances of $190,000 and
$250,000, accruing interest at 1.68% and 1.52%, respectively,
and are collateralized by 490,000&nbsp;shares of the
Company&#146;s common stock. In September 2003, the loans to
this individual were converted from recourse to nonrecourse,
resulting in a stock-based compensation charge totaling $496,000
in 2003. Subsequent to the September 2003 modification, the
shares of restricted stock underlying these loans, along with
any newly issued loans granted in connection with stock-based
compensation arrangements, require variable plan accounting. The
appreciation in the fair value of the underlying common stock
was such that the total compensation calculated was less than
the cumulative amount previously recognized under fair value
accounting and no further compensation expense was recorded in
the years ended December&nbsp;31, 2003, 2004, and 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 2001, an employee exercised stock options and paid the
exercise price and taxes with a nonrecourse note payable in a
principal amount of $23,000 with a weighted-average interest
rate of 4.76%.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes receivable are presented in the consolidated balance
sheets as an increase in stockholders&#146; deficit. Interest
income recognized from these notes totaled approximately
$12,000, $10,000, and $8,000 during the years ended
December&nbsp;31, 2003, 2004, and 2005, respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In July and August 2006, the loans and accrued interest, with
the exception of one loan with a principal balance of $23,000,
were settled.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Minority Interests</I></B>&nbsp;&#151; Minority interests
reported in the accompanying consolidated financial statements
consist of the 20% of IPG Fibertech S.r.l., Italy
(&#147;Fibertech&#148;) held by the management of Fibertech; 49%
of NTO IRE-POLUS, Russia (&#147;NTO&#148;) held by certain
Company employees and other parties; 20% of IPG Photonics
(Japan) Ltd., Japan (&#147;IPG Japan&#148;) held by the
Company&#146;s Japanese distributor which also holds shares of
the Company&#146;s common stock; and 10% of IPG Photonics
(Korea) (&#147;IPG Korea&#148;) held by the management of IPG
Korea. During 2004 and 2005, the minority stockholders
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-20

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
of IPG Korea and IPG Japan contributed $142,000 and $11,000,
respectively, in capital in connection with the formation of
those companies.
</DIV>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>8.</B></TD>
    <TD>
    <B>RELATED-PARTY TRANSACTIONS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2001, the Company loaned three officers of the Company,
including the Company&#146;s chief executive officer, a total of
$6,736,000, bearing interest as of December&nbsp;31, 2005, at a
weighted-average interest rate of 2.15%. In July 2003,
$1,681,000 in outstanding principal and interest was repaid by
the chief executive officer. In January 2006, a former officer
repaid $786,000 principal and $249,000 accrued interest to the
Company. Interest earned and accrued on such loans totaled
$233,000 during 2003, $127,000 during 2004, and $130,000 in
2005, and has been included in the carrying value of the loans.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 2004 and 2005, the Company had an amount
payable to IPFD totaling $4,600,000 and $4,686,000,
respectively, under the IPFD Credit Facility discussed in
Note&nbsp;4. Interest expense on the IPFD Credit Facility
totaled $106,000, $156,000 and $161,000 for the years ended
December&nbsp;31, 2003 2004, and 2005, respectively. In
addition, during 2004, the Company purchased optical components
from IPFD for $297,000.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 2004 and 2005, there was a $560,000 note
payable to IPFD from NTO, maturing on December&nbsp;31, 2007.
Interest expense, accruing at 4.4% annually, for the years ended
December&nbsp;31, 2003, 2004, and 2005 totaled $30,000, $20,000,
and $25,000, respectively, and has been included in the carrying
value of the note.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On July&nbsp;31, 2006, IPFD purchased from the chief executive
officer 1,156,005&nbsp;shares of the Company&#146;s common stock
in exchange for $357,000 in cash and $4.6&nbsp;million in the
form of the assignment of the amounts due under the IPFD Credit
Facility. Simultaneously, the Company exchanged with the chief
executive officer the note due from him with a remaining
principal amount of $5.0&nbsp;million for $357,000 in cash and
$4.6&nbsp;million in the form of the assignment of amounts due
under the IPFD Credit Facility. As a result of these
transactions, the IPFD Credit Facility and the note receivable
from the chief executive officer were fully repaid and were no
longer outstanding.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, the remaining principal and accrued interest due
from the other officers were repaid in August&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In November 2003, NTO advanced $175,000 to an officer of the
Company. The loan was secured by real property. In 2004, the
officer repaid $103,000 and, in 2005, the remaining outstanding
principal of $72,000 was repaid.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In November 2004, the chief executive officer provided a
personal guarantee for the U.S.&nbsp;Demand Line of Credit for
the Company. In consideration of the personal guarantee, the
Company approved a guarantee fee to the executive equal to
interest on his loan from the Company (with a tax gross-up) for
each quarter that the U.S.&nbsp;Demand Line of Credit is
outstanding. The Company paid $16,000 in 2004 and $136,000 in
2005 related to the guarantee fee.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company leased office space from IPFD and reimbursed IPFD
for general and administrative expenses. The costs related to
the lease and services totaled $115,000, $148,000 and $116,000
in 2003, 2004 and 2005, respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 2004, the Company had an amount payable
under the Convertible Supplier Note totaling $3,349,000 as
discussed in Note&nbsp;6. Interest expense on the Convertible
Supplier Note totaled $91,000, $187,000 and $45,000 for the
years ended December&nbsp;31, 2003, 2004, and 2005,
respectively. The Company repaid the total amount of outstanding
principal and accrued interest in May 2005.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In November 2004, a minority stockholder of IPG Japan that is
unaffiliated with the Company advanced $970,000 to IPG Japan,
which has been reported in the consolidated balance sheet under
the caption accrued expenses and other liabilities. In February
2005, the amount was repaid to the minority stockholder.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-21

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>9.</B></TD>
    <TD>
    <B>NET INCOME (LOSS)&nbsp;PER SHARE</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company follows
EITF&nbsp;<FONT style="white-space: nowrap">03-6,</FONT>
<I>Participating Securities and the Two-Class&nbsp;Method under
FASB Statement&nbsp;128</I> (&#147;EITF 03-6&#148;), which
established standards regarding the computation of net income
(loss) per share by companies that have issued securities other
than common stock that contractually entitle the holder to
participate in dividends and earnings of the company.
EITF&nbsp;<FONT style="white-space: nowrap">03-6</FONT> requires
earnings available to common stockholders for the period, after
deduction of preferred stock accretion and deemed dividends
related to beneficial conversion features, to be allocated
between the common and convertible securities based on their
respective rights to receive dividends. Basic net income (loss)
per share is then calculated by dividing income (loss)
applicable to common stockholders by the weighted average number
of shares outstanding. The Company&#146;s preferred stock does
not participate in losses, and therefore is not included in the
computation of net loss per share, as applicable.
EITF&nbsp;<FONT style="white-space: nowrap">03-6</FONT> does not
require the presentation of basic and diluted net income (loss)
per share for securities other than common stock; therefore, the
following per share amounts only pertain to the Company&#146;s
common stock.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company calculates diluted net income (loss) per share under
the if-converted method unless the conversion of the convertible
preferred stock is anti-dilutive to basic net income (loss) per
share. To the extent convertible preferred stock is
anti-dilutive, the Company calculates diluted net income (loss)
per share under the two-class method to include the effect of
potential common shares.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The share count used to compute basic and diluted net income
(loss) per share is calculated as follows (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted-average common shares outstanding used to compute basic
    net income per share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Add dilutive common equivalents:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock options</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,295</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;A preferred stock&nbsp;&#151; if converted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>536</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;B preferred stock&nbsp;&#151; if converted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;D preferred stock&nbsp;&#151; if converted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Convertible supplier note payable&nbsp;&#151; if converted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares used to compute diluted net income per share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,584</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a summary of the securities outstanding during
the respective periods that have been excluded from the
calculations because the effect on net income (loss) per share
would have been anti-dilutive (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock options</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>964</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;A preferred stock&nbsp;&#151; if converted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;B preferred stock&nbsp;&#151; if converted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,377</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Series&nbsp;D preferred stock&nbsp;&#151; if converted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Convertible supplier note payable&nbsp;&#151; if converted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Series&nbsp;B Warrants are only exercisable upon the
completion of an initial public offering of the Company&#146;s
common stock or the sale, liquidation, or merger of the Company
and, as such, any shares that would be issued upon the exercise
of the Series&nbsp;B Warrants have been excluded from the
computations of net income (loss) per share for all periods
presented.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-22

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth the computation of basic and
diluted net income (loss) per share (in thousands, except per
share data):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Calculation of basic net income per share&nbsp;&#151;
    two-class method:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(28,210</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,118</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accretion of series&nbsp;B preferred stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,352</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,351</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,351</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,176</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,037</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Beneficial conversion feature</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,242</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Subtotal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(35,804</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(339</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,081</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Percent of net income (loss) allocable to common stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) allocable to common stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(35,804</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(339</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,277</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted average common shares outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basic net income (loss) per share&nbsp;&#151; two-class method</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.93</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.01</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Calculation of diluted net income per share:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss) allocable to common stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(35,804</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(339</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,277</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense on convertible supplier note payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>127</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income allocable to anti-dilutive convertible preferred</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>341</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(35,804</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(339</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,745</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted average diluted shares outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,584</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Diluted net income (loss) per share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.93</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.01</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.10</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Six Months Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Year Ended December&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>June&nbsp;30,</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2006</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(unaudited)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted average common shares outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted average dilutive convertible preferred stock</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,220</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted average anti-dilutive convertible preferred stock
    outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,377</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Weighted average common shares and preferred shares outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>46,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>47,982</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Percent of net income (loss) allocable to common stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>87</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Percent of net income (loss) allocable to dilutive convertible
    preferred stockholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B>10.</B></TD>
    <TD>
    <B>COMMITMENTS AND CONTINGENCIES</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Operating Leases</I></B>&nbsp;&#151; The Company leases
certain facilities under cancelable and noncancelable operating
lease agreements which expire through June 2010. In addition,
the Company leases capital
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-23

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
equipment under several operating leases. Rent expense for the
years ended December&nbsp;31, 2003, 2004, and 2005, totaled
$263,000, $633,000, and $570,000, respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Commitments under the noncancelable lease agreements as of
December&nbsp;31, 2005, are as follows (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Years Ending December&nbsp;31</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Facilities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Equipment</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,094</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2007</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>787</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2008</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>502</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2009</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>390</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2010</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>338</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2011</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>275</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,386</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Employment Agreements</I></B>&nbsp;&#151; The Company has
entered into employment agreements with certain members of
senior management. The terms of these agreements are up to two
years and include noncompete and nondisclosure provisions, as
well as provide for defined severance payments in the event of
termination.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Product Sales Agreement</I></B>&nbsp;&#151; In August
2003, the Company settled a contract dispute and related
litigation with a component supplier. Under the terms of the
settlement, the Company entered into two supply agreements,
pursuant to which (a)&nbsp;the Company agreed to sell to the
component supplier certain products at discounted amounts and
(b)&nbsp;the Company agreed to purchase from the component
supplier certain percentages (but not fixed dollar amounts) of
the Company&#146;s external requirements, if any, for specified
components for five years. The Company sold products to the
supplier totaling $119,000 in 2005, $189,000 in 2004, and
$38,000 in 2003.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Other</I></B>&nbsp;&#151; In 2004, the German tax
authorities commenced a review of the Company&#146;s German
income tax filings for the years 1999 through 2002. Management
does not believe that any adjustments to amounts previously
reported on the Company&#146;s German income tax returns will
have a material impact on the Company&#146;s consolidated
financial position or results of operations.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B>11.</B></TD>
    <TD>
    <B>LEGAL PROCEEDINGS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In April 2005, the Company was sued for patent infringement
relating to optical fiber. The plaintiff has made a complaint
with unspecified damages. The Company answered the complaint on
June&nbsp;2, 2005, and filed a counterclaim, denying
infringement and raising additional defenses. On the same day,
the plaintiff in the case filed its complaint, the plaintiff
requested that the United States Patent and Trademark Office
reexamine the plaintiff&#146;s patent, and the patent office
granted that request. In view of the pending reexamination, the
litigation was stayed until the conclusion of the patent office
reexamination. The patent expires in January 2011. The Company
believes it has meritorious defenses and intends to vigorously
contest the claims after the patent office concludes the
reexamination and the stay of litigation is lifted. As such, no
amounts have been accrued in respect of this contingency.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In June 2006, another company filed a claim against the Company
alleging infringement of a United States patent related to diode
pumping of single mode core optical fibers. The plaintiff in
this case seeks damages of over $20.0&nbsp;million, treble
damages and injunctive relief. The patent expires in June 2007.
The Company believes it has meritorious defenses and intends to
vigorously contest the claims. As such, no amounts have been
accrued in respect of this contingency.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-24

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B>12.</B></TD>
    <TD>
    <B>EMPLOYEE BENEFIT PLANS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Retirement Savings Plan</I></B>&nbsp;&#151; The Company
maintains a 401(k) retirement savings plan covering all of its
U.S.&nbsp;employees. The Company makes matching contributions
equal to 50% of the employee&#146;s pretax contributions,
subject to a maximum of 6% of eligible compensation.
Compensation expense related to the Company&#146;s contribution
to the plan for each of the years ended December&nbsp;31, 2003,
2004, and 2005, approximated $110,000, $157,000, and $263,000,
respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Employee Stock Option Plan</I></B>&nbsp;&#151; In March
2000, the stockholders approved the Company&#146;s 2000
Incentive Compensation Plan (the &#147;Plan&#148;). At
December&nbsp;31, 2005, 8,750,000 common shares have been
reserved for grant under the Plan and 211,168&nbsp;shares remain
available for future grants under the Plan. Options are subject
to the vesting provisions associated with each grant. These
provisions generally provide for vesting on a straight-line
basis over four years. All options expire 10&nbsp;years from the
date of grant.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compensation expense related to options previously awarded
(primarily during the year ended December&nbsp;31, 2000) was
deferred and amortized over the vesting period. During the years
ended December&nbsp;31, 2003 and 2004, the Company recorded
$2,203,000 and $903,000, respectively, of compensation expense
for these awards. No deferred compensation remained at
December&nbsp;31, 2004 related to any awards granted prior to
January&nbsp;1, 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the year ended December&nbsp;31, 2005, the Company
awarded options to purchase 947,000&nbsp;shares of the
Company&#146;s common stock that were deemed to have an
intrinsic value aggregating $118,000. Compensation expense for
these awards has been deferred and is being amortized on a
straight-line basis over the vesting period, which is generally
four years. During the year ended December&nbsp;31, 2005, the
Company recorded $7,000 of compensation expense related to the
2005 awards and will record approximately $29,000 annually
through 2009.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table presents a summary of the option activity
and related information:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Weighted-Average</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise Price</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Outstanding&nbsp;&#151; January&nbsp;1, 2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,311,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.03</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Granted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,148,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercised</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,375</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.07</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Forfeited</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,134,925</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.01</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Outstanding&nbsp;&#151; December&nbsp;31, 2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,323,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.02</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Granted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,036,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercised</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(445,451</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.87</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Forfeited</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(184,755</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Outstanding&nbsp;&#151; December&nbsp;31, 2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,730,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.02</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Granted</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,252,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Exercised</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,001,454</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Forfeited</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(101,383</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Outstanding&nbsp;&#151; December&nbsp;31, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,879,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1.06</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The weighted-average minimum value of the options granted to
employees in 2005 was $0.26 and in 2004 and 2003 was less than
$0.01.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-25

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Additional information regarding options outstanding at
December&nbsp;31, 2005, is as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Weighted-Average</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Remaining</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Number Exercisable at December&nbsp;31,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Contractual Life</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Outstanding</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Years)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    $1.00</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,876,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,594,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,018,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>48,526</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;1.25</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>947,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,359,849</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;2.57</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,373</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;3.00</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,750</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;3.50</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,675</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,879,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,650,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,069,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,450,173</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B>13.</B></TD>
    <TD>
    <B>INCOME TAXES</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The (loss) income before the impact of income taxes and minority
interests in consolidated subsidiaries for the years ended
December&nbsp;31, 2003, 2004, and 2005, consisted of the
following (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.S.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(21,040</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(1,637</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,211</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Foreign</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(9,496</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,722</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(30,536</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,933</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s benefit from (provision for) income taxes for
the years ended December&nbsp;31, 2003, 2004, and 2005,
consisted of the following (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    U.S.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Foreign</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(331</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(430</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,348</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(331</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,348</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Federal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(189</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(682</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    State</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(97</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(56</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Foreign</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,992</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Change in valuation allowance</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,617</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>998</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total deferred</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,732</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Benefit from (provision for) income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(4,080</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 2004, the Company completed audits performed by the
Internal Revenue Service for the years ended 2000 and 2001. The
completion of the audits allowed the Company to release
$1,569,000 of accrued tax contingencies related to those years
under audit. In addition, the benefit from (provision for)
income taxes is different from that which would be obtained by
applying the statutory federal income tax rate to income before
income taxes due primarily to the valuation allowance that has
been provided against the net operating losses that are not
deemed to be recoverable. The change in the valuation allowance
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-26

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
from 2004 to 2005 reflects the utilization of the deductions
associated with inventory provisions that had previously been
fully reserved.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A reconciliation of income tax expense at the U.S.&nbsp;federal
statutory income tax rate to the recorded tax benefit
(provision) is as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="67%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Tax at statutory rate</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(167</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(4,057</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Non-U.S.&nbsp;rate differential&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,010</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(658</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    State income taxes&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(18</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Resolution of prior year tax contingencies and reserves</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fair value adjustment to series B warrants</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,246</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(209</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(253</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stock compensation expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(749</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(307</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Change in valuation allowance</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,617</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>998</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(27</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(36</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(92</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(4,080</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The tax effects of temporary differences that give rise to
significant portions of the deferred tax assets and deferred tax
liabilities at December&nbsp;31, 2004 and 2005 are as follows
(in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="75%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Property, plant, and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(918</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(790</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Inventory provisions</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,961</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Allowances and accrued liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,433</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other tax credits</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,056</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net operating loss carryforwards</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,654</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Valuation allowance</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,389</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(19,391</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net deferred tax assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,923</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of December&nbsp;31, 2005, the Company has U.S.&nbsp;federal
and state tax net operating loss carryforwards available for
future periods of approximately $25,535,000 and $34,164,000. The
federal tax and state net operating loss carryforwards begin
expiring in 2022 and 2006, respectively. The Company has a net
operating loss carryforward in Germany totaling $6,648,000,
which may be carried forward indefinitely.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-27

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>IPG PHOTONICS CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</B>
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><B>14.</B></TD>
    <TD>
    <B>GEOGRAPHIC AND PRODUCT INFORMATION</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company markets and sells its products throughout the world
through both direct sales and distribution channels. The
geographic sources of the Company&#146;s net sales, based on
billing addresses of the Company&#146;s customers, for the years
ended December&nbsp;31, 2003, 2004, and 2005, are as follows (in
thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    United States and other North America</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>38,512</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    South America</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Europe:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Germany</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,137</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other including Eastern Europe/ CIS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,745</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Asia and Australia:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Japan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,354</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,215</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Rest of the World</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>422</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>96,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Sales are derived from products for different applications:
fiber lasers and diode lasers for materials processing, fiber
amplifiers for communications applications, fiber lasers for
medical applications, and fiber lasers and amplifiers for
advanced applications. Net sales for the years ended
December&nbsp;31, 2003, 2004, and 2005, for these product lines
are as follows (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Materials processing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>23,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>41,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,399</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Communications</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,751</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Medical</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,422</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Advanced applications</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,813</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>33,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>96,385</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has one customer that individually comprised 17%,
20%, and 13% of net sales during the years ended
December&nbsp;31, 2003, 2004, and 2005, respectively. Accounts
receivable related to this customer totaled approximately 13%
and 18% of the net accounts receivable balance at
December&nbsp;31, 2004, and 2005, respectively.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The geographic location of the Company&#146;s long-lived assets,
based on physical location of the assets, as of
December&nbsp;31, 2004 and 2005, is as follows (in thousands):
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    United States</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>23,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>27,071</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Germany</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>21,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22,107</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Russia</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,438</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>379</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>45,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>50,995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">F-28
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV align="center" style="font-size: 18.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
&nbsp;

<IMG src="b61608a1b6160801.jpg" alt="(Logo)">

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 2.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 10pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Through and
including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006 (the 25th day after the date of this prospectus), all
dealers effecting transactions in these securities, whether or
not participating in this offering, may be required to deliver a
prospectus. This is in addition to the dealers&#146; obligation
to deliver a prospectus when acting as underwriters and with
respect to their unsold allotments or subscriptions.
</DIV>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 51pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
&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;Shares
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 51pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="b61608a1b6160800.gif" alt="IPG LOGO">
</DIV>

<DIV align="center" style="font-size: 14.0pt;color: #000000; background: #ffffff; margin-top: 51pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Common Stock</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 54pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROSPECTUS</B>
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 30%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 54pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>Joint Book-Running Managers</I>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 16.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"><B>Merrill Lynch&nbsp;&#38; Co.</B></TD>
    <TD align="right"><B>Lehman Brothers</B></TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 27%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Needham&nbsp;&#38; Company, LLC</B>
</DIV>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff;">
<B>Jefferies&nbsp;&#38; Company</B>
</DIV>

<DIV align="center" style="font-size: 16.0pt;color: #000000; background: #ffffff;">
<B>Thomas Weisel Partners LLC</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2006
</DIV>

<DIV align="center" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PART&nbsp;II</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;13.</B></TD>
    <TD>
    <B><I>Other Expenses of Issuance and Distribution.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The following table sets forth the costs and expenses, other
than the underwriting discount, payable by us in connection with
the sale of common stock being registered. All amounts are
estimated except the SEC registration fee and the NASD filing
fee.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount to be Paid</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SEC registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,910</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    National Association of Securities Dealers Inc. fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Nasdaq Global Market listing fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing and mailing</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounting fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Directors and officers insurance</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>700,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;14.</B></TD>
    <TD>
    <B><I>Indemnification of Directors and Officers.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section&nbsp;145(a) of the Delaware General Corporation Law
provides, in general, that a corporation may indemnify any
person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the
corporation), because he or she is or was a director, officer,
employee or agent of the corporation, or is or was serving at
the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture,
trust or other enterprise, against expenses (including
attorneys&#146; fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the person in
connection with such action, suit or proceeding, if he or she
acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the
corporation and, with respect to any criminal action or
proceeding, had no reasonable cause to believe his or her
conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section&nbsp;145(b) of the Delaware General Corporation Law
provides, in general, that a corporation may indemnify any
person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in
the right of the corporation to procure a judgment in its favor
because the person is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of
the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys&#146; fees)
actually and reasonably incurred by the person in connection
with the defense or settlement of such action or suit if he or
she acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the
corporation, except that no indemnification shall be made with
respect to any claim, issue or matter as to which he or she
shall have been adjudged to be liable to the corporation unless
and only to the extent that the Court of Chancery or other
adjudicating court determines that, despite the adjudication of
liability but in view of all of the circumstances of the case,
he or she is fairly and reasonably entitled to indemnity for
such expenses which the Court of Chancery or other adjudicating
court shall deem proper.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section&nbsp;145(g) of the Delaware General Corporation Law
provides, in general, that a corporation may purchase and
maintain insurance on behalf of any person who is or was a
director, officer, employee or agent of the corporation, or is
or was serving at the request of the corporation as a director,
officer,
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any
such capacity, or arising out of his or her status as such,
whether or not the corporation would have the power to indemnify
the person against such liability under Section&nbsp;145 of the
Delaware General Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Article&nbsp;VIII of our Amended and Restated Certificate of
Incorporation that will become effective upon the closing of the
offering (Charter) provides that no director of our company
shall be personally liable to us or our stockholders for
monetary damages for any breach of fiduciary duty as a director.
This provision does not eliminate or limit the liability of any
of our directors or officers (1)&nbsp;for any breach of the
director&#146;s duty of loyalty to us or our stockholders,
(2)&nbsp;for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law,
(3)&nbsp;in respect of unlawful dividend payments or stock
redemptions or repurchases or (4)&nbsp;for any transaction from
which the director derived an improper personal benefit. In
addition, our Charter provides that if the Delaware General
Corporation Law is amended to authorize the further elimination
or limitation of the liability of directors, then the liability
of a director of our company shall be eliminated or limited to
the fullest extent permitted by the Delaware General Corporation
Law, as so amended.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Article&nbsp;VIII of the Charter further provides that any
repeal or modification of such article by our stockholders or an
amendment to the Delaware General Corporation Law will not
adversely affect any right or protection existing at the time of
such repeal or modification with respect to any acts or
omissions occurring before such repeal or modification of a
director serving at the time of such repeal or modification.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Article&nbsp;VI of the Charter and Section&nbsp;X of our Amended
and Restated By-laws that will become effective upon the closing
of the offering (By-laws) provide that, to the fullest extent
permitted by applicable law as it presently exists or may
hereafter be amended, we will indemnify any person (Covered
Person) who was or is made or is threatened to be made a party
or is otherwise involved in any action, suit or proceeding,
whether civil, criminal, administrative or investigative
(proceeding), by reason of the fact that he or she, or a person
for whom he or she is the legal representative, is or was a
director or officer of the company or, while a director or
officer of the company, is or was serving at the request of the
company as a director, officer, employee or agent of another
company or of a partnership, joint venture, trust, enterprise or
nonprofit entity, including service with respect to employee
benefit plans, against all liability and loss suffered and
expenses (including attorneys&#146; fees) reasonably incurred by
such Covered Person. However, we will be required to indemnify a
Covered Person in connection with a proceeding (or part thereof)
commenced by such Covered Person only if the commencement of
such proceeding (or part thereof) by the Covered Person was
authorized in the specific case by our board of directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, Article&nbsp;VI of the Charter and Section&nbsp;X
of the By-laws provide that the right of each of our directors
and officers to indemnification and advancement of expenses
shall not be exclusive of any other right now possessed or
hereafter acquired under any statute, provision of the Charter
or By-laws, agreement, vote of stockholders or otherwise.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have entered into indemnification agreements with each of our
directors and executive officers. These agreements provide that
we will indemnify each of our directors and executive officers
to the fullest extent permitted by law. In addition, our stock
purchase agreement with the holders of our series&nbsp;B
preferred stock provides indemnification to those holders,
including TA Associates and its associated investment funds, for
damages, expenses or losses arising out of, based upon or by
reason of any third party or governmental claims relating to
their status as a security holder, creditor, director, officer,
agent, representative or controlling person of our company, or
otherwise relating to their involvement with us.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We also maintain a general liability insurance policy which
covers certain liabilities of directors and officers of our
company arising out of claims based on acts or omissions in
their capacities as directors or officers.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In any underwriting agreement we enter into in connection with
the sale of common stock being registered hereby, the
underwriters will agree to indemnify, under certain conditions,
us, our directors, our officers and persons who control us
within the meaning of the Securities Act, as amended, against
certain liabilities.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;15.</B></TD>
    <TD>
    <B><I>Recent Sales of Unregistered Securities.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the past three years, we have sold and issued the
following unregistered securities:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;On December&nbsp;15, 2004, we sold 99,000&nbsp;shares
    of our common stock to Sujay Shetty, an individual, in exchange
    for 277,000&nbsp;shares of IPG Photonics (India) Private Limited;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;On August&nbsp;13, 2003, in connection with the
    settlement of a litigation between us and JDS Uniphase
    Corporation (JDSU), we issued to JDSU 2,684,211&nbsp;shares of
    our series&nbsp;D preferred stock having an aggregate
    liquidation value of $5,100,000, which shares are convertible
    into up to 2,684,211&nbsp;shares of our common stock, and we
    issued to JDSU a subordinated convertible note in the principal
    amount of $5,100,000, which note was convertible into
    2,684,211&nbsp;shares of our series&nbsp;D preferred stock and
    was repaid in August 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;On April&nbsp;4, 2003, we sold 500,000&nbsp;shares of
    our common stock to TEM Incorporated for $1,000,000; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;Since January&nbsp;1, 2003, we have granted options to
    purchase&nbsp;7,134,350&nbsp;shares of our common stock at
    exercise prices ranging from $1.00 to $4.30&nbsp;per share to
    employees, consultants and directors under our 2000 Incentive
    Compensation Plan, our 2006 Incentive Compensation Plan and our
    Non-Employee Directors Stock Plan. Since January&nbsp;1, 2003,
    we have issued 2,344,032&nbsp;shares of our common stock
    pursuant to the exercise of stock options for aggregate
    consideration of $2.3&nbsp;million.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The sales of securities described in items (1), (2)&nbsp;and
(3)&nbsp;above were deemed to be exempt from registration
pursuant to Section&nbsp;4(2) of the Securities Act and
Regulation&nbsp;D promulgated thereunder as transactions by an
issuer not involving a public offering. The issuance of the
securities described in item (4)&nbsp;above was deemed to be
exempt from registration pursuant to either Rule&nbsp;701
promulgated under the Securities Act as a transaction pursuant
to compensatory benefit plans approved by our board of directors
or Section&nbsp;4(2) of the Securities Act as transactions by an
issuer not involving a public offering. None of the sales of the
securities that we issued have involved the use of an
underwriter, and no commissions were paid in connection with the
sale of any of the securities that we issued.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;16.</B></TD>
    <TD>
    <B><I>Exhibits.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;See the Exhibit&nbsp;Index on the page immediately
preceding the exhibits for a list of exhibits filed as part of
this registration statement on
Form&nbsp;<FONT style="white-space: nowrap">S-1,</FONT> which
Exhibit&nbsp;Index is incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;Financial Statement Schedules
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All schedules have been omitted because they are not applicable.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD><B>ITEM&nbsp;17.</B></TD>
    <TD>
    <B><I>Undertakings.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned registrant hereby undertakes to provide to the
underwriter at the closing specified in the underwriting
agreements certificates in such denominations and registered in
such names as required by the underwriter to permit prompt
delivery to each purchaser.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the
Securities Act, and is, therefore,
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by the
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;For purposes of determining any liability under the
    Securities Act, the information omitted from the form of
    Prospectus filed as part of this Registration Statement in
    reliance upon Rule&nbsp;430A and contained in a form of
    prospectus filed by the registrant pursuant to
    Rule&nbsp;424(b)(1) or (4), or 497(h) under the Securities Act
    shall be deemed to be part of this registration statement as of
    the time it was declared effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;For the purpose of determining any liability under the
    Securities Act, each post-effective amendment that contains a
    form of prospectus shall be deemed to be a new registration
    statement relating to the securities offered therein and the
    offering of such securities at that time shall be deemed to be
    the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;For the purpose of determining liability under the
    Securities Act to any purchaser if the registrant is subject to
    Rule&nbsp;430C, each prospectus filed pursuant to
    Rule&nbsp;424(b) as part of a registration statement relating to
    an offering, other than registration statements relying on
    Rule&nbsp;430B or other than prospectuses filed in reliance on
    Rule&nbsp;430A, shall be deemed to be part of and included in
    the registration statement as of the date it is first used after
    effectiveness. Provided, however, that no statement made in a
    registration statement or prospectus that is part of the
    registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    first use, supersede or modify any statement that was made in
    the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such date of first use.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;That, for the purpose of determining liability of the
    registrant under the Securities Act to any purchaser in the
    initial distribution of the securities, the undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser:</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (i)&nbsp;Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule&nbsp;424;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (ii)&nbsp;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iii)&nbsp;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant; and</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (iv)&nbsp;Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>SIGNATURES</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the
registrant has duly caused this Amendment No.&nbsp;1 to the
Registration Statement on
Form&nbsp;<FONT style="white-space: nowrap">S-1</FONT> to be
signed on its behalf by the undersigned, thereunto duly
authorized, in the town of Oxford, Commonwealth of
Massachusetts, on September&nbsp;27, 2006.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT style="font-variant:SMALL-CAPS">IPG Photonics Corporation
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 48pt; ">

<TR style="font-size: 1pt;">
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Valentin P.
    Gapontsev<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Valentin
    P. Gapontsev<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Chief Executive
    Officer
    and<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the
    Board</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this
Amendment No.&nbsp;1 to the Registration Statement has been
signed by the following persons in the capacities and on the
dates indicated.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Valentin P.
    Gapontsev<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Valentin
    P. Gapontsev</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chief Executive Officer, Chairman of the Board and Director
    (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ <FONT style="font-variant:SMALL-CAPS">Timothy P.V. Mammen<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Timothy
    P.V. Mammen</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chief Financial Officer (Principal Financial Officer and
    Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT style="font-variant:SMALL-CAPS">*<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Robert
    A. Blair</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT style="font-variant:SMALL-CAPS">*<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Michael
    C. Child</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT style="font-variant:SMALL-CAPS">*<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>John
    H. Dalton</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT style="font-variant:SMALL-CAPS">*<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Henry
    E. Gauthier</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT style="font-variant:SMALL-CAPS">*<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>William
    S. Hurley</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT style="font-variant:SMALL-CAPS">*<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>William
    F. Krupke</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-5
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; ">

<TR style="font-size: 1pt;">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT style="font-variant:SMALL-CAPS">*<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Eugene
    Shcherbakov</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT style="font-variant:SMALL-CAPS">*<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV></FONT>Igor
    Samartsev</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    September&nbsp;27, 2006</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <BR>
    *By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <BR>
    /s/ <FONT style="font-variant:SMALL-CAPS">Valentin P.
    Gapontsev<BR>
    <DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Valentin
    P. Gapontsev<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>as
    Attorney-in-fact</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">II-6
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXHIBIT INDEX</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1</TD>
    <TD align="left" valign="top" nowrap>.1*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Underwriting Agreement</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.1**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Certificate of Incorporation of the
    Registrant</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.2**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Second Amended and Restated Certificate of Incorporation
    of the Registrant, to be effective at the completion of this
    offering</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.3**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    By-laws of the Registrant</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3</TD>
    <TD align="left" valign="top" nowrap>.4**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amended and Restated By-laws of the Registrant, to be
    effective at the completion of this offering</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.1*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Stock Certificate</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.2**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Registration Rights Agreement by and among the Registrant and
    the Investors named therein, dated as of August&nbsp;30, 2000,
    as amended</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>4</TD>
    <TD align="left" valign="top" nowrap>.3**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Registration Rights Agreement by and among the Registrant and
    JDS&nbsp;Uniphase Corporation, dated as of August&nbsp;13, 2003,
    as amended</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>5</TD>
    <TD align="left" valign="top" nowrap>.1*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Winston&nbsp;&#38; Strawn LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.1**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    2000 Incentive Compensation Plan</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.2**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    2006 Incentive Compensation Plan</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.3**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Non-Employee Directors Compensation Plan</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.4**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Non-Employee Directors Stock Plan</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.5**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Senior Executive Short-Term Incentive Plan</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.6**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Subordinated Note of the Registrant to be issued to
    holders of series&nbsp;B preferred stock</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.7**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Warrant to Purchase Common Stock of the Registrant
    issued to holders of series&nbsp;B preferred stock, as amended</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.8**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement by and between the Registrant and Valentin
    P. Gapontsev, dated as of March&nbsp;1, 2006</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.9**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Service Agreement by and between the Registrant and Eugene
    Shcherbakov, dated as of March&nbsp;1, 2006</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.10**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement by and between the Registrant and Tim
    Mammen, dated as of March&nbsp;1, 2006</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.11**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement by and between the Registrant and Angelo P.
    Lopresti, dated as of March&nbsp;1, 2006</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.12**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement by and between the Registrant and Denis
    Gapontsev, dated as of March&nbsp;1, 2006</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.13**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Indemnification Agreement between the Registrant and
    each of its Directors and Executive Officers</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.14**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Option Agreement under the 2000 Incentive
    Compensation Plan</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.15**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Option Agreement under the 2006 Incentive
    Compensation Plan</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.16**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Option Agreement under the 2006 Non-Employee
    Directors Stock Plan</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.17**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Confidentiality, Non-Competition and Confirmatory
    Assignment Agreement</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.18**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Construction Loan Agreement, dated as of April&nbsp;28, 2000,
    between the Registrant and Family Bank, FSB, as amended</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.19**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Loan and Security Agreement, dated as of November&nbsp;15, 2004,
    between the Registrant and BankNorth, N.A. as Lender, as amended</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.21</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment, Research and Development Agreement between the
    Registrant, IPG Laser GmbH, IPG Fibertech S.R.L. and NTO
    IRE-Polus, dated as of August&nbsp;30, 2000</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.22</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Investment Agreement between NTO IRE-Polus and IPG Laser GmbH,
    dated as of March&nbsp;1, 2001</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.23</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Loan and Security Agreement between the Registrant and IP Fibre
    Devices (UK) Ltd., dated as of August&nbsp;23, 2002</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.24</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Non-Recourse Promissory Note between the Registrant and
    Valentin&nbsp;P. Gapontsev, dated April&nbsp;1, 2003</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="3" align="center" nowrap><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.25</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Non-Recourse Promissory Note between the
    Registrant and John&nbsp;H. Dalton, dated April&nbsp;13, 2001</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.26</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Stock Purchase Agreement of John&nbsp;H. Dalton, dated
    December&nbsp;14, 2004</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.27</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Guaranty of Valentin&nbsp;P. Gapontsev, dated as of
    August&nbsp;9, 2006</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.28</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Stock Purchase Agreement between the Registrant and the
    Investors named therein, dated as of August&nbsp;30, 2000</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.29</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Loan Agreement between IP Fibre Devices (UK) Ltd. and NTO
    IRE-Polus, dated January&nbsp;3, 2002, as amended</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.30</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Exchange Agreement between the Registrant and Valentin&nbsp;P.
    Gapontsev, dated as of July&nbsp;31, 2006</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.31</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Subscription Agreement between the Registrant and JDS Uniphase
    Corporation, dated August&nbsp;13, 2003</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.32</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Confidential Settlement Agreement between the Registrant and JDS
    Uniphase Corporation, dated as of June&nbsp;25, 2003</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.33</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Convertible Promissory Note between the Registrant and JDS
    Uniphase Corporation, dated August&nbsp;13, 2003</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.34</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Secured Promissory Note between the Registrant and JDS Uniphase
    Corporation, dated August&nbsp;13, 2003</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.35</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Non-Recourse Promissory Note between the Registrant and
    Robert&nbsp;A. Blair, dated September&nbsp;30, 2003</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>10</TD>
    <TD align="left" valign="top" nowrap>.36</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Non-Recourse Promissory Note between the Registrant and
    Robert&nbsp;A. Blair, dated December&nbsp;3, 2003</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>21</TD>
    <TD align="left" valign="top" nowrap>.1**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    List of Subsidiaries</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Deloitte&nbsp;&#38; Touche LLP</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>23</TD>
    <TD align="left" valign="top" nowrap>.2*</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Winston&nbsp;&#38; Strawn LLP (included in
    Exhibit&nbsp;5.1)</TD>
</TR>

<TR>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24</TD>
    <TD align="left" valign="top" nowrap>.1**</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Power of Attorney</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff;">
<DIV style="width: 15%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp; *&nbsp;</TD>
    <TD align="left">
    To be filed by amendment.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>**&nbsp;</TD>
    <TD align="left">
    Previously filed.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>2
<FILENAME>b61608a1exv10w21.txt
<DESCRIPTION>EX-10.21 ASSIGNMENT RESEARCH & DEVELOPMENT AGREEMENT DATED AUGUST 30, 2000
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.21

                 ASSIGNMENT, RESEARCH AND DEVELOPMENT AGREEMENT

     THIS AGREEMENT is entered into as of the 30th day of August, 2000 (the
"Effective Date") by and among IPG Photonics Corporation, a Delaware corporation
("Photonics"), IPG Laser GmbH, a German corporation ("Laser") and IPG Fibertech
S.R.L., an Italian corporation ("Fibertech") (collectively, the "Developers")
and NTO "IRE-POLUS", a Russian Corporation ("Contractor") (each, a "Party" and
collectively, the "Parties").

                                    RECITALS

     WHEREAS, the Developers desire to engage Contractor to assist in the
development of the Developed Technology and Intellectual Property;

     WHEREAS, Contractor has the expertise and facilities to undertake such
development work, and is willing to undertake such work.

     NOW, THEREFORE, in consideration of the premises and of the mutual promises
hereinafter set forth, the Parties hereto agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

     For purposes of this Agreement, the following definitions shall apply to
the terms set forth herein:

     1.1 Contracts. "Contracts" shall mean those contracts listed on Exhibit E
attached hereto between Contractor and Laser pursuant to which Laser purchased
certain products or goods and/or research and development services or other
services and an irrevocable, exclusive, royalty-free, unconditional, worldwide
right to use all intellectual property rights relating to such products and
services. Such Contracts constitute all of the agreements and understandings
between Contractor and Laser for the development of Intellectual Property.

     1.2 Developed Technology. "Developed Technology" shall mean the property
listed in Exhibit A to this Agreement.

     1.3 Development Costs. "Development Costs" shall mean the Contractor's
direct and indirect costs as set forth in Exhibit C to this Agreement.

     1.4 Development Plan. "Development Plan" shall mean the written strategy
for development of a Project, including, without limitation, the nature and
timing of research, and other appropriate matters, which shall be agreed on by
Developers and Contractor.

     1.5 Improvements. "Improvements" shall mean any findings, discoveries,
inventions, derivative works, additions, modifications, formulations, or changes
made by either Developers or Contractor during the term of this Agreement that
relate to the Developed Technology, Intellectual Property or any Product.

     1.6 Intellectual Property. "Intellectual Property" shall mean the property
listed in Exhibit A to this Agreement.

<PAGE>

     1.7 Product. "Product" shall mean the property listed in Exhibit A to this
Agreement.

     1.8 Project or Projects. "Project" or "Projects" shall mean the research
project(s) listed from time-to-time in Exhibit D to this
Agreement.

     1.9 Related Party. "Related Party" shall mean any legal entity directly or
indirectly controlled by, controlling, or under common control
with the Developers.

     1.10 Third Party or Third Parties. "Third Party" or "Third Parties" shall
mean any entity other than a party to this Agreement.

     1.11 Year. "Year" shall mean the twelve-month period ending on December 31
or such other annual accounting period as may be adopted by the Parties.

                                    ARTICLE 2
                            PROJECTS AND COMPENSATION

     2.1 Initiation. Contractor shall promptly undertake each Project once the
Development Plan for such Project has been agreed upon by the Developers and
Contractor.

     2.2 Reports. Contractor shall provide monthly reports to the Developers on
the progress that has been made with respect to the Project(s) (the "Report").
Each Report shall be submitted no later than fifteen (15) days following the end
of each month and shall have such form and substance as shall be specified by
Developers.

     2.3 Payment by Developers. Each Report shall identify the Development Costs
that have been incurred by Contractor with respect to each Project during the
period covered by such Report, including a corporate overhead fee equal to ten
(10) percent of such costs. Developers shall pay Contractor the amount of such
costs within thirty (30) days following receipt by Developers of each Report.

     2.4 Access to Project. Developers shall have the right at their expense to
have their employees or agents inspect during normal business hours the
facilities wherein the Project(s) is being conducted, including, without
limitation, books and records relating to the Development Costs and the research
materials that are compiled by the professional staff of Contractor.

     2.5 Exclusivity. The Contractor shall not perform services involving the
development of Intellectual Property for any person, firm or corporation other
than the Developers.

                                    ARTICLE 3
                   GRANT OF RIGHT TO USE INTELLECTUAL PROPERTY

     3.1 Grant by Developer. Developers grant to Contractor the limited
nonexclusive right to use, develop, and enjoy the Intellectual Property solely
for the purpose of completing the Project(s), subject to the terms and
conditions of this Agreement. Such limited license and right shall terminate
automatically upon termination of a Development Plan or this Agreement.


                                       2

<PAGE>

     3.2 No Further Transfer. Contractor shall not assign, sublicense, make
available, or otherwise transfer or disclose any right to use, develop, or
otherwise enjoy the Intellectual Property without the express written consent of
Developer.

     3.3 Limited Uses by Contractor. Notwithstanding anything to the contrary
herein, Contractor shall have the limited, non-exclusive right to use the
Technology (as defined below), Developed Technology, Intellectual Property and
Improvements in connection with the Contractor's manufacture, marketing, sale
and use of (a) Products in the countries that comprised the former Union of
Soviet Socialist Republics for use in those countries, and (b) unless
unanimously agreed to by Photonics' Board of Directors, other products and
services (i) not involving telecommunications; (ii) not related to projects
undertaken for Developer currently and in the future; and (iii) not related to
the Developer's current and future business.

                                    ARTICLE 4
                   EXCHANGE OF INFORMATION AND CONFIDENTIALITY

     4.1 Intellectual Property. During the term of this Agreement, Developers
shall disclose to Contractor such of their Intellectual Property as Contractor
reasonably needs to complete the Project.

     4.2 Improvements. During the term of this Agreement, each Party shall
promptly inform the other party of any information that it obtains or develops
regarding Improvements.

     4.3 Confidentiality. During the Term of this Agreement, and for a period
often (10) years from the date of expiration or termination of this Agreement,
Contractor shall treat this Agreement, Intellectual Property, Developed
Technology, Products, Improvements, and all information, data, reports, and
other records that it receives from Developers as secret, confidential, and
proprietary ("Confidential Information"), and shall not disclose or use such
Information without the prior written consent of the Developers except as
provided in this Agreement. Contractor shall develop and implement such
procedures as may be required to prevent the intentional or negligent disclosure
to Third Parties of Confidential Information communicated to Contractor and its
employees and agents by Developers, including, but not limited to, requiring
each of its employees and agents having access to such information under this
Agreement to enter into an appropriate nondisclosure agreement with Contractor
for the benefit of the Developers.

     4.4 Nothing in this Agreement shall prevent the disclosure by Contractor or
its employees and agents of Confidential Information that:

          (a)  Prior to the transmittal thereof to Contractor was of general
               public knowledge;

          (b)  Becomes, subsequent to the time of transmittal to Contractor, a
               matter of general public knowledge otherwise than as a
               consequence of a breach by Contractor of any obligation under
               this Agreement;

          (c)  Is made public by Developers;

          (d)  Was in the possession of Contractor in documentary form prior


                                       3

<PAGE>

               to the time of disclosure thereof to Contractor by Developers,
               and is held by Contractor free of any obligation of confidence to
               Developers or any Third Party; or

          (e)  Is received in good faith from a Third Party having the right to
               disclose it, who, to the best of Contractors knowledge, did not
               obtain such information from Developers and who imposes no
               obligation of secrecy on Contractor with respect to such
               information.

                                    ARTICLE 5
                                    OWNERSHIP

     5.1 Intellectual Property Ownership. Contractor acknowledges Developers'
exclusive right, title, and interest in and to the Developed Technology;
Improvements and Intellectual Property. Contractor shall not itself, nor shall
it permit its employees and agents, to at any time do or cause to be done, or
fail to do or cause to be done, any act or thing, directly or indirectly,
contesting or in any way impairing Developer's right, title, or interest in the
Developed Technology, Improvements and Intellectual Property. Every use of any
Developed Technology, Improvements and Intellectual Property by Contractor shall
inure to the benefit of Developers.

     5.2 Ownership of Rights. Photonics, on behalf of Developers shall at all
times, during or after the term of this Agreement, be the sole owner of all
rights relating to or emanating from Intellectual Property, Developed
Technology, Improvements, or other matters developed in, or related to, a
Project. All such works shall belong exclusively to Photonics, with Photonics
having the right to obtain and to hold in its own name, copyright registrations,
patents and such other intellectual property protection as may be appropriate to
the subject matter, and any extensions and renewals thereof. All works of
Contractor, its employees and agents, subject to or protectable under copyright
laws of any country shall, to the fullest extent possible, be works made for
hire. To the extent such works do not qualify as works made for hire, Contractor
hereby sells, assigns and transfers to Photonics and shall sell, assign and
transfer to Photonics, on behalf of Developers, all of its right, title and
interest in such works including all moral rights where permitted by law and all
rights of renewal and the right to sue and recover for infringement or
misappropriation or unfair competition related to such works. Contractor agrees
to give Photonics, and any person designated by Photonics, reasonable
assistance, at Photonics' expense, required to perfect the rights defined in
this Section, including, but not limited to, executing and delivering all
documents requested by Photonics in connection therewith. Unless otherwise
directed by Photonics, upon the completion of the Services or upon the earlier
termination of the engagement, Contractor shall immediately turn over to
Photonics all such works as well as all materials and deliverables developed,
including, but not limited to, working papers, descriptions, reports, notes and
data. All such works shall bear Photonics' copyright and trade secret notices,
as specified by Photonics. No rights to such works shall remain with Contractor.

                                   ARTICLE 5A
                                   ASSIGNMENT

     5A.1 For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Contractor hereby confirms, acknowledges and
agrees with Laser that it hereby conveys and assigns to Laser, its


                                       4

<PAGE>

successors and assigns, the entire right, title and interest, including any and
all intellectual property rights therein or relating thereto, in and to the (a)
any and all goods, products or services described in each Contract and (b) the
technology, processes and know how relating to such goods, products or services
(collectively, the "Technology").

     5A.2 Neither Contractor nor any of its officers, directors, employees or
affiliates, will at any time reveal to any person or entity any of the trade
secrets or confidential information relating to the goods, products, or services
described in each Contract or the Technology without the prior written consent
of Laser, and shall not use or attempt to use any such information in any manner
which may injure or cause loss or may be calculated to cause loss whether
directly or indirectly to Laser.

                                    ARTICLE 6
                              TERM AND TERMINATION

     6.1 Term. This Agreement shall remain in effect, unless sooner terminated
by mutual consent of the Parties, until the termination of the last Project
agreed on by the Parties.

     6.2 Termination. Either Developers or Contractor shall have the right to
terminate this Agreement at any time, by giving written notice to the Party in
default on the occurrence of any of the following events:

          (a)  A Party fails or neglects to perform covenants or provisions of
               this Agreement if such default is not corrected within sixty (60)
               days after receiving written notice from the other Party with
               respect to such default;

          (b)  Any act, determination, filing, judgment, declaration, notice,
               appointment of receiver or trustee, failure to pay debts, or
               other events under any law applicable to a Party indicating the
               insolvency or bankruptcy of such Party;

          (c)  The taking of any extraordinary governmental action, including,
               without limitation, seizure or nationalization of assets, stock,
               or other property relating to a Party; or

          (d)  Any other event that shall cause Developers to have concern about
               the solvency, stability and/or freedom of Contractor from
               governmental seizure or interference.

     6.3 Termination by Developer. A Developer may terminate this Agreement at
any lime by providing thirty (30) days prior written notice to Contractor of
such termination.

     6.4 Rights and Duties on Termination. On termination of this Agreement,
Contractor shall return to Developers all Intellectual Property, Improvements,
and any and all Confidential Information disclosed to it by Developers in its
possession and all such items, and all Improvements shall be the exclusive
property of Developers.

     6.5 Survival. Termination of this Agreement by either Party pursuant to the
provisions of this Article 6 shall terminate each Party's obligations under this
Agreement except for the provisions of Articles 4, 5, SA, 7 and Section 8.10,
all of which shall survive the termination of this Agreement.


                                       5

<PAGE>

                                    ARTICLE 7
                                 INDEMNIFICATION

     Contractor shall hold Developers harmless and shall indemnify Developers
from and against any loss, cost, or expense, including reasonable attorneys'
fees, related to any act or omission in connection with the performance or
nonperformance of its duties under the terms of this Agreement or any breach of
any representation and warranty made by Contractor in this Agreement.

                                    ARTICLE 8
                            MISCELLANEOUS PROVISIONS

     8.1 Notices. Any and all notices, elections, offers, acceptances, and
demands permitted or required to be made under this Agreement shall be in
writing, signed by the Party giving such notice, election, offer, acceptance, or
demand and shall be delivered personally, or sent by registered or certified
mail, to the Party, at its address on file with the other party or at such other
address as may be supplied in writing. The date of personal delivery or the date
of mailing, as the case may be, shall be the date of such notice, election,
offer, acceptance, or demand.

     8.2 Force Majeure. If the performance of any part of this Agreement by any
Party, or of any obligation under this Agreement, is prevented, restricted,
interfered with or delayed by reason of any cause beyond the reasonable control
of the Party liable to perform, unless conclusive evidence to the contrary is
provided, the Party so affected shall, on giving written notice to the other
party, be excused from such performance to the extent of such prevention,
restriction, interference or delay, provided that the affected Party shall use
its reasonable best efforts to avoid or remove such causes of nonperformance and
shall continue performance with the utmost dispatch whenever such causes are
removed. When such circumstances arise, the Parties shall discuss what, if any,
modification of the terms of this Agreement may be required in order to arrive
at an equitable solution.

     8.3 Successors and Assigns. This Agreement shall be binding on and shall
inure to the benefit of the Parties and any Related Party, their respective
successors and assigns, and each Party agrees, to execute any instruments that
may be necessary or appropriate to carry out and execute the purpose and
intentions of this Agreement and hereby authorizes and directs its successors
and assigns to execute any and all such instruments. Each and every successor in
interest to any Party, whether such successor acquires such interest by way of
gift, devise, assignment, purchase, conveyance, pledge, hypothecation,
foreclosure, or by any other method, shall hold such interest subject to all of
the terms and provisions of this Agreement. The rights of the Parties, and their
successors in interest, as among themselves and shall be governed by the terms
of this Agreement, and the right of any Party, or successor in interest to
assign, sell, or otherwise transfer or deal with its interests under this
Agreement shall be subject to the limitations and restrictions of this
Agreement.

     8.4 Amendment. No change, modification, or amendment of this Agreement
shall be valid or binding on the Parties unless such change or modification
shall be in writing signed by the Party or Parties against whom the same is
sought to be enforced.

     8.5 Remedies Cumulative. The remedies of the Parties under this Agreement
are cumulative and shall not exclude any other remedies to which


                                       6

<PAGE>

the Party may be lawfully entitled.

     8.6 Further Assurances. Each Party hereby covenants and agrees that it
shall execute and deliver such deeds and other documents as may be required to
implement any of the provisions of this Agreement.

     8.7 Specific Performance. The Parties acknowledge that they will be damaged
if this Agreement is not specifically enforced. Therefore, in the event of a
breach by any party of any provision of this Agreement, the other parties shall
be entitled, in addition to all other rights or remedies available to them, to
injunctions restraining such breach, without being required to post any bond or
other security, and/or to a decree for specific performance of the provisions of
this Agreement.

     8.8 No Waiver. The failure of any Party to insist on strict performance of
a covenant hereunder or of any obligation hereunder shall not be a waiver of
such Party's right to demand strict compliance therewith in the future, nor
shall the same be construed as a breach of this Agreement.

     8.9 Integration. This Agreement constitutes the full and complete agreement
of the Parties with respect to the subject matter hereof.

     8.10 Counterparts. This Agreement may be executed in multiple copies, each
of which shall for all purposes constitute one and the same agreement, binding
on the Parties, and each Party hereby covenants and agrees to execute all
duplicates or replacement counterparts of this Agreement as may be required.

     8.11 Governing Law/Jurisdiction. This Agreement shall be construed and
enforced in accordance with and governed by the laws of the State of New York
(without giving effect to principles of conflicts of law). All actions and
proceedings arising out of or relative to this Agreement shall be heard and
determined in a Massachusetts state or federal court sitting in the City of
Boston. The parties hereby irrevocably submit to the exclusive jurisdiction of
any Massachusetts state or federal court sitting in the City of Boston in any
action or proceeding arising out of or relating to this Agreement, and hereby
irrevocably agree that all claims in respect of such action or proceeding may be
heard and determined in such Massachusetts state or federal court. The parties
hereby irrevocably waive, to the fullest extent they may effectively do so, the
defense of an inconvenient forum to the maintenance of such action or
proceeding. The parties agree that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. TO THE EXTENT NOT
PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HEREBY WAIVES,
AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE,
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING OUT OF OR PASSED UPON THIS
AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER
ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. This Agreement
will not be governed by the United Nations Convention of Contracts for the
International Sale of Goods, the application of which is hereby expressly
excluded.

     8.12 Severability. In the event any provision, clause, sentence, phrase, or
word hereof, or the application thereof in any circumstances, is held to be
invalid or unenforceable, such invalidity or unenforceability shall not affect
the validity or enforceability of the remainder hereof, or of the


                                       7

<PAGE>

application of any such provision, sentence, clause, phrase, or word in any
other circumstances.

                            [Signature Pages Follow]


                                       8

<PAGE>

The Parties, intending to be legally bound, have signed this Agreement as of the
Effective Date.

                                        IPG PHOTONICS CORPORATION


                                        By: /s/ Peter Veghese Mammen
                                            ------------------------------------
                                        Printed Name: Peter Verghese Mammen
                                        Title: Treasurer
                                        Date: 8/30/00


                                        IPG LASER GMBH


                                        By /s/ Dr. Valentin Gapontsev
                                           -------------------------------------
                                        Printed Name: Dr Valentin Gapontsev
                                        Title: Gerschaftsfuhrer
                                        Date: 8/30/00

       [Signature Page to Assignment, Research and Development Agreement)


                                       9

<PAGE>

                                        IPG FIBERTECH S.R.L.


                                        By: /s/ Dr. Valentin Gapontsev
                                            ------------------------------------
                                        Printed Name: Dr Valentin Gaponstev
                                        Title: Director
                                        Date: 8/30/00


                                        NTO-IRE Polus


                                        By: /s/ Dr. Valentin Gapontsev
                                            ------------------------------------
                                        Printed Name: Dr Valentin Gaponstev
                                        Title: General Director
                                        Date: 8/30/00

       [Signature Page to Assignment, Research and Development Agreement]


                                       10
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>3
<FILENAME>b61608a1exv10w22.txt
<DESCRIPTION>EX-10.22 INVESTMENT AGREEMENT DATED MARCH 1, 2001
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.22

INVESTMENT AGREEMENT dated as of March 1, 2001 between 000 NTO IRE-POLUS, a
limited liability company organized under the laws of the Russian Federation
(the "Company"), and IPG Laser GmbH, a corporation organized under the laws of
Germany (the "Investor").

                                   WITNESSETH

     WHEREAS, in consideration of the obligations of the Company hereunder, the
Investor has agreed, on and subject to the terms of this Agreement, to acquire a
share in the Company by contributing cash in the amount equal to 51% of the
charter capital of the Company;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth in this Agreement and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

                    ARTICLE I. DEFINITIONS AND INTERPRETATION

1.01 Definitions

     As used herein, the following terms shall have the following meanings:

     "Actions or Proceedings" shall mean any action, suit, proceeding or
arbitration commenced, brought, conducted or heard by or before any Governmental
or Regulatory Authority.

     "Affiliate" shall mean, with respect to any Person, any other Person which
directly or indirectly controls, or is under common control with, or is
controlled by, such Person and, if such Person is an individual, any relative or
spouse of such individual, or any relative of such spouse, any one of whom has
the same home as such individual, and any trust or estate for which such
individual serves as a trustee or in a similar capacity or in which such
individual has a substantial beneficial interest and any Person who is
controlled by any such member or trust. As used in this definition, "control"
(including, with its correlative meanings, "controlled by" and "under common
control with") shall mean possession, directly or indirectly, of power to direct
or cause the direction of management or policies (whether through ownership of
securities or partnership or other ownership interests, by contract or
otherwise) of any other Person, provided that, in any event, any Person which
owns, directly or indirectly, a twenty-five percent plus one share Equity
Interest in any other Person (other than as a limited partner of such other
Person) will be deemed to control such other Person.

     "Agreement" shall mean this Investment Agreement and the Exhibits and the
Schedules hereto.

     "Amendments to the Charter" shall have the meaning specified in Section
5.03.

     "Assets and Properties" shall mean, with respect to any Person, all assets
and properties of every kind, nature, character and description (whether real,
personal or mixed, whether tangible or intangible, whether absolute, accrued,
contingent, fixed or otherwise and wherever situated), including the goodwill
related thereto, used, operated, owned or leased by

<PAGE>

such Person, including, without limitation, cash, cash equivalents, Investments,
accounts and notes receivable, charter paper, documents, instruments, general
intangibles, real estate, equipment, inventory, goods and Intellectual Property.

     "Audited Consolidated Financial Statements" shall mean the financial
statements prepared in accordance with generally accepted accounting standards
in the U.S.A., for the fiscal year ended December 31, 1999, the most recent
fiscal year of the Company, delivered to the Investor pursuant to Section
3.07(a).

     "Business Combination" shall mean, with respect to the Company, any merger,
consolidation or combination to which the Company is a party, the issuance or
disposition or acquisition of any shares to or from, as applicable, any third
party, any sale, dividend, split or other disposition or acquisition of Equity
Interests of the Company, any sale, dividend or other disposition or acquisition
of all or substantially all of the Assets and Properties of the Company.

     "Business Day" shall mean a day other than a Saturday, a Sunday or any day
on which banks located in Moscow, Russia, or Frankfurt, Germany are authorized
or obliged to close.

     "Business or Condition of the Company" shall mean the business, condition
(financial or otherwise), results of operations, prospects and Assets and
Properties of the Company taken as a whole.

     "CBR" shall mean the Central Bank of Russia (Tsentralniy bank Rossli or TsB
Rossii), including any applicable territorial agent thereof, or any successor
thereto.

     "Charter" shall mean the most recent version of the charter (ustav) of the
Company, as registered with the Friazino Administration on February 9, 1996.

     "Charter Capital" (ustavniy kapital) shall mean the aggregate value of the
ownership interests of Shareholders of the Company as indicated in its Charter.
As of the date hereof the Charter Capital of the Company equals 20,000 rubles.

     "Closing" shall mean closing of the transaction contemplated by Section
2.03.

     "Closing Date" shall mean date on which the Closing occurs.

     "Company" shall have the meaning specified in the preamble hereto.

     "Contract" shall mean any agreement, letter of intent, lease, license,
evidence of Indebtedness, mortgage, indenture, security agreement or other
contract (whether written or oral).

     "Environmental Law" shall mean any Law or Order relating to the regulation
or protection of human health and safety, the environment or hazardous or toxic
substances, wastes, pollutants or contaminants.

     "Equity Interest" in a Person shall mean any share of stock of such Person,
or any partnership share or other ownership interest in such Person.


                                       2

<PAGE>

     "Financial Statements" shall mean the financial statements of the Company,
delivered to the Investor pursuant to Section 3.07 or Section 5.01.

     "General Shareholders Meeting" shall mean the highest management body of
the Company as provided for under the LLC Law.

     "Governmental or Regulatory Authority" shall mean any court, tribunal,
arbitrator, legislature, government, ministry, committee, inspectorate,
authority, agency, commission, official or other competent authority of the
Russian Federation, any other country or any state, as well as any county, city
or other political subdivision of any of the foregoing.

     "Indebtedness" shall mean, with respect to any Person, all obligations of
such Person (a) for borrowed money, (b) evidenced by notes, bonds, debentures or
similar instruments, (c) for the deferred purchase price of goods or services
(other than trade payables or accruals incurred in the ordinary course of
business), (d) under capital leases or (e) in the nature of a guarantee of any
obligation described in clauses (a) through (d) above to any other Person.

     "Intellectual Property" shall mean patents and patent rights, licenses,
inventions, copyrights and copyright rights, know-how (including trade secrets
and other unpatented and/or unpatentable proprietary or confidential
information, systems or procedures), trademarks and trademark rights, service
marks and service mark rights, trade names and trade name rights, service names
and service name rights, brand names, processes formulae, trade dress, business
and product names, logos, slogans, industrial models, processes, designs,
methodologies, software programs (including all source codes) and related
documentation, technical information, manufacturing, engineering and technical
drawings and all pending applications for and registrations of patents,
trademarks, service marks and copyrights.

     "Investment" shall have the meaning specified in Section 2.02(b) hereof.

     "Investor" shall have the meaning specified in the preamble hereto.

     "LLC Law" shall mean the RF Law No. 14-FZ "On Limited Liability Companies",
dated February 8, 1998, as amended on July 11, 1998 and December 31, 1998.

     "Laws" shall mean all laws, decrees, resolutions, instructions, statutes,
rules, regulations, acts, ordinances and other pronouncements having the effect
of law or regulation of the Russian Federation, any other country or any state,
as well as any county, city or other political subdivision of any of the
foregoing.

     "Liabilities" shall mean all Indebtedness, obligations and other
liabilities of a Person (whether absolute, accrued, contingent, fixed or
otherwise, or whether due or to become due).

     "Licenses" shall mean all licenses, permits, certificates of authority,
authorizations, approvals, registrations, franchises and similar consents
granted or issued by any Governmental or Regulatory Authority.


                                       3

<PAGE>

     "Lien" shall mean any mortgage, pledge, assessment, security interest,
lease, lien, adverse claim, levy, charge or other encumbrance of any kind, or
any conditional sale Contract, title retention Contract or other Contract to
give any of the foregoing.

     "Loss" shall mean any and all damages, fines, fees, penalties,
deficiencies, losses and expenses (including, without limitation, interest,
court costs, fees of attorneys, accountants and other experts or other expenses
of litigation or other similar proceedings or of any claim, default or
assessment).

     "MAP" shall mean the Ministry for Antimonopoly Policy and Support for
Entrepreneurship of the Russian Federation (Ministerstvo po Antimonopolnoy
politike i podderzhke predprinirnatelstva Rossiiskoi Federatsii or "GAK
Rossii"), or any successor thereto, including any applicable territorial agent
thereof

     "Material Adverse Effect" shall mean, with respect to the Company, a
material adverse effect on or with respect to the business, assets, financial
condition, results of operations or prospects of the Company, or upon the
Company's ability to perform its obligations under this Agreement.

     "Option" shall mean, with respect to any Person, any security, right,
subscription, warrant, option, phantom stock right or other Contract that gives
the right to (a) purchase or otherwise receive or be issued any Equity Interest
in such Person or any security of any kind convertible into or exchangeable or
exercisable for any Equity Interest in such Person or (b) receive or exercise
any benefits or rights similar to any rights enjoyed by or accruing to the
holder of any Equity Interest in such Person, including any rights to
participate in the equity or income of such Person or to participate in or
direct the election of any directors or officers of such Person or the manner in
which any Equity Interest in such Person is voted.

     "Order" shall mean any writ, judgment, decree, injunction or similar order
of any Governmental or Regulatory Authority.

     "Permitted Lien" shall mean (a) any Lien for Taxes not yet due or
delinquent or being contested in good faith by appropriate proceedings for which
adequate reserves have been established in accordance with generally accepted
accounting standards in the U.S.A., (b) any statutory Lien arising in the
ordinary course of business by operation of Law with respect to a Liability that
is not yet due or delinquent, and (c) any mechanic's, materialman's or other
similar Lien arising by operation of Law or any minor imperfection of title or
similar Lien, none of which individually or in the aggregate with other such
Liens materially impairs the value of the property subject to such Lien or the
use of such property in the conduct of the business of the Company.

     "Person" shall mean any natural person, company, general partnership,
simple partnership, limited partnership, proprietorship, corporation, limited
liability company, other business organization, trust, union, association or
Governmental or Regulatory Authority, whether incorporated or unincorporated.

     "Purchase Price" shall have the meaning specified in Section 2.02(a).

     "Representatives" shall mean, with respect to any Person, its officers,
directors, Shareholders, employees, agents, counsel, accountants, financial


                                       4

<PAGE>

advisors, consultants and other representatives.

     "Shareholders" shall mean those persons holding Shares in the Company on
the date of this Agreement.

     "Shareholders Agreement" shall mean the Foundation Agreement of the Company
dated November 28, 1995.

     "Share" shall have the meaning specified in Section 2.01 hereof

     "SRC" shall mean the State Registration Chamber under the Ministry of
Justice of the Russian Federation (Gosudarstvennaya registratsionnaya palata pri
Ministerstve iustitsii Rossiiskoi Federatsii), or any successor thereto.

     "Tax Document" shall mean any return, declaration, report, claim for
refund, assessment, demand, act, or information return, statement or other
document relating to Taxes, including any Schedule or attachment thereto, and
including any amendment thereof, whether prepared by the taxpayer, a tax
preparer or a Governmental or Regulatory Authority.

     "Taxes" shall mean any federal, state, local or foreign income, gross
receipts, license, payroll, employment, excise, severance, stamp, occupation,
premium, windfall profits, environmental, customs duties, capital, stock,
franchise, profits, withholding, social security (or similar), unemployment,
disability, real property, personal property, sales, use, transfer,
registration, value added alternative or add-on minimum, estimated, or other
tax, duty, governmental fee or charge of any kind whatsoever, including any
interest, penalty, or addition thereto.

     "US Dollars" and "US$" shall mean the lawful currency of the United States.

1.02 Interpretations

     Unless the context of this Agreement otherwise requires, the following
rules of interpretation shall apply to this Agreement:

     (a) the singular shall include the plural, and the plural shall include the
singular;

     (b) words of any gender shall include each other gender;

     (c) the words "hereof", "herein", "hereby", "hereto" and similar words
refer to this entire Agreement and not to any particular Section or any other
subdivision of this Agreement;

     (d) a reference to any Article, Section, Schedule or Exhibit is a reference
to a specific Article or Section of, or Schedule or Exhibit to, this Agreement;

     (e) a reference to any law, statute, regulation, notification or statutory
provision shall include any amendment, modification or re-enactment thereof, any
regulations promulgated thereunder from time to lime, and any interpretations
thereof from time to time by any regulatory or administrative authority; and


                                       5

<PAGE>

     (f) the word "pending" shall mean, with respect to a particular matter, the
service of process or delivery of written notice to the Person to whom such
manner relates.

                       ARTICLE II. INVESTMENT AND CLOSING

2.01 Subject Matter

     Subject to the terms and conditions contained in this Agreement and on the
basis of the representations and warranties contained herein, the Investor
agrees: (a) to acquire a share in the Company by contributing cash in the amount
equal to 51% of the charter capital of the Company after the increase thereof as
described below, and (b) to fulfill other obligations as provided herein, and
the Company agrees to increase its Charter Capital to the total amount equal to
40,816.33 rubles and to transfer to the Investor the 51% share of the increased
charter capital (the "Share").

2.02 Amount and Structure of Investment.

     (a) Subject to the terms and conditions hereof, the Investor shall
contribute to the Charter Capital an amount equal to 20,816.33 rubles (the
"Purchase Price") which shall constitute 51% of the nominal value of the Charter
Capital upon increase of the latter as provided in Section 2.01, and shall
become a holder of the Share in the Company with corresponding voting rights as
provided in the amended version of the Shareholders Agreement to be approved by
the Shareholders at their general meeting which shall approve the admission of
the Investor as a new Shareholder in the Company.

     (b) Subject to the terms and conditions hereof, upon the Charter Capital
increase as further described in Section 5.03, the Investor may invest into the
Company an amount which shall not exceed USS 5,000,000 and which may be in cash
and/or in kind at the option of the Investor (the "Investment"), provided that
no income tax is levied on the amount of the investment. Such Investment shall
be based on a business plan(s) of the Company to be approved by the general
meeting of Shareholders by simple majority vote of the total number of Shares
outstanding (which majority shall include the vote of the Investor) and by the
General Director of the Company. The Investment shall be used by the Company
solely for purchase of equipment for the production of fiber amplifiers, fiber
lasers and related components, obtaining a long term land lease and the
construction of a building thereon. Such investments, if made, shall not be
diluting the Shareholders until the total amount of Investment, including the
capital contribution, reaches $5,000,000.

     (c) The Company shall not distribute to Shareholders any of the funds
transferred by the Investor whether in form of dividends, bonuses or any other
distribution. The Company shall not engage into purchasing or redemption of any
of the shares of its existing Shareholder or any other transactions with
Shareholders other than those conducted in the course of the ordinary business
activity, and consistent with past practice.

2.03 Pre-Closing Closing

     (a) The Closing shall take place on the date of the General meeting of
Shareholders of the Company, which shall (a) increase the charter capital to
40,816.33 rubles, (b) approve the admission of the Investor into the Company,
(c) approve new versions of the Charter, and (d) at which the existing


                                       6

<PAGE>

Shareholders and the Investor sign a new Shareholders Agreement. On a date which
is three (3) Business Days prior to the Closing date, (i) the Company shall
attend a pre-closing meeting at the offices of the Investor's counsel, located
on the date hereof at Ulitsa Gasheka 7, Moscow, Russia (or at such other place
as the Investor and the Company mutually agree) at 10:00 am local time, and (ii)
the Investor shall review the documents to be delivered at the Closing to
determine whether the conditions precedent specified in Article VI have been, or
will on such Closing date be capable of being, fulfilled by the Company.

     (b) The Closing will take place at the offices of the Company, located on
the date hereof at I Academician Vvedensky Sq., Friazino, Moscow Oblast, Russia
(or at such other place as the Investor and the Company mutually agree) at 10:00
am local time on the Closing Date. At the Closing, if the conditions precedent
specified in Article VI have been fulfilled by the Company, then (i) the
Investor shall pay to the Company the Purchase Price by wire transfer of
immediately available funds to the Company's account.

           ARTICLE III. REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     The Company represents and warrants to the Investor that, as of the date of
this Agreement and as of the Closing Date:

3.01 Organization of the Company

     The Company is a limited liability company and has been duly organized, is
validly existing as a legal entity properly organized, registered and existing
under the laws of the Russian Federation, with corporate power and authority to
carry on its business as it is currently being conducted and to own, lease and
operate its Assets and Properties.

3.02 Authority

     (a) The Company has full power and authority to execute and deliver this
Agreement.

     (b) This Agreement and the other agreements to which the Company is a party
have been duly and validly authorized, executed and delivered by the Company and
constitute the legal, valid and binding obligations of the Company.

     (c) Subject only to the decision of the General Shareholders Meeting, the
Company has full power and authority to perform the Company's obligations
hereunder, and to consummate the transactions contemplated hereby, including,
without limitation, to increase its Charter Capital and sell to the Investor
pursuant to this Agreement the Share specified herein.

3.03 Charter Capital of the Company

     (a) On the date hereof, the Charter Capital of the Company consists solely
of 20,000 (twenty thousand) rubles.

     (b) The Charter Capital has been fully paid and is non-assessable and all
of the outstanding Equity Interests of the Company (i) have been duly
authorized, (ii) are fully paid and non-assessable, (iii) are not subject to any
preemptive or similar rights with respect to the Company and (iv) have


                                       7

<PAGE>

been properly registered.

     (c) Upon the contribution to the Company's account by the Investor of 51%
of the increased charter capital which increase is described in section 2.01,
the Investor's shareholding with respect to such Share shall be recorded
properly in the corporate documents of the Company.

     (d) There are no outstanding Options related to or entitling any Person to
purchase or otherwise acquire from the Company any Equity Interest in the
Company.

3.04 No Conflicts

     The execution, delivery and performance by the Company of this Agreement,
the compliance by the Company with all of the provisions hereof and the
consummation by the Company of the transactions contemplated hereby:

     (a) will not conflict with or constitute a breach of any of the terms or
provisions of, or a default under, the Charter or Shareholders Agreement (after
giving effect to the amendments described in Section 5.03);

     (b) will not violate or conflict with any Orders or Laws applicable to the
Company or any of its respective Assets and Properties.

3.05 Governmental Approvals and Filings

     Except for a MAP approval which is described in Section 4.01, the
execution, delivery and performance by the Company of this Agreement, the
compliance by the Company with all of the provisions hereof and the consummation
by the Company of the transactions contemplated hereby will not require any
consent, approval, authorization or other order of any Governmental or
Regulatory Authority.

3.06 Books and Records

     The Company makes and keeps accurate books and records and maintains a
system of internal accounting controls sufficient to provide reasonable
assurance that (a) transactions are executed in accordance with management's
general or specific authorizations; (b) transactions are recorded as necessary
to permit preparation of the Financial Statements in conformity with Russian
accounting standards and to maintain asset accountability; (c) access to assets
is permitted only in accordance with management's general or specific
authorization; and (d) the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.

3.07 Financial Statements

     (a) Prior to the execution of this Agreement, the Company has delivered to
the Investor true and complete copies of the Audited Consolidated Financial
Statements of the Company and unaudited financial statements as of October 1,
2000 for the 9-month period ended September 30, 2000;

     (b) Except as disclosed therein, all such financial statements:

          (i) were prepared in accordance with Russian accounting


                                       8

<PAGE>

standards; and

          (ii) present fairly the financial position, results of operations, and
changes in financial position of the Company at the respective dates for the
respective periods to which they apply; and

          (iii) were compiled from the Books and Records of the Company
regularly maintained by management and used to prepare the financial statements
of the Company in accordance with the principles stated therein.

3.08 Absence of Changes

     Except for the Company's execution and delivery of this Agreement and the
transactions contemplated hereby, there has not occurred between the date of the
last financial statement delivered to the Investor and the date hereof

     (a) any material change in the Business or Condition of the Company;

     (b) any dividend or distribution of any kind declared, paid or made, or any
direct or indirect redemption, purchase or other acquisition by the Company, out
of the ordinary course of business;

     (c) any insolvency of, or bankruptcy or administrative proceeding
(nabludenie) declared or commenced by a Governmental or Regulatory Authority of
competent jurisdiction with respect to, the Company;

     (d) any incurrence by the Company of Indebtedness, or any Lien securing
Indebtedness in an aggregate principal amount exceeding US$ 50,000 or waiver of
any right of the Company under any Indebtedness of or owing to the Company,
other than a loan from the Investor in the Company;

     (e) any physical damage, destruction or other casualty loss (whether or not
covered by insurance) affecting any movable or immovable property or equipment
owned, leased or used by the Company;

     (f) any amendment to the Charter, or any recapitalization, reorganization,
liquidation or dissolution, in each case, as such terms are defined under the
laws of the Russian Federation, of the Company;

3.09 Taxes

     The Company has duly filed with all appropriate taxing authorities (or has
received an extension for filing with respect to) all Tax Documents required to
be filed by it, and each such Tax Document was, when filed, accurate and
complete, and the Company has duly paid on time, or has made adequate reserves
for, or has contested in good faith, all Taxes required to be paid or remitted
by it or levied against it, and except as disclosed in writing by the Company to
the Investor in Schedule 3.09 hereto, no material Tax deficiency is currently
asserted against the Company by any Governmental or Regulatory Authority.

3.10 Legal Proceedings; Liability

     (a) There is no Action or Proceeding pending or threatened against the
Company or any of its Assets and Properties which will result in, or could be
expected to result in, the issuance of an Order which (i) questions the validity
of this Agreement or any action taken or to be taken pursuant


                                       9

<PAGE>

hereto, or (ii) restrains, enjoins or otherwise prohibits or makes illegal
consummation of any of the transactions contemplated by this Agreement, or (iii)
otherwise results in an impairment of the Investor's rights under this
Agreement, or (iv) if determined adversely to the Company, could be expected to
result in (A) any injunction or other equitable relief against such Person that
would interfere with its business or operations or (B) losses by such Person,
individually or in the aggregate, in excess of US$ 10,000; and

     (b) There are no Orders outstanding against the Company.

3.11 Compliance With Laws and Orders

     (a) The Company is not in violation of or in default under any Law or Order
applicable to the Company or any of its Assets and Properties.

     (b) Neither the Company nor any director, officer, agent, employee or other
Person associated with or acting on behalf of the Company (i) has used any
corporate funds of the Company for any unlawful contributions, gift,
entertainment or other unlawful expense relating to political activity; (ii)
made any direct or indirect unlawful payment to any governmental official or
employee from corporate funds; (iii) violated or is in violation of any
provision of the Foreign Corrupt Practices Act or any corresponding national
legislation; or (iv) made any bribe, unlawful rebate, payoff, influence payment,
kickback or other unlawful payment in connection with the business of the
Company.

3.12 Real Property

     (a) Schedule 3.12 contains a true and correct list of all buildings and
other real property owned or leased by the Company. The Company has good and
valid title and leasehold rights to such buildings;

     (b) No default has occurred or is continuing in respect of any lease of a
building or portion thereof to which the Company is a party as lessee and the
Company enjoys peaceful and undisturbed possession under such leases to which it
is a party as lessee.

3.13 Intellectual Property Rights

     The Company possess all Intellectual Property employed by it in connection
with its business as it is currently being conducted and as it is proposed to be
conducted, and the Company has not received any notice of infringement of or
conflict with asserted rights of others with respect to the foregoing. Without
limitation to the generality of the foregoing:

     (a) The Company has the exclusive right to use the its name.

     (b) The Company has taken reasonable security and enforcement measures to
protect the value of its intellectual property and to prevent its use by
unauthorized Persons.

     (c) The Company is not, nor has the Company received any written notice
that the Company is in default (or with the giving of notice or lapse of time or
both, would be in default) in any material respect under any license agreement,
patent or trademark protection arrangement and similar agreements with respect
to the intellectual property it uses, or infringing the intellectual property
rights of any third person.


                                       10

<PAGE>

3.14 Contracts; No Default

     (a) Schedule 3.14(a) contains a true and complete list of all Contracts
with a value of US$ 50,000 or more (true and complete copies or, if none exist,
reasonably complete and accurate written descriptions of such, which, together
with all amendments and supplements thereto and all waivers of any terms
thereof, have been delivered to the Investor prior to the execution of this
Agreement) to which the Company is a party or by which any of its Assets and
Properties is bound.

     (b) Each Contract described in Schedule 3.14(a) is in full force and effect
and constitutes a legal, valid and binding agreement, enforceable in accordance
with its terms, and the Company has not received notice that it is in violation
or breach of, or default under, any such Contract (or with notice or lapse of
time or both, would be in violation or breach of, or default under, any such
Contract).

3.15 Licenses

     (a) Schedule 3.15 contains a true and complete list of all Licenses used in
the business or operations of the Company. Each such License is valid, binding
and in full force and effect.

     (b) The Company has all Licenses necessary to conduct its business and
operations or to own, lease, and operate its Assets and Properties.

     (c) The Company has fulfilled and performed all of its obligations with
respect to such Licenses and no event has occurred which allows, or after notice
or lapse of time would allow, revocation or termination thereof or would result
in any impairment of the rights of the Company under any such License.

3.16 Environmental Matters

     The Company has not violated any applicable environmental laws or
regulations the effect of which would have a Materially Adverse Effect upon the
Company.

3.17 Disclosure

     The Company has disclosed all material facts relating to the Business or
Condition of the Company to the Investor in or in connection with this
Agreement. No representation or warranty contained in this Agreement, and no
statement contained in the attached Schedules or in the certificate of the
General Director delivered to the Investor in connection with the execution of
this Agreement on the date thereof, contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements
herein or therein, in the light of the circumstances under which they were made,
not misleading.

             ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF INVESTOR

     The Investor hereby represents and warrants to the Company that:


                                       11

<PAGE>

4.01 Organization; Ability to Consummate Transactions

     The Investor is a corporation duly organized and validly existing under the
Laws of Germany. The Investor has full power and authority to execute and
deliver this Agreement and to consummate the transactions contemplated hereby,
provided that the Investor must obtain the approval of the MAP to consummate the
acquisition of the Share.

4.02 Authority

     The execution and delivery by the Investor of this Agreement, and the
performance by the Investor of its obligations hereunder, have been duly and
validly authorized by the Board of Directors of the Investor, no other corporate
action on the part of the Investor or its stockholder being necessary. This
Agreement has been duly and validly executed and delivered by the Investor and
constitutes, the legal, valid and binding obligation of the Investor.

                       ARTICLE V. COVENANTS OF THE COMPANY

     The Company covenants and agrees with the Investor that, at all times from
and after the date hereof until the registration of the Charter of the Company
with the local registration authorities and inclusion of the Company into the
register of the companies with foreign investments of the SRC, as further
specified in Section 5.03 below, the Company will comply with all of its
undertakings in this Article V.

5.01 Financial Statements and Reports

     Commencing on the date of this Agreement, the Company shall deliver to the
Investor as promptly as practicable and in any event no later than thirty (30)
days after the end of each fiscal quarter ending after the date hereof, true and
complete copies of the balance sheet and financial statements of the Company
prepared in accordance with generally accepted accounting principles in the
U.S.A.

5.02 Certain Restrictions

     Except as contemplated herein, without the prior written consent of the
Investor, the Company shall refrain from:

     (a) amending the Charter or taking any action with respect to any such
amendment or any recapitalization, reorganization, liquidation or dissolution of
the Company;

     (b) declaring, setting aside or paying any dividend or other distribution
in respect of the Equity of the Company, or directly or indirectly redeeming,
purchasing or otherwise acquiring any Equity Interest in or any Option with
respect to the Company out of the ordinary course of business;

     (c) engaging in any Business Combination;

     (d) paying any dividends or distributions to the Shareholders, redeem or
repurchase their shares or to increase any of the benefits, including salary, of
the Shareholders or employees;


                                       12

<PAGE>

     The Company shall request approval from the Investor for any of the
foregoing transactions by sending written notice to the Investor in accordance
with Section 10.01 hereof.

5.03 Charter Amendments

     Within 30 days from the date when the Purchase Price is received by the
Company whether in cash or in kind, the Company shall have the amendments to its
Charter described below (the "Amendments to the Charter") registered with the
local registration chamber and be included into the register of entities with
foreign investments of the SRC:

     (a) increasing the Charter Capital for the amount of the Purchase Price,
listing the Investor as a Shareholder, and reflecting adequately changes in the
shareholdings of the existing Shareholders caused by the increase of the Charter
Capital;

     (b) providing for the right of first refusal for the Investor to buy any
share in the Company if any of the existing Shareholders wishes to sell his
share or a part thereof;

     (c) providing for the right of the holders of the majority of the shares to
designate the General Director and the scientific council or any other executive
or managerial body of the Company.

               ARTICLE VI. CONDITIONS PRECEDENT TO OBLIGATIONS OF
                                    INVESTOR

6.01 Conditions Precedent to Closing

     The obligation of the Investor to pay or deliver the relevant Purchase
Price to the Company is subject to the fulfillment, on or before the Closing, of
each of the conditions precedent specified in this Article VI.

6.02 Corporate Actions

     The Company shall have delivered to the Investor true and correct copies of
resolutions of the General Shareholders Meeting approved by a unanimous vote of
the existing Shareholders (a) approving all balance sheets and financial reports
of the Company for 1997, 1998, and 1999; (b) electing all chief executive
officers of the Company, including the General Director and Directors of the
Management Board; (c) approving all major and interested party transactions
executed by the Company since November 1, 2000; (c) approving enrollment of the
Investor as a new Shareholder; (d) approving a revised and restated version of
the Charter and Shareholders Agreement of the Company with substance
satisfactory to the Investor.

6.03 Regulatory Consents and Approvals

         Approval of the MAP for the acquisition of the Share by the Investor
shall have been obtained as well as all other consents, approvals and actions
of, filings with, and notices to, any Governmental or Regulatory Authority,
which are required to have been obtained, made or given (as applicable) by the
Company pursuant to applicable Law as necessary for the performance of the
obligations of the Company under this Agreement to be performed on or before the
Closing Date (a) shall have been duly obtained, made or given, (b) shall not be
subject to the satisfaction of any condition that has not been


                                       13

<PAGE>

satisfied or waived (unless any such condition relates to reporting or other
requirements which by the terms of such consents, approvals, actions, filings or
notices can only be effected on or after such Closing) and (c) shall be in full
force and effect, and all terminations or expirations of waiting periods imposed
by any Governmental or Regulatory Authority shall have occurred.

6.04 Representations and Warranties

     The representations and warranties made by the Company in Article III shall
have been true and correct on and as of the date of this Agreement and shall be
true and correct on and as of the Closing date.

6.05 Performance

     The Company shall have performed and complied with each of its obligations
under Article V of this Agreement except for those set forth in Section 5.03
hereof.

6.06 Orders and Laws

     There shall not be in effect on the Closing date any Order or Law
restraining, enjoining or otherwise prohibiting or making illegal the
consummation of any of the transactions contemplated by this Agreement or which
could be expected to otherwise result in an impairment of the Investor's rights
under this Agreement and there shall not be pending on such Closing Date any
Action or Proceeding or any other action in, before or by any Governmental or
Regulatory Authority which could be expected to result in the issuance if any
such Order or the enactment or promulgation of any such Law or the deemed
applicability of any such Law to the Investor or the Company or the transactions
contemplated by this Agreement.

6.05 Wire Instruction

     If the Purchase Price payable at the Closing is payable in cash, the
Company shall have delivered to the Investor the Company's instruction for the
wire transfer of such Purchase Price to the Company's Bank account.

6.07 Legal Opinion

     The Investor shall have received an opinion of Mr. Andrianov, special
Russian counsel to the Company, acceptable to the Investor.

              ARTICLE VII. SURVIVAL OF REPRESENTATIONS, WARRANTIES,
                            COVENANTS AND AGREEMENTS

     The Investor has the right to rely fully upon the representations,
warranties, covenants and agreements of the Company contained in this Agreement.
All representations, warranties, covenants and agreements of the Company
contained in this Agreement will survive the Closing and, unless agreed
otherwise, remain in effect indefinitely; and provided further that any such
representation, warranty, covenant or agreement that would otherwise terminate
in accordance with the terms hereof will continue to survive if a written claim
for indemnity shall have been made under Section 8.01 on or prior to such
termination date, until such claim has been satisfied or otherwise resolved.


                                       14

<PAGE>

                         ARTICLE VIII. INDEMNIFICATION

8.01 Indemnification

     (a) The Company shall indemnify the Investor in respect of, and hold the
Investor harmless from and against, any and all Losses suffered, incurred or
sustained by the Investor resulting from, arising out of or relating to any
misrepresentation, breach of warranty or non-fulfillment of or failure to
perform any covenant or agreement contained in this Agreement on the part of the
Company, provided that the Investor shall have made a written claim for
indemnification against the Company pursuant to Section 10.01 within the
survival period specified in Article VII.

     (b) If any claim is asserted against the Investor, or the Investor is made
a party defendant in any Action or Proceeding, and such claim, Action or
Proceeding involves a matter which is the subject of a claim for indemnification
under Section 8.01(a), then the Investor shall (i) promptly give written notice
to the Company of such claim, Action or Proceeding pursuant to Section 10.01,
and (ii) not make any admission of liability, agreement or compromise with any
Person in relation to such claim without prior written notice to the Company;
and the Company shall have the right to join in the defense of said claim,
Action or Proceeding at the Company's own cost and expense and, if the Company
agrees in writing to be bound by and to promptly pay the full amount of any
final judgment from which no further appeal may be taken to the extent such
judgment involves an indemnifiable claim under this Section 8.01, and if the
Investor is reasonably assured of the Company's ability to satisfy such
agreement, then, at the option of the Investor, the Company may take over the
defense of such claim, Action or Proceeding, except that, in such case, the
Investor shall have the right to join in the defense of said claim, Action or
Proceeding at its own cost and expense.

8.02 Other Indemnification Provisions

     The foregoing indemnification provisions are in addition to, and not in
derogation of, any statutory, equitable, or common law remedy the Investor may
have for any misrepresentation made by the Company in connection with the
transactions contemplated by this Agreement or any breach of warranty or
non-fulfillment by the Company or failure by the Company to perform any covenant
or agreement.

                          ARTICLE IX. EARLY TERMINATION

9.01 Early Termination

     This Agreement shall terminate and the transactions contemplated hereby
shall be abandoned on the earliest to transpire of any of the following:

     (a) the mutual written agreement, at any time prior to the Closing, of the
Company and the Investor;

     (b) April 30 2001, if the parties' respective Boards and, if required by
applicable law, their respective General Shareholders Meetings (or their
equivalent) have not approved this Agreement and the transactions contemplated
hereby, unless the parties have otherwise agreed in writing.


                                       15

<PAGE>

9.02 Effect of Early Termination

     If this Agreement is validly terminated pursuant to Section 9.01, this
Agreement will forthwith become null and void, and there will be no liability or
obligation on the part of the Company or the Investor (or any of their
respective officers, directors, employees, agents or other representatives or
Affiliates), except that Sections 10.03 and 10.04 shall survive and shall
continue to apply following any such termination.

                            ARTICLE X. MISCELLANEOUS

10.01 Notices

     All notices, requests and other communications hereunder must be in writing
and will be deemed to have been duly given only if delivered personally or by
facsimile transmission or sent by courier to the parties at the following
addresses or facsimile numbers:

     If to the Investor, to:
     IPG Laser GmbH
     SiemensstaBe 7, Burbach, Germany, D-57299
     Facsimile No.: 011-49-27-36-44-20-25
     Attn: Dr. Eugene Shcherbakov

     with a copy to:
     IPG Photonics Corporation
     660 Main Street
     Sturbridge, MA
     Facsimile No.: +1(508) 347-6800
     Attn: General Counsel

     If to the Company, to:
     000 NTO "IRE-Polus"
     I Academician Vvedensky Sq.
     Friazino, Moscow Oblast, 141190, Russia
     Facsimile No.: +7(095) 526-9083
     Attn: Valentin Gapontsev

     All such notices, requests and other communications will (a) if delivered
personally to the address as provided in this Section 10.01, be deemed given
upon delivery, (b) if delivered by facsimile transmission to the facsimile
number as provided in this Section 10.01, be deemed given upon


                                       16

<PAGE>

receipt, and (c) if delivered by courier in the manner described above to the
address as provided in this Section 10.01, be deemed given upon confirmed
receipt (in each case regardless of whether such notice, request or other
communication is received by any other Person to whom a copy of such notice is
to be delivered pursuant to this Section 10.01). Any party from time to time may
change its address, facsimile number or other information for the purpose of
notices to that party by giving written notice specifying such change to the
other party hereto.

10.02 Entire Agreement

     This Agreement supersedes all prior discussions and agreements between the
parties with respect to the subject matter hereof and thereof and contain the
sole and entire agreement between the parties hereto and thereto with respect to
the subject matter hereof and thereof.

10.03 Expenses

     Except as otherwise expressly provided in this Agreement whether or not the
transactions contemplated hereby are consummated, each of the parties will pay
its own costs and expenses, including, without limitation, legal fees, incurred
in connection with the negotiation, execution and closing of this Agreement and
the transactions contemplated hereby.

10.04 Confidentiality

     Each party hereto will hold in strict confidence from any Person, unless
(a) compelled to disclose by judicial or administrative process (including,
without limitation, in connection with obtaining the necessary approval of this
Agreement and the transactions contemplated hereby from Governmental or
Regulatory Authorities) or by other requirements of Law or (b) disclosed in an
Action or Proceeding brought by a party hereto in pursuit of its rights or in
the exercise of its remedies hereunder, all documents and information concerning
the other party hereto in connection with this Agreement or the transactions
contemplated hereby, except to the extent that such documents or information can
be shown to have been (i) previously known by the party receiving such documents
or information, (ii) in the public domain (either prior to or after the
furnishing of such documents or information hereunder) through no fault of such
receiving party or (iii) later acquired by the receiving party from another
source if the receiving party is not aware that such source is under an
obligation to another party hereto to keep such documents and information
confidential; provided that following the Closing the foregoing restrictions
will not apply to the Investor's use of documents and information concerning the
Company.

10.05 Amendment

     This Agreement may be amended, supplemented, waived or modified only by a
written instrument duly executed by or on behalf of each party hereto.

10.06 No Third Party Beneficiary

     The terms and provisions of this Agreement are intended solely for the
benefit of each party hereto and their respective successors or permitted
assigns, and it is not the intention of the parties to confer third party
beneficiary rights upon any other Person.


                                       17

<PAGE>

10.07 No Assignment; Binding Effect

     Neither this Agreement nor any right, interest or obligation hereunder may
be assigned by any party hereto without the prior written consent of the other
party hereto and any attempt to do so will be void, except (a) for assignments
and transfers by operation of Law and (b) that the Investor may assign any or
all of its rights, interests and obligations hereunder to a wholly owned
Subsidiary, provided that any such Subsidiary agrees in writing to be bound by
all of the terms, conditions and provisions contained herein. Subject to the
preceding sentence, this Agreement is binding upon, inures to the benefit of and
is enforceable by the parties hereto and their respective successors and
assigns.

10.08 Headings

     The headings used in this Agreement have been inserted for convenience of
reference only and do not define or limit the provisions hereof

10.09 Governing law

     This Agreement shall be governed by and construed in accordance with the
laws of the Russian Federation, without giving effect to any conflicts of laws
principles thereof which would result in the application of the laws of another
jurisdiction.

10.11 Invalid Provisions

     If any provision of this Agreement is held to be illegal, invalid or
unenforceable under any present or future Law, and if the rights or obligations
of any party hereto under this Agreement will not be materially and adversely
affected thereby, (a) such provision will be fully severable, (b) this Agreement
will be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a part hereof, (c) the remaining provisions of
this Agreement will remain in full force and effect and will not be affected by
the illegal, invalid or unenforceable provision or by its severance herefrom and
(d) in lieu of such illegal, invalid or unenforceable provision, there will be
added automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible.

10.12 Counterparts

     This Agreement may be executed in any number of counterparts, each of which
will be deemed an original, but all of which together will constitute one and
the same instrument.

     IN WITNESS WHEREOF, this Investment Agreement has been duly executed and
delivered by each party hereto on the day and year first above written.


                                       18

<PAGE>

                                                                       Exhibit A
                                                     to the Investment Agreement
                                                       dated as of March 1, 2001

Form of Certificate of General Director of Company to be Delivered at Closing


                            LIMITED LIABILITY COMPANY
                                  NTO IRE-POLUS

                         Certificate of General Director

     I, Valentin P. Gapontzev, the General Director of Limited Liability Company
"NTO IRE-POLUS", a limited liability company organized and existing under the
laws of the Russian Federation (the "Company"), pursuant to Section 3.17 of the
Investment Agreement dated as of March 1, 2001 (the "Investment Agreement", with
capitalized terms used herein but not herein defined having the meanings
ascribed to such terms therein) between the Company and IPG Laser GmbH, a
company organized and existing under the laws of Germany (the "Investor"), do
hereby certify on behalf of the Company that:

     (a) Each of the representations and warranties made by the Company in
Article III of the Investment Agreement was true and correct on and as of the
date of the Investment Agreement and is true and correct on and as of the date
hereof.

     (b) The Company has performed and complied with each of its obligations
under Article V of the Investment Agreement, except for obligations set forth in
Section 5.03 thereof.

     (c) There is not in effect on the date hereof any Order or Law restraining,
enjoining or otherwise prohibiting or making illegal the consummation of any of
the transactions contemplated by the Investment Agreement or which could
reasonably be expected to otherwise result in a material impairment of the
Investor's rights under the Investment Agreement, and there is not pending on
the date hereof any Action or Proceeding or any other action in, before or by
any Governmental or Regulatory Authority which could reasonably be expected to
result in the issuance of any such Order or the enactment, promulgation or
deemed applicability to the Investor or the Company or the transactions
contemplated by the Investment Agreement of any such Law.

     (d) All consents, approvals and actions of, filings with and notices to any
Governmental or Regulatory Authority described in Sections 3.05, 4.01, and 6.03
of the Investment Agreement which are required to have been obtained, made or
given (as applicable) by the Company pursuant to applicable Law as necessary for
the performance of the obligations of the Company under the Investment Agreement
to be performed on or before the date hereof (i) have been duly obtained, made
or given, (ii) are not subject to the satisfaction of any condition that has not
been satisfied or waived (unless any such condition relates to reporting or
other requirements which by the terms of such consents, approvals, actions,
filings or notices can only be effected on or after the Closing) and (iii) are
in full force and effect, and all terminations or expirations of waiting periods
imposed by any Governmental or Regulatory Authority have occurred.


                                       1

<PAGE>

     (e) All corporate actions (or in lieu thereof waivers) described in Section
6.02 of the Investment Agreement (i) have been carried out, (ii) are not subject
to the satisfaction of any condition that has not been satisfied or waived
(unless any such condition relates to reporting or other requirements which by
the terms of such consents can only be effected on or after the Closing) and
(iii) are in full force and effect.

     (f) The Company obtained legal opinion from Mr. Andrianov as set forth in
Section 6.07 of the Investment Agreement.

     IN WITNESS WHEREOF, I have executed this Certificate for and on behalf of
the Company on and as of the 1st day of March, 2001.

                                        LIMITED LIABILITY COMPANY
                                        "NTO IRE-POLUS"


                                        By /s/ Valentin P. Gapontsev
                                           -------------------------------------
                                           V.P. Gapontsev
                                           General Director

[Seal of Limited Liability Company
NTO IRE-POLUS"]


                                       2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>4
<FILENAME>b61608a1exv10w23.txt
<DESCRIPTION>EX-10.23 LOAN & SECURITY AGREEMENT DATED AUGUST 23, 2002
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.23

                           LOAN AND SECURITY AGREEMENT
                                  [as Amended]

     THIS LOAN AND SECURITY AGREEMENT is entered into as of August 23, 2002, by
and between IPG Photonics Corporation, a Delaware corporation ("Borrower"), and
IP Fibre Devices (UK) Ltd., a United Kingdom limited liability company
("Lender").

                                    RECITALS

     Borrower has requested that Lender extend or continue credit to Borrower as
described below, and Lender has agreed to provide such credit to Borrower on the
terms and conditions contained herein.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Lender and Borrower hereby agree as follows:

                                    ARTICLE I
                                  CREDIT TERMS

     SECTION 1.1. LINE OF CREDIT.

     (a) Subject to the terms and conditions of this Agreement, Lender hereby
agrees to make advances to Borrower ("Loans") from time to time up to but
excluding March 31, 2006 (the "Commitment Period"), not to exceed at any time
the aggregate principal amount of Four Million Six Hundred Dollars
($4,600,000.00) ("Line of Credit"), the proceeds of which shall be used for
working capital and general corporate purposes. The Lender shall remain
committed to provide Loans to Borrower under this Agreement during the
Commitment Period subject to the conditions set forth below.

     (b) "Borrower may from time to time during the Commitment Period borrow,
partially or wholly repay its outstanding Loans, and reborrow, subject to all of
the limitations, terms and conditions contained herein; provided, however, that
the total outstanding Loans under the Line of Credit shall not at any time
exceed the maximum principal amount available under as set forth in Section
1.1(a). After the Commitment Period, the outstanding principal amount of the
Loans together with accrued and unpaid interest shall amortize in twenty-four
equal monthly installments, due no later than the first calendar day of each
month starting December 31, 2006; provided, however, that the entire outstanding
principal amount of Loans together with accrued interest shall become
immediately due and payable earlier upon the consummation of an initial public
offering of securities of the Borrower or a Change in Control (as defined in
Section 6.1 below)."

     (c) The Loans made by the Lender shall be evidenced by one or more accounts
or records maintained by the Lender in the ordinary course of business. The
accounts or records maintained by the Lender shall govern absent demonstrable
error of the amount of the Loans made by the Lender to the Borrower and the
interest and payments thereon. Any failure so to record or any error in doing so
shall not, however, limit or otherwise affect the obligation of the Borrower
hereunder to pay any amount owing with respect to the Loans.

<PAGE>

     (d) All payments to be made by Borrower shall be made without set-off,
recoupment or counterclaim. Except as otherwise expressly provided herein, all
payments by the Borrower shall be made to Lender at the Lender's office or agent
for payment, and shall be made in dollars and in immediately available funds, no
later than 2:00 p.m. (New York City time) on the date specified herein. Any
payment received by Lender later than 2:00 p.m. (New York City time) shall be
deemed to have been received on the following Business Day and any applicable
interest or fee shall continue to accrue.

     (e) Whenever any payment is due on a day other than a business day, such
payment shall be made on the following business day, and such extension of time
shall in such case be included in the computation of interest or fees, as the
case may be.

     SECTION 1.2. INTEREST/FEES.

     (a) Interest. The outstanding principal balance of the Loans shall bear
interest at the rate of interest at a rate per annum equal to LIBOR in effect
from time to time plus 2%. Each determination of an interest rate by Lender
shall be conclusive and binding on the Borrower in the absence of manifest
error. Prior to the end of the Commitment Period, interest only on each Loan
shall be paid in arrears at the end of each three-month period. Interest shall
also be paid on the date of any prepayment of Loans for the portion of the Loans
so prepaid and upon payment (including prepayment) in full thereof and, during
the existence of any Event of Default (as defined below), interest shall be paid
on demand of Lender. After the Commitment Period, interest together with
principal shall be paid on a monthly basis, on a date to be agreed between
Borrower and Lender.

     (b) LIBOR. The term "LIBOR" means the rate of interest per annum determined
by Lender as the rate of interest at which dollar deposits in the approximate
amount of the amount of the Loan to be made and for a period of three months as
quoted on the Telerate Page 3750 as of 11:00 a.m. (London time) on the day two
business days before the commencement of such loan advancement. If Telerate Page
3750 is not available, such rate of interest shall be that quoted by an
appropriate reference bank selected by Lender and having a maturity comparable
to such interest period as would be offered to major banks in the London
interbank market at their request at approximately 11:00 a.m. (London time) two
business days prior to the disbursement of the Loan proceeds.

     (c) Default Interest. Notwithstanding subsection (a) of this Section, while
any Event of Default exists or after acceleration, Borrower shall pay interest
(after as well as before entry of judgment thereon to the extent permitted by
law) on the principal amount of all outstanding Loans, at a rate per annum which
is determined by adding 2% per annum to the applicable interest then in effect
for such Loans.

     (d) Anything herein to the contrary notwithstanding, the obligations of
Borrower to Lender hereunder shall be subject to the limitation that payments of
interest shall not be required, for any period for which interest is computed
hereunder, to the extent (but only to the extent) that contracting for or
receiving such payment by Lender would be contrary to the provisions of any law
applicable to Lender limiting the highest rate of interest that may be lawfully
contracted for, charged or received by Lender,


                                        2

<PAGE>

and in such event the Borrower shall pay Lender interest at the highest rate
permitted by applicable law.

     (e) Computation and Payment. Interest shall be computed on the basis of a
360-day year, actual days elapsed. Interest shall be payable at the times and
place set forth in Section 1.1(d).

     SECTION 1.3 SECURITY

     1.3.1 GRANT OF SECURITY INTEREST. The Borrower, to secure the Obligations
(as defined below), hereby assigns, pledges and grants to the Lender a
continuing first priority security interest in the collateral consisting of all
of the Borrower's right, title and interest in and to the property and interests
in property, whether now owned or existing or hereafter acquired or arising and
regardless of where located and all products, proceeds, substitutions,
additions, accessions and replacements thereof (all of the same being herein
referred to as the "Collateral"):

          (a) all inventory, finished goods, raw materials, work in process,
     equipment, chattel, licenses and other goods listed on Schedule 1 hereto
     (collectively, "Inventory");

          (b) all rights now or hereafter accruing to the Borrower under
     contracts, agreements or other instruments to hold, use and enforce all
     rights thereunder related to the Inventory;

          (c) all books and records relating to any of the Inventory (including,
     without limitation, data, printouts, and other computer materials and
     records of the Borrower pertaining to any of the foregoing); and

          (d) all accessions and additions to, substitutions for and all
     replacements, products and proceeds of the foregoing, including, without
     limitation, proceeds of insurance policies insuring the Inventory; it being
     agreed that Borrower may substitute new Collateral with the consent of the
     Lender by amending and both signing Schedule 1.

     1.3.2 SECURITY FOR OBLIGATIONS. This Section 1.3 secures the full and
prompt payment and performance of (i) all obligations of the Borrower to pay, as
and when due and payable (by scheduled maturity or otherwise), all amounts from
time to time owing by it in respect of this Agreement, whether for principal,
interest (including, without limitation, all interest that accrues after the
commencement of any case, proceeding or other action relating to bankruptcy,
insolvency or reorganization of the Borrower), fees or otherwise (collectively,
the "Obligations").

     1.3.3 DEBTOR REMAINS LIABLE. Anything herein to the contrary
notwithstanding, (i) the Borrower shall remain fully liable under any contracts
and agreements included in the Collateral to perform all of its duties and
obligations thereunder, (ii) the exercise by the Lender of any of the rights
hereunder shall not release the Borrower from any of its duties or obligations
under any such Collateral, and (iii) the Lender is not obligated or liable under
any such Collateral by reason of this Agreement, nor is the Lender obligated to
perform any obligations or duties of the Borrower thereunder or to take any
action hereunder.


                                        3

<PAGE>

                                   ARTICLE II
                         REPRESENTATIONS AND WARRANTIES

     Borrower makes the following representations and warranties to Lender,
which representations and warranties shall survive the execution of this
Agreement and shall continue in full force and effect until the full and final
payment, and satisfaction and discharge, of all obligations of Borrower to
Lender subject to this Agreement.

     SECTION 2.1. LEGAL STATUS. Borrower is a corporation, duly organized and
existing and in good standing under the laws of the State of Delaware, and is
qualified or licensed to do business (and is in good standing as a foreign
corporation, if applicable) in all jurisdictions in which such qualification or
licensing is required or in which the failure to so qualify or to be so licensed
could have a material adverse effect on Borrower.

     SECTION 2.2. AUTHORIZATION AND VALIDITY. This Agreement and each promissory
note, contract, instrument and other document required hereby or at any time
hereafter delivered to Lender in connection herewith (collectively, the "Loan
Documents") have been duly authorized, and upon their execution and delivery in
accordance with the provisions hereof will constitute legal, valid and binding
agreements and obligations of Borrower or the party which executes the same,
enforceable in accordance with their respective terms.

     SECTION 2.3. NO VIOLATION. The execution, delivery and performance by
Borrower of each of the Loan Documents do not violate any provision of any law
or regulation, or contravene any provision of the Articles of Incorporation or
By-Laws of Borrower, or result in any breach of or default under any contract,
obligation, indenture or other instrument to which Borrower is a party or by
which Borrower may be bound.

     SECTION 2.4. LITIGATION. There are no pending, or to the best of Borrower's
knowledge threatened, actions, claims, investigations, suits or proceedings by
or before any governmental authority, arbitrator, court or administrative agency
which could have a material adverse effect on the financial condition or
operation of Borrower other than those disclosed by Borrower to Lender in
writing prior to the date hereof.

     SECTION 2.5. CORRECTNESS OF FINANCIAL STATEMENTS. The audited consolidated
financial statements of Borrower dated December 31, 2001 and the unaudited
consolidated financial statements dated March 31, 2002, true copies of which
have been delivered by Borrower to Lender prior to the date hereof, (a) are
complete and correct and presents fairly the financial condition of Borrower,
(b) disclose all liabilities of Borrower that are required to be reflected or
reserved against under generally accepted accounting principles, whether
liquidated or unliquidated, fixed or contingent, and (c) have been prepared in
accordance with generally accepted accounting principles consistently applied,
except for the absence of financial footnotes and subject to year-end
adjustments on the unaudited March 31, 2002 financial statements. Since the date
of the unaudited financial statement there has been no material adverse change
in the financial condition of Borrower, nor has Borrower mortgaged, pledged,
granted a security interest in or otherwise encumbered any of its assets or
properties except in favor of Lender or as otherwise permitted by Lender in
writing.


                                       4

<PAGE>

     SECTION 2.6. INCOME TAX RETURNS. Borrower has no knowledge of any pending
material assessments or adjustments of its income tax payable with respect to
any year.

     SECTION 2.7. NO SUBORDINATION. Except as otherwise permitted pursuant to
Section 5.2, there is no agreement, indenture, contract or instrument to which
Borrower is a party or by which Borrower may be bound that requires the
subordination in right of payment of any of Borrower's obligations subject to
this Agreement to any other obligation of Borrower.

     SECTION 2.8. PERMITS, FRANCHISES. Borrower possesses, and will hereafter
possess, all permits, consents, approvals, franchises and licenses required and
rights to all trademarks, trade names, patents, and fictitious names, if any,
necessary to enable it to conduct the business in which it is now engaged in
compliance with applicable law.

     SECTION 2.9. ERISA. Borrower is in compliance in all material respects with
all applicable provisions of the Employee Retirement Income Security Act of
1974, as amended or recodified from time to time ("ERISA"); Borrower has not
violated any provision of any defined employee pension benefit plan (as defined
in ERISA) maintained or contributed to by Borrower (each, a "Plan"); no
Reportable Event as defined in ERISA has occurred and is continuing with respect
to any Plan initiated by Borrower; Borrower has met its minimum funding
requirements under ERISA with respect to each Plan; and each Plan will be able
to fulfill its benefit obligations as they come due in accordance with the Plan
documents and under generally accepted accounting principles.

     SECTION 2.10. OTHER OBLIGATIONS. Borrower is not in default on any
obligation for borrowed money, any purchase money obligation or any other
material lease, commitment, contract, instrument or obligation; except as set
forth on Schedule 2.

     SECTION 2.11. ENVIRONMENTAL MATTERS. Except as disclosed by Borrower to
Lender in writing prior to the date hereof, Borrower is in compliance in all
material respects with all applicable federal or state environmental, hazardous
waste, health and safety statutes, and any rules or regulations adopted pursuant
thereto, which govern or affect any of Borrower's operations and/or properties,
including without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, the Superfund Amendments and
Reauthorization Act of 1986, the Federal Resource Conservation and Recovery Act
of 1976, and the Federal Toxic Substances Control Act, as any of the same may be
amended, modified or supplemented from time to time. None of the operations of
Borrower is the subject of any federal or state investigation evaluating whether
any remedial action involving a material expenditure is needed to respond to a
release of any toxic or hazardous waste or substance into the environment.
Borrower has no material contingent liability in connection with any release of
any toxic or hazardous waste or substance into the environment.

     SECTION 2.12. REPRESENTATIONS AND WARRANTIES: GENERAL. The Borrower hereby
represents and warrants that (i) the principal place of business and chief
executive office of the Borrower are located at the address of the Borrower
identified in Section 7.2 hereof, (ii) the Borrower has good, indefeasible and
merchantable title to the Collateral, and it owns the Collateral free and clear
of any lien, security interest, charge or encumbrance except for: (a) the
security interests in favor of the Lender


                                       5

<PAGE>

created by this Agreement; or (b) other liens expressly permitted by Section 5.7
("Permitted Liens"); (iii) except such as may have been filed in favor of the
Lender, no effective financing statement or other instrument similar in effect
covering all or any part of the Collateral is on file in any recording office;
and (iv) this Agreement, together with actions heretofore taken or concurrently
undertaken, creates a valid and first perfected priority lien (subject to
Permitted Liens) in the Collateral, securing the payment of the Obligations, and
all filings and other actions necessary to create, evidence, perfect and
preserve such security interest (save for the timely filing of continuation
statements or other statements required by applicable law) have been, or are
being concurrently undertaken with the execution hereof, duly taken.

                                   ARTICLE III
                                   CONDITIONS

     SECTION 3.1. CONDITIONS OF INITIAL EXTENSION OF CREDIT. The obligation of
Lender to extend any credit contemplated by this Agreement is subject to the
fulfillment to Lender's satisfaction of all of the following conditions:

     (a) Approval of Lender Counsel. All legal matters incidental to the
extension of credit by Lender shall be satisfactory to Lender's counsel.

     (b) Documentation. Lender shall have received, in form and substance
satisfactory to Lender, each of the following, duly executed:

          (i)  This Agreement;

          (ii) Corporate Resolution: Borrowing;

          (iii) UCC Financing Statement; and

          (iv) Such other documents as Lender may require under any other
               Section of this Agreement.

     (c) Financial Condition. There shall have been no material adverse change,
as determined by Lender, in the financial condition or business of Borrower, nor
any material decline, as determined by Lender, in the market value of a
substantial or material portion of the assets of Borrower.

     (d) Insurance. Borrower shall have delivered to Lender evidence of
insurance coverage on all Borrower's property, in form, substance, amounts,
covering risks and issued by companies satisfactory to Lender, and where
required by Lender, with loss payable endorsements in favor of Lender.

     SECTION 3.2. CONDITIONS OF EACH EXTENSION OF CREDIT. The obligation of
Lender to make each extension of credit requested by Borrower hereunder shall be
subject to the fulfillment to Lender's satisfaction of each of the following
conditions:

     (a) Compliance. The representations and warranties contained herein and in
each of the other Loan Documents shall be true on and as of the date of the
signing of this Agreement and on the date of each extension of credit by Lender
pursuant hereto, with the same effect as though such representations and
warranties had been made on and as of each such date, and on each such date, no
Event of Default as defined herein, and no condition, event or act which with
the giving of notice or the passage of time or both would constitute such an
Event of Default, shall have occurred and be continuing or shall exist.


                                       6

<PAGE>

     (b) Documentation. Lender shall have received all additional documents that
may be required in connection with such extension of credit.

                                   ARTICLE IV
                              AFFIRMATIVE COVENANTS

     Borrower covenants that so long as Lender remains committed to extend
credit to Borrower pursuant hereto, or any liabilities (whether direct or
contingent, liquidated or unliquidated) of Borrower to Lender under any of the
Loan Documents remain outstanding, and until payment in full of all obligations
of Borrower subject hereto, Borrower shall, unless Lender otherwise consents in
writing:

     SECTION 4.1. ACCOUNTING RECORDS. Maintain adequate books and records in
accordance with generally accepted accounting principles consistently applied,
and permit any representative of Lender, at any reasonable time, to inspect,
audit and examine such books and records, to make copies of the same, and to
inspect the properties of Borrower.

     SECTION 4.2. FINANCIAL STATEMENTS. Provide to Lender all of the following,
in form and detail satisfactory to Lender:

     (a) not later than 120 days after and as of the end of each fiscal year, an
audited consolidated financial statement of Borrower, prepared by a certified
public accountant acceptable to Lender, to include a balance sheet, income
statement, statement of cash flows and footnotes;

     (b) not later than 45 days after and as of the end of each quarter, a
consolidated financial statement of Borrower, prepared by Borrower, to include a
balance sheet and income statement;

     (c) not later than 30 days after and as of the end of each calendar month,
a consolidated financial statement of Borrower, prepared by Borrower, to include
a balance sheet and income statement; and

     (d) from time to time such other information as Lender may reasonably
request.

     SECTION 4.3. COMPLIANCE. Preserve and maintain all licenses, permits,
governmental approvals, rights, privileges and franchises necessary for the
conduct of its business; and comply with the provisions of all documents
pursuant to which Borrower is organized and/or which govern Borrower's continued
existence and with the requirements of all laws, rules, regulations and orders
of any governmental authority applicable to Borrower and/or its business.

     SECTION 4.4. INSURANCE. Maintain and keep in force insurance of the types
and in amounts customarily carried in lines of business similar to that of
Borrower, including but not limited to fire, extended coverage, public
liability, flood, property damage and workers' compensation, with all such
insurance carried with companies and in amounts satisfactory to Lender, and
deliver to Lender from time to time at Lender's request schedules setting forth
all insurance then in effect.

     SECTION 4.5. FACILITIES. Keep all properties useful or necessary to
Borrower's business in good repair and condition, and from time to time


                                       7

<PAGE>

make necessary repairs, renewals and replacements thereto so that such
properties shall be fully and efficiently preserved and maintained.

     SECTION 4.6. TAXES AND OTHER LIABILITIES. Pay and discharge when due any
and all indebtedness, obligations, assessments and taxes, both real or personal,
including without limitation federal and state income taxes and state and local
property taxes and assessments, except such (a) as Borrower may in good faith
contest or as to which a bona fide dispute may arise, and (b) for which Borrower
has made provision, to Lender's satisfaction, for eventual payment thereof in
the event Borrower is obligated to make such payment.

     SECTION 4.7. LITIGATION. Promptly give notice in writing to Lender of any
litigation pending or threatened against Borrower in excess of $500,000.00.

     SECTION 4.8. NOTICE TO LENDER. Promptly (but in no event more than five (5)
days after the occurrence of each such event or matter) give written notice to
Lender in reasonable detail of: (a) the occurrence of any Event of Default, or
any condition, event or act which with the giving of notice or the passage of
time or both would constitute an Event of Default; (b) any change in the name or
the organizational structure of Borrower; (c) the occurrence and nature of any
Reportable Event or Prohibited Transaction, each as defined in ERISA, or any
funding deficiency with respect to any Plan; or (d) any termination or
cancellation of any insurance policy which Borrower is required to maintain, or
any uninsured or partially uninsured loss through liability or property damage,
or through fire, theft or any other cause affecting Borrower's property.

     SECTION 4.9. COLLATERAL.

     (a) The Borrower hereby covenants and agrees with the Lender that (i) the
Borrower shall preserve and maintain the lien created by this Agreement and will
protect and defend its title to the Collateral so that the lien so granted shall
be and remain a continuing first priority security interest (subject to
Permitted Liens) in the Collateral, (ii) the Borrower will not create, assume or
suffer to exist any other lien in the Collateral except Permitted Liens, (iii)
the Borrower shall maintain books and records pertaining to the Collateral in
such detail, form and scope as the Lender may reasonably require, and (iv) the
Borrower shall pay all taxes, assessments and other charges lawfully levied or
assessed upon its properties or upon any of the Collateral when due. If, in the
Lender's sole opinion any lien (other than Permitted Liens) may create an
obligation having priority over the lien granted hereby, the Lender may pay such
lien and the amount of such payment shall be charged to the Borrower and be
secured by the lien granted hereby.

     (b) The Borrower shall comply with the following covenants regarding the
Collateral, (i) to the extent that the Borrower shall retain possession of the
Collateral, the Borrower shall keep the collateral at the places specified in
Section 2.12(i); provided, however, that the Borrower may establish any other
location, on written notice delivered to the Secured Party not less than thirty
(30) days prior to establishing any such other location, if the Borrower has
complied with Section 5 hereof, and (ii) the Borrower shall cause the Collateral
to be maintained and preserved in good condition, repair and working order,
excepting ordinary wear and tear. The Borrower shall, on demand therefor by the
Lender, deliver to the Lender any


                                       8

<PAGE>

and all evidence of ownership of any of the Collateral (including, without
limitation, certificates of title and applications for title).

     SECTION 4.10. FURTHER ASSURANCES.

     (a) The Borrower agrees that from time to time, at its expense, it will
promptly execute and deliver all further instruments and documents, and take all
further action, that may be necessary or appropriate, or that the Lender may
request, in order to create, evidence, perfect or preserve any security interest
granted or purported to be granted hereby or to enable the Lender to exercise
and enforce its rights and remedies hereunder with respect to any Collateral,
including, without limitation, executing and filing financing or continuation
statements, or amendments thereto, as the Lender may request, without the
signature of the Borrower where permitted by law. The Borrower hereby agrees
that a carbon, photographic, photostatic or other reproduction of this Agreement
or of a financing statement is sufficient as a financing statement where
permitted by law.

     (b) The Borrower will furnish to the Lender from time to time statements
and schedules further identifying and describing the Collateral and such other
reports in connection with the Collateral as the Lender may reasonably request,
all in reasonable detail, and will permit the Lender, and/or its designated
agents, at any time during the Borrower's usual business hours, to inspect
and/or conduct audits with respect to the Collateral.

                                    ARTICLE V
                               NEGATIVE COVENANTS

     Borrower further covenants that so long as Lender remains committed to
extend credit to Borrower pursuant hereto, or any liabilities (whether direct or
contingent, liquidated or unliquidated) of Borrower to Lender under any of the
Loan Documents remain outstanding, and until payment in full of all obligations
of Borrower subject hereto, Borrower will not without Lender's prior written
consent:

     SECTION 5.1. USE OF FUNDS. Use any of the proceeds of any credit extended
hereunder except for the purposes stated in Article I hereof.

     SECTION 5.2. OTHER INDEBTEDNESS. Create, incur, assume or permit to exist
any indebtedness or liabilities resulting from borrowings, loans or advances,
whether secured or unsecured, matured or unmatured, liquidated or unliquidated,
joint or several, except (a) the liabilities of Borrower to Lender, (b) any
other liabilities of Borrower existing as of, and disclosed to Lender prior to,
the date hereof, (c) purchase money indebtedness up to $2,500,000 secured only
by the assets purchased, (d) equipment leases up to $10,000,000 incurred after
the date hereof and (e) other lines of credit up to $5,000,000 incurred after
the date hereof; provided, however, that at the request of the Borrower, Lender
shall enter into subordination agreements and/or intercreditor arrangements with
the obligors of any indebtedness incurred pursuant to this clause (e) (such
agreement and/or arrangement to be reasonably satisfactory to the Lender)
subordinating any unsecured claim Lender may have against Borrower under this
Agreement.

     SECTION 5.3. CHANGE, TRANSFER OF ASSETS. Make any substantial change in the
nature of Borrower's business as conducted as of the date hereof; nor sell,
lease, transfer or otherwise dispose of all or a


                                       9

<PAGE>

substantial or material portion of Borrower's assets except in the ordinary
course of its business.

     SECTION 5.4. GUARANTIES. Guarantee or become liable in any way as surety,
endorser (other than as endorser of negotiable instruments for deposit or
collection in the ordinary course of business), accommodation endorser or
otherwise for, nor pledge or hypothecate any assets of Borrower as security for,
any liabilities or obligations of any other person or entity, except any of the
foregoing in favor of Lender and except in favor of Borrower's subsidiaries.

     SECTION 5.5. LOANS AND ADVANCES. Make any loans or advances to any person
or entity, except any of the foregoing existing as of, and disclosed to Lender
prior to, the date hereof, and except for loans to subsidiaries.

     SECTION 5.6. ACQUISITIONS AND MERGERS. Acquire (i) all or substantially all
of the assets of, or (ii) any equity securities in, any other entity, or merge
into or consolidate with any other entity, without the prior written consent of
Lender if the aggregate consideration to be paid by Borrower (whether in cash,
stock or otherwise) in connection with any such acquisition or merger (or series
of related acquisitions and/or mergers) exceeds $35,000,000.00; provided,
however, that (x) Borrower shall be the surviving entity in any merger or
consolidation, (y) each entity whose assets or equity securities are acquired by
Borrower, or which merges into or consolidates with Borrower, shall be engaged,
at the time of the applicable transaction, in substantially the same business as
Borrower, and (c) the consent of Lender, when required hereunder, shall not be
unreasonably withheld or delayed.

     SECTION 5.7. PLEDGE OF ASSETS. Mortgage, pledge, grant or permit to exist a
security interest or lien (collectively, a "Lien") in or upon, all or any
portion of Borrower's assets now owned or hereafter acquired, except any of the
foregoing (collectively, "Permitted Liens"):

     (a)  any Lien created under this Agreement;

     (b)  Liens for taxes, fees, assessments or other governmental charges which
          are not delinquent or remain payable without penalty, or to the extent
          that non-payment thereof is permitted by Section 4.6; provided, that
          no notice of lien has been filed or recorded with respect thereto;

     (c)  suppliers', carriers', warehousemen's, mechanics', landlords',
          materialmen's, repairmen's or other similar Liens arising in the
          ordinary course of business which are not delinquent for a period of
          more than thirty days or which are being contested in good faith and
          by appropriate proceedings, which proceedings have the effect of
          preventing the forfeiture or sale of the property subject thereto;

     (d)  Liens incurred in connection with the indebtedness permitted under
          Section 5.2 hereof;

     (e)  Liens (other than any Lien imposed by ERISA) consisting of pledges or
          deposits required in the ordinary course of business


                                       10

<PAGE>

          in connection with workers' compensation, unemployment insurance and
          other social security legislation;

     (f)  Liens on the property securing (i) the non-delinquent performance of
          bids, trade contracts (other than for borrowed money), leases,
          statutory obligations, (ii) contingent obligations on surety and
          appeal bonds, and (iii) other non-delinquent obligations of a like
          nature; in each case, incurred in the ordinary course of business;

     (g)  leases, subleases, easements, rights-of-way, encroachments and other
          survey defects, restrictions and other similar encumbrances incurred
          in the ordinary course of business which do not impose material
          financial obligations on the Borrower, and which do not in any case
          materially detract from the value of the property subject thereto or
          materially interfere with the ordinary conduct of Borrower's business;

     (h)  purchase money security interests on assets acquired or held by
          Borrower securing indebtedness incurred or assumed for the purpose of
          financing all or any part of the cost of acquiring such asset;
          provided, that (i) any such Lien attaches to such equipment
          concurrently with or within 20 days after the acquisition thereof,
          (ii) such Lien attaches solely to the asset so acquired in such
          transaction, and (iii) the principal amount of the debt secured
          thereby does not exceed the cost of such asset;

     (i)  Liens securing obligations in respect of capital leases on assets
          subject to such leases;

     (j)  Liens arising solely by virtue of any statutory or common law
          provision relating to banker's liens, rights of set-off or similar
          rights and remedies as to deposit accounts or other funds maintained
          with a creditor depository institution;

     (k)  Liens assumed in connection with a business acquisition or merger;
          provided, that, such Lien was created prior to such acquisition or
          merger (and not in contemplation thereof) and if any such Lien is of a
          type not permitted under the other provisions of this Section 5.7,
          such Lien is satisfied and terminated within 30 days after such
          acquisition or merger; and

     (l)  any Lien existing on property of Borrower or any Affiliate as of the
          date hereof and set forth on Schedule 2 hereto; provided, that no such
          Lien shall be amended to cover additional property and no such Lien
          shall be amended to cover additional indebtedness.

                                   ARTICLE VI
                                EVENTS OF DEFAULT

     SECTION 6.1. EVENTS OF DEFAULT. The occurrence of any of the following
shall constitute an "Event of Default" under this Agreement:


                                       11

<PAGE>

     (a) Borrower shall fail to pay (i) when due, any principal or (ii) within
five (5) days after the date then due, interest, fees or other amounts, in each
case payable under any of the Loan Documents.

     (b) Any financial statement or certificate furnished to Lender in
connection with, or any representation or warranty made by Borrower or any other
party under this Agreement or any other Loan Document shall prove to be
incorrect, false or misleading in any material respect when furnished or made.

     (c) Any default in the performance of or compliance with any obligation,
agreement or other provision contained herein or in any other Loan Document
(other than those referred to in subsections (a) and (b) above), and with
respect to any such default which by its nature can be cured, such default shall
continue for a period of thirty (30) days from its occurrence.

     (d) Any default in the payment or performance of any obligation, or any
defined event of default, under the terms of any contract or instrument (other
than any of the Loan Documents) pursuant to which Borrower or any of its
subsidiaries has incurred any debt or other liability to any person or entity,
including Lender, and, if the debt or liability is owed to a party other than
Lender, the amount thereof exceeds $3,000,000.00.

     (e) The filing of a notice of judgment lien against Borrower; or the
recording of any abstract of judgment against Borrower in any county in which
Borrower has an interest in real property; or the service of a notice of levy
and/or of a writ of attachment or execution, or other like process, against the
assets of Borrower or any of its subsidiaries; or the entry of a judgment
against Borrower or any of its subsidiaries, and with respect to any of the
foregoing, the amount thereof exceeds $3,000,000.00 individually or in the
aggregate.

     (f) Borrower shall become insolvent, or shall suffer or consent to or apply
for the appointment of a receiver, trustee, custodian or liquidator of itself or
any of its property, or shall generally fail to pay its debts as they become
due, or shall make a general assignment for the benefit of creditors; Borrower
shall file a voluntary petition in bankruptcy, or seeking reorganization, in
order to effect a plan or other arrangement with creditors or any other relief
under the Bankruptcy Reform Act, Title 11 of the United States Code, as amended
or recodified from time to time ("Bankruptcy Code"), or under any state or
federal law granting relief to debtors, whether now or hereafter in effect; or
any involuntary petition or proceeding pursuant to the Bankruptcy Code or any
other applicable state or federal law relating to bankruptcy, reorganization or
other relief for debtors is filed or commenced against Borrower, or Borrower
shall file an answer admitting the jurisdiction of the court and the material
allegations of any involuntary petition, and such proceedings shall continue for
more than 60 days, or Borrower shall be adjudicated a bankrupt, or an order for
relief shall be entered against Borrower by any court of competent jurisdiction
under the Bankruptcy Code or any other applicable state or federal law relating
to bankruptcy, reorganization or other relief for debtors.

     (g) There shall exist or occur any event or condition which Lender in good
faith believes impairs, or is substantially likely to impair, the prospect of
payment or performance by Borrower of its obligations under any of the Loan
Documents.


                                       12

<PAGE>

     (h) The dissolution or liquidation of Borrower or any of its subsidiaries;
or Borrower, or any of its subsidiaries or any of its stockholders or creditors,
shall take action seeking to effect the dissolution or liquidation of Borrower
or any of its subsidiaries.

     (i) Any change in ownership during the term of this Agreement of an
aggregate of twenty-five percent (25%) or more of the voting stock of Borrower
in a single or in a series of affiliated transaction, including but not limited
to the issuance of new shares or the implementation of any anti-dilution
adjustments ("Change in Control").

     SECTION 6.2. REMEDIES. (a) Upon the occurrence of any Event of Default: (i)
all indebtedness of Borrower under each of the Loan Documents, any term thereof
to the contrary notwithstanding, shall at Lender's option and without notice
become immediately due and payable without presentment, demand, protest or
notice of dishonor, all of which are hereby expressly waived by each Borrower;
(ii) the obligation, if any, of Lender to extend any further credit under any of
the Loan Documents shall immediately cease and terminate; and (iii) Lender shall
have all rights, powers and remedies available under each of the Loan Documents,
or accorded by law, including without limitation the right to resort to any or
all security for any credit subject hereto and to exercise any or all of the
rights of a beneficiary or Lender pursuant to applicable law. All rights, powers
and remedies of Lender may be exercised at any time by Lender and from time to
time after the occurrence of an Event of Default, are cumulative and not
exclusive, and shall be in addition to any other rights, powers or remedies
provided by law or equity.

     (b) In addition to other rights and remedies provided for herein or
otherwise available to it, the Lender may exercise all the rights and remedies
of a Lender under applicable law and may also (i) in the name of the Lender, the
Borrower or otherwise, demand, sue for, collect or receive any money or property
at any time payable or receivable on account of or in exchange for, or make any
compromise or settlement deemed desirable with respect to, any of the
Collateral, and the Lender may modify the terms of payment or of a release, all
without incurring responsibility to, or discharging or otherwise affecting any
liability to the Lender of, the Borrower, (ii) sell the Collateral in possession
of the Lender or enter upon the premises, or wherever the Collateral is, and
take possession thereof, and maintain such possession on the Borrower's
premises, or demand and receive such possession from any person who has
possession thereof, or remove the Collateral or any part thereof, to such other
places as the Lender may desire, all without any obligation, (iii) require the
Borrower to, at its expense, assemble all or part of the Collateral as directed
by the Lender and make it available to the Lender at a place to be designated by
the Lender which is reasonably convenient to both parties, (iv) without notice
(except as specified below) and with or without taking the possession thereof,
sell, lease, assign, grant options to purchase or otherwise dispose of the
Collateral or any part thereof in one or more parcels at public or private sale,
at any location chosen by the Lender, for cash, on credit or for future
delivery, and at such price or prices and upon such other terms as the Lender
may deem commercially reasonable. The Borrower agrees that, to the extent notice
of sale shall be required by law, at least five days' notice to the Borrower of
the time and place of any public sale or the time after which any private sale
is to be made shall constitute reasonable notification. The Lender shall not be
obligated to make any sale of Collateral regardless of


                                       13

<PAGE>

notice of sale having been given. The Lender may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor, and
such sale may, without further notice, be made at the time and place to which it
was so adjourned. The Borrower agrees that the Lender shall have no obligation
to preserve rights in the Collateral against prior parties or to marshal any
Collateral for the benefit of any Person, and (v) apply, without notice, any
cash or cash items constituting Collateral in the possession of the Lender to
payment of any of the Obligations. The Borrower waives, to the extent permitted
by applicable law, all rights of the Borrower to prior notice and hearing under
any other applicable statute or constitution.

     (c) All cash proceeds received by the Lender in respect of any sale of,
collection from, or other realization upon all or any part of the Collateral
will, after payment of any amounts payable to the Lender pursuant to Section 1.1
and 1.2 hereof, be applied against the Obligations in such order as the Lender
shall elect, and any balance left thereafter returned to Borrower.

                                   ARTICLE VII
                                  MISCELLANEOUS

     SECTION 7.1. NO WAIVER. No delay, failure or discontinuance of Lender in
exercising any right, power or remedy under any of the Loan Documents shall
affect or operate as a waiver of such right, power or remedy; nor shall any
single or partial exercise of any such right, power or remedy preclude, waive or
otherwise affect any other or further exercise thereof or the exercise of any
other right, power or remedy. Any waiver, permit, consent or approval of any
kind by Lender of any breach of or default under any of the Loan Documents must
be in writing.

     SECTION 7.2. NOTICES. All notices, requests and demands which any party is
required or may desire to give to any other party under any provision of this
Agreement must be in writing delivered to each party at the following address:

     BORROWER:   IPG Photonics Corporation
                 50 Old Webster Road
                 Oxford, MA 01540
                 Attn: Chief Financial Officer

     LENDER:     IP Fibre Devices (UK) Ltd.
                 22 Buckingham Gate
                 London SW1E 6LB
                 United Kingdom
                 Attn: Managing Director

or to such other address as any party may designate by written notice to all
other parties. Each such notice, request and demand shall be deemed given or
made as follows: (a) if sent by hand delivery, upon delivery; (b) if sent by
mail, upon the earlier of the date of receipt or three (3) days after deposit in
the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy,
upon receipt.


                                       14

<PAGE>

     SECTION 7.3. COSTS. Borrower shall pay to Lender immediately upon demand
the full amount of all payments, advances, charges, costs and expenses,
including reasonable attorneys' fees, expended or incurred by Lender in
connection with (a) the negotiation and preparation of this Agreement and the
other Loan Documents (up to $10,000), Lender's continued administration hereof
and thereof, (b) the enforcement of Lender's rights and/or the collection of any
amounts which become due under any of the Loan Documents, and (c) the
prosecution or defense of any action in any way related to any of the Loan
Documents, including any of the foregoing incurred in connection with any
bankruptcy proceeding relating to any Borrower or any other person or entity.

     SECTION 7.4. SUCCESSORS, ASSIGNMENT. This Agreement shall be binding upon
and inure to the benefit of the heirs, executors, administrators, legal
representatives, successors and assigns of the parties; provided however, that
Borrower may not assign or transfer its interest hereunder without Lender's
prior written consent. Lender reserves the right to sell, assign, transfer,
negotiate or grant participations in all or any part of, or any interest in,
Lender's rights and benefits under each of the Loan Documents.

     SECTION 7.5. ENTIRE AGREEMENT; AMENDMENT. This Agreement and the other Loan
Documents constitute the entire agreement between Borrower and Lender with
respect to each credit subject hereto and supersede all prior negotiations,
communications, discussions and correspondence concerning the subject matter
hereof. This Agreement may be amended or modified only in writing signed by each
party hereto.

     SECTION 7.6. SEVERABILITY OF PROVISIONS. If any provision of this Agreement
shall be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity without
invalidating the remainder of such provision or any remaining provisions of this
Agreement.

     SECTION 7.7. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which when executed and delivered shall be deemed to be an
original, and all of which when taken together shall constitute one and the same
Agreement.

     SECTION 7.8. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of Massachusetts without
regard to its conflict of laws principles.

     SECTION 7.9. LENDER APPOINTED ATTORNEY-IN-FACT. The Borrower hereby
irrevocably appoints the Lender the Borrower's attorney-in-fact, with full
authority to take any action and to execute any instrument that the Lender may
deem necessary to carry-out the provisions of Section 1.3 of this Agreement,
including without limitation to execute and file any UCC financing statements
the Lender deems necessary or appropriate.


                                       15

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first written above.


IPG PHOTONICS CORPORATION               IP FIBRE DEVICES (UK) LTD.


By: /s/ John H. Dalton                  By: /s/ Valentin P. Gapontsev
    ---------------------------------       ------------------------------------
    John H. Dalton                          Valentin P. Gaponstev
    President                               Managing Director

Location of Collateral:

IPG Photonics Corporation
50 Old Webster Road
Oxford, MA 01540


                                       16

<PAGE>

                                   SCHEDULE 1

                               LIST OF COLLATERAL

P40-000392                           SDL 63-00030 / 63-S9937 6360-A-962nm Diodes

<TABLE>
<S>    <C>
1800      109418
1800      112065
1800      115607
3400   14549-004
3400      108757
</TABLE>

     Total 12,200 @ 135.00 = $1,647,000.00

P40-000393                           SDL 63-00058 6350-A-962um Diodes on A-Block

<TABLE>
<S>    <C>
1200      109345
1200      112646
1200      115555
1200      119172
1200      126732
1300      128609
1000   14550-005
850    12306-003
900    12306-004
</TABLE>

     Total 10,050 @ 135.00 = $1,356,750.00

     Grand Total $3,003,750.00


                                        1
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>5
<FILENAME>b61608a1exv10w24.txt
<DESCRIPTION>EX-10.24 NON-RECOURSE PROMISSORY NOTE DATED APRIL 1, 2003
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.24

                          NON-RECOURSE PROMISSORY NOTE

$6,528,248                                                         April 1, 2003

     FOR VALUE RECEIVED, Dr. Valentin P. Gapontsev ("Maker") promises to pay to
IPG Photonics Corporation, a Delaware corporation (the "Company"), or order, the
principal sum of SIX MILLION FIVE HUNDRED AND TWENTY EIGHT THOUSAND TWO HUNDRED
AND FORTY EIGHT DOLLARS ($6,528,248), together with interest (compounded
annually) on the unpaid principal hereof from the date hereof at an annual rate
of 1.46%.

     Interest and principal shall be due and payable on December 31, 2004 or
nine months following an initial public offering by the Company, whichever is
earlier. Payments of principal and interest shall be made in lawful money of the
United States of America. The Maker may at any time prepay all or any portion of
the principal or interest owing hereunder without penalty.

     This Note is secured pursuant to the terms of a Pledge Agreement between
the Maker and the Company, dated as of March 5, 2001, as amended from time to
time (the "Pledge Agreement"). Notwithstanding anything contained herein to the
contrary, this Note (including all interest and principal) is a non-recourse
obligation of Maker and such Note shall be enforced against Maker only to the
extent of Maker's interest in the collateral pledged under the Pledge Agreement
in the event of default hereunder, provided that IP Fibre Devices (UK) Ltd.
("IPFD") shall not have defaulted in its obligations under the Loan and Security
Agreement, dated as of August 23, 2002, between the Company and IPFD, as amended
from time to time, and such default shall have continued for a period of five
business days after receipt of written notice of the default.

     Maker shall immediately repay to the holder of this Note any tax refunds
received by Maker or his successors or assigns from the German Government in
respect of income taxes paid by Maker for the reorganization of the corporate
structure and holdings of the Company and its affiliates.

     In the event the Maker shall cease to be an employee of the Company for the
following reasons:

          A. The Company reasonably determines in its discretion that Maker has
been materially negligent in the performance of, or materially fails to perform,
Maker's duties, or has failed to comply with the reasonable and material
directions of the Company, provided that the Company has given Maker written
notice of the deficiencies in performance or failure to comply and Maker has
failed within thirty (30) days after service of such notice to cure such
deficiencies to the Company's satisfaction;

          B. The determination by the Company in the exercise of its reasonable
judgment that Maker has committed an act or acts constituting fraud with respect
to the Company, or the Maker has been convicted of, or

<PAGE>

admits to, or enters a plea of nolo contendere to a felony or any crime
involving moral turpitude; or

          C. In the event of the Maker's termination of employment with the
Company for any reason, other than for the following:

               i.   The assignment to Maker of any duties materially
                    inconsistent (except in the nature of a promotion) with
                    Maker's position in the Company or a substantial adverse
                    alteration in the nature of Maker's position or
                    responsibilities or in the conditions of employment;

               ii.  A reduction by the Company in Maker's then-current salary or
                    a material reduction in benefits; or

               iii. A termination of employment with the Company without cause;
                    or

          D. The declaration of or filing for bankruptcy or insolvency by the
Maker,

then, this Note shall, at the option of the Company, be accelerated, and the
whole unpaid balance on this Note of principal and accrued interest shall be
immediately due and payable. After default in the required payment of principal
or interest, or the acceleration of this Note, then interest shall thereafter
accrue at rate of the stated interest above plus 2% per annum.

     Should any action be instituted for the collection of this Note, the
reasonable costs and attorneys' fees therein of the holder shall be paid by the
Maker, subject to the non-recourse limitations of this Note.

     This Note shall be governed by the laws of the Commonwealth of
Massachusetts, without giving effect to its choice of law principles thereof.

     This Note supersedes and replaces in its entirety the Promissory Note,
dated March 5, 2001, having a maturity date of March 5, 2002, and the Amended
and Restated Promissory Note, effective March 5, 2001 and having a maturity date
of December 31, 2004.


                                        /s/ Valentin P. Gapontsev
                                        ---------------------------------------
                                        Dr. Valentin P. Gapontsev

                                        Executed and Delivered

                                        As of this 1st day of April, 2003
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>6
<FILENAME>b61608a1exv10w25.txt
<DESCRIPTION>EX-10.25 AMENDED & RESTATED NON-RECOURSE PROMISSORY NOTE DATED APRIL 13, 2001
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.25

                AMENDED AND RESTATED NON-RECOURSE PROMISSORY NOTE

$150,000                                                          April 13, 2001

     FOR VALUE RECEIVED, John H. Dalton ("Maker") promises to pay to IPG
Photonics Corporation, a Delaware corporation (the "Company"), or order, the
principal sum of One Hundred and Fifty Thousand Dollars ($150,000), together
with interest (compounded annually) on the unpaid principal hereof from the date
hereof at an annual rate of 5.86%.

     Interest and principal shall be due and payable on December 31, 2004 or
nine months following an initial public offering by the Company, whichever is
earlier. Payments of principal and interest shall be made in lawful money of the
United States of America. The Maker may at any time prepay all or any portion of
the principal or interest owing hereunder without penalty.

     This Note is secured pursuant to the terms of a Pledge Agreement between
the Maker and the Company of even date herewith, as amended from time to time.
The holder shall have no recourse against the undersigned, and shall be required
to proceed only against the collateral securing this Note in the event of
default.

     The holder of this Note shall have full recourse against the undersigned,
and shall not be required to proceed against collateral securing this Note in
the event of default.

     In the event the Maker shall cease to be an employee of the Company for the
following reasons:

          A. The Company reasonably determines in its discretion that Maker has
been materially negligent in the performance of, or materially fails to perform,
Maker's duties, or has failed to comply with the reasonable and material
directions of the Company, provided that the Company has given Maker written
notice of the deficiencies in performance or failure to comply and Maker has
failed within thirty (30) days after service of such notice to cure such
deficiencies to the Company's satisfaction;

          B. The determination by the Company in the exercise of its reasonable
judgment that Maker has committed an act or acts constituting fraud with respect
to the Company, or the Maker has been convicted of, or admits to, or enters a
plea of nolo contendere to a felony or any crime involving moral turpitude; or

          C. In the event of the Maker's termination of employment with the
Company for any reason, other than for the following:

<PAGE>

               i.   The assignment to Maker of any duties materially
                    inconsistent (except in the nature of a promotion) with
                    Maker's position in the Company or a substantial adverse
                    alteration in the nature of Maker's position or
                    responsibilities or in the conditions of employment;

               ii.  A reduction by the Company in Maker's then-current salary or
                    a material reduction in benefits; or

               iii. A termination of employment with the Company without cause;
                    or

          D. The declaration of or filing for bankruptcy or insolvency by the
Maker,

then, this Note shall, at the option of the Company, be accelerated, and the
whole unpaid balance on this Note of principal and accrued interest shall be
immediately due and payable. After default in the required payment of principal
or interest, or the acceleration of this Note, then interest shall thereafter
accrue at rate of 7.86% per annum.

     Should any action be instituted for the collection of this Note, the
reasonable costs and attorneys' fees therein of the holder shall be paid by the
Maker. This Note shall be governed by the laws of the State of Massachusetts,
without giving effect to its choice of law principles thereof. This Note amends,
restates and supersedes in its entirety the Promissory Note, dated April 13,
2001, having a maturity date of April 13, 2002, and the Amended and Restated
Promissory Note, dated April 2001, having a maturity date of December 4, 2004


                                        /S/ John H. Dalton
                                        ----------------------------------------
                                        John H. Dalton


                                        2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.26
<SEQUENCE>7
<FILENAME>b61608a1exv10w26.txt
<DESCRIPTION>EX-10.26 STOCK PURCHASE AGREEMENT DATED DECEMBER 14, 2004
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.26

                            STOCK PURCHASE AGREEMENT

                                 Pursuant to the
                                  IPG PHOTONICS
                        2000 INCENTIVE COMPENSATION PLAN

     THIS STOCK PURCHASE AGREEMENT ("Agreement") is made this 14th day of
December, 2004, by and between IPG Photonics Corporation, a Delaware corporation
(the "Company"), and John H. Dalton ("Optionee") under the IPG Photonics 2000
Incentive Compensation Plan, as amended from time to time (as amended, the
"Plan"). All capitalized terms used in this Agreement that are not otherwise
defined shall have the meanings ascribed to them in the Plan.

     WHEREAS, the Company has granted to the Optionee pursuant to the Plan and
the related Stock Option Agreement, with respect to options granted on April 28,
2003 between the Company and Optionee, Options to acquire certain shares of
voting common stock ("Shares"), par value $0.0001 of the Company; and

     WHEREAS, the Optionee has delivered to the Company on December 14, 2004 a
notice of exercise of such Options (the "Notice"); and

     WHEREAS, the Company and the Optionee now desire to set forth the terms and
conditions under which the Shares that are the subject of the Notice shall be
acquired, held and transferred, subject to certain restrictions.

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements hereinafter set forth, the parties hereto mutually
covenant and agree as follows:

1.   Exercise of Option

     a.   Exercise. Optionee hereby purchases 100,000 Shares (the "Purchased
          Shares") pursuant to the Notices of Grant and the Stock Option
          Agreements, with respect to options granted on April 28, 2003 (the
          "Grant Date"), under the Plan at the exercise price of $1.00 per Share
          (the "Exercise Price").

     b.   Payment. Concurrently with the delivery of this Agreement to the
          Company, Optionee shall pay the Exercise Price for the Purchased
          Shares in accordance with the provisions of the Stock Option Agreement
          and shall deliver such additional documents as may be required by the
          Stock Option Agreement as a condition for exercise, together with a
          duly-executed blank Assignment Separate from Certificate (in the form
          attached to this Agreement as Exhibit I) with respect to the Purchased
          Shares.

     c.   Stockholder Rights. Until such time as the Company exercises the Call
          Right (as defined below) or the First Refusal Right (as defined
          below), Optionee shall have all the rights of a holder of voting stock
          (including dividend and liquidation rights) with respect to the
          Purchased Shares, subject, however, to the transfer restrictions of
          Sections 2 and 3.

<PAGE>

2.   Securities Law Compliance

     a.   Securities Matters.

          i.   The Purchased Shares have not been registered under the
               Securities Act and are being issued to Optionee in reliance upon
               the exemption from such registration provided by SEC Rule 701 for
               stock issuances under compensatory benefit plans such as the
               Plan. Optionee hereby confirms that Optionee has been informed
               that the Purchased Shares are restricted securities under the
               Securities Act and may not be resold or transferred unless the
               Purchased Shares are first registered under the Federal
               securities laws and applicable state securities laws or unless an
               exemption from such registration is available. Accordingly,
               Optionee hereby acknowledges and agrees that Optionee is prepared
               to hold the Purchased Shares for an indefinite period and that
               Optionee is aware that SEC Rule 144 issued under the Securities
               Act which exempts certain resales of unrestricted securities is
               not presently available to exempt the resale of the Purchased
               Shares from the registration requirements of the Securities Act.

          ii.  Optionee hereby represents and warrants to the Company that
               Optionee is acquiring the Purchased Shares for Optionee's own
               account, for investment purposes, and not with a view to, or for
               resale in connection with, the distribution of such Purchased
               Shares.

     b.   Restrictions on Disposition of Purchased Shares. Optionee shall make
          no disposition of the Purchased Shares unless and until there is
          compliance with all of the following requirements:

          (i)  Optionee shall have provided the Company with a written summary
               of the terms and conditions of the proposed disposition.

          (ii) Optionee shall have complied with all requirements of this
               Agreement applicable to the disposition of the Purchased Shares.

          (iii) Optionee shall have provided the Company with written
               assurances, including an opinion of counsel, in form and
               substance satisfactory to the Company, that (a) the proposed
               disposition does not require registration of the Purchased Shares
               under the Securities Act or applicable state securities laws or
               (b) all appropriate action necessary for compliance with the
               registration requirements of the Securities Act and applicable
               state securities laws or any exemption from registration
               available under the Securities Act (including Rule 144) and
               applicable state securities laws has been taken.

          The Company shall not be required (i) to transfer on its books any
          Purchased Shares which have been sold or transferred in violation of
          the provisions of this Agreement or (ii) to treat as the owner or
          holder of the Purchased Shares, or otherwise to


                                       2

<PAGE>

          accord voting, dividend or liquidation rights to any transferee to
          whom the Purchased Shares have been transferred in contravention of
          this Agreement.

     c.   Restrictive Legends. The stock certificates for the Purchased Shares
          shall be endorsed with restrictive legends substantially as follows:

               "The shares represented by this certificate are subject to
               certain repurchase rights and rights of first refusal granted to
               the Company and accordingly may not be sold, assigned,
               transferred, encumbered, or in any manner disposed of except in
               conformity with the terms of the Stock Purchase Agreement dated
               December 14, 2004 between the Company and the registered holder
               of the shares. A copy of such agreement is maintained at the
               Company's principal corporate offices."

          In addition, if shares are awarded prior to an IPO, the certificates
          shall also be inscribed with the following:

               "The shares of stock evidenced by this certificate have not been
               registered under the Securities Act of 1933 (the "Securities
               Act") or the securities laws of any state. These shares may not
               be sold or transferred unless the transaction is registered under
               the Securities Act and applicable state law or exempt from
               registration thereunder.

3.   Further Transfer Restrictions

     a.   Restriction on Transfer. Subject to the other provisions of this
          Agreement, prior to an IPO, and for the first 6 months following the
          date of grant, Optionee may not sell, exchange, or transfer the Shares
          received pursuant to an exercise of Options under the Plan to anyone,
          including the Company, without the prior written consent of the
          Company, which consent may be withheld in its sole and absolute
          discretion.

     b.   Transferee Obligations. Each person (other than the Company) to whom
          the Purchased Shares are transferred by means of a transfer expressly
          permitted under this Agreement must, as a condition precedent to the
          validity of such transfer, acknowledge in writing to the Company that
          such person is bound by the provisions of this Agreement and that the
          transferred shares are subject to (i) the Call Right, (ii) the First
          Refusal Right and (iii) the Lock-Up, to the same extent such shares
          would be so subject if retained by Optionee.

c.   Lock-Up.

     (i)  In connection with any underwritten public offering by the Company of
          its equity securities pursuant to an effective registration statement
          filed under the Securities Act, including the Company's initial public
          offering, Optionee shall not sell, make any short sale of, loan,
          hypothecate, pledge, grant any option for the purchase of, or
          otherwise dispose or transfer for value or otherwise agree to engage
          in any of the foregoing transactions with respect to any Purchased
          Shares without the prior written consent of the


                                       3

<PAGE>

          Company or its underwriters. Such restriction (the "Lock-Up") shall be
          in effect for such period of time from and after the effective date of
          the final prospectus for the offering as may be requested by the
          Company or such underwriters, and as may be determined by the
          Committee in its discretion. Such Lock-Up shall be subject to such
          other restrictions, conditions and limitations as the Committee may
          impose in its discretion.

     (ii) Optionee shall be subject to the Lock-Up provided and only if the
          officers and directors of the Company are also subject to similar
          restrictions.

4.   Call Right

     a.   Grant. Prior to the completion of an IPO, except as otherwise provided
          by the Committee at or after grant, and on and after the date Optionee
          terminates employment or other service provider relationship with the
          Company, an Affiliate or Group Company for any reason, the Company
          shall have the right to purchase, and the Optionee shall have the
          corresponding obligation to sell, upon delivery of written notice to
          Optionee, any or all of the Shares then owned by Optionee, ownership
          of which Shares was acquired through exercise of an Option (such
          repurchase rights of the Company, together with the repurchase rights
          set forth in Section 4.b, being referred to hereinafter as the "Call
          Rights"). In the case of termination of Optionee other than for Cause,
          the purchase price of the Shares shall be the Fair Market Value of
          such Shares as of the date the Company mails or otherwise delivers
          such written notice to the Optionee. If Optionee is terminated for
          Cause and holds Shares subject to Call Rights or First Refusal Rights,
          Optionee shall not have the right to receive Fair Market Value for the
          Shares, but shall receive an amount equal to the exercise price of the
          Option.

     b.   Certain Fundamental Changes. Without regard to the completion of an
          IPO, the Shares may be subject to a right of call by the Committee in
          the event of termination of the Plan due to merger or acquisition of
          the Company, or prior to an IPO, upon the occurrence of a Change in
          Control in the Company, whether or not the Plan is terminated. If the
          right to call the Shares is exercised by the Committee, such Shares
          must be returned to the Company within seven (7) days of the call
          notice. In such event:

          (i)  Optionee shall, unless otherwise determined by the Committee
               pursuant to paragraph (ii) below, be entitled to receive from the
               Company an amount equal to the Fair Market Value of the returned
               Shares.

          (ii) The Committee shall have the right to defer payment of the
               proceeds under this Section 4.b pursuant to the terms and
               conditions set forth in the Plan and Section 6 hereto.

5.   Right of First Refusal

     a.   Grant. Prior to an IPO, the Company shall have a right of first
          refusal (the "First Refusal Right"), exercisable in connection with
          any proposed transfer of the Purchased Shares, except with respect to
          any Permitted Transfer (as defined below).


                                       4

<PAGE>

     b.   Notice of Intended Disposition. In the event Optionee desires to
          accept a bona fide third-party offer for the transfer of any or all of
          the Purchased Shares (the Purchased Shares subject to such offer to be
          hereinafter referred to as the "Target Shares"), Optionee shall
          promptly (i) deliver to the Company written notice (the "Disposition
          Notice") of the terms of the offer, including the purchase price and
          the identity of the third-party offeror, and (ii) provide satisfactory
          proof that the disposition of the Target Shares to such third-party
          offeror would not be in contravention of the provisions set forth in
          Sections 2 and 3.

     c.   Exercise of the First Refusal Right. The Company shall, for a period
          of twenty-five (25) days following receipt of the Disposition Notice,
          have the right to repurchase any or all of the Target Shares subject
          to the Disposition Notice upon the same terms as those specified
          therein or upon such other terms (not materially different from those
          specified in the Disposition Notice) to which Optionee consents. Such
          right shall be exercised by delivery of written notice (the "Exercise
          Notice") to Optionee prior to the expiration of the twenty-five
          (25)-day exercise period. If such right is exercised with respect to
          all the Target Shares, then the Company shall effect the repurchase of
          such shares, including payment of the purchase price, not more than
          five (5) business days after delivery of the Exercise Notice; and at
          such time the certificates representing the Target Shares shall be
          delivered to the Company.

          Should the purchase price specified in the Disposition Notice be
          payable in property other than cash or evidences of indebtedness, the
          Company shall have the right to pay the purchase price in the form of
          cash equal in amount to the value of such property. If Optionee and
          the Company cannot agree on such cash value within ten (10) days after
          the Company's receipt of the Disposition Notice, the valuation shall
          be made by an appraiser of recognized standing selected by Optionee
          and the Company or, if they cannot agree on an appraiser within twenty
          (20) days after the Company's receipt of the Disposition Notice, each
          shall select an appraiser of recognized standing and the two (2)
          appraisers shall designate a third appraiser of recognized standing,
          whose appraisal shall be determinative of such value. The cost of such
          appraisal shall be shared equally by Optionee and the Company. The
          closing shall then be held on the later of (i) the fifth (5th)
          business day following delivery of the Exercise Notice or (ii) the
          fifth (5th) business day after such valuation shall have been made.

     d.   Non-Exercise of the First Refusal Right. In the event the Exercise
          Notice is not given to Optionee prior to the expiration of the
          twenty-five (25)-day exercise period, Optionee shall have a period of
          thirty (30) days thereafter in which to sell or otherwise dispose of
          the Target Shares to the third-party offeror identified in the
          Disposition Notice upon terms (including the purchase price) no more
          favorable to such third-party offeror than those specified in the
          Disposition Notice; provided, however, that any such sale or
          disposition must not be effected in contravention of the provisions of
          Sections 2 and 3. The third-party offeror shall acquire the Target
          Shares subject to the provisions of this Agreement as set forth in
          Section 3.b. In the event Optionee does not effect such sale or
          disposition of the Target Shares within the specified thirty (30)-day
          period, the First Refusal Right shall continue to be applicable to any
          subsequent disposition of the Target Shares by Optionee until such
          right lapses.


                                       5

<PAGE>

     e.   Partial Exercise of the First Refusal Right. In the event the Company
          makes a timely exercise of the First Refusal Right with respect to a
          portion, but not all, of the Target Shares specified in the
          Disposition Notice, Optionee shall have the option, exercisable by
          written notice to the Company delivered within five (5) business days
          after Optionee's receipt of the Exercise Notice, to effect the sale of
          the Target Shares pursuant to either of the following alternatives:

          (i)  sale or other disposition of all the Target Shares to the
               third-party offeror identified in the Disposition Notice, but in
               full compliance with the requirements of Section 5.d, as if the
               Company did not exercise the First Refusal Right; or

          (ii) sale to the Company of the portion of the Target Shares which the
               Company has elected to purchase, such sale to be effected in
               substantial conformity with the provisions of Paragraph 5.c. The
               First Refusal Right shall continue to be applicable to any
               subsequent disposition of the remaining Target Shares until such
               right lapses.

          Optionee's failure to deliver timely notification to the Company shall
          be deemed to be an election by Optionee to sell the Target Shares
          pursuant to alternative (i) above.

     f.   Recapitalization/Reorganization.

          (i)  Any new, substituted or additional securities or other property
               which is by reason of any Recapitalization distributed with
               respect to the Purchased Shares shall be immediately subject to
               the First Refusal Right, but only to the extent the Purchased
               Shares are at the time covered by such right.

          (ii) In the event of a Reorganization, the First Refusal Right shall
               remain in full force and effect and shall apply to the new
               capital stock or other property received in exchange for the
               Purchased Shares in consummation of the Reorganization, but only
               to the extent the Purchased Shares are at the time covered by
               such right.

     g.   Lapse. The First Refusal Right shall lapse upon an IPO. However, the
          Lock-Up shall continue to remain in full force and effect following
          the lapse of the First Refusal Right.

     h.   Permitted Transfer. For the purpose of Section 5(a), the term
          "Permitted Transfer" shall mean, with respect to the Purchased Shares,
          any sale conveyance, exchange, assignment, pledge, encumbrance, gift,
          bequest, hypothecation or other transfer or disposition by any other
          means, whether for value or no value and whether voluntary or
          involuntary (including, without limitation, by merger or operation of
          law), or any agreement to do any of the foregoing, by Optionee to
          Optionee's Immediate Family. The term "Immediate Family" means, and is
          limited to, Optionee's current spouse, parents, parents-in-law,
          grandparents, children, siblings (and their lineal descendents), and
          grandchildren. A trust, estate, family partnership, limited liability
          company or corporation entitled to federal income tax treatment
          pursuant to subchapter S of the Internal Revenue Code, all of the
          beneficiaries, partners, members or shareholders of which consist


                                       6

<PAGE>

          of Optionee or members of Optionee's Immediate Family, shall be
          considered such Optionee's Immediate Family for the purposes of this
          Agreement.

6.   Right to Defer Payment

     a.   At the discretion of the Committee, payments to Optionee may be made
          by the Company in the form of a single lump sum or installments.
          Installment payments shall be made in full no later than two (2) years
          from the date of disposition and will, if not paid in full
          immediately, be credited annually with interest using an interest rate
          equal to the annual rate of interest on 30-year Treasury securities as
          of the beginning of each such annual crediting period (as determined
          by the Committee).

     b.   If Optionee engages in conduct that constitutes a breach of Optionee's
          non-disclosure agreement and covenant not to compete, or other
          employment agreement with the Company, or engages in conduct otherwise
          determined by the Committee to be injurious to the Company, Optionee
          shall not be entitled to receive any remaining installments from a
          deferred payment and, in addition to any other rights the Company may
          have at law or in equity, the right to any remaining payments or
          installments shall immediately be forfeited and any such payments or
          installments shall immediately cease.

7.   General Provisions

     a.   Transfer; Assignment. The Optionee shall not sell, transfer, pledge,
          assign or otherwise dispose of or encumber the Purchased Shares other
          than as set forth in this Agreement and the Plan. Any attempted sale,
          transfer, pledge, assignment or other disposition or encumbrance of
          such Purchased Shares, or of Optionee's rights and obligations under
          this Agreement, contrary to the provisions of this Agreement shall be
          null and void. The Company may assign the Call Right and/or the First
          Refusal Right to any person or entity selected by the Board, including
          (without limitation) one or more stockholders of the Company.

     b.   Notices. Any notice which either party hereto may be required or
          permitted to give to the other shall be in writing, and may be
          delivered personally or by mail, postage prepaid, if to the Company,
          addressed to the Company at the following address:

                    IPG Photonics Corporation
                    50 Old Webster Road
                    Oxford, MA 01540
                    Attention: Secretary

          or at any other address as the Company, by notice to the Optionee, may
          designate in writing from time to time; and, if to the Optionee,
          addressed to the Optionee at the Optionee's address as set forth next
          to the Optionee's signature below, or at any other address as the
          Optionee by notice to the Company, may designate in writing from time
          to time.

     c.   No Waiver. No waiver by either party of the application of any term,
          provision or condition of this Agreement, or a breach thereof by the
          other party, shall constitute a waiver of any succeeding breach of the
          same or any other provision hereof. No


                                       7

<PAGE>

          such waiver shall be valid unless executed in writing by the party
          making the waiver.

     d.   Cancellation of Shares. If the Company shall make available, at the
          time and place and in the amount and form provided in this Agreement,
          the consideration for the Purchased Shares to be repurchased in
          accordance with the provisions of this Agreement, then from and after
          such time, the person from whom such shares are to be repurchased
          shall no longer have any rights as a holder of such shares (other than
          the right to receive payment of such consideration in accordance with
          this Agreement). Such shares shall be deemed purchased in accordance
          with the applicable provisions hereof, and the Company shall be deemed
          the Optionee and holder of such shares, whether or not the
          certificates therefor have been delivered as required by this
          Agreement.

     e.   Optionee Undertaking. Optionee hereby agrees to take whatever
          additional action and execute whatever additional documents the
          Company may deem necessary or advisable in order to carry out or
          effect one or more of the obligations or restrictions imposed on
          either Optionee or the Purchased Shares pursuant to the provisions of
          this Agreement.

     f.   Agreement Subject to Plan. The terms and conditions of the Plan as it
          now exists and as it may be amended from time to time are hereby
          incorporated by reference into this Agreement. The Purchased Shares
          are being issued and purchased pursuant to and subject to the Plan. In
          the event of any conflict between the terms of this Agreement and the
          terms of the Plan, the terms of the Plan shall control. Terms used
          herein that are not otherwise defined shall have the meanings ascribed
          to them in the Plan.

     g.   Entire Agreement. This Agreement constitutes and contains the entire
          agreement and understanding between the parties with respect to the
          subject matter hereof and supersedes any and all prior agreements, if
          any, understandings and negotiations relating thereto. No promise,
          understanding, representation, inducement, condition or warranty not
          set forth herein has been made or relied upon by any party hereto.

     h.   Governing Law. This Agreement shall be construed by, enforced in
          accordance with and governed by the substantive laws of the State of
          Delaware without giving effect to the conflict of laws provisions
          thereof.

     i.   Counterparts. This Agreement may be executed in one or more
          counterparts, each of which shall be deemed to be an original, but all
          of which together shall constitute one and the same instrument.

     j.   Successors and Assigns. Subject to the other terms hereof, this
          Agreement shall be binding upon and inure to the benefit of the heirs,
          beneficiaries, legal representatives and successors of the parties.


                                       8

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement on the day and
year first indicated above.

                                        IPG PHOTONICS CORPORATION


                                        By: /s/ Angelo P. Lopresti
                                            ------------------------------------
                                        Title: Vice President


                                        OPTIONEE


                                        By: /s/ John H. Dalton
                                            ------------------------------------
                                        Name: John H. Dalton
                                        Address: 3710 University Ave.
                                                 NW Washington, DC 20016


                                       9
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.27
<SEQUENCE>8
<FILENAME>b61608a1exv10w27.txt
<DESCRIPTION>EX-10.27 GUARANTY DATED AUGUST 9, 2006
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.27

                                    GUARANTY

     THIS GUARANTY (this "Guaranty"), dated as of August 9, 2006 is by VALENTIN
P. GAPONTSEV (the "Guarantor"), in favor of TD BANKNORTH, N.A., a national
banking association with an office at 370 Main Street, Worcester, Massachusetts
01608, and its branches (the "Lender"). In consideration of the Lender giving,
in its discretion, time, credit or banking facilities or accommodations to IPG
PHOTONICS CORPORATION, a Delaware corporation, and its successors (the
"Borrower"), the Guarantor agrees as follows:

     1. GUARANTY OF PAYMENT AND PERFORMANCE. The Guarantor hereby guarantees to
the Lender the full and punctual payment when due (whether at maturity, by
acceleration or otherwise), and the performance, of all liabilities, agreements
and other obligations of the Borrower to the Lender, whether direct or indirect,
absolute or contingent, due or to become due, secured or unsecured, now existing
or hereafter arising or acquired (whether by way of discount, letter of credit,
lease, loan, overdraft or otherwise) (the "Obligations"). This Guaranty is an
absolute, unconditional and continuing guaranty of the full and punctual payment
and performance of the Obligations and not of their collectibility only and is
in no way conditioned upon any requirement that the Lender first attempt to
collect any of the Obligations from the Borrower or resort to any security or
other means of obtaining their payment. Should the Borrower default in the
payment or performance of any of the Obligations, the obligations of the
Guarantor hereunder shall become immediately due and payable to the Lender,
without demand or notice of any nature, all of which are expressly waived by the
Guarantor. Payments by the Guarantor hereunder may be required by the Lender on
any number of occasions.

     2. GUARANTOR'S AGREEMENT TO PAY. The Guarantor further agrees, as the
principal obligor and not as a guarantor only, to pay to the Lender, on demand,
all costs and expenses (including court costs and legal expenses) incurred or
expended by the Lender in connection with the Obligations, this Guaranty and the
enforcement thereof, together with interest on amounts recoverable under this
Guaranty from the time such amounts become due until payment, at the rate per
annum equal to four percent (4.00%) above the "Prime" Rate, fully floating (the
"Default Rate"); provided that if such interest exceeds the maximum amount
permitted to be paid under applicable law, then such interest shall be reduced
to such maximum permitted amount. The "Prime" Rate is that rate of interest
published in The Wall Street Journal (Eastern Edition) as the prevailing prime
rate. The Default Rate shall be adjusted from time to time on the effective date
of any change in the "Prime" Rate.

     3. Recourse. Recourse by the Lender against the Guarantor under this
Guaranty shall be preceded by the sale or disposition of all Collateral, as
defined in a Loan and Security Agreement dated as of November 15, 2004 (as
amended from time to time, the "Loan Agreement"). Following the sale or
disposition of all Collateral, the Lender shall have recourse under this
Guaranty against the Guarantor for any Obligations which may continue to exist,
provided, however, that Lender may proceed directly against the Guarantor
without the prior sale of any Collateral in the event of (a) fraud, illegal,
improper or tortious misconduct in connection with the Obligations, or any other
obligation of the Guarantor or the Borrower to the Lender; (b) commencement of
proceedings in bankruptcy with respect to the Borrower pursuant to the United
States Bankruptcy Code; (c) the issuance of a stay or injunction after notice
and hearing preventing the Lender from exercising any

<PAGE>

of its rights against the Collateral; (d) any attempt by the Guarantor, directly
or indirectly, to enjoin or otherwise interfere with the Lender in the
enforcement or collection of the Obligations or any other obligation of the
Guarantor or the Borrower to the Lender, or any right or remedy of the Lender in
connection therewith; or (e) upon the Lender's determination that an
environmental issue exists having a material adverse affect upon any Collateral
or its sale or disposition.

     4. WAIVERS BY GUARANTOR; LENDER'S FREEDOM TO ACT. The Guarantor agrees that
the Obligations will be paid and performed strictly in accordance with their
respective terms regardless of any law, regulation or order now or hereafter in
effect in any jurisdiction affecting any of such terms or the rights of the
Lender with respect thereto. The Guarantor waives presentment, demand, protest,
notice of acceptance, notice of Obligations incurred and all other notices of
any kind, all defenses which may be available by virtue of any valuation, stay,
moratorium law or other similar law now or hereafter in effect, any right to
require the marshalling of assets of the Borrower, and all suretyship defenses
generally. Without limiting the generality of the foregoing, the Guarantor
agrees to the provisions of any instrument evidencing, securing or otherwise
executed in connection with any Obligation and agrees that the obligations of
the Guarantor hereunder shall not be released or discharged, in whole or in
part, or otherwise affected by (i) the failure of the Lender to assert any claim
or demand or to enforce any right or remedy against the Borrower; (ii) any
extensions or renewals of any Obligation; (iii) any rescissions, waivers,
amendments or modifications of any of the terms or provisions of any agreement
evidencing, securing or otherwise executed in connection with any Obligation;
(iv) the substitution or release of any entity primarily or secondarily liable
for any Obligation; (v) the adequacy of any rights the Lender may have against
any collateral or other means of obtaining repayment of the Obligations; (vi)
the impairment of any collateral securing the Obligations, including without
limitation the failure to perfect or preserve any rights the Lender might have
in such collateral or the substitution, exchange, surrender, release, loss or
destruction of any such collateral; or (vii) any other act or omission which
might in any manner or to any extent vary the risk of the Guarantor or otherwise
operate as a release or discharge of the Guarantor, all of which may be done
without notice to the Guarantor.

     5. UNENFORCEABILITY OF OBLIGATIONS AGAINST BORROWER. If for any reason the
Borrower has no legal existence or is under no legal obligation to discharge any
of the Obligations, or if any of the Obligations have become unrecoverable from
the Borrower by operation of law or for any other reason, this Guaranty shall
nevertheless be binding on the Guarantor to the same extent as if the Guarantor
at all times had been the principal obligor on all such Obligations. In the
event that acceleration of the time for payment of the Obligations is stayed
upon the insolvency, bankruptcy or reorganization of the Borrower, or for any
other reason, all such amounts otherwise subject to acceleration under the terms
of any agreement evidencing, securing or otherwise executed in connection with
any Obligation shall be immediately due and payable by the Guarantor.

     6. SUBROGATION; SUBORDINATION. Until the payment and performance in full of
all Obligations and any and all obligations of the Borrower to any affiliate of
the Lender, the Guarantor shall not exercise any rights against the Borrower
arising as a result of payment by the Guarantor hereunder, by way of subrogation
or otherwise, and will not prove any claim in competition with the Lender or its
affiliates in respect of any payment hereunder in bankruptcy or insolvency
proceedings of any nature; the Guarantor will not claim any set-off or
counterclaim against the Borrower in respect of any liability of the Guarantor
to the Borrower; and the Guarantor waives any benefit of and any


                                        2

<PAGE>

right to participate in any collateral which may be held by the Lender or any
such affiliate. The payment of any amounts due with respect to any indebtedness
of the Borrower now or hereafter held by the Guarantor is hereby subordinated to
the prior payment in full of the Obligations, provided that so long as no
default in the payment or performance of the Obligations has occurred and is
continuing, or no demand for payment of any of the Obligations has been made
that remains unsatisfied, the Borrower may make, and the Guarantor may demand
and accept, any scheduled payments of principal of and interest on such
subordinated indebtedness in the amounts, at the rates and on the dates
specified in such instruments, securities or other writings as shall evidence
such subordinated indebtedness. The Guarantor agrees that after the occurrence
of any default in the payment or performance of the Obligations, the Guarantor
will not demand, sue for or otherwise attempt to collect any such indebtedness
of the Borrower to the Guarantor until the Obligations shall have been paid in
full. If, notwithstanding the foregoing sentence, the Guarantor shall collect,
enforce or receive any amounts in respect of such indebtedness, such amounts
shall be collected, enforced and received by the Guarantor as trustee for the
Lender and be paid over to the Lender on account of the Obligations without
affecting in any manner the liability of the Guarantor under the other
provisions of this Guaranty.

     7. SECURITY; SET-OFF. The Guarantor grants to the Lender, as security for
the full and punctual payment and performance of the Guarantor's Obligations
hereunder, a continuing lien on and security interest in all securities or other
property belonging to the Guarantor now or hereafter held by the Lender and in
all deposits (general or special, time or demand, provisional or final) and
other sums credited by or due from the Lender to the Guarantor or subject to
withdrawal by the Guarantor; and regardless of the adequacy of any collateral or
other means of obtaining repayment of the Obligations, the Lender is hereby
authorized at any time and from time to time, without notice to the Guarantor
(any such notice being expressly waived by the Guarantor) and to the fullest
extent permitted by law, to set off and apply such deposits and other sums
against the obligations of the Guarantor under this Guaranty, whether or not the
Lender shall have made any demand under this Guaranty and although such
obligations may be contingent or unmatured.

     8. FURTHER ASSURANCES. The Guarantor agrees that he will, from time to time
at the request of the Lender and in any event at least once every calendar year,
provide to the Lender a complete, accurate signed personal financial statement
in form satisfactory to the Lender. The Guarantor further agrees to provide the
Lender with copies of his federal and state income tax returns, as and when
filed with the appropriate taxing authorities, and at least within one hundred
twenty (120) days of the end of each calendar year. The Guarantor further agrees
to provide the Lender with such other information relating to the business and
affairs of the Guarantor as the Lender may reasonably request. The Guarantor
also agrees to do all such things and execute all such documents as the Lender
may consider necessary or desirable to give full effect to this Guaranty and to
perfect and preserve the rights and powers of the Lender hereunder.

     9. TERMINATION; REINSTATEMENT. This Guaranty shall remain in full force and
effect until the Lender is given written notice of the Guarantor's intention to
discontinue this Guaranty, notwithstanding any intermediate or temporary payment
or settlement of the whole or any part of the Obligations. No such notice shall
be effective unless received by the Lender's Senior Commercial Loan Officer at
the notice address set forth in Section 12 hereof. No such notice shall affect
any rights of the Lender or of any affiliate hereunder including, without
limitation, the rights set forth in Sections 4 and 6, with respect to
Obligations incurred prior to the receipt of such


                                        3

<PAGE>

notice or Obligations incurred pursuant to any contract or commitment in
existence prior to such receipt, and all checks, drafts, notes, instruments
(negotiable or otherwise) and writings made by or for the account of the
Borrower and drawn on the Lender or any of its agents purporting to be dated on
or before the date of receipt of such notice, although presented to and paid or
accepted by the Lender after that date, shall form part of the Obligations. This
Guaranty shall continue to be effective or be reinstated, notwithstanding any
such notice, if at any time any payment made or value received with respect to
an Obligation is rescinded or must otherwise be returned by the Lender upon the
insolvency, bankruptcy or reorganization of the Borrower, or otherwise, all as
though such payment had not been made or value received.

     Notwithstanding the provisions set forth above, this Guaranty shall be
terminated and the Guarantor's obligations hereunder released, upon Borrower's
compliance, after completion of the IPO (as defined in the Loan Agreement), with
the financial covenants set forth in Sections 6.01(S) and 6.01(T) of the Loan
Agreement, tested for a full fiscal quarter.

     10. SUCCESSORS AND ASSIGNS. This Guaranty shall be binding upon the
Guarantor, its successors and assigns, and shall inure to the benefit of and be
enforceable by the Lender and its successors, transferees and assigns. Without
limiting the generality of the foregoing sentence, the Lender may assign or
otherwise transfer any agreement or any note held by it evidencing, securing or
otherwise executed in connection with the Obligations, or sell participations in
any interest therein, to any other person or entity, and such other person or
entity shall thereupon become vested, to the extent set forth in the agreement
evidencing such assignment, transfer or participation, with all the rights in
respect thereof granted to the Lender herein.

     11. AMENDMENTS AND WAIVERS. No amendment or waiver of any provision of this
Guaranty nor consent to any departure by the Guarantor therefrom shall be
effective unless the same shall be in writing and signed by the Lender. No
failure on the part of the Lender to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right.

     12. NOTICES. All notices and other communications called for hereunder
shall be made in writing and, unless otherwise specifically provided herein,
shall be deemed to have been duly made or given when delivered by hand or mailed
first class mail postage prepaid or, in the case of telegraphic or telexed
notice, when transmitted, answer back received, addressed as follows: if to the
Guarantor, at the address set forth beneath its signature hereto, and if to the
Lender, at 370 Main Street, Worcester, Massachusetts 01608, Attention: Senior
Commercial Loan Officer, or at such address as either party may designate in
writing

     13. GOVERNING LAW; CONSENT TO JURISDICTION. This Guaranty is intended to
take effect as a sealed instrument and shall be governed by, and construed in
accordance with, the laws of The Commonwealth of Massachusetts. The Guarantor
agrees that any suit for the enforcement of this Guaranty may be brought in the
courts of The Commonwealth of Massachusetts or any Federal Court sitting therein
and consents to the non-exclusive jurisdiction of such court and to service of
process in any such suit being made upon the Guarantor by mail at the address
specified in Section 12 hereof. The Guarantor hereby waives any objection that
he may now or hereafter have to the venue of any such suit or any such court or
that such suit was brought in an inconvenient court.


                                        4

<PAGE>

     14. JURY TRIAL WAIVER. THE GUARANTOR AND THE LENDER EACH WAIVE THE RIGHT TO
A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING, WHETHER BY CLAIM OR
COUNTERCLAIM, BROUGHT OR INSTITUTED BY THE GUARANTOR, THE BORROWER, THE LENDER
OR ANY OF THEIR SUCCESSORS OR ASSIGNS, WHICH IN ANY WAY RELATES DIRECTLY OR
INDIRECTLY TO THIS GUARANTY, THE OBLIGATIONS OR THE RELATIONSHIP BETWEEN OR
AMONG THE GUARANTOR, THE LENDER, THE BORROWER OR ANY OF THEM.

     15. MISCELLANEOUS. This Guaranty constitutes the entire agreement of the
Guarantor with respect to the matters set forth herein. The rights and remedies
herein provided are cumulative and not exclusive of any remedies provided by law
or any other agreement, and this Guaranty shall be in addition to any other
guaranty of the Obligations. The invalidity or unenforceability of any one or
more sections of this Guaranty shall not affect the validity or enforceability
of its remaining provisions. Captions are for the ease of reference only and
shall not affect the meaning of the relevant provisions. The meanings of all
defined terms used in this Guaranty shall be equally applicable to the singular
and plural forms of the terms defined.

     16. REPLACEMENT GUARANTY. This Guaranty replaces all guarantees executed by
the Guarantor and delivered to the Lender, including without limitation that
certain Limited Guaranty dated as of November 15, 2004 and those certain
Unlimited Guaranties dated as of April 28, 2000 and May 3, 2005.

     IN WITNESS WHEREOF, the Guarantor has executed and delivered this Guaranty
as a sealed instrument as of the date first set forth above.


Regina Wieneke                          /s/ Valentin P. Gapontsev
Witness                                 ----------------------------------------
                                        VALENTIN P. GAPONTSEV

                                        Address: 31 Hickory Drive
                                                 Worcester, Massachusetts 01609


                                        5
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.28
<SEQUENCE>9
<FILENAME>b61608a1exv10w28.txt
<DESCRIPTION>EX-10.28 STOCK PURCHASE AGREEMENT DATED AUGUST 30, 2000
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.28

                            STOCK PURCHASE AGREEMENT

     THIS STOCK PURCHASE AGREEMENT (the "Agreement") is made and entered into as
of August 30, 2000, by and among IPG Photonics Corporation, a Delaware
corporation (the "Company"), and the investment partnerships and other investors
named in Exhibit A attached hereto (each, an "Investor," and, collectively, the
"Investors").

     WHEREAS, in connection with the transactions contemplated hereby, the
Company has amended and restated its certificate of incorporation to provide as
set forth in Exhibit B (the "Restated Certificate");

     WHEREAS, the Investors desire to purchase from the Company, and the Company
desires to issue and sell to the Investors, shares of Series B Convertible
Participating Preferred Stock of the Company, par value $.0001 per share (the
"Convertible Preferred Stock" or the "Convertible Preferred Shares"), which
shares are convertible into shares of common stock of the Company, par value
$.0001 per share ("Common Stock"), subject to certain adjustments as set forth
in the Restated Certificate (the "Common Conversion Shares") and warrants to
purchase Common Stock in the form attached as Exhibit A-1 (the "Warrants"), as
further set forth in Section 1.1.

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements hereinafter set forth, the parties hereto agree as follows:

     SECTION 1. PURCHASE AND SALE

     1.1 Purchase and Sale of Preferred Stock and Warrants; Initial Closing.
Subject to the terms and conditions of this Agreement and in reliance on the
representations, warranties and covenants herein set forth, the Company shall
issue and sell to each of the Investors, and each Investor severally agrees to
purchase from the Company, (a) the respective number of Convertible Preferred
Shares set forth opposite the name of such Investor on Exhibit A-2, hereto and
(b) a Warrant to purchase shares of Common Stock in the form attached as Exhibit
A-1, providing each such Investor the right to purchase such number of shares of
Common Stock as may be acquired under the terms of the warrant upon payment of
the applicable amount set forth in Exhibit A-2 and in such Warrant. The purchase
of the Convertible Preferred Shares and Warrants shall be made at a closing (the
"Initial Closing") to be held on August 30, 2000, or such other date, and at
such place as shall be mutually agreed upon by the Company and the Investors. At
the Initial Closing and each Subsequent Closing (as hereinafter defined), the
Company will deliver to each Investor one or more certificates representing the
Convertible Preferred Shares and Warrants purchased by such Investor as set
forth on Exhibit A-2 hereto, in such denominations and issued in such names as
set forth in Exhibit A-2 against payment of the purchase price therefor to the
Company by wire transfer payable in immediately available funds. Subsequent
closings of the sale and purchase of Convertible Preferred Shares under this
Agreement (each a "Subsequent Closing") shall take place at times agreed upon by
the Company and the Investors participating in the respective Subsequent Closing
(the date of each Subsequent Closing, a "Subsequent Closing Date," the Initial
Closing and the Subsequent Closings collectively, the "Closings").

<PAGE>

     1.2 Subsequent Closing(s). The Company may issue to Investors and other
purchasers Series B Preferred Shares and Warrants at subsequent closings from
time to time after the date hereof provided that the aggregate preference amount
of the Series B Preferred Shares issued at the Initial Closing and at each
Subsequent Closing shall not exceed $85 million. Each such investor ("New
Investors") shall purchase Series B Shares and Warrants in the same proportion
as the Investors purchasing in the Initial Closing and shall execute counterpart
signature pages to this Agreement, the Registration Rights Agreement (as defined
below) and the Stockholders Agreement (as defined below). Such New Investors
will, upon delivery to the Company of such signature pages, become parties to,
and bound by, this Agreement, the Registration Rights Agreement and the
Stockholders Agreement, each to the same extent as if they had been Investors at
the Initial Closing. The Company shall remake the representations and warranties
set forth in Section 2.2 to the New Investors purchasing in each Subsequent
Closing and such New Investors shall make the representations and warranties set
forth in Section 3 herein. As soon as reasonably practicable after each
Subsequent Closing, Exhibit A-2 to this Agreement will be amended to list the
date of such Subsequent Closing, the names of the New Investors purchasing
shares of Series B Preferred Shares and Warrants hereunder, and the number of
shares of Series B Preferred Shares and Warrants purchased by each New Investor
under this Agreement at such Subsequent Closing. The Company will promptly
furnish to each Investor copies of the amendments to Exhibit B referred to in
the preceding sentence.

     1.3 Use of Proceeds. Except as set forth in Section 1.2 of the Disclosure
Schedule (as defined below), the Company shall use the proceeds from the sale of
the Convertible Preferred Shares and Warrants to fund the Restructuring (defined
below) referenced in Section 4.8 (including certain cash payments to Dr.
Valentin P. Gapontsev pursuant to the purchase agreements referenced in Section
4.8(b) as a part thereof) hereof and for general working capital purposes which
shall not include making any payments to stockholders of the Company.

     1.4 Status of New Investors. Upon the completion of each Subsequent Closing
as provided in this Section 1, each New Investor will be deemed to be an
"Investor" for all purposes of this Agreement and will become parties to this
Agreement, the Registration Rights Agreement and the Stockholders Agreement in
the same manner as the Investors hereunder subject to the limitations on rights
contained in such agreements based upon number of Series B Preferred Shares and
Warrants purchased.

     SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY

     In order to induce the Investors to enter into this Agreement and
consummate the transactions contemplated hereby, the Company hereby makes to the
Investors the representations and warranties contained in this Section 2. Such
representations and warranties are subject to the qualifications and exceptions
set forth in the disclosure schedule delivered to the Investors pursuant to this
Agreement (the "Disclosure Schedule"). As used herein "Laser" means IPG Laser
GmbH, a German corporation, "Fibertech" means IPG Fibertech S.R.L., an Italian
company, "IPG Entities" means collectively, the Company, Laser and Fibertech and
"IPG Entity" means individually any of the Company, Laser or Fibertech..
References to the knowledge or awareness of the Company are deemed to include
the actual knowledge of any senior officer or director of any of the IPG
Entities after due inquiry.


                                        2

<PAGE>

     2.1 Organization and Corporate Power. Each of the IPG Entities is a
corporation duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation, and is duly qualified or registered to
do business as a foreign corporation (a) in each jurisdiction listed in Section
2.1 of the Disclosure Schedule and (b) in each jurisdiction in which the failure
to be so duly qualified or registered has had, or would be reasonably likely to
have, a material adverse effect on the assets, liabilities, condition (financial
or other), business, results of operations or prospects of the IPG Entities
taken as a whole (a "Material Adverse Effect"). Each of the IPG Entities has all
requisite corporate power and authority to carry on its business as presently
conducted, to enter into and perform this Agreement, as applicable, and the
agreements contemplated hereby to which it is a party and to carry out the
transactions contemplated hereby and thereby, including the Company's issuance
of the Convertible Preferred Shares and the Common Conversion Shares. The copies
of the Restated Certificate in the form attached hereto as Exhibit B, by-laws of
the Company, as amended to date, and equivalent organizational documents of
Laser and Fibertech ("Organizational Documents") which have been furnished to
the Investors by the Company, are correct and complete as of the date hereof,
and none of the IPG Entities is in violation of any term of its Restated
Certificate or by-laws or Organizational Documents.

     2.2 Authorization and Non-Contravention. This Agreement and all agreements
executed pursuant hereto are valid and binding obligations of each of the IPG
Entities, as applicable, enforceable in accordance with their respective terms
subject to applicable bankruptcy, reorganization, fraudulent conveyance,
insolvency, moratorium and similar laws now or hereafter in effect affecting
creditors' rights generally and to general principles of equity. The execution,
delivery and performance of this Agreement and all agreements contemplated
hereby, the issuance and delivery of the Convertible Preferred Shares by the
Company and, upon conversion of the Convertible Preferred Shares, the issuance
and delivery of the Common Conversion Shares by the Company, have been duly
authorized by all necessary corporate or other action of the applicable IPG
Entities. Except as set forth on Section 2.2 of the Disclosure Schedule, the
execution and delivery of this Agreement and all agreements contemplated hereby,
the issuance and delivery of the Convertible Preferred Shares and, upon
conversion of the Convertible Preferred Shares, the issuance and delivery of the
Common Conversion Shares, and the performance of the transactions contemplated
by this Agreement and such other agreements, will not (a) violate, conflict with
or result in a default under any material contract or obligation to which an IPG
Entity is a party or by which it or its assets are bound, or any provision of
the Restated Certificate or by-laws of the Company or any Organizational
Documents, or cause the creation of any encumbrance upon any of the material
assets of the Company; (b) violate or result in a violation of, or constitute a
material default (whether after the giving of notice, lapse of time or both)
under, any provision of any law, regulation or rule, or any order of, or any
restriction imposed by any court or other governmental agency applicable to an
IPG Entity; (c) require from an IPG Entity any notice to, declaration or filing
with, or consent or approval of any governmental authority or other third party
other than pursuant to federal or state securities or blue sky laws except for
the filing of the Restated Certificate; or (d) accelerate any obligation under,
or give rise to a right of termination of, any agreement, permit, license or
authorization to which an IPG Entity is a party or by which it or its assets are
bound.


                                        3

<PAGE>

     2.3 Corporate Records. The corporate record books of each of the IPG
Entities accurately reflect all corporate action taken by its stockholders and
board of directors and committees. The copies of the corporate records of each
of the IPG Entities, as made available to the Investors for review, are true and
complete copies of the originals of such documents.

     2.4 Capitalization.

          (a)  Company

     As of the Initial Closing and after giving effect to the transactions
contemplated hereby, the authorized capital stock of the Company will consist of
(i) 50,000,000 shares of Common Stock, of which 33,652,933 shares will be issued
and outstanding (ii) 5,000,000 shares of Preferred Stock, ("Preferred Stock") of
which 500,000 shares will be issued and outstanding and classified as Series A
Convertible Preferred Stock and (iii) 1,000,000 shares which will be issued and
outstanding and classified as Convertible Preferred Stock. The relative rights,
preferences and other provisions relating to the Convertible Preferred Stock are
as set forth in the Restated Certificate, and such rights and preferences are
valid and enforceable in accordance with their terms under the laws of the State
of Delaware. Section 2.4(a) of the Disclosure Schedule sets forth the name of
each holder of options for Common Stock, the number of shares for which such
options are exercisable with respect to each holder, together with the
applicable vesting schedule, if any, and the applicable exercise price, and,
except as set forth in such section, none of the options or rights disclosed in
Section 2.4(a) of the Disclosure Schedule is subject to accelerated vesting by
reason of the transactions contemplated hereby or any subsequent sale of the
Company. Except as disclosed in Section 2.4(a) of the Disclosure Schedule, there
are no outstanding subscriptions, options, warrants, commitments, preemptive
rights, agreements, arrangements or commitments of any kind relating to the
issuance or sale of, or outstanding securities convertible into or exercisable
or exchangeable for, any shares of capital stock of any class or other equity
interests of the Company. Except as disclosed in Section 2.4(a) of the
Disclosure Schedule, the Company has no obligation to purchase, redeem, or
otherwise acquire any of its capital stock or any interests therein, and has not
redeemed any shares of its capital stock in the past three (3) years. As of the
Initial Closing, and after giving effect to the transactions contemplated
hereby, all of the outstanding shares of capital stock of the Company will have
been duly and validly authorized and issued, will be fully paid and
non-assessable, and will have been offered, issued, sold and delivered in
compliance with applicable federal and state securities laws without giving rise
to preemptive rights of any kind. The Company has duly and validly authorized
and reserved 3,750,000 shares of Common Stock (subject to adjustment) for
issuance in connection with awards granted or exercised under the Company's 2000
Incentive Compensation Plan, as amended (the "Stock Option Plan"), 500,000
shares of Common Stock (subject to adjustment) for issuance upon conversion of
the Series A Preferred Stock and 1,000,000 shares of Common Stock (subject to
adjustment) for issuance upon conversion of the Convertible Preferred Stock, and
the shares of Common Stock so issued will, upon such grant, exercise or
conversion, be validly issued, fully paid and non-assessable. As of the Initial
Closing, and after giving effect to the transactions contemplated hereby, other
than rights set forth herein or in Section 2.4(a) of the Disclosure Schedule or
in the Restated Certificate, the Registration Rights Agreement or the
Stockholders' Agreement, there are (1) no preemptive rights, rights of first
refusal, put or call rights or obligations or anti-dilution rights with respect
to the


                                        4

<PAGE>

issuance, sale or redemption of the Company's capital stock or any interests
therein, (2) no rights to have the Company's capital stock registered for sale
to the public in connection with the laws of any jurisdiction and (3) no
documents, instruments or agreements relating to the voting of the Company's
voting securities or restrictions on the transfer of the Company's capital
stock.

          (b)  Laser

     As of the Initial Closing and after giving effect to the transactions
contemplated hereby, the authorized capital of Laser will consist of DM 500,000.
Section 2.4(b) of the Disclosure Schedule sets forth the name of each holder of
options for capital stock of Laser, the number of shares for which such options
are exercisable with respect to each holder, together with the applicable
vesting schedule, if any, and the applicable exercise price. None of the options
or rights disclosed in Section 2.4(b) of the Disclosure Schedule is subject to
accelerated vesting by reason of the transactions contemplated hereby or any
subsequent sale of the Laser. Except as disclosed in Section 2.4(b) of the
Disclosure Schedule, there are no outstanding subscriptions, options, warrants,
commitments, preemptive rights, agreements, arrangements or commitments of any
kind relating to the issuance or sale of, or outstanding securities convertible
into or exercisable or exchangeable for, any shares of capital stock of any
class or other equity interests of the Laser. Except as disclosed in Section
2.4(b) of the Disclosure Schedule, IPG Laser has no obligation to purchase,
redeem, or otherwise acquire any of its capital stock or any interests therein,
and has not redeemed any shares of its capital stock in the past three (3)
years. As of the Initial Closing, and after giving effect to the transactions
contemplated hereby, all of the outstanding shares of capital stock of IPG Laser
will have been duly and validly authorized and issued, will be fully paid and
non-assessable, and will have been offered, issued, sold and delivered in
compliance with applicable securities laws without giving rise to preemptive
rights of any kind. As of the Initial Closing, and after giving effect to the
transactions contemplated hereby, other than rights set forth herein or in
Section 2.4(b) of the Disclosure Schedule or the Company Articles of Laser,
there are (1) no preemptive rights, rights of first refusal, put or call rights
or obligations or anti-dilution rights with respect to the
issuance, sale or redemption of IPG Laser's capital stock or any interests
therein, (2) no rights to have IPG Laser's capital stock registered for sale to
the public in connection with the laws of any jurisdiction and (3) no documents,
instruments or agreements relating to the voting of the IPG Laser's voting
securities or restrictions on the transfer of the IPG Laser's capital stock.

          (c)  Fibertech

     As of the Initial Closing and after giving effect to the transactions
contemplated hereby, the authorized capital of Fibertech will consist of Lire
20,000,000. Section 2.4(c) of the Disclosure Schedule sets forth the name of
each holder of options for capital stock of Fibertech, the number of shares for
which such options are exercisable with respect to each holder, together with
the applicable vesting schedule, if any, and the applicable exercise price. None
of the options or rights disclosed in Section 2.4(c) of the Disclosure Schedule
is subject to accelerated vesting by reason of the transactions contemplated
hereby or any subsequent sale of Fibertech. Except as disclosed in Section
2.4(c) of the Disclosure Schedule, there are no outstanding subscriptions,
options, warrants, commitments, preemptive rights,


                                        5

<PAGE>

agreements, arrangements or commitments of any kind relating to the issuance or
sale of, or outstanding securities convertible into or exercisable or
exchangeable for, any shares of capital stock of any class or other equity
interests of Fibertech. Except as disclosed in Section 2.4(c) of the Disclosure
Schedule, Fibertech has no obligation to purchase, redeem, or otherwise acquire
any of its capital stock or any interests therein, and has not redeemed any
shares of its capital stock in the past three (3) years. As of the Initial
Closing, and after giving effect to the transactions contemplated hereby, all of
the outstanding shares of capital stock of Fibertech will have been duly and
validly authorized and issued, will be fully paid and non-assessable, and will
have been offered, issued, sold and delivered in compliance with applicable
federal and state securities laws without giving rise to preemptive rights of
any kind. As of the Initial Closing, and after giving effect to the transactions
contemplated hereby, other than rights set forth herein or in Section 2.4(c) of
the Disclosure Schedule or Company Articles of Fibertech, there are (1) no
preemptive rights, rights of first refusal, put or call rights or obligations or
anti-dilution rights with respect to the issuance, sale or redemption of
Fibertech's capital stock or any interests therein, (2) no rights to have
Fibertech's capital stock registered for sale to the public in connection with
the laws of any jurisdiction and (3) no documents, instruments or agreements
relating to the voting of the Fibertech's voting securities or restrictions on
the transfer of the Fibertech's capital stock.

     2.5 Subsidiaries; Investments. The Company does not own or control,
directly or indirectly, any interest in any other corporation, partnership,
limited liability company, association or other business entity, except as set
forth in Section 2.5 of the Disclosure Schedule. Section 2.5 of the Disclosure
Schedule sets forth, as of the Initial Closing and giving effect to the
transactions contemplated hereby, a complete and current list of the outstanding
equity interests and the stockholders of each IPG Entity.

     2.6 Financial Statements; Projections.

          (a) The Company has previously furnished to the Investors copies of
its proforma consolidated and audited financial statements and consolidating
financial statements for the IPG Entities for the fiscal year ended December 31,
1999 and its unaudited consolidated and consolidating financial statements for
the six months ended June 30, 2000. Such financial statements were prepared in
conformity with U.S. generally accepted accounting principles applied on a
consistent basis (except as set forth in the notes thereto and subject, in the
case of unaudited financial statements, to normal year-end adjustment's, and the
absence of notes thereto), are consistent in all material respects with the
books and records of the Company and fairly present in all material respects the
financial position of the Company or the relevant IPG Entity as of the dates
thereof and the results of operations and cash flows of the Company or the
relevant IPG Entity for the periods shown therein.

          (b) The projections previously delivered to the Investors in a side
letter represent good faith estimates of the performance of the Company for the
periods stated therein based upon assumptions which were believed in good faith
to be reasonable when made and continue to be reasonable as of the date hereof;
provided, however, that the foregoing is not a guarantee that such projections
will be achieved.


                                        6

<PAGE>

     2.7 Absence of Undisclosed Liabilities. Except as incurred under agreements
set forth on Section 2.13 of the Disclosure Schedule or as set forth on Section
2.7 of the Disclosure Schedule, none of the IPG Entities have any material
liabilities or obligations of any nature, whether accrued, absolute, contingent
or otherwise, except liabilities or obligations (i) with respect to the Company,
stated or adequately reserved against in the reviewed balance sheet of the
Company as of December 31, 1999 (the "Base Balance Sheet") or (ii) incurred as a
result of or arising out of the transactions contemplated under this Agreement.

     2.8 Absence of Certain Developments. Since December 31, 1999, each of the
IPG Entities has conducted its business only in the ordinary course consistent
with past practice and, except in connection with or as a result of the
transactions contemplated in this Agreement (including the Restructuring) or as
set forth in Section 2.8 of the Disclosure Schedule, there has not been:

          (a) any change in the assets, liabilities, condition (financial or
other), properties, business, operations or prospects of any of the IPG
Entities, which change by itself or in conjunction with all other such changes,
whether or not arising in the ordinary course of business, has had or would be
reasonably likely to have a Material Adverse Effect;

          (b) any mortgage, encumbrance or lien placed on any of the properties
of any of the IPG Entities, other than statutory and purchase money liens and
security interests and liens for taxes not yet due and payable;

          (c) any purchase, sale or other disposition, or any agreement or other
arrangement for the material purchase, sale or other disposition, of any
properties or assets by any of the IPG Entities, including any of its
Intellectual Property Assets (as defined below), involving the payment or
receipt of more than $100,000, other than in the ordinary course of business;

          (d) any damage, destruction or loss, (whether or not covered by
insurance) having a Material Adverse Effect;

          (e) any declaration, or payment of any dividend by any of the IPG
Entities, or the making of any other distribution in respect of the capital
stock of any of the IPG Entities, or any direct or indirect redemption, purchase
or other acquisition by any of the IPG Entities of its own capital stock;

          (f) any labor trouble or claim of unfair labor practices involving any
of the IPG Entities, any material change in the compensation payable or to
become payable by any of the IPG Entities to any of its officers or employees
other than normal merit increases to employees in accordance with its usual
practices, or any bonus payment or arrangement made to or with any of such
officers or employees or any establishment or creation of any employment,
deferred compensation or severance arrangement or employee benefit plan with
respect to such persons or the amendment of any of the foregoing except for
purposes of compliance with the Code (as defined below) or ERISA (as defined
below), any applicable foreign tax or employee benefits law;


                                        7

<PAGE>

          (g) any resignation, termination or removal of any executive officer
of any of the IPG Entities or material loss of personnel of any of the IPG
Entities or material change in the terms and conditions of the employment of any
of the IPG Entities' officers or key personnel;

          (h) any payment or discharge of a material lien or liability of any of
the IPG Entities which was not shown on the audited balance sheet of the Company
as of December 31, 1999 or incurred in the ordinary course of business,
consistent with past practice, thereafter;

          (i) any contingent liability incurred by any of the IPG Entities as
guarantor or otherwise with respect to the obligations of others or any
cancellation of any material debt or claim owing to, or waiver of any material
right of, any of the IPG Entities, including any write-off or compromise of any
accounts receivable other than in the ordinary course of business consistent
with past practice;

          (j) any obligation or liability incurred by any of the IPG Entities to
any of its officers, directors, stockholders or employees, or any loans or
advances made by any of the IPG Entities to any of its officers, directors,
stockholders or employees, except normal compensation and expense allowances
payable to officers or employees;

          (k) any material change in accounting methods or practices, collection
policies, pricing policies or payment policies of any of the IPG Entities;

          (l) any loss, or any known development that could reasonably be
expected to result in a loss, of any material supplier, customer, distributor or
account of any of the IPG Entities;

          (m) any amendment or termination of any material contract or agreement
to which any of the IPG Entities is a party or by which it is bound;

          (n) any arrangements relating to any royalty or similar payment based
on the revenues, profits or sales volume of any of the IPG Entities, whether as
part of the terms of any of the IPG Entities' capital stock or by any separate
agreement;

          (o) any transaction or agreement involving fixed price terms or fixed
volume arrangements;

          (p) any other material transaction entered into by any of the IPG
Entities other than transactions in the ordinary course of business consistent
with past practice;

          (q) except as provided in this Agreement, any amendment to the
Company's certificate of incorporation or by-laws or the Organization Documents
from the certified copies thereof provided to the Investors; or

          (r) any agreement or understanding whether in writing or otherwise,
for any of the IPG Entities to take any of the actions specified in paragraphs
(a) through (q) above.

     2.9 [INTENTIONALLY OMITTED].


                                        8

<PAGE>

     2.10 Transactions with Affiliates. Except as set forth in Section 2.10 of
the Disclosure Schedule, and except for the transactions comprising the
Restructuring, there are no loans, leases or other continuing transactions
between any of the IPG Entities or any present or former stockholder, director
or officer of any of the IPG Entities, or to the knowledge of any of the IPG
Entities any member of such officer's, director's or stockholder's immediate
family, or any person controlled by such officer, director, or stockholder or
his or her immediate family. Except as set forth in Section 2.10 of the
Disclosure Schedule, no stockholder, director or officer of any of the IPG
Entities, or to the knowledge of the Company or any of their respective spouses,
owns directly or indirectly, on an individual or joint basis, any interest in,
or serves as an officer or director or in another similar capacity of, any
competitor, customer or supplier of any of the IPG Entities, or any organization
which has a material contract or arrangement with any of the IPG Entities (other
than interests in non-affiliated publicly held companies).

     2.11 Properties. Except as set forth in Section 2.11 of the Disclosure
Schedule, each of the IPG Entities has good, valid and (if applicable)
marketable title to all assets material to its business and to those assets
reflected on the Base Balance Sheet or acquired by it after the date thereof
(except for properties disposed of since that date in the ordinary course of
business), free and clear of all liens, claims or encumbrances of any nature,
other than liens for Taxes (as hereinafter defined) not yet due and payable,
minor liens and encumbrances that do not materially detract from the value of
the property subject thereto or materially impair the operations of each of the
IPG Entities, and liens that have otherwise arisen in the ordinary course of
business. All equipment included in such properties which is necessary to the
business of each of the IPG Entities is in generally good condition and repair
(ordinary wear and tear excepted) and all leases of real or personal property to
which any of the IPG Entities is a party are fully effective and afford each of
the IPG Entities peaceful and undisturbed possession of the subject matter to
the lease. The IPG Entities own all of the assets, properties and rights
necessary to conduct the business of the IPG Entities as currently conducted by
the IPG Entities, as a whole.

     2.12 Tax Matters.

          (a) Each of the IPG Entities has timely and properly filed all
federal, state, local and foreign tax returns required to be filed by it through
the date hereof, and all such tax returns filed by each of the IPG Entities are
true, correct and complete in all material respects as of the time of filing.
Each of the IPG Entities has paid or caused to be paid all federal, state,
local, foreign and other taxes, including without limitation, income taxes,
estimated taxes, alternative minimum taxes, excise taxes, sales taxes, franchise
taxes, employment and payroll related taxes, withholding taxes, transfer taxes,
and all deficiencies, or other additions to tax, interest, fines and penalties
owed by it (collectively, "Taxes"), required to be paid by it through the date
hereof, except Taxes which have not yet accrued or otherwise become due. The
provisions for Taxes in the Base Balance Sheet are sufficient as of its date for
the payment of any accrued and unpaid Taxes of any nature of the IPG Entities as
of such date. All Taxes and other assessments and levies which each of the IPG
Entities was or is required to withhold or collect have been withheld and
collected and have been paid over to the proper governmental authorities. Each
of the IPG Entities has delivered to the Investors correct and complete copies
of all


                                        9

<PAGE>

annual tax returns, examination reports, and statements of deficiencies filed
by, assessed against, or agreed to by each of the IPG Entities since December
31, 1999. None of the IPG Entities has waived any statute of limitations in
respect of Taxes or agreed to any extension of time with respect to any Tax
payment, assessment, deficiency or collection. Except as set forth in Section
2.12 of the Disclosure Schedule, (i) none of the IPG Entities has received
notice of any audit or of any proposed deficiencies from the Internal Revenue
Service (the "IRS") or any other taxing authority (other than routine audits
undertaken in the ordinary course and which have been resolved on or prior to
the date hereof); (ii) there are in effect no waivers of applicable statutes of
limitations with respect to any Taxes owed by any of the IPG Entities for any
year; (iii) to the knowledge of the Company, neither the IRS nor any other
taxing authority is now asserting or, to the knowledge of the Company,
threatening to assert against any of the IPG Entities any deficiency or claim
for additional Taxes or interest thereon or penalties in connection therewith in
respect of the income or sales of any of the IPG Entities; (iv) the Company has
never been a member of an affiliated group of corporations filing a combined
federal income Tax return nor does any of the IPG Entities have any liability
for Taxes of any other individual, corporation, association, joint venture,
partnership, limited liability company, estate, trust, unincorporated
organization or any other entity or organization, governmental or otherwise
(each, a "Person") under Treasury Regulations .1.1502-6 (or any similar
provision of foreign, state or local law) or otherwise; and (v) none of the IPG
Entities has filed a consent under Section 341(f) of the Internal Revenue Code
of 1986, as amended (the "Code"), concerning collapsible corporations. To the
knowledge of the Company, none of the IPG Entities has ever been a United States
real property holding corporation within the meaning of Section 897(c)(1)(A)(ii)
of the Code. None of the IPG Entities is a party to any Tax allocation or
sharing arrangement. None of the IPG Entities is a party to any contract,
agreement, plan or arrangement covering any employee or former employee thereof,
that, individually or collectively, could give rise to the payment of any amount
that would not be deductible pursuant to Section 280G or Section 162 of the
Code. None of the IPG Entities is a "foreign person" within the meaning of
Section 1445 of the Code and Treasury Regulations Section 1.1445-2.

          (b) None of the IPG Entities has ever been (i) a passive foreign
investment company, (ii) a foreign personal holding company or (iii) a foreign
sales corporation.

          (c) As of the Initial Closing, (i) none of the IPG Entities will have,
during the one-year period preceding the Initial Closing, made any purchases of
its own stock except as set forth in Section 2.12 of the Disclosure Schedule,
and (ii) the Company's (and any predecessor's) aggregate gross assets, as
defined by Section 1202(d)(2) of the Code, at no time between the date of
incorporation of the Company and through the Initial Closing have exceeded
$50,000,000, taking into account the assets of any corporations required to be
aggregated with the Company in accordance with Section 1202(d)(3) of the Code.

     2.13 Certain Contracts and Arrangements. Except as set forth in Section
2.13 of the Disclosure Schedule (with true and correct copies provided to the
Investors) and for the transactions comprising the Restructuring, none of the
IPG Entities is a party or subject to or bound by:


                                       10

<PAGE>

          (a) any contract or agreement involving a potential commitment or
payment by any of the IPG Entities in excess of $50,000;

          (b) any contract, lease or agreement which is not cancelable by any of
the IPG Entities without penalty on not less than ninety (90) days notice in
excess of $50,000;

          (c) any contract containing covenants directly or explicitly limiting
in any material respect the freedom of any of the IPG Entities to compete in any
line of business or with any person or entity;

          (d) any contract or agreement relating to the licensing, distribution,
development, purchase, sale or servicing of its software and hardware products
except in the ordinary course of business consistent with past practices;

          (e) any indenture, mortgage, promissory note, loan agreement, guaranty
or other agreement or commitment for borrowing or any pledge or security
arrangement;

          (f) any employment contracts, non-competition agreements or other
agreements with present or former officers, directors or employees of any of the
IPG Entities or persons affiliated with such persons;

          (g) any stock redemption or purchase agreements or other agreements
affecting or relating to the capital stock of any of the IPG Entities,
including, without limitation, any agreement with any stockholder any of the IPG
Entities which includes anti-dilution rights, registration rights, voting
arrangements, operating covenants or similar provisions;

          (h) any pension, profit sharing, retirement or stock options plans;

          (i) any royalty, dividend or similar arrangement based on the revenues
or profits of any of the IPG Entities or any contract or agreement involving
fixed price or fixed volume arrangements;

          (j) any joint venture, partnership, manufacturer, development or
supply agreement;

          (k) any acquisition, merger or similar agreement;

          (l) any contract with any governmental entity; or

          (m) any other material contract not executed in the ordinary course of
business.

          All such contracts, agreements, leases and instruments are valid and
are in full force and effect and constitute legal, valid and binding obligations
of the respective IPG Entity and, are enforceable by the respective IPG Entity
in accordance with their respective terms. The Company has no knowledge of any
notice or threat to terminate any such contracts, agreements, leases or
instruments, which termination would reasonably be expected to have a Material
Adverse Effect. Neither any of the respective IPG Entities nor, to the knowledge
of the Company, any other party is in default in complying with any provisions
of any such contract, agreement,


                                       11

<PAGE>

lease or instrument, and, to the knowledge of any of the respective IPG
Entities, no condition or event or fact exists which, with notice, lapse of time
or both, would constitute a default thereunder on the part of any of the
respective IPG Entities, except for any such default, condition, event or fact
that, individually or in the aggregate, would not reasonably be expected to have
a Material Adverse Effect.

          2.14 Intellectual Property.

          (a) Ownership of Intellectual Property Assets. Except as set forth in
Section 2.14(a) of the Disclosure Schedule, the IPG Entities taken as a whole,
are the exclusive owners of, and have good, valid and marketable title to, or
have an exclusive, perpetual, worldwide license to use, all of the Intellectual
Property Assets free and clear of all mortgages, pledges, charges, liens,
equities, security interests, or other encumbrances or agreements, and has the
right to use without payment to a third party all of the Intellectual Property
Assets. No claim is pending or, to the Company's best knowledge, threatened
against any of the IPG Entities and/or its officers, employees, and consultants
to the effect that any of the IPG Entities' right, title and interest in and to
the Intellectual Property Assets is invalid or unenforceable by any of the IPG
Entities. The individuals listed on Section 2.14(a) of the Disclosure Schedule
have executed written instruments with the IPG Entity listed on such Disclosure
Schedule that assign to such IPG Entity all rights to any inventions,
improvements, discoveries, or information relating to the business of such IPG
Entity. No employee of any of the IPG Entities has entered into any agreement
that restricts or limits in any way the scope or type of work in which the
employee may be engaged or requires the employee to transfer, assign, or
disclose information concerning his work to anyone other than the respective IPG
Entity.

          (b) Patents. Section 2.14(b) of the Disclosure Schedule sets forth a
complete and accurate list and summary description of all Patents, including the
entity or individual that is the owner of such patents. All of the issued
Patents are currently in compliance with formal U.S. and foreign legal
requirements (including without limitation payment of filing, examination and
maintenance fees and proofs of working or use), are valid and enforceable, and
are not subject to any maintenance fees or taxes or actions falling due within
ninety (90) days after the date of the Initial Closing. In each case where a
Patent is held by an IPG Entity by assignment, the assignment has been duly
recorded with the U.S. Patent and Trademark Office and all other jurisdictions
of registration. No Patent has been or is now involved in any interference,
reissue, re-examination or opposition proceeding. To Company's knowledge, there
is no potentially interfering patent or patent application of any third party.
All products made, used or sold under the Patents have been marked with the
proper patent notice.

          (c) Trademarks. Section 2.14(c) of the Disclosure Schedule sets forth
a complete and accurate list and summary description of all Marks, including the
IPG Entity that is the owner of such Marks. All Marks that have been registered
with the United States Patent and Trademark Office and/or any other domestic or
foreign jurisdiction are currently in compliance with formal legal requirements
(including without limitation the timely post-registration filing of affidavits
of use and incontestability and renewal applications), are valid and
enforceable, and are not subject to any maintenance fees or taxes or actions
falling due within ninety (90) days


                                       12

<PAGE>

after the date of the Initial Closing. In each case where a Trademark is held by
an IPG Entity by assignment, the assignment has been duly recorded with the U.S.
Patent and Trademark Office and all other domestic or foreign jurisdictions of
registration. No Mark has been or is now involved in any opposition,
invalidation or cancellation proceeding and, to Company's knowledge, no such
action is threatened with respect to any of the Marks. All products and
materials containing a Mark bear the proper notice where permitted by law.

          (d) Copyrights. Section 2.14(d) of the Disclosure Schedule sets forth
a complete and accurate list and summary description of all Copyrights,
including the IPG Entity that is the owner of such Copyrights. All Copyrights
that have been registered with the United States Copyright Office or the
comparable office of any foreign jurisdiction are identified on such Schedule
and are currently in compliance with formal legal requirements, are valid and
enforceable, and are not subject to any fees or taxes or actions falling due
within ninety (90) days after the date of the Initial Closing. In each case
where a Copyright is held by an IPG Entity by assignment, the assignment has
been duly recorded with the U.S. Copyright Office and all other domestic or
foreign jurisdictions of registration. None of the source or object code,
algorithms, or structure included in the Products is copied from, based upon, or
derived from any other source or object code, algorithm or structure in
violation of the rights of any third party. Any substantial similarity of the
Products to any computer program owned by any third party did not result from
the Products being copied from, based upon, or derived from any such computer
software program in violation of the rights of any third party. All copies of
works encompassed by the Copyrights have been marked with the proper copyright
notice.

          (e) Trade Secrets. All of the IPG Entities have taken all reasonable
security measures (including, without limitation, entering into appropriate
confidentiality and nondisclosure agreements with all officers, directors,
employees, and consultants of the respective IPG Entities and any other persons
with access to the Trade Secrets as the respective IPG Entities have deemed
necessary) to protect the secrecy, confidentiality and value of all Trade
Secrets. To the knowledge of the Company, there has not been any breach by any
party to any such confidentiality or non-disclosure agreement. The Trade Secrets
have not been disclosed by any of the IPG Entities to any person or entity other
than employees or contractors of the respective IPG Entities who had a need to
know and use the Trade Secrets in the course of their employment or contract
performance. Except as set forth on Section 2.14(e) of the Disclosure Schedule,
(i) none of the IPG Entities has directly or indirectly granted any rights or
interests in the source code of the Products, and (ii) since an IPG Entity
developed the source code of the Products, such IPG Entity has not provided,
licensed or disclosed the source code of the Products to any person or entity.
Each of the IPG Entities has the right to use, free and clear of claims of third
parties, all Trade Secrets. To the knowledge of the Company, no third party has
asserted that the use by any of the IPG Entities of any Trade Secret violates
the rights of any third party.

          (f) Other Intangibles. Section 2.14(f) of the Disclosure Schedule sets
forth a complete and accurate list of Other Intangibles.

          (g) Exclusivity of Rights. Each IPG Entity has the exclusive right to
use, license, distribute, transfer and bring infringement actions


                                       13

<PAGE>

with respect to the Intellectual Property Assets. Except as set forth on Section
2.13 or 2.14(g) of the Disclosure Schedule, no IPG Entity (i) has licensed or
granted to anyone rights of any nature to use any of its Intellectual Property
Assets; and (ii) is obligated to and pays royalties or other fees to anyone for
the such IPG Entity's ownership, use, license or transfer of any of its
Intellectual Property Assets.

          (h) Licenses Received. All licenses or other agreements under which an
IPG Entity is granted rights by others in Intellectual Property Assets
(collectively, "Licenses Received") are listed in Section 2.13 or Section
2.14(h) of the Disclosure Schedule. All Licenses Received that are listed as
"Inter-company Licenses" in such Sections of the Disclosure Schedule are in full
force and effect and there is no material default by any party thereto, and, all
of the rights of the respective IPG Entity thereunder are freely assignable. To
the knowledge of the Company, all other Licenses Received listed in such
Sections of the Disclosure Schedule are in full force and effect and there is no
material default by any party thereto, and, all of the rights of the respective
IPG Entity thereunder are freely assignable. True and complete copies of all
such licenses or other agreements, and any amendments thereto, have been
provided to the Investors, and to the knowledge of the Company, the licensors
under the licenses and other agreements under which the respective IPG Entity is
granted rights have all requisite power and authority to grant the rights
purported to be conferred thereby.

          (i) Licenses Granted. All licenses or other agreements under which the
IPG Entities have granted rights to others in Intellectual Property Assets
(collectively, "Licenses Granted"). are listed in Section 2.13 or 2.14(i) of the
Disclosure Schedule. All Licenses Granted that are listed as "Inter-company
Licenses" in such Sections of the Disclosure Schedule are in full force and
effect there is no material default by any party thereto, and, all of the rights
of the respective IPG Entity thereunder are freely assignable. To the knowledge
of the Company, all other Licenses Granted listed on the Disclosure Schedule are
in full force and effect and there is no material default by any party thereto,
and, all of the rights of the respective IPG Entity thereunder are freely
assignable. True and complete copies of all such licenses or other agreements,
and any amendments thereto, have been provided to the Investors.

          (j) Sufficiency. The Intellectual Property Assets constitute all of
the assets of the IPG Entities used in designing, creating and developing the
Products, and are all those necessary for the operation of the business of the
IPG Entities as currently conducted by the IPG Entities, taken as a whole.

          (k) Infringement. None of the Products manufactured and sold, nor any
process or know-how used, by any of the IPG Entities infringes or is alleged to
infringe any patent, trademark, service mark, trade name, copyright or other
proprietary right or is a derivative work based on the work of another person.

          (l) Performance of Products. The Products perform in accordance with
their documented specifications and other documentation and as each of the IPG
Entities has warranted to its customers. Without limiting the foregoing, to the
knowledge of the Company, the Products do not intentionally, contain any
"viruses", "time-bombs", "key-locks", or any other devices intentionally created
that could disrupt or interfere with the


                                       14

<PAGE>

operation of the Products or the integrity of the data, information or signals
they produce in a manner adverse to any of the IPG Entities or any licensee.

          (m) Nondisclosure Contracts. Each of the Nondisclosure Contracts is a
valid and binding obligation of the applicable IPG Entity enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors' rights generally.

          (n) For purposes of this Agreement,

               (i) "Intellectual Property Assets" means:

                    (A) the Products (as defined below);

                    (B) all patents, patent applications, patent rights, and
               inventions and discoveries and invention disclosures that are
               used in and material to the business of the IPG Entities as
               currently conducted by the IPG Entities, taken as a whole
               (whether or not patented) (collectively, "Patents");

                    (C) the name "IPG Photonics Corporation", all trade names,
               trade dress, logos, packaging design, slogans, Internet domain
               names, registered and unregistered trademarks and service marks
               and applications that are used in and material to the business of
               the IPG Entities as currently conducted by the IPG Entities,
               taken as a whole (collectively, "Marks");

                    (D) all copyrights in both published and unpublished works,
               including without limitation all compilations, databases and
               computer programs, and all copyright registrations and
               applications, and all derivatives, translations, adaptations and
               combinations of the above that are used in and material to the
               business of the IPG Entities as currently conducted by the IPG
               Entities, taken as a whole (collectively, "Copyrights");

                    (E) all know-how, trade secrets, confidential or proprietary
               information, research in progress, algorithms, data, designs,
               processes, formulae, drawings, schematics, blueprints, flow
               charts, models, prototypes, techniques, Beta testing procedures
               and Beta testing results that are used in and material to the
               business of the IPG Entities as currently conducted by the IPG
               Entities, taken as a whole (collectively, "Trade Secrets");

                    (F) all goodwill, franchises, licenses, permits, consents,
               approvals, technical information, telephone numbers, and claims
               of infringement against third parties that are used in and
               material to the business of the IPG Entities as currently
               conducted by the IPG Entities, taken as a whole (the "Rights");
               and


                                       15
<PAGE>

                    (G) all customer lists and telephone numbers, business
               strategies, outside analyst's plans and reports, outlooks,
               forecasts and other similar documents that are used in and
               material to the business of the IPG Entities as currently
               conducted by the IPG Entities, taken as a whole (collectively,
               "Other Intangibles")

               (ii) "Products" means those fiber amplifiers, fiber lasers and
     associated products sold, marketed, and distributed by each of the IPG
     Entities. A complete list of the Products owned by the IPG Entities is
     provided in Section 2.14(n)(ii) of the Disclosure Schedule attached hereto.

               (iii) "Nondisclosure Contracts" means all nondisclosure and/or
     confidentiality agreements entered into between any of the IPG Entities and
     persons in connection with disclosures by any of the IPG Entities relating
     to the Products and the Intellectual Property Assets. A complete list of
     all Nondisclosure Contracts is provided on Section 2.14(n)(iii) of the
     Disclosure Schedule attached hereto.

     2.15 Litigation. There is no litigation or governmental or administrative
proceeding or investigation pending or, to the knowledge of the Company,
threatened against any of the IPG Entities or affecting the properties or assets
of any of the IPG Entities, or, as to matters related to the Company, to the
knowledge of the Company, against any officer, director, stockholder or key
employee of the Company in their respective capacities in such positions, nor,
to the knowledge of the Company, has there occurred any event nor does there
exist any condition on the basis of which any such claim may be asserted; except
in each case for litigation, proceedings, investigations or claims which
individually or in the aggregate could not reasonably be expected to have a
Material Adverse Effect or which do not call into question the validity or
hinder the enforceability of this Agreement or any other agreements or
transactions contemplated hereby. Section 2.15 of the Disclosure Schedule
includes a description of all litigation, claims, proceedings or, to the
Company's knowledge, investigations involving any of the IPG Entities or, to the
knowledge of the Company, any of its officers, directors, stockholders or key
employees in connection with the business of the Company occurring, arising or
existing during the past three (3) years.

     2.16 Labor Matters. The IPG Entities employ approximately one hundred and
fifty (150) full-time and five (5) part-time employees and, to the knowledge of
the Company, enjoys good employer-employee relationships. Except as otherwise
set forth on Section 2.16 of the Disclosure Schedule. None of the IPG Entities
are delinquent in payments to any of its employees for any wages, salaries,
commissions, bonuses or other direct compensation for any services performed for
any of the IPG Entities as of the date hereof or amounts required to be
reimbursed to such employees (other than payments that are disputed in good
faith). Each of the IPG Entities is and heretofore has been in compliance in all
material respects with all applicable laws and regulations respecting labor,
employment, fair employment practices, terms and conditions of employment, and
wages and hours. There are no charges of employment discrimination or unfair
labor practices or strikes, slowdowns, stoppages of work, or any other concerted
interference with normal operations existing, pending or, to the knowledge of
the Company, threatened against or involving any of the IPG Entities. Except as
set forth in Section 2.16 of the Disclosure Schedule. None of the IPG Entities
has received any notice of


                                       16

<PAGE>

any plan of any key employee to terminate his employment with such IPG Entity.

     2.17 Permits; Compliance with Laws. Each of the IPG Entities has all
franchises, authorizations, approvals, orders, consents, licenses, certificates,
permits, registrations, qualifications or other rights and privileges
(collectively "Permits") necessary to permit it to own its property and to
conduct its business as it is presently conducted and all such Permits are valid
and in full force and effect, except where the failure to obtain such a Permit
would not be reasonably expected to have a Material Adverse Effect. No Permit is
subject to termination as a result of the execution of this Agreement or
consummation of the transactions contemplated hereby. Each of the IPG Entities
is now and has heretofore been in compliance with all applicable statutes,
ordinances, orders, rules and regulations promulgated by any U.S. federal,
state, municipal, non-U.S. or other governmental authority, which apply to the
conduct of the business of the IPG Entities, taken as a whole, except where the
failure to so comply would not have a Material Adverse Effect. None of the IPG
Entities has ever entered into or been subject to any judgment, consent decree,
compliance order or administrative order with respect to any aspect of the
business, affairs, properties or assets of an IPG Entity or received any request
for information, notice, demand letter, administrative inquiry or formal or
informal complaint or claim from any regulatory agency with respect to any
aspect of the business, affairs, properties or assets of an IPG Entity.

     2.18 Employee Benefit Programs.

          (a) None of the IPG Entities maintains or contributes to, and for the
past five (5) years has not maintained or contributed to, any employee benefit,
fringe benefit, stock option, equity-based compensation, phantom stock, bonus or
incentive plan, severance pay policy or agreement, retirement, pension, profit
sharing or deferred compensation plan or agreement, or any similar plan or
agreement (an "Employee Benefit Plan") other than the Employee Benefit Plans
identified and described in Section 2.18 of the Disclosure Schedule attached
hereto. A brief description of each Employee Benefit Plan has been provided to
the Investors. The terms and operation of each such Employee Benefit Plan comply
and have heretofore complied with all applicable laws and regulations relating
to each such Employee Benefit Plan or to the extent there has not been
compliance, such lack of compliance would not have a Material Adverse Effect.
There are no unfunded obligations of any IPG Entity under any retirement,
pension, profit-sharing, deferred compensation plan or similar program. None of
the IPG Entities is the applicable to make any payments or contributions to any
Employee Benefit Plan pursuant to any collective bargaining agreement or, to the
knowledge of the Company, any applicable U.S. or foreign labor relations law,
and all Employee Benefit Plans are terminable at the discretion of the
applicable IPG Entity without liability to such IPG Entity upon or following
such termination. Except as described in Section 2.18 of the Disclosure
Schedule, none of the IPG Entities has ever maintained or contributed to any
Employee Benefit Plan providing or promising any health or other nonpension
benefits to terminated employees other than as required by part 6 of subtitle B
of Title I of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). With respect to any Employee Benefit Plan, to the knowledge of the
Company, there has occurred no "prohibited transaction," as defined in Section
406 of ERISA or Section 4975 of the Code, or breach of any duty under ERISA or
other applicable law which could result, directly or indirectly, in any Taxes,
penalties or other liability to the IPG Entities


                                       17

<PAGE>

that would have a Material Adverse Effect. No litigation, arbitration or
governmental administrative proceeding (or investigation) or other proceeding
(other than those relating to routine claims for benefits) is pending or, to the
knowledge of the Company, threatened with respect to any such Employee Benefit
Plan.

          (b) Each Employee Benefit Plan which has ever been maintained by the
Company and which has been intended to qualify under Section 401(a) or 501(c)(9)
of the Code has received a favorable determination or approval letter from the
IRS regarding its qualification under such section or the time period for
submitting a determination letter request and adopting retroactive amendments
under Code Section 410(b) and the corresponding regulations is open as of the
Initial Closing and each such Employee Benefit Plan has, in fact, been qualified
under the applicable section of the Code from the effective date of such
Employee Benefit Plan through and including the Initial Closing (or, if earlier,
the date that all of such Employee Benefit Plan's assets were distributed). To
the knowledge of the Company, no event or omission has occurred which would
cause any such Employee Benefit Plan to lose its qualification under the
applicable Code section or, if such event has occurred, it may be corrected
without loss of the plan's tax-qualified status in accordance with Revenue
Procedures 2000-16 and each asset held under any such Employee Benefit Plan may
be liquidated or terminated without the imposition of any redemption or
surrender charge or comparable liability that would be material. Except as set
forth in Section 2.18 of the Disclosure Schedule, the Company has never
maintained any Employee Benefit Plan which has been subject to Title IV of ERISA
or Code Section 412, including, but not limited to, any "multiemployer plan" (as
defined in Section 3(37) or Section 4001(a)(3) of ERISA). Each reference to
"Company" in this Section 2.18 also refers to any other entity which would have
ever been considered a single employer with the Company under ERISA Section
4001(b) or part of the same "controlled group" as the Company for purposes of
ERISA Section 302(d)(8)(C).

     2.19 Insurance Coverage. Section 2.19 of the Disclosure Schedule contains
an accurate summary of the insurance policies currently maintained by the IPG
Entities. There are currently no claims pending against the IPG Entities under
any insurance policies currently in effect and covering the property, business
or employees of the IPG Entities, and all premiums due and payable with respect
to the policies maintained by the IPG Entities have been paid to date. To the
Company's knowledge, there is no threatened termination of any such policies or
arrangements.

     2.20 Investment Banking; Brokerage. There are no claims for investment
banking fees, brokerage commissions, broker's or finder's fees or similar
compensation (exclusive of professional fees to lawyers and accountants) in
connection with the transactions contemplated by this Agreement payable by any
of the IPG Entities or based on any arrangement or agreement made by or on
behalf any of the IPG Entities.

     2.21 Environmental Matters. No hazardous waste, substances or materials or
oil or petroleum products have been generated, transported, used, disposed,
stored or treated by any of the IPG Entities and no hazardous wastes, substances
or materials or oil or petroleum products have been released, discharged,
disposed, transported, placed or otherwise caused to enter the soil or water in,
under or upon any real property, owned, leased or operated by any of the IPG
Entities.


                                       18

<PAGE>

     2.22 Customers, Distributors and Partners. Section 2.22 of the Disclosure
Schedule sets forth the name of each customer and distributor of any of the IPG
Entities who accounted for more than ten percent (10%) of the revenues of the
IPG Entities taken as a whole for each of the fiscal year ended December 31,
1999 and/or for the fiscal quarter ended June 30, 2000 (the "Customers" and
"Distributors", respectively) together with the names of any persons or entities
with which any IPG Entity has a material strategic partnership or similar
relationship ("Partners"). No Customer, Distributor or Partner of any IPG Entity
has canceled or otherwise terminated its relationship with any IPG Entity. No
Customer, Distributor or Partner has, to the knowledge of the Company, any plan
or intention to terminate, cancel or otherwise materially and adversely modify
its relationship with any of the IPG Entity.

     2.23 Suppliers. The IPG Entities' relationships with its major suppliers
are good commercial working relationships, and, within the last twelve months,
no supplier that any IPG Entity has paid or is under contract to pay $50,000 or
more has canceled, materially modified, or otherwise terminated its relationship
with the any IPG Entity, or materially decreased its services, supplies or
materials to any IPG Entity, nor has any IPG Entity received notice of any
supplier's plan or intention to do any of the foregoing in a manner which would
be reasonably likely to have a Material Adverse Effect.

     2.24 Warranty and Related Matters. Section 2.24 of the Disclosure Schedule
sets forth a complete list of all outstanding product and service warranties and
guarantees on any of the products or services that any of the IPG Entities
distributes, services, markets, sells or produces for itself, a customer or a
third party (each such product or service shall be referred to herein as a
"Company Product"). There are no existing or, to the knowledge of the Company,
threatened, claims against any of the IPG Entities relating to any work
performed by any of the IPG Entities, product liability, warranty or other
similar claims against any of the IPG Entities alleging that any Company Product
is defective or fails to meet any product or service warranties. There are (a)
no inherent design defects or systemic or chronic problems in any Company
Product and (b) no liabilities for warranty or other claims or returns with
respect to any Company Product relating to any such defects or problems which
would reasonably be expected to have a Material Adverse Effect.

     2.25 Illegal Payments. Neither any of the IPG Entities nor, to the
Company's knowledge, any Person affiliated with the Company has ever made on
behalf of the any of the IPG Entities any illegal payment or contribution of any
kind, directly or indirectly, including, without limitation, payments, gifts or
gratuities, to United States or foreign national, state or local government
officials, employees or agents or candidates therefor.

     2.26 Immigration Compliance.

          (a) The Company is in compliance in all material respects with all
applicable foreign, federal, state and local laws, rules, directives and
regulations relating to the employment authorization of its employees
(including, without limitation, the Immigration Reform and Control Act of 1986,
as amended and supplemented, and Section 212(n) and 274A of the Immigration and
Nationality Act, as amended and supplemented, and implementing regulations
relating thereto), and, to the knowledge of the


                                       19

<PAGE>

Company, the Company has not employed or is it currently employing any
unauthorized aliens (as such term is defined under 8 CFR 274a.1(a)).

          (b) The Company has not received any notice from the Immigration and
Naturalization Service (the "INS") or the United States Department of Labor (the
"DOL") of the disapproval or denial of any visa petition pending before the INS
or labor certification pending before the DOL on behalf of any employee or
prospective employee of the Company.

          (c) Section 2.26(c) of the Disclosure Schedule contains a true,
complete and accurate list of all non-immigrant or immigrant visa petitions
pending before the INS and labor certifications pending before the DOL on behalf
of any of the employees or prospective employees of the Company.

          (d) Since the approval of each of their respective visa petitions,
there has been no material change in the terms and conditions of employment of
any employees of the Company provided that it is acknowledged that certain
employees from time to time unilaterally breach the terms of their employment
with the Company.

     2.27 Government Contracts. The IPG Entities have (i) not been suspended or
debarred from bidding on contracts or subcontracts with any federal, state,
local or foreign agency or governmental or sovereign authority or (ii) not been
audited or investigated other than in the ordinary course by any such agency or
authority with respect to contracts entered into or goods and services provided
by the IPG Entities. None of the IPG Entities has ever had any outstanding
agreements, contracts or commitments which require it to obtain or maintain a
government, whether foreign or domestic, security clearance.

     2.28 Disclosure. The representations and warranties of the Company made or
contained in this Agreement, the Disclosure Schedule and exhibits hereto and the
certificates and statements executed or delivered in connection herewith, when
taken together, do not and shall not contain any untrue statement of a material
fact and do not and shall not omit to state a material fact required to be
stated therein or necessary in order to make such representations, warranties or
other material not misleading in the light of the circumstances in which they
were made or delivered. To the knowledge of the Company, there is no material
fact directly relating to the assets, liabilities, business, operations,
condition (financial or other) or prospects of the Company (including any
competitive developments other than facts which relate to general economic or
industry trends or conditions) that materially adversely affects the same that
has not been set forth in this Agreement or in the Disclosure Schedule. No
officer or director of the Company has been (a) subject to voluntary or
involuntary petition under the federal bankruptcy laws or any state insolvency
law or the appointment of a receiver, fiscal agent or similar officer by a court
for his or her business or property or that of any partnership of which he or
she was a general partner or any corporation or business association of which he
or she was an executive officer; (b) convicted in a criminal proceeding or named
as a subject of a pending criminal proceeding (excluding traffic violations and
other minor offenses); (c) the subject of any order, judgment, or decree (not
subsequently reversed, suspended or vacated) of any court of competent
jurisdiction permanently or temporarily enjoining him or her from, or otherwise
imposing limits or conditions on his or her ability to engage in any securities,
investment advisory, banking, insurance or other type of


                                       20

<PAGE>

business or acting as an officer or director of a public company; (d) found by a
court of competent jurisdiction in a civil action or by the Securities and
Exchange Commission ("SEC") or the Commodity Futures Trading Commission to have
violated any federal or state commodities, securities or unfair trade practices
law, which judgment or finding has not been subsequently reversed, suspended, or
vacated; or (e) has engaged in other conduct that would be required to be
disclosed in a prospectus under Item 401(f) of SEC Regulation S-K.

SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE INVESTORS

     In order to induce the Company to enter into this Agreement, each Investor
represents and warrants to the Company the following:

     3.1 Investment Status. Each Investor is purchasing the Convertible
Preferred Shares and Warrants for its own account, for investment only and not
with a view to, or any present intention of, effecting a distribution of such
securities or any part thereof except pursuant to a registration or an available
exemption under applicable law. Each such Investor acknowledges that its
respective Convertible Preferred Shares and Warrants have not been, and any
shares of Common Conversion Shares issuable upon conversion of the Convertible
Preferred Shares or Common Stock issuable upon exercise of the Warrants, will
not be, registered under the Securities Act of 1933, as amended (the "Securities
Act"), or the securities laws of any state or other jurisdiction and cannot be
disposed of unless they are subsequently registered under the Securities Act and
any applicable state laws or an exemption from such registration is available.

     3.2 Rule 144. Each Investor understands that the exemption from
registration afforded by Rule 144 (the provisions of which are known to the
Investors) promulgated under the Securities Act depends on the satisfaction of
various conditions and that, if applicable, Rule 144 may only afford the basis
for sales under certain circumstances and only in limited amounts.

     3.3 Accredited Investor. Each Investor is an "accredited investor," as such
term is defined in Rule 501 (the provisions of which are known to the Investors)
promulgated under the Securities Act.

     3.4 Sophistication. Each Investor has such knowledge and experience in
financial, tax and business matters so as to enable each Investor to utilize the
information made available to them in connection with the investment in the
Convertible Preferred Shares and Warrants, to evaluate the merits and risks of
an investment in the Convertible Preferred Shares and Warrants, and to make an
informed investment decision with respect thereto; provided, however, that the
foregoing shall in no way affect, diminish or derogate from the representations
and warranties made by the Company hereunder or the right of the Investors to
rely thereon and to seek indemnification hereunder.

     3.5 Exemption. Each Investor hereby acknowledges and agrees that the
purchase and sale of the Convertible Preferred Shares and Warrants is intended
to be exempt from registration under the Securities Act by virtue of Section
4(2) and/or Section 3(b) of the Securities Act, and, if applicable, in the sole
judgment of the company, the provisions of Regulation D thereunder, which
exemption is dependent upon the truth, completeness and


                                       21

<PAGE>

accuracy of the statements made by the Investor herein and in any other
documents furnished by the Investors to the Company.

     3.6 Resales. Each Investor acknowledges and agrees that it will not sell or
transfer all or any part of the Convertible Preferred Shares and Warrants unless
and until it shall first have given notice to the Company describing such sale
or transfer and furnished to the Company, at the Investor's expense, either (i)
an opinion, reasonably satisfactory to counsel for the Company, of Winston &
Strawn, or other counsel skilled in securities matters (selected by the Investor
and reasonably satisfactory to the Company) to the effect that the proposed sale
or transfer may be made without registration under the Securities Act, or (ii)
an interpretive letter from the staff of the Securities and Exchange Commission
to the effect that no enforcement action will be recommended if the proposed
sale or transfer is made without registration under the Securities Act, in
either case accompanied by evidence that such transfer will be in compliance
with applicable state securities ("blue sky") laws; provided, however, that the
foregoing shall not apply with respect to (1) any transfer pursuant to an
effective registration statement under the Securities Act, or (2) any transfers
between an Investor and any corporate Affiliate of an Investor for its own
account.

     3.7 Authority and Non-Contravention. Each Investor has full right,
authority and power under its charter, by-laws or governing partnership
agreement, as applicable, to enter into this Agreement and all agreements,
documents and instruments executed by such Investor pursuant hereto and to carry
out the transactions contemplated hereby and thereby. This Agreement and all
agreements, documents and instruments executed by each Investor pursuant hereto
are valid and binding obligations of each of the Investors enforceable in
accordance with their respective terms. The execution, delivery and performance
of this Agreement and all agreements, documents and instruments executed by each
such Investor pursuant hereto have been duly authorized by all necessary action
under each such Investor's charter, by-laws or governing partnership agreement,
as applicable. The execution, delivery and performance by each Investor of this
Agreement and all agreements, documents and instruments to be executed and
delivered by each such Investor pursuant hereto do not and will not: (i) violate
or result in a violation of, conflict with or constitute or result in a default
(whether after the giving of notice, lapse or time or both) under, accelerate
any obligation under, or give rise to a right of termination of, any material
contract, agreement, lease, obligation, permit, license or authorization to
which each such Investor is a party or by which such Investor or its assets is
bound, or any provision of each such Investor's organizational documents; (ii)
violate or result in a violation of, or constitute a default (whether after the
giving of notice, lapse of time or both) under, any provision of any law,
regulation or rule, or any order of, or any restriction imposed by, any court or
governmental agency applicable to each such Investor; or (iii) require from each
such Investor any notice to, declaration or filing with, or consent or approval
of, any governmental authority or other third party.

     3.8 Investment Banking; Brokerage Fees. No Investor has incurred or become
liable for any investment banking fees, brokerage commissions, broker's or
finder's fees or similar compensation (exclusive of professional fees to lawyers
and accountants) in connection with the transactions contemplated by this
Agreement.


                                       22

<PAGE>

SECTION 4. CLOSING CONDITIONS OF INVESTORS AND DELIVERIES

     The obligations of each Investor to purchase and pay for its pro rata
portion of the Convertible Preferred Shares and Warrants shall be subject to the
fulfillment to the Investors' reasonable satisfaction or waiver on or before the
Initial Closing and/or any Subsequent Closing (as specified below), as set forth
in this Section 4, of the following conditions, in addition to those
contemplated by Section 1.2:

     4.1 Effectiveness of Preferred Stock Terms. Prior to the Initial Closing,
the terms of the Convertible Preferred Stock as set forth in Exhibit B hereto
shall have become effective by the filing of the Restated Certificate with the
Secretary of State of the State of Delaware.

     4.2 Authorization. Prior to the Initial Closing and each Subsequent
Closing, as the case may be, the Board of Directors and stockholders of each IPG
Entity shall duly adopt resolutions in the form reasonably satisfactory to the
Investors and shall have taken all action necessary for the purpose of
authorizing the respective IPG Entity to consummate all of the transactions
contemplated hereby (including, without limitation, the issuance by the Company
of the Convertible Preferred Shares, the Common Conversion Shares, the Warrants
and the Common Stock issuable upon exercise of the Warrants in transactions not
constituting "purchases" for purposes of Section 16 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and the rules thereunder).

     4.3 Approvals, Consents and Waivers. Prior to the Initial Closing and each
Subsequent Closing, as the case may be, each of the IPG Entities shall have made
all filings with and notifications of governmental authorities, regulatory
agencies and other entities required to be made by such parties in connection
with the execution and delivery of this Agreement, the performance of the
transactions contemplated hereby and the continued operation of the business of
the IPG Entities as currently conducted by the IPG Entities, taken as a whole
subsequent to the Initial Closing or the Subsequent Closing and the Investors
shall have received copies of all authorizations, waivers, consents and permits,
in form and substance reasonably satisfactory to the Investors, including any
and all notices, consents and waivers required from all third parties,
including, without limitation, applicable governmental authorities, regulatory
agencies, lessors, lenders and contract parties, required to permit the
continuation of the business of the IPG Entities as currently conducted by the
IPG Entities, taken as a whole and the consummation of the transactions
contemplated by this Agreement and to avoid a breach, default, termination,
acceleration or modification of any indenture, loan or credit agreement or any
other material agreement, contract, instrument, mortgage, lien, lease, permit,
authorization, order, writ, judgment, injunction, decree, determination or
arbitration award as a result of, or in connection with, the execution and
performance of this Agreement.

     4.4 Deliveries by the Company to the Investors. At the Initial Closing, the
Company shall have delivered, or shall have caused to be delivered, to the
Investors, all in form and substance satisfactory to the Investors, the
following:


                                       23

<PAGE>

          (a) A Stockholders' Agreement executed by the Company and certain
stockholders of the Company in the form attached as Exhibit C (the "Stockholders
Agreement");

          (b) A Registration Rights Agreement executed by the Company and the
owners of the Series B Convertible Preferred Stock of the Company in the form
attached as Exhibit D;

          (c) A Non-Competition Agreement executed by the Company and each of
Dr. Valentin P. Gapontsev, Denis Gapontsev, Valentin Fomin, Eugene Shcherbakov,
Igor Samartsev, Vladimir Sergev and Mikhail Zakharov (collectively, the "Key
Employees") in the form attached as Exhibit E ;

          (d) An Assignment and Research and Development Agreement executed by
each of the IPG Entities and NTO "IRE-POLUS", a Russian corporation ("NTO") in
the form attached as Exhibit F;

          (e) A License Agreement executed by the Company and Laser in the form
attached as Exhibit G;

          (f) A Contribution and Exchange Agreement executed by the Company and
Dr. Valentin P. Gapontsev in the form attached as Exhibit H;

          (g) A Rescission Agreement executed by the Company and Laser in the
form attached as Exhibit I;

          (h) A Confidential Information and Assignment of Inventions Agreement
in form and substance reasonably satisfactory to the Investors executed by the
applicable IPG Entity and each of the Key Employees.

          (i) Certificates issued by (i) the Secretary of State of the State of
Delaware certifying that the Company has legal existence and is in good
standing; and (ii) the Secretary of State (or similar authority) of each
jurisdiction in which the Company has qualified to do business as a foreign
corporation (or is required to be so qualified) as to such foreign
qualification;

          (j) A certificate issued by the Secretary of State of the State of
Delaware certifying that the Restated Certificate has been filed and is
effective; and

          (k) A certificate executed by the Secretary of the Company certifying
(i) the names of the officers of the Company authorized to sign this Agreement
and the other agreements, documents and instruments executed by the Company
pursuant hereto, together with the true signatures of such officers; (ii) copies
of consent actions taken by the Board of Directors and stockholders of the
Company authorizing the appropriate officers of the Company to execute and
deliver this Agreement and all agreements, documents and instruments executed by
the Company pursuant hereto, and to consummate the transactions contemplated
hereby and thereby, including, without limitation: (A) the adoption of the
Restated Certificate, (B) the issuance of the Convertible Preferred Shares and
(C) upon conversion of the Convertible Preferred Shares, the issuance of the
Common Conversion Shares; and (iii) the effectiveness, and setting forth a copy
of, the Restated Certificate;


                                       24

<PAGE>

          (l) An opinion of Winston & Strawn, counsel for the Company, dated as
of the Initial Closing Date or Subsequent Closing Date, as the case may be,
substantially in the form attached hereto as Exhibit J;

          (m) Stock certificates evidencing the Convertible Preferred Shares
acquired from the Company hereunder;

          (n) Warrant agreements evidencing the Warrants acquired hereunder in
the form attached as Exhibit A-1.

          (o) Evidence reasonably satisfactory to the Investors that the Laser
Purchase Agreement 1 (as defined below) and Laser Purchase Agreement 2 (as
defined below) has been properly executed and notarized under the laws of
Germany; and

          (p) Such other supporting documents and certificates as the Investors
may reasonably request and as may be required pursuant to this Agreement.

     At each Subsequent Closing the Company shall make the deliveries
contemplated by paragraphs (l), (m) and (n) hereof and the Company and the New
Investors shall execute and deliver the joinder agreements contemplated by
Section 1.2.

     4.5 All Proceedings Satisfactory. All corporate and other proceedings of
the Company taken prior to or at the Initial Closing in connection with the
transactions contemplated by this Agreement, and all documents and evidences
incident thereto, shall be reasonably satisfactory in form and substance to the
Investors.

     4.6 Fees and Expenses. At the Initial Closing, the Company shall have
reimbursed the Investors for reasonable legal fees and other out-of-pocket
expenses (up to an aggregate of $200,000) incurred by them in connection with
the transactions contemplated by this Agreement. The Company shall reimburse the
New Investors for reasonable legal fees and other out-of-pocket expenses in
connection with each Subsequent Closing.

     4.7 No Violation or Injunction. At the Initial Closing and at any
Subsequent Closing, the consummation of the transactions contemplated by this
Agreement shall not be in violation of any law or regulation, and shall not be
subject to any injunction, stay or restraining order.

     4.8 Restructuring. The following transactions relating to the restructuring
of the group of companies owned by Dr. Valentin P. Gapontsev and his family (the
"Restructuring") shall have been effectuated as of the Initial Closing Date:

          (a) An intercompany loan between Laser, as creditor, and the Company,
as borrower, shall have been cancelled and a corresponding 5,000,000 shares of
the Company's Common Stock held by Laser shall have been redeemed by the
Company;

          (b) IP Fiber Devices and Dr. Valentin P. Gapontsev shall have
transferred shares of stock of Laser to the Company such that the Company owns
at least fifty-four percent (54%) of the total outstanding shares of stock of
Laser pursuant to a Purchase Agreement executed by the Company and


                                       25

<PAGE>

Fiber Devices in the form attached hereto as Exhibit K ("Laser Purchase
Agreement 1") and a Purchase Agreement executed by the Company and Dr. Valentin
Gapontsev in the form attached hereto as Exhibit L ("Laser Purchase Agreement
2");

SECTION 4A. CLOSING CONDITIONS OF COMPANY AND DELIVERIES

     The obligations of the Company to sell the Convertible Shares shall be
subject to the fulfillment to the Company's reasonable satisfaction or waiver on
or before the Initial Closing or Subsequent Closings, as applicable, of the
following conditions:

     4A.1 Initial Closing Deliveries by the Investors to the Company. At the
Initial Closing, the Investors shall deliver, or shall have caused to be
delivered, to the Company, the following:

          (a) A wire transfer of immediately available funds by the Investors to
the Company in respect of the purchase price for the securities purchased hereby
in the amount of $25,000,000;

          (b) A Stockholders' Agreement executed by each of the Investors in the
form attached as Exhibit C;

          (c) A Registration Rights Agreement executed by each of the Investors
in the form attached as Exhibit D; and

          (d) Such other supporting documents and certificates as the Company
may reasonably request and as may be required pursuant to this Agreement.

     4A.2 Subsequent Closing Deliveries by the Investors to the Company. At a
Subsequent Closing, the Investors shall deliver or shall have caused to be
delivered, to the Company, the following:

          (a) A wire transfer of immediately available funds by the Investors to
the Company in respect of the purchase price for the securities being purchased
in such Subsequent Closing;

          (b) A counterpart to the Stockholders' Agreement executed by each of
the New Investors;

          (c) A counterpart to the Registration Rights Agreement executed by
each of the New Investors; and

          (d) Such other supporting documents and certificates as the Company
may reasonably require pursuant to this Agreement.

SECTION 5. COVENANTS OF THE COMPANY

     The Company agrees that it shall comply and shall cause each of Laser and
Fibertech to comply with the following covenants from and after the Initial
Closing, except as shall otherwise be expressly agreed pursuant to a written
consent of the Investors holding not less than a majority interest in the
Convertible Preferred Shares or securities issued upon conversion thereof


                                       26

<PAGE>

(a "Majority Interest"), until the earlier of (i) the closing of a Qualified
Public Offering (as defined in the Restated Certificate) or (ii) the redemption
of all of the Convertible Preferred Shares; provided, however, that the Company
shall comply with the last two sentences of Section 5.3 until the termination of
the applicable statutes of limitation for claims against the Investors' Nominee
(as defined in Section 5.10 hereof) and provided further that Sections 5.1 and
5.2 shall terminate at such time as the Company becomes a reporting company
under the Exchange Act.

     5.1 Financial Statements. The Company will maintain a system of accounts in
accordance with generally accepted accounting principles (subject to the absence
of footnotes and normal year-end adjustments), keep full and complete financial
records and furnish to the Investors the following reports: (a) within one
hundred twenty (120) days after the end of each fiscal year commencing with the
year ending December 31, 2000, a copy of the pro-forma consolidated balance
sheet of the Company and consolidating balance sheets of the IPG Entities as the
end of such year, together with statements of income, retained earnings and cash
flows of the Company and consolidating statements of income, retained earnings
and cash flows for the IPG Entities for such year, audited and certified by
independent public accountants of recognized national standing reasonably
satisfactory to the Board of Directors, prepared in accordance with U.S.
generally accepted accounting principles consistently applied the foregoing
balance sheets and statements provided under (a) to set forth in comparative
form the corresponding figures for the prior fiscal period and to include a
brief written discussion and analysis by management of the results shown
therein; (b) within 30 days after the end of each quarter commencing with the
quarter ending September 30, 2000, a copy of the unaudited consolidated balance
sheet of the Company as of the end of such quarter and the unaudited
consolidated statement of income for the Company for such quarter and for the
year to date unaudited consolidating balance sheet of the IPG Entities as of the
end of such quarter and the unaudited consolidating statement of income for the
IPG Entities for such quarter and for the year to date; and (c) within 30 days
after the end of each month commencing with the month ending August 31, 2000, a
copy of the unaudited balance sheet of the Company as of the end of such month
and the unaudited statement of income for the Company for such month and for the
year to date unaudited balance sheets of the IPG Entities as of the end of such
month and the unaudited statements of income for the IPG Entities for such month
and for the year to date.

     5.2 Budget and Operating Forecast; Inspection.

          (a) The Company will prepare and submit to the Board of Directors of
the Company an annual budget and plan for each fiscal year of the Company at
least thirty (30) days prior to the beginning of such fiscal year, together with
management's written discussion and analysis of such budget and plan. The budget
shall be accepted as the budget for such fiscal year when it has been approved
by a majority of the full Board of Directors of the Company and, thereupon, a
copy of such budget as so approved promptly shall be sent to the Investors. The
Company shall review the budget periodically and shall advise the Board of
Directors and the Investors of all material changes therein and all material
deviations therefrom. The Investors acknowledge and agree that such budgets are
confidential information belonging to the Company and that they will hold such
budgets in confidence and will not make any disclosure of such budgets for five
(5) years after receipt of such information. The Investors obligation under this
Section 5.2(a) shall not apply to any information that (i) is or becomes


                                       27

<PAGE>

known to the general public, through no fault of the Investors, (ii) is
generally disclosed to third parties by the Company or (iii) that the Investors
can demonstrate as already in their possession prior to disclosure by the
Company.

          (b) Each of the IPG Entities will, upon reasonable prior notice to the
applicable IPG Entity, permit authorized representatives (including, without
limitation, accountants and legal counsel) of the Investors to visit and inspect
any of the properties of any IPG Entity, including its books of account (and to
make copies thereof and take extracts therefrom), and to discuss its affairs,
finances and accounts with its officers, administrative employees and
independent accountants, all at such reasonable times and as often as may be
reasonably requested by the Investors. The foregoing shall be in addition to,
and not in lieu of, the Investors' rights under applicable law provided that the
foregoing does not unreasonably interfere with the business of the Company.

     5.3 Board of Directors; Meetings; Indemnification. The Company shall pay or
provide to any director of the Company who is nominated by the Investors fees,
options and other compensation in amounts at least equal to the fees, options or
other compensation paid to any other non-management director of the Company, and
shall pay or reimburse each such director for his reasonable travel expenses
incurred in connection with attending meetings or other functions of the Board
of Directors and committees thereof and shall pay or reimburse each such
director and the Investors for any reasonable costs incurred in connection with
any other work on behalf of the Company. The Restated Certificate and by-laws of
the Company will in respect of all times during which any Investors' Nominee (as
defined in Section 5.10 hereof) serves as a director of the Company provide for
exculpation and indemnification of the directors and limitations on the
liability of the directors to the fullest extent permitted under applicable
state law, and the Company shall, as promptly as practicable following the date
hereof, obtain and maintain directors and officers' liability insurance coverage
on terms reasonably satisfactory to the Investors' Nominees of at least
$1,000,000 per occurrence, covering, among other things, violations of federal
or state securities laws. The Company shall use its commercially reasonable best
efforts prior to any initial public offering of the Company's capital stock to
increase its directors' and officers' liability insurance to at least
$10,000,000 per occurrence including coverage of claims under the Securities Act
and the Exchange Act and shall thereafter use its commercially reasonable best
efforts to maintain such coverage in effect with respect to the Investors'
Nominees.

     5.4 Conduct of Business. Each IPG Entity will continue to engage
principally in the business now conducted by such IPG Entity or a business or
businesses similar thereto or reasonably compatible therewith. Each IPG Entity
will keep in full force and effect its corporate existence.

     5.5 Management Compensation. All compensation decisions relating to grants
of stock options, stock awards and phantom equity arrangements and all
compensation decisions for key management of each IPG Entity (including
employment agreements and bonuses) shall be made by the compensation committee
of such IPG Entity's Board of Directors (the "Compensation Committee").
Compensation paid by each IPG Entity to its management will be comparable to
compensation paid to management in companies in the same or similar businesses
of similar size and maturity and with comparable financial


                                       28

<PAGE>

performance. Notwithstanding the foregoing, all employment agreements providing
for a term of employment shall be subject to the prior review and approval of
the Compensation Committee.

     5.6 Confidentiality and Related Agreements. At or as soon as practicable
after the Initial Closing, each IPG Entity shall use its best efforts to obtain
from all of its employees who participate or have participated in the conception
creation, preparation or development of the such IPG Entity's products
Confidential Information, Non-Competition and Inventions Assignment Agreement in
form and substance reasonably satisfactory to the Investors.

     5.7 Affiliate Transactions. All transactions and agreements (including
without limitation any amendment of an existing agreement) between the an IPG
Entity and any stockholder, officer, director or key employee of an IPG Entity
but excluding transactions between the Company and the IPG Entities or
transactions among the IPG Entities or any person controlling, controlled by,
under common control with or otherwise affiliated with, or a member of the
family of, any such person, shall be conducted on an arm's length basis, shall
be on terms and conditions no less favorable to the IPG Entity than could be
obtained from unrelated persons, and shall be approved in advance in writing by
a majority of the Board of Directors after full disclosure of the terms thereof.

     5.8 Enforcement of Rights. The Company will not amend any of the agreements
referred to in Section 4.4(c), 4.4(d), 4.4(f), 4.4(g) and 4.8(b) hereof. The
Company will exercise its option pursuant to that certain Contribution and
Exchange Agreement, dated as of August 24, 2000, by and between the Company and
Dr. Valentin P. Gapontsev to purchase the shares of Laser that it does not
already own not later than the earlier of the date (i) that the Company files
its initial registration statement under the Securities Act, or (ii) prior to
the date of the expiration of the Company's rights to exercise such option. The
Company will not effect any transfer of any of the outstanding capital stock of
the Company on the stock record books of the Company unless such transfer is
made in accordance with the terms of this Agreement and the Stockholders'
Agreement. The Company will not waive or release any rights under, or consent to
the amendment of, any such agreement without the written consent of a Majority
Interest of the Investors. The Company will observe and perform all of the
covenants set forth in the Restated Certificate; provided that any transaction
or agreement between the Company and any of its subsidiaries may be on such
terms and conditions as approved in advance in writing by a majority of the
Board of Directors after full disclosure of such terms and conditions.

     5.9 Election of Directors. The Company shall take proper corporate action,
on the day following the Initial Closing, to effect the election of Michael C.
Child as a director of the Company (together with any successor thereto elected
by the holders of the Convertible Preferred Shares, the "Investors' Nominee").
The Company agrees to enter into a Director Indemnification Agreement with the
Investors' Nominee in substantially the form attached hereto as Exhibit M (the
"Indemnification Agreement").

     5.10 Committees of the Board. The Company and the Investors agree to cause
the Board of Directors to establish a Compensation Committee (which shall be
charged with the exclusive authority over the granting of stock options and
those matters set forth in Section 5.6 of this Agreement which it


                                       29

<PAGE>

is there granted exclusive authority over) and an Audit Committee (which shall
be charged with reviewing the Company's financial statements and accounting
practices).

     5.11 Restriction of Activities of Laser and Fibertech

     Until the completion of the Restructuring, the Company will take all
necessary corporate or other action so that neither Laser nor Fibertech will,
without the consent of a Majority Interest:

          (a) declare or pay any dividends or make any distributions of cash,
property or securities in respect of its capital stock, or apply any of its
assets to the redemption, retirement, purchase or other acquisition of its
capital stock or stock appreciation, phantom stock or similar rights, directly
or indirectly, except for (i) dividends or distributions payable solely in
shares of Common Stock and (ii) distributions effectuated as part of the
restructuring of the IPG Entities;

          (b) authorize or issue, or obligate itself to issue, any shares of
stock, option or warrant to purchase shares of stock, convertible debt or other
debt with any equity participation or any other equity security;

          (c) amend, restate, alter or repeal any provision of, or add any
provision to its Organizational Documents;

          (d) increase the number of authorized shares of its capital stock or
reclassify any capital stock;

          (e) effect a recapitalization or reorganization in a form which
results in the termination of the Corporation's status as a Corporation under
the applicable foreign tax laws (including without limitation, any
reorganization into a limited liability company, a partnership or any other
non-corporate entity which is treated as a partnership for federal income tax
purposes);

          (f) enter into any agreement to do any of the foregoing that is not
expressly made conditional on obtaining the affirmative vote or written consent
of a Majority Interest.

     5.12 Implementation of Resource Planning Software. As soon as practicable
after the Initial Closing, the Company shall use its best efforts to implement
resource planning software that will serve to integrate the Company's current
financial accounting system.

     5.13 License Agreement. As soon practicable after the creation or
development of any intellectual property (including without limitation any
patents, copyrights, tradenames or Trade Secrets) by Fibertech, the Company will
cause Fibertech to grant the Company a license, in a form satisfactory to the
Company, to use such intellectual property.

     5.14 Acquisition of IPG Fibertech S.R.L. . The Company shall use its best
efforts to ensure that Laser acquires all shares of stock of Fibertech held by
Dr. Stefano Cecchi promptly after the Initial Closing for a nominal amount such
that, as a result of such stock acquisition, Fibertech becomes a wholly-owned
subsidiary of Laser.


                                       30

<PAGE>

     5.15 Withholding Taxes. The Company shall withhold and pay over any and all
applicable withholding taxes that it may be required to withhold pursuant to the
Code, and any cash payments made shall be net of such withholding taxes. The
Company shall withhold at the applicable statutory rate unless the Company is
provided with an opinion of counsel that no such withholding is required or that
withholding is required at a lower rate. If the Company fails to withhold
applicable U.S. withholding taxes, the Company shall pursue any indemnification
to which it may be entitled for any adverse consequences resulting from such
failure to withhold, including, but not limited to, any taxes, interest or
penalties.

SECTION 6. SURVIVAL; INDEMNIFICATION

     6.1 Survival of Representations, Warranties and Covenants. All
representations, warranties, covenants, and agreements of the Company and the
Investors made in this Agreement, in the Disclosure Schedule delivered to the
Investors and all agreements, documents and instruments executed and delivered
in connection herewith (a) are material, shall be deemed to have been relied
upon by the party or parties to whom they are made, and shall survive the
Initial Closing regardless of any investigation on the part of such party or its
representatives provided, however, that any claim for losses arising out of or
with respect to the inaccuracy of any representation contained in Section 2 or
the breach of any warranty contained in Section 2 must be asserted in writing by
notice given to the other party on or before eighteen (18) months after the
Closing, failing which any such claim shall be waived and extinguished,
excluding, however claims for losses with respect to the inaccuracy of
representations and breach of warranties contained in (i) Section 2.4 or with
respect to fraud, intentional misrepresentation or a deliberate or willful
breach by the Company which may be asserted at any time, or (ii) Sections 2.6,
2.12, and 2.14 which may be asserted until the expiration of the applicable
statute of limitations (giving effect to any waivers or extensions thereof) for
which any third party claims may be asserted, and (b) shall bind the parties'
successors and assigns (including, without limitation, any successor to the
Company by way of acquisition, merger or otherwise), whether so expressed or
not, and, except as otherwise provided in this Agreement, all such
representations, warranties, covenants and agreements shall inure to the benefit
of the parties and their respective successors and assigns and to their
transferees of Securities, whether so expressed or not.

     6.2 Indemnification by the Company

          (a) The Company agrees to defend, indemnify and hold harmless each
Investor, their affiliates and respective direct and indirect partners
(including partners of partners and stockholders and members of partners), and
the members, stockholders, directors, officers, employees and agents of each of
the foregoing and each person who controls any of them within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (parties
receiving the benefit of the indemnification agreement herein shall be referred
to collectively as "Indemnified Parties" and individually as an "Indemnified
Party") from and against any and all losses, claims, damages, obligations,
liens, assessments, judgments, fines, liabilities, and other costs and expenses
(including, without limitation, interest, penalties and any investigation, legal
and other expenses) incurred in connection with, and any amount paid in
settlement of, any action, suit or proceeding or any claim asserted, as the same
are incurred, of any kind or nature whatsoever which may be sustained or
suffered by any such Indemnified Party (a "Loss" or


                                       31

<PAGE>

"Losses"), without regard to any investigation by any of the Indemnified
Parties, based upon, arising out of, by reason of or otherwise in respect of or
in connection with (i) any inaccuracy in or breach of any representation or
warranty made by the Company in this Agreement, or in any schedule or
certificate delivered by or on behalf of the Company as part of or pursuant to
this Agreement, or any claim, action or proceeding asserted or instituted or
arising out of any matter or thing covered by such representations or
warranties; (ii) any breach of any covenant or agreement made by the Company in
this Agreement or in any agreement or instrument delivered pursuant to this
Agreement, or (iii) third party or governmental claims relating in any way to
the status of the Indemnified Party as a security holder, creditor, director,
agent, representative or controlling person of the Company or otherwise relating
to such Indemnified Party's involvement with the Company (including, without
limitation, any and all Losses under the Securities Act, the Exchange Act or
other federal or state statutory law or regulation, at common law or otherwise,
which relate directly or indirectly to the registration, purchase, sale or
ownership of any securities of the Company or to any fiduciary obligation owed
with respect thereto), including, without limitation, in connection with any
third party or governmental action or claim relating to any action taken or
omitted to be taken or alleged to have been taken or omitted to have been taken
by any Indemnified Party as security holder, director, agent, representative or
controlling person of the Company or otherwise, alleging so-called control
person liability or securities law liability; provided, however, that the
Company will not be liable under this clause (iii) to the extent that any such
Loss arises from and is based on (A) an untrue statement or omission or alleged
untrue statement or omission in a registration statement or prospectus which is
made in reliance on and in conformity with written information furnished to the
Company in an instrument duly executed by or on behalf of such Indemnified Party
specifically stating that it is for use in the preparation thereof or (B)
conduct by an Investor Indemnified Party which constitutes fraud or willful
misconduct.

          (b) If the indemnification provided for in Section 6.2(a)(iii) above
for any reason is held by a court of competent jurisdiction to be unavailable to
an Indemnified Party in respect of any Losses referred to therein, then the
Company, in lieu of indemnifying such Indemnified Party thereunder, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company and the Investors, or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of the Company and the
Investors in connection with the action or inaction which resulted in such
Losses, as well as any other relevant equitable considerations. In connection
with any registration of the Company's securities, the relative benefits
received by the Company and the Investors shall be deemed to be in the same
respective proportions that the net proceeds from the offering (before deducting
expenses) received by the Company and the Investors, in each case as set forth
in the table on the cover page of the applicable prospectus, bear to the
aggregate public offering price of the securities so offered. The relative fault
of the Company and the Investors shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company or by the Investors and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.


                                       32
<PAGE>

          Each of the Company and the Investors agrees that it would not be just
and equitable if contribution pursuant to this Section 6.2(b) were determined by
pro rata or per capita allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the
immediately preceding paragraph. In connection with the registration of the
Company's securities, in no event shall an Investor be required to contribute
any amount under this Section 6.2(b) in excess of the lesser of (i) that
proportion of the total of such Losses equal to the proportion of the total
securities sold under such registration statement which is being sold by such
Investor or (ii) the proceeds received by such Investor from its sale of
securities under such registration statement. No person found guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
found guilty of such fraudulent misrepresentation.

          (c) The provisions of this Section 6.2 are in addition to and shall
supplement those set forth in the Registration Rights Agreement referred to in
Section 4.4(b).

     6.3 Notice. Promptly after receipt by an Indemnified Party entitled to
indemnification under either Section 6.2 of notice of the commencement of any
action involving a third party claim which may give rise to a claim for
indemnity under the preceding paragraphs of this Section, the Indemnified Party
will give written notice to the party against whom indemnification is sought
(the "Indemnifying Party") of the commencement of such action; provided however,
the failure to do so, or any delay in doing so, shall not relieve the
Indemnifying Party from any liability, unless, and then only to the extent that,
the rights and remedies of the Indemnifying Party are prejudiced as a result of
the failure to give, or delay in giving, such notice.

     The Indemnifying Party shall (i) keep such Indemnified Party apprised of
the status of the claim, liability or expense and any resulting suit, proceeding
or enforcement action, (ii) furnish such Indemnified Party with all documents
and information that such Indemnified Party shall reasonably request and (iii)
consult with such Indemnified Party prior to acting on major matters, including
settlement discussions. In case any such action is brought against an
Indemnified Party, the Indemnifying Party will be entitled to participate in and
to assume the defense thereof, jointly with any other indemnifying party
similarly notified to the extent that it may wish, with counsel reasonably
satisfactory to such Indemnified Party; provided the Indemnifying Party, within
thirty (30) days after receipt of notice of the relevant claim, (a) gives
written notice to the Indemnified Party stating that the Indemnified Party would
be liable under the provisions hereof for indemnity in the amount of such claim
if such claim were valid and that the Indemnifying Party disputes and intends to
defend against such claim, liability or expense at the Indemnifying Party's own
cost and expense and (b) provides assurance reasonably acceptable to such
Indemnified Party that such indemnification will be paid fully and promptly if
required and such Indemnified Party will not incur cost or expense during the
proceeding. After notice from the Indemnifying Party to such Indemnified Party
of its election so to assume the defense thereof, the Indemnifying Party shall
not be responsible for any legal or other expenses subsequently incurred by the
Indemnified Party in connection with the defense thereof; provided, however,
that if any Indemnified Party shall have reasonably concluded that there may be
one or more legal or equitable defenses available to it which are additional to
or conflict with those available to the Indemnifying Party, or


                                       33

<PAGE>

that such claim or litigation involves or could have an effect upon matters
beyond the scope of the indemnity agreement provided in this Section, the
Indemnifying Party shall not have the right to assume the defense of such action
on behalf of the Indemnified Party and the Indemnifying Party shall reimburse
the Indemnified Party and any person controlling the Indemnified Party for that
portion of the fees and expenses of any counsel retained by the Indemnified
Party which is reasonably related to the matters covered by the Indemnity
agreement provided in this Section.

     Notwithstanding anything herein stated, such Indemnified Party shall at all
times have the right to fully participate in such defense at its own expense
directly or through counsel; provided, however, if the named parties to the
action or proceeding include both the Indemnifying Party and the Indemnified
Party and representation of both parties by the same counsel would be
inappropriate under applicable standards of professional conduct, the reasonable
expense of separate counsel for such Indemnified Party shall be paid by the
Indemnifying Party provided that such Indemnifying Party shall be obligated to
pay for only one counsel in any jurisdiction. If no such notice of intent to
dispute and defend is given by the Indemnifying Party, or if such diligent good
faith defense is not being or ceases to be conducted, such Indemnified Party may
undertake the defense of (with counsel selected by such Indemnified Party), and
shall have the right to compromise or settle, such claim, liability or expense
(exercising reasonable business judgment)

     If the Indemnifying Party shall not give notice within the aforementioned
thirty (30) day period of its intent to dispute and defend a third party claim
or liability or litigation resulting therefrom after receipt of notice from the
Indemnified Party, or if such good faith and diligent defense is not being or
ceases to be conducted by the Indemnifying Party and within twenty (20) days
following notice thereof from the Indemnified Party, the Indemnifying Party
continues to fail to conduct a good faith and diligent defense, the Indemnified
Party shall have the right at the expense of the Indemnifying Party to undertake
the defense of such claim or liability in such manner as it deems appropriate
(with counsel selected by the Indemnified Party), and to compromise or settle
such claim or litigation on such terms as it may deem appropriate, exercising
reasonable business judgment.

SECTION 7. GENERAL

     7.1 Waivers and Consents; Amendments.

          (a) For the purposes of this Agreement and all agreements, documents
and instruments executed pursuant hereto, no course of dealing between or among
any of the parties hereto and no delay on the part of any party hereto in
exercising any rights hereunder or thereunder shall operate as a waiver of the
rights hereof and thereof. No covenant or provision hereof may be waived
otherwise than by a written instrument signed by the party or parties so waiving
such covenant or other provision as contemplated herein.

          (b) No amendment to this Agreement may be made without the written
consent of the Company and a Majority Interest of the Investors.

          (c) Except as otherwise set forth in Section 5 hereof, any actions
required to be taken with respect to consents, approvals or waivers


                                       34

<PAGE>

required or contemplated to be given by the Investors hereunder shall require a
vote of Investors holding a Majority Interest, and any such action by such
Majority Interest shall bind all of the Investors.

     7.2 [INTENTIONALLY OMITTED]

     7.3 Governing Law/Jurisdiction. This Agreement shall be construed and
enforced in accordance with and governed by the laws of the State of New York
(without giving effect to principles of conflicts of law). All actions and
proceedings arising out of or relative to this Agreement shall be heard and
determined in a Massachusetts state or federal court sitting in the City of
Boston. The parties hereby irrevocably submit to the exclusive jurisdiction of
any Massachusetts state or federal court sitting in the City of Boston in any
action or proceeding arising out of or relating to this Agreement, and hereby
irrevocably agree that all claims in respect of such action or proceeding may be
heard and determined in such Massachusetts state or federal court. The parties
hereby irrevocably waive, to the fullest extent they may effectively do so, the
defense of an inconvenient forum to the maintenance of such action or
proceeding. The parties agree that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. TO THE EXTENT NOT
PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HEREBY WAIVES,
AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR
OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE,
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING OUT OF OR PASSED UPON THIS
AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER
ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE.

     7.4 Section Headings and Gender; Construction. The descriptive headings in
this Agreement have been inserted for convenience only and shall not be deemed
to limit or otherwise affect the construction of any provision thereof or
hereof. The use in this Agreement of the masculine pronoun in reference to a
party hereto shall be deemed to include the feminine or neuter, and vice versa,
as the context may require. The parties have participated jointly in the
negotiation and drafting of this Agreement and the other agreements, documents
and instruments executed and delivered in connection herewith with counsel
sophisticated in investment transactions. In the event an ambiguity or question
of intent or interpretation arises, this Agreement and the agreements, documents
and instruments executed and delivered in connection herewith shall be construed
as if drafted jointly by the parties and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any
provisions of this Agreement and the agreements, documents and instruments
executed and delivered in connection herewith.

     7.5 Counterparts. This Agreement may be executed simultaneously in any
number of counterparts, each of which when so executed and delivered shall be
taken to be an original; but such counterparts shall together constitute but one
and the same document.

     7.6 Notices and Demands. Any notice or demand which is required or provided
to be given under this Agreement shall be deemed to have been sufficiently given
and received for all purposes when delivered by hand, telecopy, telex or other
method of facsimile, or five (5) days after being sent by certified or
registered mail, postage and charges prepaid, return


                                       35

<PAGE>

receipt requested, or two (2) days after being sent by overnight delivery
providing receipt of delivery, to the following addresses: if to the Company,
IPG Photonics Corporation, 660 Main Street; Box 519, Sturbridge, MA 01566,
Facsimile: (508) 347-6838, or at any other address designated by the Company, to
the Investors and the other parties hereto in writing; if to the Investors, c/o
TA Associates, Inc., 70 Willow Road, Suite 100, Menlo Park, CA 94025, Attn:
Michael C. Child, Facsimile: (650) 326-4933, or at any other address designated
by TA Associates, Inc. to the Company in writing.

     7.7 [INTENTIONALLY OMITTED]

     7.8 Remedies; Severability. Notwithstanding Sections 7.7 and 7.8 above, it
is specifically understood and agreed that any breach of the provisions of this
Agreement, the Stockholders' Agreement, the Rights Agreement, or any other
agreement executed and delivered pursuant to this Agreement, or of the
provisions of the Restated Certificate, by any person subject hereto will result
in irreparable injury to the other parties hereto, that the remedy at law alone
will be an inadequate remedy for such breach, and that, in addition to any other
remedies which they may have, such other parties may enforce their respective
rights by actions for specific performance (to the extent permitted by law). The
Company may refuse to recognize any unauthorized transferee as one of its
stockholders for any purpose, including, without limitation, for purposes of
dividend and voting rights, until the relevant party or parties have complied
with all applicable provisions of this Agreement. Whenever possible, each
provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law, but if any provision of this Agreement
shall be deemed prohibited or invalid under such applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, and such
prohibition or invalidity shall not invalidate the remainder of such provision
or the other provisions of this Agreement.

     7.11 Integration. This Agreement, including the exhibits, documents and
instruments referred to herein or therein, constitutes the entire agreement, and
supersedes all other prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof, including, without
limitation, the provisions of the letter of intent between the parties hereto in
respect of the transactions contemplated herein, which provisions of the letter
of intent shall be completely superseded by the representations, warranties,
covenants and agreements of the Company contained herein.

     7.12 Assignability; Binding Agreement. Each Investor may assign any or all
of its rights hereunder to any transferee of its Shares permitted under the
Stockholders Agreement. This Agreement may not otherwise be assigned by any
party hereto without the prior written consent of each other party hereto. This
Agreement (including, without limitation, the provisions of Section 5) shall be
binding upon and enforceable by, and shall inure to the benefit of, the parties
hereto and their respective successors, heirs, executors, administrators and
permitted assigns, and no others. Notwithstanding the foregoing and except as
provided in Section 5.3 hereof, nothing in this Agreement is intended to give
any Person not named herein the benefit of any legal or equitable right, remedy
or claim under this Agreement, except as expressly provided herein.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]


                                       36

<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement or have caused
this Agreement to be duly executed and delivered by their proper and duly
authorized officers as of the day and year first above written.

THE COMPANY:                            IPG PHOTONICS CORPORATION


                                        By: /s/ Peter Verghese Mammen
                                            ------------------------------------
                                        Name: Peter Verghese Mammen
                                        Title: Treasurer

<PAGE>

INVESTORS:                              TA IX, L.P.

                                        By: TA Associates IX LLC, its General
                                            Partner

                                        By: TA Associates, Inc., its Manager


                                        By: Michael C. Child
                                            ------------------------------------
                                        Name: Michael C. Child
                                        Title: Managing Director


                                        TA/ADVENT VIII L.P.

                                        By: TA Associates VIII LLC, its General
                                            Partner

                                        By: TA Associates, Inc., its General
                                            Partner


                                        By: Michael C. Child
                                            ------------------------------------
                                        Name: Michael C. Child
                                        Title: Managing Director


                                        TA/ATLANTIC AND PACIFIC IV L.P.

                                        By: TA Associates AP IV L.P., its
                                            General Partner

                                        By: TA Associates, Inc., its General
                                            Partner


                                        By: Michael C. Child
                                            ------------------------------------
                                        Name: Michael C. Child
                                        Title: Managing Director


                                        TA EXECUTIVES FUND LLC

                                        By: TA Associates, Inc., its Manager


                                        By: Michael C. Child
                                            ------------------------------------
                                        Name: Michael C. Child
                                        Title: Managing Director


                                        TA INVESTORS LLC

                                        By: TA Associates, Inc., its Manager


                                        By: Michael C. Child
                                            ------------------------------------
                                        Name: Michael C. Child
                                        Title: Managing Director


                                        /s/ Kenneth T. Schiciano
                                        ----------------------------------------
                                        Name: Kenneth T. Schiciano
                                        Title: Authorized Signatory

<PAGE>

As of August 31, 2000                   MERRILL LYNCH KECALP L.P. 1999

                                        By: KECALP Inc., its General Partner


                                        By: /s/ Margaret T. Monaco
                                            ------------------------------------
                                        Name: Margaret T. Monaco
                                        Title: Vice President


                                        KECALP INC.


                                        By: /s/ Margaret T. Monaco
                                            ------------------------------------
                                        Name: Margaret T. Monaco
                                        Title: Vice President


                                        KECALP INC., as Nominee for Merrill
                                           Lynch KECALP International L.P. 1999


                                        By: /s/ Margaret T. Monaco
                                            ------------------------------------
                                        Name: Margaret T. Monaco
                                        Title: Vice President


                                        ML IBK POSITIONS, INC.


                                        By: /s/ Joseph S. Valenti
                                            ------------------------------------
                                        Name: Joseph S. Valenti
                                        Title: Vice President

<PAGE>

As of August 31, 2000                   WINSTON/THAYER PARTNERS, L.P.


                                        By: /s/ A. Scott Andrews
                                            ------------------------------------
                                        Name: A. Scott Andrews
                                        Title: Managing Partner

<PAGE>

As of August 31, 2000                   BAYVIEW 2000, LP

                                        By: Bayview 2000 GP, LLC, its General
                                            Partner


                                        By: Dana Welch
                                            ------------------------------------
                                        Name: Dana Welch
                                        Title: Authorized Signatory

<PAGE>

As of August 31, 2000                   THE SOG FUND, LP

                                        By: The Special Opportunities Group LLC,
                                            Its General Partner


                                        By: /s/ Christopher G. Miller
                                            ------------------------------------
                                        Name: Christopher G. Miller
                                        Title: Chief Executive Officer

<PAGE>

As of August 31, 2000                   THE SOG FUND II, LP

                                        By: The Special Opportunities Group LLC,
                                            Its General Partner


                                        By: /s/ Christopher G. Miller
                                            ------------------------------------
                                        Name: Christopher G. Miller
                                        Title: Chief Executive Officer

<PAGE>

As of October 6, 2000                   APAX EUROPE IV - A, L.P.

                                        By: APAX Europe IV GP, L.P., its
                                            Managing General Partner

                                        By: APAX Europe IV GP Co. Limited, its
                                            Managing General Partner


                                        By: /s/ C.A.E. Helyar
                                            ------------------------------------
                                        Name: C.A.E. Helyar
                                        Title: Director


                                        By: /s/ D.J. Banks
                                            ------------------------------------
                                        Name: D.J. Banks
                                        Title: For and on behalf of
                                               International Private Equity
                                               Services Limited as Secretary


                                        APAX EUROPE IV - B, L.P.

                                        By: APAX Europe IV GP, L.P., its
                                            Managing General Partner

                                        By: APAX Europe IV GP Co. Limited, its
                                            Managing General Partner


                                        By: /s/ C.A.E. Helyar
                                            ------------------------------------
                                        Name: C.A.E. Helyar
                                        Title: Director


                                        By: /s/ D.J. Banks
                                            ------------------------------------
                                        Name: D.J. Banks
                                        Title: For and on behalf of
                                               International Private Equity
                                               Services Limited as Secretary


                                        APAX EUROPE IV - C GMBH & CO., KG

                                        By: APAX Europe IV GP, L.P., its
                                            Managing General Partner

                                        By: APAX Europe IV GP Co. Limited, its
                                            Managing General Partner


                                        By: /s/ C.A.E. Helyar
                                            ------------------------------------
                                        Name: C.A.E. Helyar
                                        Title: Director


                                        By: /s/ D.J. Banks
                                            ------------------------------------
                                        Name: D.J. Banks
                                        Title: For and on behalf of
                                               International Private Equity
                                               Services Limited as Secretary

<PAGE>

                                        APAX EUROPE IV - D, L.P.

                                        By: APAX Europe IV GP, L.P., its
                                            Managing General Partner

                                        By: APAX Europe IV GP Co. Limited, its
                                            Managing General Partner


                                        By: /s/ C.A.E. Helyar
                                            ------------------------------------
                                        Name: C.A.E. Helyar
                                        Title: Director


                                        By: /s/ D.J. Banks
                                            ------------------------------------
                                        Name: D.J. Banks
                                        Title: For and on behalf of
                                               International Private Equity
                                               Services Limited as Secretary


                                        APAX EUROPE IV - E, L.P.

                                        By: APAX Europe IV GP, L.P., its
                                            Managing General Partner

                                        By: APAX Europe IV GP Co. Limited, its
                                            Managing General Partner


                                        By: /s/ C.A.E. Helyar
                                            ------------------------------------
                                        Name: C.A.E. Helyar
                                        Title: Director


                                        By: /s/ D.J. Banks
                                            ------------------------------------
                                        Name: D.J. Banks
                                        Title: For and on behalf of
                                               International Private Equity


                                        APAX EUROPE IV - F, C.V.

                                        By: APAX Europe IV GP, L.P., it
                                            Managing General Partner

                                        By: APAX Europe IV GP Co. Limited, its
                                            Managing General Partner


                                        By: /s/ C.A.E. Helyar
                                            ------------------------------------
                                        Name: C.A.E. Helyar
                                        Title: Director


                                        By: /s/ D.J. Banks
                                            ------------------------------------
                                        Name: D.J. Banks
                                        Title: For and on behalf of
                                               International Private Equity
                                               Services Limited as Secretary


<PAGE>

                                        APAX EUROPE IV - G, C.V.

                                        By: APAX Europe IV GP, L.P., its
                                            Managing General Partner

                                        By: APAX Europe IV GP Co. Limited, its
                                            Managing General Partner


                                        By: /s/ C.A.E. Helyar
                                            ------------------------------------
                                        Name: C.A.E. Helyar
                                        Title: Director


                                        By: /s/ D.J. Banks
                                            ------------------------------------
                                        Name: D.J. Banks
                                        Title: For and on behalf of
                                               International Private Equity
                                               Services Limited as Secretary


                                        APAX EUROPE IV -H GMBH & CO. K.G.

                                        By: APAX Europe IV GP, L.P., its
                                            attorney

                                        By: APAX Europe IV GP Co. Limited, its
                                            Managing General Partner


                                        By: /s/ C.A.E. Helyar
                                            ------------------------------------
                                        Name: C.A.E. Helyar
                                        Title: Director


                                        By: /s/ D.J. Banks
                                            ------------------------------------
                                        Name: D.J. Banks
                                        Title: For and on behalf of
                                               International Private Equity

<PAGE>

As of August 31, 2000                 MARCONI CAPITAL LIMITED


                                        By:       /s/ Mark Aslett
                                            ------------------------------------
                                        Name:     Mark Aslett
                                              ----------------------------------
                                        Title:    Managing Partner
                                               ---------------------------------

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.29
<SEQUENCE>10
<FILENAME>b61608a1exv10w29.txt
<DESCRIPTION>EX-10.29 LOAN AGREEMENT DATED JANUARY 3, 2002
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.29

                         Loan Agreement IPFD-NTO 0301-02

This agreement is made this 3rd January 2002 by and between

I P Fibre Devices (UK) Ltd a company resident in the United Kingdom whose
Registered Office address is Stuart House, 55 Catherine Place. London SW 1 E 6DY
hereinafter referred to as the "Lender", and

NTO IRE-Polus whose registered office is located at Vvendenskogo Sq. 1.
Fryazino, Moscow 141120, Russia hereinafter referred to as the "Borrower".

     Subject of the Agreement. The Lender hereby agrees to advance to the
     Borrower the sum of USD 560,000 (five hundred and sixty thousand UD
     Dollars). The sum will be advanced to the Borrower by the 20th Day January
     2002.

2.   Terms and Conditions of the Loan. The loan is unsecured and shall bear
     interest at the fixed rate of current LIBOR plus 2%, which is 4.44% per
     annum. The Lender has the right to review and adjust the interest rate
     attached to the loan every six months subject to such adjustment still
     reflecting the basis of calculation detailed above. Interest shall be
     calculated quarterly on the basis 30 days per month. 90 days per quarter.
     180 days per half of year and the number of days that loan has been drawn
     down during that quarter and will be invoiced to the Borrower at the end of
     each quarter by the Lender. Interest will only be calculated on the initial
     principal amount of the loan, however the borrower shall have the right to
     accrue and pay interest only when the loan is repaid.

3.   Repayment. The term of the loan is initially for a period of 180 days only.
     However it may be extended at the mutual consent of both parties for a
     period of up to 2 years after which it will become repayable in hill
     including any amounts or accrued but unpaid interest.

4.   Notices. All notices, requests, demands or other communications to be given
     by either party to the other pursuant to this Agreement shall be in writing
     and in the English language and sent by telefax, electronic mail, cable or
     registered mail. postage prepaid to the following addresses:

I P Fibre Devices Ltd                   NTO IRE-Polus
Stuart Rouse                            Vvendenskogo Sq. I
55 Catherine Place                      Fryazino
London SWIE 6DY                         Moscow 141120
                                        Russia

Executed by the undersigned parties:

For and on beha1f of                    For and on behalf of
IP Fibre Devices Ltd.                   NTO IRE-Polus


/s/ Valentin P. Gapontsev
-------------------------------------   ----------------------------------------
Witnessed by:                           Witnessed By:


                                        /s/ Nina Federova
-------------------------------------   ----------------------------------------
Name:                                   Name: Nina Federova
      -------------------------------
<PAGE>

                        Loan Agreement I PFD-NTO 0301-02
                                 Addendum No. 2

This addendum is made this day 5th January 2004 by and between

I P Fibre Devices Ltd a company resident in the United Kingdom whose Registered
Office address is Stuart House, 55 Catherine Place. London SWIE 6DY hereinafter
referred to as the "Lender", and;

NTO IRE--Polus whose registered office is located at Vvedenskogo Moscow 141120,
Russia hereinafter referred to as the "Borrower".

     1.   Subject of the Agreement. The Lender has advanced to the Borrower the
          sum of USD 560,000 (five hundred and sixty thousand US Dollars).

     2.   Terms and Conditions of the Loan. No Changes.

     3.   Repayments. The term of the loan is extended to 20th January 2006 when
          the Borrower promises to pay in full all amounts outstanding under the
          Agreement including any amounts of accrued but unpaid interest.

     4.   Notices. All notices, requests, demands of other communications to be
          given by either party to the other pursuant to this Agreement shall be
          in writing and in the English language and sent by telefax, electronic
          mail, cable or registered mail. postage prepaid to the following
          addresses:

I P Fibre Devices Ltd                   NTO IRE-Polus
Stuart House                            Vvedenskogo Sq. 1d
55 Catherine Place                      Fryazino
London SW1F ODY                         Moscow 141120
                                        Russia

Executed by the undersigned parties:

For and behalf of IP Fibre Devices      For and behalf of NTO IRE-Polus
Ltd.

                                        /s/ V. Savin
/s/ Timothy P.V. Mammen                 ----------------------------------------
------------------------------------    Name: V. Savin
Name: Timothy P.V. Mammen               Position:
Position: Company Secretary                       ------------------------------


Witnessed By:                           Witnessed By:


-----------------------------------     ----------------------------------------
Name:                                   Name:
      -----------------------------           ----------------------------------
<PAGE>

                         Loan Agreement IPFD-NTO 0301-02
                                 Addendum No. I

This addendum is made this day 14th February 2006 by and between

IP Fibre Devices Ltd a company resident in the United Kingdom whose Registered
Office address is Stuart House. 55 Catherine Place, London SW1E 6DY herein
referred to as the "Lender", and;

NTO IRE-Polus whose registered office is located at Vvendenskogo Sq.1, Fryazino
Moscow 141120, Russia hereinafter referred to as the "Borrower".

1.   Subject of the Agreement. The Lender has advanced to the Borrower the sum
     of USD 560,000 (five hundred and sixty thousand US Dollars).

2.   Terms and Conditions of the Loan. No Changes

3.   Repayment. The term of the loan is extended to 31st December 2007 when the
     Borrower promises to pay in full all amounts outstanding under the
     Agreement, including any amounts of accrued but unpaid interest.

4.   Notices. All notices, requests, demands or other communications to be given
     by either party to the other pursuant to this Agreement shall be in writing
     and in the English language and sent by telefax, electronic mail, cable or
     registered mail, postage prepaid to the. following addresses;

IP Fibre Devices Ltd                    MD IRE-Polus
Stuart House                            Vvedenskogo Sq. I
55 Catherine Place                      Fryazino,
London SW1E 6DY                         Moscow 141120
                                        Russia

Executed by the undersigned parties:

For and on behalf of IP Fibre Devices   For and on behalf of NTO IRE-Polus


/s/ Timothy Mammen                      /s/ Nina Federova
-------------------------------------   ----------------------------------------
Name: Timothy Mammen                    Name: Nine Federova
Position: Company Secretary             Position: Finance Director


Witnessed by:                           Witnessed by:


/s/ Pamela Supple                       /s/ Anna E. Godfrey
-------------------------------------   ----------------------------------------
Name: Pamela Supple                     Name: Anna E. Godfrey
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.30
<SEQUENCE>11
<FILENAME>b61608a1exv10w30.txt
<DESCRIPTION>EX-10.30 EXCHANGE AGREEMENT DATED JULY 31, 2006
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.30

                               EXCHANGE AGREEMENT

THIS EXCHANGE AGREEMENT, effective as of this 3lst day of July, 2006 by and
between:

IPG PHOTONICS CORPORATION, a Delaware US corporation, having its headquarters at
50 Old Webster Road, Oxford, Massachusetts, 01540, USA ("IPG"); and

VALENTIN P. GAPONTSEV, an individual residing at 31 Hickory Lane, Worcester,
Massachusetts 01609, USA ("VG") (IPG and VG shall individually be referred to as
a "Party", and collectively as the "Parties").

                                   WITNESSETH:

WHEREAS, IF Fibre Devices (UK) Ltd. ("IPFD"), as lender, has assigned and sold
to VG all of its right, title and interest in and to the Loan and Security
Agreement between IPFD and IPG Photonics Corporation, dated August 23, 2002 (as
amended, the "IPG Loan") under which IPG owes, as of July 31, 2006, principal
and accrued interest of $4,613,947.

WHEREAS, IPG is the lender under the Non-Recourse Promissory Note dated April 1,
2003 (as amended the "VG Note"), under which VG owed to IPG as of July 31, 2006,
principal and interest of $4,970,820.

WHEREAS, IPG and VG desire to exchange and offset their respective obligations
to each other.

NOW, THEREFORE, intending to be bound, the Parties hereto agree as follows:

Article 1. EXCHANGE

1.1  VG and IPG hereby make the following exchanges, transfers and payments
     effective on the date of this Agreement:

     a.   VG will transfer the IPG Loan to IPG;

     b.   IPG will mark the IPG Loan as 'cancelled' and IPG shall have no
          obligations to VG thereunder thereafter;

     c.   IPG will transfer the VG Note to VG;

     d.   VG will mark the VG Note as 'cancelled' and VG shall have no
          obligations to IPG thereunder thereafter;

     e.   VG will pay or cause to be paid IPG $356,873 in immediately available
          funds; and

     f.   IPG will cancel the Pledge Agreement, dated as of March 5, 2001, as
          amended, and shall return to VG stock certificates Nos. 76 and 100.

1.2  Each of the Parties hereby represents and warrants to the other that each
     has the full power and authority to execute and deliver this Agreement and
     all other related agreements or certificates and to carry out the
     provisions hereof and thereof. The execution and delivery of this Agreement
     will not violate or be in conflict with any order, judgment, injunction,
     agreement or controlling document to which the Party is a party or by which
     it is bound. This Agreement constitutes a valid and legally binding
     obligation of the Party, enforceable in accordance with its terms, subject
     to laws

<PAGE>

     of general application relating to bankruptcy, insolvency and the relief of
     debtors and by general principles of equity. No consent, approval, order or
     authorization of, or registration, declaration or filing with, any court,
     administrative agency or commission or other governmental authority or
     instrumentality is required by or with respect to the Party in connection
     with the execution and delivery of this Agreement, or the consummation of
     the transactions contemplated hereby.

Article 2. INDEMNIFICATION

Each Party shall indemnify and hold harmless the other Party against any and all
loss, liability, damage or expenses which may be incurred by the Party due to
any claims of a third party in connection with the breach, default or
non-performance of the Agreement by the other Party on or after the date of
execution of this Agreement.

Article 3. GENERAL

3.1  This Agreement contains the entire understanding among the Parties hereto
     with respect to the matters covered herein and supersedes and cancels any
     prior understanding with respect to the matters covered herein.

3.2  No changes, alterations or modifications hereto shall be effective unless
     made in writing and signed by all the Parties.

3.3  This Agreement, and all transactions contemplated hereby, shall be governed
     by, construed and enforced in accordance with the laws of the State of
     Massachusetts.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
in duplicate by their duly authorized representatives as of the date first
written above and each Party.

VALENTIN P. GAPONTSEV                   IPG PHOTONICS CORPORATION


By: /s/ Valentin P. Gapontsev           By: /s/ Angelo P. Lopresti
    ---------------------------------       ------------------------------------
    Valentin P. Gapontsev               Name: Angelo P. Lopresti
                                        Title: Vice President and Secretary


                                       2
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.31
<SEQUENCE>12
<FILENAME>b61608a1exv10w31.txt
<DESCRIPTION>EX-10.31 SUBSCRIPTION AGREEMENT DATED AUGUST 13, 2003
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.31

                             SUBSCRIPTION AGREEMENT

IPG Photonics Corporation
50 Old Webster Road
Oxford, MA 01540
Attention: Secretary

Gentlemen:

     1. Subscription JDS Uniphase Corporation, a Delaware corporation (the
"Purchaser"), intending to be legally bound, hereby irrevocably agrees to
purchase from IPG Photonics Corporation, a Delaware corporation (the "Company"),
(a) 2,684,211 shares of Series D Preferred Stock, par value $.0001 per share, of
the Company (the "Shares"), at a purchase price of $1.90 per Share and (b) a
Convertible Promissory Note in the principal amount of $5,100,000 (the
"Convertible Note"). The number of Shares and the Convertible Note subscribed
for pursuant to this Subscription Agreement equal the number of Shares and the
principal amount of the Convertible Note intended to be issued and purchased
pursuant to that certain Settlement Agreement, dated as of June 25, 2003, by and
between the Company and the Purchaser (the "Settlement Agreement"). Together
with this Subscription Agreement, the Purchaser is delivering completed and
executed signature pages to the Series D Preferred Stockholders Agreement
between the Company and the Purchaser (the "Series D Preferred Stockholders
Agreement"), and the Registration Rights Agreement between the Company and the
Purchaser (the "Registration Rights Agreement").

     2. Payment. The Purchaser and the Company agree that the consideration for
the Shares and the Convertible Note subscribed for pursuant to this Agreement
shall solely consist of the release and settlement of claims by the Purchaser as
described in the Settlement Agreement and that no other consideration shall be
due or owing with respect to the purchase price for the Shares and the
Convertible Note.

     3. Purchaser Representations and Warranties. The Purchaser hereby
represents and warrants to the Company, acknowledges and agrees as follows:

          (a) The Purchaser is purchasing the Shares and the Convertible Note
     for its own account, for investment only and not with a view to, or any
     present intention of, effecting a distribution of such securities or any
     part thereof except pursuant to a registration or an available exemption
     under applicable law. The Purchaser acknowledges that the Shares and the
     Note have not been, the shares of Series D Convertible Preferred Stock of
     the Company issuable upon conversion of the Convertible Note (the
     "Conversion Shares"), and shares of Common Stock, par value $.0001 per
     share, of the Company (the "Common Shares"), issuable upon conversion of
     the Shares or the Conversion Shares (the Shares, the Note, the Conversion
     Shares together with the Common Stock, the "Securities"), will not be,
     registered under the Securities Act of 1933, as amended (the "Securities
     Act"), or the securities laws of any state or other jurisdiction and cannot
     be disposed of unless they are subsequently registered under the Securities
     Act and any applicable state laws or an exemption from such registration is
     available.

<PAGE>

          (b) Neither the Securities and Exchange Commission, any state
     securities commission nor any other regulatory authority has approved the
     Securities or passed upon or endorsed the merits of the sale of the Shares
     or the Convertible Note or confirmed the accuracy or determined the
     adequacy of any materials of the Company submitted to you. Any
     representation to the contrary is unlawful.

          (c) The Purchaser is unaware of, is in no way relying on, and did not
     become aware of the offering of the Shares or the Convertible Note through
     or as a result of, any form of general solicitation or general advertising
     including, without limitation, any article, notice, advertisement or other
     communication published in any newspaper, magazine or similar media or
     broadcast over television or radio, in connection with the sale of the
     Shares or the Convertible Note and is not subscribing for Shares or the
     Convertible Note and did not become aware of the sale of the Shares or the
     Convertible Note through or as a result of any seminar or meeting to which
     the Purchaser was invited by, or any solicitation of a subscription by, a
     person not previously known to the Purchaser in connection with investments
     in securities generally.

          (d) The Purchaser understands that the exemption from registration
     afforded by Rule 144 (the provisions of which are known to the Purchaser)
     promulgated under the Securities Act depends on the satisfaction of various
     conditions and that, if applicable, Rule 144 may only afford the basis for
     sales under certain circumstances and only in limited amounts.

          (e) The Purchaser is an "accredited investor," as such term is defined
     in Rule 501 (the provisions of which are known to the Purchaser)
     promulgated under the Securities Act. The Purchaser has such knowledge and
     experience in financial, tax and business matters so as to enable the
     Purchaser to utilize the information made available to it in connection
     with the investment in the Shares and the Convertible Note, to evaluate the
     merits and risks of an investment in the Shares and the Convertible Note,
     and to make an informed investment decision with respect thereto.

          (f) The Purchaser hereby acknowledges and agrees that the purchase and
     sale of the Shares and the Convertible Note is intended to be exempt from
     registration under the Securities Act by virtue of Section 4(2) of the
     Securities Act, and, if applicable, in the sole judgment of the Company,
     the provisions of Regulation D thereunder, which exemption is dependent
     upon the truth, completeness and accuracy of the statements made by the
     Purchaser herein and in any other documents furnished by the Purchaser to
     the Company. The Purchaser acknowledges and agrees that it will not sell or
     transfer all or any part of the Shares or the Convertible Note or the
     Convertible Note except in accordance with the terms of the Series D
     Preferred Stockholders Agreement.

          (g) The Purchaser has full right, authority and power under its
     charter and by-laws to enter into this Subscription Agreement, the Series D
     Preferred Stockholders Agreement, the Registration Rights Agreement, the
     Note, and the Amendment to Stockholders Agreement by and among the Company,
     the Purchaser, the Founders and the holders of


                                       2

<PAGE>

     Series B Preferred Stock of the Company, and all agreements, documents and
     instruments contemplated hereby and thereby (the "Transaction Documents")
     executed by the Purchaser pursuant thereto and to carry out the
     transactions contemplated hereby and thereby. This Transaction Documents
     executed by the Purchaser pursuant thereto are valid and binding
     obligations of the Purchaser enforceable in accordance with their
     respective terms, subject, in each case, to bankruptcy, insolvency,
     reorganization, moratorium and similar laws of general application relating
     to or affecting creditors' rights and to general principles of equity,
     including principles of commercial reasonableness, good faith and fair
     dealing. The execution, delivery and performance of the Transaction
     Documents have been duly authorized by all necessary action under the
     Purchaser's charter or by-laws. The execution, delivery and performance by
     the Purchaser of the Transaction Documents do not and will not: (i) violate
     or result in a violation of, conflict with or constitute or result in a
     default (whether after the giving of notice, lapse or time or both) under,
     accelerate any obligation under, or give rise to a right of termination of,
     any material contract, agreement, lease, obligation, permit, license or
     authorization to which the Purchaser is a party or by which the Purchaser
     or its assets is bound, or any provision of such Purchaser's organizational
     documents; (ii) violate or result in a violation of, or constitute a
     default (whether after the giving of notice, lapse of time or both) under,
     any provision of any law, regulation or rule, or any order of, or any
     restriction imposed by, any court or governmental agency applicable to the
     Purchaser; or (iii) require from the Purchaser any notice to, declaration
     or filing with, or consent or approval of, any governmental authority or
     other third party.

          (h) The Purchaser is not relying on the Company or any of its
     respective employees, attorneys or agents with respect to the legal, tax,
     economic and related considerations of an investment in the Shares or the
     Convertible Note, and the Purchaser has relied on the advice of, or has
     consulted with, only its own attorney, accountant, purchaser representative
     and/or tax advisor.

     4. Company Representations and Warranties. The Company hereby represents
and warrants to the Purchaser as follows:

          (a) The Company is a corporation duly organized, validly existing and
     in good standing under the laws of the State of Delaware, has all requisite
     power and authority to own, lease and operate its properties, to carry on
     its business as currently being conducted, to enter into the Transaction
     Documents and to perform its obligations thereunder.

          (b) The execution, delivery and performance by the Company of the
     Transaction Documents, and the consummation of the transactions
     contemplated thereby have been duly authorized by all necessary action on
     the part of the Company. Except for those approvals and consents from the
     Board of Directors and its shareholders which have been obtained already,
     and no other corporate or stockholder proceedings on the part of the
     Company, or its Board of Directors or stockholders, are necessary to
     authorize or approve the Transaction Documents or to consummate the
     transactions contemplated thereby.


                                       3

<PAGE>

          (c) The Transaction Documents, upon their execution and delivery by
     the Company, will be, valid and binding obligations of the Company,
     enforceable against the Company in accordance with their respective terms,
     subject, in each case, to bankruptcy, insolvency, reorganization,
     moratorium and similar laws of general application relating to or affecting
     creditors' rights and to general principles of equity, including principles
     of commercial reasonableness, good faith and fair dealing.

          (d) The execution, delivery and performance by the Company of the
     Transaction Documents do not and will not: (i) violate or result in a
     violation of, conflict with or constitute or result in a default (whether
     after the giving of notice, lapse or time or both) under, accelerate any
     obligation under, or give rise to a right of termination of, any material
     contract, agreement, lease, obligation, permit, license or authorization to
     which the Company is a party or by which the Company or its assets is
     bound, or any provision of such Purchaser's certificate of incorporation or
     by-laws; (ii) violate or result in a violation of, or constitute a default
     (whether after the giving of notice, lapse of time or both) under, any
     provision of any law, regulation or rule, or any order of, or any
     restriction imposed by, any court or governmental agency applicable to the
     Company; or (iii) require from the Company any notice to, declaration or
     filing with, or consent or approval of, any governmental authority or other
     third party.

          (e) No filing with, and no permit, authorization, consent or approval
     of, any person (governmental or private) is necessary for the consummation
     by the Company of the transactions contemplated by the Transaction
     Documents.

          (f) The authorized capital stock of the Company immediately prior to
     the delivery of the Shares shall consist of (i) 70,000,000 shares of Common
     Stock, $.0001 par value per share, of which 38,441,668 shares are
     outstanding and; (ii) 15,000,000 shares of blank check preferred stock, (A)
     500,000 of which have been designated as Series A Preferred Stock, $.0001
     par value per share (the "Series A Preferred Stock"), of which 500,000
     shares are outstanding, (B) 3,800,000 of which have been designated as
     Series B Convertible Participating Preferred Stock, $.0001 par value per
     share (the "Series B Preferred Stock"), of which 3,800,000 shares are
     outstanding, (C) 2,000,000 of which have been designated as Series C
     Convertible Preferred Stock, $.0001 par value per share, of which none are
     outstanding, and (D) 5,400,000 of which have been designated as Series D
     Convertible Preferred Stock, $.0001 par value per share, of which none are
     outstanding. Immediately after the issuance of the Shares, (I) the
     outstanding shares of Series A Preferred Stock shall be convertible into
     549,451 shares of Common Stock and (II) the outstanding shares of Series B
     Preferred Stock shall be convertible into 4,335,920 shares of Common Stock.
     Except for (X) the warrants to purchase an aggregate of $23,750,000 of
     Common Stock at an equivalent per share price of 50% of an initial public
     offering or sale of the Company (copies of which have been provided to the
     Purchaser) which warrants were issued in connection with the Series B
     Preferred Stock of the Company, (Y) 7,500,000 shares of Common Stock
     reserved for issuance to employees, consultants and directors under the
     Company's 2000 Incentive Compensation Plan (the "Plan"), of which (i)
     1,060,974 shares of Common


                                       4

<PAGE>

     Stock have been issued pursuant to option exercises, (ii) 4,955,353 shares
     are subject to outstanding, unexercised options and (iii) 1,483,673 shares
     are available for issuance thereunder and (Z) the shares of outstanding
     Series A Preferred Stock and Series B Preferred Stock, the Shares and the
     Convertible Note, there are, immediately after delivery of the Shares, no
     options, warrants, calls, convertible notes, agreements, commitments or
     other rights presently outstanding that would obligate the Company to
     issue, deliver or sell shares of its capital stock, or to grant, extend or
     enter into any such option, warrant, call, convertible note, agreement,
     commitment or other right. In addition to the foregoing, as of the date
     hereof, the Company has no bonds, debentures, notes or other indebtedness
     issued or outstanding that have voting rights in the Company. The Company
     has reserved for issuance 2,684,211 Conversion Shares and 5,368,422 Common
     Shares with respect to the Shares and the Conversion Shares. The Conversion
     Shares and the Common Shares are duly authorized and, when issued upon
     conversion in accordance with the terms of the Company's certificate of
     incorporation, will be duly authorized, validly issued, fully paid and
     non-assessable Series D Preferred Stock and Common Stock, respectively, and
     free and clear of all restrictions, other than restrictions imposed on
     transfer by the Securities Act, or applicable U.S. state laws and as set
     forth in this Agreement or the Series D Stockholders Agreement.

          (g) When delivered to the Purchaser in accordance with the terms
     hereof, the Shares shall be (i) duly authorized, fully paid and
     non-assessable, and (ii) free and clear of all liens other than
     restrictions imposed by federal and state securities laws.

     5. Deliveries by the Company to the Purchaser. The Company shall have
delivered, or shall have caused to be delivered, to the Purchaser, all in form
and substance reasonably satisfactory to the Purchaser, the following:

          (a) A stock certificate registered in the name of the Purchaser
     evidencing the Shares acquired from the Company hereunder;

          (b) The Convertible Note executed by the Company;

          (c) The Series D Preferred Stockholders Agreement executed by the
     Company;

          (d) The Registration Rights Agreement executed by the Company;

          (e) The Amendment to Stockholders Agreement, executed by the Company,
     the founders of the Company and holders of at least a majority of the
     Series B Preferred Stock of the Company;

          (f) A certificate issued by the Secretary of State of the State of
     Delaware certifying that the Company has legal existence and is in good
     standing;

          (g) A certificate issued by the Secretary of State of the State of
     Delaware certifying the copy of the certificate of incorporation for the
     Company, as amended, including the certificate of designations containing
     rights, privileged and limitations of the Series D Preferred Stock in form
     and substance satisfactory to the Purchaser;


                                       5

<PAGE>

          (h) An opinion of counsel of the Company in form and substance
     reasonably satisfactory to the Purchaser as to the matters contained
     therein;

          (i) An agreement or consents from sufficient holders to waive any
     right to purchase additional securities of the Company which right is
     triggered by the issuance of the Shares; and

          (j) Such other supporting documents and certificates as the Purchaser
     may reasonably request and as may be required pursuant to this Subscription
     Agreement.

     6. Deliveries by the Purchaser to the Company. The Purchaser shall have
delivered, or shall have caused to be delivered, to the Purchaser, all in form
and substance satisfactory to the Company, the following:

          (a) The Series D Preferred Stockholders Agreement executed by the
     Purchaser;

          (b) The Registration Rights Agreement executed by the Purchaser;

          (c) The Convertible Note executed by the Purchaser; and

          (d) Such other supporting documents and certificates as the Company
     may reasonably request and as may be required pursuant to this Subscription
     Agreement.

     7. Modification. This Subscription Agreement shall not be modified or
waived except by an instrument in writing signed by the party against whom any
such modification or waiver is sought.

     8. Notices All notices, consents, waivers, and other communications under
this Subscription Agreement must be in writing and will be deemed to have been
duly given when (i) delivered by hand (with written confirmation of receipt), or
(ii) when received by the addressee, if sent by a nationally recognized
overnight delivery service (receipt requested), in each case to the appropriate
addresses and facsimile numbers set forth below (or to such other addresses and
facsimile numbers as a party may designate by written notice to the other
parties):

     To the Purchaser: JDS Uniphase Corporation
                       1768 Automation Parkway
                       San Jose, California 95131
                       Attention: General Counsel
                       Facsimile No.: (408) 546-4350

     To the Company:   IPG Photonics Corporation
                       50 Old Webster Road
                       Oxford, Massachusetts 01540
                       Attention: General Counsel
                       Facsimile No.: (508) 373-1101

     9. Assignability. This Subscription Agreement and the rights, interests and
obligations hereunder are not transferable or assignable by the Purchaser.


                                       6

<PAGE>

     10. Applicable Law. This Subscription Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware relating to
contracts entered into and to be performed wholly within such state. THE
PURCHASER AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THIS SUBSCRIPTION AGREEMENT OR ANY DOCUMENT
OR AGREEMENT CONTEMPLATED HEREBY.

     11. Use of Pronouns. All pronouns and any variations thereof used herein
shall be deemed to refer to the masculine, feminine, neuter, singular or plural
as the identity of the person or persons referred to may require.

     12. Miscellaneous

          (a) This Subscription Agreement, together with the Convertible Note,
     the Series D Preferred Stockholders Agreement, the Registration Rights
     Agreement, the Settlement Agreement and the other agreements and
     instruments being executed and delivered in connection with the Settlement
     Agreement, constitute the entire agreement between the Purchaser and the
     Company with respect to the subject matter hereof and supersede all prior
     oral or written agreements and understandings. The terms and provisions of
     this Subscription Agreement may be waived, or consent for the departure
     therefrom granted, only by a written document executed by the party
     entitled to the benefits of such terms or provisions.

          (b) The Purchaser's and the Company's representations, warranties and
     covenants made in this Subscription Agreement shall survive the execution
     and delivery hereof and delivery of the Shares.

          (c) Each of the parties hereto shall pay its own fees and expenses
     (including the fees of any attorneys, accountants, appraisers or others
     engaged by such party) in connection with this Subscription Agreement and
     the transactions contemplated hereby whether or not the transactions
     contemplated hereby are consummated.

          (d) This Subscription Agreement may be executed in one or more
     counterparts each of which shall be deemed an original, but all of which
     shall together constitute one and the same instrument.

          (e) Each provision of this Subscription Agreement shall be considered
     separable and if for any reason any provision or provisions hereof are
     determined to be invalid or contrary to applicable law, such invalidity or
     illegality shall not impair the operation of or affect the remaining
     portions of this Subscription Agreement.

          (f) Paragraph titles are for descriptive purposes only and shall not
     control or alter the meaning of this Subscription Agreement as set forth in
     the text.

                          [The signature page follows]


                                       7

<PAGE>

     IN WITNESS WHEREOF, the undersigned has executed this Subscription
Agreement this 13th day of August, 2003.

                                        JDS UNIPHASE CORPORATION


                                        By: /s/ Christopher Dewees
                                            ------------------------------------
                                        Name: Christopher Dewees
                                        Title: Vice President

                                        1768 Automation Parkway
                                        San Jose, California 95131
                                        Attention: General Counsel
                                        Facsimile No.: (408) 546-4350

     SUBSCRIPTION AGREED TO this 13th day of August, 2003.

                                        IPG PHOTONICS CORPORATION


                                        By: /s/ Valentin P. Gapontsev
                                            ------------------------------------
                                        Name: Valentin P. Gapontsev
                                        Title: CEO and Chairman


                                       8
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>13
<FILENAME>b61608a1exv10w32.txt
<DESCRIPTION>EX-10.32 CONFIDENTIAL SETTLEMENT AGREEMENT DATED JUNE 25, 2003
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.32

                        CONFIDENTIAL SETTLEMENT AGREEMENT

          This CONFIDENTIAL SETTLEMENT AGREEMENT (this "Settlement"), dated as
of June 25, 2003, by and among JDS UNIPHASE CORPORATION, a Delaware corporation
("JDSU" or "Claimant"), and IPG PHOTONICS CORPORATION, a Delaware corporation
("IPG" or "Respondent");

                                   WITNESSETH:

          A. IPG and JDSU's predecessor in interest, SDL Inc., a Delaware
corporation ("SDL"), entered into a purchase and sale agreement entitled IPG
Photonics Corporation Purchase and Sale Agreement No. 1-99, dated May 11, 1999,
which was subsequently amended by the parties on or about May 18, 2000 and
amended a second time on or about November 15, 2000 (collectively, the
"Agreement"); and

          B. a dispute arose between IPG and SDL's successor in interest, JDSU,
concerning the parties' performance, rights, and obligations under the
Agreement; and

          C. JDSU has commenced an arbitration proceeding against IPG before the
American Arbitration Association, entitled JDS Uniphase Corporation against IPG
Photonics Corporation, AAA Number 74 181 01636 02, now pending before the AAA
San Jose Regional Office (the "Arbitration"), alleging that IPG has breached the
Agreement and now owes JDSU in excess of $10 million;

          D. JDSU also commenced a proceeding against IPG in Massachusetts state
court, entitled JDSU Uniphase Corp. v. IPG Photonics Corp., No. 02-1780, now
pending before the Superior Court of the Commonwealth of Massachusetts
requesting, among other things, equitable relief in the form of an attachment of
IPG's assets in Massachusetts (the "State Court Action").

          E. IPG has asserted counterclaims against JDSU and SDL in the
Arbitration and the State Court Action sounding in breach of contract, unfair
competition and violation of federal and state laws governing anti-trust and
unfair competition;

          F. Both parties have denied the others' operative allegations
contained in the Arbitration claim filed by JDSU and the counterclaims filed by
IPG; and

          G. IPG and JDSU each believes that it will be best served by ending
the disputes reflected in the Arbitration and the State Court Action and that
the continued prosecution of the Arbitration and the State Court Action will
entail the expenditure of substantial legal fees and management time for both
IPG and JDSU over the course of several years, resources that each of them
believes would be better spent in pursuit of such business interest; and

          H. Subject to the terms of this Settlement and the other instruments
and documents to be entered into by it pursuant hereto, JDSU is therefore
willing to dismiss the claims it has asserted against IPG in the Arbitration and
the State Court Action, and IPG is willing to dismiss the counterclaims that it
has asserted against JDSU in the Arbitration and the State Court Action; and

<PAGE>

          I. Accordingly, the parties hereto desire to settle their disputes
reflected in the Arbitration and the State Court Action on the terms and
conditions set forth herein;

     NOW, THEREFORE, in consideration of the mutual representations, warranties
and covenants set forth herein, the parties hereto hereby agree as follows:

1.   Representations and Warranties.

     Both IPG and JDSU hereby represent and warrant to the other that:

     A.   It has the corporate power and authority to enter into this Settlement
          and the other instruments and documents to be entered into by it
          pursuant hereto and to observe and perform its obligations hereunder
          and thereunder;

     B.   The execution and delivery of this Settlement and the other
          instruments and documents to be executed and delivered by it pursuant
          hereto, and the consummation of the transactions contemplated hereby
          and thereby, have been duly authorized by all necessary corporate
          action;

     C.   This Settlement and each other instrument and document to be executed
          and delivered by it pursuant hereto has been or, when executed and
          delivered, will have been, duly executed and delivered, and this
          Settlement and each such other instrument and document constitutes or,
          when executed and delivered by it, will constitute, a valid and
          binding agreement, enforceable against it in accordance with its terms
          (except insofar as enforceability may be limited by applicable
          bankruptcy, insolvency, reorganization, moratorium or similar laws
          affecting creditors' rights generally, or by principles governing the
          availability of equitable remedies);

     D.   None of the execution, delivery or performance of this Settlement and
          the other instruments and documents to be executed and delivered by it
          pursuant hereto, nor the consummation of the transactions contemplated
          hereby and thereby, nor compliance by it with the terms hereof and
          thereof, will: (i) conflict with or result in a breach of any of the
          provisions of its charter, by-laws, or equivalent governing documents;
          (ii) require any filing by it with, or any permit, authorization or
          consent from, any court, administrative agency, or other governmental
          or regulatory authority, foreign or domestic, or from any third party,
          except any filings or reports required to be made under and pursuant
          to applicable securities laws or the rules and regulations of any
          applicable stock exchange or market quotation system; (iii) result in
          a violation or breach of, or constitute (with or without due notice or
          lapse of time or both) a default under, any note, bond, mortgage,
          indenture, lease, license, franchise, permit or other instrument or
          agreement to which it is a party or by which it is bound or any of its
          assets is affected; or (iv) violate any order, writ, injunction,
          decree, statute or ordinance applicable to it; and,

     E.   It has not relied on any representation or warranty, written or oral,
          that is not set forth herein or in any of the instruments or documents
          executed pursuant hereto in entering into this Settlement and each
          other instrument and document to be executed and delivered by it
          pursuant hereto; it has entered into this Settlement and such other
          instruments and documents voluntarily and without duress, threat or
          undue influence;


                                       2

<PAGE>

          it has been represented in negotiations relating to and in the
          preparation of this Settlement by independent counsel of its own
          choosing, it has reviewed this Settlement and such other instruments
          and documents and each such document has been explained to it by its
          counsel, it is fully aware of its terms and provisions and of its
          legal effect; and it has conducted whatever investigation it has
          deemed necessary or appropriate prior to entering into this Settlement
          or any such other document.

     F.   Notwithstanding anything to the contrary in clauses B, C and D of this
          Section 1, IPG shall make the representations and warranties in such
          clauses B, C and D with respect to the Equity Documents (as
          hereinafter defined) at the time of and conditioned on the Closing (as
          hereinafter defined).

2.   Stay and Dismissal of the Arbitration Claims with Prejudice.

     A.   Concurrently with the execution of this Settlement, IPG and JDSU shall
          cause their respective attorneys to execute a Stipulation and Order to
          Stay the Arbitration ("Stipulation and Order To Stay Arbitration"),
          for a thirty (30) day period.

     B.   Upon the Closing, IPG and JDSU shall cause their respective attorneys
          to execute a Stipulation and Order of Dismissal for the dismissal with
          prejudice of the Arbitration ("Stipulation and Order of
          Dismissal-Arbitration"), subject only, as stated therein, to the terms
          and conditions of this Settlement.

     C.   Upon the Closing, IPG and JDSU shall cause their respective attorneys
          to execute a Stipulation and Order of Dismissal to dismiss the action
          entitled JDS Uniphase Corp. v. IPG Photonics Corp., No. 02-1780,
          currently pending in the Superior Court of the Commonwealth of
          Massachusetts ("Stipulation and Order of Dismissal-State Court
          Action"), and vacating the attachment of assets to which the parties
          have previously stipulated in that action.

     D.   Each of the parties hereto shall, promptly after the execution and
          delivery of this Settlement, return any and all materials in its
          possession to the party that provided such materials, if and to the
          extent required by any confidentiality agreements executed by such
          parties or protective orders governing the return of such materials.

3.   Structured Cash Payment to JDSU.

     A.   Promissory Note.

          Concurrently with the execution of this Settlement, IPG shall execute
          a promissory note (the "Note") in favor of JDSU, in the form of
          Exhibit A attached hereto in the principal amount of $6,079,472.60
          (Six million, seventy nine thousand, four hundred and seventy two
          dollars, and sixty cents), which shall be payable by IPG on the
          following schedule:

          i.   $666,000 shall be paid to JDSU during calendar year 2003 in two
               equal installments, pursuant to the terms of the Note;


                                       3

<PAGE>

          ii.  $2,000,000.00 shall be paid during calendar year 2004 in equal
               quarterly installments pursuant to the terms of the Note; and

          iii. the balance of the amount to be paid during calendar year 2005 in
               equal quarterly installments pursuant to the terms of the Note.

          Interest shall accrue on the outstanding balance of the Note at a rate
          of 4% (four) per annum commencing on the date of the Closing. Accrued
          and unpaid interest under the Note shall be payable at the same times
          as payments of principal.

          At the Closing, IPG shall pay to JDSU $302,006.30 (which amount
          represents a payment to JDSU of $334,000 less $31,993.70 for an
          outstanding account payable of JDSU owing to IPG).

     B.   Attachment: The Note shall be secured by a first priority security
          interest in certain IPG's assets set forth in the Security Agreement
          (the "Security Agreement") in the form of Exhibit B attached hereto,
          and in certain land owned by IPG set forth in the Mortgage (the
          "Mortgage") in the form of Exhibit C attached hereto. JDSU and IPG
          shall execute the Security Agreement and IPG shall execute the
          Mortgage concurrently with the execution of this Settlement.

     C.   Release of Liens: At or promptly following the Closing, JDSU shall
          release its liens and attachment on the assets of IPG under the Writ
          of Attachment, dated February 28, 2003 (Superior Court Department of
          the Trial Court Civil Action 02-1780C); it being agreed that the
          assets subject to such Writ of Attachment shall become the assets
          which shall the Note pursuant to the Security Agreement and the
          Mortgage.

     D.   Acceleration. The amounts set forth in Section 3(A) shall be
          accelerated and shall become immediately due and payable upon the
          occurrence of any of the following events:

          i.   IPG shall have defaulted in the performance of its obligations
               under the Note and shall have failed to cure such default within
               thirty (30) days of written notice thereof given by JDSU in
               accordance with terms of the Note; and

          ii.  A Change of Control of IPG, as defined in the Note.

     E.   Other Prepayments.

          i.   In the event that IPG engages in an equity financing prior to
               repayment and satisfaction of the Note, it shall provide to JDSU
               in payment of the Note 10% of any net proceeds raised through
               such financing; or

          ii.  In the event that IPG's commercial bank (BankNorth) releases to
               IPG any cash collateral currently held by it, IPG shall provide
               those funds to JDSU in payment of the Note as follows:


                                       4

<PAGE>

               a.   If the release occurs during 2003 or 2004, then IPG shall
                    pay JDSU 50% of such released cash in partial payment of the
                    Note; and

               b.   If the release occurs during 2005, IPG shall pay to JDSU 75%
                    of such released cash in partial payment of the Note, until
                    such Note is paid in full.

          All prepayments shall be applied in the reverse order of principal
payments under the Note.

     F.   Disposition of assets. IPG shall be permitted to sell, transfer or
          otherwise dispose of the assets securing the Note from time to time,
          provided that (a) the assets are sold for fair value, and (b) that the
          net consideration received by IPG in connection with the sale of the
          assets are used within five (5) business days of the receipt thereof
          to prepay the Note. All payments under this Section F shall be applied
          in the reverse order of principal payments under the Note.

4.   Commercial Relationship.

     A.   Concurrently with the execution of this Settlement, IPG and JDSU shall
          execute (a) a Master Supply Agreement, in the form of Exhibit D
          attached hereto, pursuant to which IPG agrees that it will supply to
          JDSU, pulsed Ytterbium fiber laser modules (current and new commercial
          versions) that it sells on the merchant market, excluding those fiber
          lasers as to which IPG is subject to exclusivity obligations and (b) a
          Master Supply Agreement under which JDSU agrees to supply to IPG, and
          IPG agrees to purchase from JDSU on the terms and conditions set forth
          in Exhibit E, commercially available Laser Diodes and packaged Laser
          Diodes that it sells on the merchant market.

5.   Investment By JDSU.

Promptly following the execution of this Settlement, IPG and JDSU will negotiate
in good faith to document and effectuate the general terms set forth below
governing the terms of a new series of convertible preferred stock of IPG (the
"Series D Preferred") and a convertible note (the "Convertible Note") to be to
be issued to JDSU at the Closing. The parties hereto agree that IPG shall
provide to JDSU drafts of the principal documents incorporating the terms of the
Series D Preferred and Convertible Note (collectively, the "Equity Documents")
to JDSU not later than three business days following the execution of this
Settlement. It is the goal of the parties hereto to execute and deliver the
Equity Documents (including obtaining all necessary approvals and consents,
which IPG agrees to request in good faith) not later than three weeks following
the execution of this Settlement. The terms of the Equity Documents shall
reflect the following:

     A.   IPG would provide a new series of convertible preferred stock, the
          Series D Preferred, having a $5,100,000 liquidation preference. IPG
          would issue the Series D Preferred representing 5% of IPG outstanding
          shares (fully diluted, including accounting for weighted average
          ratchet and warrant positions) to JDSU.

          i.   The liquidation preference and price per share would be $1.90 per
               share (equal to $5,100,000);


                                       5

<PAGE>


          ii.  Series D Preferred rights and preferences would be substantially
               similar to Series A Preferred and Series B Preferred stock of IPG
               currently outstanding (except for ratchet and warrants,
               participating rights after payment of full liquidation
               preference, and process control rights), including same
               liquidation preference and weighted average anti-dilution rights.
               The Series D Preferred would have no superior rights or
               preferences;

          iii. IPG would provide to JDSU copies of all financial materials
               submitted to its Board of Directors (e.g., balance sheets, income
               statements, cash flows), except for strategic marketing or
               product pricing materials. JDSU would agree to implement a
               "Chinese wall" within its organization to protect disclosure by
               the holder of the IPG materials to competing JDSU operating
               divisions and personnel; and

          iv.  This issuance would be subject to reasonable due diligence by
               JDSU and subject to reasonable confidentiality limitations on the
               material supplied to JDSU.

     B.   IPG would issue to JDSU the Convertible Note in the principal amount
          of $5,100,000, due three years after issuance and convertible, in
          whole or in part, at IPG's option, into Series D Preferred.

          i.   The conversion price for the Convertible Note into Series D
               Preferred would be $1.90 per share;

          ii.  The Series D Preferred shares acquired upon conversion of the
               Convertible Note would have a conversion price into common the
               same as the then conversion price for outstanding Series D
               Preferred shares (i.e., lower of $1.90/share or weighted average
               price (accounting for dilutive issuances, splits, reverse splits,
               etc.) of the outstanding Series D Preferred); and

          iii. The full amount of the Convertible Note would be immediately
               payable (or convertible) in the event of a Change in Control of
               IPG.

6.   Intellectual Property.

     A.   JDSU represents to its Knowledge (defined below) that no current
          product of JDSU violates any currently issued U.S. Patents owned by
          IPG for the design, manufacture or conception of fiber lasers or the
          components thereof. For purposes of this Settlement, "Knowledge" means
          the opinion of JDSU's Vice President of Intellectual Property, formed
          after due inquiry, including but not limited to the General Manager of
          JDSU's Commercial Lasers division.

     B.   IPG disclaims any and all rights, interests or ownership in and to any
          of the intellectual property used to develop or otherwise contained in
          the laser diodes and fiber laser products at issue in the Arbitration.
          IPG further agrees that JDSU's products have not violated IPG's fiber
          laser related patents; provided that this covenant does not affect any
          of IPG's rights or assets in the future, except as expressly stated in
          this Section 6 or in Sections 7B or 10B.


                                       6

<PAGE>

     C.   IPG covenants that it will not commence an action claiming that JDSU's
          or its Affiliates' products infringe any patents owned by IPG or its
          Affiliates, or which IPG or its Affiliates have the right to assert,
          for any period prior to the Closing. For purposes of this Settlement,
          "Affiliate" means an entity which owns or controls, directly or
          indirectly, more than 50% of the voting interests in, or more or than
          50% of the voting interests of which is owned or controlled, directly
          or indirectly, by a party.

     D.   IPG covenants that, for a period of three years from the date of the
          Closing, it will not bring any claims against JDSU or its Affiliates
          under any issued patents that exist as of the date of the Closing, or
          currently pending patent applications which IPG or its Affiliates own
          or have the right to assert. The covenant in the preceding sentence
          shall not prevent IPG from asserting patent infringement or
          intellectual property-related counterclaims or defenses against JDSU
          in a patent infringement lawsuit filed by JDSU against IPG, or for
          asserting misappropriation claims against JDSU directly related to the
          hiring or retention by JDSU of IPG's employees or consultants and the
          use by JDSU of information developed by such former IPG employee or
          consultant for or on behalf of IPG or others associated with IPG. In
          the event of any finding of liability against JDSU for patent
          infringement or violation of intellectual property rights of IPG, the
          parties agree to the following additional stipulations:

          i.   With respect to any existing JDSU fiber laser products, IPG
               foregoes recovery of any damages owed by JDSU to IPG for three
               years from the date of the Closing; and

          ii.  With respect to other JDSU products, IPG would be entitled to
               recover damages commencing not earlier than the date of the
               Closing.

     E.   Nothing in this Settlement shall be interpreted or construed as a
          grant, sale, transfer, assignment or license, directly or indirectly,
          by IPG or its Affiliates to JDSU of any intellectual property rights
          or properties, including without limitation any patent, copyright,
          trade secrets, trademarks or tradenames, of IPG or its Affiliates,
          whatsoever.

7.   Worldwide Mutual Releases.

     A.   JDSU Release:

          JDSU, on behalf of itself and its direct and indirect subsidiaries,
          and other Affiliates, and their respective directors, officers,
          employees, agents and representatives, including, without limitation,
          its and their attorneys, and their respective predecessors (including
          SDL), successors, assigns, heirs and legal representatives, hereby
          releases, acquits, and forever absolutely discharges IPG, its direct
          and indirect subsidiaries, and its other Affiliates, and its and their
          respective directors, officers, employees, agents and representatives,
          including, without limitation, its and their attorneys, and their
          respective predecessors, successors, assigns, heirs and legal
          representatives, of and from any and all actions, causes of action,
          claims, demands, damages, theories, affirmative defenses, judgments,
          liens, indebtedness, losses, expenses (including, without limitation,
          attorneys' fees and disbursements) and liabilities of every kind and
          character, whether known or unknown, suspected or unsuspected, certain


                                       7

<PAGE>

          or speculative, existing or prospective, liquidated or unliquidated,
          whether under the laws of the United States or any state thereof or
          any other country, which exist as of the date of this Settlement or
          may have come into existence at any time prior to the date of this
          Settlement.

     B.   IPG Release.

          IPG, on behalf of itself and its direct and indirect subsidiaries, and
          other Affiliates, and their respective directors, officers, employees,
          agents and representatives, including, without limitation, its and
          their attorneys, and their respective predecessors, successors,
          assigns, heirs and legal representatives, hereby releases, acquits,
          and forever absolutely discharges JDSU, its direct and indirect
          subsidiaries, and other Affiliates, and their respective directors,
          officers, employees, agents and representatives, including, without
          limitation, its and their attorneys, and their respective predecessors
          (including SDL), successors, assigns, heirs and legal representatives,
          of and from any and all actions, causes of action, claims, demands,
          damages, theories, affirmative defenses, judgments, liens,
          indebtedness, losses, expenses (including, without limitation,
          attorneys' fees and disbursements) and liabilities of every kind and
          character, whether known or unknown, suspected or unsuspected, certain
          or speculative, existing or prospective, liquidated or unliquidated,
          whether under the laws of the United States or any state thereof or
          any other country, which exist as of the date of this Settlement or
          may have come into existence at any time prior to the date of this
          Settlement.

     C.   No Release of Indebtedness.

          Nothing in this Settlement shall be deemed to constitute a release of
          indebtedness by JDSU to IPG which obligations existing as of the date
          hereof are contained solely in the Note and the related Security
          Agreement and Mortgage, and in the Convertible Note, it being agreed
          that this Settlement settles and releases all claims and allegations
          by the parties against each other regarding obligations and rights
          that were in dispute by each of JDSU and IPG in the Arbitration and
          the State Court Action.

     D.   Possession of Claims.

          The parties hereto represent and warrant that they are the owners of
          the Claims being released pursuant to this Settlement. The parties
          hereto further represent and warrant that they have not previously
          assigned, transferred, hypothecated, granted a security interest in or
          lien upon, or purported to assign, transfer, hypothecate or grant a
          security interest in or lien upon, any Claim or portion thereof which
          is released hereby to another person or entity which is not a
          signatory to this Settlement, and agree to indemnify fully the other
          parties hereto for any judgments, attorneys' fees or costs incurred
          which result from the assertion by any person of any interest in the
          released Claim due to any purported agreement or dispute as to
          ownership of the Claims released pursuant to this Settlement.


                                       8

<PAGE>

8.   California Civil Code Section 1542.

          The parties hereto acknowledge familiarity with Section 1542 of the
          Civil Code of the State of California, which provides as follows:

               A general release does not extend to claims which the creditor
               does not know or suspect to exist in his favor at the time of
               executing the release, which if known by him must have materially
               affected his settlement with the debtor.

     The parties hereto waive and relinquish any right and benefit which they
     have or may have under Section 1542 and any Massachusetts statutory or
     common law equivalent or any other similar applicable statutes to the full
     extent that they may lawfully waive all such rights and benefits pertaining
     to the subject matter of this Settlement as described above.

9.   Closing.

The consummation of the transactions and releases contemplated by this
Settlement shall occur at a closing (the "Closing"). It shall be a condition to
Closing that all of the Equity Documents shall be executed and delivered by the
parties hereto in form and substance reasonably satisfactory to both parties
hereto, and that all other documents or filings necessary or reasonably
requested by a party hereto to effectuate the Equity Document and the other
agreements set forth in this Settlement shall be executed and delivered and
shall have been made simultaneously. Subject to satisfaction of the conditions
in this Settlement, each party hereto shall deliver to the other party executed
originals of the Stipulation and Order of Dismissal-Arbitration; the Stipulation
and Order of Dismissal-State Court Action; the Note; the Security Agreement; the
Mortgage; the Master Supply Agreements; and the Equity Documents, including the
Convertible Note and a stock certificate representing the issued shares of
Series D Preferred. IPG shall also pay to JDSU at the Closing $302,006.30
referred to in Section 3(A) above. The covenants, representations and warranties
contained in Sections 6 (Intellectual Property), 7 (Worldwide Mutual Releases),
10 (Future Disputes), and 11 (Termination of Agreement) hereof shall become
effective only upon the consummation of the transactions contemplated by this
Settlement at the Closing.

10.  Future Disputes.

     A.   Attempts To Resolve.

          If, after the date of this Settlement, either IPG or JDSU (the
          "Alleging Party") believes it has a claim (a "New Dispute") against
          the other, the Alleging Party shall give notice to the other party of
          the New Dispute, setting forth, in reasonable detail, the nature and
          basis for the New Dispute. The parties, for a period of thirty (30)
          days (or such other longer period as determined by mutual consent of
          the Disputing Parties), shall use their best efforts to resolve such
          New Dispute between themselves and neither party shall commence any
          such action during such thirty (30) day period.

     B.   IPG's Assertion of Defenses.

          In the event JDSU brings an action against IPG for breach of any term
          or obligation of this Settlement and the other instruments and
          documents to be entered into by it pursuant hereto, IPG agrees that it
          will not assert as a counterclaim or defense in that action, any
          claims contending that JDSU has engaged in unfair competition or other
          claims brought under the anti-trust laws of the United States, any of
          its


                                       9

<PAGE>

          states, or a foreign country. To the extent that IPG wishes to pursue
          any of the foregoing claims against JDSU, IPG shall be permitted to
          assert those claims in a separate and unrelated action but only to the
          extent that the basis for the claim is not JDSU's assertion of a
          breach of any term or obligation of this Settlement and the other
          instruments and documents to be entered into by it pursuant hereto.

11.  Termination of Agreement.

     Upon execution of this Settlement, the Agreement between IPG and JDSU shall
terminate and neither party shall have any further rights or obligations
thereunder.

12.  Confidentiality.

     The terms of this Settlement are strictly confidential and none of the
parties hereto shall, nor shall it or he permit any of its or his subsidiaries
or affiliates, counsel, auditors, financial advisors or other representatives or
agents to, disclose the terms of this Settlement to the public generally or to
any third party except as required by applicable law or regulation or the rules
of any governing stock exchange or market quotation system. Notwithstanding the
foregoing, (A) any party hereto may disclose the fact that this Settlement has
been entered into among the parties hereto (but without disclosing its terms)
and represents a full settlement of all claims in the Arbitration, (B) any party
hereto may disclose this Settlement to any attorney, accountant, investors,
public relations advisor, insurance carrier or other consultant engaged by such
party in the ordinary course of business, in connection with tasks assigned to
such person or persons, so long as such attorney, investor, accountant, public
relations advisor, insurance carrier or other consultant is bound, subject to
the requirements of applicable law, to confidentiality, (C) any party may
disclose the existence and the terms of this Settlement if and to the extent
(but only to the extent) it is required to do so by an order of a court of
competent jurisdiction or by a subpoena or any other demand for discovery made
in an action or proceeding pending in a court or governmental agency of
competent jurisdiction, provided that, in the case of such a subpoena or other
demand for discovery, the party receiving such process shall notify each other
party to this Settlement of such receipt, together with delivery of a copy
thereof and, in such case, any such notified party shall have the right to
object, at its own cost, to compliance with any such subpoena or other demand
based on the confidentiality of this Settlement.

13.  Further Cooperation.

     The parties hereto agree to execute and deliver any and all additional
papers, documents and other assurances and shall do any and all acts or things
reasonably necessary in connection with the performance of their obligations
hereunder to implement the provisions of this Settlement.

14.  Costs and Fees.

     Each party shall bear its own attorneys' fees and costs incurred in
connection with the Arbitration and State Court Action, and with respect to the
negotiation, execution and delivery of this Settlement and each document
required to be delivered hereunder.


                                       10

<PAGE>

15.  Miscellaneous.

     A.   Notices.

     All notices, consents, waivers, and other communications under this
     Settlement and under each instrument or document executed and delivered
     pursuant hereto must be in writing and will be deemed to have been duly
     given when (i) delivered by hand (with written confirmation of receipt), or
     (ii) when received by the addressee, if sent by a nationally recognized
     overnight delivery service (receipt requested), in each case to the
     appropriate addresses and facsimile numbers set forth below (or to such
     other addresses and facsimile numbers as a party may designate by written
     notice to the other parties):

     JDSU:             JDS Uniphase Corporation
                       1768 Automation Parkway
                       San Jose, California 95131
                       Attention: General Counsel
                       Facsimile No.: (408) 546-4350

     with a copy to:   Gray Cary Ware & Freidenrich, LLP
                       1755 Embarcadero Road
                       Palo Alto, California 94303-3340
                       Attention: Jeffrey Lederman
                       Facsimile No.: (650) 320-7401

     IPG:              IPG Photonics Corporation
                       50 Old Webster Road
                       Oxford, Massachusetts 01540
                       Attention: Angelo Lopresti
                       Facsimile No.: (508) 373-1101

     with copies to:   Winston & Strawn
                       200 Park Avenue
                       New York, New York 10166
                       Attention: Joseph DiBenedetto
                       Facsimile No.: (212) 294-4700

     B.   Successors and Assigns; Rights of Third Parties.

     Except as otherwise expressly provided herein, all covenants and agreements
     contained in this Settlement by or on behalf of the parties hereto shall be
     binding on and inure to the benefit of the parties hereto and their
     respective heirs, legal representatives, successors and assigns. Nothing
     expressed or implied in this Settlement is intended or shall be construed
     to confer upon or give any person other than the parties hereto any rights
     or remedies under this Settlement, except only that each Releasee shall be
     entitled to enforce the releases granted hereunder in its favor.

     C.   Severability.

     Whenever possible, each provision of this Settlement and of each instrument
     and document entered into pursuant hereto shall be interpreted in such
     manner as to be effective and valid under applicable law, but if any
     provision of this Settlement or of any such other instrument or document is
     held to be prohibited by or invalid under applicable law, such provision
     shall be ineffective only to the extent of such prohibition or invalidity,
     without invalidating the remainder hereof or thereof, and any such
     prohibited or


                                       11

<PAGE>

     invalid provision shall be deemed to be amended to the extent necessary
     such that, as so amended, it will be valid and enforceable to the fullest
     extent possible under applicable law.

     D.   Governing Law.

     All claims and matters arising under or in connection with, or relating to,
     this Settlement shall be governed by and construed in accordance with the
     laws of the State of New York, without giving effect to its conflicts of
     laws rules.

     E.   Modifications, Waivers and Amendments.

     No amendment, change, waiver, modification, cancellation or termination of
     this Settlement or any part thereof, shall be valid unless expressly set
     forth in a written document signed by the party or parties against whom
     enforcement of the amendment, change, waiver, modification, cancellation or
     termination is sought. No waiver of any provision of this Settlement shall
     be deemed, or shall constitute, a waiver of any other provision, whether or
     not similar, nor shall any waiver constitute a continuing waiver unless it
     specifically so provides.

     F.   Nature of Settlement.

     Neither this Settlement nor any instrument or document executed pursuant
     hereto constitutes, nor shall it or any such other instrument or document
     be construed as, an admission by any party hereto or thereto of any breach
     of contract or other violation by any of them of any right of any such
     other party, any harm to any such other party, or any violation by any such
     party of any federal, state or local statute, law, ordinance, regulation or
     common law duty.

     G.   No Fraudulent Inducement.

     Each party hereto hereby irrevocably and unconditionally waives any and all
     claims or defenses to the full performance and enforcement of this
     Settlement and each instrument and document executed pursuant hereto or in
     connection herewith based on any allegation of fraud in the inducement or
     any other similar basis seeking to limit, prevent or obstruct the full
     performance and enforcement of this Settlement and each such other
     instrument and document.

     H.   Counterparts.

     This Settlement may be executed in two or more counterparts, any one of
     which need not contain the signatures of more than one party, but all such
     counterparts taken together shall constitute one and the same agreement,
     and may be executed and delivered by facsimile followed promptly by the
     original, with such execution and delivery by facsimile to be as binding
     and effective as delivery of the original.

     I.   Entire Agreement.

     This Settlement embodies the complete agreement among the parties and
     supersedes and preempts any prior understandings, agreements or
     representations by or among the parties, written or oral, which may have
     related to the subject matter hereof in any way.


                                       12

<PAGE>

     J.   Descriptive Headings; Interpretation.

     The descriptive headings of this Settlement are inserted for convenience
     only and do not constitute a Section of this Settlement. The use of the
     word "including" in this Settlement and in any instrument and document
     executed and delivered pursuant hereto shall be by way of example rather
     than by limitation. The terms and provisions of this Settlement are the
     result of the mutual efforts of the parties hereto and their respective
     attorneys, and no party, nor any of the parties' respective attorneys,
     shall be deemed the drafter of this Settlement or of any instrument or
     document executed pursuant hereto for purposes of interpreting any
     provision hereof in any judicial or other proceeding that may arise between
     or among them.

     K.   Survival of Representations and Warranties.

     The representations and warranties contained in this Settlement shall
     survive the execution and delivery of this Settlement.

          IN WITNESS WHEREOF, the parties hereto have executed this Confidential
Settlement Agreement on the date first written above.


                                        JDS UNIPHASE CORPORATION


                                        By: /s/ Christopher S. Dewees
                                            ------------------------------------
                                        Name: Christopher S. Dewees
                                        Its: Vice President


                                        IPG PHOTONICS CORPORATION


                                        By: /s/ Valentin P. Gapontsev
                                            ------------------------------------
                                        Name: Valentin P. Gapontsev
                                        Its: CEO and Chairman


                                       13
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.33
<SEQUENCE>14
<FILENAME>b61608a1exv10w33.txt
<DESCRIPTION>EX-10.33 CONVERTIBLE PROMISSORY NOTE DATED AUGUST 13, 2003
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.33

     THIS NOTE AND THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND
     NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
     THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE
     REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL ACCEPTABLE
     TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
     ACT OF 1933.

                           CONVERTIBLE PROMISSORY NOTE

$5,100,000                                                       August 13, 2003
Oxford, Massachusetts

FOR VALUE RECEIVED, IPG PHOTONICS CORPORATION, a Delaware corporation ("Maker"),
promises to pay to JDS UNIPHASE CORPORATION, a Delaware corporation ("Holder"),
the principal sum of FIVE MILLION, AND ONE HUNDRED THOUSAND DOLLARS ($5,100,000)
as provided below. This Note is subject to the following terms and conditions:

1.   Maturity

Principal outstanding shall be due and payable no later than the third
anniversary date of the date of original issuance of this Note (the "Maturity
Date").

2.   Payments

Maker shall make payments in lawful money of the United States of America and in
immediately available funds. The outstanding principal owing from time to time
hereunder will not bear interest. All payments under this Note shall be made to
Holder at JDS Uniphase Corporation, 1768 Automation Parkway, San Jose,
California 95131, ATTN: General Counsel, or at such other address as Holder
shall direct Maker in writing. This Note may be prepaid in whole or in part,
without penalty, at the option of Maker and without the consent of Holder.

3.   Conversion

     (a) This Note shall be convertible, in whole or in part, into shares of
fully paid and non-assessable shares of Series D Convertible Preferred Stock,
par value $.0001 per share, of Maker ("Preferred Stock") as follows: (i) at any
one or more times prior to the Maturity Date, the unpaid principal amount of
this Note shall be convertible at the option of Maker, in whole or part, and
(ii) immediately prior to the occurrence of a Change of Control (as hereinafter
defined) the unpaid principal amount of this Note shall be convertible at the
option of Holder; each such conversion without payment of any additional
consideration therefor, into that number of shares of Preferred Stock as is
determined by dividing the unpaid principal balance of this Note (or elected
portion thereof with respect to a conversion in part) by the Conversion Price in
effect at the time of such conversion. The "Conversion Price" shall initially be
$1.90 and shall be subject to adjustment (in order to adjust the number of
shares of Preferred Stock into which the unpaid principal balance of this Note
is convertible) as provided in this Note. The Preferred Stock issued upon
conversion of this Note shall


                                       1

<PAGE>

have the same rights, preferences and limitations as the shares of Preferred
Stock issued to Holder on the date of this Note including, without limitation,
adjustments of the conversion price of the Preferred Stock into shares of common
stock, par value $.0001 per share, of the Company, that occur after the date of
this Note.

     (b) In order for Maker or Holder to convert the unpaid principal balance of
this Note into shares of Preferred Stock and subject to Section 3(a) above,
Maker or Holder must deliver a notice to Holder or Maker, respectively, at its
address of record stating that Maker or Holder elects to convert the unpaid
principal balance of this Note (or elected portion thereof with respect to a
conversion in part) into Preferred Stock. Promptly upon receipt of such notice
if sent by Maker, Holder shall surrender the Note to Maker, endorsed or
accompanied by a written instrument or instruments of transfer, in form
reasonably satisfactory to Maker, duly executed by Holder or its attorney duly
authorized in writing. If Holder shall deliver the notice of conversion, Holder
shall surrender to Maker this Note, endorsed or accompanied by a written
instrument or instruments of transfer, together with Holder's notice of
conversion. The date of mailing of the above-described notice shall be the
conversion date (the "Conversion Date") and the conversion shall be deemed
effective as of the close of business on the Conversion Date. No fractional
shares of Preferred Stock shall be issued upon conversion of the unpaid
principal balance of this Note. Maker shall, as soon as practicable, and no more
than five business days, after the receipt of the surrendered Note, (i) issue
and deliver to Holder a certificate for the number of shares of Preferred Stock
to which Holder shall be entitled, together with an amount of cash in lieu of
any fraction of a share (to which Holder would otherwise be entitled but for the
preceding sentence) which shall be equal to the product of such fraction
multiplied by the Conversion Price and (ii) in the event of a conversion in
part, execute a new Note in substantially the form hereof in an aggregate
principal amount equal to the balance of the unpaid principal balance of this
Note not so converted.

     (c) Maker shall at all times prior to the Maturity Date, reserve and keep
available out of its authorized but unissued stock, for the purpose of effecting
the conversion of this Note, such number of its duly authorized shares of
Preferred Stock as shall from time to time be sufficient to effect the
conversion of all this Note into Preferred Stock pursuant to this Section 3.
Maker covenants that all of the shares of Preferred Stock which may be issuable
upon conversion of this Note and all of the shares of Common Stock of Maker
issuable upon conversion of the Preferred Stock shall be duly authorized,
validly issued, and fully paid, non-assessable shares of Maker, free from all
taxes, liens and other charges with respect to the issue thereof.

     (d) Upon conversion of this Note, this Note shall no longer be deemed to be
outstanding and all rights of Holder with respect to this Note shall immediately
cease and terminate at the close of business on the Conversion Date with regard
to the portion of the principal amount being converted, including without
limitation the obligation to pay such portion of the principal amount (except
the right of Holder to receive shares of Preferred Stock and cash in lieu of any
fraction of a share in exchange therefore and, in the event of a conversion in
part, the right of Holder to receive a new Note in substantially the form hereof
in an aggregate principal amount equal to the balance of the unpaid principal
balance of this Note not so converted).


                                       2

<PAGE>

     (e) In the event the outstanding shares of Preferred Stock shall be split,
subdivided, combined or consolidated, by reclassification or otherwise, into a
greater or lesser number of shares of Preferred Stock, or in the event that
Maker shall issue shares of Preferred Stock by way of stock dividend or other
distribution to Holders of Preferred Stock, the Conversion Price in effect
immediately prior to such split, subdivision, stock dividend, combination or
consolidation shall, concurrently with the effectiveness of such split,
subdivision, stock dividend, combination or consolidation, be increased or
decreased proportionately.

     (f) Upon the occurrence of each adjustment or readjustment of the
Conversion Price pursuant to Section 3(a) and 3(e) above, Maker at its expense
shall promptly compute such adjustment or readjustment in accordance with the
terms hereof and furnish to Holder a certificate setting forth such adjustment
or readjustment and showing in detail the facts upon which such adjustment or
readjustment is based. Maker shall, upon the written request at any time of
Holder, promptly furnish or cause to be furnished to Holder a similar
certificate setting forth (i) such adjustments and readjustments, (ii) the
Conversion Price then in effect, and (iii) the number of shares of Preferred
Stock and the amount, if any, of other property that then would be received upon
the conversion of this Note.

     (g) If at any time or from time to time there shall be a Change of Control
(as defined in Section 4(c) below), then, as a part of such Change of Control,
(i) Maker shall provide to Holder written notice of such Change of Control at
least twenty (20) calendar days prior to consummation of such Change of Control
and (ii) provision shall be made so that the successor corporation resulting
from such Change in Control assumes this Note and, by the written election of
Holder to Maker that Holder shall not deem such Change of Control an Event of
Default (as defined below), Holder shall thereafter be entitled to receive upon
conversion of this Note the number of shares of stock or other securities or
property of the successor corporation resulting from such Change in Control to
which a holder of Preferred Stock issuable upon conversion would have been
entitled on such Change of Control. In any such case, appropriate adjustment (as
determined in good faith by the Board of Directors of Maker) shall be made in
the application of the provisions of this Section 3 with respect to the rights
and interest thereafter of Holder after the Change of Control to the end that
the provisions of this Section 3 (including adjustment of the Conversion Price
then in effect and the number of shares acquirable upon conversion of this Note)
shall be applicable after the Change of Control in as nearly equivalent a manner
as may be practicable. This provision shall not limit the right of Maker or
Holder to convert this Note nor the right of Holder to accelerate this Note
under Sections 4(c) and 5 below, respectively. In the event this Note is
accelerated under Sections 4(c) and 5 below, all amounts due hereunder shall be
paid to Holder by Maker or its successor upon the Change of Control.

4.   Breach of Covenants and Bankruptcy

The occurrence of any of the following shall constitute an "Event of Default"
hereunder:

     (a) Failure to Pay. Maker shall fail to pay (i) any principal payment on
the due date hereunder or (ii) any other payment required pursuant to the terms
hereof on the date due; or


                                       3

<PAGE>

     (b) Breaches of Covenants. Maker shall fail to observe or perform any
covenant, obligation, condition or agreement contained herein and such failure
shall continue for ten days after Maker's receipt of Holder's written notice to
Maker of such failure; or

     (c) Change of Control. A Change of Control shall have occurred with respect
to Maker. For purposes hereof, the term "Change of Control" means the occurrence
of one or more of the following events: (a) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all or
substantially all of the assets of Maker and its subsidiaries, taken as a whole,
to any Person or group of related Persons, as defined in Section 13(d) of the
Securities Exchange Act of 1934 (a "Group"); and (b) any Person or Group
(excluding owners of equity securities as of the date of this Note) shall become
the owner, directly or indirectly, beneficially or of record, of shares
representing more than 50% of the aggregate ordinary voting power represented by
Maker's issued and outstanding voting stock or any successor to all or
substantially all of Maker's assets; or

     (d) Voluntary Bankruptcy or Insolvency Proceedings. Maker shall (i) apply
for or consent to the appointment of a receiver, trustee, liquidator or
custodian of itself or of all or a substantial part of its property; (ii) admit
in writing its inability, to pay its debts generally as they mature; (iii) make
a general assignment for the benefit of its or any of its creditors; (iv) be
dissolved or liquidated in full or in part; or (iv) commence a voluntary case or
other proceeding seeking liquidation, reorganization or other relief with
respect to itself or its debts pursuant to any bankruptcy, insolvency or other
similar law now or hereafter in effect or consent to any such relief or to the
appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it; or

     (e) Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the
appointment of a receiver, trustee, liquidator or custodian of Maker or of all
or a substantial part of the property thereof, or an involuntary case or other
proceedings seeking liquidation, reorganization or other relief with respect to
Maker or the debts thereof pursuant to any bankruptcy, insolvency or other
similar law now or hereafter in effect shall be commenced and an order for
relief entered or such proceeding shall not be dismissed or discharged within
ninety days of commencement.

5.   Rights of Holder upon Default

Upon the occurrence or existence of any Event of Default, and at any time
thereafter during the continuance of such Event of Default, Holder may, by
written notice to Maker, declare all outstanding obligations payable by Maker
hereunder to be immediately due and payable without presentment, demand, protest
or any other notice of any kind, all of which are hereby expressly waived;
except that upon the occurrence or existence of any Event of Default set forth
in Sections 4(d) or (e) herein, all of the outstanding obligations payable by
Maker hereunder shall automatically become immediately due and payable without
presentment, demand, protest or any other notice of any kind, all of which are
hereby expressly waived. No delay or omission by Holder in exercising any right
shall operate as a waiver of such right or any other right under this Note; a
waiver on any one occasion shall not be construed as a bar to or waiver of any
right on any future occasion. In addition to the foregoing remedies, upon the
occurrence or existence of any Event of Default, Holder may exercise any other
right, power or remedy granted to it hereunder


                                       4

<PAGE>

or pursuant to applicable law. Maker agrees to pay all taxes levied or assessed
upon the outstanding principal against any holder of this Note. The prevailing
party in any action (i) to collect payment on this Note, (ii) in connection with
any dispute that arises as to its enforcement, validity, or interpretation,
whether or not legal action is instituted or prosecuted to judgment, or (iii) to
enforce any judgment obtained in any related legal proceeding, shall be entitled
to all costs and expenses incurred, including attorney fees. Furthermore, in the
event of any failure to pay an amount due under this Note when due, any such
overdue amount shall bear interest at a rate per annum which is equal to the
lesser of (a) two percent (2%) above the "Prime Rate" as listed in The Wall
Street Journal Money Rates report from time to time or (b) eight percent (8%),
from the date of such nonpayment until paid in full, payable upon demand.

6.   Governing Law

This Note shall be governed by the laws of the State of New York, excluding its
conflict of law rules.

7.   Amendments and Waivers

Any term of this Note may be amended or waived only with the written consent of
Maker and Holder. Any amendment or waiver effected in accordance with this
Section 7 shall be binding upon Maker, Holder and each transferee of the Note;
however, no such waiver shall affect or impair the rights of Holder to require
observance, performance, or satisfaction, either of that term or condition as it
applies on a subsequent occasion or of any other term or condition of this Note.
Notwithstanding the foregoing, Maker expressly agrees that this Note or any
payment under this Note may be extended by Holder in writing from time to time
without in any way affecting the liability of Maker.

8.   Transfer, Successors and Assigns

The terms and conditions of this Note shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties. Neither this
Note nor any of the rights, interests or obligations hereunder may be assigned,
by operation of law or otherwise, in whole or in part, by Maker without the
prior written consent of Holder. This Note may not be sold or assigned by Holder
without prior written consent of Maker except in the event of a merger,
consolidation, or acquisition of Holder or any business unit thereof and Holder
may pledge this Note to any financial institution as collateral upon written
notice to Maker.

9.   Notices

Any notice required or permitted by this Note shall be in writing and shall be
deemed sufficient upon delivery, when delivered personally or by a
nationally-recognized delivery service (such as Federal Express or UPS), or five
days after being deposited in the U.S. mail, as certified or registered mail,
with postage prepaid, addressed to the party to be notified at such party's
address as set forth below or as subsequently modified by written notice;
provided that all notices under Section 3 shall only be sent by
nationally-recognized delivery service.


                                       5

<PAGE>

10.  Severability

If any provision or any word, term, clause, or part of any provision of this
Note shall be invalid for any reason, the same shall be ineffective, but the
remainder of this Note and of the provision shall not be affected and shall
remain in full force and effect.

11.  Subordination

Maker's obligations under this Note shall be subordinate in right of payment to
Senior Indebtedness of Maker. This Note shall be subject to the forms of
subordination agreement requested from time to time by holders of Senior
Indebtedness (as defined below), and Holder agrees to enter into such forms of
subordination agreement upon request of such holders of Senior Indebtedness and
be bound by such agreements. "Senior Indebtedness" as used herein shall mean the
principal of (and premium, if any) and unpaid interest on, indebtedness of
Maker, or with respect to which Maker is a guarantor, outstanding or under
credit lines existing as of the date of this Note, or to banks, insurance
companies, lease financing institutions or other lending institutions or
business units of such institutions regularly and primarily engaged in the
business of lending money, which is for money borrowed (or purchase or lease of
equipment in the case of lease financing) by Maker, and which is approved by the
Board of Directors of Maker, whether or not secured, and whether or not
previously incurred or incurred in the future, or indebtedness of Maker to
sellers of land, equipment, furniture, fixtures, components or assets or stock
secured by the asset or shares purchased. Other than Senior Indebtedness, the
indebtedness owing under this Note shall not rank junior in right of priority of
payment to borrowed money of Maker incurred hereafter.

IN WITNESS WHEREOF, Maker has caused this Convertible Promissory Note to be
issued as of the date first written above.

MAKER: IPG PHOTONICS CORPORATION


By: /s/ Valentin P. Gapontsev
    ---------------------------------
Name: Valentin P. Gapontsev
Title: CEO and Chairman
Address: 50 Old Webster Road
         Oxford, MA 01540
Attn: General Counsel


AGREED TO AND ACCEPTED:
HOLDER: JDS UNIPHASE CORPORATION


By: /s/ Christopher S. Dewees
    ---------------------------------
Name: Christopher S. Dewees
Title: Vice President
Address: 1768 Automation Parkway
         San Jose, California 95131
Attn: General Counsel


                                       6
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.34
<SEQUENCE>15
<FILENAME>b61608a1exv10w34.txt
<DESCRIPTION>EX-10.34 SECURED PROMISSORY NOTE DATED AUGUST 13, 2003
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.34

                             SECURED PROMISSORY NOTE

$6,079,472.60                                                    August 13, 2003
Oxford, Massachusetts

FOR VALUE RECEIVED, IPG PHOTONICS CORPORATION, a Delaware corporation ("Maker"),
promises to pay to JDS UNIPHASE CORPORATION, a Delaware corporation ("Holder"),
the principal sum of SIX MILLION, AND SEVENTY-NINE THOUSAND, FOUR HUNDRED AND
SEVENTY TWO and 60/100 DOLLARS ($6,079,472.60); with interest from the date of
this Note on the unpaid principal amounts owing from time to time as provided
below. This Note is subject to the following terms and conditions:

1.   Maturity

(a) Principal plus all accrued but unpaid interest on the principal amount
outstanding shall be due and payable in the following amounts and on the
following dates:

<TABLE>
<CAPTION>
Principal Amount                              Date Due
----------------                              --------
<S>                                           <C>
$333,000                                      September 30, 2003
$334,000                                      December 31, 2003
$500,000                                      March 31, 2004
$500,000                                      June 30, 2004
$500,000                                      September 30, 2004
$500,000                                      December 31, 2004
One-quarter of then unpaid principal amount   March 31, 2005
One-quarter of then unpaid principal amount   June 30, 2005
One-quarter of then unpaid principal amount   September 30, 2005
Remaining of unpaid principal amount          December 31, 2005 (the "Maturity Date")
</TABLE>

(b) Maker shall make the following mandatory prepayments to Holder against the
unpaid interest and principal sum, in that order, on this Note within five
business days of Maker's receipt of the cash funds: (i) 50% of all cash
collateral released to Maker by BankNorth, NA or its successor ("BankNorth"), in
calendar years 2003 and/or 2004, which cash collateral, as of the date of the
Note is being held by BankNorth under that certain Construction Loan Agreement,
dated April 28, 2000 between Maker and BankNorth, as amended from time to time
("Construction Loan Agreement"); (ii) 75% of all cash collateral released to
Maker by BankNorth in calendar year 2005, which cash collateral, as of the date
of the Note is being held by BankNorth under the Construction Loan Agreement;
(iii) 10% of the net cash proceeds received by Maker from the issuance of any
securities (including without limitation any securities convertible or
exchangeable into Common Stock), options, warrants, call rights or debt
instruments after the date of this Note, excluding exercises of stock options by
employees, directors, advisors and consultants in the ordinary course; and (iv)
100% of the net cash proceeds received by Maker from any sale of the equipment,
furniture, fixtures, inventory or land pledged to Holder under the Security
Agreement or the Mortgage (each as hereinafter defined); but in no case shall
Maker be required to pay an amount under this Section 1(b) in excess of the
unpaid interest and principal amount of this Note.

<PAGE>

(c) On or before the 15th day of April, July, October and January of each year
for so long as there is any unpaid principal amount under this Note, any one of
the Chief Executive Officer, President, or Chief Financial Officer shall send a
written statement to Holder setting forth whether or not any of the events in
Section 1(b) has occurred in the last calendar quarter, giving short description
of any of the events that has occurred in the last calendar quarter and whether
Maker has complied with its prepayment obligations hereunder.

(d) Holder shall apply all mandatory principal prepayments received by Holder
under clause (b) to the payment of accrued and unpaid interest, and then against
required payments in the reverse order of maturity (i.e., applied to latest
payments under Section 1(a) first).

(e) All optional principal prepayments upon this Note shall be applied to the
payment of accrued and unpaid interest, and then against required payments in
the order of maturity (i.e., applied to earliest payments under Section 1(a)
first), it being agreed that an optional repayment of principal shall relieve
the obligation of Maker to make payment of the portion of the principal amount
against which the optional prepayment was applied.

2.   Interest

The outstanding principal owing from time to time hereunder will bear interest
at the rate of FOUR PERCENT per annum (compounded annually) until fully paid.
Accrued but unpaid interest shall be payable at such time as the outstanding
principal amount hereof is otherwise due and payable, commencing September 30,
2003. Computations of interest shall be based on a year of 360 days but shall be
calculated for the actual number of days in the period for which interest is
charged.

3.   Payments

Maker shall make payments in lawful money of the United States of America and in
immediately available funds. All payments under this Note shall be made to
Holder at JDS Uniphase Corporation, 1768 Automation Parkway, San Jose,
California 95131, ATTN: General Counsel, or at such other address as Holder
shall direct Maker in writing. This Note may be prepaid in whole or in part,
without penalty, at the option of Maker and without the consent of Holder.

4.   Breach of Covenants and Bankruptcy

The occurrence of any of the following shall constitute an "Event of Default"
hereunder:

(a)  Failure to Pay. Maker shall fail to pay (i) any principal payment on the
     due date hereunder or (ii) any interest or other payment required pursuant
     to the terms hereof on the date due and such payment shall not have been
     made within thirty days of Maker's receipt of Holder's written notice to
     the Maker of such failure to pay; or

(b)  Breaches of Covenants. Maker shall fail to observe or perform any covenant,
     obligation, condition or agreement contained herein, or in the Security
     Agreement or the Mortgage and (i) such failure shall continue for thirty
     days after Maker's receipt of Holder's written notice to the Maker of such
     failure, or (ii) if such failure is not curable within such thirty-day
     period, but is reasonably capable of cure within forty-five days, either
     (A) such failure shall continue for forty-five days or (B) Maker shall not
     have commenced and continued


                                       2

<PAGE>

     to prosecute a cure in a manner reasonably satisfactory to Holder within
     and continuously during the initial thirty-day period; or

(c)  Change of Control. A Change of Control shall have occurred with respect to
     Maker. For purposes hereof, the term "Change of Control" means the
     occurrence of one or more of the following events: (a) any sale, lease,
     exchange or other transfer (in one transaction or a series of related
     transactions) of all or substantially all of the assets of IPG and its
     subsidiaries, taken as a whole, to any Person or group of related Persons,
     as defined in Section 13(d) of the Securities Exchange Act of 1934 (a
     "Group"); and (b) any Person or Group (excluding owners of equity
     securities as of the date of this Note) shall become the owner, directly or
     indirectly, beneficially or of record, of shares representing more than 50%
     of the aggregate ordinary voting power represented by IPG's issued and
     outstanding voting stock or any successor to all or substantially all of
     the Company's assets.

(d)  Voluntary Bankruptcy or Insolvency Proceedings. Maker shall (i) apply for
     or consent to the appointment of a receiver, trustee, liquidator or
     custodian of itself or of all or a substantial part of its property; (ii)
     admit in writing its inability, to pay its debts generally as they mature;
     (iii) make a general assignment for the benefit of its or any of its
     creditors; (iv) be dissolved or liquidated in full or in part; or (iv)
     commence a voluntary case or other proceeding seeking liquidation,
     reorganization or other relief with respect to itself or its debts pursuant
     to any bankruptcy, insolvency or other similar law now or hereafter in
     effect or consent to any such relief or to the appointment of or taking
     possession of its property by any official in an involuntary case or other
     proceeding commenced against it; or

(e)  Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the
     appointment of a receiver, trustee, liquidator or custodian of the Maker or
     of all or a substantial part of the property thereof, or an involuntary
     case or other proceedings seeking liquidation, reorganization or other
     relief with respect to the Maker or the debts thereof pursuant to any
     bankruptcy, insolvency or other similar law now or hereafter in effect
     shall be commenced and an order for relief entered or such proceeding shall
     not be dismissed or discharged within ninety days of commencement.

5.   Rights of Holder upon Default

Upon the occurrence or existence of any Event of Default, and at any time
thereafter during the continuance of such Event of Default, Holder may, by
written notice to the Maker, declare all outstanding obligations payable by the
Maker hereunder to be immediately due and payable without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly
waived; except that upon the occurrence or existence of any Event of Default set
forth in Sections 4(c), (d) or (e) herein, all of the outstanding obligations
payable by the Maker hereunder shall automatically become immediately due and
payable without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived. No delay or omission by Holder in
exercising any right shall operate as a waiver of such right or any other right
under this Note; a waiver on any one occasion shall not be construed as a bar to
or waiver of any right on any future occasion. In addition to the foregoing
remedies, upon the occurrence or existence of any Event of Default, Holder may
exercise any other right, power or remedy granted to it hereunder or pursuant to
applicable law. The Maker agrees to pay all taxes levied or assessed upon the
outstanding


                                       3

<PAGE>

principal against any holder of this Note. The prevailing party in any action
(i) to collect payment on this Note, (ii) in connection with any dispute that
arises as to its enforcement, validity, or interpretation, whether or not legal
action is instituted or prosecuted to judgment, or (iii) to enforce any judgment
obtained in any related legal proceeding, shall be entitled to all costs and
expenses incurred, including attorney fees.

6.   Governing Law

This Note shall be governed by the laws of the State of New York, excluding its
conflict of law rules.

7.   Amendments and Waivers

Any term of this Note may be amended or waived only with the written consent of
the Maker and the Holder. Any amendment or waiver effected in accordance with
this Section 7 shall be binding upon the Maker, the Holder and each transferee
of the Note; however, no such waiver shall affect or impair the rights of Holder
to require observance, performance, or satisfaction, either of that term or
condition as it applies on a subsequent occasion or of any other term or
condition of this Note. Notwithstanding the foregoing, Maker expressly agrees
that this Note or any payment under this Note may be extended by Holder in
writing from time to time without in any way affecting the liability of Maker.

8.   Transfer, Successors and Assigns

The terms and conditions of this Note shall inure to the benefit of and be
binding upon the respective successors and assigns of the parties. Neither this
Note nor any of the rights, interests or obligations hereunder may be assigned,
by operation of law or otherwise, in whole or in part, by the Maker without the
prior written consent of Holder.. This Note may not be sold or assigned by
Holder without prior written consent of Maker except in the event of a merger,
consolidation, or acquisition of Holder or any business unit thereof and Holder
may pledge this Note to any financial institution as collateral upon written
notice to Maker.

9.   Notices

Any notice required or permitted by this Note shall be in writing and shall be
deemed sufficient upon delivery, when delivered personally or by a
nationally-recognized delivery service (such as Federal Express or UPS), or five
days after being deposited in the U.S. mail, as certified or registered mail,
with postage prepaid, addressed to the party to be notified at such party's
address as set forth below or as subsequently modified by written notice.

10.  Severability

If any provision or any word, term, clause, or part of any provision of this
Note shall be invalid for any reason, the same shall be ineffective, but the
remainder of this Note and of the provision shall not be affected and shall
remain in full force and effect.

11.  Holder's Security Interest and Mortgage

THIS NOTE IS SECURED BY A SECURITY INTEREST IN CERTAIN ASSETS OF MAKER MORE
FULLY DESCRIBED IN (I) THE SECURITY AGREEMENT DATED THE SAME DATE AS THIS NOTE
BETWEEN MAKER, AS DEBTOR, AND HOLDER, AS SECURED PARTY ("SECURITY


                                       4

<PAGE>

AGREEMENT") AND (II) THE MORTGAGE DATED THE SAME DATE AS THIS NOTE MADE BY
MAKER, AS DEBTOR, AS MORTGAGOR, AND HOLDER, AS MORTGAGEE ("MORTGAGE").

IN WITNESS WHEREOF, the Maker has caused this Secured Promissory Note to be
issued as of the date first written above.

MAKER: IPG PHOTONICS CORPORATION


By: /s/ Valentin P. Gapontsev
    ---------------------------------
Name: Valentin P. Gapontsev
Title: CEO and Chairman
Address: 50 Old Webster Road
Oxford, MA 01540
Attn: General Counsel


AGREED TO AND ACCEPTED:

HOLDER: JDS UNIPHASE CORPORATION


By: /s/ Christopher S. Dewees
    ---------------------------------
Name: Christopher S. Dewees
Title: Vice President
Address: 1768 Automation Parkway
San Jose, California 95131
Attn: General Counsel


                                       5
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>16
<FILENAME>b61608a1exv10w35.txt
<DESCRIPTION>EX-10.35 NON-RECOURSE PROMISSORY NOTE DATED SEPTEMBER 30, 2003
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.35

                          NON-RECOURSE PROMISSORY NOTE

$276,021                                                      September 30, 2003

FOR VALUE RECEIVED, Robert A. Blair promises to pay to IPG Photonics
Corporation, a Delaware corporation (the "Company"), the principal sum of TWO
HUNDRED AND SEVENTY SIX THOUSAND AND TWENTY ONE DOLLARS ($276,021), together
with simple interest on the unpaid principal hereof from the date hereof at the
fixed rate of 1.52% per annum.

Interest only shall accrue and be payable on November 29, 2003 and each
anniversary of the date thereof and any extension or renewal thereof.

All unpaid principal and accrued and unpaid interest shall become due and
payable on November 29, 2005, or any extension or renewal thereof, or upon any
sale of the shares securing this Note. Should the undersigned fail to make full
payment of interest for a period of 30 days or more after the due date thereof,
or any extension or renewal thereof, the entire unpaid principal balance of this
Note and all accrued and unpaid interest thereon shall become immediately due at
the option of the holder of this Note, subject to the limitations of this Note.
Payments of principal and interest shall be made in lawful money of the United
States of America.

This Note is secured by 250,000 shares of the Company's Common Stock pursuant to
the Pledge Agreement between the Company and Robert A. Blair, dated the date
hereof, and the holder shall have no recourse against the undersigned, and shall
be required to proceed only against the collateral securing this Note in the
event of default.

This Note is non-negotiable. The rights and benefits of this Note shall be
non-assignable and non-transferable by either the Company or Robert A. Blair.
This Note supersedes and replaces in its entirety the Recourse Promissory Note,
dated November 29, 2000, executed and delivered by Robert A. Blair.

This Note shall not be modified, amended, extended, renewed nor shall any waiver
be effective against either party unless such modification, amendment,
extension, renewal or waiver shall be in writing and signed by both the Company
and Robert A. Blair.


/s/ Robert A. Blair
-------------------------------------
Robert A. Blair
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.36
<SEQUENCE>17
<FILENAME>b61608a1exv10w36.txt
<DESCRIPTION>EX-10.36 NON-RECOURSE PROMISSORY NOTE DATED DECEMBER 3, 2003
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.36

                          NON-RECOURSE PROMISSORY NOTE


$220,884                                                        December 3, 2003

FOR VALUE RECEIVED, Robert A. Blair promises to pay to IPG Photonics
Corporation, a Delaware corporation (the "Company"), or order, the principal sum
of Two Hundred Twenty Thousand Dollars, Eight Hundred and Eighty Four Dollars
($220,884), together with simple interest on the unpaid principal hereof from
the date hereof at the fixed rate of 1.68% per annum.

Interest only shall accrue and be payable in arrears on March 16, 2004 and on
each anniversary date of the date thereof and any extension or renewal thereof.

All unpaid principal and accrued and unpaid interest shall become due and
payable on March 17, 2005 or any extension or renewal thereof, or upon any sale
of the shares securing this Note. Should the undersigned fail to make full
payment of interest for a period of 30 days or more after the due date thereof
or any extension or renewal thereof the entire unpaid principal balance of this
Note and all accrued and unpaid interest thereon shall become immediately due at
the option of the holder of this Note, subject to the limitations of this Note.
Payments of principal and interest shall be made in lawful money of the United
States of America.

The undersigned may at any time prepay all or any portion of the principal or
interest owing without penalty.

This Note is secured by 240,000 shares of the Company's Common Stock pursuant to
a Pledge Agreement between the Company and Robert A. Blair, dated the date
hereof, and the holder shall have no recourse against the undersigned, and shall
be required to proceed only against the collateral securing this Note in the
event of default.

This Note is non-negotiable. The rights and benefits of this Note shall be
non-assignable and nontransferable by either the Company or Robert A. Blair.
This Note supersedes and replaces in its entirety the Non-recourse Promissory
Note, dated March 17, 2000, executed and delivered by Robert A. Blair.

This Note shall not be modified, amended, extended, renewed nor shall any waiver
be effective against either party unless such modification, amendment,
extension, renewal or waiver shall be in writing and signed by both the Company
and Robert A. Blair.


/s/ Robert A. Blair
-------------------------------------
Robert A. Blair
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>18
<FILENAME>b61608a1exv23w1.txt
<DESCRIPTION>EX-23.1 CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<PAGE>

                                                                    EXHIBIT 23.1

            CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Amendment No. 1 to Registration Statement No.
333-136521 of our report dated July 5, 2006, relating to the financial
statements of IPG Photonics Corporation and subsidiaries appearing in the
Prospectus, which is part of such Registration Statement, and to the reference
to us under the heading "Experts" in such Prospectus.


/s/ DELOITTE & TOUCHE LLP
-------------------------

Boston, Massachusetts
September 27, 2006
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>b61608a1b6160800.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b61608a1b6160800.gif
M1TE&.#EA.`%:`,0>`/]B`/_8P,/`U?\#`/^!@/_!P(>`JTI`@1T08O'P]=/0
MX&E@EBP@;.+@ZSLP=WAPH9:0MEI0C*6@P+2PR_^[D/]*`/^CD/]N8/\R`/^)
M0/_@X/_BT/_V\`X`5____P```"'Y!`$``!X`+``````X`5H```7_H">.9&F>
M:*JN)Q"P<"S/=.K6>*[O?.__L1MP2%P)B\BD<LF4'9O0W#-*K5JOJ"EV2])R
MO^"P]"7^>LOH=/JL9K+;\'CT+2?2Z_A\[Z[G\?N`@2I_@C2$A8B!AXDLBXR/
M<8Z0+623EH*2ER.9FIU6G)J@GJ-NE:1!IJ>J8**6K:NP?JFQE+2VG[.WF[FZ
MO4.OD,"^PR7"C,;$Q,B(R\F]S9B\SM-.TK?0U+'8@-O9JMUZX-ZCXGCEXTH-
M`NOL[>[M"3J<"N_U]O?U"DW+]`(&__\."!Q(4.`#@`8DK(N'3H6!#A`C2IPH
M48`\:RL.4-S(L:-'!@<>0+#X"R,,`1`6_QQ`X+&E1P<+1C8L\=`E19(X.&FT
MR;-GQ`@2&,K*H<#`3I](*2(`.M-#3:0X:^A,&L%!4H\(#.PQ6:+!`P97PW+,
M*C3;4Y]1#7%%<;2GQ080(HBEZ*"LU+4>!+2=RS<B@@GCSKJ]J&.OS:@))"Q@
MR??`#CX)Y#8N*)"QV`7>!/-,.V,J5!03OLX%/(:%`LM('1@08->$/ZM7'S3=
MA_<;QM-7%S2H(0"LTH$+`$Y@ETT=/GNMJ^GH=]Q=<A+-\>TNG:(!:IX(.,M(
M,'S=;!2:#Q/.8=BE]L22Q6I'I6+!U?7??X0W/QY'^991X<)N_-C:5<<L&!?=
M@/I,,Q]^]=5PG_]'%BD@6E\0'?`<>R@(<)56+!P8%H#.:-@1?(W45L*"':T$
MH5\0;)6"A4EAN(*'27&8#(P;@6B$B"20>*)'3/G`!HM(N>C0CA%20^--"=*@
M(Y$0@63`!!/F9,UU-CD`PY$]R4@,EA4E.<.2%#&`T)AD_C.2`-,E\0:7$9&F
M@@244>8;3UH.PR9$-@Z"XPA@3E2G&&\D,&=/?_7`Y9^]W-E!GC;L*4*?$B'*
MRFU4VK1`@3FXEZ61[WDI`Z0126J&20KLAQ0##TR`:0KT&+"`J71RFA2C63CJ
M`:A%M@'9`WTA$">L&\KZ&77VQ0@'(0UHRB2$HMJB**VUD&>LKB(V8,#_H,OV
MQ,`"$JPZ8Z?$*CBM&IDH$%>EV389P6I1V@FNE(6-NX:M(R@P@0$1F'BBK^LJ
M%)\'`@ZXD*<Q,">PMV4T(R`$93;<SK\)TWO).>@08/'%&&>L\<8<=^SQQQMC
M<`'())=L\LDH=RQRRBRW[/+%!<@QP,PTUVSSS3CGK//.//?L\\]`!RWTT$07
M;?31`Q`@1P%,-^WTTU!'+?745%<==0466*WUUEQW[?746'\M]MAD-ZT!Q/U1
M0S':W$CLBMMLDP-W,'/''4K=Q^!M]R1K'ZOWWC-D`,#@A!=N^.&()Z[XXHPW
M[OCCD$<N^>245V[YY9A#ON<&`73N^>>@AR[Z_^BDCPX`!:6GKOKJK+?N.NBG
MOR[[[+37;GOM'+RM]M^`)](WM;UG\SNYO`<?S>ZLOI.<.MX.?$(#]SZY_#UI
MDM"`!/_`1T_U>7%F'*L,0X`P">9FW\GP\Z90W@)V/:0EGB8DH"Q$69EPH)`>
M)+`7`BF:H!$"JX*(_01H@E)-Q`$(T]]$&#`^9A1/$=+0R`$``AO\N:\$\"-!
M`F`3'*-`!#/0`0A8Q&2^$0CJ@_^`C6Q&!)&ZC("`)*A)`5F"@(,\@(9V<4\-
M_P$6!+2K#^A#`QLT(B3W:.F"),C@"&JR*@@HD86(TN&J-,6]HT3@A1T88!99
MZ$(1*``B_>-3!US4@/\GY@UY;!DC">1RQ`XXP!UFM`H(22#'-"**)2LD`4OP
MIY$*B@"&2P1D_B`B@1(HQ"YR04!,+.(\NJ'Q!!H!B4!\8\$/8;`#81P!KQ`E
M0128\58=T!(1>=4!P`C2*8)D40-+L,&)1&"5QYO&$)6"/U22$"!F!*,)-FE'
M3R[*?QVX8H[4^+\O;C&&J?PDJXS"&`#J3I81[,`"V,&]0+[OE\.<XPC`HLUA
M(@HL>11!`EB225!JY82PT:()"%F""-20?`*!#CB?Z8Q9UG*`UTR+!'0Y`DVM
MIY,GJ$DAQ4E%%F((-Z>480FD.(()\%,$9<0D'3L0SC-"4WUJ?%$H+\D93:&Y
M:@&^J:@W4P`;U2R&G08=P3X3>DKK0&1=.^GB""2SK0CX!EIU"&+$,'I/FFPT
MB=BDR:`8X"9(_A0\J'FC485$2G6:H`%[85_\;B@1HD[L@6W;0C^JJ0-J0B$!
M[&@7.V!9")T""JO&"P=:U9K6>JXU#V9M*Q?B.BFY*N.MYL"K78GWR+U>0Z]R
MH*M?J2#8N0)VL&$H[!84B]@E,/8*CVTL$B);!<I*MB1]O>PI+#N'PVH6LIX%
'WF=1$`(`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>b61608a1b6160802.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b61608a1b6160802.jpg
M_]C_X``02D9)1@`!`@$`2`!(``#_X22)17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````<````<@$R``(````4````CH=I``0````!````I````-``"OR````G
M$``*_(```"<0061O8F4@4&AO=&]S:&]P($-3,B!7:6YD;W=S`#(P,#8Z,#DZ
M,3D@,C`Z-#$Z-#0``````Z`!``,````!``$``*`"``0````!```"U:`#``0`
M```!```#P@`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$``"-3````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"``!(`$@``/_M``Q!9&]B
M95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H`!Y`P$B``(1`0,1`?_=``0`
M"/_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`\XZAU7J>1G9%]V7<^VRQQ>XO=J9^*GA=
M1L:[]8R+@/$6/_[ZY4LG^DV_UW?E4&QP>Z20:-NIU#K+[&"G%MNV@R;'6/D_
M!NY4?M^=_P!R+?\`/=_>M/IG0\3-QA8<F+B'$U"`0X%_ITESO8S[3L]EMSZO
M2_X9$L^KV']LJK9E!N':'?K#XEKF@S0[5K76>IM9^9_AO8A8&ELACDF#DX=/
M`5Z?D]+D?;\[_N1;_GN_O2^WYW_<BW_/=_>K./@85N,/4RV593K'M#''V!K`
MP[GO:';6V;K-C]W^#]/T_P!)ZM9F=#H>'N_:&.W8"8<=201#1LWM_P"-V_0_
M,]9%B2=$^L5^$;J,G=D490#7;K'!S2WZ+JWS[>=KU0LRL\7&MEUVKH8T/=.I
M]K8E'RNCTX^370,VFQMF_P#3"16W8/9OL_>L<NH^JF'T.S/HO%Q%F$&-MM>[
M>U[[F/\`TC6Q^A95]#W?S=G\ZHLDACC*8B23J=>L1Z?^];&*,\QCB,@!"^'3
MU<,OGX?WOWN%Y"^_JN._T\BS(I?$[7E[3'CM<A_;\[_N1;_GN_O7HW^,/`PA
MT5MEEM?VAC@_&GES2=EK6.^E]'_/V+AG=*Z<X`U=0J:&,K-P?,[GC<_T8'Z3
MTO>VQO[_`*?Z7])^C'+YCEQB9CP7T6\QA&+)PB7$".(=#]6E]OSO^Y%O^>[^
M]+[?G?\`<BW_`#W?WJT>F8A:VQF=4&.#)WZ.#G-87-V-<]VUEK]KW?Z+])_.
M>I16_P"R<4M>\=0HV,VS)AQD^[97/NV-4S"U/M^=_P!R+?\`/=_>E]OSO^Y%
MO^>[^]6+NEU5TVV#-H>:FAP:UTEY+BS;3$_0;]/?Z?\`VW^E5!)39KZGU*JQ
MMM67=78P[F/;8X.!'YS7!WM7K_\`SKZ__P!R1_VVS_R*\77J22G_T/+LG^DV
M_P!=WY4,$@R.0B9/])M_KN_*B8W3NH9;'/Q,6[(8PPYU5;G@$Z[7%C7)*=?H
MEM=-S67?HZ>H;-EGYK7M)K@_R/<_^HM[K5>)T!I]:OU1G/KL8`6AS74[M]M3
MB-K'6_H?56!@=)ZS9BVX5N#DL@^O0_T+)#FC]*QL,_/K;ZO_`!F.Q='T2J[.
MR,9O7<+(<<=KV0^BTMW.::_4UKV?0]S?Y:K9N*,O<%F,`>/&/FGIZ.%TN7RB
M6'V00)2'ZN9'RR_RL/[WS\']]P.M'H[JSU+&P'`9;G&7.(K;8YL[6UUV;FL_
MPS/?_.?\%^@0.G9O1!4VK*IL+Q6`-OM:+`YSGV;V/WO]2O9^9_Z4706=,S<N
MW/Q1T[);@W/<:AZ-C9`<?2M;^C]O^D]O_46(5_U4%6$RVK!O?;68R:C19(!_
MF[J+`S<]KOSV?SE:>,P%1E8)JOKMQ?\`18Y\K(GW(D<-'BXKCZQ\]?U/TW)S
M<KH3G5UX^'8^IK]UA>\ZM+I=Z0;8WW>C^C9N_P#4BK=.ZGTW!LNL;1:XOL(8
M-\#T#/Z*W:YN][7;+/\`C*_IH^5T+JE5I;7A93ZR`YA]"V8/YKOT?TFH%WU<
MZPZGUZ\#(AKFL<WT;`XEP<^=OI^[^;]RET([VU"91F3\LHG]'I7[KN59/2_V
MK@7953K>GM8\!MA#PZQX<:G6.L]3>UC7^SV?Z/\`15K)SG=!KS,@?8WMJ:V:
M8<XEQ+FM_2?I-E6YFYV]OLK?_@+OYM2PNF=7`.+=@Y?HGZ!]"TQ^=H-GYCCN
M_P"W5L=*Q,G&;F4YO3LE].34*S&/:2WW0ZUGZ/\`P=;W/3)$PL@&6@'"/[V[
M8%9JB2(`DR.27JE$B'R2_J/.NS^BV;@_"<&^\LV.#3N=)]\?28SV^DS_``?_
M``JJYMW3;:F?9<=U%P>_?[BYI88]$>]SW;V_GH]_U<ZYCY+Z3@Y#_3<6[VTV
M%K@/SV^SZ+V^Y0=T'K4F.GY7_;%G_D%(-=6J002#N&@DKW["ZW_Y7Y7_`&S9
M_P"03CH/6HEV%=4WC?:PUMG]W?=L9O\`Y"1-;JC$R-1!)/0:EH+U)>8WX]V-
M8:KV%CQK!\/$+TY*^JN$WPT>+:NMO__1\NR?Z3;_`%W?E7J7^*2VVKZN=4?4
MXL<W*J@B.X:'?2E>6Y/])M_KN_*O4/\`%1_XF>J_^&JOR,39_++R*8[CS>R_
M:>?_`*9P^33_`-]43U3.[9!^YO\`Y!!)47:JKQ2_>/VLU#L&Q^U.H?Z=WW-_
M\@JYZQU,ND9+@"=!M9Q_F(1:WCCX:*ID75X]-V0[2NAC[73^ZP%__?4.*7[Q
M^U5#L'5KZMU`M]V0Z08X;_Y!+(ZKU%M+7,R'`FP"0&<;7._<53%?OI;9P+`U
MX']8!_\`WY-D']%/;U0T?)CU%S$YC#,B4@:Z$]V7!&)RQ!`.^X\&W7U7J1YR
M''^RS_R"LLZAGG_#N/R;_P"1656\#:.[C`'Y?\U5\CJ^+MV-=O:20UC>;2WZ
M0;'_`&G;_AG_`)ZS<<^9F:CDR'RG/_OF_+#`[0C_`(L7<?UB]@%C[]E+8+GG
M:)!TGZ/T7?X%G\YDO_X'WH5?7<B\>L+O0J;H19M;`/T7&6NW/>WZ/^"9_@_M
M3US8RKLN[U;2VQTR)@U53H;7[OT=^3[=K&?S-7_@2U</!WN#W_I'.U#[IU)U
MW^G_`#K_`/P*M6#DR0%2R9./^]+T_P`OY?ZQLN7QQ%RC'Z`.U1U/+O\`;CN+
MP/I7V`-;/\BL#U+/_`UD?7OU+_J]BDN-KAF-EP`UBK('YJUFU^QK7G>&B-L;
M6Z?\&W_ORY;_`!KVV5?5#$?4XUN'4&`.8=I_F<K]U3\IDGDRRCQ2(,37%+C\
MFH90Q2C/A!$9:@>GB^KYS]916RJFMQ'KAQ,=PPC\[^TNT7ESWO>XN>XN<>23
M)7J*TN#T<-_5B^\_TCWN#3]R_P!'AX/F_>?_TO+LG^DV_P!=WY5Z?_BI@_5C
MJL_]RJOR,7F&3_2;?Z[ORKT/Z@YW6>A]`S+/V3]JQLAPOKLL)#3M;M;^C#7N
MV;AN]1,R2B(GB(%^G7Q9,6.<Y5`61J]L1X$C\4.QQ;SK*XZW_&[?38ZJSH6(
M'M,$;C_Z35OH_P#C-?U7+.&WH6,;G,)H`,ASF^XUN/I';ZC/YMW^EV*&6(Q!
MD2*&I71EQ2$0-2:>A=:(,<KD?KUU@8^(SH^.=V5G;3:T<MIF:V?U\JT-_P"L
ML_X9BZL?6.VO,JHS>AX^/7>/T5KAIO\`]&[]%M1WMZ3:+,U_0^G.R&N!+[&,
M+RX_1=O=2Y_YOTO\&H#GP0D..?3B%1D6P>5SU\HWKYH(Z:[<>FJC0^DQC#\6
MM#7?]2AYEK*<(.N(J8RT%SW'3Z#Y*E9]9G,S*Z#TK%].YI?79,ET?3KV^E_/
M,VO8YO\`WRQB+U/K72WX[6GIF)EO:X6MKL:US-D%K[6_HW?I6H2GR\JA.9X<
M@_0C*^'^]P^E?CY;F(3C(0NC^]%Y3J77'VQ30"UE@!YASF\[71_-U_OHO3>D
MYF:[ULEQ#71)X)'[H_D)^L_6ZGH[F7#ZM=-=4\QZC6-!#OI-W?H?SV_00\?_
M`!K!US&/Z)AM8X@;@XZ`_P#65)+!<!]T(QX][/%*>G7^\S2YWVS[<\=9-B?3
MP^K_`+EZO"P,7&`%;0".'<N_S_\`TGL6@P@<:3SYKFC]=\[[6VIG2,+T"W>;
M=QXXT'I?2U3Y_P!>\S$8VUG2<2RHG:XA[@03_P!95'[D3(7FB92[\2LGO&,I
MG%*H&I$F/\N%Z@.7)?XVC/U-Q?\`TXL_\]92=O\`C$R[L=UF/TG%=:PG]$7N
MEVFX!A]'Z3V_07'_`%Q^OV3]8NF5=,LP:L2NN]N0'U.)DM995MVN8S_3*WRG
M*RQY#,R$J!B1K>K3YDD1`,:XO5$V)1/^*\<O4EY:O4EH-1__T^%Z_P!$HQFC
MJ'3,H]0Z?:XA]QK-3Z[)/Z&ZIQ=_VXO8OJ/U/`^L'0M^+^C=2!1?4YOT';1\
M-U?[B\>8[+Z;E/9DL+,?*<[U&.U8X!SO='N;[9]Z]1_Q38M&-@=2..?T%E['
M,;,Q-;?;N_.;[O:J\L,9\,<A.2KX9?+Q7^]P</J;)N,)&`X".'W(2^:,OT9Q
M_J2:O6?\3M74<QV13U(8K7<5C'W1_)W?:&?V5O\`0/J+B]$:T56ML+6!N[TM
MI)'+C^D?]);74.M=+Z;2;L[*IH;+@T/L:TN<T;G55A[F[[?^#67B_7CH/4'!
MF!EU.>US3:RTACA7M=9?:UCBU^W'8S]+9_-J0XH&(B03&.WJE^/[S'[V3BE*
M_5/YC44GUDP>GNZ18SJ&95A5%S-N3:`&L?,M/N?7[O[:HX-OU;N$5]7QLK(:
M6!CZB"6OAS_H,LLW>JRM_M_X-#^N75</J7U9-_2KV9;!EUUA]3@YF\$C:YWN
M:YJY7HW0,JW#R;:FL++[Z[*667&LN;6Q].VQU>QWI?I-[%%/E.7E(#)#8'K/
M]/TLL,V?V?1/3B_J?-U]?^`]-U7"^KQQS1;U;%PP)N8YX#=CPYM;K&;[6>S<
M_P!*RO\`XM9V/TSZNNJ/H?63#=:Q[2+!M('ML<YA9]I]WJ-;O_ZT]9/4.@Y[
M\7*HO=B4;PU\47ON<14?6=N9:;-]FUGIU_0V+G^G.Q_V??5CM=6UN502YP%=
MF\5Y3O5QWSZ/Z#;O]&]_ZPSU$Z'*<O'T0B:^;U2G+YO[\OZJ?OG-1A?&-ZVA
M+]V7_=/:Y_1/JWU+%.*[ZPX89:UK!`:?IG]!M_6?](W]$N?K_P`6_02P%GUM
MQ7-@$$5-.CG>BV/US\ZYOI_\8J#-VZ&"7@Z@2UC7$LN+6AWO;7]I9]HKK?\`
MI:?TU7^B]2U4[(QW,=L-6V#79](-<TVFJW;^?Z#LFW(97_I_28IL>&.,5`4/
M,G_I-?+S.3,0<AXB!5U&.G^"]-B?5?I5&"RFSZP8UMF/:^LWA@`@-KWXY;]I
M<W?5NW_2_P`(K@^I6/U'$<<3JM5M+B6FQE6\;F\CVY'YJQY'[(I%8+:JWVLI
MJ`EK`&T^SUO^U>0^S?9FY'\W]L?;55_-K4ZG]9#]4V4XF'ATV,W>ID;[',<7
M;0RQ\M:]M6[VL^B]#)RW+QC#)('W,AE0!EP^CYF3'\0YOU8Q,<$`!K&!/J_O
M1:M7^+?[&1:[KE;:W>T3CD3)EFOVKZ;+!N8N6^O/U-QNE].'6L7J->;7D90Q
MW555[6ML++;+7>J+KOSZ?YK9_A%V&7]:'NPF9&$US<//)=8ZTDV4O;NKNQ]-
MS6O]2OZ3'?\`5K)ZA3=U3ZC4@,-EEW5G%K.2?T=S8;_54LL$88SG.@T%W^B>
M[''/DRR'+WQ:F0C7Z7]5\K7J2\VS<5^/>ZMPU:2#\EZ9Z+_!,6\)OAH\5U77
MB?_4X7-S<G-<6VN!%#WE@`C3<07+TC_$^',Z-U1AD-&2T"#!!-;9VN7E3;BW
M*L'=MCB!XZG<U>O?XKZO3Z1U!]'IWMMOK>RL/+8!KK]MAV>Q^U`4*`%,DC*8
ME.1,B*LG4^#C=7_Q?]4NQK#1BXMN6]](=>+=KB\"VW-S9M_-N=;31_IK7X_V
MCT5<Z']6,KI657?U"FALMM;756\/=N=2]E[GOJJJ_1NJ'^$MN]_O7H%=6Y^V
MS'#&1(>'[M=/:6Z*5M&)6T.<6U:PUSC&I]L>]%99>$R?JR.@_5P86)><JW+S
ML=H>6"L-W%U;=M;39]'<KW3L3`^TVO&92&5LJI957<&%EM;K&OIL?79])S=O
MZ/:]=2[#EH-E3;C4]ME;28A[3[;&_NN8USE1S/J]TK-L==E='Q\BUXASWEI<
M0/WG[4-3/B)TX1'_`!5PE$8N`#7BE/ZS]1<7.Q>FA];;+JL?+#H<"=[70TM]
M(/<?H/:UWZ/T_P#A%YST_(N?B]0K<^15EU,:T&`!LS-P9^DKW-W-^C^F7JF;
M_B]^KES6OP,:OIV4PG9?56QXAW\XQ^/DMMQ[-S7>W=7OJ_P2S^D_4=C,SJMO
M4<%CJ<RRE]=/KNVE]7VBN[)WU!C_`-.VYEOHVM^F^Q&P"#J;_P":BY&!%@5X
M_,\1TK8W+K#Q[6%I(CQ&XG;_`%EWG4^EX%_1_7IVAX$0#)X^DK[/J;T$6@_L
MJIH;H'"ZS1L_FM_[ZC]0^K&-9B^G@%V.1,U[W;+!'\V]SO4=5_QM?^98GF6E
M!C$==7FNB8U56%7E7[8HM<]M>GN?LH](O_.V5;/;O=_HO2_0?HUS?6\U^=F6
MVV#VL.UH',3J5VV59T;H^-7C=?#&.N]2VFLFR`QC*O6VG&K?MV>S<RU__7[U
MF^O_`(L'2]M>.1MWGW9`/^;Z?N4,H3E+BE\H'##^J/TO^<R")KTQ.IN1K=R_
MJI@9O4<S%QV_I,3%+K+=\;6->_=9M_X:US=C%O\`UQMHZ=T7#NQ`TUT]282R
MO0#;5<VRO^LYK56S>I_4['Z'DX?0LIN%E97NH<PY+1ZC1+#]H:S?5[?^M[T+
MJ&33U'ZDT6G*JR3]K`MM!<-UC:K/4:-];7NOW>_W?YZDSY1/$8$5&$(PX?W_
M`-\KN5PSAG@:-RE(\1!]/[H>)^MU6'D9S\[#.ZC(!<7$1^D`BYO]KVO7;_H_
M!<QA=*'4\7*Q`\->YCC3/:YC2ZN?^#R*?4K_`*]2ZO['D_\`<>[\%0XX>V>7
MXC8`Q$_I^W*.DO\`F\#H^Q^N]RM*]S_#^3?^_P"M_]7S#(=&3:X:.#W&?F5Z
M]_B8O+NB]1)DM9D`AH!)'Z-N[:T?!>/Y/])M_KN_*O7/\2'_`"1U+_PPW_J$
ME7^+VMG5+;\/[7CNKQ<5U8L9EWD$;7"66;=S:ZV?\;;O_P""7)YGUQP+K68_
M1<:WK?4R066D'TZWCAWJ/'YKO]!733_PB'];/JHZG,&7E7W9'1[+_P!#A-=#
M:K<A^YS72?1JH=D6.?\`:/\`!5_^"3Z;FTX-V']@P8PK<JG'KN$U"Q[W;=V/
M4V'6>G6'W/?EVW/]&O\`25X_\VGF>#'PV3.<OECM_P"A2_K?H*A@RY!*0`C&
M&LI$BO#AXO3_`'/\J]QTPYYZ=C'J+6,S36W[0RLRP/CWM9RIYEF573NQ:O6M
MW-]A('MG])JYS/=Z?T/^$1U6ZA=15C_I[SC->YK6V@P=Q,M;_:VIA-FU(K<G
MJ;+;17ABVML"L^HUI<8<YSO=]%OT6IVY/4O5K:["`8[;OL%K3L!+MTMVM<YS
M-K/H?OJF;>FADMS[J:L=C*G'<6C<XN:Q[R]GNOWC]+N_Z[^>F;;TTBNIF?>'
M06-(<1+G.UW-+?=:YUFQ)3;?F=29N)PI8UN[<VT$G]YC6-9O<]G_`)PK&'=D
M7U%^10<=T^UA<'$M@'<8C;_462'],L!#>J7F/T;W!_TBS?/NV?\`#>_TO9[*
MEI=.MH?4]M.0[)V6.#W/^DUSOTOI_1;]!KTE/`_XV]XSNBO8[86MR9/E.+RN
M*=:QS]V[TB)!.TF'F/5%>X/^DYB[3_&\XC*Z,UHESFY(F=L:XWNE86+C_5'+
MZ/2UV6_#ZDUC;<N]X?:T$$L?577OJH][GU/_`/4OJ*+)DK2W1Y:`]J)HFR;H
M6TFXF2&T9CP3B90LIQ[7-(:7UAIT]GT'[W;-C_YRNY=3Z0M^I5(!!`ZBYP`\
M-ENGYO[RKY?5ND,^KN)T;#R#G5U/;ZQV!LL:Y]K-_J>JVEOJ/9]'])_H6?I%
MK]&JIZC]5F,>!6UF>\M%.X"6L?'\]N_-<JV7-PX\DS=1B2S;&!D*]?\`S?)Y
M,.LQ'&ZCV/:-/EJW_,<N^_:%W@/N"Y;K?2?L];K*R75N!!#N6NC3C\URWX=X
M*M]XQ^V<U]A?Z7]UM&KC^[4O^X?_UO+LG^DV_P!=WY5ZQ_BA-=7U>ZC8VTS]
MHK+]K2"WVM]O\M>3Y/\`2;?Z[ORKTC_%SG?L[ZD?6#.#/5.-8VP5S$EK6Z;D
M#L4C</>L^L?3/6]"W)<]S3%M0;98?>-[*WAF/L^@]GMWJ[7F]$SW-(:U[NGN
M:]N^LM=2YP<QCF"UK'LW,]1GL7&X@ZN7#-P&8^1BYS67^F_&LL>QWIU,<TY-
M%E7[GT6(U^9G]$Q'YO4JFONSK<>MM553Z`T;GL=N===D[KF_:/S/]&FB<#$'
MB]>@X:ZE<<<Q(BO1J;O]%Z^[KN%5A#-+;'4EX8-K=9)+9@EOM]J)3U/&R&5.
M:Q\VF:V.#9('^$^EMV?REBXS;CT3'%+666'(#2+-&[18_>_3\[:WV(.3E=6>
M<[(PZV>MCOKHPF6R`[V[KZ6[3[7O_0_I/^LI1F2!XJX/41T#L9W7,##=MMIL
M>7\[&M,G@-]SF^[\U9G4OKQ]7>D8%&6ZBU]&6_TFLHJ9.]C&G996Y]?T*_3K
M6?U#JF/5:*,L/9ZL-]2`:V/?]%C[?H-=O_1[_P";7%_7/=;0_#+]HQLMEKB[
M0#U:K-:FNV_I+/0_F&?X7_KB`R>H"M#?X,APCAN]=!O^\]=_X\7U0F?L^9/,
M^E7_`.E_Y2<?XY?JF)BC-$ZG]%7_`.EUY!U"C8:[8##:#+-9EL?I'_\`&?G_
M`,M=K]2/J%5;55UOKS)QWC?A8+@?TO[F1DM'O^S_`)]5'_:C^<M_5?Y^2/JV
M8Y1$=WJ\W_&9]67XN)G9&'F-IO?8S&?9CU'>*Q7ZQJ]2Q^ZO?:RO]'^?79^X
MJ;/\97U1>TL&-ENGAHQ:"#''M;N]ZS/K\>G96%CT9%5KL\M>,$`$-K<?LWZ#
M94YM;6NJ=7]-OIU?X.G_``JP.J]'N+*\K]F/Z=B4L`]:UD/LM<0]NXXGZ%^Q
MM=CJ_P!7I_X7U$)^F8@/43V^;_%5"S'BUB+^G^,[O6_KA]1>K5AV/7E8/4&F
M&Y@HJVD$[?3RJJ[6^K7M=^8SUZ_^$_256[/U=R\<_4UEU%SG-IS[(VL,/<&.
M<:F?R-KOT-G[^Q>=8G2G7V7Y->*]^.ZT8V.YM9-9N+8-+7?1]7^0O2>DT]._
MYF87[*?ZC'Y0?DSI%YK<,EFUS6.KV6?F*GS1A[<_3O`W^[_A-_#&8.,2F)1]
MS3]+Y>+_`)JW4+OMF.0T#81,COHM?T%ET8_IE['?1`)`[:KH]K?!8PX."6/]
M"XG_`*;H$1XHQZ<,O^X?_]?R[)_I-O\`7=^5>@_41M;_`*A]>KMDUOR*&.:!
M,ASJF['1[MCI_2._,8N$S\=U=]CQ!:7N.FH@N.US7?G5N_\`,%WG^+'ZS]`Z
M-TG.Q^J9K<2Z[(994',M?(:&^[]7'\G_`$B!%@CN$CTR![%MOQ^CYQZ=TJ]V
M72QS"6'%+1$OL]"D-R*7M;MW>][WU[&>FQ=!3@=".WIYOC[(ZDO.7&USV-V5
M!S0UE++JO6]6OT6?I+$8?7OZHV$^GUQ@)'>K).OP>[Z/\E7;_KQ]2,JDTY&=
M5;6X>YKJ["#_`.!*/VHC3QMF]V9V!_,?8Y.1;U##ZQ_S?KRVOQ,?!KRV/+)_
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MOU/+_4_ZN]*Z_P#6.WJ&/CN;T+`+/2Q\@EXLM`'Z%SG_`/:5MF_)N:_?^C]*
MA_\`2%Z/U'*K:7FVT/)G421!_DA$Q_K'T(/%C^HMLV@P&MO&O]M]K?H_R4;J
M/[#ZQB@66PYS?T5[`YKVAP[2WZ'[U5GZ-$\SAAK+)"%]Y1"SV<H^;'/_`!9/
MG/7NJ5XF;@76U'-#/M=>UH;,N;B"MP?ML;0YN[VW>G=9_74:^HCI.)@?5U^)
MDW',9O-N.ZOU6^_TG5U47U7T-_FOIWO]6FO])^K>HNZZ#TUO2<.ZFWJ3<AU^
M0;18*[*P`&5U.9MJOW?F[_IK3-U,$-RP!YBXGG?S]H4>7FN7D?Y_%0Z<4->+
MK\RHPF+(QSL^!V#X]TC$Z[D9HQNEUV/:R[U*S;N=4US@=K\S2IE5UU;/YST:
M[;/YVNRQ>CLZ.WHO0OL^_P!2V[,-^0\:-]6QA]3TF_FU^WV[EMC)Z:S]-;;6
M<AK?3;D!CMVSEM;G6&VQ[=W\M4,FRF_$;CG(9?;Z_JD55FMH9#FM:UKB_P#Z
MM5N:S<O]WR&.6$Y<->F43IY6VL,LIE`2@8XXD2^7J/TN)RG6`L+O(SY%;FX>
M(6=?CTFIS=HX.OR5_P!/S6",L?;D:/S0'_I1O&<;!H[2_P"Y?__0P?\`QMOK
MR7O8[I[75.>XL)OI]NXZG^=_FW?X2O\`]&*L_P#Q5_7?=+>GM@\#UZ?_`$JU
M>]F8.W4]@=`LZJOK#,[+NR+6785QI^QXPAIIV#;D;K=FZ[U[/TGN_FT-`"N`
M,J_B^.8?^+3Z\T/,]/:6GG]/2(_\%<M%O^+_`.N,?T%G_;]7_DEZ7@87UAIN
M-V?GG*;NLC&8RJNK8XDT!]GH_:/4I9[?8_WJC<WZS'*>_'SBRKU1976[&<YK
M*6^RS$AM/ZQZFW?]K^ULM_T=2/"":O\`"?\`WJZ,I1&E?;'_`+Y\ZS_\6WUU
M?0TU8E;W.,/K%U8<!_6>]M?N_K+`R^C]9Z%DLQ^K8MF)8^?3+H+'[8W>E=67
MTV^GO;O]-Z^@J\YECV,%5S2\D`NJ>`(W?2<YOM^@FZETOI_5<1^%U&AN3CV<
ML?V/[['-A]=C?S+*_P!(E5:?FME*Y70'D^%L#;Z@>_Y"%H].;4YCA<"72UK(
M>UD%TM^A9[K/=L^C_-K3ZS]1<_H%QLH=9F],>89:UNZVO]QN576/=_X9J9L_
MTOH_X2GC59>,ZQOV?(E\06U$MD3&_P!2FQVW=^XJV30F/U=3ESQ0CD%7\LM>
MS:K%..[WD@1M(%]+@3$_]+\U=CCFI]5;V&6/8'-AS/`>?FN3'KO9[<?*]0$?
MX)NI:-@]IHVM6GTOJ654ST+L?)VL)V!]>K=/<UT5-]3W;UG<YA&2(D!ZHG4>
M#9D)'33N-7=VM()!\(]S>_[VJ3GU,$N)B8/N:?\`J4!N:':MKND<`U]R(U_1
MI/LNL!+:[1X-+`!Q]$_H_P!Y9OLQO4$?1BX9==O-5]3W%NXZ$!S`',U!'B?I
M/3;16`6GW#ON:X?]!2ML<\>VNV3#V%S.'#Z3=NSZ*`'9+C#V/(['8>?\U23A
M&C&(->2^/$1K0267/<QPB#"UI62:K7-)%;^#/M/]RV-CO`_<?[E$(>B0X?TH
M_P#=H/#Q`:;2_P"Y?__9_^TI0E!H;W1O<VAO<"`S+C``.$))300E```````0
M`````````````````````#A"24T#[0``````$`!(`````0`!`$@````!``$X
M0DE-!"8```````X`````````````/X```#A"24T$#0``````!````&(X0DE-
M!!D```````0````0.$))30/S```````)```````````!`#A"24T$"@``````
M`0``.$))32<0```````*``$``````````CA"24T#]0``````2``O9F8``0!L
M9F8`!@```````0`O9F8``0"AF9H`!@```````0`R`````0!:````!@``````
M`0`U`````0`M````!@```````3A"24T#^```````<```________________
M_____________P/H`````/____________________________\#Z`````#_
M____________________________`^@`````________________________
M_____P/H```X0DE-!`@``````!`````!```"0````D``````.$))300>````
M```$`````#A"24T$&@`````#8P````8``````````````\(```+5````%P!"
M`#8`,0`V`#``.`!?`$D`4`!'`%\`4P`Q`%\`,0`X`%,`90!P`#``-@`M`#$`
M```!``````````````````````````$``````````````M4```/"````````
M``````````````$`````````````````````````$`````$```````!N=6QL
M`````@````9B;W5N9'-/8FIC`````0```````%)C=#$````$`````%1O<"!L
M;VYG``````````!,969T;&]N9P``````````0G1O;6QO;F<```/"`````%)G
M:'1L;VYG```"U0````9S;&EC97-6;$QS`````4]B:F,````!```````%<VQI
M8V4````2````!W-L:6-E241L;VYG``````````=G<F]U<$E$;&]N9P``````
M```&;W)I9VEN96YU;0````Q%4VQI8V5/<FEG:6X````-875T;T=E;F5R871E
M9`````!4>7!E96YU;0````I%4VQI8V54>7!E`````$EM9R`````&8F]U;F1S
M3V)J8P````$```````!28W0Q````!`````!4;W`@;&]N9P``````````3&5F
M=&QO;F<``````````$)T;VUL;VYG```#P@````!29VAT;&]N9P```M4````#
M=7)L5$585`````$```````!N=6QL5$585`````$```````!-<V=E5$585```
M``$```````9A;'1486=415A4`````0``````#F-E;&Q497AT27-(5$U,8F]O
M;`$````(8V5L;%1E>'1415A4`````0``````"6AO<GI!;&EG;F5N=6T````/
M15-L:6-E2&]R>D%L:6=N````!V1E9F%U;'0````)=F5R=$%L:6=N96YU;0``
M``]%4VQI8V5697)T06QI9VX````'9&5F875L=`````MB9T-O;&]R5'EP965N
M=6T````115-L:6-E0D=#;VQO<E1Y<&4`````3F]N90````ET;W!/=71S971L
M;VYG``````````IL969T3W5T<V5T;&]N9P`````````,8F]T=&]M3W5T<V5T
M;&]N9P`````````+<FEG:'1/=71S971L;VYG```````X0DE-!"@```````P`
M```!/_`````````X0DE-!!0```````0````".$))300,`````"-O`````0``
M`'D```"@```!;```XX```"-3`!@``?_8_^``$$I&248``0(``$@`2```_^T`
M#$%D;V)E7T--``'_[@`.061O8F4`9(`````!_]L`A``,"`@("0@,"0D,$0L*
M"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,`0T+"PT.#1`.#A`4#@X.%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"`"@`'D#`2(``A$!`Q$!
M_]T`!``(_\0!/P```04!`0$!`0$``````````P`!`@0%!@<("0H+`0`!!0$!
M`0$!`0`````````!``(#!`4&!P@)"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#
M!"$2,05!46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#
M)D235&1%PJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6
MIK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($
M05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$
MDU2C%V1%539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]B<W1U=G=X>7I[?'_]H`#`,!``(1`Q$`/P#SCJ'5>IY&=D7W9=S[;+'%[B]V
MIGXJ>%U&QKOUC(N`\18__OKE2R?Z3;_7=^50;'![I)!HVZG4.LOL8*<6V[:#
M)L=8^3\&[E1^WYW_`'(M_P`]W]ZT^F=#Q,W&%AR8N(<34(!#@7^G27.]C/M.
MSV6W/J]+_AD2SZO8?VRJMF4&X=H=^L/B6N:#-#M6M=9ZFUGYG^&]B%@:6R&.
M28.3AT\!7I^3TN1]OSO^Y%O^>[^]+[?G?]R+?\]W]ZLX^!A6XP]3+95E.L>T
M,<?8&L##N>]H=M;9NLV/W?X/T_3_`$GJUF9T.AX>[]H8[=@)AQU)!$-&S>W_
M`(W;]#\SUD6))T3ZQ7X1NHR=V11E`-=NL<'-+?HNK?/MYVO5"S*SQ<:V77:N
MAC0]TZGVMB4?*Z/3CY-=`S:;&V;_`-,)%;=@]F^S]ZQRZCZJ8?0[,^B\7$68
M08VVU[M[7ON8_P#2-;'Z%E7T/=_-V?SJBR2&.,IB)).IUZQ'I_[UL8HSS&.(
MR`$+X=/5PR^?A_>_>X7D+[^JX[_3R+,BE\3M>7M,>.UR']OSO^Y%O^>[^]>C
M?XP\#"'16V66U_:&.#\:>7-)V6M8[Z7T?\_8N&=TKIS@#5U"IH8RLW!\SN>-
MS_1@?I/2][;&_O\`I_I?TGZ,<OF.7&)F/!?1;S&$8LG")<0(XAT/U:7V_._[
MD6_Y[O[TOM^=_P!R+?\`/=_>K1Z9B%K;&9U08X,G?HX.<UA<W8USW;66OVO=
M_HOTG\YZE%;_`+)Q2U[QU"C8S;,F'&3[ME<^[8U3,+4^WYW_`'(M_P`]W]Z7
MV_._[D6_Y[O[U8NZ7573;8,VAYJ:'!K727DN+-M,3]!OT]_I_P#;?Z54$E-F
MOJ?4JK&VU9=U=C#N8]MC@X$?G-<'>U>O_P#.OK__`')'_;;/_(KQ=>I)*?_0
M\NR?Z3;_`%W?E0P2#(Y")D_TFW^N[\J)C=.ZAEL<_$Q;LAC##G55N>`3KM<6
M-<DIU^B6UTW-9=^CIZALV6?FM>TFN#_(]S_ZBWNM5XG0&GUJ_5&<^NQ@!:'-
M=3NWVU.(VL=;^A]58&!TGK-F+;A6X.2R#Z]#_0LD.:/TK&PS\^MOJ_\`&8[%
MT?1*KL[(QF]=PLAQQVO9#Z+2W<YIK]36O9]#W-_EJMFXHR]P68P!X\8^:>GH
MX72Y?*)8?9!`E(?JYD?++_*P_O?/P?WW`ZT>CNK/4L;`<!EN<9<XBMMCFSM;
M779N:S_#,]_\Y_P7Z!`Z=F]$%3:LJFPO%8`V^UHL#G.?9O8_>_U*]GYG_I1=
M!9TS-R[<_%'3LEN#<]QJ'HV-D!Q]*UOZ/V_Z3V_]18A7_50583+:L&]]M9C)
MJ-%D@'^;NHL#-SVN_/9_.5IXS`5&5@FJ^NW%_P!%CGRLB?<B1PT>+BN/K'SU
M_4_3<G-RNA.=77CX=CZFOW6%[SJTNEWI!MC?=Z/Z-F[_`-2*MT[J?3<&RZQM
M%KB^PA@WP/0,_HK=KF[WM=LL_P",K^FCY70NJ56EM>%E/K(#F'T+9@_FN_1_
M2:@7?5SK#J?7KP,B&N:QS?1L#B7!SYV^G[OYOW*70CO;4)E&9/RRB?T>E?NN
MY5D]+_:N!=E5.MZ>UCP&V$/#K'AQJ=8ZSU-[6-?[/9_H_P!%6LG.=T&O,R!]
MC>VIK9IASB7$N:W])^DV5;F;G;V^RM_^`N_FU+"Z9U<`XMV#E^B?H'T+3'YV
M@V?F..[_`+=6QTK$R<9N93F].R7TY-0K,8]I+?=#K6?H_P#!UO<],D3"R`9:
M`<(_O;M@5FJ)(@"3(Y)>J42(?)+^H\Z[/Z+9N#\)P;[RS8X-.YTGWQ])C/;Z
M3/\`!_\`"JKFW=-MJ9]EQW47![]_N+FEACT1[W/=O;^>CW_5SKF/DOI.#D/]
M-Q;O;386N`_/;[/HO;[E!W0>M28Z?E?]L6?^04@UU:I!!(.X:"2O?L+K?_E?
ME?\`;-G_`)!..@]:B785U3>-]K#6V?W=]VQF_P#D)$UNJ,3(U$$D]!J6@O4E
MYC?CW8UAJO86/&L'P\0O3DKZJX3?#1XMJZV__]'R[)_I-O\`7=^5>I?XI+;:
MOJYU1]3BQS<JJ"([AH=]*5Y;D_TFW^N[\J]0_P`5'_B9ZK_X:J_(Q-G\LO(I
MCN/-[+]IY_\`IG#Y-/\`WU1/5,[MD'[F_P#D$$E1=JJO%+]X_:S4.P;'[4ZA
M_IW?<W_R"KGK'4RZ1DN`)T&UG'^8A%K>./AHJF1=7CTW9#M*Z&/M=/[K`7_]
M]0XI?O'[54.P=6OJW4"WW9#I!CAO_D$LCJO46TM<S(<";`)`9QM<[]Q5,5^^
MEMG`L#7@?U@'_P#?DV0?T4]O5#1\F/47,3F,,R)2!KH3W9<$8G+$$`[[CP;=
M?5>I'G(<?[+/_(*RSJ&>?\.X_)O_`)%95;P-H[N,`?E_S57R.KXNW8UV]I)#
M6-YM+?I!L?\`:=O^&?\`GK-QSYF9J.3(?*<_^^;\L,#M"/\`BQ=Q_6+V`6/O
MV4M@N>=HD'2?H_1=_@6?SF2__@?>A5]=R+QZPN]"INA%FUL`_1<9:[<][?H_
MX)G^#^U/7-C*NR[O5M+;'3(F#55.AM?N_1WY/MVL9_,U?^!+5P\'>X/?^D<[
M4/NG4G7?Z?\`.O\`_`JU8.3)`5+)DX_[TO3_`"_E_K&RY?'$7*,?H`[5'4\N
M_P!N.XO`^E?8`UL_R*P/4L_\#61]>_4O^KV*2XVN&8V7`#6*L@?FK6;7[&M>
M=X:(VQM;I_P;?^_+EO\`&O;95]4,1]3C6X=08`YAVG^9ROW5/RF2>3+*/%(@
MQ-<4N/R:AE#%*,^$$1EJ!Z>+ZOG/UE%;*J:W$>N'$QW#"/SO[2[1>7/>][BY
M[BYQY),E>HK2X/1PW]6+[S_2/>X-/W+_`$>'@^;]Y__2\NR?Z3;_`%W?E7I_
M^*F#]6.JS_W*J_(Q>89/])M_KN_*O0_J#G=9Z'T#,L_9/VK&R'"^NRPD-.UN
MUOZ,->[9N&[U$S)*(B>(@7Z=?%DQ8YSE4!9&KVQ'@2/Q0['%O.LKCK?\;M]-
MCJK.A8@>TP1N/_I-6^C_`.,U_5<LX;>A8QN<PF@`R'.;[C6X^D=OJ,_FW?Z7
M8H98C$&1(H:E=&7%(1`U)IZ%UH@QRN1^O76!CXC.CXYW96=M-K1RVF9K9_7R
MK0W_`*RS_AF+JQ]8[:\RJC-Z'CX]=X_16N&F_P#T;OT6U'>WI-HLS7]#Z<[(
M:X$OL8PO+C]%V]U+G_F_2_P:@.?!"0XY].(5&1;!Y7/7RC>OF@CIKMQZ:J-#
MZ3&,/Q:T-=_U*'F6LIP@ZXBIC+07/<=/H/DJ5GUF<S,KH/2L7T[FE]=DR71]
M.O;Z7\\S:]CF_P#?+&(O4^M=+?CM:>F8F6]KA:VNQK7,V06OM;^C=^E:A*?+
MRJ$YGAR#]",KX?[W#Z5^/EN8A.,A"Z/[T7E.I=<?;%-`+66`'F'.;SM='\W7
M^^B]-Z3F9KO6R7$-=$G@D?NC^0GZS];J>CN9</JUTUU3S'J-8T$.^DW=^A_/
M;]!#Q_\`&L'7,8_HF&UCB!N#CH#_`-94DL%P'W0C'CWL\4IZ=?[S-+G?;/MS
MQUDV)]/#ZO\`N7J\+`Q<8`5M`(X=R[_/_P#2>Q:#"!QI//FN:/UWSOM;:F=(
MPO0+=YMW'CC0>E]+5/G_`%[S,1C;6=)Q+*B=KB'N!!/_`%E4?N1,A>:)E+OQ
M*R>\8RF<4J@:D28_RX7J`Y<E_C:,_4W%_P#3BS_SUE)V_P",3+NQW68_2<5U
MK"?T1>Z7:;@&'T?I/;]!<?\`7'Z_9/UBZ95TRS!JQ*Z[VY`?4XF2UEE6W:YC
M/],K?*<K+'D,S(2H&)&MZM/F21$`QKB]438E$_XKQR]27EJ]26@U'__3X7K_
M`$2C&:.H=,RCU#I]KB'W&LU/KLD_H;JG%W_;B]B^H_4\#ZP="WXOZ-U(%%]3
MF_0=M'PW5_N+QYCLOIN4]F2PLQ\ISO48[5C@'.]T>YOMGWKU'_%-BT8V!U(X
MY_067L<QLS$UM]N[\YON]JKRPQGPQR$Y*OAE\O%?[W!P^ILFXPD8#@(X?<A+
MYHR_1G'^I)J]9_Q.U=1S'9%/4ABM=Q6,?='\G=]H9_96_P!`^HN+T1K15:VP
MM8&[O2VDD<N/Z1_TEM=0ZUTOIM)NSLJFALN#0^QK2YS1N=56'N;OM_X-9>+]
M>.@]0<&8&74Y[7--K+2&.%>UUE]K6.+7[<=C/TMG\VI#B@8B)!,8[>J7X_O,
M?O9.*4K]4_F-12?63!Z>[I%C.H9E6%47,VY-H`:Q\RT^Y]?N_MJC@V_5NX17
MU?&RLAI8&/J():^'/^@RRS=ZK*W^W_@T/ZY=5P^I?5DW]*O9EL&776'U.#F;
MP2-KG>YKFKE>C=`RK</)MJ:PLOOKLI99<:RYM;'T[;'5['>E^DWL44^4Y>4@
M,D-@>L_T_2RPS9_9]$].+^I\W7U_X#TW5<+ZO''-%O5L7#`FYCG@-V/#FUNL
M9OM9[-S_`$K*_P#BUG8_3/JZZH^A]9,-UK'M(L&T@>VQSF%GVGW>HUN__K3U
MD]0Z#GOQ<JB]V)1O#7Q1>^YQ%1]9VYEILWV;6>G7]#8N?Z<['_9]]6.UU;6Y
M5!+G`5V;Q7E.]7'?/H_H-N_T;W_K#/43H<IR\?1")KYO5*<OF_OR_JI^^<U&
M%\8WK:$OW9?]T]KG]$^K?4L4XKOK#AAEK6L$!I^F?T&W]9_TC?T2Y^O_`!;]
M!+`6?6W%<V`014TZ.=Z+8_7/SKF^G_QBH,W;H8)>#J!+6-<2RXM:'>]M?VEG
MVBNM_P"EI_35?Z+U+53LC'<QVPU;8-=GT@US3::K=OY_H.R;<AE?^G])BFQX
M8XQ4!0\R?^DU\O,Y,Q!R'B(%748Z?X+TV)]5^E48+*;/K!C6V8]KZS>&`"`V
MO?CEOVES=]6[?]+_``BN#ZE8_4<1QQ.JU6TN):;&5;QN;R/;D?FK'D?LBD5@
MMJK?:RFH"6L`;3[/6_[5Y#[-]F;D?S?VQ]M57\VM3J?UD/U393B8>'38S=ZF
M1OL<QQ=M#+'RUKVU;O:SZ+T,G+<O&,,D@?<R&5`&7#Z/F9,?Q#F_5C$QP0`&
ML8$^K^]%JU?XM_L9%KNN5MK=[1..1,F6:_:OILL&YBY;Z\_4W&Z7TX=:Q>HU
MYM>1E#'=557M:VPLMLM=ZHNN_/I_FMG^$789?UH>["9D837-P\\EUCK2392]
MNZN['TW-:_U*_I,=_P!6LGJ%-W5/J-2`PV67=6<6LY)_1W-AO]52RP1AC.<Z
M#07?Z)[L<<^3+(<O?%J9"-?I?U7RM>I+S;-Q7X][JW#5I(/R7IGHO\$Q;PF^
M&CQ75=>)_]3A<W-R<UQ;:X$4/>6`"--Q!<O2/\3X<SHW5&&0T9+0(,$$UMG:
MY>5-N+<JP=VV.('CJ=S5Z]_BOJ]/I'4'T>G>VV^M[*P\M@&NOVV'9['[4!0H
M`4R2,IB4Y$R(JR=3X.-U?_%_U2[&L-&+BVY;WTAUXMVN+P+;<W-FW\VYUM-'
M^FM?C_:/15SH?U8RNE95=_4*:&RVUM=5;P]VYU+V7N>^JJK]&ZH?X2V[W^]>
M@5U;G[;,<,9$AX?NUT]I;HI6T8E;0YQ;5K#7.,:GVQ[T5EEX3)^K(Z#]7!A8
MEYRK<O.QVAY8*PW<75MVUM-GT=RO=.Q,#[3:\9E(96RJEE5=P866UNL:^FQ]
M=GTG-V_H]KUU+L.6@V5-N-3VV5M)B'M/ML;^ZYC7.5',^KW2LVQUV5T?'R+7
MB'/>6EQ`_>?M0U,^(G3A$?\`%7"41BX`->*4_K/U%Q<[%Z:'UMLNJQ\L.AP)
MWM=#2WT@]Q^@]K7?H_3_`.$7G/3\BY^+U"MSY%674QK08`&S,W!GZ2O<W<WZ
M/Z9>J9O^+WZN7-:_`QJ^G93"=E]5;'B'?SC'X^2VW'LW-=[=U>^K_!+/Z3]1
MV,S.JV]1P6.IS+*7UT^N[:7U?:*[LG?4&/\`T[;F6^C:WZ;[$;`(.IO_`)J+
MD8$6!7C\SQ'2MC<NL/'M86DB/$;B=O\`67>=3Z7@7]']>G:'@1`,GCZ2OL^I
MO01:#^RJFAN@<+K-&S^:W_OJ/U#ZL8UF+Z>`78Y$S7O=LL$?S;W.]1U7_&U_
MYEB>9:4&,1UU>:Z)C5585>5?MBBUSVUZ>Y^RCTB_\[95L]N]W^B]+]!^C7-]
M;S7YV9;;8/:P[6@<Q.I7;95G1NCXU>-U\,8Z[U+::R;(#&,J];:<:M^W9[-S
M+7_]?O6;Z_\`BP=+VUXY&W>?=D`_YOI^Y0RA.4N*7R@<,/ZH_2_YS((FO3$Z
MFY&MW+^JF!F]1S,7';^DQ,4NLMWQM8U[]UFW_AK7-V,6_P#7&VCIW1<.[$#3
M73U)A+*]`-M5S;*_ZSFM5;-ZG]3L?H>3A]"RFX65E>ZAS#DM'J-$L/VAK-]7
MM_ZWO0NH9-/4?J31:<JK)/VL"VT%PW6-JL]1HWUM>Z_=[_=_GJ3/E$\1@148
M0C#A_?\`WRNY7#.&>!HW*4CQ$'T_NAXGZW58>1G/SL,[J,@%Q<1'Z0"+F_VO
M:]=O^C\%S&%TH=3Q<K$#PU[F.-,]KF-+JY_X/(I]2O\`KU+J_L>3_P!Q[OP5
M#CA[9Y?B-@#$3^G[<HZ2_P";P.C['Z[W*TKW/\/Y-_[_`*W_U?,,AT9-KAHX
M/<9^97KW^)B\NZ+U$F2UF0"&@$D?HV[MK1\%X_D_TFW^N[\J]<_Q(?\`)'4O
M_##?^H25?XO:V=4MOP_M>.ZO%Q75BQF7>01M<)99MW-KK9_QMN__`()<GF?7
M'`NM9C]%QK>M]3)!9:0?3K>.'>H\?FN_T%=-/_"(?UL^JCJ<P9>5?=D='LO_
M`$.$UT-JMR'[G-=)]&JAV18Y_P!H_P`%7_X)/IN;3@W8?V#!C"MRJ<>NX34+
M'O=MW8]38=9Z=8?<]^7;<_T:_P!)7C_S:>9X,?#9,YR^6.W_`*%+^M^@J&#+
MD$I`",8:RD2*\.'B]/\`<_RKW'3#GGIV,>HM8S--;?M#*S+`^/>UG*GF695=
M.[%J]:W<WV$@>V?TFKG,]WI_0_X1'5;J%U%6/^GO.,U[FM;:#!W$RUO]K:F$
MV;4BMR>ILMM%>&+:VP*SZC6EQASG.]WT6_1:G;D]2]6MKL(!CMN^P6M.P$NW
M2W:USG,VL^A^^J9MZ:&2W/NIJQV,J<=Q:-SBYK'O+V>Z_>/TN[_KOYZ9MO32
M*ZF9]X=!8TAQ$N<[7<TM]UKG6;$E-M^9U)FXG"EC6[MS;02?WF-8UF]SV?\`
MG"L8=V1?47Y%!QW3[6%P<2V`=QB-O]19(?TRP$-ZI>8_1O<'_2+-\^[9_P`-
M[_2]GLJ6ETZVA]3VTY#LG98X/<_Z37._2^G]%OT&O24\#_C;WC.Z*]CMA:W)
MD^4XO*XIUK'/W;O2(D$[28>8]45[@_Z3F+M/\;SB,KHS6B7.;DB9VQKC>Z5A
M8N/]4<OH]+79;\/J36-MR[WA]K002Q]5=>^JCWN?4_\`]2^HHLF2M+='EH#V
MHFB;)NA;2;B9(;1F/!.)E"RG'M<TAI?6&G3V?0?O=LV/_G*[EU/I"WZE4@$$
M#J+G`#PV6Z?F_O*OE]6Z0SZNXG1L/(.=74]OK'8&RQKGVLW^IZK:6^H]GT?T
MG^A9^D6OT:JGJ/U68QX%;69[RT4[@):Q\?SV[\URK9<W#CR3-U&)+-L8&0KU
M_P#-\GDPZS$<;J/8]HT^6K?\QR[[]H7>`^X+ENM])^SUNLK)=6X$$.Y:Z-./
MS7+?AW@JWWC'[9S7V%_I?W6T:N/[M2_[A__6\NR?Z3;_`%W?E7K'^*$UU?5[
MJ-C;3/VBLOVM(+?:WV_RUY/D_P!)M_KN_*O2/\7.=^SOJ1]8,X,]4XUC;!7,
M26M;IN0.Q2-P]ZSZQ],];T+<ESW-,6U!MEA]XWLK>&8^SZ#V>W>KM>;T3/<T
MAK7NZ>YKV[ZRUU+G!S&.8+6L>S<SU&>Q<;B#JY<,W`9CY&+G-9?Z;\:RQ['>
MG4QS3DT65?N?18C7YF?T3$?F]2J:^[.MQZVU55/H#1N>QVYUUV3NN;]H_,_T
M::)P,0>+UZ#AKJ5QQS$B*]&IN_T7K[NNX56$,TML=27A@VMUDDMF"6^WVHE/
M4\;(94YK'S:9K8X-D@?X3Z6W9_*6+C-N/1,<4M998<@-(LT;M%C][]/SMK?8
M@Y.5U9YSLC#K9ZV.^NC"9;(#O;NOI;M/M>_]#^D_ZRE&9('BK@]1'0.QG=<P
M,-VVVFQY?SL:TR>`WW.;[OS5F=2^O'U=Z1@49;J+7T9;_2:RBID[V,:=EE;G
MU_0K].M9_4.J8]5HHRP]GJPWU(!K8]_T6/M^@UV_]'O_`)M<7]<]UM#\,OVC
M&RV6N+M`/5JLUJ:[;^DL]#^89_A?^N(#)Z@*T-_@R'".&[UT&_[SUW_CQ?5"
M9^SYD\SZ5?\`Z7_E)Q_CE^J8F*,T3J?T5?\`Z77D'4*-AKM@,-H,LUF6Q^D?
M_P`9^?\`RUVOU(^H55M576^O,G'>-^%@N!_2_N9&2T>_[/\`GU4?]J/YRW]5
M_GY(^K9CE$1W>KS?\9GU9?BXF=D8>8VF]]C,9]F/4=XK%?K&KU+'[J]]K*_T
M?Y]=G[BIL_QE?5%[2P8V6Z>&C%H(,<>UN[WK,^OQZ=E86/1D56NSRUXP0`0V
MMQ^S?H-E3FUM:ZIU?TV^G5_@Z?\`"K`ZKT>XLKROV8_IV)2P#UK60^RUQ#V[
MCB?H7[&UV.K_`%>G_A?40GZ9B`]1/;YO\54+,>+6(OZ?XSN];^N'U%ZM6'8]
M>5@]0:8;F"BK:03M]/*JKM;ZM>UWYC/7K_X3])5;L_5W+QS]36747.<VG/LC
M:PP]P8YQJ9_(VN_0V?O[%YUB=*=?9?DUXKWX[K1C8[FUDUFXM@TM=]'U?Y"]
M)Z33T[_F9A?LI_J,?E!^3.D7FMPR6;7-8ZO99^8J?-&'MS].\#?[O^$W\,9@
MXQ*8E'W-/TOEXO\`FK=0N^V8Y#0-A$R.^BU_0671C^F7L=]$`D#MJNCVM\%C
M#@X)8_T+B?\`IN@1'BC'IPR_[A__U_+LG^DV_P!=WY5Z#]1&UO\`J'UZNV36
M_(H8YH$R'.J;L='NV.G]([\QBX3/QW5WV/$%I>XZ:B"X[7-=^=6[_P`P7>?X
ML?K/T#HW2<['ZIFMQ+KLAEE0<RU\AH;[OU<?R?\`2($6".X2/3('L6V_'Z/G
M'IW2KW9=+',)8<4M$2^ST*0W(I>UNW=[WO?7L9Z;%T%.!T([>GF^/LCJ2\Y<
M;7/8W94'-#64LNJ];U:_19^DL1A]>_JC83Z?7&`D=ZLDZ_![OH_R5=O^O'U(
MRJ33D9U5M;A[FNKL(/\`X$H_:B-/&V;W9G8'\Q]CDY%O4,/K'_-^O+:_$Q\&
MO+8\LG](<K:]UWI^YUEE-FUE>_TO\(KC@?L[,XO+W5%XI;MD[WG:Z_:YWMLJ
M^C7L?_WQ5\3KWU/P\G*ZCC]8;+:6UO>ZFQQ:TNK94ZT[`Z[W-]/_`,^*ZS_&
M%]5['17UJDR(VG'NY_>'T4\1CPU5&][Z+!*4<E[V-8U7J<>WJ;NG59.3FO%>
M+4P.,F7:>TMJK<T>ZYVQFS=_.+B\?J>-D=-R\SKE;'UYN7CG8[<XM%;,BR&.
MK]]=EE=J]#ZK]9?J3UC$=T[JW4:<C&N_,%-S'!PU8^JWW>G8QRH?52OZM?5Y
MO4+:^N#)KS[:@'&FRO;L;<ZMCC46[[+&.]]C/2_F_H)L(QA(2)!\^S)DEDR@
MB,)#OPB_4\O]3_J[TKK_`-8[>H8^.YO0L`L]+'R"7BRT`?H7.?\`]I6V;\FY
MK]_Z/TJ'_P!(7H_4<JMI>;;0\F=1)$'^2$3'^L?0@\6/ZBVS:#`:V\:_VWVM
M^C_)1NH_L/K&*!9;#G-_17L#FO:'#M+?H?O56?HT3S.&&LLD(7WE$+/9RCYL
M<_\`%D^<]>ZI7B9N!=;4<T,^UU[6ALRYN(*W!^VQM#F[O;=Z=UG]=1KZB.DX
MF!]77XF3<<QF\VX[J_5;[_2=751?5?0W^:^G>_U::_TGZMZB[KH/36])P[J;
M>I-R'7Y!M%@KLK``974YFVJ_=^;O^FM,W4P0W+`'F+B>=_/VA1Y>:Y>1_G\5
M#IQ0UXNOS*C"8LC'.SX'8/CW2,3KN1FC&Z778]K+O4K-NYU37.!VOS-*F577
M5L_G/1KML_G:[+%Z.SH[>B]"^S[_`%+;LPWY#QHWU;&'U/2;^;7[?;N6V,GI
MK/TUMM9R&M]-N0&.W;.6UN=8;;'MW?RU0R;*;\1N.<AE]OK^J156:VAD.:UK
M6N+_`/JU6YK-R_W?(8Y83EPUZ91.GE;:PRRF4!*!CCB1+Y>H_2XG*=8"PN\C
M/D5N;AXA9U^/2:G-VC@Z_)7_`$_-8(RQ]N1H_-`?^E&\9QL&CM+_`+E__]#!
M_P#&V^O)>]CNGM=4Y[BPF^GV[CJ?YW^;=_A*_P#T8JS_`/%7]=]TMZ>V#P/7
MI_\`2K5[V9@[=3V!T"SJJ^L,SLN[(M9=A7&G['C"&FG8-N1NMV;KO7L_2>[^
M;0T`*X`RK^+XYA_XM/KS0\ST]I:>?T](C_P5RT6_XO\`ZXQ_06?]OU?^27I>
M!A?6&FXW9^><INZR,9C*JZMCB30'V>C]H]2EGM]C_>J-S?K,<I[\?.+*O5%E
M=;L9SFLI;[+,2&T_K'J;=_VO[6RW_1U(\()J_P`)_P#>KHRE$:5]L?\`OGSK
M/_Q;?75]#35B5O<XP^L75AP']9[VU^[^LL#+Z/UGH62S'ZMBV8ECY],N@L?M
MC=Z5U9?3;Z>]N_TWKZ"KSF6/8P57-+R0"ZIX`C=])SF^WZ";J72^G]5Q'X74
M:&Y./9RQ_8_OL<V'UV-_,LK_`$B55I^:V4KE=`>3X6P-OJ![_D(6CTYM3F.%
MP)=+6LA[6072WZ%GNL]VSZ/\VM/K/U%S^@7&RAUF;TQYAEK6[K:_W&Y5=8]W
M_AFIFS_2^C_A*>-5EXSK&_9\B7Q!;42V1,;_`%*;';=W[BK9-"8_5U.7/%".
M05?RRU[-JL4X[O>2!&T@7TN!,3_TOS5V..:GU5O898]@<V',\!Y^:Y,>N]GM
MQ\KU`1_@FZEHV#VFC:U:?2^I953/0NQ\G:PG8'UZMT]S714WU/=O6=SF$9(B
M0'JB=1X-F0D=-.XU=W:T@D'PCW-[_O:I.?4P2XF)@^YI_P"I0&YH=JVNZ1P#
M7W(C7]&D^RZP$MKM'@TL`''T3^C_`'EF^S&]01]&+AEUV\U7U/<6[CH0',`<
MS4$>)^D]-M%8!:?<.^YKA_T%*VQSQ[:[9,/87,X</I-V[/HH`=DN,/8\CL=A
MY_S5).$:,8@UY+X\1&M!)9<]S'"(,+6E9)JM<TD5OX,^T_W+8V.\#]Q_N40A
MZ)#A_2C_`-V@\/$!IM+_`+E__]D`.$))300A``````!5`````0$````/`$$`
M9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B`&4`(`!0
M`&@`;P!T`&\`<P!H`&\`<``@`$,`4P`R`````0`X0DE-!`8```````<``@``
M``$!`/_A.69H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O`#P_>'!A8VME
M="!B96=I;CTB[[N_(B!I9#TB5S5-,$UP0V5H:4AZ<F53>DY48WIK8SED(C\^
M"CQX.GAM<&UE=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B('@Z>&UP=&L]
M(C,N,2XQ+3$Q,2(^"B`@(#QR9&8Z4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W
M=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R(^"B`@("`@(#QR
M9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS
M.F1C/2)H='1P.B\O<'5R;"YO<F<O9&,O96QE;65N=',O,2XQ+R(^"B`@("`@
M("`@(#QD8SIF;W)M870^:6UA9V4O:G!E9SPO9&,Z9F]R;6%T/@H@("`@("`\
M+W)D9CI$97-C<FEP=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z
M86)O=70](B(*("`@("`@("`@("`@>&UL;G,Z>&%P/2)H='1P.B\O;G,N861O
M8F4N8V]M+WAA<"\Q+C`O(CX*("`@("`@("`@/'AA<#I#<F5A=&]R5&]O;#Y!
M9&]B92!0:&]T;W-H;W`@0U,R(%=I;F1O=W,\+WAA<#I#<F5A=&]R5&]O;#X*
M("`@("`@("`@/'AA<#I#<F5A=&5$871E/C(P,#8M,#DM,3E4,C`Z,S<Z,S$M
M,#0Z,#`\+WAA<#I#<F5A=&5$871E/@H@("`@("`@("`\>&%P.DUO9&EF>41A
M=&4^,C`P-BTP.2TQ.50R,#HT,3HT-"TP-#HP,#PO>&%P.DUO9&EF>41A=&4^
M"B`@("`@("`@(#QX87`Z365T861A=&%$871E/C(P,#8M,#DM,3E4,C`Z-#$Z
M-#0M,#0Z,#`\+WAA<#I-971A9&%T841A=&4^"B`@("`@(#PO<F1F.D1E<V-R
M:7!T:6]N/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@
M("`@("`@("`@("!X;6QN<SIX87!-33TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X
M87`O,2XP+VUM+R(^"B`@("`@("`@(#QX87!-33I$;V-U;65N=$E$/G5U:60Z
M038Q,3E$,3$T,#0X1$(Q,3DP.3E!13<T,D9!.#,U,30\+WAA<$U-.D1O8W5M
M96YT240^"B`@("`@("`@(#QX87!-33I);G-T86YC94E$/G5U:60Z,SDW-3`X
M.#,T,#0X1$(Q,3DP.3E!13<T,D9!.#,U,30\+WAA<$U-.DEN<W1A;F-E240^
M"B`@("`@(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E<V-R:7!T
M:6]N(')D9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIT:69F/2)H='1P
M.B\O;G,N861O8F4N8V]M+W1I9F8O,2XP+R(^"B`@("`@("`@(#QT:69F.D]R
M:65N=&%T:6]N/C$\+W1I9F8Z3W)I96YT871I;VX^"B`@("`@("`@(#QT:69F
M.EA297-O;'5T:6]N/C<R,#`P,"\Q,#`P,#PO=&EF9CI84F5S;VQU=&EO;CX*
M("`@("`@("`@/'1I9F8Z65)E<V]L=71I;VX^-S(P,#`P+S$P,#`P/"]T:69F
M.EE297-O;'5T:6]N/@H@("`@("`@("`\=&EF9CI297-O;'5T:6]N56YI=#XR
M/"]T:69F.E)E<V]L=71I;VY5;FET/@H@("`@("`@("`\=&EF9CI.871I=F5$
M:6=E<W0^,C4V+#(U-RPR-3@L,C4Y+#(V,BPR-S0L,C<W+#(X-"PU,S`L-3,Q
M+#(X,BPR.#,L,CDV+#,P,2PS,3@L,S$Y+#4R.2PU,S(L,S`V+#(W,"PR-S$L
M,C<R+#,P-2PS,34L,S,T,S([13=%,#`Y034S.4(R-$)%-S4W-4)$.4)%-3@W
M0T$Y,$0\+W1I9F8Z3F%T:79E1&EG97-T/@H@("`@("`\+W)D9CI$97-C<FEP
M=&EO;CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@
M("`@("`@("`@>&UL;G,Z97AI9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]E>&EF
M+S$N,"\B/@H@("`@("`@("`\97AI9CI0:7AE;%A$:6UE;G-I;VX^-S(U/"]E
M>&EF.E!I>&5L6$1I;65N<VEO;CX*("`@("`@("`@/&5X:68Z4&EX96Q91&EM
M96YS:6]N/CDV,CPO97AI9CI0:7AE;%E$:6UE;G-I;VX^"B`@("`@("`@(#QE
M>&EF.D-O;&]R4W!A8V4^,3PO97AI9CI#;VQO<E-P86-E/@H@("`@("`@("`\
M97AI9CI.871I=F5$:6=E<W0^,S8X-C0L-#`Y-C`L-#`Y-C$L,S<Q,C$L,S<Q
M,C(L-#`Y-C(L-#`Y-C,L,S<U,3`L-#`Y-C0L,S8X-C<L,S8X-C@L,S,T,S0L
M,S,T,S<L,S0X-3`L,S0X-3(L,S0X-34L,S0X-38L,S<S-S<L,S<S-S@L,S<S
M-SDL,S<S.#`L,S<S.#$L,S<S.#(L,S<S.#,L,S<S.#0L,S<S.#4L,S<S.#8L
M,S<S.38L-#$T.#,L-#$T.#0L-#$T.#8L-#$T.#<L-#$T.#@L-#$T.3(L-#$T
M.3,L-#$T.34L-#$W,C@L-#$W,CDL-#$W,S`L-#$Y.#4L-#$Y.#8L-#$Y.#<L
M-#$Y.#@L-#$Y.#DL-#$Y.3`L-#$Y.3$L-#$Y.3(L-#$Y.3,L-#$Y.30L-#$Y
M.34L-#$Y.38L-#(P,38L,"PR+#0L-2PV+#<L."PY+#$P+#$Q+#$R+#$S+#$T
M+#$U+#$V+#$W+#$X+#(P+#(R+#(S+#(T+#(U+#(V+#(W+#(X+#,P.T0V045"
M.41$,48X0D)$-CE!,C$R.$5$.3-%-C4V,T(S/"]E>&EF.DYA=&EV941I9V5S
M=#X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR9&8Z1&5S8W)I
M<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS.G!H;W1O<VAO
M<#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]P:&]T;W-H;W`O,2XP+R(^"B`@("`@
M("`@(#QP:&]T;W-H;W`Z2&ES=&]R>2\^"B`@("`@("`@(#QP:&]T;W-H;W`Z
M0V]L;W)-;V1E/C,\+W!H;W1O<VAO<#I#;VQO<DUO9&4^"B`@("`@("`@(#QP
M:&]T;W-H;W`Z24-#4')O9FEL93YS4D="($E%0S8Q.38V+3(N,3PO<&AO=&]S
M:&]P.DE#0U!R;V9I;&4^"B`@("`@(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`\
M+W)D9CI21$8^"CPO>#IX;7!M971A/@H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H\/WAP86-K970@96YD/2)W(C\^_^(,6$E#0U]04D]&24Q%
M``$!```,2$QI;F\"$```;6YT<E)'0B!865H@!\X``@`)``8`,0``86-S<$U3
M1E0`````245#('-21T(```````````````$``/;6``$`````TRU(4"`@````
M```````````````````````````````````````````````````````````1
M8W!R=````5`````S9&5S8P```80```!L=W1P=````?`````48FMP=````@0`
M```4<EA96@```A@````49UA96@```BP````48EA96@```D`````49&UN9```
M`E0```!P9&UD9````L0```"(=G5E9````TP```"&=FEE=P```]0````D;'5M
M:0```_@````4;65A<P``!`P````D=&5C:```!#`````,<E120P``!#P```@,
M9U120P``!#P```@,8E120P``!#P```@,=&5X=`````!#;W!Y<FEG:'0@*&,I
M(#$Y.3@@2&5W;&5T="U086-K87)D($-O;7!A;GD``&1E<V,`````````$G-2
M1T(@245#-C$Y-C8M,BXQ```````````````2<U)'0B!)14,V,3DV-BTR+C$`
M````````````````````````````````````````````````````````````
M`````%A96B````````#S40`!`````1;,6%E:(`````````````````````!8
M65H@````````;Z(``#CU```#D%A96B````````!BF0``MX4``!C:6%E:(```
M`````"2@```/A```ML]D97-C`````````!9)14,@:'1T<#HO+W=W=RYI96,N
M8V@``````````````!9)14,@:'1T<#HO+W=W=RYI96,N8V@`````````````
M````````````````````````````````````````````````9&5S8P``````
M```N245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S
M4D="```````````````N245#(#8Q.38V+3(N,2!$969A=6QT(%)'0B!C;VQO
M=7(@<W!A8V4@+2!S4D="`````````````````````````````&1E<V,`````
M````+%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR
M+C$``````````````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@
M245#-C$Y-C8M,BXQ``````````````````````````````````!V:65W````
M```3I/X`%%\N`!#/%``#[<P`!!,+``-<G@````%865H@``````!,"58`4```
M`%<?YVUE87,``````````0````````````````````````*/`````G-I9R``
M````0U)4(&-U<G8````````$``````4`"@`/`!0`&0`>`",`*``M`#(`-P`[
M`$``10!*`$\`5`!9`%X`8P!H`&T`<@!W`'P`@0"&`(L`D`"5`)H`GP"D`*D`
MK@"R`+<`O`#!`,8`RP#0`-4`VP#@`.4`ZP#P`/8`^P$!`0<!#0$3`1D!'P$E
M`2L!,@$X`3X!10%,`5(!60%@`6<!;@%U`7P!@P&+`9(!F@&A`:D!L0&Y`<$!
MR0'1`=D!X0'I`?(!^@(#`@P"%`(=`B8"+P(X`D$"2P)4`ET"9P)Q`GH"A`*.
M`I@"H@*L`K8"P0++`M4"X`+K`O4#``,+`Q8#(0,M`S@#0P-/`UH#9@-R`WX#
MB@.6`Z(#K@.Z`\<#TP/@`^P#^00&!!,$(`0M!#L$2`15!&,$<01^!(P$F@2H
M!+8$Q`33!.$$\`3^!0T%'`4K!3H%2058!6<%=P6&!98%I@6U!<4%U07E!?8&
M!@86!B<&-P9(!ED&:@9[!HP&G0:O!L`&T0;C!O4'!P<9!RL'/0=/!V$'=`>&
M!YD'K`>_!]('Y0?X"`L('P@R"$8(6@AN"(((E@BJ"+X(T@CG"/L)$`DE"3H)
M3PED"7D)CPFD";H)SPGE"?L*$0HG"CT*5`IJ"H$*F`JN"L4*W`KS"PL+(@LY
M"U$+:0N`"Y@+L`O("^$+^0P2#"H,0PQ<#'4,C@RG#,`,V0SS#0T-)@U`#5H-
M=`V.#:D-PPW>#?@.$PXN#DD.9`Y_#IL.M@[2#NX/"0\E#T$/7@]Z#Y8/LP_/
M#^P0"1`F$$,081!^$)L0N1#7$/41$Q$Q$4\1;1&,$:H1R1'H$@<2)A)%$F02
MA!*C$L,2XQ,#$R,30Q-C$X,3I!/%$^44!A0G%$D4:A2+%*T4SA3P%1(5-!56
M%7@5FQ6]%>`6`Q8F%DD6;!:/%K(6UA;Z%QT701=E%XD7KA?2%_<8&QA`&&48
MBABO&-48^AD@&449:QF1&;<9W1H$&BH:41IW&IX:Q1KL&Q0;.QMC&XH;LAO:
M'`(<*AQ2''L<HQS,'/4='AU''7`=F1W#'>P>%AY`'FH>E!Z^'ND?$Q\^'VD?
ME!^_'^H@%2!!(&P@F"#$(/`A'"%((74AH2'.(?LB)R)5(H(BKR+=(PHC."-F
M(Y0CPB/P)!\D321\)*LDVB4))3@E:"67)<<E]R8G)E<FAR:W)N@G&"=))WHG
MJR?<*`TH/RAQ**(HU"D&*3@I:RF=*=`J`BHU*F@JFRK/*P(K-BMI*YTKT2P%
M+#DL;BRB+-<M#"U!+78MJRWA+A8N3"Z"+K<N[B\D+UHOD2_'+_XP-3!L,*0P
MVS$2,4HQ@C&Z,?(R*C)C,ILRU#,-,T8S?S.X,_$T*S1E-)XTV#43-4TUAS7"
M-?TV-S9R-JXVZ3<D-V`WG#?7.!0X4#B,.,@Y!3E".7\YO#GY.C8Z=#JR.N\[
M+3MK.ZH[Z#PG/&4\I#SC/2(]83VA/>`^(#Y@/J`^X#\A/V$_HC_B0"-`9$"F
M0.=!*4%J0:Q![D(P0G)"M4+W0SI#?4/`1`-$1T2*1,Y%$D5519I%WD8B1F=&
MJT;P1S5'>T?`2`5(2TB12-=)'4EC2:E)\$HW2GU*Q$L,2U-+FDOB3"I,<DRZ
M30)-2DV33=Q.)4YN3K=/`$])3Y-/W5`G4'%0NU$&45!1FU'F4C%2?%+'4Q-3
M7U.J4_940E2/5-M5*%5U5<)6#U9<5JE6]U=$5Y)7X%@O6'U8RUD:66E9N%H'
M6E9:IEKU6T5;E5OE7#5<AES672==>%W)7AI>;%Z]7P]?85^S8`5@5V"J8/QA
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MB?Z*9(K*BS"+EHO\C&.,RHTQC9B-_XYFCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2
MXY--D[:4()2*E/257Y7)EC26GY<*EW67X)A,F+B9))F0F?R::)K5FT*;KYP<
MG(F<]YUDG=*>0)ZNGQV?BY_ZH&F@V*%'H;:B)J*6HP:C=J/FI%:DQZ4XI:FF
M&J:+IOVG;J?@J%*HQ*DWJ:FJ'*J/JP*K=:OIK%RLT*U$K;BN+:ZAKQ:OB[``
ML'6PZK%@L=:R2[+"LSBSKK0EM)RU$[6*M@&V>;;PMVBWX+A9N-&Y2KG"NCNZ
MM;LNNZ>\(;R;O16]C[X*OH2^_[]ZO_7`<,#LP6?!X\)?PMO#6,/4Q%'$SL5+
MQ<C&1L;#QT''O\@]R+S).LFYRCC*M\LVR[;,-<RUS37-M<XVSK;/-\^XT#G0
MNM$\T;[2/]+!TT33QM1)U,O53M71UE76V-=<U^#89-CHV6S9\=IVVOO;@-P%
MW(K=$-V6WAS>HM\IWZ_@-N"]X43AS.)3XMOC8^/KY'/D_.6$Y@WFEN<?YZGH
M,NB\Z4;IT.I;ZN7K<.O[[(;M$>V<[BCNM.]`[\SP6/#E\7+Q__*,\QGSI_0T
M],+U4/7>]FWV^_>*^!GXJ/DX^<?Z5_KG^W?\!_R8_2G]NOY+_MS_;?___^X`
M#D%D;V)E`&2``````?_;`(0`"`8&!@8&"`8&"`P(!P@,#@H("`H.$`T-#@T-
M$!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`$)"`@)"@D+
M"0D+#@L-"PX1#@X.#A$1#`P,#`P1$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,_\``$0@#P@+5`P$B``(1`0,1`?_=``0`+O_$`:(````'
M`0$!`0$```````````0%`P(&`0`'"`D*"P$``@(#`0$!`0$``````````0`"
M`P0%!@<("0H+$``"`0,#`@0"!@<#!`(&`G,!`@,1!``%(1(Q05$&$V$B<8$4
M,I&A!Q6Q0B/!4M'A,Q9B\"1R@O$E0S13DJ*R8W/"-40GDZ.S-A=49'3#TN((
M)H,)"A@9A)1%1J2T5M-5*!KRX_/$U.3T976%E:6UQ=7E]69VAI:FML;6YO8W
M1U=G=X>7I[?'U^?W.$A8:'B(F*BXR-CH^"DY25EI>8F9J;G)V>GY*CI*6FIZ
MBIJJNLK:ZOH1``("`0(#!04$!08$"`,#;0$``A$#!"$2,4$%41-A(@9Q@9$R
MH;'P%,'1X2-"%5)B<O$S)#1#@A:24R6B8[+"!W/2->)$@Q=4DP@)"A@9)C9%
M&B=D=%4W\J.SPR@IT^/SA)2DM,34Y/1E=865I;7%U>7U1E9F=H:6IK;&UN;V
M1U=G=X>7I[?'U^?W.$A8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*
MFJJZRMKJ^O_:``P#`0`"$0,1`#\`ZQYW\\Z/Y&TLW^I-SGDJMI:*?CE<>'@@
M_;?//&L?GUYXU&9S8O#IUN2?3BB3DZ@]C*WVO^!P!^=&O3ZUY[OX78^AIK?4
MX$K\(X?;8?Z[=<Y[BK,_^5L?F%_U?KG[Q_3-_P`K7_,+_J_7/WC^F0S-BK,_
M^5K_`)A?]7ZY^\?TS?\`*U_S"_ZOUS]X_ID,S8JS1?S7_,([?IZX^=1_3*/Y
MK?F$#3]/7/WC^F0S'E:J&'R.*LX@_-+\P6%6UZX^\8*3\S?/IZZY<?>,A4"_
M",&QIVQ3$6RY?S+\^'_I=S_?BB_F3Y[_`.KU/]^1=(_#%UC&"VT0OHR9?S'\
M]'_I=3_>,63\Q/.Y_P"ES/\`>,C*1^V+I'D3)R,>"^C)E_,'SK3?6)_O&!;C
M\Q?/*5XZS./I&%(3;`EVJA"<C&=EMSZ<1QW0%*EU^:?Y@QO1==N`/F,0_P"5
MK_F%_P!7ZY^\?TR+WQ!DVP)EKK&9_P#*U_S"_P"K]<_>/Z9O^5K_`)A?]7ZY
M^\?TR&9L59G_`,K7_,+_`*OUS]X_IF_Y6O\`F%_U?KG[Q_3(9FQ5F?\`RM?\
MPO\`J_7/WC^F;_E:_P"87_5^N?O'],AF;%69_P#*U_S"_P"K]<_>/Z9O^5K_
M`)A?]7ZY^\?TR&9L59G_`,K7_,+_`*OUS]X_IF_Y6O\`F%_U?KG[Q_3(9FQ5
MF?\`RM?\PO\`J_7/WC^F;_E:_P"87_5^N?O'],AF;%69_P#*U_S"_P"K]<_>
M/Z9O^5K_`)A?]7ZY^\?TR&9L59G_`,K7_,+_`*OUS]X_IF_Y6O\`F%_U?KG[
MQ_3(9FQ5F?\`RM?\PO\`J_7/WC^F;_E:_P"87_5^N?O'],AF;%69_P#*U_S"
M_P"K]<_>/Z9O^5K_`)A?]7ZY^\?TR&9L5>C>7_S.\^7>K6T%QKEPT;M1E)&_
MMG1SYI\V<AQU&4@YYZL;I[.[AN8_M1.&'T9Z$T&\M-2TR&[A(?DH/RS5]J9L
MF$0R0OA.QH]7?=B>!+'EADQQG(2$AQ`$\)VZJ.K^:?-T"+Z.J3(U*FAR):AY
MZ\_!&]'7+A'7<4.3"_ABN25K^\'[.0_5;(1DDK0]\AH=9*0$9DD^;F:[L[%D
M@9PC&!`W$13&F_-7\Q$8JVNW((-#N/Z97_*U_P`PO^K]<_>/Z81Z[:B&XYJ*
M!L*,VX-BWEY1,9&)Y@TS/_E:_P"87_5^N?O'],W_`"M?\PO^K]<_>/Z9#,V+
M%F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9
MO^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ
M5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9
MO^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ
M5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9
MO^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ
M5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9
MO^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ
M5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9
MO^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ
M5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9
MO^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ
M5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9
MO^5K_F%_U?KG[Q_3(9FQ5F?_`"M?\PO^K]<_>/Z9O^5K_F%_U?KG[Q_3(9FQ
M5GUA^<WYA6$HD_2AN:&O"Y42*?H^'.T?EY^=NF>:)8M(UQ%T[5I*+"X/[B9O
M\EC3TW;]F/\`X;/+.6CM&ZR(2KJ0RL.H(W!&*OO[-G"!^:^HM^3SZJ)O]SJ2
MKI+3U^,.ZL5GK_OPPQO)_KYL5?_0X_YY_P"4OUK_`)BY?UY'\D'GC_E+]:_Y
MBY?UY'\5=FS9L5=FS9L5=BD+#EQ;[)V.)Y8-#BJ914'P^&#X<+$D!19/H;!\
M$@)&^)903.)!3!*1X%A<8-C<97*^CL-.('FJ)%BH0`8F)U48'GOD4'?*N&4B
MYQR8<<;L*LTX0&N$=_?KNM<0OM2J2`<)I)&D-2<NA`1=3J=5+(:&P=*_J,6Q
MF;-DW%=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5
M=FS9L5=DL\G>99=)E-I*Y$$IJN_V3_;D3RP:9#)CCDB83%@MN#//!DCEQFC'
M[1W%[B]\DZ":-P6ZU!WQ&ZE6[B^+=^E<YMHVJSM&;4R$2+O$Q/4?RX8QZ_=0
M$I*:`]_?,#\APGT'ER>@AVUBE$')`BQ1K<);YE<"41^!WR.Y)=0M4O`UV'#`
M[G?OD=DX\B%Z`[9L8_2!W//YR3EE+^<21[EF;-FPM3LV;-BKLV;-BKLV;-BK
MLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BK
MLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BK*K?_R6
MNHCM^G+'_J#OLV:W_P#):ZC_`-MRQ_ZA+[-BK__1X_YX_P"4OUK_`)BY?UY'
M\D'GC_E+]:_YBY?UY'\5=FS9L5=FS9L5=FS9L55H'`;B>C;'%%E:!N!['K@7
M%G_>(&[KLV*IA'?@?M8N-3`'VL(LV+(2D.J<R:J:4!P!->RR$[D#`N;%!D3S
M+9))J<K-FQ0[-FS8J[-FS8J[-FS8J[-FS8J[-FS8J[-FS8J[-FS8J[-FS8J[
M-FS8J[-FS8J[-FS8J[-FS8JOC=HW5T-&4U!]\/6D6]@6X6G([2+X'(_@S3[L
MVTM&_NWV8?QQ91/0\BB4KQ:.I`/;MA=-&R,0?'#::,QMS&ZG<'VP-.GJ+[XH
M(^Q+LV+B*E5/?]>(E2#0XH:S9:J6(`%:["F2[1/)5Q=QK/?5C1MUB'VJ>)\,
MA/)#&.*9`#=@TV;43X,,#(]>X>\L0S9U>+R1IB*`;>ONW7`MYY!LI%)M^4+G
MIW'W9CC7Z<FN*O-SY=AZP1L"$O(2W^UYEFPXU?R[J&DL3,A:*NTJ[C"?,J,A
M(7$@@]0ZW)CGCD89(F,AS!%%V;-FPL'9LV;%79LV;%79LV;%79LV;%79LV;%
M79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%
M79LV;%79LV;%79LV;%656_\`Y+74?^VY8_\`4)?9LUO_`.2UU'_MN6/_`%"7
MV;%7_]+C_GC_`)2_6O\`F+E_7D?R0>>/^4OUK_F+E_7D?Q5V;-FQ5V;-FQ5V
M;-FQ5LBF*0$<N+'X6V.)C<>^8&F*MNA1BI[8W%Y*2QB3]I=F_KB&*NS9LV*N
MS9LV*NS9LV*NS9L=QJO(8JMS8LB^HG`"K#<4\,2XG?;IBK6;-FQ5V;-FQ5V;
M-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5-K"Y$J?5Y3N!\)
MQ[(4)4C<?JPIB#\UX?:KM3)/#IUS<QJY0\P.GC@)`W.S9"$I^F(,B.Y*)8NX
MZ'?$)(^5&I\QDB.C7/ID<=NJ^.%EQ:RP5#J5^>(D#R-IR8,D-Y0,0>\)SY%T
M`7]X]Y.G**V("`]"QWK]&=;M[-(U%%%<(/(%DL.B1/QWD9GK\SDP";#.9[3U
M4IYY0!],#PCX/4]G8HX-)C`'JF!.1[S+<?((;T1C3;J>V#..5QS7B9<OC*37
M^EP7=N\4L896%&!SC/FKR[+HEX2H)M9#6-O#_)SOTT?P<NQR)^:=*BU.PDMW
M'Q%:HW@PZ'-GV;K90R"$C<)&CY>;B:_21U>$D#]Y`$Q/?7\'Q>&9L6N8)+:9
MX)!1T-",1SI'D2*V+LV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKL
MV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKL
MV;-BK*K?_P`EKJ/_`&W+'_J$OLV:W_\`):ZC_P!MRQ_ZA+[-BK__T^/^>/\`
ME+]:_P"8N7]>1_)!YX_Y2_6O^8N7]>1_%79LV;%79LV;%79LV;%6U-#7+=:'
M;H>F-Q0?$M.XW&*MPL%8@_9;8XQUX,5QN+M^]B##[2;-\L54,&Z3I&HZ[?Q:
M7I-NUU>SU$4*D`MQ!8[N57H,!9.OR=_\F'H_^M)_R;?%6-:7Y:US6M4;1=+L
MVN=13ERMU*@CA]O=F5?A_P!;)#_RJ+\Q/^K*W_21;?\`5;)!^6%1^9>ID=1%
M?TIX\7SG4EYK#3NJW%R27(`#R>/SQ5K6="U?R]?-INM6DEG=H`3%(!N#T964
ME67_`"E;#G1/R[\Y>8+5+[3-*DDM'-$G=HXE:G\OK/&7_P!CG0O,^CR:AY.\
MEC72[:L(94F:6OJ>@9']+D6^/H5PB_-S5-3M?-R:9;3RP66GV]O#9V\3NJ!1
M$K$A%/'DS-\6`$$D=S.6*<8QG(5&=U_F\TMNORF\WZ=;->:AI[QP)O(Z-')Q
M^8B9VPFD\NRPQ,\9+D=5]LZ#Y&\V:GI]T+ZXM[JY7T7AGM7]3BX<4J0=CQQF
MBV-IJ5^UO>W:V,)223UG%14;JG^RRJ660-`;WR_:[/#H<$\9F23'A!$H_:.#
M?>+R8<K:X#?RFHP;=0J.-P@K'**[=CW'T8:>8-+^(W4*_`VY`['^W"W3W$L;
MV<AIRW0GLPRV,A("0<#+AEBR2PSY]#W]W^F2XV\AD2*-2S2$*@'4D[`89Z]Y
M4\Q>6/J_Z>L)++ZTO.`N5(8?-&;_`($Y+/RVT2+5O-4,U^A^HZ.K:E>'P6W_
M`'BU]F=..&][JLWYC^3O,K3DR:CH=Z=6L]SM9S4BDC`_EC1.6%H>1YLV;%64
M:/\`EUYSU_3X]4TG2GN+*4E8Y_5A0$J:&GJR(W7%[W\KO/NGVLM[=:+(+>!2
M\K))#*54=6X12.__``N2#6IKJ'\H?*QM9)(R;N[Y&(LM=QUXX$_*.YUR;S_I
M*+-<R6Y:07BLSM'Z/I/S]4'X.'^O^UBK#-)T'5]=:Y72;5KEK.%KFY"LJ\(D
MW=SS*_9_R<+LGFB^6V\P>8?-4>F7[V,%A'?72&(E?4AC=^,1X4^%EPE\I^4Y
MO-$MZYNHK&PTV`W5_>S<BL<=:"BH"S,QV4#%6.YLGUIY$\OZ\\EEY6\Q+>:H
MD3S1V<T$L9F$:\BD3E.//PYX2>3_`"C<>;M8GT>.YCLY(+>:Y>68$J!#3D#Q
M^>*L<S9/=*\D^6-<OTT/2?,BRZM-5+8M!(L$LJ@MQ5BO-5;C\+/A3HGE#4=4
MUR/R^BJE\\K1/S^RAC!:1F]D56Q6F-+&[=`<4%M)_+G1;?RKY3GOTT:V\RH;
MZ23T(YFA<6[2D\%4'CZE&?X<)O\`#FJCS'_A41C])?6/JO']GERX\_\`4_:Q
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MN\N6\5Q>`/2HZ#.W:'Y?MH;5)IP"TBUW[#.<:CY-\N^5-7DTK6?,P2_A91*+
M2&1A$"`P]1BN[4;]C#_7KS5_+<OZ"OKQ9F,"7%I<PU59H)!^[D'*CC-?VCIL
M^:,8X9\(OU>YW'96KPXHSQS]$CN)]X'\/D4SUZ"QMY_3B8!C^Q7O\L)FT"?4
M[*ZN4@+VMJ!]8F%!Z?+[)W-?NP-:3KK&GB]'Q7MF>%P.I9?V7R=>4[2YU+RW
MYBM;*,S3RK$$C7<D^&5:?'+&!`R)E"P3UX@+^UW&3-CR8!,B,H2X*,N1A.0C
M+B_JH?RA"T&C0POUB9TKX@'X3DI:TFCBCEE0K'*"8VVW`V.%WE[RYY@@@G@N
M;"6/X@\993X;C)/J<<EM8Z;#<(4D6-^2'J/B.:;5X)\>IRSC(<-2B:J),I1_
MXIA++"$L6'%.,Q?#L>(\,8DCDE5S9W%KP$Z</47FE:&JGOM@;AAUJ5B]K]7+
M2&42Q"05_9!_9&.DTNVM`@O+GA,ZA_352>(/3D<Q3BGQSB!PB%<7%*/IXN5R
M](W1'4QX8DFS*ZX0=Z_HI-(H$14X2ZQ9W%O'&\\91)T]2$FGQ(?VMLE&K:=]
M2M[>X$ZS)<AN!4$;+3Q^>(^8[:QDTW2)KZ\%NOU556-5+.WB1L5H,RM)IYB4
MQ/:4!&7,5ZZZ_P!4MN+4@'&8^J.24@:$C*X@\A[XOG7S?;".]]51]K8Y&<Z;
M^8WEWZE86FMVETMYIEZSQQ3*I5EDC-&C<,!O\LYEG5XK\.-]P>6UG#^9R\/+
MB/DF6B:#J_F2^73-$M6N[QE9UA4JIXJ*L:N57;YY)/\`E47YB?\`5E;_`*2+
M;_JMAA^2I(\XN1L187E"/^,+9"[J^U;ZU.!<W-/4>GQO_,??)N.MUG0]6\OW
MSZ;K-H]G=H`6BDI6AZ$%259?=3A?G3_S(]=O)?D:34BYU9K683&:OJF$,/0Y
ME_WG\WVL)9?)>D:-96,_F?61:7FH0)=1:?#$\DJ0R?W<DK<?3^.GV:XJPK-D
ME\S^4CH-IINJV=['J6E:JCO:W42LE&C(62*17"E9$)P]F_+S1=(@TRY\R>8X
MK-=6M8;NUABAEDD"S*K$R<5*JL?+C_E?LXJ\]`)-!N3T&'FJ>3_,FBZ?%JFJ
M6#6MI/Q])Y'CY'D.2_N@YE%1_,F'L?E&V\N^?[/0M:OU6V66WF@O(T9EE63A
M+#\%.0]3D%;D,,_SAAT<^9=2NHM7DNM2,R))I[1N%B41H`%<CA2G\N*O,\V3
MZX\AZ'H2V\'FSS`ECJ-Q"ES]2AADE:))!5!*ZJ4Y$?RX2>:O*<GEQ;"\ANX]
M1TO5(C/87T2LBN%-'1DD"NKI\/+%6.9LGQ_+_1]-T[2=4\Q^88K*'6;6.ZM8
M(X9)):.`6Y<5*JL=?B_F_8Q&3\M[I?/%CY.2^B==219[/4`K<&A>)IXW*$<Q
M\*\<58/FR?)Y&\L1ZD=!O?-,2:J9?JRB*"5X1,6]-(W?A_/]IE^'&7?D?0=`
MO9-+\U>8$M-1C:DMO;PR3"->JEW"\?C3B_%?YL58)FP^\V>5KKRKK)TF:5+E
M71)K6YBKQEBE'*-P#N,D5[Y%\L:%(ECYA\SQPZBT:2RP6T,DR1^H.2HTBJ5+
M#]KCBKS_`#9(/-OE6;RK>V\/UJ.^L[V!+NQO800DL4GV31P&!_FP[NO(>D:+
MI^E:EY@UY(!J]I'>6MI!#(\P60!OC/'TU"5I_E?LXJP3-DH\T>44T33].UW3
M;U=2T75/46VN0C1LLD1XR12(X'Q`AL&V'DC3X=$L]?\`-&L)I-MJ1?\`1]N(
MWEGD5#Q:7BBL$CY#C\6*L*S9+/,?DV/2M(M?,>D:BFJZ+=RM;K<(CQO'*@Y&
M.59`N]/#%;7R;86NB66N^9=573X=3#M86D<;2SR(A"^K\(*)'RV^+%6'9LE>
MN^3H[#0K?S1H]^FI:/<3-;,X1HY(95`;TYE<+]H?99,BF*NS9LV*NS9LV*NS
M9LV*NS9LV*NS9LV*NS9LV*LJM_\`R6NH_P#;<L?^H2^S9K?_`,EKJ/\`VW+'
M_J$OLV*O_]3C_GC_`)2_6O\`F+E_7D?R0>>/^4OUK_F+E_7D?Q5V;-FQ5V;-
MFQ5V;-FQ5V6IXFHRLV*KY``:CH<=`X1J'[+;'Z<:M6%/#IC>AQ5=*A1R.W;)
MO^3O_DP]'_UI/^3;Y#B#+`&'VDV/RQ32M6U'0[^+4]*N&M;V"OI3I2J\@5/V
M@1T.*O2_RN<Q_F;J,B_:2.^=:]*J&8?JP5I'Y@>;KAI)KDVG`,0@^J6X-`?'
MT\YIH^N:UI^K'4=-O'M[^XY))<*%+$2[2?:!7XJY.XHA#;HO>F^59IF(`',N
MQ[,TL<V24IBXXQ9'>3R1NIZU?ZO>K?:K.9Y%H.1``50:\55:`#!OYLZ/>S:U
M%K5E&S<H8+BSN53DAXHHXU(*E@5^SA">N&UAYH\PZ9"MO8ZA)'"OV8R$D`^7
MJJ],IA*N=][L]1IQD`C$1`$3'A^D4:Y5RX>%,?RK\Z^=-9\RF#S#<&;1;:VG
MEO&>UACCC]-?A9Y$B3CO_E9&[*.75&/U"%[EF+N(XE+MQ!-3Q6O3`?G+S+YN
MOK0Q3ZG+)82[30(L<0_V7HI&67_6PK\E>9K[1;K_`$.Y:VE96195I4!NJ_$#
MURZ8$XB0Z?@NMTLYZ7//!.AQT`3]-_PF_P":4]>-)XFB?=7%,@]Y:R65VP[J
MW7Y=#D\"TPKUNP6>,7`6I`XR4\.QRK#.I<)Y'[W/[2TIR8O$C]6/?WQZ_P"E
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MA?BAZ;^3A)N/-).Y.B7=3_L#B?Y<`S^4_/5G"ADN7L89$C459E22K4`W/'[6
M0?2==U;0S<MI-T]J;R%K:Y*`'G$_VD/('8XEIFJZCHUTM[I=R]K<+4"2,TV/
M4$'9A_K8JS;\F[2Z/G_3IO2816XDFGD((5(U4\F8^&+?E<0?-/F`@U!TG4J'
MZ!D>U#\Q/.>IVKV=YJTC02*4=$2**JG8J6B1&H?];"C2-7U31[F2?2KEK::X
MB>VE=*$M%+3U$/('9J8JR[\I[?\`YWS0IC_RUFG_`"+DR8>2[B-/S:U%'`9I
M9;V.%#^T_%VX_P"RIQVSGNG7EWH\EO?Z=,;>\MV]2&9:%E8@K4<@5Z,<0>]O
M)+UM1:=_KKR&=KA3Q?U":EZK3>N+.J'P9M!YG<:O#:VOD?3!J"W*);@FZ!$P
MD`C)K)04DIUP=H5WJ)_.B&Z\QPPVFHR7!CN8(&#Q)*R!$".2U>W?[61K_E8?
MG81F+],2!3_Q5!RW_P`OTN?_``V1UIIWG-RTKF<MZAFY'GSKRY<NO*N*TSN_
M\RK;:W=V?^"---TEW*@Y_6@[/ZC49AZGVG^U@X7&MW/YO:-)YAM8;+4OK=L)
M;>V?U(U'$\/BJV_'(PGYA^=HH_136).%*5,<#-2E/MM&7^GEA3;ZKJ,6I)K"
M7+_I&.3UTNR>3B0?M_%48$@(OS*UQ!YBU.ZLY&@N([F4I+&2K`UIL1D)EY>H
MW,U:M23WR7/-+>2S3W+F2:9B\LAZLQZL:9&M0B].<CQQ"SC0![V]'_XZUA_S
M$P_\37.B_F7_`.3G;_F*T[_DW!G,(I9()4FB;C)&P=&'4,IJI^_!^H:_K&JZ
MM^G=0NWGU/E&_P!:8*&Y1!1$=@%^`(O[.%K3W\T?^4_US_C.O_)M,D'YRRM#
MK^@.O4:%9?KDSG6I:E?:Q?3:EJ4S7%Y<-RFG>G)B`%J:`#H,6U?7=6UZ:"XU
M>Z:[EMH4M8'<`%88ZE(QQ"[+R;%62>5M52RU**:3_>><&*<=J-W/RSK>CPS:
M;Y?\SM;2-&K+$\,L;%30_P`K+0YY\L;@QR!2?A)_'.P>7M7NM2\NSZ9#.RD*
M!+&*?O(U^R#7?X<P=6/#F,_\)'!/X_1+X.[[*R^+`Z4D6)QR1O\`HRC*<?C2
M-L=9U.&=)S>W#*OVE::0BGR+9T'4[GU]+TJ<L7]2*0\B:G[1[G.6VLBJ6BEV
M)VW\<.;+7KA4CT^]E+V\((MU-*(&-2!3-7J8&4,H`))B`/=Q"7Z'>Y\$92Q3
MB`.`DGIL8F/Z7HVN3+&VG5Z?55/XXSS%R-ZLBJ2DD2%&`V.W;(S+JSW8C,\_
MJ&-/3BY4V4=%VR1F2\6"']!7ZR6IC'))9(^:/^TI#+51F*8^/+/Z9U,XY;`&
M=P'!]-BQ_G.N."6#P23&P)C>Q#U'B^JME+S!S@T/2%E4H_&2JG8_LY&O.MP$
MT_16)V-BAP;YPU>/ZEIUB]RD]S;*[74D;!UY/3X0P^T13.=:[KEU>Q11W$Q>
M*V016ZM3X4'113-ABPWEF`#1ABC_`*2,;OS]+;B!QX,>:1`,999$=XF9\)'S
M7>=Y>?Y3Z(P[ZI<_@7SCYZY)-6UK5+VQCT:2Z=M+MI6F@M*+P61J\W!IR^+D
MW[61TQOX;9NXBH@=P>7S3X\LY_SI$_-Z+^2,C1>=#*GVH[*[9:[BHA8C$+C\
MW?.$=Q*BO9T5V`_T.W[$_P#%>0W2-:U30;LWND7+6ER4:(RH`3P<<77X@W48
M!9F=F=S5F)+'Q)PM:::YYBUCS+J'Z2URZ:ZN2`H9@%"J.BJBA55?D,ZS^8WF
M.RL=0TF5O*]CJ\%SI5I)!?W(GJR\3^[4PR1Q\8_9<XCDBTGSWYMT.V6STS4Y
M(;=*^G$RQRA0>R^LDG$>RXJR'SIJFO:CY1T-KG0[/1M":69],2U9^3M6DI,<
MLDDG'E^U3*_-3[7E8_\`:CL?^32Y#]:\P:SYAN!=:S>/=RJ.*%Z!5'@J(%1?
M]BN)ZEK.IZQ]6_2=RUQ]3A2UMN5/@AC'%(QQ`V48JBM)O+J]\Q:5->3//(+J
MV0/(Q8\5D156I[*,.OS+94_,76'<55;E"PZ["-,B,$\MM/%<P,4FA=9(G'56
M4\E8?(C%M2U*^UB^FU+4IVN;RX/*:=Z<F(`6IH`.@Q5GWYSV\TGG$7,<3-!<
M6=J\,JJ2KKZ8%58=<;YWAFM?R]\BVURICF*WLPB;9A'(T/!N)Z<N)R/Z9^8/
MG'1[5++3]5DCMXQQCC=(I>(\%,R2,!A/JNLZIK=S]<U6Z>ZGH%#N>BCHJJ**
MH_U1BK,_S*_XY7DC_MA6WZL;^4]Y=7OYF>7GNYGF9&DC1I&+$(MO*%45_949
M#M0UG4]5BLX=1N6N(]/A6ULU:E(X4^S&M`/A&-TK5=0T34(=4TJ=K6]MR3#.
ME"5+*4:G($;JS+BJ:M_RG1_[:Q_ZB<,/S5_\F!K9[F5*_P#(I,BIO;HWOZ1,
MI^M^K]8];:OJ\N?/PKS^+%-3U._UF^FU+4YVN;RX(::=Z<F(`45H`.@Q5G_Y
MG6ZW?F;0+5G])9M-LHS(>BAJCE]&#O.-SHGE+7;CRQ;^3[:_BMEC3Z[>-=-<
M3EE#&4/'*H'(_8XC.;:IK6J:U-%<:I=/<RP1)!"[T!6./["#B!]G#N#\R/.U
MM:+8Q:O)]75>"JZ12,%Z4]21&D_X?%61_F\B1P^4DBM7LHQI$7"SEKSB%?[M
MN7Q5&`_S._WC\F_]L&S_`.(#(;J>M:KK+0MJMW)=M;IZ4+2FI5!^R#E:CK.J
M:NEHFI7+7"V$"6MH'I^[AC%$C6@'PKBK//,'_DF/*'_;0OO^)R9?YBP3W?E;
MR1?VL;2V8T]X3*B$J)5E;DI8#[7^3D$GUS5KG2;70I[IGTRR=Y;6U('&-Y"2
M[#;E\19OVL':+YT\T>7H3;:/J4EO`QY>B0DB`^*I,LBK_L<557\OZQ%Y.7S!
M/<-%IK7AMH;*0NO-PBN9HT/P,OQ<>7^3G1O,6NVVG^3?)<[^7+/68)+`H)[H
M3?NW1SRB'H/&O^5\6<LUKS-KOF)T?6;Z2Z].OIJW%46O7C'&$0?\#B^B^<O,
MWEZ(P:1J,EO"26](JDB@GJ5659%7I^SBK+M>UK7=3_+L_5_+MCH_EIM04F6V
M:02-<JK;!)I9'*T/Q-QSFF'&M^:O,'F,Q_IJ_>Z6*IC0A40$]3Z<2HE?\KCA
M/BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BK*K?\`\EKJ/_;<L?\`J$OL
MV:W_`/):ZC_VW+'_`*A+[-BK_]7C_GC_`)2_6O\`F+E_7D?R0>>/^4OUK_F+
ME_7D?Q5V;-FQ5V;-FQ5V;-FQ5V;-FQ5M30UP7;F$SJLO]U)\+-_+7]K_`&.`
M\5C/8_,#%1L;YHK@UE=/!,-CL?`@]#@6>(Q2,O;J#[893CZ]IZ72CE-;CA+X
ME1T.!I!]8MPX^VG7Y8AG.(!VY'<>YK20#?0UZ!AG2I!\"_+.9:>_IW<9]QG3
MD(EMT<=P,QM3S@?>[KL.C'/'KZ2ACE@8\KE@93;LQ'=2DA2>)HI156%",@VI
M6$NEWA`!X5Y(WMG050GM@/5=,34;8I3]XNZ'^&3Q9>&5'D7%U^A.?%Q0'[R'
MT_TA_-4-#OQ?6JAC^]39J]QAKZ)D1D9&*L"#12>OT9"+22;2[GX@5XFCKG>[
M[S)JFD>6/+CZ3*(EN8'>3X`U2&VPY<0!,KJ//;?=AH=;*<(8#`2RV8$2/#Z1
M$FSM+^;PO%;NW-NS<XV5X3UXD57]DU(PXT6Y5UJXV<4%1U/MA[YK\U^8M5TW
MZM>W`DLRP-Q'Z86H'0U]L`7#Z[!H.A1WXC_0@$OZ%90`Y!),G-A]KODI5DQ&
MK_L:,<9Z/6Q$@(B1`J['#+Z3=1O^:DOF?2&GB]8+1ANNU-L@3H48JW4&ASTY
MYKT*ZUFQT9X8T$0LHU,KD*O+XOAK_-G#?._E74_+EXDEY;M'!=`M!,*-&_CQ
M89+!([XY<X\C7,-':>*$JU>.@,A/%"[,9`L3S8?Z1Y+\P:U9-J=I;!-.1N#7
ML[".+D/V0S;M_L1B>M^4M=\OV\-YJ-M2RN25M[N-@\3L.JJZ_M?/+W5))FR2
M:/Y$\T:Y:1:AI]B6L92P%V[*D0X$JW)F/\PXX#\P^6-:\KW4=KK-OZ+3)ZL$
MBD/'(AVY1NNS"N*I/BULI,BFAX@BI[8CG3-#(7\GM?>@J-1M=Z;_`+6*L<*\
MHU^6(^F*X*MR)(5/7#+2O+>KZ_-)'I-L9A".4\M0L<8\7=J4R/DY!&PDDC)E
M*GCDHU'R+YDTRSDU":V6:UAIZ\MNZR",$T!<#<#"_1O+VK:_-)!I5N9S"H>9
MZA4C4FG)V;H,+%*#'F44R47WD3S'8VDM\UNMQ;VXY7#VSK)Z:_S.!OQPLTC0
M=5UV=H-*MFN&C7U)6%`J(/VG9J!1BM(6V!Y82ZVH6?)[)Y-UVRM9K\PI<6UL
M*W$ENXD],>+C8TR,+Y=UOS++<?H2S>\^J@-.(Z?"":5-2,`YLLE>$.^V*9LD
MNN^0O,OEVQ74M0ME-D7])IX7614?^1ROV6QVD^0/,VL6":I;VRPV,M1#<7#K
M$LA!HWI\MVXY)QV,9L.]>\IZ]Y:$+ZM:F*"YK]6N5(>*3C]K@Z^&$F*N'7);
MY3U]M-ND=FH`0#X$81:-HFJ^8+Y--T:U>[NW!811]>*_:8UV"KDF/Y9><;:-
M[B&UCNC"IDEAMI4DD"+]IN`._'(SA&<3"0L2%%LPYIX<D<L#1B;9EJIADX7]
MJ:P3"K4['`32F>(E3^]3_,8!\E2W.M\M#@0SRR@M#&.OP@D]?EATODOS/'<<
M(8D>X45:S$B^LR>'#^;_`&68$-/*-X]SP?23_%%Z;^4L1QPR&0K(*E&_5`^Y
M!VNM$#TW?BPV(/3!GZ4<CX6IX\2<B][:7#7(2&)S/(_I^@!\?J5X\*?S<OAR
M0P>2?.5K-`[V@9P5>2V$B&95&YY)7PR9T<)>J(KO:/Y5GBD<>477TR'4="A[
MR\%"78D^!VR,ZE?%ZJ#\70#PR4?F;=21^=M4@-%3D@%!2GP+D&F4ABW4'OE^
M+"(?H<#6=H2SQ``X01N%*WM9+J7@HJ/VCAF=#HOQ*03X@C))Y!T`ZMJ=I:D4
M]>56=O!%^-J_[%<Z7YHDM_-6D:D;:-5ET&Y`ME4`,UK3TO\`@>7Q89Y=R`>7
MVUN48-'$Q@<D2>.B3=<`D>"%_P!:3YZU#1Y8%,J"JCKA-G6(-'GU.5;"UB]6
M>?X8T'4G""7\K/-\ER\:6:1.S,(()94222A_82OCXY+%DXP?)IUVC_+RB`;$
MA==0P;-DLM?RX\V7*LTMHMF`_I*+N18BS^"J=\)-8T'5=`U)](U:V:WO4(_=
MMW#?992-F5OV3ECA)=FR8Q?E=YS>5HI[%;0A48-<R)&&$@JO&IWPBU[R[K'E
MF^.GZU;-;3T#I6A5U/1T8?"RXJEA5EIR!%=Q7,5931@0??.F_G`*77E3TP`W
MZ%LR*`#?B,(_-.G^;=7\S6UCKZ1)JLUO"L('&-/2X#TJD?#]C%6'\'X\N)X^
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MX_YX_P"4OUK_`)BY?UY'\D'GC_E+]:_YBY?UY'\5=FS9L5=FS9L5=FS9L5=F
MS9L5=E@T(.5FQ5,],N4AN.+_`-S..#@]*]LJ2(V-Z\3;QG[-?Y3TP);)ZK>E
M^T=U^8PX=?KVFB9M[FR/"8=RG9C@.QOOV;8`S@8]8W(>[^(?[Y*I8C;S@@?"
M?B4^V3_0;Q;FT$=?B7(6R?6K7B!^]B_5B^AZD;2903M6AR&6''`CJ-PY/9^J
M_+:B,S]$MI>X_J9XR4.*6]NTSA5&5%+'<1B2,U!PZT6V#"1R*TVS5YLIQP).
MQ&WQ>NAC@2)@W$[V.JV'3T`H17`=U:M;R=/A/0Y(A%O08VXLQ/$5(W[',&&J
M(G<CL>;D&430(%//?,&CM)&;N%?BX_%3O3OG1+CS)<Z#Y6\I6T45M(+JVD)-
MU`LQ!5Z#CS^SA-)`#;R6TO\`>)T^6$?F_5;N\LM(M3;I#;Z2K1Q2(S%GYMS/
M,'9?]CFWTN?Q(G%([CZ3]SHNU-%X.:.NPPXH\5Y(_P`._P#%\4[US7KO5=.E
MM;N&TCC()Y6]ND35`_F7$?,H(_+;R2$/[P)<\#_LGR)W6NQW%GZ2;2G9A[8G
MJ?FVZU#0M%\OO;I'#HOJ"*X5F+R>H23S4_"M.7[.9&"$Q&7'S)<#M34::>7$
M=.`(QCOP[;R_2'I?G+4)(X_+4,I(0Z=&Z@].9+!J?=B'F.RAU/\`*R!6):1-
M0D$!/8;5"_Y.$A_,.34K2RAU#1K74K>PB6*&)W>-U(ZR>K'\?Q?R?8P9=>;6
M\PV]O8K:Q:?86H/H6<)+#D?M,S/\3M_K9#)$0D<T>=53;I)G48<>BR`4)<0D
M3SC4N7]*Y*'F:T\H6GDKR3:>99M0MZ6MQ)$FGQQ2*SET]9I?6DBHW+[/'"#4
MM>\HQ>0;ORUY?BU2Z$EY'="ZOH8EBB<*5*AHI).)93@S5O-<4-C#INJZ/;ZU
M86+LUO%.[Q/#SW<+)#1RC']GED9USSRVH:-_AW2-,AT72&E%S/;0.\IDE`XA
MGDE)>G^3F1"7%$2Y6'3Y\7A99X[OA)`/>$VUJ:5?R@\MPJY$;ZA=,Z`[$@O2
MN1+4?,>HZII&EZ+=%#:Z0KI:<5HU)',C<F_:^)L6O/,\UYY6T[RNUNB0Z=/+
M<)<@MS<RUJK*?AHO+"+)-3LZ7HW_`))KS#_VT+7_`(VSFF33RKY_3R[HEWH%
MWHMMJ]C>2K/(EP\B?$@^'^[Q5*](NT9/28CD-LZ/Y<T]7\KZS>ZIJ$UGY?,D
M4=W;VL:R2W$E*HHYL@4+_K9&F_,3R\8I(X?).G0.ZE1*LTU5)%.0J>V"O*GG
M-M.T^YTJXM8M1TZ\97FM)RR`NHHK+(GQK]&1(ZN1BEQ1\,\]J9EY,M_*X3S%
M)Y?O;QV.FR":SO8DCJO4.AC>3E\7\V$'DO5--M=$UC2=;2>+3=12%9-0MD#F
M%U8%?4Y%5XM@B+SHEC%>0Z-HEK81WT+07'%Y)6*L*;/(.2_ZN%OEWS#<Z!;W
M>GM:0W^G7P07-G<5"L8S56Y+\088.(-OY?)OZ3TI/-*\N:-)#J">2_,T\VH"
MUD::TEA6(30*I,D89"W;%O*,&DIY#\PMJK3Q0R7$$=RUH`TO%6;@O%RB\>7+
ME\6`8_.,=E!<QZ'H5KI4]U&T$MVDLLT@C8494]7[%?YAA9HWF.;0(KN`PQWE
MC?*%O+6>H5RI)5@X^)&6I^S@XQ>V[,::?"93](!!W(O;FG^B:WY&\MF]FTY=
M6O9;FSFMFMV@C*TDI^\81R.?@X]<C7DJ>:+RCY[FBD,<@L4HZFA%9(P=_<'-
M=?F.EE'=1^7-#MM)N;J%[62]CFEF<1O3FJK+\(KQR,:1YCN-'TC6M(CMTECU
MJ%8)968AHPK*]4`V;[/[63B-G#S3$I>FZ&VZ"MM?U+3="U#R];E/J&I/')<A
ME!;E$:KQ;]G)O-J'D_S+Y=T#3_-5S?:%>:5;O%"\=N)8;B)G+"1.3H<YP]&!
M%,ET/Y@0R:79:5YBT&UUN/34,5E/*\D$B1DEN!:`KR7?OA:U;S9H/U3RG87^
M@Z[)K'EA;IXEAE3TFM[DJ"W*.K#XU/9LY_DK\Q^=I=;TNVT&PT^#2-'M9#,M
ME;EGY2D4YR22?&Y_ULBF*LW_`"VT^^N[W5+J'4GTFPL[":35;R)!))]7-.<4
M:,0.4F2C\N;?R$?.VDOY?U'4TO4=^,%]!$D<P]-ZQ\X99&#-_E+QSGWE7S7?
M>5+R:>VCCN;>[B:VO;285CEA?[2-W7_67)!8_F/IVBW\&I>7_*UEI]W"6K(9
M9IR592I"^L3Z;;_;3XL53/\`+.8P_F;.J_#1KUEIV*QRD8MY<F>Z\V:3=AZR
MF]C+/W-9!RKD)\O^;+C0/,3>8H[:.XF?UZPN65/WZ,C;K\7P\]L'^4=>:QU"
M"ZXJ\MM,MQ'&Y(5BK<N)(WR,AR/<Y&GG]6,\IC_9#Z7JVC",_G#-;NH*"ZFD
MA';D!R_XEG.II;NW\T/=>HWUM;^1TEJ2W(2M0X82:[J#^9)/,D(6VN9)_K$0
M0EDCDK7A\6[(V'ESYOL[YGU*'R]9Q:Q&PD%T))"!*.LGH$>EU_9R'$`?(ER3
MAR9(C8DB%`6+].\AY_T4F_-,%_.VJG]H.A/THN0T$F@;<5`PYU_6;CS#J]UK
M%W&L4]R:R1QUX@@!=J_+"7EQ.^XRQP^5/</RMTB=-,U/5X.*S>G]4L_48*I9
M_MGDVWPK7#[RWY4U+2]2?ZR\!L;R%[:Z'JH258'B0*[GGQSGNG^8FOO+>GZ+
M'`D5M:NTK.K$M+(W5G!VVKVPQM[E`@84#QD,IIT(-0?OS5ZC-X>2)$3+AY[\
M.YY[4])I]/DR8)GCC".8``</&1&(J'JXA_63'0M.;2_.UG8R`@PW!0`]2H/P
MG_9+G*?.<DTOG2[O6<M<)?$^H34_"_P_\#QSI&I^<9$UN#S#]5C^LVX6L?)N
M,C(`.3'J.F<LUN\>ZU.?4G15>>5IS&"2H)/+C4[TS+TE<,JW'$:]SKNU^,RQ
MF8`EX8$J-U+JCOSBGFG_`#`U'UG+^FL*1U/V5$2GB/:K8(_,EFDN_*4LA+2/
MHUCS<[DT+=3D5\U^89O-.NW.N3P);27/#E#&2RC@H38M\7[.+ZWYEF\QW&C^
MM;I;_HVV@L$],L>:Q':1N7[35[9E.G93^>$LK^<XXW=C''86GIJ3LO*.K<?F
M<9YV83_EWY'N;ARUV$NHD+?:]%9/A_V(HN2;\U/-&GZ?YHCT_5]`M=7BALK5
MK=Y6>&12Z<F#20\6D6O17^SG,O-?FV]\U3VIFABM+.PB^KV%E`*1Q1]2`3\3
M%FW+-BK,/S>_WL\I?]L:S_XB,#?G5_RED'_,!:?\FER.>:O-]QYIETN6>UCM
MSI=I%9((V9N:PB@=N71C[8GYO\U3^;]435+BV2U=((K<1QEF%(E"!JMXTQ5D
M/YR_\IF?^8*S_P"3*X,_,P`Z9Y&!Z'2HJ_\`!9#_`#=YGG\VZO\`I>XMTMG]
M&*#THRS+2)0@-6WWIBGF3S9<>9+71[6:V2W&CVJV<31LQ,@7?FW+HW^KBKTC
M\S(?("ZW90ZY<ZI%/%IMFD,5E%#)"L03X"K2RQMR;]KX<BGG77_+^H^6-`T;
M0H;]H=+,RI>ZA&B<TD;D40QO(OP-@=/S`MKRVM(?,V@6NMSV,*VL%W+)+!)Z
M*;1I(8"OJ</YFPN\T><KKS';V.FQVL>G:1IH<6.GP%F1#(>3L7?XW9C_`#8J
MR'\TII6LO*$+.3&FD1%$[`GJ:8%T'S[J<OG?2/,6H6OUZ2PCCM_0MD^,PQIZ
M=54?:D5/BPA\R>:)_,D>EQS6R6XTNT2R0QECS5/VVY=&_P!7`OEW7[_RSK%M
MK6FE1<VS54.`RD$<65@?YE-,59[%I'Y<7^L+?:=YJOK#4+FY]:V6:T4&&9WY
M('D63]AS]K(7YSL-5TSS1J=EK=Q];U&*8BXNMSZI(!$F_P#,N2)/S#T&.\&I
MIY-L1J(?UA/Z\Y3U:\N?HU]+K^SD0US6;[S#JUUK.I.'N[QS)*0*"O0!1V`&
M*I?FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9
ML595;_\`DM=1_P"VY8_]0E]FS6__`)+74?\`MN6/_4)?9L5?_]?C_GC_`)2_
M6O\`F+E_7D?R0>>/^4OUK_F+E_7D?Q5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ
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MU;G;W<D+?9J2I]LWO8\?$A<SO#DXG:FLS8M'&(`(RW"1/0)?ZG$]<LM7?`\M
M:U&7$_;-X\G:9Z;=_5KA2WV3UP[F$T,@FA-(I#RB8>'\I]\C21LQ^$9*M,5K
MNQ:T<_O8_CBKW(RK+4:ETY'W.=HN*8.$$B7U0(_G#^'_`#D<]I%J=K]:%.=.
M,R4_'.?:I8M87;P'[/5#['IG2?+\Z1RLIH!+\)!Z#"_SEHP=_14`SHOJ1,.C
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MG)#:2"1#9S'DR`F,G]N/_FW"K4+<PMP/V3NAR6.1^@\Q]H:]9A!'YC&*C/ZA
M_,GU"(T#4/J[M;.=F^)/GDD74`#0]]L@0+*0R[,NXPYMKX2H`YH_Z\AFP"1X
MN_FV:+7RQP&*1Y?3^I,K^=G)/;"&]7E$6.Q&&,DGJ+2M,+[FDB\!]^3Q1X13
M3K,GB2,KNQLQJ6,@GOB0)4AAL0:@X9M`"Q4[8V+1KZ<GTHZKV;+B0'`C"4C4
M02?+=1U/5=0UBY^N:G.US<<%C]1]SQ0<57Z!@/!]SI%]:CE+&0H[C?`!%,?<
MB491-2!![CL[-FS8H=FS9L5=FS98IBK6;+(IE8J[-FS8J[-FS8J[-FS8J[-F
MS8J[-FS8J[-FS8J[-FS8J[-FS8J[-FS8J[-FS8J[-FS8JRJW_P#):ZC_`-MR
MQ_ZA+[-FM_\`R6NH_P#;<L?^H2^S8J__T./^>/\`E+]:_P"8N7]>1_)!YX_Y
M2_6O^8N7]>1_%79LV;%79LV;%79LV;%79LV;%79LV;%78(LKEK2YCG7]D[CQ
M'?`^;%()!!',;O4M%ECN(O0)Y)**QU[JXZ'(OJ%E)I&HE6'[LF@_U>V/\JZE
M0"T=OCC^*+W7N,E'FFTCU+2UOH1^\C%'`ZU`_B/BS"XCBU%'Z<NQ\I=/F]!.
M,=9V=&<?[S3`F/?P_P`4#[OX7GFKVGHS":/^[EW'SPT\L7XMY/38[=_D<1'^
MG6#1'^\C^)<)H)&MY0P-#T.99'$#$]=G20R'%EAEQ[4;'Z7L^FZ@8B"K5'?#
MY-3)7?KG,]#UCUX@&-7C`#CO3L<E$-T&0$-7-)JM$..R'KM-J\>?'&6W)--3
MN_43K7;.8>9(N<X(]]\F\LIDV/3(WJ]GZH9EWX[YE:"`Q&N5N'VP#DP`1'TF
MTAT'0[O7KT65N-E'*:0]%3I7#B]\G'2M6AMYJO:2]'/7)_\`E]H2Z=I$EU(O
M^D71#,>X4?97^.&FMZ8-0MZ!?WL9Y1GW&8^7M8C5RQ"O#CZ"?Z7\[X%Q]'V7
MB.&/BQ_>$B>_0?S*_I1^IYSJ?E=])C2ZB^.UDV4]2"?'`5K(UO.KJ=P<Z3:P
M?I31+O3I5K*B'A7J&'3.=+%1C7L2#]&96DU,LT<F/+1EC-'^E$_25U>D&#4`
MX!PB[`'0^29RQ<I5N8?ACGW-.SCK]^206<&LZ9#)R'UVP)!J=VC8[?\``Y&[
M*XC,9M&-"=T)\<%V6IO8S@N>*5HX\#7*L^/)(#@-2QFXGO'*OC%V.&6*MR*F
M;/\`-C(<PP/S5I36%^TB+^YE)((\:[Y'\ZOYAT^+4S(%HZ2?'&_@Q&<W&EW`
MF:)U(*D@_1F?ILOB8XD_4`+>>[2TAPZB1B/1,DQ_2$"`6V'7%5M9GZ+]^'UM
MI*KNPH?QPQCL$4;+7+3(!QH:;)/D&*"PG/;,;"X';)?]64?LYOJZ?RC!X@;?
MR4V'_5I0#52".^"(CR%#]H=<DALHSVP'/I5&YQ_2,D)AKEI<L1=6E7?+ZXI+
M"T;484Q/IDF@@AV4<OIF([XJMS9LV*%"5:[=\16!C7!16I%,6$=!7MBH2IE*
MFARL%748!Y#`N!79LV.05-,5:&270-7$%;:8DQ2#B_L>SC(XR4WRX9#%('';
MJ,$HB0(/5GBRRQ3&2!HC\4R^Y>2UN%DCW,;<HSVIW7Y'!]RD6H68EB^RPY+X
MJPZC">"Y6Y@52:D#X3[>&+:9=_5;EK><T@G--^BOV.53B:$A]4?M#L-/GCQ2
MQ3_N\VV_\$NGZDO92K%6'Q#8XI!LU/NPQU.S*R<T'Q=_?"U:HW([4[99&0D+
M#B9<4L60PET*MR;I7*#%OHQ[KT(Z'<90'AX8HW6_5EEGBI]EV`;)U9:<S(L5
MM'7B.@R$P-QE6O2NV=.\ISH;I`W[8J,P.TLD\>+CCOP@FG>]@\`&HF8B4@`1
M?=U2>ZT\@-'<14!V((SG/F/2?T=<\HQ^ZDW7VST%K5BMQ`TBH"P';.3^:['U
M[4[?''4C,?LS6^,:.U[$>;D]JX,6IT<L\(5DQ;[=W5YSFRV%#0]LK-R\D[-F
MS8JV!4XZE,9BU.5#BJF11<;BW$D$'$B*&F*M9LV;%79LV;%79LV;%79LV;%7
M9LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%656_P#Y+74?^VY8_P#4
M)?9LUO\`^2UU'_MN6/\`U"7V;%7_T>/^>/\`E+]:_P"8N7]>1_)!YX_Y2_6O
M^8N7]>1_%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%5:UG>VG2>,T9#4'
M.EZ;J$=S9AOM07*\)!_*V<NR2>5=0"7'Z.E/[JX("^S=OQRG/C$H7_-W=AV9
MJCAS<!/IR;;\N+^&_(_3)JX@?3-1:.GP$GZ1A=JUKZ,PE0?NY/B!R8>9M-=K
M=;@#XXCQ?Z,(UB%_I[1'[<>XR6/()P$O@6&KTQQ9\F&J_BA[NY)K"\DM95D4
MD4V-/`Y.=-U$E%#$%3T.<]=&AD*G8@Y(='NN480]1CD@)QHM>DSRQ9!1-'HS
M4RECUV/0Y7U?U'0=>1%<`6MQR4(QZ=,-K:1:H3V(S`F#"ZZ/18IC+&SO>[T#
M1U5+5(0*"E`,&FU+=,*[.8!$H>PIAS!<`BISEL_&)RD.I<C*)1),>J1ZKPT(
M&]V"S'C)\SWSE=[<1BXD:/[+L6`^>=+\\WL3:8UL1R>0CC[4[YQV25N91CN,
MZ#L3&983EG?%(T?.,?I==VCJ9QACB1N1?%U]R,$I6025Z'#I8UOH_54_:`#C
MP8=_IR.1LS;'#73+EH7X'[!V(S:9H&N*/,?<XNASCC./)O#)_ND_@51$L3G[
M'V0>YPGO;6-Y7F5:-7XA@R21DD#]AERCXEE_8DV/SS%A<9<0/-W&:,,L.$Q'
MH(Y]W22511`N%_#)'I_ER[O(?70!8^Q)ZX52V3PN&'?<'MDD\LZL8)!:W)/H
MR;;]`?'(:O+E&(SP42-SUVZTQP81`RC*/J&X[DJO=`N8*DIL.I&$4T;1-1L[
M-+:1S)P:A##]><Z\TZ4-/N?32K*XY(?;,;L_M'QI^'/:56/-&?'"<)2@.&0W
MKO8VK8L`K#`IJ-CBL;4S;$=S@8\F]%2O;!9HRR"C#(W+&T;E6%"-LFD9#"G;
M"C6K$4]=!\\.+)OPGX-&NT@,/&QCE]0_2D(-<WMF78Y;#,AU*TC&X_&D8H7Q
M+R;%6%-NV-MMVQ5UWP%F!LA)XZ@C"^2,K\L-9!@5E5Q4$$>V+`\T!CD^UCI(
MRA]LI10@]\51`3D,"LO$G!T(K@6<4<_/%47IMR(Y!&30'I['#AT693XC(PK%
M2".N']A<^I&&_:79A@+.!Z%/=.F-_`UK+_O1"-F_F7L<!75L0Q`%'';QQ,2/
M:3)=P]5-2/$=QAW<)%=PI=Q?9<5'L?#*2>"7]&7V%V48_F<)!_O<7/\`IX^A
M]\4CB/."A'Q)L1E@5&V*/$8YF?\`9<4<?J.-2JMN/GEKAD$&CTV4ALX/@<G_
M`)7F_P!)MS]&066,J]1T.^2ORQ,%N(:GH<Q-?'BT\O<7:]BRX=1.!_BB0]#N
M-36(A'Z'K[Y#O--B$#31;PS#DIQ^KZC61M]DZ8OI\L>N:?)8,P#FI@8]C^TN
M:;3X9:80U%5&_7[N_P"#O,D(",L(/JE$\0\N_P"#Q74(#%<.3T)J,"9*?,VF
M/:SM&X^):[_+(L>N=+&0E$2&X(MXG-CECR2QR%&)IV;-FPM;L6BWVQ'%8>OM
MBJHPQ&04-<$'KC&'W8H0]#FQ2G?*<4W&*5F;+.YRL5=FS9L5=FS9L5=FS9L5
M=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L595;_`/DM=1_[;EC_`-0E]FS6
M_P#Y+74?^VY8_P#4)?9L5?_2X_YX_P"4OUK_`)BY?UY'\D'GC_E+]:_YBY?U
MY'\5=FS9L5=FS9L5=FS9L5=FR4^1/(U_Y]U*XTS3[B*WDMH#<L\U2"H=8Z#C
MWJ^3[_H7#S-_U=+3[G_IBKQC-G9_^A</,W_5TM/N?^F;_H7#S-_U=+3[G_IB
MKQC-G9_^A</,W_5TM/N?^F;_`*%P\S?]72T^Y_Z8J\8Q\,K0R+*AHR$,I]P:
MYV3_`*%P\S?]72T^Y_Z9O^A</,W_`%=+3[G_`*8KYH:PN8==TV.=J!;E!',/
MY9%%*Y#6C?2=1DM9AL6I7]6=>\L_DMYFT4S0W&HVLEM+0\5#U#CN*XKYB_)/
M6=7>.:VO[:.9=G+*^X^C,/#CGCS2APDXY<CW.YU>JPZC2X<_&(ZC'M*/67?_
M`,4\-UVRX<;E!\+=<*[.Y:VD#=J[C.\O^1?F.>S-M/J-H6I16"OU^_"4_P#.
M./F:O_'4M/N?,N-U1Z.JR\/$)0.Q%U_-/4,/LKA)D5T/S&&T$_$[G)+:?\X_
M^;+4CCJMI3PXR'^F&J?DIYG`^+4;0GQXO_7*LF+BY.=I=='&*GL4%I>I!HP*
MU`[8=QWH(V!&)0?D]YH@<.FI6H(_R7_KAF/RT\T<./UZUKXT?^N:G4=E3E*X
M#F[C'VKI)1_>2X2/([L%\W7@D01HU6[D=L@*V<L[$H*4/7.T7'Y.^8KEBTFH
M6O\`P+_UQ\/Y.:S$*?7;;Z%;,_38IX,(QQC9#@ZG)I=5F$IYQ"$10YO&H(BD
MG!NN'UK8UHYZ9T"Y_)36I9!+'?VRMWJKX/M?REUN&,)+>VY([A6R>;Q3$&,3
M?4)T4M%BRR&7+$@&XRWHL`2V$HX$;],>+13"T#=#T/<'.B'\K-7#!DO(`1_D
MMCI/RNU<N)$O(`3]H%6ZYB'%J.D".OQ=E^?T`)_>Q-['GR^3`+6#ZU%]6<@2
MQBBGQ/;`3Q,C$?9<&GR(SI:?E;JZW"W`O(`1LPXMOE7GY5ZM<2F6.\@4M]H%
M6Z^.,<6<2^@\)%^Z28]H:+E+/';8'?E\F'IYENFT@QH"+FS(61NM8C^W_L<,
M'B&NZ-ZE:SP[@^.WV?NPZM?RGUF"Z]5[RW:%U*31\6^)3VPRT/\`+K5]*+QR
M7<,D+5``#5I].8V;0Y(@ST^*IQD)BNM_5%K':&E'%^^@:W&QW^S^(/$K^`Q2
MGP.!1G8]8_*+5+Z9WM;RWC1C4*RMM7Y84_\`*D?,/_5QM?\`@7_KFUQ"9QQ,
MXF)KD77:G/IO%,L60&)WZO.HFH<$S1B>%D/<9/T_)3S`O_2PM?\`@7_K@A/R
M<UY10W]M_P`"_P#7&6.=V`V8]9I^$QGD%$4;MX/=0F&5E\#B8^(4SLM]^0OF
M*YE+QZE:*#XJ_P#7`?\`T+YYH!VU2S_X"3^N9(Y"W1SX1.7";%FCY/(SME'.
MNG_G'OS0?^EI9_\``2?URO\`H7KS1_U=+/\`X"3^N%@\F@-&P:Z@CD,Z:O\`
MSCWYH4U_2EG_`,!)_7!*_D)YF44.IVE/]5_ZX"SB15%Y&`#-$"*UD0$?[,9/
M_P`[;"RL?-R06%M%:Q&UB8Q01K&M37?B@48>#\@?,@E1_P!)VE$=7IQ?]E@W
MCDJ_,?\`*G6?.6O+JMC>V\$2P)#PE5BU5K4_#B@U;YKDCY?PQ`1GPSM1_P"<
M>_,Q_P"EG9_\!)_7&_\`0O/F?_JZ6?\`P$G]<+%Y%&.*UP).`3RSM!_YQZ\T
M$4_2EGO_`),G]<3/_..OF<BGZ3L_^!DP*\3P9I\QCF`)HK;9UO\`Z%P\S?\`
M5SM/N?\`IEC_`)QQ\SCIJEI]S_TQ5@UL%GB:)MBO3!FE2&(R:?+^U\<7A[TS
MH%M^0WFB%E9M3M":4:BOO3H>N"I/R-\QL4D74;42QFJ-Q?[NN5RC8([_`+W-
MP:B..4<E[QV(_G0/,/.IX0U1W&`'0J?UYU]_R8U]Z,;^U#=_A>E>_?`TOY':
M^[<EU"U%>HXO_7(P$AL0VZJ6GD>*$P=_/YO+^'J1`'J,$Z7>-93JS"J`T;.D
M)^2'F%*C](VM#_DO_7*;\C_,!_Z6-K_P+_UPRAQ`QD+!88\XQSAEA,"4?T,"
MUUG"">&IC?<>QQ'R_JK03`U(-17V(SI\7Y-Z]]4>TN+^V93NA"OM^.%:_D/Y
MDBG]2+4K0*>H*O\`URN.&\<L4QMR![PY&;7`:G'JL<[L#BC_`#3_`!!)_->F
M+K-HFIVR_&%I,H_FSD%Y`T$S(12AST[I?Y8>8;.%[>YOK>2-Q397[=#N<BVL
M_D#KNH73S6^H6D:,:\2KUR&CAEQ"6&8]$?HE_1_FL>TYZ7,(Y\$QQG:4>M?L
M>!YL[/\`]"X>9O\`JYVGW/\`TS?]"X>9O^KI:?<_],S'5/&,5A.]/#.Q?]"X
M>9O^KI:?<_\`3'I_SCGYG4_\=2S^Y\5>1`'[L8PWSLO_`$+QYGI_QU+/_@9,
M:?\`G';S.?\`I:6?_`R8H>,A14XT[@C.S?\`0NGF>O\`QU+/_@7RC_SCGYF)
MK^E+/_@7Q2\8CZT.9UXG.R_]"X^9ZU&IV?W/CC_SCGYG(I^E+/[GQ5XKFSL_
M_0N'F;_JZ6GW/_3-_P!"X>9O^KI:?<_],5>,9L[/_P!"X>9O^KI:?<_],W_0
MN'F;_JZ6GW/_`$Q5XQFSL_\`T+AYF_ZNEI]S_P!,W_0N'F;_`*NEI]S_`-,5
M>,9L[/\`]"X>9O\`JZ6GW/\`TS?]"X>9O^KI:?<_],5>,8)M+"YO7X01EO?M
M]^=DM_\`G''S`)`T^IVI0=0%<DX9:O\`EI>>4-(.H37$$D2.D92)6#$N>(.^
M0R3,8V!;E:33PSY!">00!-#^=(GH'E%OY/E90;B8+7J%%3^.+MY1M@-IVK\A
MDG-3\L8:9C>/,]7=_P`F:2(K@)\R2PNY\L3Q@F*4.!V(WPFGMIK=N$J%3G26
M52,+[[3HKB,A@"/QRV&;I)P=3V8`#+#TZ<V`9L':AI[V;^*'H<`Y>ZD@@T=B
M'9LV;%#*K?\`\EKJ/_;<L?\`J$OLV:W_`/):ZC_VW+'_`*A+[-BK_]/C_GC_
M`)2_6O\`F+E_7D?R0>>/^4OUK_F+E_7D?Q5V;-FQ5V;-FQ5V;-FQ5[-_SC?_
M`,I;JG_;.;_D_#GIG/,W_.-__*6ZI_VSF_Y/PYZ9Q5V;(YK&N7UC??5K<1E*
M`CDI)W^D8A_B'4!2HB'MQ)_CE,M1`$Q-V/)F,<B+V95FR*GS#J%*TC`_U3_7
M,/,.H$;"/YE3_7!^9Q^?R3X4O)E6;(J/,6H=`(R?'B1_'*_Q%J`-*1D^RG^N
M/YG'Y_)?"EY,KS9%/\1:@.HC^04_\U9CYBU$;D1`>'$D_KQ_,X_/Y+X4O)E>
M;(F?,>HTK2(#W4_JKE?XDU$C98OF5(_CC^9Q^?R7PI>3+<V1(>9-1.P6,GQX
MD#_B65_B740:4B)\`I_7RQ_,X_/Y+X4O)EV;(B?,NI`[B+Y!2?\`C;*/F74A
MN1$!X<23_P`2Q_,X_/Y+X4O)E^;(C_B74B*A8@/=3^KEF'F742-EB^94C_C;
M'\SC\_DOA2\F79LB`\S:B=@L9/CQ('_$LW^)=1!I2(GP"G]?+'\SC\_DOA2\
MF7YLB!\RZD#\0B^04G_C;,?,NI#<B(#PXDG_`(EC^9Q^?R7PI>3+\V1#_$NI
M$5`B`\2I_5RP/)YLU,,0@BH.Y4_\U8_F<?G\E\*7DS?-D&_Q;JW\L/\`P)_Y
MJS?XMU;^6'_@3_S5C^9Q^?R7PI>3.<V0;_%NK?RP_P#`G_FK'#S9JI4GC#4?
MY)_YJQ_,X_/Y+X4O)F^;(./-NJ_RP_\``G_FK%%\U:H>HB_X$_\`-6/YG'Y_
M)?"EY,TS9$!YFU(]HO\`@3_S5CO\2:CX1?\``G_FK'\SC\_DOA2\F6YLB7^)
M-1\(O^!/_-65_B34?"+_`($_\U8_F<?G\E\*7DR[-D1_Q)J/A%_P)_YJS?XE
MU'PB_P"!/_-6/YG'Y_)?"EY,NS9$1YDU$D"D6Y`^R?'_`%L4\P^8M0TN_%M;
M",QE`WQJ2:GY$9#+K<.+&<D^+A!`V'63/%ILF28A&K()W/<RK-D`'G+6/Y8?
M^`;_`)JQP\X:N?V8?^`/_-68G\MZ/^G_`*5R?Y*U/]#YL]S9!1YNU8_LP_\`
M`G_FK'CS9JO\L/\`P)_YJQ_ES1_T_P#2_M1_)>I_H_-F^;(4/-6J'M%_P)_Y
MJQP\T:GX1?\``G_FK!_+FC_I_P"E_:O\F:C^C\V9YLAW^)]3\(O^!/\`S5CA
MYFU+PB_X$_\`-6'^7-'_`$_]*C^3-1_1^;+\V1$>9-1\(O\`@3_S5CAYCU'P
MC_X$_P#-6/\`+>C_`*?^E7^3=1_1^;+,V14>8M0/:/\`X$_URQY@U#PC_P"!
M/]<?Y;T?]/\`TJ/Y.S_T?FRG-D8&OW_A'_P)_KCOT]?>$?\`P)_KA_EK2?T_
M]*C^3\_]'YLES9&QKE]X1_\``G^N.&MWO@GW'^N'^6=)_3_TJ/R.;^C\V19L
MCPUJ\\$^X_URSK5T`6;TP!N20?ZX?Y8TG]/_`$J/R6;^C\V09LAO^)M4NKKZ
MO8+%P6GJRNI(4?\`!#XF_97#8:M=^"?<?ZX?Y7TO]/\`TJRT.:-7P^ZT\S82
M?I:Z\$^X_P!<WZ5NO!/N/]<?Y7TO]/\`TK'\IE\OFG>;"*76IH8VEE**B[DD
M'^N$4OG'5))>-G'$5)I5E)V_X+KDX=IZ>9H<0\R-FS'V?GR7P@4.I.S.LV1N
MRU;6)/CNEB5"/A0*0WT_%C;OS,]O\"<'D)X@`$_%_+UW;_)QGVGI8U4C*_YH
MY,/R6;B,=C7<=F39LC=IJVL2'U;I8HHJ?#'Q//\`UF/+X?\`5Q2+S`\ER(`H
M937XP#04^G)X=?@S2X8D@T3ZO2-O-$M)E`)H2KG6[(,V$_Z3N?\`)^X_US?I
M.Y\%^X_URH]JZ:Z]7R1^6R>7S3C-A1^D[GP7[C_7-^DKGP7[C_7'^5=-_3^2
M_ELGE\TWS84?I.XJ!\`KTV_MQRZA<\U5@NY`Z>/TY(=I8#$2J?"35\.U]UH_
M+S\OFFN0K\U/^41E_P"8B#_B>37(5^:O_*(R_P#,1!_Q/,O+_=R]Q9Z'_&\'
M_#(_>\*<UQ(XJPQ-AF%%ZB=J9.6#78Y3#*&3:;W0&I62SQ%2*UZ9"+F!H)6C
M;L=LZ.Z\TR'^8+;@XD`^>7X97Z3T=1VGIQ$C+$<^:19LV;+G5LJM_P#R6NH_
M]MRQ_P"H2^S9K?\`\EKJ/_;<L?\`J$OLV*O_U./^>/\`E+]:_P"8N7]>1_)!
MYX_Y2_6O^8N7]>1_%79LV;%79LV;%79LV;%7LW_.-_\`RENJ?]LYO^3\.>F<
M\S?\XW_\I;JG_;.;_D_#GIG%6':^O+5B3V4=,`].FWMWP=KY'Z5(9RB%-S[X
M6%RB\D<,.XIOFMR_WDO>Y,?I'N5.F_3W/7-[_BV)1S%V"JAY'I3<_CCRZ]3L
M?%O[,@R7=?$_JS==NOLO3*Y*_?E[G899\#\7L.GWXJUTV[>"Y1V_R?;OE]-J
M_P"Q7?-]G<?#[#<XJM.V_P!GW;KF(J*TK_E-TRZ?M#X?<]?NQO7?O_,VWX85
M=]KK\7_$<KKL=_9>F8_%L?B]SL,Q/[)JWL.GWX%:Z&G_``J]<Q^'I1?Q;-7B
M*=OY5W_'*^SN*+[#<X5;.VX^'W;KE=17K_E-TS?Y0^'W;K]V;[1K3<?M-M^&
M*N^UUJWX+F!KL=_9>F4?BV/Q>YV&8G]D_$/!>GWX%=6AI6@_E7KF/P]*+_Q+
M-7B*?\*N_P".4/AW%%]AN<5<QXJ7Z4[MUP$34DXO<,*4`H3U)ZX'Q2&\V5FQ
M5O'Q;EE\0?PQF/A_O%'B:??@*K1MBB'&,*,1X$Y:8JBTQ^)(<5&*NS9LV*NR
MLO*PJV/M+\Q^O%?.7_'6'_&)<2'VE_UA^O%?./\`QUE_XQ+F+VA_B<_Z\/\`
M?.5H/\9C_5E^A(1CQC!B@&<^7<JBXH,37%!7`A>,>,:,<,#$KQCQC!CQA8E<
M,=E#'#"&);&/&-&.`PL2N&.&-QPR3$KQCAC!CBRHI9SQ4;DGID@P*\D*"S&B
MC<DX4S7$^ISFSL_AB4_O92-E'B?%OY5Q.2>XU6<VMH>$";RRD;#^K?RKAQ;0
M06<`BB'&-*LS$[D]V8^.6@"//<GHI]'G+N[EUO;V]C`(HZ(@W9F.Y)ZLS'N<
M7!!W&X.X.1B]@D\S74=NDCQ:=;.'G*$CU*=$/SR3(H151!15%%'@!EDHXQC!
MXB<A.XKTB/O_`)S7DB8U9N1W([O>N&(7=]:V*![F0+4T5?VB?`#`>I:Q#9*R
M1D-,.O@N%&F:1-J=RVJZCS]%C6)7/VNU=_LIEN+3WCEFR$QA'N&\CW!E#".'
MCR'ACT[Y>Y?,-4U^Y`B'H6$9^VVW+Y>.'<%K9:7&&;=P*<F^T3[8C>:K;V2>
MG#2J_"H&^_\`*J_M-_PN$W^F:K,4H6K]I`=J?\6/V3_BM<@29#^;$<@V>N<:
M_N\8_&Z+OM;DGY16@^$;,W[(_P!8_M-_Q7AK86MK;P)=FIE=`7EDZ@>"C]E?
M\G`\&GV>G1K/=L))%^PO15/^0O\`QOE`7.K/R-8K53U\?EACDB,<L?`/40>/
M^,5T#7*,9`<),81^H_SOUJDMQ/?R&WM12,?;D[8/MK6.U3@FY/VF/4G'Q11P
M((XEXH.V.9T05=@H&^^0-6>&Z:IY+'!`5'N[_>NR\+9]8MX]H:2'L2:`_P!/
M]EA/=:E=W=51R(QUI\"CV)ZM@)`3CT\Y_P!$>;*(Y(Y93"CAI`.14&IH,))M
M>YL8[92=Z<@*[X"TZQO)I5FB9D"_[N^R*=PJX?VVG6]O\5.<G=VS(G^7.FQF
M%C-Q'B[N'H4\$,.27&1D%#A`YB77B0-A9W5T?K-^[(RM6-`>H_RCAXAK(GS'
MZ\9CX_[Q/]8?KQEGE,QC0C&P>".T.(;<5=[3DEQDR(K:AY#N9!D+_-/?RE+_
M`,Q$'_$\FF0S\T?^43E_YB(/^)YTV7^[E[BX>@_QO!_PR/WO"V7$V7!+#$6&
M8`+ULXJ!&-IBI&-XU.6`N.8[MJ*J<C7F)!Z9R5*H5*G(IY@E#!@/?+,!N9<+
MM4".F`/,G9B9S9CFS+>=95;_`/DM=1_[;EC_`-0E]FS6_P#Y+74?^VY8_P#4
M)?9L5?_5X_YX_P"4OUK_`)BY?UY'\D'GC_E+]:_YBY?UY'\5=FS9L5=FS9L5
M=FS9L5>S?\XW_P#*6ZI_VSF_Y/PYZ9SS-_SC?_RENJ?]LYO^3\.>F<58GKX'
MU\U`^R-SO^&%/I1MN5K[_9&&NO@?I`]!\(^(_P`,+#OU%?\`*;89KLO]Y+WN
M3'Z1[E,0\6Y1L01T([?2<S>L59>8:NQVW^_%/;=A]RYN@H#4?RITR"4*(V5@
M74E1U"[G%&>+?B6C\%.+#;H0#_*NYRJ`]:*??=L4H99Y"0NQKL`-OU8(82H:
M<-O%?ZG*,:'JO'_*;;[J8TQGHKL!XL?AQ5KUHCT/$^+;G'`JPJ*$_P`S&OX8
M@UN_[)Y^XZ8HS`GXH!MT]/>E,57]>H+>YV7[CE==MV'@NPP&TC@G<CP!W_7@
MD%RH`D5]@0IV^C;%:7=Z`_[%/ZY1VZ47VZM]^)?6`I*L"*=0E*8]9$IR!X`^
M`-3])VQ5<=M_LGQ;XCF[5(W_`)FZ?0N4K*WQ*0I\2:MF.YJPH?YG_ABKAOUJ
MWN=E^[-U-*\AX+L,Q^+K5A_,VRYB32F[CP7[(Q5KO0';^5/ZY1VZ47VZME]!
M0'_8Q_QQK-P4L"$/@-V^G%4-,W)S2NVV^^)YLV!+>;*S8JWCX]I$/^4/UXS'
M)]M?F,572"DC#W.4#3'3?WK?/&8]%1$;KBX93T.!HN:@\*&O4''2"1@/@`/B
MN*HC-@>+8GU6*@#;YX]I"J\@X<>&*JN;$HYC(>(4D]:#'\U'6H^C%5PV9?F/
MUXMYQ_XZR_\`&)<"M(M`5/<?KP5YQ_XZR_\`&)<Q>T/\3G_7A_OG)T'^,Q_J
MR_0D*XH,3&*#.?+NE08H,3&/&1]Z%1<>,8,<,6*\8\8P8\8?)B5PQXQHQPP@
ML2OQPQHQPPL2N&.&-&6S*BEW-%'4G)"V!;+*BEW-%&Y)PHDEGU>?ZO;GT[9#
M^\E\/ZOF9Y]7F,458[5#\;^/R_RO^(X<00QV\:PPKQ1>@'ZS[Y:*CYE)]'];
M_<MVUO%:Q+#"O%%^\G^9CXX4WEW+JMS^C+$_NA_?S#<`#_/_`&6;4KZ6XE_1
M>G_%*YI*X.P'<5';^;_A<'6T%KI%I0L`.LLA'Q.WR'_"KEHCPBY"Y2Y#]+$>
MGU'>1^D?[Y%VT$-E;B&(<8T%23W/=F.$^IZX`&AM&VI\4OC_`*O@/\K_`('"
MK5O,$ER[06_PQ+UWV_V5/M'_`"5_V>%D#0W(?G(0%%0`-W8=O90,R=-H\F7B
ME0](XC9K^TMN/`!63+9L["KW/\YJ0S73^J:^G&>0'3D?$_Y_ZV"EUS7M2G6/
MU%33[<43@I^,T[[5?C_+E1QM='8<;=?F`1^O_988!/J\)E0<4IQ$C?"/]C2G
M_!Q_[/,K#K\F+&=/0,)'Z:$B&S+CQ')'(8@SB.&)Z"_)&Z?I)N_W\[\4K0@$
M&0^U1_=+_J_%AO-<VNF1""!5##[,8\?%J?M?\/D3T%;VUN)VMG<Q7&X5N['K
M(M?LK_E/A\CV6G?O[E_7N>M/V5K_`"\OMG_ALHUV&$,E8I\<9`$`CAD">8,7
M&E'(3^]W/2$381%O8S7D@N;^O']B+N1_E>`_R<'S7=K:)\;JJJ*!1VIV\%R-
M7OF&>0,(O@0]":@'W`_O*X4-++.?4E;8]&?:O^Q_:_V648\0V.0\$>O4U[F8
MTN2>\SP@<@&3W&NRR*?J25IU(H6%/$'X2O\`J?%@*\F>\,=)FE9EJZ1;*C`T
M^&7[7^M^U@.'ZG]6")'*90:R"H`8T]OBCP3;*\CE)(_@H#'!%M5J]7I[9MM1
MBTN*.3'IC&0GC$N.1NI1W(!_G2_FM6#'*N.<>$QD15<QT.ZR.W6A"@2-^U39
M!_K.=Y/]EAYIFFV\UO'>2MZQ/V4I1%W[+EV^FL]&N:*@Z0KL/IPT5510BBBC
MH!FKQ2P>#E&7&9Y)$<$K],1[F.HS2L1QSH?Q5_Q2X``4&P'0#-FS92XK>7'_
M`'B?ZP_7@6>^MX`>35/@/ZXMI]REWS;BR<'0(3MR!`)(^G+]/A.4R,91'ACB
M-FMO)9B48\1B:.UTR7(9^:`KY4E_XSP?\3R9C(A^98#>5I`30>O#_P`3SI<Q
MK%,_T2XW9_\`CFG_`.&1^]X<1B;+@QK=NV_RQ/T'\,UHF.][24"4&5..2+N>
MF"3&J"KD#`%YJ,4*E8Z$^.3B3(U$6X^0XL0,\D@*Z+-1N5@CH#N>N0;5KDN2
M.I8_AAEJ>HU!9C\O?(U-*TKEF[YGX<?!'S>7[0UAU&3;Z1R"GUS9LV6N`RJW
M_P#):ZC_`-MRQ_ZA+[-FM_\`R6NH_P#;<L?^H2^S8J__UN/^>/\`E+]:_P"8
MN7]>1_)!YX_Y2_6O^8N7]>1_%79LV;%79LV;%79LV;%7LW_.-_\`RENJ?]LY
MO^3\.>F<\S?\XW_\I;JG_;.;_D_#GIG%6)Z_3]('H#Q&YW/T#"OW(_V3[?AA
MIK]/T@22%^$;G<_1A7UW(H/YI/Z9KLO]Y+WN3'Z1[G;G<U8>)^$#-U_RA_*N
MP^_-U[%A_,VRC-[+5QX+LN02[V4T_P`E=_O.8[;#X#X#XFRNFP-3_+'_`!.7
ML#U"G^5=VQ5K8=1Q)_:8U/W9O=A7_*?;_A<WNU$]VW8Y76I(V_GD_IBKNNYJ
MX'C\(RNIV/(?RKL/^"R]SL*L/$[*,;7LI+^R;+].*M&AV%/]51R/TG&-#$>J
MA#[;M^&*=*T._P#+'U^DY6PZT0^`W?%*@ULOB5]V/7Z.N/!G55'PNB"B\QQV
M^G']JM1/=]R<KK4D;?SR=/NQ5"2+(S%PE!_D]!]./C:,("TK"2IJM*BG;KB^
MYV%7'CT096QV'Q^*H*#Z3BJC),4:E1)W!_VL<LC,I=D+(#38T`)^66T41V(%
M?Y$ZY7I%!\,ACKOP.Y.*MF1:T)X_Y%./XXE<..(5:4ZD#?[SFDCF>AD(H-@6
MV.)&*114J:>/;%5F;-FP);S96;%6\4BWD0>)&)XK;BLR>Q!^[$JZ7>1OGC1U
MRWW=C[G]>5BJ(BP0/\P,#Q?YTP0-O;V'7%7;'K_7&F*,]5`]\=^'Z\WO^)Q5
M36+@>2,5/CE.LK*5Y!@>YVQ7K_4Y7X_JQ5!\2DB@]>0Z?/#/SA_QUA_QB7"P
MMRE!_P`H?KPR\X_\=9?^,2YB]H?XG/\`KP_WSDZ#_&8_U9?H2(8HN)C%!G/E
MW2\8H,3&/&!"H,>,3!Q08L2O&.&,&/&*"O&/&)C'@X0Q*\8\8P'*>1(D+N:*
M!UR0[F%+WD6-2[FBC<G".34%U&^BLU5S%RHZKL.-#NV(ZE?R3+5:B,FD,?=C
MXX9Z-IOU&`R2@?69=W/\H_E_YJS+T\Q@(S2A')5@1F+B2?+R92Q@8SQ$B1Y<
M)HA,XHXX$$40XHNR@86ZMJ4D;"PL07O)?A^']G_F[_B'V\O4]3^J*((/CNY-
MD0=17N<+K=OT=RX4N-2E'[R3JL==^(_XVP0C_E)#KL/QT8QQD[D7W7U\SY(^
MW6UT&V)E/J7<HK)3J3X5_93"'5M4EF8-.W&HVCZ<5_FI_E8!U+52)#'"YFN&
M/QS]17^6/^8_Y6!8X5C*O=_O)32D1-57WE/<_P"3FUT6##1GG(,YT(0Z_'^;
M%R(82")G<]2>?^:N2%[A?58>G`:E:[%O?Y?Y6&FFZ9).5"H>(IQ0=3_KG]A<
M'V6D%D2[U1O1C`'&,[,]/VBO[/\`J8K>:[';1^CIT853L&&Q/TYCZK-/Q3BP
MR!X9;'']([^$_P"^2<LIBL<;)ZGD$6T5CIJ![Y@[K]BW3H#[_P"?'"&:[FUN
M><S'T;:W(51T2A_9VP&UPUU(6N26!Z?Y7LF""Y"J'_=H-DB7W_S^SD<0&(3X
MX@RE$@$\X'^='^D@83$@F1XN_I[@$8UY-%QALQ\(-)7)^+IM7LB_ZV)$.Q`!
MYR/]G]HD^`'[7^PRT@F*<IJ6L"]C]L_)?V*_S-RP0A5%(@7A&W61MW8#_/[:
MY`Y*%<Y$V9?5.7OD4V!](M12S565I3SD.R#[1/\`JCQ'\N+QP0APTQJ3M1*$
M[^!^RO\`J_;P59Z=<W6\8X1M]J9N_O\`Y7^QP\MK&QTY?4D(,G^_'Z_0,JXJ
ME9]1\VG)G$=B23W1YH"STN>=0746\/9>]/I^+_@L/+>UAMEXQ+3Q8]3@-=3>
MXD"6<#2+R`:0[+2N^&$TL,7QLP2,]"=LMEXD\/&9#A!$>`<QYUW.%FGD)$9#
MA!WH?I\UV8D*"Q-`.IPMEU4<C%:HTDGRJ?GP_:&-%G>W9Y7<GIIUX`U;Z*?9
M^39001L0P\.MYGA'V_)$3ZI;Q$*A]1C]FG0_ZO\`-B%-1OO^*8CXU'_"_:P9
M!96UOO&@+=W;<G!&`B^J>.,?HCOWRW^Q"0:;;Q'F]97_`)F_I@Z/9T`Z<A^O
M&8^/^\3_`%A^O)8X@2%=X:YRE*S(DLASGOYT7IT_R/+<KVNK8?07WSH6<P_/
MS_R7=Q_S%6W_`!/.P(!%'D75QE*$A*)HQ-@^;Q*V\SJZBCT)Q=]?)&T@^_.;
MAV4U4D8[ZQ-_.<J_+8KOA<\=K:H"C*_-FMUK0(/*3\<(KO6`:A/B/CVPE+NW
M4DXW+(PC'D'%RZG+E/KD2J2SR3-R<UQ/-FR30[-FS8JRJW_\EKJ/_;<L?^H2
M^S9K?_R6NH_]MRQ_ZA+[-BK_`/_7X_YX_P"4OUK_`)BY?UY'\D'GC_E+]:_Y
MBY?UY'\5=FS9L5=FS9L5=FS9L5>S?\XW_P#*6ZI_VSF_Y/PYZ9SS-_SC?_RE
MNJ?]LYO^3\.>F<58EKYIJ!`(4E1TW8X6;+V"D_M/NWW89Z^0-0/Q4)4;`;GZ
M<*^AJU$\"WQ-FNR_WDO>Y,?I'N;Z#DPK3]M]A]`S#XMS60>_PKE=34C;^=]_
MN7,:M3;F/$[+]V02X?%T/(?RIT^DYO\`)4\:=53<_?FK444EZ=E^%1\\W38&
MA_DC_P":L5<=MA1"?I8Y6R[D4/\`._7[LPVZT0GL-V/TY73XC\'@S_$WW8JZ
MFU6!:G[3[#Z,WVMS60?<F8BIW%1_,YV^A<HGE2E7'B?A7[L5:K7H:C^5.GTG
M*.WP@A?%$W/WY9.U%):G[*?"!\SE=-@:$_L)U_X+"KC\.PI&3WZL?HRC0?$1
M0_SR=?NS#;<T0G_9,?IRN]2.-.CO\3?=BEU-JL.=/VG^%?HROM=RX[`;)]^6
M1R-2.0_F<[?0N434"E7'_`I@5U:[`[#JD?\`$Y1-/A6B'NJ?$QS=J*2U/V4V
M`^9S#;:H4G]A-S_P6*M$\?!"?VFW8_1FZ?$1O_/)U^@9NFYHA\3\3'*[U(H!
MT=]S]`Q5U`02P]0>+;+]&`R:DGI[8(F;X>[`_M'I]`P-BKLV;*Q2WCO66VBF
MN7-%BC8U]Z?#^.-PG\VW?U3R_.H-'N72-#_JD.W_``N"KV[U3B&3U8DD_G4-
M]^/POT*?ZQI5M)_D`'Z,,,51,/\`F!@CVZ>PZXC#T_@,5Z?Y/XG%6^GM^O-_
MG4Y7N=O<[G-[_BV*M^_7W.)RMQ0FM3T'ABG7W]STP-<M5@M:T\,545W=/]8?
MKPT\X_\`'67_`(Q+A=;KRE3O0@_CACYQ_P".L/\`C$N8O:'^)S_KP_WSE:'_
M`!F/]67Z$A&/!Q@QXSGW<J@QXQ,8H,!05XQ08F,<#@\D*@QXQ+FJBK&@]\>C
MJXY*:C)")JZV&U]+00JC'#$P<;-/';H9)"`!A`)J(YEC2K)*D*%W-`,*9IS<
M!KJY)2TC^RO=SX#&V\XU1IKB5N%G;]?<]L=;Q-JDZW$B\;&+^XC[-3]K,_+H
M,VFC`YHUQ1$KYUQ<H_UEQ3QGB,97PDQD>XC^$>:KIEHT\HU&Z6A_X]HNR+V-
M,$ZKJT6FP]0T[#]VG\3C=2U2'38>S3,*11#(VY1*ZEK#5E?XHX?VO;;*\>,S
M(E(;?PQ'5E&!F>*6PZ!$6WKN'NYWX.WQ2SO^R#V'OA5J.K+(#:V-5A;9G_;D
M/N?Y<#WNI7.HOZ:CA"OV(E^R/];WQ"WMI'E5(E,DSF@XBI_V.9L</"./)\!T
M#DQ@!N?DK0H+?XC\4IV%-R*]%7)#I%@\1%U-&)+D?%&I^Q%_E'Q?'VFCVVE1
MB^U>11)3X8Z_9]A_E?S8!U+S#+<J8+%/2A&U1MME4ISR;0Y<C+]`8&1GZ8;C
MJ>B(U;445BDDIFE[@'X1@/3[#4-9,IMQ&IB4LWJM3X!O\"X76T4D[[?O)&.S
M$?"OR'?)%#%:6R1\8^5P%_?2,Q96:OVJ?LYDZ:6EP"1RW*0&T1SD3_N:1D$X
MQ$<5"1/,BQ$>Y#6-D\D?K,IA4F@DD^VU/VEP<@CA_P!YE'(G^_?J3_D^'^KC
MXH;F\DHBF1NY/V0/?_FK!_U2QL_BOY?6DI7T4W'T_P`^8>21,R9>FS](W+7/
M(+HGB/\`-"!MK.:[?]RK3,#O*^RJ>]/Y3AO%8V%B!+?2":8;A3TK_DI_-B$N
MI3NH2$"UA`^&GVN/BO\`S3@-9T)+0H97K4RON/N/V/\`8\LKD3=<A]K5+Q)\
M_2.X?IDG#ZC<3K6V00P#_=\GPBG^3@1Y[-&Y2LU[,>A;X8R?;Q.-BL+Z\(>6
MH'\S&G_`O]IO]7CAI;Z/:P[R?O6[@BBFG?AXY#;JTDXX;7\(_IDEHN=6O:):
M*44$?9'%5IVDPU^I7%TRRZC-R=5"A8]J`=BW[2X-4!0`HH!L`,<,M&:<82QQ
M-1D02._AY-$\ED&,1&KHCGOYK88(8%X0QJB^`&*9689!K+>7E9L(0WCH_P"\
M3_6'Z\9CH_[Q/]8?KR4=I#WA!Y%D><P_/W_R7=Q_S%6W_$LZ?G,/S]_\EW<?
M\Q5M_P`2SL'5/D_-FS8J[-FS8J[-FS8J[-FS8JRJW_\`):ZC_P!MRQ_ZA+[-
MFM__`"6NH_\`;<L?^H2^S8J__]#C_GC_`)2_6O\`F+E_7D?R0>>/^4OUK_F+
ME_7D?Q5V;-FQ5V;-FQ5V;-FQ5[-_SC?_`,I;JG_;.;_D_#GIG/,W_.-__*6Z
MI_VSF_Y/PYZ9Q5B6OFNH%037B/A4;GZ<*R>)ILA/ANWTX:Z__P`=`BI/PCX0
M*?\`#85*:=^)\$'(_2<U^7ZY>]R8_2/<[[(JP"G^9]V^C-3;DPY?Y4G3Z!FZ
M'>B>!^T_\<QZU(V/[3GK\ER#)P^+XMW7WV090^+9:D#JL>P^_+-30BK=N3_"
MOW91W%!5J=A\*CZ<4.)_94A3W6/J?IRB0IILA/?J^6*=`=S^R@V_X+*&W4\#
M_D_$WTG?%7'X15A3_*DW/T#*IL6(Y#^9]E^@9J4)J.'@3\3?0,HUK4BH/[3G
M]2XI=N^^[CPZ*,K[6RG8=4CV'WY;;@$5:G=OA4?1E'<$"K?Y*_"O_!8JT33X
M`0I/9-R?F<HD+UHA/<[OECPK0GJL8K7_`&6-&W6B'V^)OIZXJ[[(JP_V4AW^
M@9J$U8U<?S/LOW9B*$U`4>+'DWT#*.Y!I4']IS0?\#BKA\>X)<#LNRC*K7X5
M/3JD?]<QW&U7IX_"H_5F[4!K_D(*#_@L5:)H>((0G^7=C\\QHE"0$/\`,V[Y
M@:=P">R"M?FV57C4FB4_V38JAYB>5"2:=VQ/+8\B2=ZY6!+6;-FQ5V0W\P[M
M5_1^G@_$`UP_L35`/NR:1@,X#&BU^(^`[G.0^8]4_2FN7=TI^`.8XQ_DQ_!7
MZ>-<,!<O=NIY,_\`)D_JZ0J_R&F2(#?(?Y`DY6=PG\K9,4%6&`\S[U[D7&-@
M*_0,>=MOLGVZY2["E?H7^N6-NOP^PW.*'=/\GW/7-TW/_!-FZ'^7W.Y^[-[T
M_P!DW],5=VY?:`[GI@%VY,6\<%3M1.YKM4[#[L"#<XJB;5=P=R2PV'SP9YQ_
MXZP_XQ+B$8X\%!K0C9?GXXMYR_XZR_\`&)<Q>T/\3G_7A_OG*T'^,C^K+]"0
MC'C$P<>#G/%W:H#B@.)#%!7!MU0J#'5Q@.!KRXXKZ:?;;880"2`BK*G<.U[*
M+:,T4?;(PSB01(L:]%V&!+&W$$=3]MMV.*75W%:QEY#\ADR3*L<;(O8>?>IW
MV"M<74=M&9)#0#MD9N+R;4Y3OP@3[L#7M^][(>343L,#QK)?%;>W;A"IK(_C
M3-MI=%#&/$SRKI?\ULC#AWZIU:6K7U(8:QVBFLA_F(P?J6MP:7#':6XYRJHC
MB0=`,+-0U5;"T6WM_AVXJ.Y/CD2N+V97:6O*=NC?RYE'Q]5*IRE/!"0C$$D1
ME7TRFQCAB39B!S-`=3S9)+>I;\KNX(FOG%5!^RF$Q>YU&<NQ,DAVK3\`,O3[
M.2^6,<B[5/J,VR@>).&,]Y;:<AL]-H]P=I;@_L_ZN9^33Z?3RCAP5FRD5(CZ
M8CW]!_13AR&<>+@,;L`':J-*$=JZS+:1+SF/51T7W<^V'4=Y8^7XB(:7%\X^
M.4]![+_DX22:@J0)!;((FH?K$P)+2$FM37IB,,;W!#.>"`;N>I]E!_CE.;0Q
M),)3\26W#&.P/]<_[UD+F`9@Q&]@_L5;N\N+^;U;EB[-]F,=OHQ2.U"J&N6X
M+U$8_CER2+:H%LXC)*Y`%-V.'45A91!9;YC/*:-Z"G8'_+;-?F@<4+-1J7#0
M(XK_`*O=_29F8C0`/+:@@(+>[OB(=,0QJ".4P';W8X?K;V5BH^N2>M*H_N8O
MZ_\`&N!Y;]RGI)2&(=(HMOO.!JS.0(5XU[]_O/Q9@RR$@`T`+/\`2^,FLB4N
M9X1Y<_FFC7]W.GI0*+6$?91.OT4Q$((QSK1AOS;<U[[95GHES+.MR6932AJ2
M%^[KA[!I-O'\4I,K>)V'W=\JD>7";[VF4\6/8?((&STL7:":0_NB?@Y4-?DG
MV<.8+*W@H42K+T9MR/\`5_EQ-[NUM@(UH3^S&E-_EVQ(2W]T/W2B&,_M-X>!
M_:R>2492O'$QCML3Q>_U.)*620]1H?()F"*^_AEX7VFEPVURUX9))+AEXDLY
M*@'P2O'Z<,!D36U=S3("]C:[+QN7A8-Y>-R\4-Y>-R\-TAO'1_WB?ZP_7C,=
M'_>)_K#]>2B?5'WA!Y%DF<P_/W_R7=Q_S%6W_$LZ?G,/S]_\EW<?\Q5M_P`2
MSL75/D_-FS8J[-FS8J[-FS8J[-FS8JRJW_\`):ZC_P!MRQ_ZA+[-FM__`"6N
MH_\`;<L?^H2^S8J__]'C_GC_`)2_6O\`F+E_7D?R0>>/^4OUK_F+E_7D?Q5V
M;-FQ5V;-FQ5V;-FQ5[-_SC?_`,I;JG_;.;_D_#GIG/,W_.-__*6ZI_VSF_Y/
MPYZ9Q5AWF1BNH5Y57B/@]_HPK64O50I&U2$VV'CAKYA1&U$\J?9'3=L*O3X,
M"C>G4=6ZGZ,UV3^\E[W)A](]RX2`#^0>-"6_X+,"JCL/=CR;Z*8UQ,4H6JOB
MWPXFB%6#.A9!UX]_IR#)7I2K$5_RY#M_P.;[?Q;L/?X5'T8CS2A96(?L.H_'
M*$KL0"`QK05_LQ56^WL*M3JJ?"OWYB:DH#0^"#?Z3E.76HD0FG[-:`?0,:)4
M(H6H?Y0*#Z3A5<?@H-D/M\3Y1^`5(`]WW)^0RU.VQIX"/XC])RNC$;+^+'%7
M4.[G<?S2=/\`@<;]NC"K`?[%1EG8@["O[4G7_@<INE:%J=W^$#%6J\_A!K3J
ML>P^_*)_8!"D]DW;Z3COM`]6]A\*_?C1N*5K[(-ODQQ5Q/"@-$/O\3_1E4XC
MD1_LI-Z_(9AM4?9]D^)LH[-V6O<[L?HQ5U*_'NP_F?8#_8Y0^.A%6`[#X5RV
M[-_PTFW_``N4VX[M3NWPJ/EBEJO*J@_[&/8?2<9,W%>(HI/8;M])Q3[0I4M[
M+LOWX&E8DTVVVVQ53S9LK`KLK-F`)-!U.V*I;YBU)-(T&\O6-)'4P6X[L\@X
MM3Y(>6<8A:E*FI\<E/YEZV;G5(=%A/[G3UY2^#2OO7_8*>&1&%@=SMEV*-1X
MC_%O\.C&1WKN>E_EXU8[H5\#D^@7DVP)]AD`_+E?W-VPW%0,Z!;D[J%+$`D@
M&FPRJ7U'WIZ!$_Y-:'^5?ZYB>.Q^'V&YQGJ*!1ZK[`4_''*P[$`>"[G`AO[(
MJ?A]SN<PV^+_`(9_Z970]E]SNQS';XJ?2_7Z!BJ&N&Y,`"33QRH$+.-JTWQ-
MCR8D]\$P+\!-"2?H&*58'DZ@&OQ#X5V[^.*^<_\`CK+_`,8E_CB2[E16NXV7
MIU\<4\Y_\=<?\8ES&[0_Q.?]>'^^<KL__&1_4E^A(!CQB8QXSGB[M4!QX.)@
MY98*"3TP5>R&Y9A$A8GY8'M(S-)Z\G3]D'$26NYN/^ZU.^*W=_#8PG?<#89=
M''(U"()E+G7<RKIU*(O+^&SC+.V_AD4GOFOY>4K\8Z@#V!/7`-[>SW\A=B1&
M.@P&KR22!(NG0GMFY[/TF'%EQRU`XH@W/W=RSQS\*8Q2$9D'AD>0+(]6LH[.
MX6PM91/S16,PZ48`_P`<8US;Z9`L8^)_Y1W.%<NH):(%Y5DZ5\,+'NA.[L"6
M<TXDYL\F".L,Y0,<6'&?39X9S]T48O$QX\4,I.29`$I1&U_SBB+J^FN)C,=W
M_9'ABEC8M-6:<\8ANS'`\<80>K.U`.B]\6N;V>[MXK?^[@CK0#J:XCP?R\L?
M&8F'T@#8^YNEQB41&((/U&_I'Z47+JHVL[$<(1]H]VQMQ+$C^G$G$`#X5ZDG
MNU<#6]G12]?30]6/7!EM:PSI)()/32/JS`DO[##H\U8YZ;#&R?496`=OJWZL
M,D("<<LB1P[4+HF6PL!JVC5E,K?$0:!<&1K+,P51R/A^ROSS6]OS`2,<$[TZ
MG#FSTZ8CC$O%3U/?-?J==CQDQC1MMD0.90T%N8/BK^\/5AU^0\,%PVLTIHHI
M7[\.;71E6AEW]L,1]5M%[+3[\U.75<<B0''GG`VCZBE=IHC&C2?"/?<X;PVE
MK:KR(%?YFQ'ZW//M:Q[?[\;8?1CEL#(>=U(9">JC89CDWS-N/.<C]<J'<.:]
M]14MPMT,K]-N@^>5]7O;G>XD]).R)U'TX+CC2,!8U"@>&/&'?JT&0'TBO,[E
M2AM+>#["`G^8[FOCO@D&N,QU<D&LV=SNNRQE=<L86*X98QN7A0NS967A#%O-
ME9>*MUQT?]XG^L/UXS'1_P!XG^L/UY*/U1]X8GD62YS#\_?_`"7=Q_S%6W_$
MLZ>.F<P_/W_R7=Q_S%6W_$L[)U+Y/S9LV*NS9LV*NS9LV*NS9LV*LJM__):Z
MC_VW+'_J$OLV:W_\EKJ/_;<L?^H2^S8J_P#_TN/^>/\`E+]:_P"8N7]>1_)!
MYX_Y2_6O^8N7]>1_%79LV;%79LV;%79LV;%7LW_.-_\`RENJ?]LYO^3\.>F<
M\S?\XW_\I;JG_;.;_D_#GIG%6(^8#74"E?V1L!O]^%=>%`:*3_LB<-=?WU`C
MXC\(V7;[\*AM5=@>X3J?IS7Y/KE[W)A](]SOL"M*#LS;G_@<U.K4J.I+&@^A
M<WV34T6O0G=LH[$,10>,G7Z,@R;H)#R^V?\`@5QG"-B13<=E%*?,XX[BN[>[
M[+]&7]H;5;Y;+].!5/@5)4.5)%"H^*H^>)-"R4K3?IO@@':GAU6/^N4/AJ#1
M2>R[L<56,PJ6DA*@]QV^6(>HX!`)`/;!7V34T6O0MNV4PKN1MW,G\,4K5Y[!
M&5V8#KU^6)^J%-&!Y#N=Z'Y8]HD(JH-?YNBXD\:A2P8GY=/OQ5?S1OBZ^/+X
M1]`R_M[@\CX+\(^G$Q<,JJG$$)TQ)V#,2!2O88JB":_!TI^RG7_@LQ/'X31:
M]:?$3].)HPX"LO$UH5/2F9I#&>.Q!WJFWXXJO^P*GX>P+?$?NRJ4!:E1UY-T
M^A<368"M1QKW&YQP=":@CYONV*MDU'/[6V_[*X$)J:X(G8<0-S7N>GT8'Q5K
M*R\K%6L`ZUK%OY?TFYU:X.\2E;9.[S,*(H^7V_\`8X/52S!1U)SCOYF^9TU3
M4DT6R<-8Z<2'<?[LG_;;_8?97)0AQR$>G,^Y!/"+^3$I;N>[GDNKER\TS&25
MSW9C4X*A;;"R(D]<,(&IF9(5LUAZS^7$=-,N)?YI*#[ADV5W0U0E3TJ,C?D.
MS,7EV!Z@&8EZ'J=Z?PR2M%(NY4TS"E]1][9T'N<99&7BS5!WWS1,B2*TB\D'
M50:5QAVZC-@57,D80\&8-V&)^L_$J=Z]^^,S8K3L%(T84&IIT%?A&!<52X=%
MX4!7P(Q4HE"'9:'E0C9=AUQ3SI_QUU_XQ+@`MSD4@4W4?C@[SI_QUU_XQ+F-
MK_\`%)_UX?[YRNSQ_A(_J2_0D`..!Q@QP.:`N[5`<"74Y8^BAW/7-=7201DD
MBN$TFH+"K2DU=NF9NC[/SYS>.!-\MMF0`&Y3*XOH;"$K4<R/IKD<N9Y+MC-,
M]$&],`W4\T[F61C0G`Y>6X^!=HQU.=#C[+_+8@#7'+ZCU^#*->]4FG>X/I0"
MB#OCI+E+*'TU-7/7$9KF.WC*1?:[G`2QO._J2$TR$H&(,"*!W][-R^K=.2W3
MQP8O"%:**MB7,*.$0Q:&W=S5]E[G*I2H=P9!R++.P)W/8=AAA%;)$0TOQ/\`
MRC-$A!$<(K[X;VFEL?WDS<`>I/7,;+GVHFA]J2:026\MRX%"1^S&.GTX>6&B
M2N/C&W\O;!5M!0<+*+YRMTPRLZ6:N&<SRN:GV]LU\]23&0C/PZ&U<Y?T?Z+3
M/(:J*K:Z3!$*L!7!AGM[<<5W;^5>N(!+FX^V?30]AUP3#;11?97?Q.8-F[N_
M>XTC?U&_(*8:\N/LCT4\3UQ:*RB0\GK(_BV^+#'##;49'D-AY+E``H!0>&/&
M,&.PAK*X8[&Y>2'FQ*[+QH.7A8E=E@XW+!PVQ*\9>-!R\*%V77&9=:X0BEV:
MN-KEX44NKCHS^\3_`%A^O$\?'_>I_K#]>2A]4?>$$;%D^<P_/W_R7=Q_S%6W
M_$LZ?G,/S]_\EW<?\Q5M_P`2SLG3OD_-FS8J[-FS8J[-FS8J[-FS8JRJW_\`
M):ZC_P!MRQ_ZA+[-FM__`"6NH_\`;<L?^H2^S8J__]/C_GC_`)2_6O\`F+E_
M7D?R0>>/^4OUK_F+E_7D?Q5V;-FQ5V;-FQ5V;-FQ5[-_SC?_`,I;JG_;.;_D
M_#GIG/,W_.-__*6ZI_VSF_Y/PYZ9Q5B/F`<M0/4T4>P'SPKZ_!V_E7I_P6&G
MF`5OSM^R-R?A^["L;CN?8?"!^K-?D^N7O<J'TCW.KQ^'I7LOQ$_,Y7]V*CX?
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M+C]*WR%+9.\:'9IC_P`:YP3D6))-2>I[X9>8]>N_,FK3ZK>`*TE!'&OV4C7[
M"+_JX5@@9G8<7!'?ZCN?U./.?$=N0Y(F'KAK80-<2K&*[]P*_P!F%<(+';<G
M_/ODV\J:8TVH6L(/%G8,X;F057<_W8:+_@C@R&@2RB]FTBV^IZ3:6W01QJ*?
M9Z[_`&4Y#!J^*[>]`/Q.^4`$`4"@``%*+T_U?BS#?K1O>F__`"4S";6]N5#N
M?'=O^)4&4T:=64?J/W+7+)\#0>!)/ZOAR^G:A]J#_B'Q8H4O04_9)%?&E/ZX
MPPM6@(/RK_'%QOUHU.]!7[WIF)WV.W@U3_S;BFT,T;KU7[M_U8WIL=L&=/8^
MU!_Q#?*`J-_B\30?K>AQI;0J_:7_`%A^L8/\ZD?IA?\`C$N(".,NM!3XAXUZ
M_P#`Y?GN=(M8%3N(EK^.$Z3)JL4\&,`RD8D$FA&K]1;M+FABS#)D-`1ER^#'
MWG2(CEO4@8_5;ZTM(%EC-&-01[4K7"BZN8U7U.51N?NR,7NHR7<I`/PC8#-C
MI.S=,,'Y+-A!D/KR<.TI<Q4OJ<^0RSR0U>/+>*MH<K[Q2,FU.6]EK^R#L,MU
MDXJ\@(4_9)P!;?"=]L,KF]]>WAA:@](G<=ZYO<6'%BQB&.(B([`!UVKGJ\FK
MC$<0B19KDE\S&5N(-$'7`MQ=B-?2AV[8Z\E]/X(S6N`EC)-3N<U/:&2I$=?N
M>ATU>'$0-BN9ZJD2\JM(=L7`:4A5%%RX;8M0G88/BC"`!14YILV8GGS`IR@`
M%L-JL8#-N<&0V[34VXK@BUL99S6FWB</K738XZ%AR;P[9K,^IC'F;+$R`0EC
M9$?W25/=CAO#:QJ09"97_E[8*AM6(%?A7P&#8XDC^R/IS69,TID]&F>10CMY
M'%&^!.RC;!<4$<8^$?3E@XX93;022J#'@XF,<#A8%4!QP.,&6#D@P*H#C@<3
M!QPPL2%0'+Q@QP.$,2N&6,;EUPL2%V6,:#EX4+AEUQM<NN212[-7&URZXHI=
M7+KC*Y=<44NKCXO[U/\`6'Z\3KCHC^]3_6'Z\G'ZA[P@C8LJ'3.8?G[_`.2[
MN/\`F*MO^)9T\=,YA^?O_DN[C_F*MO\`B6=FZ5\GYLV;%79LV;%79LV;%79L
MV;%656__`)+74?\`MN6/_4)?9LUO_P"2UU'_`+;EC_U"7V;%7__4X_YX_P"4
MOUK_`)BY?UY'\D'GC_E+]:_YBY?UY'\5=FS9L5=FS9L5=FS9L5>S?\XW_P#*
M6ZI_VSF_Y/PYZ9SS/_SC>O\`SM>J-V_1Q_&>+^F>F,58IKL$KZ@7CB+?"/BH
M3]U,+/J]P^YBD)'=U(`^@9/J#KE4'AF/+3B4B>+F;Y-HRT`*Y,"]"X;X#%(?
M;B0OZLQ@N%^$Q.`>RH:'YDC)]09J#I@_*C^=]B^-Y,!^KW""HB<#_)4D_JS"
MVN!5EA<?[$ELGU!X9J#PQ_*C^=]B?&\F`"VG8\O1<GQ=3^H91M[AMC#(2.G)
M2`/NR?T'AET'AC^5'\[[$>-Y//S;W'V&AD(_E"D+]],QM[E=O2<`_P`J'\21
MG0*#-08_E1_.^Q/C>3SN2WN43X87%=ME8G`_U6Y_WQ)_P#?TSI=!X9J#PQ_*
MC^=]B/&\GFGU6Y_WQ)_P#?TQIM;K_?$G_`-_3.FT'AFH/#'\J/YWV)\;R>8F
MUNO]\2?\`W],KZK=?[XD_P"`;^F=/H/#-0>&/Y4?SOL1XWD\O^JW7^^)/^`;
M^F;ZK=?[XD_X!OZ9U"@\,U!X8_E1_.^Q/C>3R[ZK=?[XD_X!OZ97U2Z_WQ)_
MP#?TSJ5!X9J#PQ_*C^=]B^-Y/+ELKIC0PR*`*LQ1M@/HSC/YA:IK_F6]6RL-
M+O4TBS)6!3;R@R/T:9_A[_LYZWH/#*X)_*/NR>/!&!XKL]/)C+(2*Y/A3_#^
MO?\`5KO/^D>7_FG,/+^N]]+O/^D>7_FG/=?!/Y1]V;@G\H^[+FM\.QZ!K@H/
MT5>#_HWE_P":<Z-^6.A:O'>75W<VMU#'$@2))$D4%B=Z*P_ESTYP3^4?=EA5
M'0#(9,?'$BZMG&=&Z>9+%>K2D$G_`"+-?OICQ'<UJ;:0>_%C_P`2SI5!X9J#
MPRG\L/YWV,O%\GG'I3L*&&2G@R,/^(#'K;W)%5AD'C\-/UCEG1*#PS4'AC^6
M'\[[%\7R>=?5IPU/0>OB$8_\3%,MK:ZXU:%R!V*M_P`:;9T6@.:@\,?RP_G?
M8OB^3SI;:Y.ZPR;_`.33^'+*^KSABOH25_U&/_$QG1:#PRZ`X_EA_.^Q?%\G
MG9MKD%2T+D!AL5;Q_P`CX<(OS/2^.N`VUK-,I@0<HXV8=^Z@YV&@\,HJ#U`.
M9&FO!(RB;)%)AEB)"4X"8%[$T^86@U>0%?J%S0]?W,G_`#3B(TG4PU?J%QO_
M`,4O_3/4G%?`?=FXKX#[LSCKI$`<`YW;?BU@QR)CCV[N+8/F$Z3J82OU*X^7
MI/\`TP%)8ZRS433[J@_XI?\`YISU7Q7P'W9N*_RC[LKS:J>0`1]%=Q;L?:LH
M`B6,2L]]?!\K+I&KONUA<U_XPO\`\TX*AT745W-C<?+TG_IGI_BO@,W%?`?=
MF)E$LG.6_>WQ[;,10P#_`$W['S;#HNJR'X;*=1[Q./X8=V7EV[6C/;2D^Z-_
M3.[\5\!FH/#,#+V<9\LQC_F_M2>W9G_(@?YW['DD&DW*@#ZO(!_J'^F#H[&=
M.D$G_`-_3.FT'AFH/#,.78(//.?]+^UK/;$S_DA_IGG`MKG_`'Q)_P``?Z8X
M6]S_`+YD_P"`/],Z+0>&70>&#_0_'_5S_I?VL?Y6E_J0_P!,\[%O<_[YD_X$
M_P!,<+>X_P!\O_P)_IG0:#PRZ#PQ_P!#\?\`5S_I?VH_E4_ZD/F\_$%Q_OE_
M^!..$%Q_OI_^!/\`3)]0>&:@Q_D"/^KG_2_M1_*A_P!3'S8&()_]]/\`\"<<
M()_]]/\`\"<G5!FH,/\`(,?]7/\`I?VH_E,_ZF/FP?T)_P#?3_\``G+$,_\`
MOI_^!.3>@S4&'^08_P"KG_2_M1_*1_U,?-A7HS_[Z?\`X$XX0S_[Z?\`X$Y,
MZ#-08_R#'_5S_I?VH_E$_P"ICYL-]&?_`'T__`G+]&;_`'V__`G)C09J##_(
M4?\`5C_I?VH_E`_ZF/FP_P!&;_?;?\"<OT9O]]M_P)R7T&:@Q_D./^K'_2_M
M7\^?]3'S8CZ4W^^V_P"!.;TIO]]M_P`"<EU!FH,/\B1_U8_Z7]J/SY_F#YL1
M]*;_`'VW_`G+]*;_`'VW_`G);09J#'^1(_ZL?]+^U?SY_F#YL2]*;_?;?\"<
MOTIO]]M_P)R64&:@P_R)'_5C_I?VK^>/\P?-B?I3?[[;_@3CXHI?52L;?:'8
M^.2F@S8CL6((/C'8_P`W]J#KC5<`^;ATSF'Y^_\`DN[C_F*MO^)9T_.8?G[_
M`.2[N/\`F*MO^)9N7"?)^;-FQ5V;-FQ5V;-FQ5V;-FQ5E5O_`.2UU'_MN6/_
M`%"7V;-;_P#DM=1_[;EC_P!0E]FQ5__5X_YX_P"4OUK_`)BY?UY'\D'GC_E+
M]:_YBY?UY'\5=FS9L5=FS9L5=FS9L5>O_D/K&F:#J]_>:G,((YK7T48[U;U5
M>GW#.]_X]\K'_C^7[CGDGRM,(V=3X@C)];2!Z5ZYC9\T\9V`(\W;:#08-3"Y
MRD)`U0I[X?._EH)S-X./C0X777YJ>1[/_>C4U3Z#G)9&'U<KD$\PPK*]`*Y#
M3:F>61$P![F6O[,Q:?%QXY2)OK3Z+_Y7'^7O_5W3_@3F_P"5Q_E[_P!7=/\`
M@3GD*X@:&0J10=L1S,=.^P_^5Q_E[_U=T_X$YO\`E<?Y>_\`5W3_`($YX\S8
MJ^P_^5Q_E[_U=T_X$YO^5Q_E[_U=T_X$YX\S8J^P_P#E<?Y>_P#5W3_@3F_Y
M7'^7O_5W3_@3GCS-BK[#_P"5Q_E[_P!7=/\`@3AKIWY@^4]55FL=024+2M*[
M5SQ/DE\HZV^EZA&2U(V(5QV(.0RF8A(XZ,@+`/(MNGCBEEC',2(2-$CI?5]:
MW?GWRO8R^C=7HC?P(/?,OG[RJSB,7R\BO,"AW'CG)==L8]6TM;J$!IH5Y!AU
M*$5_#(G:3221</\`CXMCR3QIW'^R&8.#73RXN*HB43PS'<>A]SN)=DX(3$92
MG4N7+I]4>7^E?1(\\>6CTO5^XY4GGKRQ&AD>]`5=R:'.'PSK*HD7]K[0Q;X7
M#(PJ&%",B==E!WC'S<H]A:4BXY,FXVW'ZGL2?F/Y/D;BFHJ6\*'!D7G/RY-3
MT[U37IGFB[@-G='CT!JI]L.["Y)"NI]\ORZC(("6/A-CJ'#P]EX93GCR&<91
M/0C]3Z%'F71CTN1F/F71@*FX%/EG++&Y6>)6[]#\\&D;>V:B?;.IC(Q,(;>1
M_6W'L;3C^.?S'ZGHO^)M&_Y:1]V.'F/2#TN!]V<V`##;'Q&AXGO@/;>I_F8_
MD?UJ>QM/7US^8_4]'/F'21_Q\#[LL>8-*._KC.?4##WQRI(HJ1MD/Y=U/\S'
M\C^M@>R<'\^?S'ZF>MYBTA!5K@?=B,/FW0;@,8KM6X'BVVX/OD'D'0X0WUO)
MI]Q^D+450[3QCH5\<MP]M9YW$Q@)'Z>=$]W-G#L?3RYSG?3<?J>KR^:]"A-)
M+H`_(XD?.?EP=;Q?N.0".*#4X`JD$.*QN,BNI07-C.UO,I##[)[$>(R_!VKF
MRDQ,8"0YBC^ME'L?2$T9Y+'2Q^I[.?._EI=S>J/HQ)//_E61BJ7ZDKUV.<(D
M=W!!.!X3Z$ZO^R=FS-&IRT;$;Z,)]D:82%2R5>]D?J?08\\^63L+U?N."+?S
M9H5T6$%T&*?:V\<X]!8PO"DE/M;UPRTF-8;N@(^->#?K7_ALP<O:^2,9&$8W
M'O!Z,Y]B:<1)C.9KS'ZGJ_Z>TO\`W^/NQWZ:TW_?PR!>QZC%U;DGN,P9>T&J
M'\&/Y2_XIQSV5A'\4_L9Q^F-/_WZ,N[U6QL6X7,H1J<J>V0J*4$JIZU'Z\%>
M<Y`DS,#4^F`*9=@[:U4\.7)*&.X3QQC0-$9..^O]%J_D[%X^/%<JF)$_YM?K
M39O/'EI&*M>J"/8X[_&OELBOUQ:?(YQ2XC)):E<NV((,;9L/Y0R\-U'S<[^1
M--?UY/F/U/9SYZ\L+UO5^XXF_P"8'E2,%FOE`&YV.<<G@`[5P$\2L*')0U\S
MN0%/8>"MISOX?J>N-^</Y?(Q5M64$;$<3E?\KC_+W_J[I_P)SS1YLT0V[_78
M4^!C\=.F1/-A"8G$2CR+H,^&>')+%,48GY^;[#_Y7'^7O_5W3_@3B@_-WR">
MFJIO['/'&#;5ZJ5/4=/EDFI]>?\`*V_(77]*I]QQO_*W?(/_`%=4^XYY/!!%
M,3*@'%2^M/\`E;GD'_JZI]QQ1?S7\B/]G5$/T'/(XIBT+T(Q2*ZOKI/S*\FR
M?8U%37V.+CS[Y685%\I^@YY:L+CHM?EDEL9@PH>^8^;+.'(`NTTFAT^<;RD#
MY$/H!O/WE914WR_<<0?\R?)Z?:U!1]!SBK1AATZX57ML!4TRK'JS(T0'(S=D
M8HQN$I'WT]VD_-CR+%]O5%'^Q.(_\KC_`"])I^ET_P"!.>:]0M:U/'(O-`RS
MA%&['8#,P&Q;ILF,PD8E]@Q_FSY#E8*FJH2>FQP8GYB^4I-UOQ3QH<\R:'H7
M#A+*M9.N_1<E\%I&`*BIS&SZN.,T-W:Z+L>6:''F)@#R`>X_X^\J_P#+<OW'
M*;S_`.54%3?"GR.<:$2*-E&8P1NNZC,;^497](<X]@8*_O)W\/U/7C^97DT;
M'45^XXW_`)6=Y+K3])+7Y'.'7NF)("4%&[9&[J!HV*L*,,R\.H&0;<W6ZOLS
M\OO9([WTHOYG^2G)`U):CJ*''C\R_)I(4:BM3TV.>8#\5'7:1/Q'A@J!UE`]
M^GL<LE(C=QL>GQR-$FSR\WTP?S&\H#_I8+]QQZ_F#Y48%EOU('78YYJ]4]&Z
MC8X,LK@*_%CL=LKEER`6`',Q:#2SD`9S%^8_4^B?^5@^5".0OEH/8XBWYE>3
MD^UJ*BGL<XE"JCE0"F!YK."9B'%.71AV.51UALB0%>3?/L2'#>.<K[C3VX_F
MOY%'75%^XXT_FSY#'_2T7[CGFW5]+ELI3R2BGHW8CQPG91F7&8D!*)L%TV7#
M+',PD""'U0?S=\@CKJJ?<<8?SA_+X==63_@3GE)T'A@:6,$=,DTG9]:_\KC_
M`"]_ZNZ?\"<@?YO_`)B>4?,ODJ?3-'U!;B[:X@=8@""55JL?HSSTZ\33&XJ[
M-FS8J[-FS8J[-FS8J[-FS8JRJW_\EKJ/_;<L?^H2^S9K?_R6NH_]MRQ_ZA+[
M-BK_`/_6X_YX_P"4OUK_`)BY?UY'\D'GC_E+]:_YBY?UY'\5=FS9L5=FS9L5
M<!788;Z=H-S?48J50^V"O+FC&]E65UJH.VV=>T/R\JQH2M!\LQ=3JXX17.1Z
M.?H]#XP\3(>&'VR83I/E%H&#*&WZY(X]$N(A50WRSH=KI<2*`%P>-,0C[.:G
M)K,TS>P=OB\'`.''&GE=PD\"_&IID6O[>0S-*W1S6G\,[9J&AQRQD<:Y`-9T
M?T&*L#Q)V.6Z75B,^&0HG[6W/CCJ\=`[QW`\WFVK6'*(.H^1R-L"I(/49T.Z
MMP0T##8[?3XY$-7LFAD+TH?VOZYM\<^(//ZO3G'*P-CM\4JS9LV6.([-FS8J
M[-FRP"308JUCD8HP8;$8K':ROO3!UKI$MPX7B?NQ2`2:`LEZ=^7WF#ZY;_4I
MC5XQ0`]U/48OJNBR66JK<VX/HR$D4Z4/;`7E7R[):2QSH"K+0YU6/3DNK<!A
M4]1\\Y_4S\+5RG@WCD%3'2WI\&20TV..H^N%>_T_0?>\_72YE82PJ>#[D>^"
M!8S`;J<Z!;Z6BKP9:8JVE(1TR!G,\R&T:X#8!Y)J=A)*A)7XEW&V%=A*T+F%
M]J';.OWFB(X-5K[Y`]=\O/;2F>$&@WZ9D8=1MX604#R/1$I1R3CEAM,;$?S@
MC--N."J0?A.Q]CDFA(D3Y],@-G</`P[`]0<EVEW8E''IX4S7:[`1ZPY9]4;Z
MH]5X.1V.65/4=1CV7FM>XQZ+RH?OS7&75KOJB](C,UVBT!!WWR37=LK1A2`=
M\BL,C6\BRQ[,IJ,/)M=A%NL@WF/[/@<R=-DP\&2,]B=]^YUVKQY9982QBQRV
M[TDO(?0E>(]!TP"P#`AMP>N+SRR7DIF8_&=\#NVWOW&8^UGAY7M^AS\8(B`>
M=;^]*%9]%N]J_4YFV/\`(W],D^I6%OYBTCX.(NXQRC8>(_XU;"9S#<H]E/N&
M'PXSR_>3Z9>_4)FZ']RQ_:'AF7&9_O?XX#U?TX?SQ_2CU7/"4@)1VG#<'O8=
M/!)#*\4JE9$)5E/8C`LB9.O-FEF60W\*4)^V!WR&NNV;/3:F.:`G$^1][8*G
M`2[PR309!<Z>JG=HB5;^&*R.8).:[$'8^XPDT"Z^JWWIL:1SCBU>Q&X.2&>'
MU`2-Q[9@ZB'AYY7],]Q\>;/&3R/N3N&59XUD0[D#D/?+9RH)!WR,1W[V4X5C
M1>_MALM]')]IP!UK7,')II1((WB=PU''N:Y!U_=RI&9XC1T^T!X8A#J+7JE)
MWY-2E3A?<W5;B0H:QL2*=B,`)*8)MC\)-0<R\>F'AU5'F#^AMC`5RWZ(NZ@X
M2$4V.XP"5]-PPV/MAPQ6[AJ/M#"YTK4,-QE^*9JI<QL67DK%/404\*C`$T)4
MG;#.R^)"G[2]![9=S$":@8QR<,S%D#;'[JSBO()+:85604SE.M:7+I=Z]O(#
MQK5&[$'.RRQ\37"+S-HZZOIS"-?])A'*(]S3JN;+2:G@EPR^F7V'O=;VKH1G
MQ>)`?O,8O^M'K']3R7'QN48$9I$:-RCCBRFA!V(.,S;/*IHK!@".AS-ON,"6
MTM#P/3M@SJ-L*J8VVQP-#48PBARP?PQ0F%K/Q89);"Y&QKD-C?BV'6GW-"`3
MME66'%%S='G./(.X\V>6SB1/<95S#S6M,+]-N>@KAX%$B_/-1DO'-ZB$A.`/
M.V*WMML=L+=-T<7%[ZSK\,9^'Y^.2F\MC\6V):0BJ\B$4-:C,H:@C%(CN<*6
MBA/58S,;7?OKDC8H5B0*HI3%X]CF8$&F9!N1F!(DV2[J@-@K@[9:G<CQZ8G7
M\,OEE=)<Z5W'TX3:K9"6,R*/C&'O7?[\1N(JH2,LQ9#"0(:LV*.7'*$A8(>?
M."C_`".9&]*8']ASO\\--1M>$S$#9M\+WBJM.XZ9NHS$H@]X>4RX9XID?S38
M5I#7XAU[_+*20J01U'3$%EXL`W3H<6=*KMT&X^6-5L4\9D3./,<PR*QG$J#?
M?%ICMA#IMP8FX_2/GD@EXN@=-U<5&8.6'!D\B[W2YO&P@_Q`;JRK!J%FUG<B
MNWPGN#[9`M2T^73[AH)!L-U;L1DN@<Q2_JQ?5[*/4+0JP^.E4;P..')X.2C]
M$S_I3WM.NT@U6+C@*R0'^F_HG_>O.&&!W&#YX7AD:*12KJ:$'`CC-H"\Q(5L
M=BE\R5W[X'PPD7P&`I$*L<6"S-FS8J[-FS8J[-FS8J[-FS8JRJW_`/):ZC_V
MW+'_`*A+[-FM_P#R6NH_]MRQ_P"H2^S8J__7X_YX_P"4OUK_`)BY?UY'\D'G
MC_E+]:_YBY?UY'\5=FS9L5=CXD]21$_F(&,P7IP!NX0?YL5'.GK'DW2E$49I
MTSJ%C;A54`=.V1'RE$HM8S3)[9I4#.=U$S/-.1Z&@](0,>.,!RC$(R&$4&V#
M$BRH4V&#(XZ94*)<'+D\T%+;BG3(GYATL31L`.O3YY/'0$82:E"&0@Y5J3X<
M>,<X[ANT><C('B&I6#Q2GF"&7\1D;U6V6X!(%2!0YV#6M)6YB9E'[Q1M[^V<
MSOK9K>=D84!/?]6;/L[6#-&_XH\PYNNP1RX^*/*1]7E)YQ=V[6\I4C8[@XAD
MKU:Q#U0BG+>-O`^&15E96*L*$&A&;@$$6'F<F,PD8GHUFS9L+!<BER`!4G)!
MINBNX#.-S[8SRYIINIO5855>F=#L=."J!3*,^<8Q75SM)HSE]<MH_>D-OHHH
M!QR3Z+H"\@Q'AVP?!8]!3)-IEF``*9K,VKG/T@U;M88<>(7&(OO1.GZ<J`4%
M!DBM(^'PCIC+>#BH&#HX^.8YJJ:,F0E<(A6M,4]+;%$%1B@QC'O<8S*$>$$'
M;"75-.65&VR2LN!VM7N#Z<8Y,>Q-,)@;``N^@;,>;A-DT`\5U:P-I<,`*`FH
MQ32;HQRJI_S&2?S58?"QI1D)!R&HIBD5OY37#8R8S"7,;.\PRXX`L^MR"*CH
M<64<33"W3YN<*,.XPS`KOFAR1,9$'W,9BC[VZ8#D+J2.W?!9-,.[70EN+7U'
M/Q.*J,E@QSR2X81XC5_)JGGAA`ED.Q-,9A+$\?##J+3(]1M28_ANHA_P8P$U
MJUK,T4@HRG[Q@ZVG:W8/&=Q@&2,,G[R)X>1'\0]WN1FE*0$L1H\XGH?V,3U2
MWDA/)05D0_348X(=3M$GC/&YB-0?!ADLU:UM=1"7'V6;:4#K\\+(-%CM&:2V
MD/%Q\2'I\\LEJ<<0(\5RB;C*MI`]"V0U,90B9>F74%$Z?*NHV`684E4<)D/4
M,,A>OZ.]C<,RBL;;UR6QLUG<B8K0'X91XCQ_V.#M0LXM0M2NS;51LHPZDZ;/
MQ#^ZR'ET']C&.3PLG]"?V%Y*P*L&7[2D$?1AO!J$@4,#3EU'O@74;1[2X>)A
M2G3`L34JGW9T4A'+`'F.8]Q<P<['5%W<ID;F3UREDI5*U';`C<J[FN"N`**P
M\,3$"("!S5T(`#5J.AQLPK7\,J#[87^<@?2=AACJFDWVDS_5-0C$<O$.`K!Q
M0^ZY71!,J)`JSTW291$A&P#*R!U('.O<A+*Y*,*GIL1AA<P"11-'N.^$;?NW
MY#IWPVT^["T1_L-E6:!'[R'Q'>G[U.%S%,K=JT.&4Z#9ANIWP-=6Y0\UW0[X
M)@D]:#@WV@-LHR2L1R#W%;ZI9,FY';`3-Z3<A].&<Z[D'KA=,O6N9.(V-V1>
M>^>=(6&==4MU_=S_`-Z`.C#OD,SL=_:I>VDMI**JXVKV.<HU*QDL+IX)!2GV
M3XC-WI,O%CX2=X[?#H\MVMI/"S')`>C)O[I=0A`:&N#8)@0`>O?`.6IH:YE.
ML3)QW&,'AC8I010YCUPH7U_VL$VTO$X%!KCE-#48I!HLMTZZZ'PZY+;"<.H'
M8YSJPN>#@$[')=IMQT%?EF!J\-BWH>RM3Q1\.1Y,BGB#+6F%`!MKI7Z*30Y*
M--TV\U*RN+RV0/#:)SN&+`$"A-0#]KIA-?V_)>2CWS7XI&)X9@@2Y6[4U(GA
M(,H$<NAYT59AR`8=\8IH_MWRK*3U(N!^T,ME(-,A5$Q/1R@>(`CJO(IE5Q95
MYKC3&<A8Y,FD.^+NH,)QB1G'S&B9$GU"N]!Y,=U"$,"?#".9"N2:Z`(-<)+F
M.E?#-KIY[`.HU^$&R.9"4L`VQZX(M:D&-OD,2F3CN.F,60@AE^TN9AW#I8GP
M\EGIS\PJR!HI-MM\D6DW*W$)@8_$?B3YC[0PDN`)XEG3O]KV.(V5T;>96!IO
MU\#E.2'B8Z_B'WAR\&;\OG%?1/?RHLDFC\.HZ8*M9%EB*'Y4Q)G$T:W$>ZN-
MZ=CW&(1N8)0W[+',(@RC74?>'=\0!!'TR']A2OS!I_J(9D%9HAO_`)2?U7(F
MZYTVZ021"116GZN^035['ZI<$J/W4GQ)[5[9F:3-Q1X#S')TG:VEX9>/$;2^
MKW])?%)77`MPFU<'.,0D6H(S,=(4MS8HZ4)Q/%79LV;%79LV;%79LV;%656_
M_DM=1_[;EC_U"7V;-;_^2UU'_MN6/_4)?9L5?__0Y[YU\F>99?,VKWD6G2RP
MR7,CHR#E4$UKMD+N]-O['_>NVE@_XR*5_7GKZZ:&2[N!U(<@X5WVEV%VC)/`
MDBL*,&4';.:'M'*.:6/+@VC(QN)H[&NKM1V;"401.0)`.XL;ODNA&;)]^87D
MJ/1+TW6E+6SD7G)"O6(]/^`R!$4SH,&:&?%'+C-QD+\_BZ[-AGBF89!1^PCO
M#6*V\GI3(_\`*0<2S#+6M[[Y*O$GLHBK=LZ-8.O$;YYX\B>8UL9%M9WHM=B<
M[EI6H13(CHX((&:#683CRRL;2-@O08\@SX8S!LT!(=T@S&#?!2C`VBF.XD='
M'(!:C[\.OJT/\HR6FT>3+$9(F-61O=[.LU$Q"9B;V2]C084ZE3C[]<DQMH#U
M08E)IME*:O$&R.L[(U.:/#">,7WF7+_2HPZF$)"1!/N8#<(&4G.?^9],)=Y`
MOPOW\&SO!T32VZVZ_C@:?RKH%RI2>R1U;J#7(Z/LC5Z>8EXF,CK1E_Q+LL?:
M^G`,9PF8R%'8?K?+EQ#ZL;0R;.NV1+5+0C]\!1E/&4?J;/8#_EUY,=N3:5$3
MX[_UQ"7\K?(<Q)DT:%BVQZ_US>XXRCSIUFJSXLM&(E8VW[NCXPQR*68*.YSV
M+_RJ#\N_^K)%][_\U98_*'\O%((T2&H]V_KECB/"/*^GB*U0D;D#)E;0"@VS
MK,/D/RG;J$ATV-%'0"O]<$KY2\OI]FQ0??FNU&CS99&0E'?OMVV/M#!CQQ@(
MR](KD/UO+H8=QMDBTZ,`C)F/+.ACI9I^.+1Z)ID7V+=1E,>S<PYRA]OZEEVC
MB(^F7V))$G3!"C#H6%H.D0R_J5K_`+[&2'9^7^='[?U.-+5P/0I2FU/?%`*8
M9_4[;_?8R_JL'\@P_D,O\Z+`ZB/<4NQUG_O4/D<,/JT'\@S);0QMS1`&\<LA
MH\D9QD3&HD%B<T3$BCN*>;>9.+&<'^9OUY`FBHV=XN/+^D79)N+97+&IK7O@
M0^3/+1ZZ?'^/]<I'9^82D>*%2]_ZG;:?M?!C@(RC,GR`_6\OT20%3`3\2[K\
MLD,2D[9,HO*'EV%Q)%8HK#H17^N"UT/2E-5ME!^G,+4=B:C)(RA/&+[R>?\`
MI4Y.V,$N4)_(?K8,T1Y+4=QDTLB/JZ`=A3%SH^G'K;K@B.T@B%$0`#+=!V5J
M=/,RG+&016QE_P`2X.KUN//&(`D.$]6/ZO;(\J34%1L<*IK5H_W@'P-^O)G)
M96TO]Y&&RC86C)P:(%?#,;5=@ZG-J,F:.3'$2Y"Y<_/TKAUXQPC$@FMC[F&1
MBOPGOECX&X-MDM_0^G#I`N6VDZ>].4"FG3,7_0UK+_O,5'SE_P`2W?REBOZ9
M5\/UL(O47A4[>^`+#4UM;AK&X:B-O"QZ#Q7.AR:'I<R\)+=67PWP++Y2\OS%
M6DLD8KT)KF1C]G<_`<>7)C(/<3MW$>ELCVII^`QG&9]P'ZWG?F/3TNAZL="Q
M%01WR#21M%(584(ST&/+NCA0GU5>(Z#?`DODKRQ.W*73XV/CO_7,_1]F:G##
MPYSA*(Y43?W-T.V<$8B)CD-;<A^MX93D*C!%L`R%#V-<[2/(WE910:='3Z?Z
MXY?)/EA#5=/C!^G^N7RT&4BA*/VLOY;TW\S)\H_\4\86+C-'X<UW_P!D,F?Y
M@"NMCVA3^.37_!GEJH/U!-B".O4?3@N_\OZ1J<WUB]M5FEH%YFM:#MC^1R^%
M.!E&Y&)'/^&VJ?:^"6?%EX)U",P=A?KX:Z_T7A%Q'W['$[9NL?[0^SG<&\E^
M66V.GQG[_P"N)CR-Y6#!AIT8(Z'?^N`:#+P\)E'[6W^6]/SX,GRC^MYCI]PM
MQ%Z,GVE\<3='M)J_L]OEG5T\F^6XW]1+!`WB*_UQ5_*V@RCB]DC#WKF,>R<P
MF3&4.&7,$G]2?Y;T]_1DKW1_XIY+<`.!(NX/7"Z=*CE]^=I'E+R\!Q%DE/#?
M&'R=Y;;K8(?O_KDX=EYX_P`<-O,_J3_+FF_F9/E'_BGA,JTR)>:-+^NP_6(A
M^\BJ#\L]/GR-Y6;KIT?X_P!<2;\OO)[@AM+B(/4;_P!<S<.FR8Y"5Q<;5]IZ
M748I8S">_(T-CT/-\3LI4E2*$=<K/9+_`)1_EX[%FT2&IZT+#^.-_P"50?EW
M_P!62+[W_P":LS71OCI&(/6F".=>^>O?^50?EW_U9(OO?_FK-_RJ'\N_^K)%
M][?UQ5\B*V^/Y"N>N?\`E4/Y=_\`5DA^]OZYO^51?EY_U9(?O;^N*ODN*3B=
MCDFTJ\Y*HK\0ST=_RJ+\O/\`JQP_>W]<6B_*OR%`:Q:-"I]N7]<C.(D*;]/G
M.'()].K#O(DH?RUYB;PMS_Q%\*&@$D1H.HJ,[#8>5M!TRVN+2QLTA@NUX7""
MM&7<4/WXU?*?E]5"K9(`.@WS7:C0Y<GA^'*(X`>=]3;M\/:^"$\LY0F?$E$B
M@.D1'O>#<6MIZ]!7?#`1K,H=#2O7.R2>2?+$IK)I\9/T_P!<M/)GEJ,42PC`
M\-_ZY&>@S2`/%$2'OK[G(CV[IA_!DKW1_P"*>0Q14/;+:,`[[YV`>4?+HZ6*
M?C_7,?*/EUNMBGXY5_)>HN^.'V_J9?R_IO\`4\GRC_Q3QQF5.^!)IJYVH^2_
M+)ZV"?C_`%QA\C>53UTZ/\?ZY.'9N0;F43\T'M[3'^#)\H_\4\)FHU??"N9.
MJG/1/^`_*9_Z5L?X_P!<8WY?>4'^UI<1^_\`KF5#2SCU#1E[7T\^4)_(?K?-
M$J=0<`R)P:HZ9ZA;\N/);?:TF(_?_7&'\LO([==(B/W_`-<R8PD.=.LS:C%,
MW$2'O?,]G.JN87^Q)T^>)W,7I2>QZ'/3/_*KO(G_`%9X=NGVOZXH_P"6GDB0
M4?2(C]_]</`1*QUYL?S$3CX)`W$^D^76)?/.B7Z@FUF-$?:O@W8X8SQ%:H1O
M_'.YK^6'D9&Y+H\0/C\7]<%MY#\IN`&TV,T%!U_KF/DTQ,^*!`OF#WN=INU8
M0P^%EC*5?213PFPF#KZ+]<*]<LN<;)3==U.>B%_+_P`HHW)=,C!\=_ZY<WD+
MRG.*2Z9&WSK_`%R,=+DCDXXF-=0V9>U=/EPG%.$R2*NA^M\ARQE25/48'=>N
M>MW_`"K\A2'D^C0D^/Q?UR%_FA^7_E#0O)]WJ.E:7%;7D;Q!)EK4!FH1N>^9
MH=(2"=GSC+'4FN!&%#ADZ['`$HHV+%3S9LV*NS9LV*NS9LV*LJM__):ZC_VW
M+'_J$OLV:W_\EKJ/_;<L?^H2^S8J_P#_T04?YC+IWF?5](U<$I'=R"WF0;\=
MOA;)"/.^F7)"VQ9@=F8BE*]\X?YW)'G#664T(O)"/OQ?1]88E06I(OVAXCQS
M5ZGL?2Y9RR\)$CN0#42>^G9Z+7F!CCS>J(V!ZAZEJEM)<NQG(E27[,G9@>V<
MJ\T>67TMS=VREK1C0C^0^'RSIFAZE%?P_4G<<7_NSW5LU_"CQRVEY&"2"LJG
M]I?YAF/ILV33Y/"D-AS'*X_S@[O5Z7%JL-;6!>.8_'TO"\V'&NZ*^F7+!`6@
M)/!O;MA/F[!!`(W!>3G"4)&$Q1B:(7QR-&X=#0@U!R?^6//$]EPAG>JB@WSG
MN.5RI!!I3(Y,4,D>&8L-F#49,$N+&?>#RE[WU[^7FOVVLSS"%JNL/)E_V0%<
MZ!GG+_G':^EG\QZG;NU56PY#YB:,?QST;E>FP#!C\,$D<1(OS9:O-'-E\2,>
M&XBQ_2'.G9LV;+W'=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=F
MS93?9-/`XJWFSS+Y@\R^;X[V[BMM;O@BW,@3TYF7B%<_#0'[(&$</F_SHMVT
M<VOZB.`J!]88U)\=\K&4&_)RI:2<2!8-U]KZVS9Y-@\Z><9@T!UR_#<E(83M
MRH2>F^7)YQ\X&"1DU[4`5-#^_:H/WY/B%T&OP)5Q77/['UCFSQU#YW\\7&I0
MVT?F#465YEC5/K+@D`T-=\ZQKEWYPDF:*SOKV%$MN+NLK*1*I!)%.YIED<?%
MU`<><N$@5;VW-GGKRQ+YXO;\R:AJ^IK"JD*K3L%9Z]*5R62Z;YSBFDD>^OGY
MJ#;1K=,J^_(`Y+P3_."#D`VIZSFSD;1>=H[$M->W?K2$J/3F^)*[;[_:&!([
MGSQ(OIO?2Q<"%]1I7J*=>5*[X?`.]2!I'BQVL$6]GS9Q#S5-Y@739[NR\P7L
M<\$"\(H974M)7<$=\BGES7_/\&LV]Q=ZAJ-U:'X)89I6*T;X>7$GJN1\*5),
MXV:W'0OIK-GF#SWYQ\P6&NO:V.O7\`1.+11SM0D#[>1%_P`P?.<B+Z?F/4`1
ML?\`2'J=NN1,:)%\F8W`/>^S<V>,8OS#\ZIRY>8[]O;UW)_$XB?/OGHD\?,6
MI&HJ?](D_P":LBK[4S9XS@\\>>V>(R>8=1X%DV^L/O5@#WSJ_P";7F/S%I?F
MA;;2M4N;-/JT<D<44A6,OO7DHZ\L(%FD2/"`3U>ZYL\ZZ5YS\PZK:"8ZG>0S
M+M+%ZK`@^('\N5>>9O,L41$6K7M>I)G:N-;TMBKZ/HO-GD]//GF^RO+>YGUJ
M\>W5S'<QM,Q4*W[?^Q!R6WGF/S(%YQ:Q=\&`92)FZ$5&$Q(^*!($6^@\V>4;
M[S7YR2>B>8-04-50!</U/3]62NU\V>8+_3+>]CU:Z4RQ@N!*VS=QB8U7FL9<
M5^3Z#S9Y6USS9YOA5FAUZ_3C0_#.X[@9*M,\T:_<Z3#*=5NC)0AG,K%B0>^"
M4:`/>F,A(D=SW_-GE_6_-WFN'^ZUR]CI6O&=ADA\J^9/,5QY<M[BYU:[EF?D
M3))*Q8_$>YQD*`/>5B>*1CRH6]_S9YHU[S=YHA8K#K5Y'_JS,,D'E;7?,+^7
MTN;K5KN:69FD6269F;BWV0*]A3!(<,1+O-+$\4C$=!;W?-GG76_-_F&`$1:O
M=(?\F5A@KR/J_FJ^%SJ5_K%[+;U].".29BI(^TU/;[.$BH\14&YB`YE]`9LX
M[>>:M5LY!*+Z8A/V6<E3\QD/U+S=YDOKL1:7K%Y#+,U(X!,Y4D]E(Z8(^KI2
M95'S?26;.=>69-9MO+6J"_U"XNKN&W+"XED+,K\6/P,>E,C1U[7:?\=*Y_Y&
M-F1I],<T3*,@`#6[5ERC&1&0))%O:LV<1;7]>'_2SN?^1K8DWF'7Q_TM+K_D
M:V7_`,G3_GQ^UJ_-Q_FE[GFS@[>8O,'_`%=;K_D:V+:?Y@UV2_MXYM5NO39U
M#`RM3<XGLZ8!/'';R*1JXD@<)W>Y9L`PSOP12Q)H-SU."%?;<G,$BG)M6S8A
M4D&C'[\2='H:2,/>N-*C,V1^=+Q)@ZW,G#NO(X*MII`*M(S?ZQKAX?-%IMFP
MIF%V[%HYF53T`.!KJ2YCCJ9Y`:=F./#YK:?YLYO.=;9V9-0N56NU)&IFB;7J
MU>_N*5K_`'ARSP=OJ"./R>D9LY-JVJZKS*0ZG<QD?RR,-\+=*\PZZ]P$N-1N
M2BN!\4AW'+ODQI9&/%Q!CXHNJ>UY`?SE_P"4"OO^,D/_`!/)W$:Q(2:U4&OT
M9"/S>3GY&O5/=XO^)9C-HW(?*$F`IP=Z##&:,HQ4X$D6N*#S0&;'.O$],;BK
MLV;-BKLV;-BK*K?_`,EKJ/\`VW+'_J$OLV:W_P#):ZC_`-MRQ_ZA+[-BK__2
MY/YU7EYOUO\`YBY,(#RA=98]BN^2#SD?^=NUO_F+D_7A*5#`^^*&0:/JSHZ3
MP-1U(+)X')XVN6NHV\<\AX7<>S+V93G'8I9+28.I.2^QO$GB25#UV/SS%U&F
MAD,9D5*/(C[G;=G:Z>.\9-CF`>GF$]U6S@NDV`:-^F<_U;2);!RP4M">C>'S
MR:)(:<58\&[>!Q98X9XS#,H:NQ!%<CCG+$*/J#E:C3PU1XA4)]_,%YAFP\US
M0IK"1IH5Y6Q-0P_9]CA'F7&0D+!L%T>3'/',PF*(>S?\XW_\I;JG_;.;_D_#
MGIG/,W_.-_\`RENJ?]LYO^3\.>F<+!V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5
MV;-FQ5V;-FQ5V;-FQ5V4WV3\CEXU_L-\CBKYNUFTA:[O"05?ZQ*=C]KXSMA8
M=!60RSW)])F4"-"OQ.:].F/U'59TU.\E2$.8KF4<:U%.9ZXZ?7)K@VT\T#+Q
M4_$"26W.P!_ES&QQV)/>[;),W&(_FA)(]/:&41LE/B-*D<M]M\!WJ*G(?$J!
MBS`U!('8X.O6G>Y5G5HF#AF4UY4/<X6:C<-`A>7E,U30UVI[UZY*_6`&LBL)
M,@I^6+.&Y\S:9"#4-.I:3<DA020![G.S:U)K9?U5=22>2HKR*>"G8MQ^'?.:
M?EC;F]\V6S\*K;AY5%!1:#VW[Y//,;ZG;V<MRCO)0!9(U5A\)Z`4';,[$?3\
M759(W,7L*2FV\SZI;ZT&FA)",6DAYN^Q^SQZAOIQ5//'F8"YNHBHC1R!5'91
M4_"OV?A.173-:G6:?U89&E<\8Z(Q)I\/7YX?VHU1+>2%K>4).0SH4?<@\AT&
M6\QL6JJ.X3*R_,C4VM99IK&2:169I9DB(C6@[FE-O\K`<OY@ZG<K))%;)P"\
MCQ=ALO[3(FR_/%;:;4[33[K3EMG%K=!A(H60?:%#L<!:?H]S?)(UK8M&L4=+
MF0"A*KUV_:)_E^S@W'<D1%<C\2HCS3J&HRQVOI('EFY1TE8C?L?;)/:R:G<\
MSZL4,OIN`5J3LR]!]KZ3A=Y@-M)8V/Z-MECN)8Q-RCC`9*?LMQ'7`F@6FK7:
M+-<$P!2!60,K4_!VQ$CU08CGR8[YPA==:N)`JR*R1\E<5?['Q4.1.XL88Z21
M&BD<C&W;Y9*_S$,]MKT,(^%6B#<@=VI_-D7,@F6160ER!Q;^45K].8LP?$D>
M6Y<W&8G%&-70'S2X6T^]%6F_0#IVKBMI&Z[LG$#O44_'#*TM8YX.+@U%':0-
M2I!\,N.T]67T"5\!OVQ0(F[4%8M-!P%`)HPYIMNXSMOYL6<#^98[R4<W2WC$
M:=J[[GQSFUJL%GZ8AXN/51:L`?VAXYU?\SD#ZZ*&I$$=1X5KA&QYL,HL"Q;Q
MZ?4KO3KV*_BWC+<9E/4^"GVI]G)5SBO[9+NWWCD'3N#W!]QA+J%BK!@RU5Q1
MQ[>/T87:1JCZ+=-;7-6M)"%D_P`D_LRK_L?MY,B]QS#0#6QY'[T3J-B&$D3#
MX913_9?LX/\`+&H?7+%M,N#_`*3:`JM>K)7_`(UP??6JS1\HR&5AR5AW!W!R
M(7,DVDZG%J$/6M67QI]M?DRX:XA^.:WPGR_0G.KVW%@X&XQ7RI<@&]TEMA&Y
MFMQW*O\`;_A@ZY,.HV2W=N>4<JAE/\,C+7#:3K%IJ'5&'IS*.Z]*8*L4D'AE
M?1,]?@/!]NQ/W;X9^5W+V$ZD@@F-D'@"F_XYM9B26W]1#R5E)##N#T.%_EN=
M(;M(&-/7C]-1V)3?^&`[Q3'::AYA!`D)[`TR3^6J)Y7LA_D$_P##'(UYFHL<
MOR.2'1SZ?ERU7_(QGO&/O7'M.9\F+Z_*QD<#XCT4>YSH*1KI^DVMH#3T8E6G
MT5R#+%]9U**HY*9DC^ESL?PR4ZQ=<8"*]!0?1@F+,8]R<9H3EW[,3U:9[V[6
M"($O(XC0#Q)IG3K:WCTG2H;%*#TDXL1W;]IO]D<@GE&R^NZXU\XK!9"H)[R'
MI^%<DOF#5!!&0-B109'(+E&`Z;E.+TQED/,[#W,>\PZG1BBG85R0^0_+;P1'
M6]06DTP_T:-OV%/[7^LV1SRSHS^8=5]:<$V=L0\Q_F:M53^N=/U"]BM+?B**
M%%`!V`P930&./,\TXAQ$Y9<A]/ZTYLI%?1M<`ZBW;_B+9`3TR1^4]0^O:5YE
M\$@V^D/D=/3-EV:.''(?TG$UDKF#WA1;$7Q=L1?IFP#BJ#"IH,;1T8,`0RFH
M^8P^LK6.2..0QUX?></(],-XR1K"J'J6I7*YYQ'F&R.(GJS?R[*M_IEK=[[H
M`0>M1MAA<KQ'>GME:9:_4[**W[J-Z;8*=0RD'IFCG(<9(Y6:]SL0-@@K5^0(
M[X(>GIG;$4B$<Q9?LGMX8(;XA3QP'FH22ZF(8BO3"XWT<+CG(`#[],'ZE;L3
ML>/OD0O+"87!;[2-^U7+X`'F6$B0S*VNPQX@\E/0X)F@$\1!]CD?TGC&W&O8
M``]*X>+<B$!6-2<C(4=D@I?>PM&A8+4#J,(Y]44`QJOQ8?ZOJ$%M:O-)]GOD
M$N;U?5>1!LW?IEN*)ET8R-.81O+)-*?W9_9.1MK^(ZA&EOM&)56OB>0P=<W#
M&I5^)(^R3VR-QQE;J%@P(:9#M_K#,_#C%&^YQLDR*I],6_\`<1?ZB_JR&?FS
M_P`H3>?Z\7_$LF5M_O/#_J+^H9#OS7%?)5X/\N+_`(EFEEU=AC^J/O#Y>O8.
M0J!N.F%3+V/W9(Y(P1OA1>6Y1BP'SP1+9EA1M+)8Z@X$(H:88-@:5.XPM*'S
M9LV*NS9LV*LJM_\`R6NH_P#;<L?^H2^S9K?_`,EKJ/\`VW+'_J$OLV*O_]/D
MGG-J><-:'_+W)^O"E#7#+SL:><-:/_+W+^O"F,[@XH72QAOX8K87C63M&_\`
M=R=?8^.4]2,3=.0I3?QQ2"0;#*+.Y/&K&H/0X;PL)0&C/Q#J/$9$M(N%#FWE
M;<C]U7H3X8?Q,]NXKME&6%\N;M-'G(`O>-T3UBFX:.1#%(H9&V93D.U[R[):
ME[RS'*U/Q,HZI_S;DO%+A/4B-''VE\<?'(.)!W[%3T([@YCPF8&Q\0[//I\>
MI@(SV->B8_'^Q3#_`)QO_P"4MU3_`+9S?\GX<],YP7\D]'CL?..J75L0+>:P
M(]/NK&>,T'^3MG>LS8R$@)#J\YFQ3Q3..8HC[1WAHG-7*;KE9)K75S5QN;%5
MU<U<;FQ5=7-7&XE<75O:1^M=2K#'6G-S05.*J]<U<!6>IV5^\B6DHE,=.1'3
M?!,DL<,;2RL$C05=VV``[G%52N:N%UMK6F7DRP6EPLS,*J4W4_3A@.N*L>A\
MV1SZG)IB6C^HA*HY=:,5-/\`8X::7J7Z1CD<PF!HG,;(6#;CW7()I1Y>;7\!
M+)^LY+O+OV+S_C.V`)*=US5QN;"A=7*8_"WR.5E-]EOD<5?-]Y)IT.H7A2TF
M/*>;D&I0_&U64T^+?"M[Y+NZ]2(<5MEXI&12AK48)O-9N)KO4D2-66.>:,K2
MA6CL:X0J)5<&1"DL@]5J[5%:*,IXJX@':1C?`?AWL@L[4W]Q)<7A#?%T\13(
MUKUM#=WBB$\$5Q%&&V0@=6.2*.8V5BS(34+1:?Y7CA*]F]W(L+@(E?[RE2#U
M.V1$A';NW);9XC.'OH`?:C/*2-9ZS#(DJHQ/`R1D;\OEMG3M9MXM,8M9RRO/
M*M7#NK*2-MMOASFVGZ1J%PP-A\*1M02#;FP(/P_+.A)#)"D=Y<3<+AA60QC>
MI^UNW)3O[9=#,,,./)8$N0_8X673?F,HQXB"8#U;?I2.P\\_4OK<$MEZA#!5
M+B&G)3UV0/\`\"<'O^9M@O%S:CF*%E".*D=>IPLU=]'@F:>XM7N))-V<L%K[
MTIA%+J.C$TBTX^X9Q^NF0&M$O+WAN/9-`;$_$,J/YIZ:O%_J@!KR(H:_17;"
MV;\T[6MT]G;NIE)*T`!W\:"F1UWTUQMI25_U]\#LUEU_12T'0@[URR.IC_.#
M3/LW*/\`)2KYIY_C*;4(8/11T=.,;+\`(_FXCCRP^B6TN86$LCK/567[0)!(
M`#5/OD&MI;82^JFGN"G2D@VKWZ8?K:ZM<B.YMHY9H92OV6!X\"">6VW3+X9!
M,&C?N<7)II8R.(&`\]D@\Y(T^J<6^.2V8Q@"I%`>YPE-H%]-E8.W,.12@&_0
M^.3C4=#N;F]FN)HZ2SGF4&Y'>E1@5-`:5A'"O$$?$TFV^8&35#Q".XU\G:X=
M`/"C*1Y@$L8-H`2H6B\N94;;$[X,M]-@C7U910K]KQ/AAAQL8[P1SL91\22*
MIH%/V!4_,9KO6+.&!XPD"J10@59ZCWKEL#*6]4TYHXL>UV?>E5U'$LEN0YWD
M2JKL!\8R<?G)?WFD^=X;VW^*(VL2RQG[+C>H.<Z>YCFU&WK,SP/-&8P13BI8
M=,ZQ^<%B+G7P2*@VT8(^_+8"I%P=1(2C$C;<L6M;NRUBV^L6A[?O(S]I#X-_
MS5A#J^EE@65>@(/N#_0_%A*'O?+U^MQ"2$KO_*P_E89.+:]L]7M5DA(5G&\9
M\>X&6\O<XWU>](?*VL&-SH]\U5'^\[M^R?Y#_DG!_F#2S)"_`;_;7YCM_LL+
M]0\O2R7\<\$BPC[4CMM3COR'B?\`)PY&IVD;QZ==R%F=?W<Y^S_8N`FB*Z\U
M`L$'IR/Z$N\J1W]LDMK>QF.UD^*$R'B0W<JI_9;!&H:;92,8[T/Q#`IP(&Y[
M&O;-JEM=%)80Y!<5B8?S#]GY/E:=-^D]-]*5O])A^&IZL!T^D8[FSR]R:&PY
M^_[D5;36ES;/I]N2&LQP*'KQ'_-.!VU2"S"2^D%X2"+X0*[]34X`C)L-:CG;
M9)UI(/&FS_\`#8KKEJ/1FD0@QGC(".XV7;'A&P[UXCN=MOP$??\`I+<+))&)
M$DI1&Z?%T_7@V"_@N=,<0`*(',3(-@"!7;"]B)[.SFK\0XAO]B:?JQ#0C_H%
M[MMZS,?OQK[%$O\`9(K38;:6XC)9A+`YE/$CB2.@;OMCM7N6DHB59F-`/<X"
MT@,;]220J132,!W+`!?^(XQWEDU%(D.P-6/@,:]1*WZ0/-F&CPKH^EK$"/5:
MKRMXDY&-3N)]2O5MX?B>1N$8]S_3#'5;XHGH1'H.*_+%_*M@D$K:M<'EQJ(?
MG^TV1CZ09'<LI>HB`V`^YE^EP6WEW2TM$H&`Y2O_`#.?M'(?K^O-,[11DD$T
M`'<XIKVN$UBC.V&/D_RV.:ZSJJ`O]JVA?]FO^[&'\W\N1`$09SW)^TLI$R(Q
MPV`^P,D\A:)>Z9Y7UR[OOAEO+<L(>ZJ%:G+W-<)2,Z!:W4<^C:TB&O"W:OTJ
MV0$],V79Y)A,GF9.'JP(RB!T"@V(N,7<8D14@'N:9GAQF8>3;>VU-/JEP"KQ
M;@CO7.@B'3]+A]1Z(J#=FZT&0_RW"^FVC/'%_I,@^!NHX_S'-?7T_IM&[-<,
M:^I)VK_+G.=I:Z./+*,;/ET=KI<!E`$[>;(6\VZ7_NEC)X'I^O"G5_S$L=+A
M:06[3LI`X*RBH/\`E';(;?PU5I55UX]`K``U[';MD&UF>Y0K"M4=MQS<4_5F
MOQZO+,\@/@Y,L48CF]:LOS<\LRNL=_'/8NYHO)?47?N60;#)MIVIZ;J\/KZ;
M=1748ZM$P;B?!J?9.>4VN+N21EGB650=G_9_X+%;:^N]-DCO-)NY-/NU:J-$
MQX_\T-7_`%<R8YI?Q!I,>Y]47L09:D5&1G4HV"TC'RP@\E?FA'K#)HOF,+;Z
MB:+!=#:*;P#?R2?\2P_U?FD@ZBE:C,S#(2Y-<TDTZX?U)!/(8V1J4/0XOJ&M
M100DL]*_"".V$6JSN65@.-22:=Z9$9KVXN79'+>GRI4]LS\>G\0\7(.-/+P[
M,BN-<ENHC;2DR(IKOWQ&2Z,T84#B*?"`,(;=06`#DH#T/<X9SS>A"M%Y.1O[
M9D'%&)`B&L9"190>LR@6PX[,:=.N`K(H6@4U_O$HW^R&)7=]^P1R'8XE:W+O
M=VX`V,J;?[(9E0QD0KXN-/)$SN_)]06W^\T/^HOZAD0_-45\F7@_RXO^)9+[
M;_>>'_47]0R*?F:O/RA=K_EQ_P#$LYG(:$C[W>:<<67''OD`^;66AI@:XA#J
M0<,IX2IP*144.4PE8MV.?#1,2&-SPF-RIZ=L#,O7#V\M^8-!OA.ZD$@]<O!L
M.LG#A*7R(0<3P9*M17O@5AOBQ6YLV:F*LJM__):ZC_VW+'_J$OLV7;J?^5;:
MC_VW+'_J#OLV*O\`_]3F_FS1&N/-FLR,VQNY*`>^^%9T"1!5-\GVO6P/F356
M\;ES^K$UM$X@TV.8L]3PFG>Z?L89,8D202`?F\WN+::W-)!MB0%<G>J:5'+$
MPIVR$SP/;2F)A\LOQ91D%AUFLT<]-/AEN#R*B5W!'7L<DFFWR7T(MIF`NE'P
M,=@X';_6R/TQPJIY`T(W!'CDI1$AW$<BU8<IQ2L;@[2CWC];*[>66";BVQ!Z
M>V&Y1''K1=_M+D4MM5^M!5G/[]-B1W`[X?V=QR0%#F+F@=I<CU[G<Z+40E<`
M21SC?U!Z5^3V_F._/_+E_P`S4SM.<7_)XJWF&_=>]GN/?U4SM&78/[L>\NO[
M2_QF7]6/W+'.^-KFD^UC:Y:X*ZN:N)O)'$C22,$115G8@`#W)PA3SSY0>\^H
M)K-L;FO'T^1Z^'*G'%615S5QBNKKS1@R'?DI!%/F,XY^87YM76F3S:;H#HC0
MDK)<J.9)'8?RXJ]FKD`_-Z;T?+,3@TI<Q=#[^V</_P"5P><YZ1&_<C^9=C]^
M(W?FS7-4B`O;V:91\01F)7"00FGKVA^<;+1-(O=2"_6)HX4,<`V+D5^$8(M_
MS#3S1Y7UDW=DVFR"$I`CM7U.7\O3.#G5+VG]\X'2E<H:A>RQ%#<N5'[).V"C
M2:>Y_EM*$6Q24@2#DK`D5KG5@=\\86^K:G87"7%C<20NA!4HQZC)C'^9OFR_
MBBLQ?R)(SJA9.IJ0,:I!#UK1P/\`%3-XR2?\2.2KR\?W=Y_QG?.>^1=5.H^8
MX[9U/JQJWJ.36I6O(_2<+_-'FOS)H4[RZ)*(HA/)%=1NO(`]5D^FO'`$D/:G
MECC4O(P11U9C08&M]4TZ[8I:W44K+L51@3GEC6?S*\TZQ&8;VXY1U-50<5/;
MH,4\OZO.[*Z.T-RFZNIH?F,R]+IH9Y&!GP2/T[6"X>LU&33P&48^.`^JC4HO
MJVN8]&^1R'^1?-#ZW9FTO6K?6P^)N\B?S_\`-62_LWR/ZLIS8IXLDL<Q1C^+
M;<&:&?''+C-QD/P"^79/JEQK&IQ-&L/*ZD]1XCU57/,LO\W$9I4^M3?6HH^*
MC8,.G%3Q3E_L1@W5X[./4;F.WC9)7EE:7U!M7U3\6U?A.#+>!?JY4BAV9P#0
M`5[9@"Y3)Y51+OX`#'&[.Q`^:6O'ZLL5NJG@*-(.NW^5C8]*N;R\CTZSK]:O
MZJ'[1Q?MR?=WP39>C+>.Y(`:4+5NG`4R3Z`D:7-_J7]V)08+0OL4@3^\">\E
M<K@)3RD1]^_+WMVHR1QZ;BD*Z>\GHGNDZ1%;V4%C;D-%&!%"W2JKW)PX?0;`
MUB<!Z=:M7?`45[I\L\.GM((82FW,@=.U<&7<^GA"&G"<:*G!S4U]P,R=7(2E
M"/#Q"(OE;I]%Q1C.?'P&9KNV6'0="GX^O96\I&R\]QMMUQ7_``KY?!4?HNUI
M^T53^W&>I:&U,<<ZNE:NK5Y$#_+IUQ1K[1"16>X)4;\F8]N@VR4`?Y@Y=U+D
MD?\`5I<SL)7^EM_+&ABOI:=;D5%`5[>^^)OY=T=4+3:;:<`-_@_MQEQJ6A(!
M_I#T(-3R?K2N_P`.!GUK1%`,-SPD&X>5F8+\E*Y*4"1]$?DQCE(W\:8^-?[Y
M4BT3RZC4%M:1L=R`/NQ"\L;?3+E8K(1K!,A=4CZ`@_$3A==ZIHS2B9+L-*2*
M\*K0=R<#W?F"R#VW%_5D#>B`NYWW%?G3!@@89;,:!!')GJLGB8:$S,@@T39M
M.86#6K75O;^O<1OZ<Z@;`$5!^[.<>9I]7@U!RJ%(R3Q!Z`,-_P`,FVFZS''?
MR\.4?K`"6-Q0;#B&R,>:.9>YB8@^D0P^3'^W,+4XCBU1G0E&9L>1ZNP[/R>-
MICC),3$<)KG7(/*-3>[,G+U":L>3`TKX;>V`6>[]0-RV)J*]LD.H6ROS/&CJ
M0U:5V&%36)EDH[%`K!78].+=\S\<Q*(/)UV?#*$S&R=^:'ADDDF@!<B1)44'
MQ7F*9WG\S-6L8_-R:9='TY&MHVCD/0UKMG#OT6\<T(CK^[F168GMR'$TSK/Y
MV:(]_P"9X[J!BLRVT8%>AI7[LG&B?@X^02B-TCO]*@O(V5@)$8=OUC"33M%D
MT]YC<SCZER7@G[18&H/^3Q_FQ70VU,`R7I:#ZNP5G)H)=MD9?VO];!ZZQ:3S
MO9:A`;60FBEMT8>).2N[BU;;26#64DNWL-1B]+IZ4O8CM7$M1TDO'Z:[E#SM
MW\#_`"U_E;%[W2%FB"JW-5WB<&K)_5,+%OKZP=8Y=RFSHPJKKV8?Y7OB/+HD
M^?7\4B[35U:".VOE/P$QLY^TA'2O^3@>^MY;*Y:>V/P3_O%9.@8?P.+-;6^L
M-ZMF>$Y%983U-.X_FP5:A;.V:"6DY;["DU,9_MP^Y%$\S\5*6W?5K5+E$].:
M)J2$["I!V'^M]K!,5J&LC;74@8J>*A=SQ(KU]FRED+GC3CVH!08+BA+"AV4=
M^^&BNWS4;:RMX8C&7=OB#"H\!C;;3H[6*X2.5J3;A:;=2:X.2TD<G@I(['M@
MH6,W'<+7MOC1[UVVVY)%;:;<6\\]RK*R&,1Q@'XCU_9P)9HZ:@ID2C`M*W(;
M`)X_\%DJNM)N[58S(H_>+S6AKM@%U^%HY5)4_:[';$W[T;;>6Z0S&74KY;2`
MU:1@K,.P[_ADBU*\CL+:.SMCM&O!/>G[1P+8VUMIYFO(V+R$$*AZK7J<+[&&
M?S#J3)4I:1;W$O\`DC]D?/$T?<%%CWRV^":^6]&%],-2O_BMHVJ@/1G'\%R2
M:MYBBM4*1,.72@[81ZIK*6D8LK,!4C'%5'0`8AHWEZXU:1;S4W,=I6H7H7^7
MMD"`?5/ET#,$@<,-R>99KY`N[B^T7S-/*&X&&B,>A-'K3"T],FFC?58_+^L6
MMHBI'%;$!5Z`<6R%D;9L-`;A,U7J_0XNJ%2B+O91;$FVW^G%F&/LK.2_O(;.
M(5:9PM/;]K_A<SB1$&1-`"S[@XX!)`',O0=&YRZ%;S3CB7!%/$#8'$KDQJ.M
M=MA2I'S&&]Q&EO#%;1$+%"@0'QH*#(_?R.@(6/U%`^)SM]PSA]3,9,^3)_.D
M2]!BCPPC'N#'M3D0DQM(&4[NHV^G(-JQ22>GAL&ZG)3J-S2.1@5!-=J'IWKD
M'N`]PQ:*A8G8K_;3+--$<V&4]$&5])25>E221^JN(TCF<"3X"N_->A/:N+74
M<\2L"GJ*!OX_1A1;W"P`\0S1S.*A_P!@4H1F332COC$@4DJP/):;;#HR-G9?
M)/F%_,>DM9WK\]1T\`%CUDB^RCGY?8SDGH&6W]1*'A55]M^V2#\N;N2#S7;V
MZGX+F*59?DB%U_X;+,,C'(!T.R)"XGR9WK*Q&7ZL5H:=1D2O+0Q1!5-7+;_U
MR::O"S7/JH*U^[(YK-CQ"SJU/$9O=/("A?/[W`RB[8^DAB(D"\BIH![^."+B
M[;T"QW8C`S121"A[FOTX&=+BX#-&I8(*M3PS.$`3>SBF9B"!>_1"2'U&J:C%
M["%I+VW5.TB$_P#!#$2LAZJ1]&&NC*#<11<2)?43B1U/Q#+I&HGW-$!Q2%OI
M.VVMXA_D+^H9&/S'W\JW/^O'_P`2R46XI!$#V1?U9&/S&_Y16Y_UX_\`B6<C
MF^B?N+TVC_QG#_7C][P2>#F-A@8:8[CD33Y8>6-LMU<QP,:<^^2JWTVTCB:%
M8@QI0LV^:7-KO`J-$GG\'KSI].?5E!E?0?>\HO+5HB5;[\(;R"AY+G0]>TIX
M79*4'5#[>&0RZAZ@C-GI<XRP$@;=%VIHO!G<1Z)"XEC["N!9D[TPQGCX-['`
MLBUS+=,1100!P1%#7+2+>IP9"F!1NG\"?\@]U!?^U[9?]0-[FP3!'_SH-^/^
MUY9'_IQO,V++A?_5+-=9#YAU3??ZR]?PQ*$J?A[8!\P72KYFU85Z73_PRH[M
M*5KOFLSXC9Y\WL]#JH2Q0%@5$#[$5>LI!'M3(+KJ*)%(ZY)M0OT2(O7IUR'W
M=S]<D+]ATS(TF,Q%GDZKMK/CF1CB;/-"ICR,;TQU<RW1!"3%HI!*IH1ASINI
M[@EJ5Z^QPJG3DO3`L;M!)R_9[C$@$44PG*$KB:I]"_DG(7\Q:@0:J;*M/?U4
MSN>>=_\`G'VY,WF34DK51I]1_P`CDST1D8QX13//D\2?'Y!1E^U]&!KJYAL[
M>2ZN&X11*6=CV`Q>?[?T9%/.\LGZ/M[2/I<3*LGAQ&Y&2:F%>?/.\NH:3<V5
MK#P@<5#4Y%@.\BM^Q\LX#<22DM<JH`4_O`NPV_:"]L[++(LVKM'<<?2!X&NP
M*D;BGM@W3?RZT-&:^D/J6]RHXH:4_>JVW^Q;`#NSV`>=:1YX\U:?8BVTV]?T
MG!7TV^(4\`#D7U"]O-4D>:9560$AS"O`&OBHR46.FKH6JW6FNPE_1]S&W,CJ
MA81N-_\`);)YK_E+08-$O)[!`EW'<<^5?M1R;JM/9&P2-;I`O9X=%#)`[1.#
M4@%:=P<,+.1[>-P[5=CQ`)KM[88:M:".*SN578N\+>X`KOA88QZ;4V:-PPKX
M';+`;`0BV+,"7`WQH56%`2`#]&'E@;=;)9602%94*PA"S%?VAR4'K_+@Z35=
M+4PF;3F3TV#<`H5785#`\J;;Y&_)4!IOE35]0MQ>6EN9+=B5YU6A*_:VK7':
M'9+!J%Q=RB@L$8NA[N?W0'^Q+<LD_EOS=I&E64T$\,H0S.\,:4V1S7B3@/3]
M.?7(-1GTX>GZEUR*R=>!!(7;WP6=U95^4G[SS(9#NPC:I^8P1YTLN>IZW9;C
MFAN$IW,0]3B/];%ORPTN[TK6B]XH4,I52#7<_+#OS9IT[^:$NX./$<2_+H:=
MC@Z(/-\WV?IEKB,UHK?N^6U>1Z?1AOIJB"YC(%#45^G!FI6EO%J^H6L)5A'*
M>(/&HWY?QQ.*.DR`;[C?+]/(C-C(Y\<?O:M3$2P98GD82^YZEY1NQ8:QIUU%
MTN08)Q\_]K.R+OR'L<X=Y7A:?5=.@%?[T'Y4%<[@AW;Y',[M>(&:!ZF._P`]
MG4=@R)T^0=!DV_THM\[SVYO/,5^T\GIJLSJIK^RK'8T\6P3?4BMI/2=?BI&`
M-OM;;5Q%A&NO7H0$AIWIWK5CRS78#WR12#X86Y^G3?\`SXYSV27!Q?TA][W6
M&'$(?T>8'DI6&DM<W45N32.,_$P_FH"WX9+I(XX(;:-Q1YVX6<-*GBG^[?\`
M4W^+`WEJU]95-*M-*S,PW(0[,?N&&L\R_6'UIT'U9F-G9(O147JZ_P#&3,G2
MP`QB0YR'V.N[1RF>;PKVQGD/YQ8_-?Z-$&L[VTN)XU8M+.%C8\CONS-RR0:=
M-Y>N`DE)E+#X(>*J0`.W`Y#KFYBX7J4^,2AE!WJ!7;)CHFC:?/I]M<M&RW4B
M<A()&^%B.M%/P_+,F(ET-.)E&*(]7%?1,8-0T9B8XK6<2=*.:#Y_%AC))IPC
M"GB'IN/5-3[?#7(.VE:TU^;:Y>3B303DL4"]%I3)#8>6HH+GB]R6:,5=B`JU
M/SP5+K(HG'"!8`Y=#=K1<V<\JJUNP0FA+NQ4;]\9>:/;/$\GP.$!V20@L/:N
M#[;3?K)DM8Y42B,0S^Q.%NH^7I4C,L,K2%?A%!LQ_P`DKO@_>#;BM0-/(W7!
MY;D%C[Z;9W,JA+:0`_9DJ2*CY[8%,4%A*&MHU]1G8S+L1T*CE\P<DNC:5>11
M3'40ZPNP,,#LU1XMM_-B>M:=:1)%/;Q!`TH61AN21XX2<G#9-^]F!I_%X`/B
M#LENG2V5[<KI94V]PT1]`L>1/$51%8[D\PO%?V5POUZ!I1&UTO&=?W-S3LP&
MS''ZC&]O))>VO]_`1+`PZ@H?B`_RF3DN'&HQV^H26M_)3ZGJP3D@WX.`&>I_
MF&4T,O/<W1^'TER`3II#AVB1Q#[../\`OGEVIVS6MTUNYH5%"?F*_P#$3EZ+
M'"LT[S10S%HO3C]6I`??<+0AO]E@SSJ]O%J\KVQ]05%*?M*H"?\`&N1M-0EM
MW+H@(5@P!K]VV"$3$T!LRGEAD`E,[FCLF"PJ\JH./,2(&X@;L'&X^6=/_,_4
M43S=%8",2N]O&2`3S`-=_P"6F<:&L2)?*5C3^_C(:I)`+"N=F_-&Q)\S-=PK
M2>6TCB]7J5'^3ED(R!/>XFHR0D(UTY[,*FFTBZ=[,S!91UC>JGZ"0,#SZ4TD
M8AD'UB(?W;`U=/\`4<8&N+6Z91'?0)=(O^[5^%U'S-&Q!;:[C6EG<.8Q\7IN
M2C+3>O92N6>]Q?<MFBO["CK(W$;)*-C0;\'&*)J45Z%COX>1'26/8U_U>F,3
M6;M:QW*I.O97%/\`B.#+=K*:)YQ`87CH01NE2:`&O3"JXQP635MVY2$!DD!(
M*5[?ZV7$O)0QZXC5G)9SNQW/C@J$!?A&X&2`IB3:N%7;LPW'OA_I^FM-:RWM
M12*G[FH#-[K7"FWB$DD:*=B<DUK`"1ML-AD@$6Z&W+`4%!3!(LC2M-L-K.QY
M`;5PT33=NG3)B(8F98C):$'?K@&XLUDV8;]FR:SZ>-R!A/=67$G;(R`#.)MA
MD]NT3\6^%NQ\<0GNI+.S>.RA"L:L_#[3'Q]SDHO=/MY+)W=R+E#6-*5!'??(
M]*G$ATV9=Q]&5ED@]#T.6YIK&N@PVP/*"U;9Y"/VI/Y4_P`G!^J>9P6]*T6I
M'PJ%Z#L`,"7`\P:Y.EK9HTJMLSFH4'_+?IDCTW0=(\M(MQJ,B7=]3XF8?NU/
M@BMU_P!9L@2+N6YZ`,@#51V'613?R!'J9T#S#<W\31I-!^Z+[$T#5VZX6')3
MY>UJ'5](U_T3410$5^8;(N1FPT!/#.Q7J_0XNJ`N(!O91;)9Y-TX1+)J\P^(
MUCMA_P`2?^&$&FZ?)J=XEK'LI-97[*@ZG.AM''!;I;Q+QBB4*J]-AXYC=L:O
MP\7Y>!]63ZO*'_'FW0X>*7B2&T>7O0=V[O\`8D"L-R.IPAU"5E;DQ9CT'9:^
M^'%R_`-QH&ZD#([>332!S+($6GV3N:UVZ9S0C9=J94&/:[>R>F4HM3L:;;?/
M(A,"QY&,[;CCW^>'^J5=FCCD5U&P'XX3?OXZDK4=B-\V.*%1&W-Q)RLH,7!)
M:H,?`;'J-_8X&]&BK]857B8U-.U>XP;.T;(W-:J:D]C7`_HL5'IL>)WH>GRP
MD(M=&!;)P0\K=J\?\DX?>0[>-]=FO0=[:+8_Y3GB?^%.1Y6*CB10-4%3V]P,
M,/+.H7&FI<S*`9))1U_E44IF1H\)RYXQ'2S\FO-D$,9D?<]7OKN.W@YR$;_9
M!\<@VJ:M-/*4!`0'[(P5<:_;WL`^L&E!]@5J#D=@19KR-2:*S['-_I\'#9F-
MPZ[-FNA$\T;SD,JP2KQ/4GQ&'D5M#!9J5C*L^]1W/3!:7&F!E2>%0QZGO08?
M6EC!=JDEKO&J_"O4?3D,N>@+B8C["V0Q\][/VL7LM$GNIY$N4XT%4X]#]&"H
M_+Z:;=175?C:5%13U&XR<V.GJLOJA1RI1L;JE@#-%*H%(V#"OB3E'YJ1E5T"
M.39X(JZL@LSB_ND_U1^K(K^9'_**77^O'_Q+)5%7TTKUXBOW9%/S*_Y1*Z_U
MX_\`B6:G+]$_<79Z3_&,/]>/WO&])E5+V!G\:9.[8J"!XYS.&;@RL.H((SIV
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M!ZC`4D9A?_)/0X^)@W7!'I^M&4/7]DX.23<M^J$85W&-!IC@"IX-L1ME,I!P
ML&F`(P+)$/OZX+!KC'2HPJ7JO_..0*^;-57M^CB?^2\6>EL\V_\`..ZT\W:K
M_P!L[_F?'GI+`A"W!HX^6$^LI8F.&74&"0)(`6/0<ML-KH_O!\L*]8T^+5],
MN=-E/$7"%0_\K?LL/EBKP7\P;>U@U>631KCU+:0L!P:H!VWJ,Z#H,)E\LZ4D
MCL%$4<E#L:^^1&?\NM5,Z6<R.A20&2ZY`PF,'J-MVR::Q?V7EW19)Y6X0V\)
MCB4;LS<>*(H[M7(@;EF7BU[*9O,FMLC$J]W)&I)K6DF=)UL+;::&<49UA&_<
MK&.60/R3H-YK.JPK(A=C)]8NV'C7D?\`ALEWG>]:UO!#J4;0*!6&!17DGCRZ
M?%@R"Q03$T;8+YI81QZ;9K0%B\[+[&M,(@JNTM>C%1M['!5_-/?WLE[<?#MQ
MA3^5%Z8R.PNI8^4"]#7XMJY*.T:*DV4\T9)_3B,2($BD+^HS$"NU>84C;#"?
M1[F^(>2XC]-9"Q*!FIZN['O\"\?M9'K,ZK!RA$GIP-7G&"#6O7M@]7O68L)6
M^+8T-.O788E";1>5!]9$4MY&L8"DFHJ>8KLIWV&'WDZ".W34H87]2))^*/X@
M`@';(A%9W,K@#DS=`:DG)YY9TJ[TNSG6\C,;S.KHIZ\>/7`K)/+,DJ:T@H3'
M7[(!_7AQY@8-K%5W&V$OE]C^FEC/0BAV-*=>V&VNT&JM0UZ;]*[8@H+P>?1[
MC]/:M<LA)FG;C_JX+MM/9;A2XIQ-:9Z*BTS3C"*VL=9%'-N(J:C`2>4O+ZS^
MN+12]:T-:5^_,G33QX\@R909<.X`[^CBZR&;+AEBPF,3/TF4ND3SICGY?:)*
MLQU>X7C&JE(`1U)_:&=&CW)'^2<01$C0(@"HHHJC8`8M%]IO]4_JQU.>6?*<
MDMKV`[@C1Z6&FPQPPWK<G^=(\R^=IDX:K<32/Q`N9ZE>U';;?&Z86NIY[F5Z
M\F(KU.P_YIPGGN+I-4OE9B2MY/5>OPEV'ZL/]#MYI-0EB4U5%7B`.K-W(^6V
M:;5&Q+R'Z7K](:C$G^+]3,-'3ZGH,UPE5ED/H0D[&K_M?+!;*R6DEJQYVUNM
M(EH/A)\,N_B2WFT_1$:IAC,ST'[1W-?EALVE3SV9:-#205^=/#,S#,QX,9Z1
M!+I\\8S.3/RX\AX?ZO1X]>_6TOF]*(O^^)`&YH/%<Z?Y5OHY[$>E'(\X14D5
M8R0@0<3T'?"F73$@N&D=0`3S/'=@W=2<Z/Y1@$6E(X0(79C0"E5K\/X99#/Z
MY0##4Z<###(;L[=R"MX?54/'>2-Q^T@5:`^!JO;*AM!+=S"<-(.`;U'I0FM`
M!Q[X9:KI4LLOUFP1/4*E9$8E021LVQ'Q#"A[;S!;PK%ZL*M3X17DY\=LM,^\
M.(,?=(#W[*.GK:O>+"U*'F)*DCXATPR3FJL(T'PU"H".WSR*0Z?KD-SZKWM?
M38\:J`!R_G.'T6F:X_%II(KA!\6[4!#>!6F`3O>J][*>'AV,XGW7^EUZ]R%8
M"%IZ[`1[L![J,C,WK7$%Y:+;3%T;U50J=J?:J:;9T>RA2TLUAC%)(_A=NI)'
M>N%.JNEJR22U#3U!*[5"FAKC.?I-T`C$`)@1CQ&]O@\V6":6.22<%*FJCKMW
MQOHTTJ\TN,ESI\BW-JPVK#+3U6/^J[,F3>?3[>]53;((BE>>X-?`[837=E'I
MNK6#DUAO$DL[FG2A!:,?3+F)ASQCG$.?%U^US]5#Q,!ERE'?A\N3Q/5]0E6^
MAC@"L?0D8\Q4$JS$#QR/BZ%V0JU0N0&]F)R3ZU9BTUU+:4`&&8PS?ZK.?^-3
MD.EA$5W*A;B*M]ZDE3F0?[R6W<XV_A0WO<_H;4EY[>NW.90WL0XSN?YNZHEK
MYFB@>22'_1XR)8Z=Z_S`C.'*1).I3J9(Y`/]D!MGH+\T([<Z^CRT+>@@X\0Q
MIOVR8JQ>SCSOIN\S74=1>A@O8[M>T<JA&_X(!1B<VK7T!_TFTBW\:D?>#@J<
M:"AK+#*#W)A=1]X.(R76AC91(^W&A4B@/^MD_BU=5%=5M)Y.4]BH/3]T?^:L
M$7<L4<$(MXWB28<IE<@@D'X:4[#`Z76D#X(K5RWCR'],$:@\;RQB$,L0C`A6
M4@GC4]Q3]JN&/-9<E!:\0P^+VP?;$.`I&%]N&Y^`[^&&*!JTXTKT89-@FNG(
MBW,=.YV!^62RQ4$@9#K1Y(I49FY<2-O;)HJVKW$,UE))PX#U$>G&I\!3#=+5
MLGL0HI3IARB@C""R<[##ZVJPKX9&4Z91@ME@5@:#">]M`0=LE"P<EK3`5Y:T
M4U&V5&;:(,%N(!\0&]*@@Y%KJW"D\?LUR>WT"Q([]J$UR(7:?NR#W^(805(2
M6&ZU"$O%IQ822B@C4[%OEXXK:^2]<U!A=Z]=_58VW],MRD(^CX4_V>)-ZL<R
M-'\+5!4C8@UP?^BOS!UAF18?1M^H>XD$55\5Y?:P'R('F4"NH)\@SGRUI.EZ
M3H&MPZ>2[F`^K(Y^(T5J5`VR,A&=E1`69B`JCJ2<D/E/R[?Z%H.NF_O%N9)X
M#\"U/"@;;E7XNN+:!I7H(NHW0XL1^Y4]A_-\\OQZJ&FT^3+,WZJB.LI5R:LF
M&67+"`%;;_T0FNCZ?'HUGQ>AN9OBG?K3P0?+*NKM34@C;QWQT]PM:C<=R>^%
M%Y>TJ!0=J>^<[ESRRY)9,AN4C;LX8Q"(C$4`I7UX*'C7??H=AD0U.^<R&K47
MJ>U?;#749I@*E]P/B`[9$-2N9F)'.@;MM7;)X8V0PR&D#-)S=F)*5/6N,K.J
MTAD^'_*&V)LLC;U#_P"MF9BM*J:^*FH^[,X>3C+G3G024Z4H!W\<:(VC/)3R
M%:A?EER3HJBOQ#VV;,AK^U4UVKL<*J$ZK(!(HH0=ZX(L8^%N/<DXQEZUV85H
M>Q&";4?Z.@ZTK^O-AV2/\)D?]K/WQ<;6_P!R/ZP_2NXXZ)S%()%`++N*^..X
MY87.@=7OS3&.]:[FY31AI&HM>GZLZSY<T]+.RC4#J*D>YSFOEW15U7F!)QD6
MA'T9UG3$*0QKW10I^C-5KYQVA':N8^YV.E$JXI;WR*+$:QUXC<[G"O65:>!4
M1@C<UH3[$8<,KL/A%*]<0DME?[8J`017,&$J(+D2%BDZB!$2`]0HK]V13\RB
M!Y3NJ].<?_$LEJ_97Y#(?^:!X^3[L_Y<?_$LQLF\9>XN7IC6?$>Z8^]X+)\!
MR?>4M1>ZT]867^Y^#E7KG/2X=*=QAQY4U'ZIJ/H.Q$<^P';EFEU^G\732%7*
M'J'PYO30F#+AZ2&W]9Z402:GIA%YFTU;NR<`?$!4'Y8=>L*5&^!;N19HF2O;
M.>P2G#+&<=N$MN,'B%C8['W%XC=1F-R#U!(.`94Y`@Y(_,-H(;MBOV6)^_"!
MU/3.WPS$X1D.HMYW683BS3AW'[.B!]+B:@896R@@8@%KB\-5RP\FC&*D&40K
M_P`Z3>C_`+7%I_U!W6;+A/\`SI-X?^UQ:?\`4'=9LAT^'Z7)VX_\_P#Z=O\`
M_]?EWF]A_BW6Q_R^2?PPHXAEIX8/\XR!?.&M`_\`+7)^O"U'I0_?BD%M:HV#
M8V'7`;@_:'3%8'[8E,31I5N(N2^JO4?:Q)4]04[X-4BE"*@['`S)Z+T_9.XP
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MZI_5@=:8(@^V?D<"7S'+`3K%^K4J;J;<G:GJ-MD]\E6!O=3+@5HR5KN:+3KD
M.,1&N:@RDF,W4H+4ZU<[??G3O)6ERVES)<Q,?WRJ*>!!_IFJRR$LHCS!-_)Z
M;^[TIER(C0OS;O=.U$^9Y=1E@(@YDQ,WV2H`7_@=LEEIZ0L@KS"NY4$]/"F0
MSS3YKN[5G2WM(24/%7F7GT/\NV1&'\P)UM[J.YM(!=BGU4Q1%!WY\]SF9#@R
M&XR/(AU66.:..(E`;$57D]%FL[;U&8D2<RW(UV''Q^_#FU@U1(8^%S2.FT2&
MG$`;;YS/R[YPU&\U*"WFT^B7#JCE7(8`@_%&*9+=9\Q7>D:A%IFFHUS(T7JS
M&26A0U'$`T/5<LQ:.,)<0D23WN-FUF60X)1B*^/W\F3JM^`I;4.WQ+_;B?U;
MBY]*["O)3XC\35!J3]V1G_&_F.%:R:;"1V)DZ_A@C2_.%[K-P\%_;-I\4*<_
M4@D^)R33C]G,@8SW!Q3.QS3>\T^T=#Z>ILDR'XUEW4GN&6@P%&DL*>E!JZ1`
MM]D':G>F*B\L;GU/WMXICKR69@.5/VHZD<L)+B[\L0`27MQ?)RW"/(M1[$*S
M9(0'4?8CQ)50.R.EN;ZWF//5A+&`6(0@$T\/%CE-<)<^F]U>K-'UC0FK+7L?
M?(W=7OEAUDG66^F,8J(HG568?Y"\OB;"O7-4\L:-I<%YROC-=G@L;,))(J[_
M`+R(&@*T_FR.3!"<2#89X]3DA($`?)Z/%<Z;;?;N(T44K5AA)KS6FH0R/I<_
MUB99X)8UCW">E(KMO_L?BR$:1K_DW4C';5G$\Q"^K<QD)RZ<4W/&OC_-AM>:
MAH_E?3;G4$MIX9K=UBK,`WJI(W%N`#?$M&RB&@A&0GQDF)ODVRULR".&N(4;
M-[,#_-"TNK#S5?2`JT5SZ<T3)N`S*O+\<YU=S-+-]88`&2H9>P/3)S^8T\I^
MI7*CA'*3Z:C:@*A]_P#@L@ER*<%4ABIJ6&X-<NE$"7FPC(F`'0?@-6L\BW%L
M13X)$4'V##8YWG\V])EO/-$<\=TT!^K1CB%+#:O@1G`[=^4D8_XL0T_V0SO_
M`.;.M36'F5((K8RGZO&W.G(;UVQCS:Y\F`II.JQL*7G,5VY)_4XI)HT:I74+
ME$9C7U6^';PQ.75]4NS1[!RI_95:*?HK@+]&W-RM?2:.3ELA.U*_3D_@U_C\
M6B*Z-;;([3/_`)(V/R;%=1:)I(7@1A`T8],.:GJ?AKFCTBWM$$NH2J@/1:T)
MI_+[X[4%MY;"*73A*RV[?ORXH!S^%*;^V$<PLN14+<]:=NWC@^$N=@:#"VT<
ML*NG%@<&HP+CDVXZ;9-K"9PH]`>53DATJY,9$4VP_9.1^W.U6-?##.T`?JV_
M3`689_9.I`IAY!=V\#Q132JCS'C&K?M'P&073[N2$\5?D!U\!DDBO8YXXA+$
M"8W616[U4U&52;8LWA4!<1O$0Q-S^R1O7"V'6'9?A4*?$[XE=74D^\C5'8=!
M]V5%L`2+4HT:(6UNHCCCZ4[^^1/4(B%^G]>2V\:C%N@.1G40/BH>U?QR8*"$
M@ND8%6`W6E?EAF;G\P1P@M-(NI;=0!'*J5%#N-ZX',4D\\4<2\VD8`+XD]L'
MOYK\S:41:3:;.BQU56*$[`_Y-<)]P/O8CKN1[F6>1[?7Q:ZK_B.U>!'0<%E'
M4?%RVP?)<+(*(`$Z*Q-/N&`/)GF.XUS3]6,\3QM`@H'4CJ&_F`\,J6X.X-2!
MFMUY/%`'NY='(T]<)(WW77/([`@#M3">[(C!!8;;G%+JXF%.*4;MWIA9->3/
MR#G@!L`QK7,(`%N)2C4K@$L(V+OU(ID7N'>1JEF4[UVP_P!1N#R)'&F^^$<K
ML0:4!/<9GX8`!Q<DMU)0!3EN1U)/7,:D_"1[<NF-]55-&8'Z*G'<17[!/?E\
M_;+J86IM&TBL705'0@U!^6!&,L;T92*';QI@M@P-4:A-.O7Z,#^O(LX$Y!'0
M"G;VPJO@N%D'!^M:`X8VP_=T'0&@PN:%'4O!\+5JRX/TYR\3*=V4[YG]F2K4
M@?SHD?I<?5B\1\B"B>.#M+TV?4KN.WB7[1W;M3`P0G89U3RMI=K#;V]P$^(H
M*'^.;G49_"A?4[!P<.+CEOR"*T7RO%ITRS(O$TI0=,E$=NBBNV4C[4\,39I*
MG?;PS23G*<KD=W91`B*`56DB0\:[]L1>>,$+MN<++^1P/<@T.$0U*>&5%=BX
M+*/EO3+(8#(6"PEDKF]$7H/ED._-$5\G7=/YX_\`B63",UC0^('ZLB?YEKR\
MI78_RX_^)9AY-HR]Q<S3B\V,=\@^=02#3PRQ(R.LB&C*001[9I4*MC2-JC,7
M8_%W>X)'<SBR\TJ]LHF'Q@;GQRAK'KL"C4'0_3D/MI/A:([^&-LKDPW1C;93
MF">S\-S,11YTYT-:`,8('K-$^::Z[;&52>I%2,B4BFOODYD/UFVKU*[-D4O[
M<Q2F@V.96CG4?#/,.'VK@NLP'D4L7KBRBG3$RM#7%%-13,TNGB.C(H6_YTB]
M_P"VS:?]0=WFQL/_`"A-[_VV;3_J#N\V/3X?I97ZO\[_`'C_`/_0Y!YV-/..
ML_\`,7+^O"R)J@##+SQ_RE^M?\Q<OZ\)H7IBJ8*>0H?HQH)1LI6Z''L*BHPI
M1D#\J8(>(2+0]>QPOMGXM0X9Q&N1+;#=2AV)C/4993BX;%Y8"?WJ]1]KY8[B
M'0,,C;/@/+XAZK^1O_*0:A_S`_\`,U,[OG!/R*/_`#L>HIX6/_,Y,[WACR^+
M7G-R']4!`W?]X/E@8G#":V]5N7*FU,2-B#^V?NR34@3C,,#IX/[9^[*_1P_W
MX?NPH0&8X._1H_WX?NS?HP?[\/W8JEYRJX8?HL?[]/W#*_18_P!^G[ABJ7UR
M\,/T6O\`OT_=F_1:_P"_#]PQ5+BM<!7>F6MXP:4$,!0,IIA]^C!_OP_=B,NG
M3("R$./`=<4I7I>E16ERLL;M4=CB^H6$%Q>-/-4L>P-!@BWV>AV(ZC-<&LF"
MEM:H```Z#88[*`RP,*%1.N"H/M'Y'`R8*MZ%Z>V*O"+*PBGUB\4GC2YEY#O4
MR'?.P:/;06%O1CQ)',5\`,=;^2O+UK/)<PV[B65S(Y,KM\3'D=BWCARUC;,H
M5DJ%%`*GIFOAI,@RG)(Q/<[;5:_%EQPQP$P`-]@&.WMO8:FC)!:P2DU/-U!!
M]\Y_K.A3V+O(]JD40(;FBBA`K7<9UJ'1=.@+F*(@/6J\CQW\%K08G<>7],NX
MFAG1W1A1AZC[C[\NEI@9"0D8[=.]Q\6M\.XF/'$G^+<OG*X6\^OM=0S77H`M
MP]%G6@_8(X`G`[`O<B2ZU6_;;D=F!X@BJEGXL,]%P>3]#M>7U>*2/E]KC-(*
M_P##8A>^0O+>H$-=P2R$`K4SR]#N1]K,R$Z`$AR[G%R\,I$PO?O?/=S:^HK2
M'6+J&)W+6T,PD9J?:%*CXU4?MX"637(&K9Z^RFE2XE9"?\GIGI.]\C>7;\6O
MUF"1C91&WMF$TBE8SU6JMWPO7\JO(XD60Z;S*FH5Y9&7Z59J'+/$A7)HX97S
M?-MQ=Z[</2ZU&>YZD\Y2X)^_%X-/8)NX60FK@A-J]]VST9J7Y6>2-4$8GTWT
M_2^S]7D>#8]F])EY?3@2'\F_($$T4ZZ?(\D3!U,EQ,]2/Y@SGF/\EL?%A_-4
M1E7-\[O9UN71PA`W]04`^>V)7(DM!R:<$=5(-=JTZ#/0NJ?DMY/OWFFM5FL)
MIV+L8I"R`G^6)R44?Y(SG_G#\H;;RQ9)?:<;K5"[\91Q51&M"W)^/;;$2A+:
MJ+*YC>_L8AI^D:[>\1974UM!)3]],2H#>"<>6&5YY!UN:REE?6Y)40T9&K3_
M`&/C@W2_/^D6"VEO(C,EM1;F(*I8\=N*D[?[+#:X_,'1KF]DN+>WE2U<`K!-
MQXH1^TJH3RY?RG"($RN_37+K?O64XB'"(GCOF#Z:_JU_ODN\Q:'::KY?L(;J
M["2VE&=_'X1&.O\`JYR9[2WC6=9Y>%Q$WV1W%=BOSSO.GV:>8K?C;1CC)"TT
M?JJK#[3?L[C.7>:]&^ISMSBHR$ABJ\:TZ`YA9LM:HXR:$H@ASL&&,]%XL8@R
MA*0ESY'Z3\&'P"--2@2,UC]9`K>W(9Z1_,I)'UY>)^'T(ZUZ#KGG*V-N]S`6
M!4AX]AW^,`]<]9^;/RX7S9J(OYM5GM(A$L7U6$#BU.I8]<OB0#NX<P3R[^CQ
MNZN["R/&YN4#=XT/)O\`FG\<+9-5GN2\=@!"%!(8CXS05Y!OV<ZNOY&:7'_=
M7[KXEHT<_P##X)B_)FPB?G^D9"QH"2B]O#PR1D#UIJX".EO%K/3;N_D$D@8\
MMV=^I]\.85TRV$MF[M+(Z%#P/PJQZ<CXKG5+O\I!/'Z%OJ\MO&11^,:\F^;=
ML!VWY(VEN:G5I7]O348\03PEY');RVT[P.:2(:'PQT<@#?$A)KVSLNH?D[8W
MPAX:A)`8EX,RJ&+T[GETQ"/\EK>+IJ\I^<:9/Q(TP\.5O,K9F--BH[UPSMFW
M^'IX],Z"/R@A!J=5D-.G[M<57\IX5_Z6<G_`+D3./>R$3W,3M90***>^'-K=
M\1\1H.PP\B_+**(4_2,A_P!@N"5_+Y4'PWS,W;DHI^&1)#,`I?;773?KBTEW
M78'H*G$[[R]JNE1F:@N(EW9HJU`]U^UA%]=9JG[\K(9@IC<S@H`QH>V1_490
MS,3TI08K-<-)+6M0HPKDBEU"YBLXJEW;8#P'<^PR0""4;IEKJ+"6^L8#<&U`
M)04KN:;5PQM?S)NK9S%J,$ML5/&KHRC;W8#+O'U?RD4:&UDN;$*O^DPCE5C\
M355*N*'^88;Z?YNTG78Q'>QQ70Z<)U5Z?\'7`=]ZL+RVND]TGS%#KVDW\T+!
MFBB-3\P:5R,W$JH>3RL0!4@#;)9H>BZ&D%\-)B-M]<7C.%8L!UW13\*]<9)Y
M*ADH#>R!1VX)_3,+5X)Y)1,!8`[Z;L4Q$$2+!KB:,KS1F+.*U-.F$MV2PHK$
M$]/ZYTN3\O[:0U-_*/DB?TP'+^6%K+6NJ3BO2D<>P^[*H:3(.<?M92R@\B\@
MU!FK02UW[X5R([`_'\J=<[._Y/Z>YY'5;CP^Q'_3&'\F]/[:M<U]XXS^L9EQ
MQD"FB1LO%E10`D@Y,-^N^+<V6I%5\#TZ9V$?DQIM:G5;@GQ$<0_4,Q_)C3C_
M`-+:Y_Y%Q'^&2X9,:>/>IMO0D],;SC/VUKOT8?JSK_\`RI/3:U_2]S_R+B_I
ME_\`*E=.W_W,7.__`!7%_3'@*O'%4"5O2)!_WV=Q]!P;I>TSK3=A_&N=47\D
MM.602?IFZJ.WIQ4_5@>Y_*"[MI!<:9J"S,E:I,O$L/`<!QKEVF)QY\<SR$M_
M<=BQRQXL<H]XV8WH-G];U."%E+(3\5/#.O<K#3;9#*X1$``IO^K"3R;Y6ELH
M99M2C,=P'*A/`#W'CDFELH*%>(XGJIW^[)]I:\G*88Q8AM9.Q/DC2X`(7(T9
M;TD,GGSRU;OPFE=36E2IIC[+S_Y-U";ZM'J427!;BL4M5)/SIQ_X;"#S;HUO
MZ#O$HJ!RXD#.5W6EV<X9GHH;8M4+7,/%J)R^H#X-\X1')]!:B(WA]6-E=&'P
MNA#*?D1MD51`\JJ^U'%/OR'^09[W3))]+]=[C3)$YQQ.W+TGJ!5"3LM/V<ED
MTBQ74<:=>2DGYG-OI290OES^QPL]"3TZ/^[3_5'ZLC'YA+S\KW*_Y2?\2R31
M?W2?ZH_5D<\_?\HU<5_F3_B6:S/MBR'^B79:+_&</]>/WOGV[MZ$D87D4-,D
M=Q$&K3":Z@*-49@8<EBB]%J<-'BBAEJD@;[\;=(4D$J],4XU&*%?5@*_M+EW
M%1!^!<<PXHRC_G#WA-=*G$GPGHXH?F,#:M:5#4&XP#I\QBDXD_9-1]&2JXA%
MU:+=1BJG9LQ<A\',)=);?'HY>(C/IS"7.J/O8`Z4-#C!\)PRO[4QRDCH<`,E
M,V,9"0!'5T67$<<S$CD4\A(_P1>G_M<VG_4'=YL9#_RA%[_VVK3_`*@KO-D^
MGP:+]7^=_O7_T>/^>/\`E+]:_P"8N7]>$*-0X?>>/^4OUK_F+E_7D?Q5&POV
MP2A[87QO3;!D;<A7"H5?LM7#&TEKQ)['?"ZG(5Q:VD*-0]#@(V9Q-%D<RB*3
M855A7?WP+3T)*=8GZ>WM@Y`+JPC8?:C%#]&!^"RJ8V^CV.41/.^FQ=GEA9C*
M/*8$H?'ZHO2OR/6GF?4B.AL/^9R9WG."_D86'F74HW^TMC_S.3.]9;'DZ[/7
M'MW!V;(WY@U/4=/U;2A:M6U)=KV&@H8J?%(3U'HC]Y@*#S%?OJVH7(_?:;';
M"2PMU*KZU"?WBNW[4C5C_P!ADFIF.;(Y;>:9;N*D.FRB[$Y@>TD=8V6@!Y%F
M^'O]G$K7S%.^M:AI<R,&BB6=5JH]-`IY\21^\;EQQ5E&;(E;></]&67ZE-);
M0PV4EQ=/)'S'UQ5*510.;+S^/AABOF&0ZA;6C6++!=W$UK#=>HA'.!79B8_M
MT/I-BJ>9LV;%79LV;%79LV;%5&6V20\A\+_S?UPLN$9'HXH<.<9+$DR\7%?`
M]QBJ3J-L=BLML\)\5[-B8&%"]<$6W]Y]&(+@BV_O/HP*C,V`-:U"/2],N+R1
MQ'Q7C&[?9$DA$<7+_)]1EPKT+7'DM4M;R9+N]AG6UN;B$CTV=U$O)*?LJ'X?
M['%+(\V$D&MW=S=V<<%G6VN49I)&D4-'Q=D^S^W]C]G`P\ULMM+<2Z>Z,+=K
MNVC$B,940\6%1_=MT^UBK),V$4>OW1NTM9]-:)3.MNTOJHP4LK.IHOVOL8%O
M?-5U;QR&/3R'<%K)GD4K,%E2'<+O%R#\ASQ5D^;(_=:^UE?I'<P2JWU99985
M=&C0-<I;<B0.1=>?)OBX<,0G\WM&J-;Z7<W09996]&C%8XI6AYT'\Y3DF*LG
MS8R*02Q)*`5#J&XML145H<?BKLIE5U*.`RL*,IW!!['+S8J\7\^_DQ%<2SZY
MY5`CE:LESIO9R-ZP$_9;_(_X#(EY<_+ZYU:1%G)BJ>+1DJC*RBK*X?/2N$^M
M:+^D+9_J;+;75>0D`'Q'_+IOEL,A&Q]V_1A*%[CWL`L8!Y,5;!I5G$%5+)]D
M!C7_`%OA!PN\U6-IK-J\\8'J$<@>QS:Y;:G96MX-2B"2\'(D()JJKNW+ITR+
M:5KI:!;:62H(HK=<U/:>.0S0G'I'IY$N][&$98IV?5QG;^B0.CRNZLFCOQ+#
M\4*SA`1TV89[D7[(^6>7;[1K1(H4@W(E5@W2HY@[YZBJ%6I-`!4DYE8,PRQ-
M?P[.#KM*<$XWRG9_8WFR%6>NR_IQ[]S<&TNVFLXH#&PA#6_)DG24_`1.D?P_
MZV+VWFG49A-SBM_[N.6#BQY+ZLZP<)(Z\CPY?$Z_#R^#+W#9=FR-:IKFIZ7%
M(LWU99K:VDO)F;D$E5.7[N$<N2R?!ORY90\RRG4X;5C$D$K01J@5Y).4RAJ.
MZ'A"?B^S(,59-FR(VOFVXETWZ]*(!RM);O\`=\F$1C;C24<JGG^SQRXO--W+
M`T9-M'=+=QVK2OR$($JNXV+<^0]/^;%66YLB>H>:+ZV:W6V%K(K1B265F*H_
MQJG[E^5%7XOV\E:DE02*$BI'6F*MYLV;%79$O,/DZ*\$EWI8$5T=VAZ))_S2
MV2W-BKP\V%^)I;80N)8MYN0("#Q8^&'5KI44=FK:=(IU+ER:23976G]VO\N_
MCG2-1TNWU"&2-QP:1>#.NQ(\&\<Y3K-CJWE/4%>8F337^%)Q^R?!\3944$9I
M?FFXM+R2QU*-K:X.QC?HPZ;=G7#2^\K:!YA7ZQ;C]':@=UN+<!5)\&C'P4_U
M5Y8%'Z,\PV@MM10,P_N;A=I$/BK86_[EO*LZ+>$W&GL:0WB]/8/_`"-B!W;%
M2>_<,Q\DZ3K>CF\MM699HAQ^K7"'9QO7X3\2_P"RR7X3^7M134+8NC<@*;_/
M$;_5;NTUVWLXXVF@DMY)&C0"O)2*''WK[D^S9$;?S5>0VD326,]]<3R7!$4(
M')(X65?BV_RL%2^;/2N88FT^;T)EA8SU'P-.O)(Y4^TC\OAHW^MBK),V1X>:
MX"W+ZL_H1?#=S\A2&03?5O3(_:/+XOA_8P<=1DGT2XU&.,P2+'.T:L02/3YJ
MC;;?%QYXJF>;(M!YJGC]**:S:9%2W^L78D10#.Q3:+[3<:9=SYAOAJ-H$M3'
MI[-.#,70^J(PG'X/MI]K%649L)KC7O1M[F:*TDG:WBAE$2$%G]>M%7_5XX&M
M_,5[=3VXAL%:*2.=Y@)D+1F"18]R/A/VOB3[:8JR+-A(-?F2V:^NK%H+,.$]
M;U4;X6<1A^*[_:;[.&.GWAO[47)B,/)G4(Q!-$=D#;?SA>>*HDBN!9T9=Z;=
MC@O,0"*'IE>3$)CN/0LHRIY[YM<"VFK_`"TSBFK5FM).%28]^`[_`"SOGF_1
M9Y+26XME,J!27C'V@/;QS@\S4GD0]"2#F/AC*$I1D*9Y""`0F'D2[GX2J2.0
M%`.XWJ<FT+/)<1L^Y+KO](R%^6N$-XD(I^\)`[=JY.+=/WT7^NOZ\W^A(\#W
M$NJU5^+[P'KD7]TG^J/U9&_S`_Y1FY_UD_XEDDB_ND_U1^K(U^8/_*,7/^M'
M_P`2S49_[O)_5+N-%_C.#^O'[WBKFHP',@=2IZ]C@ECOB$F]<U,-GKLFXHI4
M5X&F/BHL@!Z-L<N<?%7QQHW'N,RN8=?7#+W*5U";>82#H<F/E)A?)+8,?M"J
MG"<68U"R,B_:3K^K%-"F?2-3MIC]CD%?Y',74GQM/.`^N`V_K1W#=''+',SA
M]$Q?N*(U[19(>=5-5Z'(A)&02".F=UU6R2Y3U&4-'*H)I[YRGS+HKZ;=D@5A
MD^*-O'*.RNT!E'A3-2Z>;1J81S0&2(WZA9%:`>1KQNYU>U?[K2Z7^.;!43#_
M``+=CO\`I6V'T_5;G-FXXY<-^7^_IP?!Q^-72_M\#C_W;__2X_YX_P"4OUK_
M`)BY?UY'\D/GE3_B_6C_`,O<GZ\CV*MJ:'!4+[_/`F/C8@[XJF:G[CCNAJ.V
M(1/R&+=1\L4AD.BW7[MH3]V=#L=+_*WZG;2ZG?W\=\\:FY2,_`)"/C"_`WP\
MLY)8W/U>=9/V:T8>QR4JR3`#J&Z'VRB?HEQ58/-VFF(S81C,C&6,^FO-[9^7
M=AY%MM9NIO*]U=3WK6O&9;DU41>HIJ/A7XN?'.E9Q#\F4:/S+J"'I]2J/^1J
M9V_+,9N(/W.'K(<&8QLG87?.T-<6-G<R"2YA61U1XPQ_DD'%U_V2X'_0FC^D
M(/JB>D(OJX3<`1`EN`WZ59L'MURLFXR"M-&TJQ-;2V6,ES*2*D\SL6JQ/ACG
MTG3))VN7MD,[GDTF_(D`KUK_`"L<%Y>*I>NA:.D$ELMH@AE6%)(]Z%;:@MP=
M_P#=7%>.`(?+2)JZ:G+(A]&:2XBX*P<O*K(WJ,69&7B_[*)A_ETQ5U1EY6;%
M6\V5EXJ[-FQ*>YM[5#)<2+&HZECB2!N=E`)V&ZKFR+W7FY)A<)I"+)]6(6XN
M)CPCC)%02.K#%?+^OR:A*;:Z=)'=><$T:E5<#[7$'^7*XY82F<<3<@+.QK_3
M?2SECE&(G+8$USW^3(B`P(85!ZC$/J<5>I^_!&;+&"'^IQ>)^_'I`D;<E)K[
MXKFQ51N;2VNU5;J)951@ZJXJ.0Z&F![C1M+NBYFM48R!0Y%5KP;FGV:?9;!V
M;%4O&B:4HM`MLH%@>5I0M^[-:[;[_P"RQL'E_1K82K#:(HG7TY1N:H37CN=A
M7PPRS8JAS8VC.)#$I<2"8'_BQ05#?.C'`J^7]&26:=;-/4G#+*QJ:AV#OU/P
MU85^'#+-BJ7#0M($;1?54*-`]HP-36&1N;QU)K1F^+-)H.D2Q6\+VJ^G:H(H
M%!8<478+\)&W^MACFQ5I5"J%44`%`/89>;-BKLV;-BKLV;-BJ`UC1[/7+";3
MKT-Z4Z%&="`X#;'BQ!ID%@_)+RE;L&CN;_;QG7_JGG2<V`Q$MB+9PR3@;A(Q
M//9@Y_*ORZ41&GO"$8,"95KL:_R9-R`1Q.X(H1EYLC#'"%\$1&^=,LN?+EKQ
M9F?#ROI:ST8>"Q<%X)3BM-A3I3$TL[1"[)"@+FKD*-Z'E_Q+?%\V3:E*:UM[
MCCZ\2R<35>0!IE?5+7UA<>BOJCH]!7%LV*H*RTJQL;86L,0,?'@Q<`EA4FC;
M;]<4&GV0B,/U=/38@LO$;D=#@G-BJ@]E:2!`\",(_L`J*#Y8OFS8J[-FS8J[
M-FS8J[`][96NH6TEI>1++#*"KHPKL<$9L58K9>0-&L-H)KGC6H5I`0/8?#AV
MND68MVM95,\+CBR2T8$?=@_-BK'[;3='\EV&H:BLDJ64:-/.K'F$1`6/IJ`#
MA&?S,\@M.M^;@F91Z0F]-JA6W9?HVY8=>?7,?DK7W7JMC.17_4.>7B+62![=
MI3$_QM/(PV42!=Z>"\?]EEV+'&8)D389XX"0/D^@$\Y_EU?P,M&]."1RRF.1
M"LC[OT(/Q4P/<>>?RP.HHL]3>!8W4^G)TC2L1ZT^!!MG(-*"KI2<6$E2RB2G
MV@OV<)[VZ5]6M[8QJ#'%R,H'Q-6%MF_U<F<,!U+>,`H;E[S+YU\@7,&H6ME-
M]7EU5/7NY#`[!U:D;/QJ/CX?9I^U\>#_`/E8GDBULX=.DN7:`Q"`*T;'D@3C
M\7S7/-KF[(MI;-V6BI;SJNQ*\!<-_L%3[6'=_P"GSM7J"A'+DN_PTR)QP\V8
MTT#>Y>ZOYP_+^*%Y&%(QZ8?]VW^ZSRB_X`G&0^:?R\%VVH1*1<@LS2\'ZR`!
MS0GC\05>V<&O;JYA@O)99&>)U%(SND34_<\1_P`6M]K-8:L+:SGNM1)]<&,/
M"@V425"#CV^SOD#&(9#2X^I/S>[GS1^75K;RVU#';W)59AQDHQ2O`%JU%*_#
M@>?SO^6=K';6<BL@+L\,"Q2<@[FLA(!K]K[?+./ZAQDC]#EN9*D]@-CO@.Z]
M>YOZ1+&0]?5##XU55,8;E^SQ+4E_RL@:#+\GC[Y/=KSSYY.N].N--AN&AAF5
MHN;P.R$'^\X;K4\>7%OV7P?:^>_*=E80Q1W,GH6\2(I*$GBJ@`GWIGG:PE<6
M+6L;O=/:N806WI)Z;$K$/]][</\`+_O?\G#5J-<V[-R#+;1QO$?LAW-#4?M<
M:\6R'$OY/'_2>[P_F3Y4N"5BN7)`!_NVZ,:#`LWYL>2[>!KF2[D$:L$)])CN
M33^&<7B'U"\*<"ZL4C/'<"C5Y5\%K\?^^TPAO;:6[L1:PTYS7"(E3059FI4X
M#.F0T6*SO+YO?XOSC\B3B01W<K>FA=QZ+?9%`?UY&M6_Y59K>H&\DFN[:XF(
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MI9_[R0?\8T_XB,C?YA[>5[G_`%X_^)8<I_=R-7L>;B::-ZC%&S&Y@6.8WZ,'
M:P_+/O?7WW_\V9#=6%A'?3II;O)9*U('D^V5_P`KIB)-<#N=\UO%Q#Z8Q]P>
MF&,XR2<N2=CE,V$--UQ+[)KBK&IQA&6#N:9<[3SRU*IN);5S\,J[?/!=W8?;
M7;DAV(R/65RUI<QSC]@@GY=\F%V5,R3Q[I.H.W2M*Y@:D2QYQ..PF/\`91_X
MZYVCD)#@+*]#O'U'086D_O8:PR^[)_MX!U?2XM6LI+22@D%6A;P88'\JW:Q7
M$MD32.<54>#C_FK#J="DA(Z@U&:+*3AU4C#T[B<?)QYX_#RSQG8$V/<7F4-I
M-_AB\L^)];]-6J</\KZI=;9LZ)'I%J+>XO:"CW\%SP_XM2WGCY??)RS9T7\I
M#@XN';\MXO\`G^)X?!_IG7^'^]K_`*"*_P"E-O\`_]/DWG7?S=K8_P"7N3]>
M1MUH:Y(?.K4\WZU_S%R?KPC/Q"N*$/FQQ2F^-Q2B89*'!BL"`<*P2,&V\@84
M.%42#0UR1:3=AX@A/QQ=/=<CHWVP3:SM!(K+U'XC(3CQ1IR-/E.+()=.1>\_
MD^5?7KV0=394_P"2J9V;.%?D?<^KY@U!!]GZER'_`"-3.ZY'#$QA1[RSU^6.
M7/QQZQC?OI:>N;+.;+'$:R\V:F*NS9>;%79LV%UWK-E:G@&]:7M%'N?^"^S_
M`,-D93C`<4R(CO.R8QE(U$$IC@2[U.RLA^_E`<_9C7=B?"@R,ZAYAN'JK2""
M,_[KB-7(]W_9/^KA7;KJ%^[+80-1_MSL-S[M(<$?&R;XX<,?Y^3TC_-A]<O]
M@TY=3I\1X3(Y9_ZGB]1_SI?3%/;[S'.5)AXVL9Z,_P`4I_V'V1_P61^74)KA
MR\2M+(!_?RGD0/\`)K]G#:#R]:6Q$FI2F>6N\49HH_UFVPP<1LJQ06Z+`.H"
MB@/B7.2&'$#>0G/+^EMC'NQ_3_IFN]9FVL:6!Z0WRD?TLCSF9=;DUA+O3(%E
MB`"W[W"@0MP/J1\B=RP/V?ASI-X1J&EVVKV-#/`!*G'8'C]M/]7;`=U:PRH0
MQ$C#=0%!4'WYTY8[RY=/%<R:;.*),"\(;=B1LX8+5$'$?9R?$./C$0">==>C
M=''PXQBXC(1%"]RR*SNH[VUBNHC59%!^GOB^$6F,=-U*?27VBFK/:D]Z_;7Z
M,/<9"CMR.X]S*)L>?(^]V;-FR*79LV;%79LV;%79LV;%79LV;%79LV;%79LV
M;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV;%79LV
M;%79LV;%6-_F!_R@_F'_`)@+C_DV<\IV>I7$UOZ3JDIM(*1*RUY(O[+#]KKG
MJS\P?^4'\P_\P%Q_R;.>.8Y)(V62-BKI0JP['+\)H'WN3IQL68:?JJRV<,*@
M1@LQ`78<B?L5_9_R,$R6<-U+'.5`N$Y*CC8NI4J0P_G6N1>*;GRN+5!SI_I=
MJ/LN/]^1K_QK^Q^SD@LKM3;PO)*K+<$B$L?B;C]I7\)(^S_MY,R<R(OFK0VT
M,,?U=0#)+41NW4$1&WY+[T^VK?MX5P?4+2YGT\S!$AC'IE@0TD[;,.F'DMM*
MZ^N&^)J%]MB*?#S7W'[7['VUP!>V":D%D10MY"1P+&G*F_IRGW_W7)^U_P`9
M/ARJ4FS@1A6`"XDNE+1PK%*\:CX@(_BY[[<!D2M)97>]H&E@F1B2ZD@L#\#?
M\9$K\.22>\5KKZE<7H$4]N%B5U"LAC);T)>W&9RR<_M8%1TTO3)/3OE6*X*R
M6=G2I#2'CZSL?]UIPRF4K3P_8K7XNU%SPYJ87O'>G[/%X54_<QPPE"1ZI2G%
M$LS0#LH93@>>^9(#+-=(ZS^J)R:*'*E?4^Q_E<?LXA'J%O)=PRR7*<I[1U!8
M"@-00DG@S(&_V61MLC&EVFI$B"UX2"2[N/K,=RO]VT;'TQP?LR\O^"PRI+]5
M59H9I+QGF2,1D?`8"S1.YK\,7PJ\W\_Q8`@!MH8]-CNZPNRRV]NW6)9$]5E#
M?:-3_P`$G^7EW=Y"6FMWO'@M+:)F+<2&G9EIZ$9-/W35]/\`F7(6D1Z_8[4;
ME[V.UN(I)5@F9_K1@VJJH%?_`&'(-C;">*\>$VBD0#4(4@5OM<!_,?G@6)O5
M^J646H+`LW.68Q;)'$5`]-0:;CC_`,'E13"W@A:QECA26=%M2]&XE"><D_>I
MJ/\`)R!+(#IY*]J+9%=;DNMP+2`6ZA30M5ZA_P"7%I]/M);^&ZNGG4>@A0P#
M^[*"G)VK7[L&1BZ2ZF>24.DL*6\JT%)2E?WNWV(_B^#&F8BXAMH)VBEC`,D@
MC,@"!3\#T!I(_P"Q7`2D`>Y"IHVEZO&\OUZ:"4R\2#'6.1@#R<5(;FW\W'#+
M0]`M].N3Z-^K_6.$;^K;\J`.#\%3\+?Y6"$GB:(FVFC9DC52CDB<EZ$(\E/Y
MOBX\O]?$-'&O-?*]Y?%8DE41HM/B/,<@S'H%/P?Y;_Y."P@B6_1].6JA+:%`
M:A8U%?D!D9_,7_E%KG_7C_XEDGM_]YXJ]>"]?ED8_,;_`)16Z_UX_P#B69&7
M^[E_5+IM+_C.+_AD?O>&,X&(25;IBWIURQ']V:P$!ZB0)0?$Y17!1BI\LKAD
M^)J,$$01DDTNY-QIXB8_';GX?EA))%X8^PN&M9_!7V;*\T/$A0YC<)Q$X\@/
M3D610S/;W,<\1^)2&&3F*YCO;>.X7]L5^GPR`JX=-B*K^K#+2-5-LYMY#6%S
M]QS3:S3')$2B/5C^V+G:G'X@CDCS#,E'^XR4?\O4?_)J3-@=)5_1$TG,</K<
M7Q5[>E+FR7"?R_\`UIU\?S3I^$^-_P!;'_3A_]3D'G<T\WZU0_\`'W)^O",&
MA%3AYYWI_B_6O^8N7]>$)\1BJ]@.VX/?$V`ZC'*VU,VWW8JIX^-RIRF6F_;&
MXJF*/R`(^G!`-1R&%L4A'RP;$]=NQZ8J"]D_YQ_E+>9M33PL*_\`)9,]#YYR
M_P"<?/\`E+-4'_:N_P"9\>>C<4DVT<V7FQ0[-C9)(XD,DK!$'5F-`/I.%$_F
M&W(86($W'8RL>,8/S/V_]CD9Y(P%R//8#F2>X`<TB)-UR',G8#WE.&8*"S$`
M#<D[#"NZURVBJEL#<..I79![ES\)_P!CD9O]:]9J2R-</7X8UJL8/L!1F_V6
M-@TO6-1`>2EI;?S/\(^A-L`AGGO0P1[Y^J9]T.G^=_I''GK,,3P8A+4S[H;8
MQ_6FJZAKTLH(GFV/^Z8"54?-]G.1S4=<^J\864J\F\5O"A,CGQ"J*_[)LFEK
MI6EZ<`XC^LR]Y9=E'^J#UQ/4HV1QJ`A`EH(U*(HD([!"1\"_Y668X8,<N+A.
M27\^9N7P_F?YK7DQ:O41K-E&*!_R>,5'_./\2%TC2].^JPWMVDDEPZAV@D^$
M(Q_9;QPX]6::+TU"P0C:BC@E/;H6PML)+CDS&%:L1Z:U:1E)Z\R"48X/,3R.
MIG8L?]]K5C^'PKAG(R-DN1AP8\4>''$1\^I]ZT&(?``9W\3LOW#=LW"252LS
M4[",`?@B_P#&V7<7%M8J7GD6(4W135S3_*Z+D*US\R+*Q#1Z<H+GJ5W8_-OV
M6&3Q:?)D/I&W?T1DSXX<S9[@S&22&WB)G(A"[`-0N2.E`?A4YS_6?-%M8W!N
M$NRC1OSMK:(+42#_`'\Z_$W^K]C(+JWG'4]49A)*RJ=BH)J?"I_YIR.R222,
M36K'J>IS/QZ*$-YGB/V.+/49)_3Z1]K/X/S`U74->MKVYDJ8F!CC&R@_R[=L
M[[;3I=6\5Q&:I*H=3\QGDW3(GDNE9>B,"3[^&>H?+$,L'E_3H9@1(L"A@>HR
MK6PA&,#$5TKR9Z:4C*8D;ZIMFS9LP'+=FS9L5=FS9L5=FS9L52GS)K]OY:TF
M;5;B)[@1E$CMX:>I(\C"-$C#$?$2V/T#6[;S#I4&JVJ-&DW(-#)3FCHQC='`
MK\2NIR-Z^ZZSYVT;0RR_5M*5M6O:FE6'[JWC/^S=9<ORTZZ/YNUOR]R'U:]I
MJVGT-0!)2.X0?\]E>3%6;9LV0W4[_4-3\YIY8MKV2PMK>S%[<-`%+RF1F1$+
M.K<57@?LXJG(\QVY\RMY9]&3ZPMM];]?X?3XD\>/7ER_V.#=-OI+^&666UEM
M#'-)"(YJ581MQ$J\2?@D^TF033+2ZLOS1GBN;V2]_P!Q8*2S!0X',?#^[5%(
M'RQBZSK\GE'4=9BNW>YTS5[BHH"7MHI_2,'3[*QMR_V&*O2LV1#5=8O+[S+Y
M?TG2+@I;S1MJ=\Z4/.U"\(UWK17E>/(_#YC_`$O?ZE)?Z_<::MM=/;VUI:1H
M458CPYN[1R%G9@W[7'%7I^;.:Q^:-??R'JE^+@C4+&9X+:^>,*94#`QRM'3C
M]EN+<5P]T_1_,MK>:9J*ZU+?V\B_[D[:X6-5(=1Q>'TT3B4;]G%66YLY8VN3
MMJ>J1^8]<OM'FANY4M+:*%?JZVZT]*02M$W/GOU?#74?,6H:5Y$&I1:M!J5S
M)(L,.J1H`O%WIS:,?#ZR)^SQ^UBK/LV<LO\`7YM)%K=Z1KUYJMQ]9A2>RN(4
MX2QR,(WW2)"G'EZGP9U/%79LB'FJYUA_,/E[1=,OVL(=0-U]:>-$9BL,1D''
MU%;BV+6MEYBT6'5Q<:HMU:"+U=/N[SB#$_$\UFX!!Z24Y\L593FSD%YKEUI^
MB7&K0>:+Z[U.UB-Q^\ME2SG8$?N48PA?3;[*<'YY)]?U?5[M_+$6EWC:<FKR
M`73HJ.W`IS(3U%<!L59QFR#G]+>7?,^D61U6?4+/4_5BFAN@GP,B\UD1D5#^
MSQQMK)J7FKS#KL,6K7&GV6D2Q6L$-L(QR=HQ)))(9$<\@QXK^SBK.LV0'2=;
MUO3QYS74[OZ^VA5>R]142JBV$Z*QC"_;/VL(_P!/SOH)U>+S/=OK#6QN([40
M)Z)D*\U@X>E]BO[OERYXJ]:S8!T:\FU#2K.]N$].:>)'DCZ48C?!V*NS9LV*
MNS9LV*L<\_J7\D>8%'4V%P!_R+.>0!83GPIGL#S]3_!6O\C0?4+BI_YYG/(:
MBUIO*?\`@C_7)Q-`N;I!<9>]J.PNXW62-^#J:AA6HPYAMVOQ'$\"%H?WIC0%
M5/'=FJ*4_P!7"H&R[RD_[)OZX.>*PN8XGTWU49.*W(#GXR>H3?\`X3[61,G,
MC%.]&OY;N:69'B]#EP6)2Q9-OL_O/B=3CK_E%PNH(_W(Y>N2:*B@]^[(6\/B
MC^W%\>%EO#I.GZAZ\#3"5"2(>)XH`AKS)Z\OV1AK+$\Z1S6\AD@EC`2`T4,[
M,6^,OX@\,@9=[;&)Y=;Z(2>6!YHKKZFMZSJ8BK`=6'PEB/M-_(_V?^>G/`LQ
M6;2EAELS((+H1QSCCZB]_JH`^)DQ9C#8VZ&V)MHF1^-T7#585Y(J?LA3^RWQ
M?MQ8G);ZC`@1K^.-)5E:5UC:J&,*6[?;;FOQI\60,F54-PK7`CGEF$MM`JE!
M'#`)8`L(4?:2C?;;]MOVL!6&FVMK<)/(JSA341O-!Q)'2OQ;X8VM@+:W@TZX
MCC<Q7$QE/!269`./QTY\?\FN*<8WN1SBBXW:6RW`]-!4-;22-2B_!\:JWP9`
MED!Y"[2Q[%)KUKZ64\S)ZAXS0`#>O`?'\*C[*C#*Y,5TMVKPFY$X#11":%VB
M(&YA'(L68#[.+0"/UK63THN5O%:I&?3CI1V17Y#C1RP;[3X$EM!+%-;VZ)'(
M&+Q.H"LDAO6BYAE^+:/X<B2D>X?V)<-#A,T-L(KGUID,B)6*O%>M=\=;:;9`
M07@ANI(WF])`?1"LX/V&J<$:A:374S>G*3J<*T+QEE6X0?#5`?L3?\5_[M_9
M^+"2W:DL<<[2F`/5XT8AO\KB#MSR*:'<SZ."1+J2>5%1;B8$0C<*`I_=-_J^
MWPX&M7NA<64AC6)9XW:.R5F#2;CG-,\?Q2;_`-VS_'QP59"'ZK;>CS](RDKZ
MM>1'$_S?%_P6%5AI.G2S6MT9YC`T1`CF9HGY#_?;$KZD?\_I8"5`LE.;.TC0
M2<8U$LLCL0I610Q-3Q;?E3_=DK_8_NL66YAMKB`WDD99)(QQ12%8EP%(5A5V
M_9C_`&4_O,`ZEJ,>BV4<=I'SDE'&+BI"5/3?^3^1?MS?;;GCO+NB21W,6I:N
MQDNFD5E1S41EF';_`'ZW\O\`NO!;&MB2^FK<UMXC0BJ*:'KT[Y&OS#'+RO<C
M_+C_`.)9)8/[B+:GP+M]&1WS\*^6K@?Y2?\`$LRLQK%,_P!$NETO^-8O^&1^
M]X<$IUR^."6CJ*XD13-.)6];2BRU&)\=\7.)N,G$]&!"F5.!Y$H:X(J:YF4,
MNW7)@TPE$$+K:Y*`<STVK[8*,W$J5-=Z_1A:G4J>^.20HW%MQD98P38;<68B
M/#+DS"-V_P`-7+U^'](0?=]7GS8"CG'^$;G_`+:-NO\`T[SYL/AGP^7^2K_I
M:X7&/&_ZVK_Z]W__U>/^>/\`E+]:_P"8N7]>1^N2#SQ_RE^M?\Q<OZ\C^*NQ
MP;VQN8&F*KB:;=L;3'U)4^.-WZ8JT#3!$4M#3`^;%7N'_./#\O->J>/Z.W_Y
M'QYZ/SS3_P`XXOR\UZI_VSC_`,GXL]+8J["7S)KPT&R$RQ&6:4E8E_9J-ZMA
MUA3YCTS]*Z7-;J/WRCG">_)=Z?3AC7$+Y6+0;HUSK9B%A<S>95BN'<W=Q(32
MWD?TX(J>*"C2?ZM<'3>7+\70@DDCCM"H=Y4^%`Q^VJ1D\O\`5WR#Z1J4^@:Z
MD3GA'*QJIZ*PZTSL9>.^M$N(ZFH#+3<CV^>2R:6.#,<\"3XED&[X0?X/@UC+
M^8P^!F%B-`CE9C_%\4HM;*PT]`;2`-*?]WS"I/\`JK@EV:0`W+\:]`=V^:H.
MF520O2)>!/VB-V_V3?LY<=NJL2?WA/6G0?ZSG($D[G=LA"$!PPB(@=`L1W<E
M($^(=7:C-]W1<:+<,K^NYD8`\U4UH/\`*;H,0U#6],TQ&:>92`*^E'LNW?E^
MUG//,/YI(5>WT[<=*H*)\ZY?BTN7)R%#O+7DU&.&UV>X)SJNO7,$WH6%J9I(
M_B^M7#>E;1?S"-1Q:<T\&PNUS\SK6*W^J62!Y`/C,6RD^//.6ZIYBU'4V)N9
MR4)KZ:[+7V&%9D+;9L<>CQ1HR]1#BRS9IW1X04]U;S5J>INQGF8*>J*2!A$\
M[M6IZ]<>EM+,*J*#Q/\`##"ST669U1$,KMV'3,@T!TB/DU>@;;REW#<I?!%-
M,?@4D>.'&GZ%/=RI"B--*Q`6)!4DG);I/E`_#]<HB]T7J?F<Z5Y7T&WMKQ98
M(@D4*UK3<L>F^8>76XX[0]9[^CD0T^26\O0.X?4DWDW\M3921W^M(H*4:*T&
M^_8R'_C7.G``"@V`Z#-FS7Y,L\DN*9MR88XP%1#LV;-E;-V;-FQ5V;-FQ5V;
M-FQ5@UM^7=AJ.J:KK7FN!+Z\O9A]7XO(GI6\8X11_NW3]D<FRYOR^L-+U?2M
M:\JP)97-G*PO.3R/ZMO(O!T_>._V:\UR<9L5=D4UC0=73S%%YGT-X7G^K_5+
MJUN`0'0$LC(X(XE"S9*\V*L/TORYKG^*Y/-&K3V_[VS^JK:0*WP?%RW=BW/!
MGE[R[-IVCZEI=\RN+ZZO)OAZ>G<N64'W"MDDS8JPSR3Y3U+0;F\NM7G2XD].
M*RTXI7]W9P*%1&K^TQ56;$XO+WF+0[J^_0RV5Y97L[W,:72$2Q/)NX9P:.G+
M[.3?-BK#;CRQK=YY4O-*OKR.XU*\<R%T3TX8ZD4CC7KP4#ODMMXS%;Q1-]I$
M5"1X@`8KFQ5AHTOSA8R7D2R6FL6T\SRVTEXM)8D?I"^_&1$_9VQ"+R%./*$V
M@O=QK?373Z@)TC_<I.\GJ\%B)KZ(^SQY9.<V*L*ETOSKJ#0VTS6&G0+(KW-W
M:QDRNJ,&XQ!RWI^I3BW+)KFS8JD6IZ-<WGF30M8C91!IGUKUE/VCZ\1B3C_L
ML%>8=(&O:'?Z.TGI?787A$O7B6%`U-L,\V*L#U#R]YMU3R[/Y8E^H00O`+87
M81C50./)(PWP-3#*?RU>/+Y:9)$*Z,P-P=QR`3A\&2K-BJ0:OHMS?Z[HNIQ,
MHATYY&F4]2'0J./WX1&WU:T\S:V_E.YM)9;EH)-3L;M'#0R>D%CE1D9>221_
M%D\PEU3REY?UB[%]?V2R7?$1F=2R.4'[#%".2XJQ+RGIDU_>>>=-U&X6X:\F
M%O<74*E4K+:JKK&&+?W7/C@N+1/.UKI::);-IO[N/ZO%J?I-S6,#@C^ER_O4
M7_ALE^EZ1INBVWU/2[9+6WJ6]-.Y/4DFI)P;BJ'L;=[6S@MI93/)$BJ\S4!9
M@-VVI@C-FQ5V;-FQ5V;-FQ5(//#,GD_7&4$D64Y``J?L'MGE!#4;VLQ\"(_[
M,]6^>R5\F:\16HL9Z<>OV#TSRJ?K:D*LG$T'(3/Z;`^!6C8":=CH?HE[W*=Z
M+9SGQI$/Z8)@EE,L4:VT\2AJF3T_L]ZT`WWQ!9KZM/6C_P"1P_YIQ>VNKN*5
M6F:.:,?:03@5^GCD#)SP/?\`)2N+C48(I+B:YCB)E-+=TXRS`M3U'0_$JTP7
M!J%NEU/;S7,4K.J_$#2W84JRC^22GP\N6)W-K<7UG/+(UN\BLOHH7YND=:M5
MJ+M_-_DX7&TCU:[N&MZI%`J;1IS9JT2JK5>0Y?\`"9`R*:(\^Y4N=,MT6:\=
MR;(D^C]7!EC5_P#?;/4A'^>&>H2P^G.IE17B%P#&S`.?56+T^*_M?8;`46EW
M<,$EM%+=+#+_`'B?5S0^.W/-=HIN;^\>VY2!H8X(KA:5$E5YE:_:^#X?BR%I
MJARYIQ)=V1OV`NX".<MQS]0<.+J.(Y?[\_R,#PW-K))9NMQ$!(8``7`*F.WD
MC?U%_8^-@HPK:WO5,Z-86JFV02RCB?LGP^+?%%M;_E:H+&T!O(_5@J.J#NWQ
M?#D268!OXIK%/;*C2M/&!#]623XA6J.G*@[\:8^%H%NI`\\0HOJ$\Q3C]<:;
M_DU\>$G&[$0F-C:\&E^K_9/]Y6E/M9T#RKY$L]<L99KWTHKJ"0Q31)&2JFE0
M`W+XOAP$J:B+-_+O3/RC8V.H>6];%Q$LBEG=)*?$.(Y1NC_:%/M9R[55X^8)
M>,@A/JK^]H**:#XR,]$Z-Y=L=(T^2PBY2BXJ;J5S\4A(X;_[`!1G(O.GDFZT
MZYY1J9?58BUN/]_`[^E+_+<#]C_?O^QP<6[5BD.*0OGR4K>[%O-)]9U."XCC
MCY!W%!.3_OJE*8OZ6@S3Q74NK@>BI2"!BI2-3^RNV%-I)8-I,D0L_7$5MPU&
M1SQ>!Z[/#7K_`)2X/M]/++82"SB=S'QADX\2PIMSW/)?^(Y`GX.1P_:C+>/2
M(V0#5Q=\9#+%%*4;C(W5XP`/C:O%?V<&K*9KNWXU2-9`OO\`:^(>_P#Q<_\`
ML<C]G;Q"]<&VMXI$)'"&%HS7H51F=]O^-,-1<)'<0DRK'&DD:S3TJ%-1PAB7
M]IS_`,1_>X.NS&0Z^3Z/MZ?5XJ4IP6E.G3MA!YX_Y1VX_P!9/UX?6Q!MX2*T
M**=^O0=<(?/'_*.S_P"LG_$LS-1_<9/ZA^YT.D_QK%_PR/WO'V0#Y8%E2AJ!
M@X[C$&7-%"5/7H%A3&E:XNZ4Q,C+P6)"'9:90VQ9E^[$RN6"5L"$/**'D,>%
M#4;QZY;BNV:'[++W'3)$[-=4:[TYBC_YU6Z7_M:6W_4+<YL=$W_.J71[_I.V
M_P"H:XS999X/^2?_`$\<2OWW_6Q_TX?_UN/^>/\`E+]:_P"8N7]>1_)!YX_Y
M2_6O^8N7]>1_%79LV;%79=13WRLV*NS9LV*O9O\`G&__`)2W5/\`MG-_R?AS
MTSGF;_G&_P#Y2W5/^V<W_)^'/3.*NS9LV*O)OS/T5K.1-8M5H.0<D=F'VOOP
M_P#R\\P1ZA8K:R."P%5!]NM?=L.O.VG#4_+.H6_'DXB,D5.O)=QGG_2-0GLW
MFM8Y3$[<C#(#0AO;^6N9V&/C8CC)W!V<3-+PL@G6QYO>-;\PZ9IG-6E1^&Y7
MD.*_0/MG.:Z_^:4DM8+`A@-N8'%/8KG-;R^NII'6X8AJ_&O^5XGWP`7)/7,G
M%I<>.B?5+OZ-4LN3(3N8Q[NJ:ZCKM]J#EKJ9G%:\:T4'V&%;.6W)Q\<$DO:@
M\<,[/1YIF`@B,A/?,D["R1&([]FL&,3409S[AN4LC@EE.PH/$X90:/=3IZ=G
M&9+AOL[5%<F6D^454+)>GWX#)9:V5M:J$@C"#V&YS#RZV$;CB'$>\\G(AI\D
MZEE/`/YHY_$L0T3R=+';Q_I1ZR@`R*G0GYY+;73[6T7C!&%\3WQUQ>V=F3]8
ME5#M115F_P"`7DV.@.I7@K:6#HO[,EP0BMX$<2S4S`GER9/JD3]SEQQPA],0
M$5$*,/;.@Z?"D5K'P_;`9CXDC("NCZQ)Q9[J*VI]J.-!*&_V3\:9.M(=FL8D
MDIZD8XM3IMWRID4=FS9L4.S9LV*NS9LV*NS9LV*NS9LV*NS5!R+?F!J5YIWE
M_P#T&9K>>ZN;:U]=/MHLTR1R,A_9?@S<6PG\SZ2WE73[?6=*U&^^LPW=I%(L
M]S)-'+'-,D,@F1S1_A>O+^?%4_U[S%>V&HV6C:19)>ZC>+)*%GE,$21QBI+R
M!)34_LCADA0L44N`&('(`U`/>ASG>N:%9ZA^8.F>K+<I]:M)G<Q3NE"JT`3C
M]@>.=$50BJHK10`*[G;%6\P(.XR">>M5EAUO1-'>:ZBL+M+B>Z6P)6=S#Z8C
M7FM&$?[QO4P)H=S<P>:;*#1OT@VD302B^COV=T60%3$\?J$\&^URXXJ]&)`Z
MFF;.?:1I<GF+6O,7Z3U&]:&UNUBM;>*X>..->%314/?`4>N:GHWE+S,L=U+/
M)I=R]M97$Q,DJK)QX<G/V_2]3X<59KYJUT^6]!O=:2`7+6:<_0Y<.7MRHW'[
ML-+6;ZQ;0W%./JQK)QZTY`-3\<YCYW\O1V_Y>7=ZM_>O<&U269I;AW61F`+>
MHC'BW7X?Y,Z3IO\`QSK/_C!'_P`0&*HK-4?=D+_,R[U"TT;3_P!&WDMC-/J=
MI`T\!HW!RW-?=6PM\SZ+-H4NC3Z/JU_#-?ZA%87+37#S!HI4D=V*N:>I^[^%
M_P!G%7HU0>F8D#KMD!U336\KZWY=N=-OKQUOKWZE>0W-P\R21O%))R(<G]XK
MQK\>,\R26MSYG:":[U*]^KP*?T1I3&-8BV_JW!#Q\V>OP8J]!S5%:=_#.;>5
MM7N%O?,^C0SW3VMA`)[47KL]Q"SQ_%'ZC5-`WQ+OCO+_`)<U#5_+NF:TNM7W
MZ99A.9Y9W:)@LC5B,->'IL@XXJRZ#76F\SWGEWT.*VMK!=BXY?:]9I$X<*;<
M?2^URPYJ,Y9K^NW6A^?+];5!]:OK"PM8[R7_`'GMV>2?]]<$5(7^7X>.&_F0
M7?E#R1(MGJ$\]Y+(BRZC(3),S3-^\>/?X=O[M?V,59Y4'I@(ZMIRZF-&:=1?
MM$;@0?M>D&X<_P#@LYIJ-RUDEO<>6#K#:DES"66ZDDDBE1G"2B99&(;X&Y8.
MU30K/4/S1$<TMP@FTMI6,4S1D,LH7X2OV4I^SBKTJHZ]LP(/3?('YPMK^U&B
M1VIOY]!@:4:D-/E/UEOW9]#F_)6>/U?M_%B7E:^T=O,*6UAJ6HP2M`Q?1]1Y
MLLE-_5C:0GB\?[7#%7H.;-FQ5V;-FQ5V;-FQ5C_GKF/)NNF/[?U&?CO3?@>^
M>4`FH1W"Q7,J#G3]XHYEB>W;?^;/5OGTLODK7V0T86,]"/'@<\IR72VTL*P/
M-=`!6N+JC!SMO%$3]A!_P^5Y#3L^S_HE_6#9EG^L?555FEK3X4V^\D8-M"GJ
M+]<?]U^UP`Y?1O@`7,ZJ\]W+*89B1;V)<DR?Z_\`Q6O_``V-OJV:Q%FMGGD7
MG+`D2_NZ[A6[5RHEV`/-&72BX@`10MQ&]8W#T5TY57U%[L.F5''+<7,]QJ2Q
M>M*JA&"!@I7_`(KJO51QP/9R23027,?U42P%6]$Q+R*U'Q#QX_:P7=Z;=:U/
M]8M[F*YXJ`YBA=`I.].*(1D;9;<_TK_JEM_/%_TCC_JIB=XJ_5KI?469%-HI
M$:\.(K)^["@MN,3_`,*:B.A'_(N7_FC))'Y"U6+RU=:G1[=(>$PC*UDGX5_>
M<?M)&E?@_;;^7`BQU+%I+>R62]'U>Y41Q@Q!CNK>,O\`D8Z."Q:2R407/QQ$
MS4.[-UK%_D8K).6:_KJ<;!XE4`*0):=(HQ3X.&7'*/4L?]RB+QB(+4-(?",[
M?$<C;8`/+[.]"^E9_50_HSB0W''G7X1'_(/^+L]`^2#IYT54TP*MFA"QQA>,
MJGB.8G\9"_)LX*9JV@5]05F^M<S&14T[SEOY?VN.=L_+=6&B2R?;$DY9;JA4
M3BE/4532E/L9&9H-68>CXAF@Q&]LK34K22RO8A+!*.+HWZQ[XJ,3N;F&SMI;
MNX;C#`ADD;P4929.)6[Q#SAY4-KJD]G!)ZMVD8F22N\L35XK/V$XI\+_`.[O
M\CAA1H\&KV]N5D_=VMQ7TXI/MO3[31#LJ_MY*_,FIVVJ7LVJW,3PV]U$D`M!
M(8W9(C\,D[)7B?B_=1ISY8#1M(O9UK;SBYA7@0;MU<5W*LWV7=J?'\63XS7*
MW/@"(CBNZWY("T=I6I;ECZA],F).3'?[*EN/?]O]C#>-M/L;ZRLKF*"6Y>0?
MWJF6&``UXK_Q:6_O)OVI<,M/LM3U%GM;-'=46KJH411)T"@,0@_RV^T[X(L_
M+'F*.\`:&,6J\?1X3(',E:\WHWV0/V,'%9V#$R@-I2`VY6]N@IZ$5.G!:4Z=
M,CWGPD>6[@C^9/\`B62&W#+!$K[N$4-\P-\C_GH5\N7`_P`I/UYGY_[G)_5/
MW.BTG^-8O^&1^]Y$C5`RV`(Q(`J?;%ESGCMR>O4'0'`S+3!S#$)%[Y9"2E"D
M5Q)A3%R*8QEKEP+$H=LJ/9Q[[8]AC0M#7+>C60G$2_\`.KW0_P"UI;?]0MQF
MQ2(C_"UTW_:RM_O^K7&;++/!_P`DO^GCA?Y;_K9_[%W_U^/^>/\`E+]:_P"8
MN7]>1_)!YX_Y2_6O^8N7]>1_%79LV;%79LV;%79LV;%7LW_.-_\`RENJ?]LY
MO^3\.>F<\S?\XW_\I;JG_;.;_D_#GIG%79LV;%6F4.I1MPP((]CGF[SQY:N_
M+^KW"QJ1;EO4@>FQ0^_\RYZ2PG\Q:'#K=D8F53,F\18`BOAOXY;AS'%*^8/-
MKRXQDCPG9\MGC<L9&^V>IIU_MQ2VTQG<>FAD'\QSHE]H=K9W3Q3VRQS*=TI2
MI^6,-DL8V3A7L!3,V7:(KTPW[RXT-!(;2RGA[A^M)-,T!6H;C?\`R5V&2^RL
M8+=`(T"@>&!+154T&Y]L5N]8M+%T@9O4N'81K&N_QGHNV[-_Q6OQYA9,N3(;
MG*_+HYF/%#&*A&OO3"XN[:RB]:YD$:=AU8_ZJ+5F_P!CC+6TUK7`&@'Z-L&K
M^]<!IV^2[HJ-_-]O!VB^6N,@U;63ZET?B2-S41#]FM/A5A_D?[/&:SYUL[$M
M:::JSS)MSZ1*?`4^U_L<IG.,!<C3D8<&7/+@Q1,C]@]Y3/3]#TC0T]>BF:E&
MO+A@7I_+ZC[TQ"Z\XZ';-P24W#C]B(';_9-1<YY?ZK?:M)RNY&EW/$$T2GAP
M'P[8G';M3^&8>76UR`'G)W.'L2(%ZC(2?YL-A_IGHMGYRTJ[E$3+);\NC2T(
MK_L:Y,M)<%F4&JL`01G!6#PS(C;\MJ9UG\O=4BU2R98F+M9,;:5C_,!RV^AL
MGIM1+*2#1H78</M+0XM.(SQ$U(U1W^(9MFS9LRG5NS9LV*NS9LV*NS9LV*NS
M9LV*I5YCT*'S%I4FF2RM`6:.6*=`"R21.LL;A3LU&7[.$=SY5\P:Q]6MM?UE
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MG-BJ3:[H;:Q<Z1.)O2_1=X+PBE>=(Y(N'_)3`%UY:U&#7+S7M#ODMY]02-+R
M":,.A,0"(ZM0MRX+QXY*,V*L4TSRA<VE_K&J7FHF[NM7@6"3]VJ+'Q7B.`7#
MCR_I1T31K32C)ZIME*^I2E:L6_XVPSS8JQ^3RQ!<Z[J6J7C+/:ZE916,MHRU
M'&)I&)/^MZF`5\ES2Z!=>6KW49);/U`^FW/6>!5/*-&9O[WT_%_M9+LV*L0G
M\N>:M1]*UU37P+%'5YOJL2Q33<&#JK.H7TP2/C]/%]<\KWU[K4>O:3?"TO!:
MO8RK(@=#&[<^8ZT=3DHS8JQ-_)][!;:3^B]8F@O=)$@$D@#QW'K5]03QGX?V
MCP;]C%++RWJ<NNVVOZ[?K<SV,<D5G!!&$C7UAQD=FH&9BN2C-BKLV;-BKLV;
M-BKLV;-BJ0^=03Y1UL`\2;*?XO#X#X9Y6DOTMI/1GDG0@"H-.A^1SU1YW]/_
M``?KGJN8X_J4_-Q6H'`[BF>0WNE29FA4/0_NY7JQ(\2&KE.7F/<[;LTUCG_6
M_0F/Z0T[GZI:1I*`>HRJ6^@G?*M/T,;A2@,DQ)XBX-(RQ'[9&%@N9_%?^!7^
MF"GNXQ:Q^FQ-UR/J`HG#C]V4EV`(^2:Z?&;-O2D@C%Y))*T4VS`)Z3-11W7G
M_P`+G=O+&F)I>FP,"/K%Q%&]P\?PJ[%0W+AT%*\<\]64DD,JZC=,2"&C@3N_
M(%#P7LJUST1Y>U2PU72X);"4R+"B0R<E*,KJ@!#*U&&`FFO*#0[DX]1OYC]^
M%7F*]6PT>YOI"Y$`]3BAH7(_8+'HK88XR:&&YA>WN$$L,@XR(PJ"#V(.5RFT
M@47SY/::A?/J=S!I<21!%J(@6$=:D<&I_>?S<L"`2^I9<;.#>`%5Y#]XNW[Q
M_P#*ST+!I6G6R)'!`(TC8R!5J`6.Q+_S_P"SQ#_#6@D,#81?&>1/$5!Z?"?V
M%_R5R)RCN;QF`Z'R>$/8:BFF07$NGQB)KFOKD4Y?'QX,WV1#S^&N=N\F:A'J
M.F22K&8)(Y!%-;`\HXF10O&$_P"^R!RPU.E:>R&)K=3$8Q#Z)WCX#H`GV!2F
M+6=E::?"+>RB6*(;A5\3X^.5SR@CDUSR"4:HVB1A/YKO?J'E^^F4!I7C]*%6
MIQ+OLH:NU,.,@VNSV][+JM[K2/<:9HK^C!IT)*^K+0'U'(I7K\"Y6#988XW+
MR&[SPEX9;BU+PRP)(L4+.6::O4/&E"_)R?\`89,(;:S\MV-MJ&LV<<^M2!VT
MW1QOQ+_[NG7]J0_\+^QA+'YR\L:=<?7+/RT\6HH"899Y.5'/V6(8EL!W$D^K
M7<>I7EH\NH7"M)S:5HW^'[3+1E6&./WRTWM8(#FD2GL08Q'/^=+]2:7'F:_O
M+:0W)@TY)'"SVEHS5^#X.4@']VO+X?A^V_V_@S6]^(+V&&<I021@31CFK,Q!
M"*%!)<+_`'G#]VN$LTVGRVKRQ6(N8R*2A.2,P7K\9H9?'X?]?"RRUB)=7LKN
MW:6%XG1(%7TRJ*Q"D`'V/VL,8WRVW]RF$0*JMGUC!O#&?\E?U84>:X/K&BS1
M>++^O#:V/*VA8[DHIK]`P%KKA-.<MTY*/O.9FM)CI,\AS&.1'R>=TQ(U&,CI
M,?>\V70XZ"HW^6._0\*]1D@X`"N).@.<&-;E)WD7HQF)+'Y-%B8?":'"F\TF
M>`%@.2^(R6L`#C"%(H=P>H.9.+698G<\0\VT9)//I8RNY%,1[9+=6TP*AN;=
M:J/[R/M3Q&1J:$*/4C^R>H\,V^#41RQ!'X+:)`BT&ZXRF"*5&)LI&9(DDA,H
MJ_X6NA_VL[;_`*AKC-EQ?\HO=?\`;3M_^H:XS9DWZ/\`DE_T\=?7[[_K9_[%
MW__0X_YX_P"4OUK_`)BY?UY'\D'GC_E+]:_YBY?UY'\5=FS9L5=FS9L5=FS9
ML5>S?\XW_P#*6ZI_VSF_Y/PYZ9SS-_SC?_RENJ?]LYO^3\.>F<5=FS9L5=FS
M9L505_I.FZFACOK9)@>I(HW_``2T;(3YA\E:9I5FU_IK2Q%#\41<LA!_UZMM
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M4%HT)`%6;L*>^3;2?([,%DO>G\IZ?=@+\S[BP\N>6H[*`".2_E6(L-FX+\9Z
M=JKD<6CU6I(D1X<3_%+_`'L7!U/:V'&:A^\/ER^;R_S!J?U7X-/0W-VP*AP/
MW:5VJ#W;.H_DGI\EKY5>ZF!#WDS2DGN?LG\5SC-XTTWIBT?>0\$`Z<FV7\<]
M-^6=-32=!L+!!3TH5Y#_`"F')_\`ACF^PZ>&#&(1W)YD\RZ+5:O)J9\4]@.0
M'()MFS9LFX[LV;-BKLV;-BKLV;-BKLV;&2NL<3R.>*(I9F'8`5)Q52DO[&&4
M02W,23'I&SJ&-?8G%RP7=C2I`W\3G)M.L+2_TR\N],\L-J6G7;W,CZK>7X%S
M)\3\G$7#DJJ=HE5E^#$Y;B;5/R?TXW<CDS7=O;NW)E?TUU`0JO('EM&O'%7J
MT=_933&WBN(WF%:Q*X+"G7X0:XI/<06T9EN)%BC&Q=R%'WG(%YRT32]&T[2M
M0TRW%M=P:E8I'.A8-Q>54=2:_$'7[7+%KJ--4_,E+'4(S-:6FFK/;QL3P$LK
MNKMQ&S-Q1?M8JF<7F*ZE\[G0$]-M/^HB[21=V+EJ?:^SQIDHSG6G:=9Z=^:U
MQ'91"%)-,#L@)(Y%Q4[DTSHN*J%Q>VEH`;J>.$-]GU&"U^5<561'02(P9".0
M<&H(\:YSF[BL]3\U:Q/IFA-KUW;&&WO9;J\%O#`?3JL5M&R-U7XI6_GQ'RI+
M-%:^=]/]!K*"T9_0LBYD$!:VY.L<G\A?XUQ5Z,]]912)%)<1I))_=HS@%J[?
M"*[XNS*M.1`J:"O<YS+RUY5T*^_+B&XO+;UKF>UEDDN7=S)S!?BX?E\)2GPT
MPMO)9M9\K?E^NI-(3=ZA!%<@L59D#E*,RD'[*C%7K,-[:7+M';SQRNGVU1@Q
M'S`PELM:O+GS5K.BL$%O8V]K+`U#RY3*Y?G[?#D>\TZ/IV@ZKY9U'1[;ZM<O
MJ45I)Z3,/4AE#<XW!)#?9P;8?\IYYI_Y@K'_`(A+BK)]*>\:SY:A-#--R>LE
MO41\03Q&Y/Q*OVL6@OK.Z9DMKB.9D^TL;AB/G0YR>2YG3R#86J._I7NKFWN2
MK$$Q&X9F4M]KBW'CD[U7R_H$+:=<M(-,>SG3ZM+&_I\F/P"%J_;$E>/$XJG]
MQ=6UHH>YF2%3L&D8**_3E/>VR6C7OJJ;=%+F4$<:#ORZ9`M;2SU'SC.MEI$F
MO:G96J+/#<78MK:W5F++Z2E'Y3/7X_\`)P'Y75OT]YLT2>Q%C9BU@G?3?4,T
M:RR!P[))M56"+]GCBK-]`\T:3YBL;>]LIE7ZP"4@=@)!Q)7=.O;!>G->LUY]
M<FAF"W#BW$%:I%^PDM2?WJ_MY"ORSLM$MO*VBWLT<45]/S2&5C1W;FVRU.YI
MA;<W5S:^4O/\]O*T<R:I=!'4[J&DC4\3V^%L5>FI?64DQMX[B-YAUB5P6'^Q
MK7%F=$^VP7J=S3H*G(!YI\M:+8>2IKFRMA!<VL4,EO<(S"175THW/E^O+\S6
M\>KZIY'M]0#217,SR3H&90[+:/*.7`K4<QBK.;>]L[OD+6XCFX_:]-@U/G0Y
M4]_96K!+FXCA9NBR.%)^\Y#K[3+'1_/7EEM,A%M]<6]BNA&2!(B0-*@9:T^&
M3XL*AI6H6FLZS=OH47F2*[NS+'>I>*LD2<$46S0%6XLC*6^'^?%7IJL&`935
M2*@CH1EY%_(4^F3:+*FEV\]HD%U+#<6=RQ=X9EXF2)6/5%Y+QR48J[-FS8J[
M-FS8JQS\P/\`E"/,'_,!<?\`)LYX^`V&>P_/84^3->#UXFQGY4ZTX'IGD".-
MI&5$!9FV51U.49N8]SM>S1^[G_6_0Y(WD=4C!9V-%4=2<-;2TM1)Z+"*4Q@M
M<S3$B-".B(01R.+VMG]6B81!9;EE!D)/PJA-/^!_XGAD\%O:&W2.V]8ARD;L
MX1#)0\F9"#\.8YD[2.-C;2-<7:M))P7F%1Z;(E=BJ^"YU+1/.6A:!IMU:60E
MO-0+J\LSTX3'B%]4NH"*JK\*Q_;_`-ED`EC=K"62*!(XHYJ2-(P8R2%ND=*?
M"/\`B..E::)KZ61(XIE6W94BW4$.",20=D2A?,FF;W?GOS%<\5%U#9,K+Z'U
M1"?69S012^ISX*O\V&MIY]U:>\M+=[>W`D=8YH.+B9F;8>E\7'X_ED)C%PWH
MO.P:[GC!CB%%/,$GFK=.5/\`@<K1K75-=NDL[$?5H+5_5N=0<\G0KW,NP_U%
MRH\C=;<RRECQ@?3T->_S>NZIKDPN?T5HHCDOD`:[GFJ8+9*5_>\2"9/\BN$X
MUW4:G_G9](_'_FO(QJ5_;&SDTO3)#!I$0K>WSFKW+'J[-]IP]/A7_=G[/V<C
M4\&@6Z0R20-QG4O&1N:`_M+^SE8C?>/A981P;;_:].&N:CT'F?1_IK_S7@JW
MU#7KA))K77=)N(X165E61D04ZN5?X<Y4EEH,L"3(OI+*QBB=U+4>FP913X3_
M`#8^UN;C2X[RPM7AMVG!CNH7<*AY+QY*W[2T_9_FQ,+!H[^8`]Z?`'E\@]0&
MNZNU`-?T(D[@TD_ZJY%?,6NV6G:?+H]M>KJ&IZE,+C4=0CH88V.W[NGL-ER(
MV%BSQ2:<K12F2DA:(\BBIO4R]$_U:9;O9WLJW=RQC2#C"*+LY4_951]O_+PC
M&!+G8&^P^21AB*-]>5?J0UQ"MS/=.;P3SI3T0!\4K>"4_EP\M88H(H+C59Q+
M)/&(J3%D$8.XC-"O8?'_`#-B=W!-!'?7&F<#)<*/5AX<9$C/1HZ].=,9`MT\
M5E?SVC*_$^E(D9F60'[+%*_`Z>^&4K`WH?[+DV$CW4=_GU1D<NDH(H39L8H"
M6A,4-P""?VEJW[6#+:ZT9KJ`_4I0YE3_`(]FI7D-^F1Z6YO$1;5;>*]$TS5F
ME5T=9F-6C=0X])A^Q_D8'FL;BVU&!HC(`DT0N("S%H69A2O\T;?L-A$+(LD=
MV[6;`-$[OK6"GH14Z<%I]V%?FBOZ'FX]:K3[\,K3_>6#_C&G_$1@#S$O+2I1
M[K^O,S6[:3/_`,+E]SSNF_QG$?Z8^]C$#^K"A[@;Y;#`UH_%:>'48*:G49YU
M./#,]UN_D*D4,ZX'84P8PQ!URZ$MFR)4E:AH=U.Q'MD:U>Q%G<<D%8)=P/UC
M)&1B%_"MS;-&PJ:54^!&9>GRG'D!Z2VE^MMB:-]_-A#IP<@=.V,9<%2Q[T/4
M;'$:;4S>1EL&]&1*?\,70_[6=O\`]0UQFQ6,?\ZU<_\`;2M_^H:XS9EW^[_Y
M(_\`3UP*_??];7_8N__1X_YX_P"4OUK_`)BY?UY'\D'GC_E+]:_YBY?UY'\5
M=FS9L5=FS9L5=FS9L5>S?\XW_P#*6ZI_VSF_Y/PYZ9SS-_SC?_RENJ?]LYO^
M3\.>F<5=FPAOIWN==_14MP]K:I:+<B2)_29Y&D>/AS\%5.5,##S#-:0Q_'%?
MP0Q)-<7H;@71Y'B'I1@-S9?3_FQ5D^;([!YDGDU"6WEMD6T6[DL(YA(2YD15
M<%D*A50\OY\9IOFHWD<C3QQ1RQM&'A20LR>I7^\)54'3]EFQ5DN;".?79^`^
MJ6ZROZMQ&>3\5"VY/)N0#?:XX'/F:Y@M6N;JS52UO'<P(DA8D2R+$H>JCC\3
M@_ZN*HS4M$CO91(`O6I#"NX[C"#7_)%SJ\UO-%.B-$I1N0[=J8:Q>8-1GCCC
MCL4^N/+)#P,O[IO3B];DD@4L?Y/B1?BR0(6**7'%B`67K0]QD9P$XF,N1;<.
M;)AF,F,U(7Y\V`Z?^7DL,H-Y<*\8_9`R966DV5@BK#&*KT8_PP=FS'QZ'3XY
MG)&%R/67JK^K?)LSZW49MLD]NX;!V<:_.[R_YHUB6SN])LGN["SA<RK":N')
MJ6X>"KG9<V98-&W&?)WY;0RZMYLL--E!X+)ZLBL#53%\8J#[KGK'(^/)FA1^
M85\SVMN+?4>)69H]EE!_:D4?M_Y>2##(V5#LV;-D5=FS9L5=FS9L5=FS9L5=
ME,JNK(XJK`A@>A!ZC+S8JQ6+R-;6R-:V6JZA:Z>YD8V44X"+ZA+,L?P51*M]
MG%D\DZ1%Y;M_*T+3+86TJ3QLS\I.4<_UH<GIO^\_X7))FQ5+-:T2UURTAL[M
MG6.">&Z4H:'G`XD0'_)Y#XL":QY5M-5OH-4BN;BPU&W0Q+=6C\&:,FICDJ&Y
M+A]FQ5CNE>3['3-7;7FNKJ\U.2'ZM)/<R\P4!K0*%6E#DBS9L58Y=>4+>34;
MG4["_N]-GO2C7BVL@6.0HO!7*%3\?']K$%\KV/E_2_,%Q:2W%Q<:C#+-=2W,
MGJLSK"4%-E[9*LV*O-/)OD^/4O)>G(^IZC;6US"XN+*&;A'Q9V#(JE.2*_[6
M+^?=)M8X_*&CVT;0V:ZI;P*(:@HE1N&%>/\`K9T3-BK&K?R9:)J5MJ5_?WNI
M26+%[*.\E$D<3MMZ@4*M91^R^&,.A6D.KZAK*L_UC48HH)E)^$+"&5>([?;P
MTS8JQW_!FD-H+>7Y?5:U,K3I('I*DA?U0\;T^%E?[.)Q^38'GMY=2U*^U)+6
M030074H:/FOV&=0J\V7[0R39L58_J/E.VO-2?5[2\NM.OIHUBGDM)`BR*IJO
MJ*5;DR_S9>C>4=.T;4+[5(Y[FZO-1CCBNI;N7U.2Q\N-!Q6GVL/\V*L4TSR%
MI>EW-I)'=7<UMI[M)86,TO*"%W-2RIQ'V3]C^7#"+RKI26FK6,JM/;:S/+<W
M<<AJ.4U.07P`X_#AWFQ5A[?E]:S0)87FL:G=Z;'QI8S7`:-@A#(DM$!>->*_
M#AY>Z%9WM_I>H.62327>2V1#1:R1M"0P\.#X:9L52V\T6UO=5TW5Y6<3Z89C
M`JFBGUXS$_,=_A.%,GDJWCN[J[TK4K[3?KLAFN8+>4"$R$!3(J,IXNW$<M\E
M&;%4LT+0K+R]9-96)D<22-//-.W.665Z<Y)'H.3MQ7#/-FQ5V;-FQ5V;-FQ5
M+M?TZ35]$U#2XG$<EY!)`DAW"EU*@G.,P?D7JUKR:&_@>0[!G4_YTSN^1S6[
MF\COP@^LRVRQ\UBT]E68/7[4G-DY1Y"4(RYM^'59<((QD"S>XMYE8_DCJMOZ
MLL]_%---56J#3C4'?QZ8+'Y.ZH68M?1]&/(`\F<G;Y+DZB\TSI-;VRPF\3T8
M)9KGX8G83JS!EAW2OP_$OJ8(&OZH\G&.QBX&.6=&:4@^G"W!BP"&G+]G('!C
M/,'YMX[2U(Y2C_I0\P;\CM3EC#7&HI)-SK0UHJ5Z>^V*P?DKJ4!N62[A'J%?
M24U:@4UWSHL?F.>2YEBM85>226%$6>7@BB2T%WL:-3^7!$WF22*91Z"&W6>"
MTG?U/C$MPR(OI+3XXQZB_'RP^!#S^:/Y2U/\Z/\`I0\Z7\FM1`H]]&S$_:(/
MPAMG5?\`).&;?E?J,6C6NC6%W%;PBIOB`:RM7;DW=?YER3VWFZYD@6:>S1!<
MK,UD%E)J87:,^L2J^G]C_+Q^CZ[>R:G=66HB,-ZLHC]-^2(L:H>(8A:\O4R)
MTV(\P=M^:3VEJ3UC_I0P2[_)[4[X/!)?1QVL8_T:-0:\N\DO\SMA=;?D7J@<
MFZU"(J!\(`)W]\ZI'YAN+CB\$$7I+!'<3F27BP]4,5$:\?C^QXKB46O:I]55
MI(+9KEW<(HF(41HI9BYXU63;X4PC!C`H7\U_E+4_SH[?T0\U_P"5&7OI(!J"
M"3F2]02`E=J>)IA7J7Y/^8;62X>"!+FW*D0"*2LG(#;DK*-F;_*SLEGK]UJ`
M::TM%>"*-7F)DH_)XO5"H*<6%?AY<L5T+7?TN94D$22Q@,8HG+E0=OCJJ"M?
MY>6)T\.^0^+*/:FI!WX9#N,?U/FX6-O!<3:?Z%S".").L@].1I*TZ?R>I7`M
MA+;K:QHT#>M;S.867^\>5J*`GCQX_P"PST;YL\D:;YHC69C]6U*$$07B"IH?
MV)5V]2)OY#G'?,GEK4_+5N)YT$%XDII>"IB"-LTP:GVJ#[7VLP\V.6.KN0D0
M+\_Z3M--K<>HV%1E6\?^)2:VMI!J<TQ$SO,BN)I=B`U>4;_Y6W]WB5SIEI)*
MUU")K@J&DEA4DKN:*J#;BV_V,9HM_)>:D0KNT<<:H"YW<I7]ZP_F-<;8ZP4N
MM1MKRX,!!+025X[QG^[K^R7^USRFI@R_HB.P[BY-@U[SO04;">0I++J5F[6<
M-89IW?B.`^S%+M^]EC_W7]G#C3O,^@1W=N(XK@REXXU=EY/QJ`H)]L+[QTOK
M*-IYE=3,+BXM5JK1B45]<J/MUY8*T*QT2#6+::&X"TD'U9Y007-?BXQT^+_9
M828R!,@?<.3`@`'D7T[;D-!$PZ%%(K[C"KS1<+;:2\K_`&>:*Q]B<-H?[F/O
M\*[_`$9'?/BLWEJYX[D,A^YLV&IB):?+$\I0(/Q#SNE%ZG$.^8^]C);TI@X^
MR>OR.#HV!'$_0<(M)N1>:<G(UDB'!_'V.&-M-_NMNJ_9^6<%GQ$$Q/.!H_#J
M]'.-CS&R,(Q)UQ<49:C&D>.8T946L%!NN!YFH*8+E(&%URX"EO#,O$+(;X;L
M>NXP)GIXX#9*?+!TAYN3XX@RYNH2H`%R.B(C3_G7+D?]K*W/_3M<9L6C!_P[
M<C_M8P?]0\^;,[B_=_\`)#_IZX'^7_ZVO^Q=_]+C_GC_`)2_6O\`F+E_7D?R
M0>>/^4OUK_F+E_7D?Q5V;-FQ5V;-FQ5V;-DVT[\H_P`P-5L+;4['2?5M+N-)
M[>3UX%Y1N.2-Q:0,*J>^*LP_YQO_`.4MU3_MG-_R?ASTSG#/R3_+_P`V^4?,
M5_?:_8?5+::R,,<GJQ25D,L;\:1.Y^RC9W/%4EUD:1<31V]_:_6IXT]5`J<F
M122M0>W(BF7:V?EV]AM)[6&`Q<*6RJH6J(Q/'@:55'Y?[+'W6ES7.J&[$SPQ
M?5UBK&:,6#LV_P!!Q.UT"WMM061(_P#1H((H[:K$LKI))(Q!_P`OU/C_`)\5
M1JV>ENTA6.)BLIGEI0TE849V_P`J@P'96GEZ9;JPLXHGC7A'/&H!0`U9$7M0
M4^RN$L>@ZJ;.XMTB$$GU1[=VY_[T2EN2R\E//8;<I/CQ>WTG4+:6>]@LQ"KW
M<-PMDC*&X(DB,M0?3Y<G5OY<53]+33;6..)4CC4E@@)`JTGV^OVF?]K&&/1Y
MA)$3"XAC$,B54\$4@A6'[/%AA/+I>H+)9S-:I=E(9(FC=Z".1Y5D67K^PJD<
MD_>8G<:+?>CJ%O#:1*TYCE^LQ\><A#J[(.?VN-/]W?"^*L@M+#3H522TC2@8
MR+*M"2Q'`MR_:/'X<&86:#:W5IIZPW>S\F(4A%(!8D!EB_=+_P`\_APSQ5V;
M-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;
M-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;
M-FQ5V;-FQ5V`;VSTV>1'O%02GX8W8A6([J#U/^K@[(SYITO4]0*BR!(]-D4J
M(R5=BM&)EW3I]J'X\535],T8SQJT,(EC55CBHH^%!1/@_P`BOPYO5TE+U+`>
MG]9>-U$8H2(R074TZ5.$K>7]0>Z>\)7ZPT]NZS5^()&CI(`>U2R_#CM.T:\B
MUJ"\DMEB6W6>.6XY`M,9'YH^QY;+_OS%45?IH,=V--ELQ-<NBW/!(ZD(@%LK
MU[?!^Z_U,6CA\OS3RMZ42/ISQQR\@%5'"K+%6M%Y(&1DPOUO2[Z7S!#J<%J]
MS`+,VS"*<P,',HDJ:,G)>.(W>@ZD;B[ND'*.6[6X^KJ(W9T^JQV_%EG_`'+%
M)$+?'BJ?OINCB..WDAA$;*\<2-3<2$LZJ#_-RQ"*P\O%)8H4@_=2<IB"O)9-
MJEVZ\J85IHVHVPMPUNEZ?JH@0RR&D,H=Y/49B>8^%U7E!^\^#^3'C0YVN)XS
M:Q)#)?I=R2K0>K'0!HV`W:A'[>*IJ^EZ(9(.<,',*$A4\?B5?LJ!^V$_9QLF
MEZ$WKJT$)=F,\RK3GR`*\C3XOLL5PKU30[QGE@L8A26."*RNBPK:>D27;XCS
M^,'_`'5\7\V)GR[J`)EC*K.^H7=Q)*#1C;3),L49;KQ#/%\&*I_;Q:8L*QQ1
MQ1QW<:@0T`YQA.*KP[@)\.78V>F6;O%9+&DB@!D4@LJC[*TZJ@_97"*TTG4K
M46L<MLEW+Z-I&+F1R/0:!$6;>OJ?O"K,OI_;_P!V8KI.EZE:ZM)/*.,'.5F)
M$=&5V8H$D7]^YWJWK_"O^Z\59+@'6-(L-=T^?2]3B]:UG4JZ]"/\I6ZJP_FP
M=FQ(O8I!(((-$<B'S3YN\A:U^7]Y^D[$M=Z0307`'Q(#^Q,!]G_7PHN$\OZZ
MB7<MT;2>E)`BJ>7S!H,]4S0PW,3P7$:RPR`K)&X#*P/4,IZYQGSA^2R&Y-[Y
M7B#I*Q,MD[\>!ZUC9B/A_P`ELQ,^G_CA8/\`1W->YVVEUXEZ,Q`/\[D#[V"0
M6'EYFB,NJ2O/$`D4Z\8W`Z*I*G>G[.5#:&Q\PVSW!848&WO'DDD+`FG'H>V"
M_P#E4_G'_J7R?<74/_53#[3?)OG^T-M%)H8>)'7XGN8244,#_/\`%F*<.8<A
M.5[&]J]U.9^8P_ZI#;S'ZWO%L:V\)_R%_4,+_,4:RZ3-&PJK4!'TX90AEAC5
MA1@H!'@:8%U6"6YLGBA7DY(HM0._OF9K1(Z3,(`F1QRH#<DUT=%@D!GQR)H"
M8-_%XY`SZ+JIC>OU>0T->E#W^C#^0<2)$-1U!&&.J>4]0OH2HMQS'V6Y+U^_
M(_933VDLFDZ@O"XMSP(J#]%1G*9L.:6..:>*>.41PS$HF/%_2%O3PS8\F\)Q
MD:]0!!^*<07/0@[=QB\C[5'3"LMP.W0]<9+/*%X@[=LP#@!D"-D^%9L(J:3;
MKA9<R\QQ7Z<KFS?:.^)LN9./&(M\(<*"=*&N,90<%LNV(E*?+,N,V95XU_YU
MZX'_`&L(/^H>?-B\:C]`W'_,?!_R8FS9L.+]U_UK_P#3YU_^7_ZVO^Q=_]/C
M_GC_`)2_6O\`F+E_7D?R0>>/^4OUK_F+E_7D?Q5V;-FQ5V;-FQ5V&\'FKS):
MP1VUMJMU%!$H2*-)G554=%4`],*,V*O=O^<?M=UG5?-.I0ZE?SW<:6!=4FD9
MU#":(<@&)WHV>B<\S?\`.-__`"ENJ?\`;.;_`)/PYZ9Q5(];GEBN(PCLH*5H
M#3N<)7U.Z4[2-]YPXUX5GC/^1_$Y'91N<HG(B1W<C'$&(MQUF\^LQQ^HU&8`
M[G#$7DX.\S4\2QR-3L4N8F'4-7(K^8U_=?H:2)9&52P)X$J?O&^4&1,XBSN:
M;N$")E0V%O4/K[5WN/\`ALS:E0C_`$GM_/G"=-\JP75K!/)?7@,J*Y"S&FXK
MWPU3R19$5^O7O_(W,W^3\M?6'!_/8OYI>RC410?Z2/\`@\?^D`%/^DC;_+SD
M$/D>P8T:^OO^1O\`9AI;_E]I#_:O[_\`Y'#^F)T60?QI&LQG^%Z9'J*UWN1_
MP>/74%K_`+TC_@\YRWY?:-&*B_O_`/D</Z8!N/*5A!7T[V\^F4?TQCHLAY22
M=7C'.+U=;X,_%9PQKT#8+660M]H_?G$]&B:Q\W:3:QSRRQRLS,)7)W4$9VA6
M"MOE63%+%D$)&SL6R&2.7'QQ%#<(L.W\QP/<WWH*:-5L0GNJ"@.$]S,6KODC
M*D"-J=WKM[ZHB$I"MX8(L+ZYEN8%:5B"U"*G(Y=/_I2?3AII+5O;8?Y68TYG
MCJW(C`<%TR^>XNHPGH<#7[7J$_A3+M;B\DDXS>D$H?L$U_$XE.O+CN!0=SCK
M*,K-RJ.AZ',N&\07$G]1#R>[U+5CJ5Q`MY,!ZT@7]XP`'([=<&V<&NRMR?43
MP![W%*C_`(+"^\C'Z7E+"H]9Z_\`!'%-5LA93H52J3#D""=A3*XWS.[1>U=R
M=R:-J5P&Y:Z8:FHX2L:#PZX.TS1+BS8/+K<UPU:FKFE/``X2:?"URJQ*W)VI
M0,*[>&V2K2]"6U/J3,:G?AURP1C?%7VI&Z<K,Z)]LD*.I/Z\"B>9@T@D;B>F
MYWQ&_FXH8H]J_","7-[';6O)FXJBA1D3+<^3?&.P5XWN9G_OG`!Z<COAC%!<
M$`M*_P`JG`6D0L46604+[JOMAZ&%*=QD@GD@G$D>_J-7PKB-Q+(T+<964KU*
MG<8(O6V%.I_"F%K2<6W/P]#].$I`M*;ZZO>)1I6=.SJS`@?[$X07+7[`^EJ-
MR@)KNYH![#[62&Y3@S`]?'VPHO8PRFFS>W0Y62WQB-D'%=ZTZ$+>/(%V#K(U
M67P*DU&%EU<ZWPGLDO[A98QZL#-(PJO=2:[\<JXB>W8315^$U/4?1@V1_52V
MNHQR>-@64_M1DT=1].0X[V3+#PT>8/WM>5?,>JS6DEI?7#R3VOQ%_4Y,T9\:
M'[2_\0R5VVI7$ZU@N2Q-"I+$@_/P.<VU=?T)J::I9*U8I*\%(`<.`75O\DJ>
M&',M\NGW&GZAIM38:C4*O0*3_NK?ORY</YL'&>_DQECZUL>3,O5NI96;UY8R
M:!TY'K7KG)_SS\P:WIGG)+?3]0N+:'ZK$WIQ2,BU-:FBD9U:WNH+Q8Y`>,@(
M%3U!!Z9QC_G('_E.$_YA(OXY/$;O>^3411&W>Q*/S/YEN[,O;ZQ>"Y@J98O6
MD^-/YU^+]G]K`/\`C#S5_P!7F\_Y'/\`UPIM[B6UF2>$\70U'@?$'YX-O;6*
M:W&J60_=.:7$(ZPO_P`T/^SEW,;<PCD:/(\OU(G_`!AYJ_ZO-Y_R.?\`KF_Q
MAYJ_ZO-Y_P`CG_KA)FR+*D[_`,8>:O\`J\WG_(Y_ZYO\8>:O^KS>?\CG_KA)
MFQ6D[_QAYJ_ZO-Y_R.?^N;_&'FK_`*O-Y_R.?^N$F;%:3O\`QAYJ_P"KS>?\
MCG_KF_QAYJ_ZO-Y_R.?^N$F;%:3O_&'FK_J\WG_(Y_ZYO\8>:O\`J\WG_(]_
M^:L),V*TG?\`C#S5_P!7F\_Y'O\`\U9O\8>:O^KS>?\`(]_^:L),V*TG?^,/
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M.*:3-/-GFQ_^EU=CYSN/^-L7C\T>9:CU->O*>`FD/_&V$@B-3P4GMT]\=Z%V
MS?NT*CMBD#RMD*^:]>1@?TO?/_SW?_FK`4_G+S09"8]7O%7L/7D_YJP`NEZA
M(030>_(8)M]%;XC<$&HV\0?'(\0'5F,4Y;"!#?\`C'S5_P!7F\_Y'O\`US?X
MQ\U?]7F\_P"1[_UPIN(A#,\8-0II7$LDU)W_`(Q\U?\`5YO/^1[_`-<53S5Y
MMEF$,6LWA)Z?OW_YJP@52Q`45)Z#%HY'M+A7I1D.ZXI%=>3(+GS)YLLXU]76
M;PO(3QI.^U/]EAQY>\U^898)!)K%U))RKQ,SD@??D0N-0%VA65*%03'WZX'0
M7%L%N(G*@]'4_@<A*)E&KHN3@S0PYQD$>.('(\]^;/-3\T^9K:47/Z3NO05"
MIXRO\+D_:(KX816?F_S4VHVH?5KSB\\9XF9]P7&W7`)U6XNT^JW!H'&STZ_Z
MV5&(UU>PC)^$20\B/'D,<8(%2YIUF3'ER&>*Q$T:(KU%]PVC%K2!F-28T)/N
M5&%7FN>:WT6:6!BCAEHRFAZX:67^\=O_`,8D_P"(C"KS=_QPY_\`67]>5ZHU
MI\I[H2^YKT@O4X0=_7'[V#1:[J"I4SNW^R.1K4+EGU%KJIY.:L2=Z_/!ZGTV
MH>AP+?6_,<QG,8I5/U$D2'4V]='%")N,0#Y!,;>\$L85^O8XHSU%/NPCM9"/
MA/48;1FJ_+*LN$0ELFJ5*5W&8BN6N/`&5725`KB;)@HKC..$26U1$_W!3C_E
M^A_Y,39L$HO^X2?_`)C8?^3,N;-CQ_N?^M:_^OAP/\O_`-;7_8L__]3C_GC_
M`)2_6O\`F+E_7D?R0>>/^4OUK_F+E_7D?Q5V;-FQ5V;-FQ5V;-FQ5[-_SC?_
M`,I;JG_;.;_D_#GIG/,W_.-__*6ZI_VSF_Y/PYZ9Q5(M<_OH_P#4_B<CTW4Y
M(=<_OX_]3^)R/3G<YC9/J+DXOI"3WAI-&??(?^88_P!Q,A\",EU\:2(??(K^
M8(KHL_L*_CE'^4A_6'WMY_NY_P!4HC1(::78DCK!&?\`A<.%6@P[\NZ-9S>7
M-)DD90S6D)J64=5'B<.H=&T6*OJJ7)%``P-/<4S?^/&N1=%X,K.X8A"IJ,,X
MCQ&'$MC:6CTN+=3%*0D4IHA!.PJ17$AI#R2\(9$9>Y!J%^FF)R1/DHA(>:6R
M2;84W;5KDGU'1A:P>LDXEI0,O0[^%,(UL'NI"@=8QW:0T&3QRCSO9AD$N5;L
M2M33SSH0\?4SKLSD+7.6W%B]CY_\N([I)S61@T;<A3WV&=-N3\'TYK=:0=38
M[@['1@C3T>\H>60G`4K=<7D.V!)#L<H+D!);MO\`2T^1PWT8UOK?V.$MT?\`
M3%^38<Z'O?Q>P)S&R?6/@Y$?H/Q99=`EE^6/L`1/OX'&S.X<!304Q6R=VG^(
M[4.9^/Z![G7S^LO.;VRY7T\B[TD8T_V1PWO-.%U96KFG(;5/ABLMNC7$Q\7;
M]9PPB420)$#Q"GKWRC'+F"QX0MT32K?3XS+3]XXI4]0/;#620?97OU/MB<:K
M&JCOVKE3S)$A(I7+"=F0'<@KRVFGH8"/A[';""]A'UE9+Q_W%N>9B&_(]@<1
MU;S.ZW8L;&%[J=]B$7X5KW8X<Z7Y?<0B;43RN)"&<'HO=5^C*P.([-X]//JG
M%@7^K+/(.#N`0O@#T&"3-T'?"6XN)[*X#&42VW[0`WK[X)2X67BRFJFI'MEP
M12M<RD\=Z[[X7RN*'YXH\GQ$$^-,!2-5CO\`=@D6<8[JC@3`(YHP^R3WPON;
M<@E"-^QQ>0DGVKC?7;HXY+^.4R+;$$<ODE$UL&[#;I@-(S#&XX[(:D'KP.S#
MZ/M8>3+&^\1IX@X6S.HJ&I7HWR.S#*Y$<VX615)=JUF9K"-S0E:I4_\`!*?I
MK3`,=[:6&EV^G7ZEK%W9'8?:C/59$/9E)P[#"2VEM)/V#M[+VR,ZO;L;-HAL
MT3KS_P!5CE?%Z@6(C8,3WVS33(CZ<-)A,CA>-ROV7%?@?_JIG+/^<@?^4Y3_
M`)A(OXY*?+.J/I\Z62'E;5'.%MZ%C^R>V1C\_P!N/G="/M?5(M_#KF3A/U5Y
M.-DC4@#W%Y6%5-WW;LO]<$6-])8SEZ>I"XX3PG[+H>H_YIP+3Q^_%40"ADZ=
MO?+KK?JO");5LBM4T]+5DNK1O4L+@<H).X_FC?P=#A=AKI]RH8V-PI>SN2`R
M#JC]%E3W7_AL6USRU>:*B3M66TDV2X`HI/6@W/;)'?<?$=S7O$\)^![TDS9L
MV12[-FS8J[-FS8J[-FS8J['PPRW$BPP(TDKD*B**DD]``,'Z'H.J^8[^/3=(
MMVN+B0THH^%1_,[?LJ,]'>1_RTTOR;$MW.B7NLD?'=.*I$?Y8`?^)Y9#&9;G
M8??[F$YB/F6&^2/R>BM8TUCSDOQ$![?3`=_&LW_-&=.DYR`6MO&+>"-0L2)\
M**.W3!=[>0P@-<L"37<G?"B[N-3NCQTN!VW'`QBBT/[3O_S;F;CC0V``[SR<
M3).S9-^06ZW9_5/(7FP>HTA.G3\F8UJ>#YY,SU9J$-W%Y%\VVUTRO<C3YN:*
MW(ABC_#4@9YHU'RSK^DQQ2ZCIT]O',`T3NNS!OLT(KF-G!\21Y\M^C/&1P@<
MO)*L6BN)4("FOL<9)#-%_>QLG^L"/UXI:QB2502!OL#U/RREM%D[)FXF5?2F
MB#2$!@J'D=Q5=ML;!9Q\&E*GDM>0;:G>F3>PM?+UY!''?I&)0J@^H"&J!V(R
M60:'IUW`$*1RQ4XJ#0[4IFNR=H#&>$XY<_=\G9'11YB0Y;?M>,?7[==E2E.U
M,=^FBNRQ#V)SJ-[^5NC3J[VWJ6TAW!#<D'^P-/UYRN6WB3UD2-?@Y#FQZT-/
MAS)PY\>8$Q!VY@N+.&7'S(W[G'6KBFPH?'!^GWSS03SSG[-``/"F,.AP#2FO
MJL9`G/B#M7WRM!C62VN$85!(_5DY&'"2.AHKILF3)E$1*S4JOE=)/('FD=PI
M/(DXFR,AHPH<E\=E;Q[JGWX2Z^B)<1<0!5*FGSPQRB4N$,LNBR8L9RS(YU7O
M2N&0Q2I(.JD'%KZ;UKJ20?M$5^[&6BEIT(Z*P)^0.'2:>MY=RO"T93K2E6KX
M$9(D`V>[FU8L63)'AAN3(>GO\TJL;:6ZF*Q@DT^C'N\\%PX:E%/`Q'H0.U,D
M<%I<64L9!!CE?TE3C0U/V6/W8O=QQ(L+R0HS-W85-,K.7U4!8/)SAV<1BE*<
MC"4#<@18X3]/))8-,:X:.\`H@V:,=1MMBEC#=KJ-O\`VGCX<AU',?PP]5+D(
MH1>*4^$#84Q2UMYFO;9Z*7$L>Y/^4,@,QO>F^79@,08F=@7+T[2]SZVLZ_5+
M>O7TTK_P(PH\WMQT.8_Y2?KPXM?]YH?^,:_J&$?G4T\OSG_*3]>2U0O3Y1WP
ME]SK-)_C6'_AD?O>;E>2XT#DI1L=`_(`9;+O49R6X-=SV%I6\9BEJ/'!UK)4
M\3T.5<Q<AR&(1$IOX9>2)P\U30;;8H,21@ZAL5&^8DD%>!4;Y7#%8TY8N(QX
M9494UF5-HO\`N&F'_+Y%_P`F9<V"U0?HJ44_X^H_^34F;-AQ_N/^M2_^OIP.
M/]]_ULW_`->[_]7C_GC_`)2_6O\`F+E_7D?R0>>/^4OUK_F+E_7D?Q5V;-FQ
M5V;-FQ5V;-FQ5[-_SC?_`,I;JG_;.;_D_#GIG/,W_.-__*6ZI_VSF_Y/PYZ9
MQ5(-?:EQ&/\`(_B<A][J]C!(T<LH5E-#\_#)-YIG,-Q&:5I$33Y,<\X^:O-D
M5QJ<D=M*R_5W<.:!E<G8\?=>S9CRC*63ACUW)[@Y6,QCC,Y=-@.\O5KNYCN%
M]2$U"4)^G([Y^;_<+<'P&_WC+\M:K;ZMH$L\%:Q>FL@.Y!!.'.N:*FLV4ME(
M[1K*.)=14COMF+(F.0<6W#+?X%R@(F!X38E';XO&8+^\=4CGO&6*-1Z0Y$J*
M=!3)%I/FBXLR"7D9E[AN(/O]^&O_`"K"UC8?Z9+_`,`,7/Y:1*0!>GD1T8H#
M3Y$YLAVACJJ)'N=8>SI\7%8!]Z<6WYF1*(FO+:*Y910F4D\3V(V-,-D_-6R>
MRX)!%;N6HW&K?".IW`_V.19?RS'0777MR3^N++^6T?'>[6O^NG_-60_.8C_#
M)G^4R#^*/S0M[^95Y$3'9$1T?E&S#U"5\#RQ,_FY.D96]T]+B4;"505J?%E`
MI@Y?RV2M!>0U'4&2.M/^"P3_`,JR55)DG#4%>",I8CQ`KDOSV,<H2#'\C.]Y
MQ*1^6/,\_F?SMH\\L"VZ6\ACB113[2L22W[73.UW3T2O85/W9$=!\B:3I-Q;
M:ERD^MV[<T!/PUH1N/IR0W]RO!@C;@&OW9CY<XR9!(?:Y&+"80,.:#EU2U6#
MZS(X2(FG-MA6M,PE6:/U$-4;<,.A&<\\TZ[906RZ-/"9Q*PF`5BA50>M5[\\
M'^3/,\5],^C>DR*$9[=F8LU%%2"3@AQRQ#+Y\O+O9SX(Y#C'=S\^Y.+MO],7
MY'#W0#6]3V1C^K(Y=M_IH^1R0>7#6^`_XJ;^&4Y/K;8_W9^+,G1G((3D/'%[
M1"LI)2FQWKE*24H#3%(%(<[UV.9N,C@`\G7S!XC[WFUQKD<=U.K&E)'&_LQP
M\TB^CO(N:FH3J/<YS[4K>9]0N6CW'K2<J?ZQR0^65FMD=91LY!7QVRN,0"=F
ML2-CS9N9*#;=LC6OZN]NCK"`:;,QZ5\!ANDK,A=]B>WMD2UF0270CZJGQ?[(
M]\CEE0V<K#$$V5NBWT4NHK"%(E6DC_Y1/C_S3DPU_6ET331<3@E3LTE"5!_R
MN-6SENC3RMYQM[.WZR2!9&Z_#U;.P7]JMW:/;MMZ@H:BH^G)8C<64P(RMYT_
MF[1+Q.,6IK&S5+1M&W';MS8#&Z;YIB@G](2*\3'XBAJ!_E8_7K5[+2WTK]'0
MW0J2DG'BY!.]&_FSG%M!<Z9Z<@^`I(03(`O+D?L<?VMCPR<XT`1\4PD3/@D#
M1Y2Z/;X[I+A?40@J148P-N33;"S0V#0`1T(*`\`:T^7TX8`,O]Y\)8DT]LJX
MCU;J&Z[D:E?QS*H)K@82J:M7KTRQ<PBBM(H/:I&0,K9\-*LJ`]]L*9K9O4)J
M2#7;P^6&PD5J`$'[NN,HK?9(+#J,KG':V4)4QF?U(7J=J;%J]?Y?NQ&?TKE)
M&Y<BP'-3VITP\OK:.6&2-12NX.162.:&K"H*5!/8C*;Z-G#?J[DNMJQ:V$.R
MR2(&^_8X7?\`.0'_`"G"?\P<7\<76Z2;5XHR.$RE*,-P3R%`V)_GZ%_QO&S;
MTM(J#[\S--RE\'$U`N<?<?T/+$%!4CY*?UXZI:G[5=J=\:3R->_8C#O3[$VJ
MB>10UVX_=(>B#^9O?+9R$199X,,LLN$;1'U2[OUR_FQ4[:Q,%%<!KUQR52?A
MB7^9_?#"74S?6YT65P+0J$MINT<H)-0/V4E)XR8!GE4\X(6+%C6>7NY\!_DX
MR.&J\#O78CVR$)D2XCUZ>3;J8XY1&*`H1Z\Z/O\`XI?SI?[U)YH9;>5X)E*2
M1GBRGL<3R0W]B]W;AC5KVW2H;O-$OCXRQ_\`!/D>R\US'(\G7[BP>8YNS9LV
M!79LV;%79)?)GDC6/.FHBTT^,I;H:W-XP_=QKWJ?YO\`)P9Y`_+W5//.H".&
MMOIL)K=WI&RC^1/YI#GJ/1=&TORSI<>CZ/"(K>$4+?M2-W9V_:;+(0ZGX!KG
M.MAS2SRUY4T;R7IHL=)B!E(K<W;T]25O$G^7^5,7NIO5(#,:=55>]>U,'RE7
MJSL%"@_"#4GZ,`1AGA>0Q"*(D$7#?#Q`ZD_\V9D1/5QR+^*53VDKR@S0`0@T
M=V/(J.O(GN?\G'#4I';]':$&8H58SL>%2#3C_E#_`%L#ZAJH^.*W<<"U6<D_
M$H[A>V__``6&=A!I]O$+NS5KB:102'[GK3PZY;(GA!D/<.E^;#A]1`-=_?27
MV6G:I'Y:\R?I15#SV\BB>8<D;9NL6_[M:_9S1G3;:U^N63+>N&29K)G$D:I&
MO[V2W0_L-\/^KA[<WB'2=<6)@GHV[%GD/)0Q0U^U\/`9RSRA)J=C$GH6HU6X
MXO"ZQ1HB1QR'XV]9N/"G^2WQY29$F4B.9'NY*8\HWT^*&\Q^9-+\WZ3]1OH5
M%Z+H-]8>-%"":OI0@@_LJ&^+.0S6#6^L7=I`O[FWN'B+$U*JK$?:^0SKWF/\
MNK.+1KE8M23Z^L@)E42>FJP!N0<4^W\6<9MKE8))'?U)(R_+D.IH?VF]\QYB
M0!OKN/+R<F'!Q#A.PYGO\WJ%GY%U5[>*;3]162.50P2X%0`14>.#HO+WFS35
M+FP2\'C:D(0/&IXX0V?YIS6*0ULT]$#@(R6!XKL"..'R?G)HSPRK]6FBF*$(
MS'DH:GA4]\Q/!C(>N/R_8Y_CUL)[>9_XI)Q^8$JHUN98Q*:Q+'R>1^1^'XN2
MA=OGG,IP8KN2-MV#G?WKX8?0V^A$Q7?UR.:YDG:26-O41E0T(XT'IEN7+"K4
M;>=]4N1%$\E)#LBEOU9=CQPQ@\`J^]Q<DYS(XC==S)Y(B-"FXK0>C5F&WSPI
M\O+_`*-,?$C\,-9S<IH,Z.C*/1X@$4/4=OM86Z".-F_+8U/7;*;]$_ZS9V7'
M_"8V/YWW)H!D=\Q?[TQ?ZG\3DC7?IO\`+(YYB!%W&#_)_$XX?K^#M>TA_@I_
MK!":="D\C1OL-B*^QP[LK::.XG-MN[4*DC;[\*M%57G8,*[#K\\E]GQ%%`I2
MNPR>6?#YV'&[-TPS<-GAX978^KX+ID<?4RWVQ,G+[FQ#4$JL`\`3@RXH/0)Z
M"923]^(:D!SBXG8@E?E49CP/J'Q=OJP.#/'^A#_=,A\J65OJ.M:9:W48E@=O
MCC;H0%/7.O'RIY;AE!33(!Q8%?@&U#G+/)`"^8-,)_F_XU.=IEEC28,YVY`#
MYDYS_:V28U,!&4@.$;`U_$7%[1XAE@!_J8Y,FC`$:@"@```^C"#SL*^7YQ_E
M)^O)`OV1\AA#YR%=!G'^4GZ\ZC4?XMD_J'[G2:3_`!K#_P`,C][RZW:A&#"*
MC;`('!J]C@Y#R4$9RF7O>O4^Q4]\#-'Q;;H<'\*8UHP>V1C.DJ4#<#Q/0X,0
M5(P,8JBJX-MA4`GME>4BN(,9&@B(UXC%AOOFX`@$9A4;',0FW')M&+_QRY?^
M8F/_`)-29LR_\<N7_F)C_P"3<F;-C_R'_P"M/_L;<'_*_P#6Q_TX?__6X_YX
M_P"4OUK_`)BY?UY'\D'GC_E+]:_YBY?UY'\5=FS9L5=FS9L5=FS9L5>S?\XW
M_P#*6ZI_VSF_Y/PYZ9SS-_SC?_RENJ?]LYO^3\.>F<58;YQ:EY"O\T/_`!L<
M\C:DGIZE>1^$S_\`$CGK;SFP%_;U_P!\_P#&YSR=KX*:YJ"TZ3MD<?\`>GS!
M_0V3_NA[Q^EG_P"5K5TG7UKL!"0/>K9V!;B%8TVJ:`YQ3\LYA'I^N#^98OUM
MG4-%EEU&8QQGX(D!=NM"?LKF%JS6:0[R/N<S3B\,2>@/WIK->QAE!3(1KVF:
MI+YT@NX;662S*?%(H?B*Q^WPY-IM(GE-0P&-71M1XNOKD`@!?B.V_P`\KQ3E
M`G:[;,D(2`]54E+VMTTL)6V?X>'(\2-JC"[]%WQT\#ZL_J^I(2*&I!)IDD_0
M&IL*?66^]OZX]?+>HTH;IOO;^N6_F)$WX;`X84!XG(5R8?#H6JFZO6:R8HZ<
M8I!U[;9._0==3@N52D<<$BEZ4H3PH,7LM&OK<4]?E\^7]<')I;^DB%C4"AWR
M1RSE#AX0-J8''$3,N*[-I/<W$F]#A7Z[,MQ4]$;]62:719&!XBM??(OJ%E<Z
M8UREP*<XG>,^(`R@1D)Q);N*)B0'E'F=B^JPL?\`EGI_P^&GY>C_`)V)6\()
MOQ7"?7F]2^@;N8!_Q+#O\O!_N<D8_LP/^((S-P?XG'^K^EQ<W^-R_K#[F971
M_P!-^C)'Y8%;^O\`Q4P_5D8N#6^/RR4^5UY73$"I"&F8N3Z_DY,?[LLWCBDI
M6F+Q(RDD^!P)R:G7%K=B9*$]CE\,@N,:\G#G`T97YO/+*V1;^Y,H4J9G/Q#?
M[1R11PVS*"D7`#O2E<+;.W#7T[-_OQ_^)'#]9``$V.3A*XVT1"3WSF,$#;(C
MJ`:.Y9FZ-Q5?QR;7UN)"6)HN1+6H3+*CQ`^G$"2?$Y5.-GXN7B/W*'DG2/\`
MG9KW5'%1$@$7A5]_X9T>Z8\>6].XPG\LV8M=.B<BC2_&Q/X##"^N%)XKTR[&
M*%++<I+J,?K5!-!U`(KD3UC1EO4]$H&Y=!0UK_DMVR83R0H.4K=.V";73HKR
M-+FNQW4#QR7"+N_@R$C$<MN](O+&E+86[WK%@WIB,!NE02*BN+7<DCU==B>F
M&6I.(V2TB^&-!\5/'OA5-)R%(_D&[`9CZB7\(V;<`/U'?WL5N[N*::6WGFD@
M$.Y*5W'SR/7%WI\4S21S3NJ]2SCC\ZCIDIU'2EO7"3*0B[_#L?IIUQ.[L9H=
M)>PLH8F1JL'90:\OM`MAQ801O+Y,LV60%PC9[BH:+J>FZ@%2.\X.P'"-FHU#
MX5ZX>M!=V+"X5S+&-W3O3QSE]UY::QMFN!)]3NH@Y@*MS+L6Y#XA\*\?LKDP
M\C^:3JEE]6U&J7MO\$@;JVWVAXY'+$Q&Q1BG*1]42#YCFRIIXIHA*IJ&[#]6
M1CS%/]60M'UH01[G)%Z<9!,(XHQJ1[Y&/,5.!6G4?B<QHBY.1L`7GUO<2'48
MB7XMZJ%2?]89+/SPL;>_\[QPI<B*\-I%PCD'P/UHH?HI_P!?(!K1:/5H(4/$
M\XR".WQ#.H?FU8?\[U^E;QHXM.AL8Q+*_P`1Y5)"QJ-_4;]G,[!&@3SNMG7Y
MY7(#E5[O,U\N7>GPI?S!`JE4=J@JK,.0(/V6P+=WH-8(&+!O[V7Q]A@V^\[O
M=F2$V$+V3#@EM)RXA1L'^`K^\_X7"Z*'2KP@Z?<?4Y^]M=D>F3_DS#BJ#_7R
M4L0)X@;/<6S'JYPQ^'5`_P`06PQT`(W]L,+:*E">O;$#!/93*FH1&`MO&[?W
M<GO')]EQ_JX.4$4IU;*S$@[LHR$N15@`W0E64\E8=0PR*:HUNU]*;9>"U^)1
M]GG^UP_R/Y>626[N_J5NUR$Y<2%`Z?$U<A[,68LVY)J<LQDT1T_2QSPB!`_Q
M&S_F=#\2UFS9LFX[LFOY=_EYJ'GK4N*DV^EVY!O+PC:G^^X_&1L">0_(VH^>
M-76QM08[2(AKVZ(^&-/;_+;]G/6>F:/IWEK28-&TBW"00*``-N1[O(W\S9.,
M>IZ\A^EA.70?%;INFZ=Y>TR#2M*A%O9VXXJJBA8CJ[GQ;^8X'NY;B4E88V:G
MAL/[,$R+,!ZT^]=@O[`_KA7?WK":.!6:,=6;H:=S3+X#?O:2KRM#;6ZR7#B,
MAB)%!!-:]"QWI\L+[C6$N$=1!(\9!17/V=S_`"8ZYBL[K]\*$THP8TK[FO[6
M`T%Y93^HR@VT8#!/$=!3+!&/,\_/9!OHDD<-K'<O'-&\LC&O%*\@H'AVP=J#
MWGU5IC"T5C&H$2155E\7D/[0QL^E-?W?U@W*0(W)W^+B_N&H=EI]G':Y?6ZV
MB6$)]=`5`*L60T`^TRGX6_R3ELIV8@;GKY-8@092EU*56FI3S^2_.=P9%>6*
MPD((%=PCTJK;9QN#\S=?M=$;0K98XK=V#/(G(.0/V2P/V<[/;6\<GDCSDMLP
M*R6,J#:E&X/_`,+OGGM=#NF'Q2*`VYVS$U&01RRHT-ON;\6"62-B)E6VP30_
MF!KQTW4]-+@IJLC2W,C%F<%R"53D?A&V`+&UN6TRXBCCYO-Q51L*`_'7?V7-
M'Y=DY#E<*!X\3DVTS2+(6B6[3FH'QNHJQVIF#J-3&,19)W[BYF'0Y19,#$$'
MNZA@=U9W+6D($8K$2K<6!Z[U-,8F@:D\22A%"R?W8+IR;?CLM>7VL[+IGE?2
M(D%)KMT(`],1*5/O7A7#R#R]IJ,'BADE,6PJ(P:]?AJO_$<JCKL9Y`_)9:2=
M[[=-R`^>K;2+JXK7]W\?IJ&!^)QU49TORC;K!YT9&'Q":G'M_=CK]V=,3RQI
MT[*T^EJ9`>8>1AL?'X..^*IY=MM.O#=F*,3MR<O$C;?#W+$Y.6;Q(D",NC+%
MB\.7%(CX&WDEOYZ\QW,?JR0:?*IYU66$U!4TH>(WY8!O?-VLM4OI5B`?]]QD
M?3EV=E(UA92B(JUR\M*B@*AOA88CJ2&V>2*7X66M?EFUCV5H\F,3XB28W5]Q
MX3_LG$_-ZB$CZC[Z"$N=5N&TA=2,<:22.P"**`<6XX0:M<"^N(6A4EB@!4;[
M]=J8:7P`\HVCG]NYE"_+D6PFT@G](P>QS688Q'&0/IG,#W`N5ESY)B&$R],Q
M`G^MWHO1X+NWN"S6\@!H*E&IU^62NUKR)<<3X';)_P"7?RWTO7M(@U:]UZ[L
MIIR:VX:(1;&E$Y)R_P"&Q^N_E]:6.DZY*CL#:VXN=-NU;D[E*\XI/V>+>V3.
M&>6/&.$;76]N3@UVGT626+][/AF0;$1&QZ?YSS/4M1M&46,;\YY2`I3X@AK]
MIJ8_47CM_1CY%EC7B&IN>F]!BL=I'&ZM'$JKU:@W:1J;^.V3O2_+]J]LIF17
MD?[3,*GY9A9,T<0CL9<]G<9,4YC*<DHQE/AB"`:$('B_SMV.>4O,.E0:Y8^K
M-Z?$TY.I"UXD=3G9XKL7/"16#AF%&4U'VO$9YC\X0WECK$J-'Z$4;4A5>E/'
M!WE3SKJUE>6EA+<O]5DFC7KTJP&8NM[*.IX,^*=&A<3OMSYAUF36">HECSU$
MQ/!&=&,:'+B'JI]E)]A?D,)/-XKH<P'\R?KPYMS6"(UK5%-?HPJ\TBNCRC_*
M7]>;35[:7+Y8Y?<ZS2_XUB_X9'[WFB6X(^+O@JWA%"M/EE\<7@W!'?.+G,D/
M5RELL>VJ*KUP.4*G<898FZ!A3(1R'JQC,CFEXV."8UH:]L3DB9-^V*Q-5`?#
M8Y.1L6&<C8L(N)A2F.:A^>(*>)![8K7;,>0WL-!&Z+7_`(Y<H_Y>8_\`DW)F
MRE/^XN7_`)B8_P#DU)FS9_\`(?\`ZT_^QMPO\K_UL?\`3A__U^/^>/\`E+]:
M_P"8N7]>1_)!YX_Y2_6O^8N7]>1_%79LV;%79LV;%79LV;%7LW_.-_\`RENJ
M?]LYO^3\.>F<\S?\XW_\I;JG_;.;_D_#GIG%7GGY@W/HZE;)XP5_X=L\P>9@
M1Y@U`D4#2DCY4&>C_P`SY>&LV8\;6O\`R4;.6:IY8T_6G6XD+13]&=.X]QF-
M/41Q9>*=UN-G+A@EEQ<,:L4=TE\@2,EIK8'3T5;[B<ZK^7LI87_<T0_<&R*Z
M;H=EHNC:G#:`EGMV:21C5F(IDA_+-^;WZGP6GW',3+DCER^)'870OW.7#$<>
M#@ES`WKWIK)YPO8WD06Z'@Q7?V.%>J_F+JUA:M-!:PLX-`&!I^O-?/'$]P2!
M\+O^O(Q)=VQD]6[`:",,[*>]`33*>.0D-R?)MAC@=S'8<U5OSE\T+TL;0#Q*
MM_S5E1_G/YO=5D_1]JB2`F)F1OC`-*K\60^;S*9W<PVL,<+5"QLM30^.,@UD
MVA'U.UBA[':HW\`?LYLXX)\)XH@'H+^]Q,FIT_''@B3&SQ7U'3A>B:7^:_FV
M\OH+>:VM5B=@KE8V!`]OBR9-YOU<"H$7_`G^N<X\GZ_%?7HL;Z"/UG!:&55I
M\0[')9+(\A$40Y.YXHH[DYBY..$C&6W=1MO!PY`)8XT.1OO3*+SMK<E_!;5B
M"2,`U%-:$T\<,?.[4DW/_'M+^O(H^C:GI.M6!OE4I,Z\70\E!)'PGI\62;SX
MU'8_\NTG_$LAB,R9"=['D6.2,08<-;CH\7UJ-UN;9V!"O`"A[$`T.'_Y>1.=
M1N[@`^G'#1F[58D9*M-TJPU+1+-+^W2=56J\QN,-H+&STVREALH$@CV^%!2I
MR[%J?W,,/#OL+Z4PS:?][/+Q;;FNMI'*];YOD,F7E,?OY#X*,@<EPJZBRGN!
MD^\H_$TY]E_CD)GUE(_NF68M;?WI^1PAUOS)I6A*/KLP$K"J1#=CC/+?FF#6
MKQ88XPG)68?%4T&68P3('N+1/Z#[DG6["W<Z@])'V_V1PQ@E=V%-AW.1=V>.
M_N230>J]/^".'EE,!&"#5V[>PPX9[&/<X@%IA</5*NVWAA3=*T](D`"L0,?<
M2O,&H:$[#&6L;^O$7-0&&6$$EN!`3Z:46L*QQ["-0,BFJZ^MO5>19SLJC<D^
MV'>JF5X75&X`DF20_LJOAD5B2PGU"/3X&4RL`TCN:NW^J<C.1Y`U;FX8P`XI
M"Z_&ZS3;+4?,'KW%V[6UA!0,BG]XY._$?RC)W:3)8:;%&$]-57X$/VJ8&LK7
MZC(%C6L;`<E[&F`]1OUFN'`J%7:F6Q$81W._>PG(YI;"@.0'1#W,[2LTAV+G
M[L;1"`"0M*4/O@:4]"#4X&F-PT3@F@(('MF+*S.1YN3''L`-DQDA%>74GN,P
MM`-T/$'[0&X/SPC\M:Q)>6YBNS^_C)5Q\NAR11N0:@_"<M$@8M<\<HR(4)=.
M@G7B\4;'QH*8&32[.VD#K$$<;%@`"<-GF1%H?H.%=Y<<V'$[CJ,Q\TATW3CC
M(['DU=2`)0'B!WR#W]ZM]<SK&?@A(J>VV&/F+4Y;:+TH_P"^F/!!X5R)W4\>
MG:?(O*LTM5)\2>^#&";++)M'A#%F9+WS#&TG]WZR(3[AAG6?SJLI=1U&>WDN
M`J1VL<EI:`<6DE%?BY_MA1^QG(K!&>6.0"LBRH6'\PYC<9Z0\[Z=9WVI"._D
MF:V>.,O#'((T!%0-^+&IKF?IX\1E$=`Z[/(1,35\WRV=*FA5WO#Z"(O(&G(M
M7IQ&%^=>\R^6;FSU)TT*!;RS6!Y9`Y]9513P;E]FO'ED<?RO82627LP4RSGA
M;QV1)"\5YEYD(^#IQ^UE_A&CZA8Z-9R#G1HL4L]:O[)&@5Q-;/3U+:8<XV`[
M&OQ`?ZC+AK;W^FS[VKFPN*;V\YY6[$]?3DV^KK_K^I@L>2UDM?62XH_$R,#V
MIV4?MK_E9'M1TXV0BD!8QS`\>8XG;^&0D"-I1L'RV^;..]RC("O/?_2K]7O)
M9Y?JS$".$_91N2EN[!A]K"W-FR(`&P92G*1N1LT!\!R=AMY<\O:EYHU:WTC3
M(R\\[`%OV47]IV_R5&%D,,MQ*D$"&265@D:+N69C0`9ZS_*K\OH?)6C?6;R,
M'6KU0UTYW,:]5A7PX_M_Y62B.IY#[2URE6PYED'E+RKIGDO1(M*L%`*@/<W!
M^U++3XG;_C7#&X<21DD'>@51W/C\LJ\:/9IF^"OV!TK@"XO6C6GV%4&A.[>V
M6`$[]6L"USS$<K=F569/A8[@'^N%EQ6Z"?6@7:,4CECW^?(8^Y2*&Z5V/-I*
M&A-3]([8A\7/X%=5I\3J:BO>F6QH;A>%3:QA=C*7*QK]E.AKXM@>]U`I"%B8
M2,!10PJ`*[@_Y."S(;=F]%C*"1]L?$%Z<<!7,<*R.6Y+&PJ?AKO[##Q;[[UR
M2(C<TA_TE<Q,"-.5V`K4"JD$?%4>V!+U;^_BXVEG'9!P6)C(!=3MLIKRIB5Q
MJ#VC0L\@`%0K/U%?^:OVL8FLF=9$:06]QR^THW9?9,D.\!C,*EK%#!Y%\U11
MHRW*6$JR3'8-\#T^'L1G"48QPF1_B8+O[YW59IY?(_F^9F$RBPF6*5=F-$?8
MYP2!F>PY..+%=Z_/KF)J=YF^\.1I35UW6GFD>7_,NK.R6MF$:/B2)-N*R`LK
MN?V1\.26;RMYGL-$?4X;V)94Y4AB'JERAHP!%.-,FUC];MM'TM[-U=$LPMSQ
M8$EG&_J+3]FGPY$O,FJLNC3Z<8N$8CY0``[O]IMA_/\`:R_)H\'!?`)>_=Q8
MZ_4R-2RF(!Y=&&MK/FF&>#ZQJE5D3U$$!%1V*O\`RNOV67.@#S%J2^8+721(
MJ02B*C`59N<2<J_?]K.4S:M+?FV6>"*&2"$CE"./)2>0+C^?)I/*R^<-*F%=
MX;,U'7XW6/IFMS8L<<@$(B(X30`K?9S,>6<L8,I$RXMR]8N%N+>&UBL[APLC
M2<R/M-0"G$FO&APW(5@(C(3)0?"Q'*E*=,+M1BEU.P:UTZ_%G<R."DZ49N*G
M]XH7P;]K`-CHFE6>MR:@DC76MPQI!(SREBD+U"U2E(_4HW'[>1QCTTV2-F^I
M+$YO*?G^VCCL-.U"*UM;4>G#5D>B`GL5KA/J?ECSNM&U#7HRCCBW&!3VI3)7
MYC\P1:/JTMSJ?F9+4$.D.GQP\^*-2G->0YRK3^\SG>M^=[+4"T-KJVIW+&O`
MH!"M?]6LGPY3X,M_"QQB3_%P`\^?-!\,`7(GRXBEGFC3;>STVTTCZTIEMW]6
M0`58AOAY<!_,QPAT_3HH+J.>.<R!&`8&,K3YDG##RS<2"YUB6>5FG,)59207
MY%Z;%L0GGN+:SD:21I&!4Q\Q^T#O2F7XHRA$XS*R#N?YQEZBB/#*0RF.P\^7
M#RZO;?*OGSRWHFC)IVM2%6C/*%?2+G?PP!YM_-71-2LKJVTM;N0S020JOU<H
MA+``&I.<TL-1^NH'9.$E!52*@?*N7/<7D4$\K(B\$)BION.YR^.IE`"`@+`$
M=S\'+GV7@S&6I\>9CDE*?IARWXJ.Z=66G7NH1/)9`<[9?6->A*[\?F<FFBWD
ME_I\$KQF&6GQU%`2.XR%>7]8OM.CGM6DC$-X>8=E^,5'V:UR4Z2SI:A5D!C;
MHM=A\LT^LV'38[']#NHR,Y"1].U<)^](_-FG+J4S&Y0,*4#_`"V'TYS1K%M/
MURWMSNHGB*GQ'(9UN_EB19;>=F97W4`5W^?;.>ZS921ZQ97U1P:>)0ON&&9>
M@R2H0/*MO-Q.V=)$Z<9XP]4"`9#^9YOLFR_WCM_^,2?\1&%_F45TF7_67]>&
M%F:V=N?^*T_XB,`>9/\`CE2_ZR_KS(UO^*9_^%R^YT&E_P`8Q?UX_>P(IOCH
M_A<>_7''IB1-#G$<Q3U//9$G8TQK#'$\E##OC:UVR`8+#3HW0XP1\0P'0[C'
M-F1Z'?ID]ZV9[ULY#R6O<;'%5.U,3*\'V^RV.4T.`[\D'=&+_P`<N7_F*C_Y
M-29LM?\`CER_\Q4?_)J3-FP_Y#_]:?\`V-.#_EO^MC_IP__0X_YX_P"4OUK_
M`)BY?UY'\D'GC_E+]:_YBY?UY'\5=FS9L5=FS9L5=FS9L5>S?\XW_P#*6ZI_
MVSF_Y/PYZ9SS-_SC?_RENJ?]LYO^3\.>F<5>1?FFGJ^8[*,R%`+*HIW/JOD4
M@C*J$!KQ-.6=:\ZQ:,(FN=2C5IQ"8X6/VZDGB%_V6<E9I$JL">I)^S'7H3W?
M-=J,?'D,;ZV['391&%T=A7O1T=N9(+N(D'U('CI7N:8<^6;2UT2!KEIT)E3C
MZ8-34?9%1WR-E?0/U>=OWEP>+E-OA'VO]CA_Y?TZU2Y`5>5I)U7LKKT.`8(B
MN$D^_O9G,3?$*'DF4WEJ+5+1[N&,QR2.&/(['D"7_P"&R,W?D*]=FCCC$B2*
MR-Q8$CD"*[D=,/O-?G/T)6TC2_A$"@3RCK4C["9#?\0W-RJVZEH7!J)*U+'_
M`"JY(X8$C<@CNV1'-,754>AWV0MI^1WFR5F5Y;:!%-%,LA#LO8@*K#!Y_(CS
M!0%+^U)/2K-_S3G2O+FNNNF)+>UD9:5*D%OQP['F33W!*I(!M\-!_7,P9)$.
M#+'1-/+/+'Y2:YHFJK?:HT4J1@B/ZNQ8;_M-R"G;)FWERVM)%NXF+M"0_ITW
M-,/H_,(N7$=K$:=W?:GT97(EN1[]<KG`2EQ2))^YMQSG`"-4!]J&U*WM-2T[
MZS;CXX9$E<,*D<=@R^^$WF"PN/,D+7&G*2T:-"R'8U)KM[8*MM4CM-1>'9H'
M8JP\`<D442VJ*;&,S*YJU"-AXY68B1)ZU1KRY-QD8`7[XWY]"P/2[:6UL8;:
M=2DD0*NAZ@C!4D33121IU-.@KAI<:%KLL[R1+;`.Q:CNX(J=N@PPTG0[JV+R
M7_IEV'%5B)(I\V`RG'AF)1VH#JV9,\#$[V3T>;ZAH,D,POHY"Y79UIT'CDM\
MN//!IM_=0IZDL<?)5'<@')+/H=G,I##@3W&!K#0[C28;R*T9)H9E)"R$JR[&
MJCCEDL)XQ+GWM/C1X#'Y/G'S%J^H:K=3ZC=SU)-57J%2NW$9,OR7FNY?,WQN
MS1>DWVMM_#()KEC-8W<L%`R`G[B=ADS_`"8U3U/-JV)^']TQ">%`:],R(#D6
MO(=C[DYUF\ECN[EHMZ2R?\2.*Z!J=T\SB6M"M!CC97%Y=W8AA>3]_+T'^6?'
M#:P\LWR$/(5A\0=SE&##E,[C`D7N7%E.,+N0;DN&JL7V4ZEL=9WRS7*Q1@@1
MMO\`1@YK.SCD%L7]:;OX#*O(T^L1:99@1LPYW$H&X7P'^MFR.EH<<SP@"^\T
MU1U/%(0@.(DUW!5\S7)M])D*?:E^%:=R<C</E25;1;X,R7<5)!,OVEX[FGT9
M)[ZQ-U)8PG>.)N3?1AT%1(.)%5-01[9AQB.,R/38.U\0QA"(ZFRD<U_=V=M%
M+=HSPR(K+<H.G)>5''8X4S7D-U)SB8/[C#Q=6ALF%C?J);(U*RG<K7;BZ_RK
MA2WERWOGENM+NS%"Y^$Q4;;O53]G#E@2-BRQRA`_O08=TQO$_J*&`0-4LWSP
M/,KR(RACO7[L2&@>8(>#PW*N[L0$>O0'J<"WE_J%C5;P6[4<Q\HRS%B/"@S%
MX)!RXR@?HR"?W_)`6T#65]ZZ[`FC#^.2N"?X:AOIR$KK,MVO.;3KBUJ:*S\:
M'[CRP_M))?JRRN"M0":Y'<6#LR)$N:>-)S'7;\<"S4`+TWZ8R.1F-!OL#B.I
M7<%A9RW5PX2*,%G8^`RJ0L]Z-@\]\YZS':7JQ%OC!I_J[58_=D1DU--3E$2O
M0]@?'";7=5DUC5+B^;99')C7P7H,3L+J&TD-P06E`(1.Q)_IF=#!PP'?7VNN
MGJ>*9JA']"<VXN;.]A%/A>1.1IO7D,]#>?M5FL]:])8E>/T$))VJ3_-X@#."
MVR/<&T9MB9$%?;D,['^:$Y7S&B'D5%O&**`>OC4YD:+><KZ!Q=4:$?>QJZU*
M*+4FY.T$<ENZ>JC%2*_97_*Y+UR2Z!?6%G:>G-;/=<[8>K5!Q)_8[^'0Y"[A
M;62="4#R@4+L:[]OAZ"@PUTJ6:26@)!7X:-_(/'-@<5W6Q)W+BQR=YNN3,)K
M'1[Z$6[:>EN**ZNZ@!:BK4XD[MD+_,_0M#3RE'>VH,5W;3+Q`:L1#GBP5*?"
M2!@\ZY,K2(%XA#P1G)^-CLO'_)\<AGY@:M)+I%OIX8R.).5VP^RK#=13ME<X
M`0E?0'Y^YNB=P>\@/-<V;)5^7WD^X\Y^8K?34!%I&?5O9@-EB4[_`.R;[.88
M%FF\FA;TO\B_R]6Y<><=7A_=1$C3(G&S,-FFI_D_LYWBYNE!$2&K'>@ZTP(S
M6>D6<6GV2".&W0)%$O0*HH!A7`;C]Y,-Y)#O[#^7+A"Q?(#DTV2;/,HZXN(Z
M,S?$J]/#Y4PH"_6;A7;X8D^)P/`;@8:K8O(`TG<;#M4]\0:V,3E8S2E:G;$2
M`V#="@#WJ0FGF9I%2E*T+[DKVQI!`6($\"=ZG8?/*>:2&K#<T^,-T]N.(23F
M9R(P4:0#D#T/OB3W(KX-7$UK92+12TC$<V![X!OKX*W)5JK_`&@PJ.M#2N"6
MM'!"SD4(J':M1@6XLEEA8O(LE`.)%3TV*MMLN/%&]]UKK;&KU4>Y,$X+PU+*
M0?M=QOX8"=%A9;F,%P`U5&ZTI2F'LUO90]&]78D4V"T[)A1<SV\UI]467T;A
M7JD9%20?!A^T,MC/IN.C"4.O-.G$:>1/-MS;L*R6$K<>JJ?3;X0<\]6TSS6+
M,[!FW%5]NV=YMUC3R+YOJI"?HZ78M7;@]=NV<#LFA:U/HKQ3<4/C3,;-O(L\
M)HD7T>K^6-;M-*T&*\U,-$DZ+!:JOQ2-7X79/!&;CDECTJ""*2ZN:22Q@JL*
MBK*)%)5=_!,A6D:II.E^58=5U*2!KI;9$LHI"'-1]G]TO+BW^5D;F_,#5;C7
M?K^GM)*KPHCVS$B,R;<I*+FQR3A``F0JH[=>6Y=9"$Y$Q$2=STVY[!2\TQ6,
M%_;V5C$(FCA=I]R26=^25)`_8/V?V<Z+9Z?I;QV&I7%J)KEK>%1+(W[M?2;F
MA4=1(K_$K9"=/\O:SYDOI=4U25(WE8`\5%>/2@4;=,Z'/<:'Y?M(%U"X0>BH
M2+D`TFW[/$5I7WSG]9J89,W#AE9&WI_8[G38)8\0&0;\Z*<^6M)M[`QAW^M3
M0^HT%P8Q'P28U9%`)K6OQ-AU=-I4,YNI?32Z*[D$>HX7H&4?$W&OPYRCS9^8
MFMZ?8P3V%J+&VO"PMYI1SG=5`K5&^&)&_9=?WF<UM/..K6NMP:X\C7$T#^IP
ME8DL/Y7?[3+EF/',Q)/5$LD8FAT>L:_^7^H>8];N]325;F"Z#H('&\"L1Q,(
M/VI=OM8*T?\`*6TTEUN9"KL@H'D4%Q4;U3[-?]ED4A_.W69)X8VLX8XVD`=N
M;[*31J&F=(_QSH#W"QQ:N)I_3<"P"5)(WYL_T=,<G&(D2!`H\OV+#@)L=XYO
M)O.ODZ:RU$KIFER>DYI'-"Y;U6^TQ9*#TRN!!:76E:>K:@"DDAH4:GJ*/%Q7
MX<._,GF[S+J*2+9".Q5B1'%&3)*Z_P`_/_=7^K7.?7$EW+*?TRTA)H"YW!I_
M,RUWR&,9)@"4HB(Z7Q3+;&8Q3,X@D^8J'Q3QM7L83R:96([+N<S7\&JP/;P%
MD#CB[,.@\<!00Z*U%ME+$;DMN3_3![364*!79$`Z*.O_``*Y,QB*H2OS_4['
M%J,V2,A+)AC`C<`G?O\`5_"A;VYFM9(G:\!51LO&AV\",.M(\V)(&@A#$[NR
MOV)ZD86CZO<`Q^EZD="5=E''Y#]K%;KRXFAZ=#JDS/'J6HL!INF(*EHR=W<?
M:XM^P,?"CE!C*-D"V$M3EP3CEC*,H3.X]4ZK^;*5LC%Y'+'ZTK$FGS^ZF2'1
M?R_U"_:SUK6S]6LD<26^GTK++7[+2D_W8_:5<./R\\@36$::YYKH+J@:UTT;
MK%W#R?S29T6XD6=5XKL6!Y'OODH:7@C(]:V_HLM3VJ<_#B@#&&W%?\?_`!UD
MD*A88U`H`J@#PH,*_,O_`!R9?]9?UX:Q_87Y#]6%/F;_`(Y$O^LOZ\&M_P`4
MS?\`"Y?<Z?3?XSB_KC[V#@U&),<H-3,V^^<2!3U0%*T#U!3[L<=C@56X,&\,
M%&C#D.AR,A1OO1(4?>L85&)XKUVQIVPA0J(>2<3U'3Y91VWQ-7XD'%3ON.AP
M$4?>@[%%*W^XF7_F*C_Y-29LI1_N)E_YBHO^34F;-E_R'_ZT_P#L:<+_`"W_
M`%L?].'_T>/^>/\`E+]:_P"8N7]>1_)!YX_Y2_6O^8N7]>1_%79LV;%79LV;
M%79LV;%7LW_.-_\`RENJ?]LYO^3\.>F<\S?\XW_\I;JG_;.;_D_#GIG%7D_Y
MK7;0:K9K7X5M2].U2[`9$-)<Q(LKFK..3L?$X>_G3,J:UIR<@I-L>532H,C`
M9$KJZ6VT?F&'J<*`5[MMF#D_O3YESL?]U'W)A9SPZE<2SCJ"4C^0R2Z5*L!F
M16^%*`_,Y`]'=+3T!S`#JS-OX;UPT@OREI+*7%9%Y]1V(PR(W(2`>2EYBEAA
MUU3)1?K:CD?`Q_"Q^DX`DNK-"C\>0#'<8#\WW"3K97H<`AR#4]FJV$AO4$88
MNI!Z;C#Q#;JGA>B:;K@53&GPQ@!J?/;)3:0UHY22A'(&HIOOG+]/E"F/X@.:
M!COVKG6]#OX6TR`2.A8+3<C#"9LHG';9&6]U:V:$*#S;=B>I^_$I=?\`2_W4
M2IVK4=\7:>P:O)XS7_*&0'SUK$%E>6EG:2*/4%6HPZGH<93(%HC$$U19'Z<$
MI-Q,*!B2IY!2/N.'ND:H(>$,,P<4K0G\*YSO3[HRH/C5U^%&#&M*J>6231K\
M1J8#$I*U5:@5'\IK_JXPH$%<ER!!)>CV]_;ST1SZ;GI7H<,`@Z]?`YSF[UV"
MQA+7(#.O8&@&U>IQ32/,FHW#1R$^C;."PJ:FG8J#^S\\RA1%N)*P:>AF,'KC
M62D;@'<J?U846FM333)&\#^D^PGXD;^)_P`G%]4UBUTP(D[DR3;+&M*\>[?1
MB0`@67S;YS1+:Z)+?&PD]:O0L&'#_A>6&'Y,+$_G>&44#^C)Q'^3[X$\T+;:
MSJ&I6MK(DDD,K>FX-5=?V2/8XK^2MG>0>?8S/&P58)`6(VK3*<1'+J#U<O4Q
M.T@-C$<GLMYJZI-+;V,)#!V!*@#>N^`%O+KF03Q?P8U/X8C?EK34Y9*U4NQ_
M'-ZA:3UHZ5-<Z",(B(H;$<WEY3D9&SN"I6_);MI7:KL:L3[8+TQC<ZM=]V%%
M)\`,`0N#+(2>A%<%>7YXEO\`4#R',N!E&N_NOB`YG9V^4^XEE)BC5E"]0,9*
M_"+WQB3`5=MZ=\2NIUX5!%>V:H.Y`)8]JT7J,2OPUV)&$7&]M>0M6;?J(R5K
M\^-,D%U-5J$U\3@=1&=P0#W&5S-<B[##,QB!(`CS2^.YUF4*`!'P%%<LQ.^Q
M]LNVTL1DR3-S<FNP`ZX9L%`I7;$))`%I7;,>4I=2V<?,0B(@\Z"`G@2>Y2-1
M6F['VP:T2,!'3]VO4>)&(K^[)8&KOX>&*B58UK(W3IE9L[,#LO"JBL1LQW.<
M<_,CS<NI3?H:P;_1X&_TAP=G<?LC_)7)MYRUZ2QTNX>(\692JTZU.V<'8LS%
MF-6)J3XDYD:?#OQRZ<G$UF4B(QC^+G[G*"QH`3[##O2=`N;R5'H`G6K;4^>%
MUA:R7,U%;@BBKOTH,E<]_%IU@MI:U,C@*TC5K3O\LNR2/TCJXD(BN(]$P>**
M/B+<U6&2-"1W)85.3S\W=1MK+S<@G%2;:.@+!1T;[6_+[LY]HA4PI$Y)'-#4
M]R&&YR3?GU-!#YOC6:V67G:Q$.Q(Z<AM3YX=+(XY2D%S1$Q&)2,>8-+BLOK#
MA%F&\J*0S'_(B^?^5A5<>?)I/W<$!ABJ&9@WQFG1?Y0I_:R''KFS).IRD4#3
M6,&,=+93J7GC4KZ)(X%6V"UI0!J`C]DMN#D;DN;B7GZLKOZAY/R8GD?$UQ+-
ME4IRD;D26T`#8+D1I'6-`6=R%4#J2<]3?EWY97R5Y=MX)`!JEZ!=:BW=13X(
MO]A7.2_DUY335M9D\PZ@G+3-''JT8;//_NM?>G[6=NMVGU.YDE%3R;[78`9D
MX,7IE.7)Q-3E]<,,>9-GW!,8.=Y,TCGX2>3GPPVME1P7I1`=O<X"BC4?N8P0
M%W)_F/?!4MSZ*@1@?#^SD,AO8-T1T5Y)EJ4)XD]L+KAD2I8GD*[4VV\<3^M>
MH6,R\7/V`/;?`\O,EN;EP2"13IE?"V1%<^39E26%D=P=JAAU`'CA:9TB?U(A
MS)V!+$TI\\6O)865HP1`B^(H??;"FL<;\('>13_NV@X_JVPTS$;'/YHN?5F!
M6*3XC)4Q5!WIM0?*N`#<7!7E&>,GQ*80:<@N_,4["F(W"O;JMP[JP!^(@UXT
MV^$=:G"J5G96E@8NG*JD55@QV95Y?\1RP`<@O#6Z/E@:2!Y20PE7U%H>C>'\
MOVOY<*)[!(C$>8EV,C5/$@_ZPV;%'N9)4](-Z?I$5?B=S_+Q'V68?#OA7J-Y
M**H@)>(EW9:;*PXE"#MT^+X<F(GDUWU/(,@AE`\D><X5156/39"H!J=TDZG/
M/MC<L?W?#BE-B.F=ZTV[%Q^7OG)6C"RQZ?*&>H/(>F_'[.V>?H+A`JJW4=!T
M&8^4>H@L1+>PKVVE*S`S/R'\J_UP_LEBL_[E0FW;K])PLMW]2@Y`#J:$4PWT
MAK>XN8TCC:\4OQE5?A5/FQZYBYSZ29;@='-TM1((`%]3S^"=6^K:Q-"EKIL9
MC0D(TR`DGD:5+?\`-.3#R_Y)B6Y>YUD_77],2([$D"0-]DU^)MOYL?:RVL&F
M2K&5E:`DA8P`:J>2)M[88Z??)-Z%_<.;8JK%HBPZ,*4;_5^UFNP9H2)$8"`L
MWWGWMVHE*J&P^U@7YS%0NE1C]DR4'@**!G-M%TT:MJ,5DT\=LCU+SS&B(HZL
MV="_-GE?_4;RS_TBVC5A)+'\2J?\KC]G.81I)(XCB!9WV"C<FN;3"1X8W=;/
MZSLCKQ;:'56@L9/K5K%)P@E8<?46M`Q'^5DHTWRNUQ=F6P!9XS1G#%44^+-]
MOE_QCPJT3ROJ%])-);R)'=6D@5(VHX9QU7;;X<Z=HOER>2V%UY@"0WBU/&WD
M*K0#9I"K>G]WV<ISYA],)61L0.>_DVXH=9#S#%M38Z*\&CQ1_7;N\J9.!X%1
MX`K1FV_GP/#I;30R(G.-0:F"9`0Q[T>F.O\`R_IVJ:TWZ-U9(Q#M)'S)E#GO
M$Y/Q@_Y.+PZ5YDT1VDANA?P>!W*_[%N^4$B,0!(1F=SQ#AL_[ES<,X74\9D.
M0(K;O_I<V)"-8+LF.VEA$9(8BM3OX8-@_1WJ<HV0RDUJU.5?IR4:0L6L:[:6
MVI6U1+(!*@)4\>_0C);=_E+Y9O-1$D1E@4MR>-&'';_6WS,QB>2-UP]#1MKG
MP8)"@)WZJ(JF+>4+"WU75")CRMK+]Y=4Z$C[,0\78YT?0?*YFU23S/K*FYU9
MSQM(0H$5O"/[N.!7_:7^=\':9Y;L]*E!A4-&C?NXU4`4'0O059O=LF-A;-QY
MRGXB:CV&9.+$,<;/,M.JU4LTA?*/(#E_:NBM;F4>I,`#U"+V^;'XLTT2HRF@
MK4#8>^&*H@VJP.`K]E5D#'>HI]^,CL6O$3Q@=Z>+]E?D,*/,_P#QR)?]9?UX
M;)]A?D,*?,__`!R)?]9?UYAZW_%<_P#PN7W+I?\`&<7]>/WO/B<P.65VQN<6
M]8XXK!)^P?HQ(XP5!KC5BDD6*1I%#C&RTD#BAZC,P.0'FU^]3.*(X`XG$_GC
M":;9*K95::*1^B9?^8J/_DU)FP.C?[AIO^8N(?\`)&7-FQX?\'_ZU/\`L:<'
MA_??];/_`&+O_]+C_GC_`)2_6O\`F+E_7D?R1^?(G3S?K51L;J0@_37(YBKL
MV;-BKLV;-BKLV;-BKV;_`)QO_P"4MU3_`+9S?\GX<],YYF_YQO\`^4MU3_MG
M-_R?ASTSBK'M<U>TLM0ALY[*">22(RB:XDCB4`$CB#*#X8ZQU30;ZWM'F@AM
MYKQ0T=M(J%OB9HT[?MLGP?S8OJ.DW5SJ$>HV<\44J0F`K-%ZJD$EJCXDIUS:
M/H,>E",>IZQC@6'DR[U6227D/#XI=L4VW'=^7I3)P^KTB4LS<4IQ7[3*:?$J
M_M9OKGE_T3*P@5%81E610>35*KQI^UQJN`5\K2T"278*003VUEQCH56XX\S,
M>1]4_!\/V,9!Y4EMGGGBN88YY)8)HU2$B)3`LD>\9=BW,2_SXT%OS66FO:'?
M7*6[Z?&L3BZ9)BJ.M+280%J!>C\O4_R5PT#^7&N$M5BMFDDXE`(T(/->:;T_
M:7XEPNB\JW5N_K07J"9UNTF+154B\F$[\%Y#AQX\5RY/*0:]@N5G3TX#;E"T
M9,P%NBIQ$H<#X^'Q?!C2WYHV"^\LW!E]$VI$`<NW%``L1(E-:=(RK<\VFZGI
M>I7MQ9VD"%+9$<R@+0\ZT'&GA\6!T\K1I;I`D^\:WB\N(W^N-(V^_P#NOU<%
M:3H\]A<S7=S<)-)+''%^[C]-0(Q0;<FQH+?FF?U6V_WRG_`C^F,>PL9#R>UB
M9AT+1J3^(P1FQ190_P!1LJ%?JT5#U'!?Z86W_E;1K]6Y6XBE/2:+X6'\,.LV
M`@'F$B1'(EY=K'Y>W4R%3(TDT3A[>531&`%.,RFN$-I<7=A=3V5Y"T=Q"J'@
M1U`;=D_XKSMY`(H>F1S7='DECDFB'JH5(=*`L!['^7!5#9/%Q&SU22RUB1XS
MZ3A^!XOVHU`>(PG\SS7%XR3V[<-0A4?5PQ_=R*.L=>S'$X(I=-U>TA`+V]U`
MR2@]$>*K<_F_/C_L<$ZM&EQIMQ*!Q6(!H)>_,'8KD2=MV8CU`>9?HBQU&_EU
MG3G-E>N2M[9O_=L_?C_OMLF_Y9VD\?F'U)860"-@'(V/R/?`-]IJPJ^M1QD^
MK&AO(HQN)#_NQ1^TS9(O(<T!UM8ED^(1GBC[-3Y9#@!F)'F&X9I1Q2QU8D#7
ME;TUK2U<U>%&/NH.4+.T'2!!_L1B^;,CB/>7#X1W!0^I6?\`OB/?_)&4MC9H
MQ9+>-6;J0H!.",V))/,E0`.0I3]"&E/36GR&4;:W/6)3]`Q6HS8&5GO4#9VA
MZP)_P(S?4K3_`'Q'_P`",7S8TO$>\J'U.T/6!/\`@1E?4;,];>/_`($8(S8*
M'<O%+O*"GTC3+A2DUK&P.W2GZJ9#]>\DRQAKK26,BBI:V8U(_P",9_XUR>YL
M$H1/1LQY\D#8-^1W#Y1\\M(X:V8$%:\U/8CMG.3:$.!TJ"<]>>>_RYT_S9;R
M7%KQM=5"_!-3X7I^S(!_Q+/-OF#R[J.B7SV6I6S6]Q'4%3T(Z!D;]I3VRW3X
M;C/<6*KO]Z-3J!(P(!'?^I`6UC^YA(V7[3T[D>.![R0)<7$C#9:!?G3#/3;F
M,*D,F\<P:&0?RG]EL)M10K=SA]PW[/OT&8_!4MT\=@4G.E3LUA'3KR$8_P"#
M7/4VO_E_Y4\T72WVMV"W-R$5!(68'BO0?"1GDVS#P16\&X_>)O\`[->6>V17
MB*=:8<>QDQF>3S)/RR_*^35Y=%&D$74,:RNQ:0)1_LJ'Y;O3?CF_Y5I^5)O_
M`-'+I\;7'$LP61R%WX\6/+9N7;).OES4%=;LW@:Y6[DNPO'X:2<D$;&NXBCD
M;CB,?EJ\DN"TR11)#!-!#(A)9W>0RQ3-TX\&X_#EC&TFF_*?\KK;_>BPAC^+
MT_CF<?'3EQW?[7$YG_*;\KXYTMGL(5GD^Q$97#-7P7GAK-Y:UC]%06QN#/>L
MDJWLZ.(C(\BE%D8LLE55>/P_#@C_``S=D,[2J9F6T`D-:CZNQ9M_>N*VKZ3Y
M=\K:38R>7=+BBBMXV,LULCU;D?VGWY8,LH="M[:2>S>(6Z?#+(KU44_F:N`%
MT34&^L6A]&.&03!;P`F9O6"TIN.''C\?VN6(6_E_4(EFN&`:?U+>1899.8D%
MNKKQ9PJ*JMZE5^#X?\K)<<JX>(UW7LQX(\7%0OE?5.-,GTO58))[$<HHI9;<
MOV+1-P<K_DU&"FTZT<AFCJ1TW.`O+NF3Z7:7$=P$62XN[B[X1_903R&0)7OQ
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M+(>)`"D;D<=JX%:8Q*?1N$!J26?8G)CB'/:VN<L9&U[/4/RNM+5AK%L\?J12
MA!*C@,CAN6U#^S0Y*;VT\IZ?=1V3Z/')/*C2*L%H)/A7J6*KMUR(?DV[N-4,
MGVOW=`?"K9.=1T6XO=7AO4N9+>*."2(F!PK%F(I6JMMME&7ZRPC5;<G6FG^5
M[NUANH+&U$4X_=\HD4GVH1UP5'I.A0R&**SMHY#\118T!^=`,C4_E._:TL(#
M64VT'U=N$_I4^-6]1SQ;U6;C\7V,&MH%]^G!>("(N1+3&:JT,3Q@K;\?AD#-
M]KU/BRJ@>896>\IXECI`$GIV\`"G]Y15V(_FS?5-),8D]&`QO]EN*T.1B#RO
MJ$,=T`K&1H4@4O<<@_&996=1P'HE@O\`Q9@C3O+-R9&&IH'M6N9)EMWE,I$;
MVZP\>0$=:R!F^SCPQ[A\EL]Y3\:=I"_Z.+6W^(<O2X)N/'C3"_2M/\K:A;QZ
MCIVGVW"4%D;T$5@*E=Q2J[KC(M*NX=5ED6UA>"2=9UNW<ET551/26+Q^#X7Y
M?[#$/+_ERXT=M/)X*(+>2*Z",3R=G+J??KC0[EL]Z<+IFBVKA4M;>)Y22`$5
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M,2FB9RID-%!%2>^^&TQC.\@J1OA'J-R&9%KQ3D/IWR.0@1)(<G!<I`1%=Y96
ME."TZ4%,*O,V^D2T\5_7AK'_`':?(?JPK\R?\<J7YK^O,76_XIG_`.%R^YKT
MO^,8OZX^]Y_E4!Q1E_:&6D1;?.*L5;U=CFIB,MTQWU;!B0XL(<JEFIK.6N12
M[ZNPZ',1(G7<89>D,8T(.`9@>:!E[TK9JXQL'2V_<8#="NQRZ,@>3;&0/)$I
M_P`<:;_F,B_Y,RYLR#_<--_S&1?\F9<V;3_(?]:O_8RXG^6_ZVO^Q=__T^8^
M;WCF\UZW;S]#=R<&\.F1.YMWMW*./D>Q&2#SL2GG#6E;;_2Y*'Z<`QM'>1"U
MGV<?W<GABD;[=4GS8K/!);R&.4488EBAV;-FQ5V;-FQ5[-_SC?\`\I;JG_;.
M;_D_#GIG/,W_`#C?_P`I;JG_`&SF_P"3\.>F<58[YEURYTE7>U5F-O;R7<J+
M&).2H#1"2R<.7'[2\_\`4P/'YAU!KDSE5^J"_@TX0<3R_?QQ/ZOJ?Y!E^SQR
M17-C9WO$7<$<_`U3U%#4)\*XI]7@_P!]K]H2=!]H4HW^L*8JQ2UU34+SS%H[
M/.HMKJ"]=K-!0H8S$$]0_M,*_M<<%Z@J3^8D@NIWCMEM)'H'X*&Y*.7^LN'L
M=E:13O<QP(D\E2\JJ`QKUJV-N=/L;UE:[MHYV393(H8CY5Q5A[:K=6%K%=&>
M6XM;H2V-O(Q)D>1IE2WDZ?:^K^H_/&+/J=O#-HLEY-)=:-;75S<W!))E1HY%
MM5)_:9><<G^PR<&W@*QH8U*Q4,:T%%(%!Q\,WH0<WD]-><@XR-058=*-XXJP
MSU/JEMI$MO=R^O=64SW$8?D'9;0R<Y!V99/B'^5A9>W^KQ^5Y]&CNIEOT@DN
MX[VI,IM8U$O)VI]N5_4A3_5SH%OIFG6K.UM:Q1-(.+E$`J/`TQ8V\!!!C4AE
M],B@W3^7_5Q5JU):UA8DDF-22>O08KF````V`Z#-BKLV;-BKLV;-BJ1:MY=B
MO9DN[<^G*M?40;"0']61"_L+]IKJ"Z=8K=@$AB4U90.I*_S9TS"_4='L]2*O
M,"LJ?9E79OED)1)WCS;L60#TS^GR>?>B);9K!5,-M7XYG;BVWA@OREI&G6NM
M)<VD;>H0P>X)/Q]=B,E">4]/1B_)WD-?BD/("O@#B]CH$-C="Z6>1V`(X,?A
MW\!@C&0YLLF3&0>&[.W)KS(9QIP%O.()&EC6K,8PX+@&,R`-PYCX?LY%IM6U
M'3KFT94=3'=W,=Q;I,9X$3ZHLBR<RJ?N(>7JNO'[7/)]+%'-&T4J!XV%&1A4
M$>XQ*&QL[=%C@@CC1*\%50`.0HU/F,L<=CDNLWPNI+:T*AY;J&`3L"ZA9%4E
MU3;^;^;#C2+^;4-)6ZF`6:CJ_'8<EJ*@8.6UMDIPB1:'D*`=?''I&D:\$4*O
M\H%!OBK`=)NKY+'R]<MZ\<ETZ?6;EW+">L<C^FRT^U(5#?['!+^9=1DTZ:>>
M(A9(H;B,,/29.<\47IK0OZBTD_O&]-O\C)F((0J((U"Q$&-:"BD;`KX8$N-&
MTVYAG@>!52Y=9)_3'`NR,'4L5Z_$N*H!];N&C3T$5YFGNX1&.I%N)2FW^68E
M7_987CS1>7D,<EG&0EQ-Z$<J1^H04A$LQX.T8;C-S@^TOV<E"VEJL[7*PH)W
M^U*%'(T%-SC9+&SEMS:201M;DEC"5!6I/*O'_6^+%6+2^9=5,<LZ(D:V>G_I
M&:/B7]0B26,Q!OAX<EA_RN/+!$WF*[34(HU1O0EN8['CZ8XJ\J!_4]7ER/"O
MV/3X_P"7DD^K6]"OI+0H(B*#=!T3_5QAL+(W`NC;QFX%*2\1R%.GQ8JQ>SUF
M^1=--W.+R>6"2:0(GI\>G$,!RKCG\PZG';SH&BFGI;/%,J_`HN.JD5^+T_\`
MALE$=I:Q$M%"B$EF)50-V^T?]EC8K"R@5DAMXXT=N;*J@`L.YQ5":+>W%Y%<
M)=4,UM/)`TBCB'",0'X[\:X%\T>4](\V6)L]3B^-03!<KM)$W\RM_P`27#M4
M1*\%"\C5J"E2>^.P@D&P:(00"*+Y*\V>0];\G:D(KN,RV4SUM[U!\#BO1OY)
M*?LY'9[=I=1>6X!`#5@A&[/L!T\,]G7^GV>J6KV5_"L\$GVD85W[$?Y0SGMM
M^2GEJTO)+V*XN#*Y)!=N7&I[5PS(EZCS6(K;H\0L-#O':.YOD$2ET]*$]AR&
M>N1T&0=?RNT/D'>>X<BAHS[;&OV<G.5Q%6S-;4PZTFU.:\:6!KTF*]N%E:9A
M]5]%"XX@5KV7AAF-:U+ZJ+AK.%3-($M09_A-6XUE;A^[^'?]K#M(8HE9(T55
M<LS`"@)8U8G_`%L2EL;.>W-I-!');FA,+*"E0>0^'IUR3%CB>:7=GE^K,9XK
M>5C"DM8VD21T55^&C<N/][BUOYCU.>VY2Z8+:Z:98DCGF`C92`Q?U5#;_%LG
M'#--#T^.X]2.)%@]`VPM0H$?%F9WV_RN6^/&B:0+<V@L8/J[.)3#Z:\3(OV7
MXT^T*=<52V'6M1>]D1HK=K=+>*5N,WQ"1S)R2,\?WH^!?Y<7\OZW/K'UA;BW
M2VE@$9,*R^HX]0,?W@"J%^S\/Q-@XZ3I9$(-G#2W7C`."_`O@FWPX^STZPT\
M,+&VCMP].8B4+7C]FM/"N*HG-FS8J[-FS8J[-FS8JI7%O#=PM!.@>-Q0@YQ_
MSEY0O-':XOX5-Q8..1D4;Q;]"OS_`&L[+C9(TE1HI5#QN"KHPJ"#U!&3A,Q/
M>.H018?+$[`R<GI')043[)H1VI7E@24D'@U&`/-#[CLV=XU#\I_+=]=&YC::
MVKN(XF^$;UV^7[.`9/R7T"6O*\N03U(;K^.90SX^\_)HEBF>5)5^1[`C5@A)
M0>D?8&KU&3K7M:N=(O9;A/WL-M92W!MB>(=E9`M6H>/VL;Y1\D:;Y.6Y73Y9
M9/K14OZIK3C7I]^'\]C9W7+ZS!'+S0Q-S4-5#N4-?V=LQ<LA*9D.1;<<3&`!
MZ)!/YFO[<7<,FGHUW:/`LD:353A<*[*_J,J_9]/XAQQUIY@OKFX+&*V-J(6D
M;A,2_J(I+(E5'J?$.)PZN-+TVZ+FYM(I3*4:0N@/(Q@B,M7^0,W'*&DZ8'A<
M6D(>W#+`W!:HK"C!=OAY9!F@;36;MUL6OK:.W%^U(2DO,!/1,W(DJGQ5'#C@
M.3S+?'XK6Q21%A,SLTW'I.]OQ7X&Y?8YX?2V-G/%'!-!')%%3TXV4%5H*#B.
MU!F6PLD7@EO&J\>'$*`./+GQ^7,\L522?S#J$-K(XT]9;Q+I;46\<M0051R_
MJ,J]%?[.!YO-6I)!!(NF*DC6TEU<PS3!#&(R!Q7BKB2M<D4VGV-Q&\4]M')'
M(XD=&4$%Q0!R#^T*8U=,TY(UA2UB6-$,*($%!&WVD`_E/\N*I+_B&^1-1N6A
M@-O;Q^I;!I>$C5(`#KQ;BN_V\2C\S:E<FW2.SCMYA>"UO(II=@K([KP<#[?P
M?\:X>OI&ERL[R6<+-)'Z$C%%):+KZ9V^QM]G&C1=(6/T5L8!'S$W`1K3U%^R
M]*?:'\V*I'#YFF6SDEM[<2&-[V27UYS_`'=M,\9]-^!Y%N/P1?L)CI/-ERK"
M6.R1K,&R5Y&EI(#>^GQI'P_8]7^;#N31M)EB6"6RA>)&>149%*AI"3(P%.KD
M_%BITZP8%6MHRK&-B"HW,5/2/_//BO#^7%43FS9L54I((Y*D@<CWPENB+1R7
M;@!TJ?U8?X&O;"VOX_3N%K3[+#8CY')"5,HR`._)@'FGSG)H4%O=-!ZUF\JP
MW,PZPJW20KW7EM@;4GCNY+=C<,H9D>,UJK`D$9++WR3I5_;2VEPSM#,I21":
M@@^V-T_R38V-C#8&XEGC@H(FD-6"CHM?;*-1"62/#%S<&HQ8SY>YDD/]U'_J
MC]6%GF3_`(Y,OS7]>&JJ%4*.B@`?1A7YB%=+D'NOZ\KUO^*9_P#A<ON<?3?X
MQB_KC[V"HI)I@N.*F5%'2F"5&<!ER=`]'.?<Y5&.XXX#'9C&329*=,;3%"*8
MTX05!4G2N`IH@:X8'`\HZY=BF6V$J*@D9_1,R_\`+Y%_R9ES8(5?]QDO_,5%
M_P`FI,V;SB_P?_K3O_KZ:>+]]_UL?]B[_]2$>=M/M=;U[69;0".^M[AQ-%_.
M!3XUR`*7@D,<@(*FF_;)1YEOY+3SKK$L3<76\D(]Q4"AQNHZ?!K=L=2L?@F7
M^^B'CE=\!HFXGD?YI[BY7"-1#B@*RP'JB/\`*1'\<1_.'\02KC'J$7IR;3*/
M@?">6)X7,<@HPQ9)'B?BU0R_AA@534HN)HLZCX6\?;+'&Y^_[TFS8^2-HG*.
M*,.N,Q0[-FS8J];_`.<?M3T[2O-&I3:E=16D3V#(CS.$!;UHCQ!8C>@ST3_C
M'RK_`-7FS_Y'I_7/#>;%7W)_C'RK_P!7FS_Y'I_7-_C'RK_U>;/_`)'I_7/#
M>;%7W)_C'RK_`-7FS_Y'I_7-_C'RK_U>;/\`Y'I_7/#>88J^YAYM\L'IJ]H?
M^>R?UR_\5^6CTU:U_P"1R?USQ5;I&R"J"OR&"TCC_D7[ABR$;?9?^*?+?_5U
MM?\`D<G]<O\`Q1Y<_P"KK:_\CD_KGCQ(X_Y!]PQ=8T_D7[A@MF,8/5]>?XG\
MN_\`5TM?^1J?UR_\3^7O^KI:_P#(U/ZYY&$:?RK]PQXCC_E'W8.)F,`/4OK;
M_$WE[_JZ6W_(U/ZYO\3>7O\`JZ6W_(U/ZYY*]-/Y1]PQWIQ_R#[A@XF8TP_G
M'Y/K/_$WE[_JZ6W_`"-3^N;_`!-Y>_ZN=M_R-3^N>3/3C_E'W#+]./\`E'W#
M'C\D_E8_SC\GUE_B;R]_U<[;_D:G]<W^)O+W_5TMO^1J?USR:8X_Y1]PQA2/
M^0?<,>+R0=-$?Q'Y/K7_`!-Y>_ZNEK_R-3^N+6NMZ/?2^A9WT$\I%?3CD5FH
M/8'/()2/IQ'W9//R<51YTCHH'[B3<#V.2!:I8@`2"=GO;^9_+T;,DFJ6JLA*
MLIE0$$;$'?&'S;Y8'75[0?\`/9/ZYY,UU(SJ^I55?]ZI^P_WXV1Z=8PWV5^X
M80URB`^U/\6^6/\`J[VG_(Y/ZYO\6>6?^KO:?\CD_KGBA4C_`)5^X8JL<?\`
M(OW#%B^T_P#%?EK_`*NUI_R.3^N7_BGRW_U=;7_D<G]<\91I'_(OW#!4:14^
MP/N&+,1!ZOL7_$WEX]-4MO\`D:G]<O\`Q+Y?_P"KG;?\C4_KGD:W],_"5'W#
M!02/^4?<,@9$=&Z&",A?$7U?_B3R_P#]7.V_Y&I_7-_B7R__`-7.V_Y&I_7/
M*@CC(^R/N&5Z2=.(^X9'Q?)M_)"KXC\GU6?,WEX==4MO^1J?UQG^*O+5:?I:
MUK_QF3^N>4I((S^P/N&%UQ9HC>HJ#WV&3$K:,F`QZOL$>9_+K=-4M3\I4_KE
M_P")/+YZ:G;?\C4_KGD*V]-"#Q%#UV&&(CCV(4?<,$ID=&6/3QF/J(?5O^(=
M"/34;?\`Y&K_`%R_\0:'_P!7"W_Y&+_7/+L/#^4?=@M%0_LC[LI.HD/X0YL.
MS,<A_>2^0?2_^(="K3](V]>G]ZO]<6N=5TVSD]*[NXH9*5X2.%-#WH3GF,P1
MM)&P4?WB5%!_,,G'YJJK>9U#`'_1H^H^>$:@F!E7(C[6,NS8QS0Q\9J8D;K^
M;7ZWK_Z?T0_]+"W_`.1B_P!<O].Z-_RWP?\`(Q?ZYYI14!IQ'W#!$;(/A*CV
MVRLZJ0Y1'S;QV/C/^5E\@^COTYHW_+?!_P`C%_KE_IO1_P#EN@_Y&+_7/.U%
MZ\1]V*+P(^R-O;('6S_F#YLOY&Q_ZK+Y!]"_IO2*5^O0T_XR+_7,-;T@]+Z`
M_P#/1?ZYP*/TV'$J"#[#'^BJ&JJ*?+('M&0VX!\TCL7'_JLOD'O?Z9TK_EMA
M_P"#7^N5^F](_P"6Z#_D8O\`7.&(JD?9'OMB3P(3]D;^V1':4KWQCYI_D3'_
M`*K+Y![RNLZ2YHE["Q]G7^N+"^LSTG0_[(9Q+1[)1+RXBGRR6QHH`%!F'J>W
M9XI<,<49>\EJEV1CC_E9?(/0?KMI_OY/^"&;ZY:_[^3_`((9!%`\,4H/#,4^
MTN8?Y"'^F/ZFL]F0_P!4E\F<?6[7_?R?\$,WURU_W\G_``0R$@#N,Q4>&1_T
M3YO^4>'^F/ZD?R9#_5#\F;?7+7_?R?\`!#-]<M?]_)_P0R$4'AFH/#'_`$3Y
MO^4>'^F/ZE_DR'^J'Y,Y6>!U9ED4JN[$$4'SQOURU_W\G_!#([I@'U#4/^,9
M_4<*J#PR_-[0Y<>+!D&")\:,I$<1VX9&'Z&$.SXREDCQGT$#EWBV;_6[7_?R
M?\$,WUNU_P!_)]XR$``=L<*>&4?Z)\W_`"CP_P!,?U,SV;#_`%0_)FOUNV_W
M\GWC-];MO]_)]XR%T'AFH/#!_HHS?\H\/],?U(_DV'^J'Y,T^MVW^_D^\9OK
M=M_OY/O&0RB^&:B^&/\`HHS?\H\/],?U+_)L/]4/R9G];MO]_)]XS?6[;_?R
M?>,A=!X9J#PQ_P!%&;_E'A_IC^I?Y-A_JA^3-/K=K_OY/^"&;ZW:_P"_D_X(
M9"J#PRJ#PQ_T3YO^4>'^F/ZD_P`FP_U0_)FWUNU_W\G_``0S?6[7_?R?\$,A
M-!X8QJ`=,(]I\QV_+P_TQ_4O\F0_U0_)FYOK,=9T'^R&;Z_9?[_C_P""&<[E
M(8],34KTIOEX]H<U7X$/],6T=D0J_$E\@](^OV7^_P"/_@AE?7[(?\?$?_!#
M.=;>`RBJGL,?]$.7_4(_Z8K_`"1C_P!5E\@]&_2-C_RT1_\`!#"[7;NVFTV1
M8ID=B5H%8$]<@KQ*-P!BUO3PR&H[<R9<,\?A1`G$QNSM;.'9<,<HY!DD>$@U
M7<CXOLXL!B2#;;%1TSF)\RY$EP%,Q-,JN4<A3%LXTG-7&G"$@.Q&3%3B3G+<
M?-F.:Y1_N-E_YBH_^34F;+7_`(YLO_,5'_R:DS9NO^0__6E_V--'^5_ZV/\`
MIP__U>/^=S3SAK1'_+7+^O`NF:M-8S!T/7:1>S+X'!7GC_E+]:_YBY?UY'P:
M8"`11W!3&4HR$HFB-P0RS4]-M]3M_P!(Z?LW^[(^X/@<CD<KPO0U5U.#=)U:
M6QFY#XE;:1#T8>^&.J:=;W\7U[3SN15H^]?#(BXGA.XZ']!<B8CFCXD`(S'U
MQ'7^G#_?!`2*FHQ\E'&=1O[X4NC1L484(ZX(@E>"3>H8;8-G2.^3U%HLHZT[
MY-Q^?O2C-CG1D8JPH1C<4.S9LV*NS9LV*NS9LV*H^T?888IU&$]L_%J8;1'D
M,2R@BD.+KB"8NF1+?%47'C&#'C`6Z*[+&5EC(M@;S967@9-$XPG''$V.2#7,
MK2<&:/KNI>7KT:CI4OHW(4H'H#\)Z[$'"]VIB+/D@X\CT6WMP\\TMQ*>4DSM
M)(WBS'DQ^_":=JL:=L%W,H%<`<N62#1,V56-JCWQ=3@130^V"5/?"Q"NA(P3
M&U<"+B\;4ZX&81T;$$'PP>C<E!PM0]\%P/Q-.QR$@Y&*5&NA1BG'D8F!WQ4&
MNV42[W88]Q16$5VQ)XPPH<$%<:1A$D3Q7T2MXS$U!TP;;/R3B>V7+$'&!TY0
MO[98?4'$`.+)?1,8R5.#(GP&NX!'?%HVS&F+=GB-4CT8@@CL01\P:X+UG5]0
MUF\6^U&7U90H0-0#X1\J8`0[8H`&'$Y59'N/-RN$2HT+'(]UN(J`PQWOEQKL
M4/48[C09&VT#9=%)7X3BH-#[8%([C%HWY"AZY&0ZI'<B8WX-[8.C<&A/0X55
MVP3;R[4RG)"Q;,'HF00`URZ!ML9&]1[C!"(&(/?,66W-DG>DQ<8ZG#E1087Z
M>M(AA@,TNHEQ9)'S<7(=U08_$P<>#F-(-175RP<;FRND+LJN6#3,:'I@]Z%2
M*ZFACDBC:B2BCCQ&)96;)RE(B(,B1$5$'D`=]E$0"2!SY^:[-C:X[($*N!RZ
MXS+P((79AFK7-@0W0XTX[Y8T],0K65FS5&%DXFF!9Y:8Z:4#IUP!*_+,G%CZ
MEMQPO<M\PV4?$8BI-<5J*;9DU3=5*BD'YX[$5.]<6`KD"*8EOJ,I?A..7;,1
MD;Z(1D35&+`BF`8Y.)WP4K`BN8V2%&VF<=U7,3C*YLKIA3=<K-E$X0$M,<2;
M?+9L3+;Y="-,XA$JO^XV7_F)C_Y-R9LRG_<9*?\`EYC_`.3<F;-M_P`A_P#K
M2_[&W%W\7_K8_P"G#__6X_YX_P"4OUK_`)BY?UY'\D'GC_E+]:_YBY?UY'\5
M<#3IAGIFI/:24)JAV([869JTQ2"000:(9'J.GQWD7UVS`Y=70=\)(97A>A-*
M'<8,TS4WM7X.:QMM@[4=-2Z0WEH-^KH/UX!ML?@V$"8XHBB/J'Z0@I(4O4]1
M*"0?CA6RE&*G8C!$$S0-Q.WC@N:&.Y3FNTGZ\+7S2O-ELI4D,*$96*'9LV;%
M79LV;%5R'BU<-+>3IA3@FWE((4XJ#13Z-@WSP0IPMAEP?&_*@[X"'(A*U=<>
M,3!Q09$MT2N&;*^67D6P-Y1S91.*2::8XDQQ2G+!$-@\_P!G"9"(LFF,<63(
M:@+2QS7`5S/Q'7ID@N=$N%0LHR(ZC'-%*4<$4PPG&7TFVC48<N$UDB8VAIIV
MD/ME(PVQ+'*:&G;)N*K]<6B;MB`/CCU-#RPH1:G%AXX'4U`(Q=348&81<35&
M"$.`HS0_/!*G(ELB4SA?D*'KBZX7Q/Q(/;OA@A#`'*9BG8:>?$*/,*HRBOAE
MJ=J8ZE<J<VK"@RXC)$&'O@MDQ,KDHRIIR8@>BE;N5/IM]&"P*&N!7C_;7J,$
MPMZBCQ'7&>_J'Q7#8/ARZ<O<B83N!XD#[SDKDT73;*TNKNY$TX@G2!$B)!^-
M6;D:`_RY$D^%E/8$'[CDME\T$6=U#ILT]M//<1S!U^']VBLK*QJ>[95Z=R7)
M)R$QC'OWWKJ.J]M%L(2UY)))]3%NMPL/^[:L5'IL?V?M5Y8!O8=-^KI/9&1)
M"_![>8&M*<O45MOA_9QUGJJ3?7$UF>>3ZW&J"Y4"212A!7X6*AEH,&:EJD-W
MI<.GPW,]X(YO6]:Z0(R`)Z0B3BS?!^UE<C&K%#[[;X#()`2L[[G^'AKW;H+2
M-/MKU[MKOF8K:$R\8_M,=]L%VVAVFH0P75AZL8E>:+ZO)]LO&BN"I/'[7+$=
M'U/]%?7)%9XYIH3'#)%U#;[U[8C;ZU=FY$VJ7,URJ121Q\CR*EQ3;IA@8T+Y
M]498Y>.1B:`JOE_-_K-/I&I)-#`UNQDG)6&E"&(Z@'_)_:Q>T\OZH]]':F/T
MS*KO'(Q'%A'3F`?%:Y6GZO:VMO:6\HD`CDN3.Z"I$=P$"E-]W'#I@BUU?3+>
M.QM%:9[>W>=YIR@$@]:GV$Y4;C3^;$1AUY'S8RGFZ#<7O7];?[(^E=:Z7J,S
M/Z<-?38(YJ*<CT4'NV&-GINH359(&^!_2:M!20?L?ZV%]MJ.BF"&TC:YCBM)
MEDC8J&:2AY.S@M\!9OV/V<'/KD$\ZR<66E[]990/V.5:=?M9BY<./J?D6P9,
MTAM'Y@_KZ_[%D5C;2M"H6-O4]0QD?Y0%2OS&#OJEP&"\*\@2".E%^U]V!=*U
M.!HY&HW&2>63IN$E4K_P0K@ZWEMH&7@\A4<N3%1T(I3A7?\`RLT>7%AXZ,OX
MJ.X%#;H?\YHR2R6?3YC8E1>)XB`XIR%5/8C'PPRS5]-:A?M'L*XZ[E@E*>@M
M.(HQXA`3_J@G-!+"()89BRAV5PR"OV:[=1XYC''C\4QXKB`=[&YX;`XN7U>E
MCQ2X+K?W>?<J/:2B4Q1J3Q4%J]JXU;:X9F01FJ_:KVKTQ22YMY5DB)=4;@58
M`5JH(W%??%#?Q,&3=5(C"MQ#$\%X;J3WRPX=*9'UT+/(C^EMY<H>K^DU\66O
MIO;N]W_'D.+:<E@4*\30UVW/08PAD8JPH1U&"UO("[F1F*L5(#1AP:"GV21Q
MP+.\;RLT0XH?L@Y1FQ8A`''*SQ$42":WWH,HRF34A6W<J+:3R()$0E3]D^/R
MQJ6L\B\T0D;@>Y'6F*1W$:O:L:TA(+_?VQ\=S`&@D<MRA)^$"H([;UR4,>G-
M`S(Y`^H#^9<N73BGZ?Z"#+(+H>[;W[?<I/:RQPI.:<'%1B4<;RN(XQR=N@'M
MOB[RP20`,&]9>051LHJ>M?X8G;2K#,LCUX@-TZ[J1_'(RAB\7&`:A+AXC=U?
MU]/2D&?#*QZA=;?)>+6?;X-F^R?'V&4EO-(*JAZ\?]E_+E).BK;@U_=-R;Y5
MKM@J&\MT978$4E,C?`&J*U&Y(IDH8=-(CBF8BA=R'4#R_A]3&4L@!H7\%$0,
M8U902Q+<AX!>N86\QC]4(>-.5?\`)_F^6/%W&86MW!X.S,Q`W&]5QQO4,86I
M#"/A0*-S_K5Q\'3'?C_@'(@>OK]2"<G\WK]B&4<F"CJQH,$&QD#S1-NZ*62G
M>A`P&'H0W@0?QQ6YO;7_`$AHN9>=6!Y"@#%@P'7I09#3X\4HR.3F#MZJVX9<
MA6YXN%E(3X@(]?*UK03B3T@AYD5`]O'`ER9(#QD7B2*CW'B,6CU*-`%H:&,Q
MLU.5#RY;`G?`M^S3B-U+,J*5W7C2IKLH)S)_+X!`RC(F7.K&WE_QYMQB?&!,
M`#O4ECFN`SQCX5IR8[`5Z97Z.OF=U6%N2GBP.U&I6F"+(0-97"7#,BEDH4`8
M]?`D8Z_N5F1A%R'Q\E)ZT``%??+XX\,8"4B;(N@19^H=VW(-G'/C,(@5=61L
M.2`6PO'3U$B)7>GB:=:#%[#3Y[IXR5(A?E\?^J"33%8KVW2:TNI"YEM4">G0
M%6X@@?%7ORR[6ZLT:VFF:026ZLO!%!4[%5WJ/'+(0P7$F5[BP9`;>G?_`'?I
M6<\W#("-&C1`//U;?[GU(6*"9RBA23("R#Q`%3@A+2Y,8E6,E2"R^)`ZD8K;
M7-HBP22F3U84=."J"IY`@'E7WS&:UE2-G:194CX%%'PUI0?%7IE)QXN&S.R>
MG$!TC_Q[THE.=UPT!UHG^=_QU=+I]PC(H'(N*K3PI7$9(9(@.8V;H1T."TNK
M0/'-602\>#T`X@4IL*_'7&7<UM*(Q`M"M>;<!&#_`+$$Y#+CPB,I0D+'(<0.
MVS",\E@2'O-4@R,N.8J:''$"F).G?,84=BW;'8HM9AT./YC`()(QRN>G?('$
M&)@BRXQG.H.(<CEJ:U&/``CAIMGWIC"<INM<O)TSI%J?]Q4O_,3'_P`FY,V4
MO_'*E_YBH_\`DU)FS9_\A_\`K3_[&W#_`,K_`-;'_3A__]>O,'_./^N:QK=_
MJD6JVL<=W,\R(PDY`,:T-%PM_P"A;=?_`.KO:?\``R?\TYZ2S8J^;?\`H6W7
M_P#J[VG_``,G_-.;_H6W7_\`J[VG_`R?\TYZ2S8J^;O^A;M?_P"KQ:?\#)_S
M3AC8?D'YCM!Q;5[5D\`)/^:<]`9L4@D&QL7SU??\XZZK<N98M4MHW/V@5>G_
M`!'$HO\`G'?S#'L=8M"/]63_`)HST5FQ4FS;YVG_`.<=-;FHWZ6M0W^J_P#S
M3@;_`*%MU_\`ZN]I_P`#)_S3GI+-BA\V_P#0MNO_`/5WM/\`@9/^:<W_`$+;
MK_\`U=[3_@9/^:<]'R2QQ<>9IR(5?<G'XV.2T>?>^;?^A;=?_P"KO:?\#)_S
M3F_Z%MU__J[VG_`R?\TYZ2S8J^;?^A;=?_ZN]I_P,G_-.6/^<;O,`/\`QV+3
M_@9/^:<](YL5?/"?\X\:^M/]R]J:?Y,G_-."$_('75ZZM;?<_P#S3G?\V*02
M.3P=?R(UL#?5+8_0_P#S3B@_(O61_P!+.W^Y_P#FG.XQ2QSQK+$W)&^RV/P;
M'<;VS\2<37*O)X9_RHS6?^KI;_<__-.;_E1FL_\`5SM_N?\`YISN>;'A"?'R
M=_V/#/\`E1FL_P#5SM_N?_FG*/Y%ZT?^EI;_`'/_`,TYW3-CPA?'R=_V/#4_
M(W65/_'3M_N?_FG!UM^3FKP'?48#\@__`#3G9,V1ECC+8ALQ:W/B-PD!\`\P
M3\KKWCQDO(6^0;^F$>L?D5-J56COH8W/<AOZ9VO-E>/38\<N*%@^_9LR]I:G
M-`PRF,@>^(?-[_\`.-VN5^#5[6GNLG_-.`;O_G'7S?!5K:^LKA1]D!I%;IX,
MG'_AL]/9LO<)\<:I^57GW1U:2XTB26%>LT!60?\``JQ?_A<BLL,]M)Z-S$\$
M@ZI*I1ON8#/>.$VN>5/+WF.%X-8T^&YYBAE*`2C_`%95I(OT-BKXJC/;%U.=
MB\[?D/<V*2:EY0E:YB2K-ILI_>`#_?+_`+7^S^+..O'+!*\$Z-%-&>,D3@JR
MD=F4[C%0K#!,9J,"(:XLC<3@+8"C8VP;;R?LG"]3@F)C4'OD)"PY&*9C(%,Q
MXC%!0XA"_)1BZUS&D*=M"0(!'5=2N),N+TRBN1!;#%#@=CF4&)ZCH>N/9:'Y
M8X48;Y*VOANN\<E9=Z4ZG#=]!U.WB]=HA0!6D0,I=%8A0SK6J[G">.J,IZ\2
M"/H-<DWZ>T\76HW\,,_UG4X_3G63AZ:\I$ED,9'Q_P"ZO@Y9"AU;>*?IX1[T
M->:-J&G1F2[0*JR>B]&4D/2O$A23T&*:?IMW=Q>M$%$1E%N&9@*RL.2H*^V!
M+V[%[J%Y=(&2.YF>948[@,21RIMR`PXT^334T.NH>L>&H+(BVY3F:0]_4_9_
MRERLQB21T][>)Y!CC(T9$@&AW^5K(M`U.X,BI#Q*2&$\B!60?L+4X'&@:E+"
MTZQ`*"RT9E!+)]M0">V'</F6.1>,RRQ@3^LAC$;GA0(%/J='H.JX4ZC>K<6\
M42!PT<LDG-B-P_3I^UD`<8Y$ED#GD:,8Q'NNOM7W7EV2.&PBME]2YN8/K,S\
MQQ1:T:HKLD=/MX"_0.J"X]!8PQ],SA@R\3&I`9@U>.W+!2:K:H\8EBD]+]&G
M39BG'E5B29$K\-/];*?6K1+(Z?;Q2&);2:VC=^(;U)F1BS<?AX+Z?^MEOH.[
M3^^&U7OS(_;_`+%330M1BDD9E540QAW+KQ_>CE'0UWYC!$NE7]JLTDJ`?5@&
MG4,I*JQXJYH?LL3A7'>HNER6#JS2/<Q7"OL5"QHR</&OQ?#A@VLP3'4"(V7Z
MY;Q6Z5I\+1LK%F_R3QR$X1(O?DSC/*#6U7W?U;Z_UF4^687O8I0C`>DH8U-*
MU-,D26,CPQ/%0L]014;D'HN^0CRQJ$%K)(ETKM%*H4^G3D*&NW+;)C#?0%[6
M1(RJ0,#QJ":`UVS1ZO#AC*YCZMCOO]0WY=(L,PR\9X>7,;;?3RY_SE6.SN)$
M#JFQKQ%14T\,3CC>618HQ5V-%'O@I-07C&&Y@QU`XA=Q4D;GXAUP-!((ITD:
MM%:IX_:^C,"<,`./AD2"1Q_9==W\34#D]7$`*^E>+:4LBH`Y<D+Q(ZCKC_J5
MQS5`M>8)4@BA`ZXO^D(5DBD1&)2O)BJ*:'L`GP_?C/KJ54CFP"L#4*.OAQRP
MXM*.<R=QR/3T_P#'F'%F_FCE]NZD]M-&*E=J@;$'KTZ8X6LQHH2KEBM:[;`-
M3Z,;9W"0,?5!9"!L.M5/)>O^5UQ6&\55XR*3R>1G(ITD7B:5[Y7&&G(!,C'B
MY@F^'?OX>H3(Y!8`!KKWK1:3\E4*&Y5((((H.OW99M)PW$K^R7K7;B.IRX+F
M"V8&)7H5=6+4K1A38?9QZWD8E5B7XA2IV6M3_D_9XXC'IB!<B)<0L`V`-NM?
MUD&66]@*KN0TD;1D!J;BH(-=CCTM9G4.H!K4J*BIIUQUU-',RM&I4!:$D`$G
MY+\.+PWT,02J,"BLI`"T)((K4_%D,>/3G+*,YU`51'O_`$*99.`$1]74*+VC
M&.-X]^:EJ5WVZTQ-;6<Q^H%V(+!:BO$=33%4N;=5B9ED]6)&04IQ)/?QRA=Q
M!Q.5;UA&8R-N-2*5\<L&/3&KE5@;`^4;E]//ZO0MY18J^?,?(?M4C;S!G''=
M*%O]ETQTMM/"A=UHH(#;@T)Z5QWUT"&)%4^JI'J,>C!3R7-<WB31NHYU=E:A
M"@;?ZN`XM-PRJ4C*KCW6;->=>F,DWEL>D5>Z#=Z#'GZD;1[@Q-R1Q'3D:$LI
M:OX8'N&3FPBKZ=?AY4Y4]Z;8GZP^J/;4/)I%D#=J!2M/QPX*B96(G8U8XMZ]
M--_`2`18W'(UMU1Z:6QE#(*Q^FDE"17X@"VV#FL)##7AM2M.]/'`=I=QF\]7
MB0#"D5-JU5>-<.&NE*[UKQXT%*=*=>N;730T\HSD-K)'P_'1P\T\PE$'?8,7
M>TE,_I0BI-33H*#J3@B.QNN03B&#*S`@BG%?M&M<'^FIE)I7E&Z&A`-&%#2N
MU<!RR16,,<2AB6BEC*DJ2"X`!;CM3;,?\O"(,I6`#T-;>GT\O.3D#+.51C5U
MW>_?FH2Z7/5N(%%H2:BGQ?9Q&.QN"9`RA?2<1O4C9F^R,%V%_%%$T<@:I*D,
M`IV'[/QXM+):31W4TH<(]Q&RJG'ELK=CM3(QA@E$$2()LF)/*A(\Z\HLO$S1
M)C(6-@#7F%*/3)&ADJ.,T<HC920``5)_7E"RE`X^F>?J>GU[TK3'R7J3(Z\2
M*RJZUW^%5XT/^5BIU",$$(U/4#MT^SP],CYY3(:<FN(BMK[Q9_H\_I8\6;J+
MO>N[[5`V%P&`"AJDBH(.Z[M7Y8E)"T5"U"&Z$$'%TN;2*17B$H^)BQ/&M"-@
M!]G[\UY<P7`01*05KR<A5)KVI'\.0E#%P2(EZ@=A?%W>0_I,A+)Q`$;'F:I#
M@[91`.57-F,V*9^`^QZYF'$\ABC`,,8AZQMU'V<G?7NYIMP-<<NS?/&4X-3L
M>F/P%2YQO3&XH^]#C,1R4(I3_N*E_P"8F/\`Y-29LR_\<N7_`)BH_P#DU)FS
M9_\`(?\`ZT_^QIP_\K_UL?\`3A__T._YLV;%79LV;%79LV;%79LV$/F7S?HO
ME**&;69)$2=BL9BC:3<>/##&)D>&())Z!4^S9SX?G/Y%)`^L7.^W^\TO?Z,G
MMO/'<P17,1)CF19$)%#Q8<AM\CDIXYPKCB8WWBEM#:C_`,>W_&9/UX-P%J/_
M`![?\9D_7@W*(_WD_P#-;)?W</\`.=FR,^9?/GEWRG<16VLRRI+.I>,1Q/(*
M#Q*#"5?SE\CNP1)KEF.P46LI)_#,B.'+(<482(/4!JL/0,V<^_Y7/Y%!(-Q<
M@C8@VTO],$6GYN>1[MPBWKQ5/'E-$\8^=6'3#X&8?Y.7R6PSG-@>SOK/4;=+
MNPG2YMY/L31,&4_)A@C*N6Q2@=&_XYEO_JG_`(D<'8!T;_CF6_\`JG_B1Q/5
M-?T71%Y:K?0VE155E<*Q_P!5>IR&`$XL8`L\$>7N;,W][D_KR^],LV0*X_.+
MR-;N4-U-(1WC@=@?I`I@3_E=ODS_`)>O^1#9D#3YC_DY?)JL/2,V0*W_`#A\
MCW#B,74T9/>6!T`_V1%,F&FZOIFL0?6=+NH[J'N\3!J'P-.F1EBR0^J)C[PF
MT;FS9L@KLV;-BKLV;-BKLV;-BKL@WGO\L=$\YPM.JK9:NH/I7L8IR/\`+,H^
MVOO]O)SFQ5\8^8_*^M>4M0.GZS`8GK^ZF7>*4?S1OT/^K^SA:#7?/9FO>7M(
M\RV#Z=K%LMQ`X-"1\2'^9&ZJPSS;Y[_+'5_)LK7=N&O=%8T2Z45:+P6=>W_&
M3%D"PZ)ZBAP0AH<`HU"#VP6AKD2VQ*80/0T\<'+N`<*HFPQMGY"ARC+'J[+2
MY+]!^")7P..IMC1CLH+GA8PKC%V.+$8QE[X042'4+UW(]\-SH5W%'ZY:*145
M99D1PQ6,L%+;'XJ<L)T-"K=:$&GR-<E<OFB"XAO(EMYE-U$(UC+1^E&0RN>`
M5!)Q^#X5YX/3O:DS]/`+OFH7^AR0SW(LRLB0<6>-6!=4<A5)I_E,JXH?+]^O
MPAHG=&19HU<%HS(P1.8KM\;<,TFO:>LEU<6=G-%=W@1)6DD5HP$D6;X555;D
M63^;+DUJVXZDUE!+#<:GQ]>21U95*R">J``'^]&1D(-F.6>@*[AO7E=[_P!9
M;:Z1?S?#&@)]=[:E1]N,<I/]@J_MXK?Z7<64:23%6BD)5)$8,.2BK+MB[>95
M%]:W5O;M"D,31SQA@2[R+PDF4TH'*_S8G?:C'>Q11H)?@9F+3,K?:%*`(J#*
M,D8`$@F^C=CEG,H\40(D;]_7_CJ71VC2P3RA`RQ%`S5H5Y&FV#]6T".*:."P
M'QM<74=&.W"`IQ_XD<2CN5AM;F'@6,_"C`T`X$G!4_F"*6\BN&MG]-)KB61`
MXY%;CC\*M2@9>'7)XI1,://;[V.6.7CN(V'%UY^G;_9)-;:1>W?U4PJI%X)3
M$20*"$TD+>%,%Z?H+7?J.+N!8Q"9XWYBA`;@0PK\'^RQ_P"F=/@DTU;:VN(X
M-/\`6)K*AF8S-RJK<>`X_P"4F")?,FGSS1^O9S2P")H;AF>)9G#/S%&C1(P%
M^S]C+0(=2T3.:_3&N?=8W/\`O>%NSTB\6!+I7BX.CR1_O%!=8B0Y45_R<E.F
M0SR6R/R1B4]3B&!(4=3]&0JYU"&\CM(;:`VT=I&\*J&KLSLX/_`M\626U\T1
M`,HAD7G`8/3#)Z2DKQY*.//_`"OM9@:K3XL@(E8KD6T^,8`@`DDV.5#IU90]
M@ZRK%&ZR%A78]!2I)QDUO)`%+T*O7BP-0:=<2M=9MGX31PL)63A,_(="*?N_
MY?\`98^>Z$X0+R^&M2Y!Z_ZH&:7/CP1$^$GBO8;T!MWC^LT`9N("0VZGJK0V
MOJV[S^HJ\&"T8TZ@G^&4+6;DRT%5"GKU#D!?UXVWN($B>&>,R*S!P`0-P"-_
M;?!9F46]HC%?5:16D(-?@4T4-X;9&&/#*`)-&,;EN>=\(YC^E%C(Y(R(JP3M
M[JM1^IRJW[+@2")@#T:O3,MG*V]56KE$#$"I!Q26[@CF<01MO-ZCLS`@A6K1
M:#$S=0.%]:)F*NS+Q8`4)KQ.,H:8$QXN7F:Y_P`[A_FH!RD77/Y_*VDM)9`"
MI6K$A5J*DCME31K&D1'5UJWSQ>#4$B$7P-^[_94J`=Z[U!-<#2S"54`%.`I\
M\KG'3C'Z)7(C>^_T\O\`9)CXAEZA0!_6OAA:8,5*@*0#4[U/3;'_`%64\N15
M>#B,DG]H]*95M=K#&T95JE@W)"`=NWQ`XN;FWEBFEF5CRG5E16`;[)]L,,6G
M,(DR]=$R!L#E+R_JL92R"1H;6*^Q0^IS?%R*KQ?TMS^T=\<+0B/XEK*)&1@3
MM15Y8J;BWDA:2=6/[\,J*P!H$IO7$C?#<LA^VS]>Q7@!DQ#31KU<^74\-]?2
MH.4].7WJ1M)>`<E152X4D5XC$_JTKQ"12IJO/C45XC^/^3CI;JWD12\3&14*
M5#`+6IH:=<2?6$AC"^F]1$8J`J$W_:I3E_PV''BT\CO*AP[5?/S]+8/&/*-F
M_L^;<MBR2P*'64S*K<*^()^[;`\=A<2(K#CR<<DC+`,1UK3Y8)BU"U86\P@)
MEB55+\AT4,M%\.7+$TO8X98;GTF,\,?IJW(<-E*"JTK]DY=6FNB:WY"]AZ?Z
M/U?5Z60.8`BMP.M;G?SY(@6,RQ13H5J5YA*BI%.7ZL$1%R%+,JLZ\U0D`\<N
M&='AC<+4QQF.E?%>-<!Q:E';Q"!HY&(0IQ+*4J13E]GGM_K9>/!Q\)$C$2C[
MQ8K=IK).Q5D']:,"^LZQTKR(`!]\+3I<\CU4H/48K&K,`21VWP797(#QR'<Q
MD$CQIE3SA);>;@3Z$AD(KUKVR,CAG",YWSZ=QX?^/,H^)"1C'NZ]^_\`QU*%
M!#`=ZT_A@_ZE<<9J@$0L%??N>A'B,!=R?$UPQ&J1UA#PDJD?IS`,`9#L5;[Q
MF)CCBE?B2,>X^_;[/J<C*<FW`+[W+I[^D1R591)Z9Y,!N1]G&+:3R4C"@/S9
M"2>Z`EONIB,E]RXLZU<3"=CX[UIBT>I('+F,D%Y&85%:2`K3YCEEG#IR1SB-
M@?=\N;768`F@3O\`/YMP67*8(S*RO'(R,K"G)0:5\,2D@D@"EBK*_P!EE((/
MCTQT=Q;PFL,3`%'0\F!)+CB.FVV)&8&"*#C3TR37QKE<QAX*'U"R*)_H[<OZ
MS(>)Q6>7F/ZV_/\`JN!R\97'*<QB&;>-=>0Y+LPZ8\^(RL`*&JB5*]&'4>^4
MA['KE[(_(=#LV5(O$\AAVY=_)/E\E0;J1X8GT..5NA&9QW'?`-BA$K_QRY?^
M8J/_`)-29LR_\<N7_F)C_P"34F;-I_R'_P"M/_L:</\`RO\`UL?].'__T>_Y
MLV;%79LV;%79LV$UQK[V\\D`TC49A&>/JQ0HR-[H3(M1]&`R`YMF/%/(2("Z
MWY@?>G.<L_.F^2QL-.9K*UO>4I'&[0N%VZKQ9,FW^)9/^K'JG_(B/_JKD1\]
M:7_C>VMK=[/5;'ZLY?DMI'+RKVH9UIEF#-CCEC*9H#GL6PZ//7TC_31_XIXJ
MOF"'DO\`N"TKJ/\`=#^/_&7/5.DMSTNQ<*$Y6\1XKLHJB[+[9PH?E,@(/K:O
ML0?^.?%V_P"CG.NV>NO:6EO:#1M4<01I%S]",5X*%K3U>],NU>IP3$?#D35W
MM+_?(&CU'6(_TT/^*3?4?^/;_C,GZ\&Y&+WS#))Z/^X74UXRJ=X$WWZ#][@K
M_$LG_5CU3_D1'_U5S`C./'/X=&V6DS\$!PC:_P"*/_%/,OSGU-+'5K!'TZSO
M.41/.[C9V&_12KIG/])\S1P:G9S)H&G.R2J52&!A(Q[+&3(PY'Y9U+SSY:_Q
MM>6]X]OJUB;="G!;.*3E7O4SKD<LORN2SO+>[#ZNY@D63A^CXA7B:TK]9S:X
M=7IHX1&4C=&Q4VDZ/47](_TT/^*5/,UWYP\P2AA^7RK&IJIN+;U9/^#1XO\`
MB.%5IY6\XWC*H\E:?#R-*W%NT8'S_>G.W_XED_ZL>J?\B(_^JN;_`!+)_P!6
M/5/^1$?_`%5R@:\1'#&`%?UT_DL_\T?Z:'ZT'Y$\O7?EW2'@OH;6WN)Y/5>"
MQ5EB38+3XV;DVWVAQR4X1?XED_ZL>J?\B(_^JN;_`!+)_P!6/5/^1$?_`%5S
M&EF$I&1.Y\BG\GG_`)H_TT?^*5;>2XA\NF6T7G<)"[0K2M6!;B*9Y1U*]O\`
M4;Z>ZU.62:Z=V,K2DUK7I3MGIW3/,,D5A#'^A=2>@/Q+"A!W/3]Z,C7F'ROY
M8\R7#WEUY;U:WNY-WGMHDC+-_,X$OQY;V?JL6''$3!WC'<#<4&>?1YSDF1$?
M5+^*/?[V(_D]Y>\K:S]=EUF..ZOX'7ZO;3'94IO(J_M;Y./-\*Z/-;VVC>2D
MURWGC9IY(44"-@0`A_UAOD(?\K(%F$MD^M6W$U7_`$*-F'A\7UA<57R/YD+%
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M&*XB>"=%DBD!5T85!!Z@@X_-BKPG\P?R::#U=9\H1%H]WGTM>H\3;^/_`!CS
MC\99&,;J5931E84((Z@C/:V<Y\_?E5IWF99=3TD+9ZU]HL-HISX3`=&/^_,!
M9QEWOGF.I(I@Z$$$'[\?=:5?:3=R6&HP-;W,1H\;BGT@_M#%84'?*,DNCL]+
MB)J7R1*+R`IC^&/@"_9Q<P@C;,0RW=O''<;09!&V-(P0\9I[XB1VR0+&4:6J
M#4`=R`/IP[D\OW4"RD30O<6J"2ZME>LD2DA3R'^2S+RPE!XL&'4$$?0:X>R^
M8(V>_N(+3TKO4H_2NI3(60@LLCE8^(X\FC7]K#MU:SQ@C@^+0T:YDGN8`5]2
MU"M+OM1W6(4_V3Y=_I,NFJ6DN(9624P2)$_)E=03N/Y:8)C\QV@>>6.P*75T
ML:SRF8LI,<BRU5./P<BG3"V^E^LW<]V%X>O(\I2M:<V+4^BN0EPC;FW8SED;
M(X0.?+?DBK6P-Q;->/,D,".(V9SO4BNPPU3R[>1EHKF:"!UF^KCU'H"_!9%H
M:?9*.N`M/NM/BT>:&^A-QRG!$"2F)J<1\7(*V/OM:?41Q:(1UN&GJIKLT:0J
MG^Q6/[60E&'#ON>YD)9C.H[1!()('PI%1:)<21Q_O8A/,GJPVY;XW2I`9?\`
M6X[8ZTT%6>-[N6+]Y"9UM^7QE"#P:GB?Y<J'6HX#:SBVK=VD(MX9A(0M!7BS
M1TW^U_-CX]:ME$,DEF7NH8!;"42D*54$*?3X_:W_`)LA'PP0;^],OS!!`'NK
MAOKY_3]/]))?T/<2W%M;*5$ES&98R3MQ"F3?_8KC3HDJ1J9+B".X>(7"V[O1
MO3(Y`G_**?'QPUBUBVMOJ\LED9;NVC:&.82E5XLAC'[OB=U#?S87W.HV<ZI)
M<6/J7:0"W]4RG@>"^FCF+CU5/\K[66P,*YL)C-Q?30_S>>_G]*-D\OB._2QL
M[N.9VB$S*6HR)Z(G=F^C[.(20BV,965)5D')2IW&_1A^R<M?,-K]9@NSI]+F
M,*L\ZS$.X2(0IZ9X_NN/'G^UBVJZP-4]!A$R>BM/4ED]61J[_$_%-LCFC"B1
MS/)<$LUQC(6*W/IY_!-]&@GFC21944.YC1&.]1_-_*O^5A_:P/+`DQDC3FSQ
MHK-0EHZ<A^.1G2O,!LK>WA])V-O(TJF.7TPQ8`4=>+<NF/&KN\44/#@(Y)9>
M5:U]4@T_V/'-;J--AE'BJY5RY;[?\>92CFE(B@(WL=CMZO\`CK+OJ$XB]0E:
M\!(4KOQ/\<2@1IY!&GVB"=_\D<OX8$CUX3Q!)$;EZ8CKS^';]KA3%;.[$,RS
M`<PM05K2H(*]?IS6Y<6&.2`%B-CC)OOW:N',(RX@+WX4=:6GU@H7<(CJ[*3_
M`)(/],=!;JP!;B\99U#+W*KR^[$DU"&-HA'`1'$KKQ+U)#@@_%3WRQJ"J.,<
M(5`S,%!Z<D"4_#EB(Z>(C9!(.YJ7JVCWCZ;XVHC,2=B`1MRVY_;]*Y;4R-$G
M)4,B!D!_:J2/OVQPL)27^-.",4#UV8C^7&Q:A$@'.'FRQB)6#\2-R6;IWKC8
M]06-#$J,(PQ=`KT(KU#-3XL`CIJ'$;)YUQ;;<CZ?]R@C-O0^[[%1;-PU)66/
MX^`#'J0?BIB=PBQW,L:_95RH'L#F^O1,`)82_!R\='XTY&I!V^+I@>:X,LSS
M4X\V+\?"IKE>2.+@K'SL'KQ56][#KW,H1R<7J[C[D=-:#U&6%E^$(66O0-05
M_'`TL+QHSO0!7,?S(%=OHS3:A$ZR<(2DLJJC/SJ*+3HM,O4;E9%MXU92P4--
MP-1S^R/^$XY;/%@(R3B=QN*NO5(T/57*.ZP&4&(D.??SV'DHQ6LDRO(&"Q*0
M"S'N>PRI-+=O5661(_28(26_:/2GCCK>\,,3PD$JQ#`JW$@_.AQKW7/U4X4$
MCB0$FI%.WOACX`A$[F8!L;\]_P#CK9^]XC5`=/=M_P`>0T%A-;3/'/+'&B2B
M(\FV9J[\<7O$2*ZN(E^Q&[*![`XI=7$4W.2:W,BM+ZR!7X\3W%:&N`'NS<7,
MTI7AZKLX7K2O:N2S>#+&3BW/%Y\5>KR_JLH>)(\4MJ&_*KV3NUAD3E$2#1%D
M^AA48'O]/9&9@R\QQ)3N>73CXXK%J$35_<TE:-8B_.HHH`!XT]L$3:@&@,2H
M:T6G-N2@J:U"TS)'Y>>$QXMX@US\^$<G&O-'(#P\ZOE\2@EL+F`<N2DJ55U!
MZ%S1<%O9/*I0.C$5Y\37CQW.`Y]1JU2C%BR-N]5^$UV6G?&6M[Z=R9F4D&IX
MAJ$5\&RGBTT3PBS&1HV3Z1W\F9CF(XC0(W'+=#7$/HD?&&#=*=?I&(\L--0N
MH[AHV>(LJ@BI>K$GQ:G0>&%C+05RC+&$9D0-CIS'WM^*4I1!D**UC48T'MED
MUQG?(AM"HKG%`:X'..C?>F`A2.J(!^_'C;&#<5RP:960UD*@..IB8VQXR!#$
MN(KL<L?$O$]1TS9B*?$/IP6JF-C3MB@W%#]&4PKN,='1A3OA/*U/*T0H_P!Q
MDH_Y>H_^34F;'*#^C91_R\Q_\FY,V;*_\'_ZTO\`L;<._P![_P!;'_3A_]+O
M^;-FQ5V;-FQ5V;-FQ52GB,R<!(T>X/)#0X'_`$>__+5-_P`$<&YLA+'&1LC[
M6<<DHB@?L07Z/?\`Y:IO^".;]'O_`,M4W_!'!N;!X4.[[2GQ9]_V!)K^Q9?0
MK<RFLJC=O?!GZ/?_`):IO^".;4?^/;_C,GZ\&Y".*''/;NZEG++/@AOW]`@O
MT>__`"U3?\$<WZ/?_EJF_P"".#<V3\*'=]I8>+/O^P(+]'O_`,M4W_!'-^CW
M_P"6J;_@C@W-CX4.[[2OBS[_`+`@OT>__+5-_P`$<WZ/?_EJF_X(X-S8^%#N
M^TKXL^_[`QM&CT[R^=3GGG]&VB>61(CN0I)HH)&`=$\RV.MW$EK&;ZUG2$7*
MI.T9YQ']I3#)*!_JOQ;#A-/35?+3:;(YC2ZA>)I%`)`8D5`.V/T?RUI&A67U
M/3K:*%F3A+<)&J22&E.3LH'+'!BP?EX<429&,:W/<SS99^+.C_%+H.]([3S7
MHMZ=,2"[NFEU69K>&'DO.-E5G+3*&^%:)E:AYHLK"XNX534KN"P*K?WMOP,,
M!:A_><G63X0>3\$?!%GY!TNQ_1#PO2?29VN?K`CC628LKIPE8"O'X\U_Y)-U
M<WS6FJ3V5EJA!U*RC1&$I`XGC*_[R'FOPMZ>7^#I>+D:\S+O_P"):_%R=_V!
M9K>OPZ)':7!AU*_M+T1^C=6AC:/E,P2&,^I)&W.7DO'X>.*7VLI816/JPZB]
M]J//ZOI<90W/[L<I.7[STAP7XF_>89:KY<M=2TVRTM9&MX+&6VFAX`,:6K*Z
M1GEV/#CE:[Y?_2\UG?6UY)I^HV#.UK=QJLE!(.,BM')5'5U_FR(Q:?TW'OLW
M+_-7Q<G?]@2I?,>GG0[[76DOD336>.^LFI]8CD0`M&R<N/*C+^W@G3-7TW6'
MXV%Y<2I]6CO!*&^$I+RXKUY"1>/Q*V7#Y/MXM%O]*>[EEGU.1I[Z_8+ZCRL`
M"W'["CBB@(/AQ32O*&GZ-JFHZE8NT:ZDB+):@#TT900SQC]GG_+]G"<.FJ5`
MW>VYKHOBY._[`@CYBTT:+#K@FO6CN9!;VMJ*&>64D\8T7EQY-Q;JV+6FJQ7%
ME?7ERFHV!T\$W-M<@"6G'F"GIM(C\EZ<7S'R5;?H&VT5+R5)+*875G?`+ZD<
MRUXOQ^PU`S+Q;!5KY<N$L=0MK_5KJ]N-1_O+HD1>G0<5$$4=(XA_-P^W^UB<
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M)C<V"O>Z8Y^%E4M)&3^Q(J]?\E\C45I?*?\`>6>G_&)_^:<PLF,C8AZ#3ZB$
MXB49`@JK*"*CZ<"2)WPR6SO?^66;?_BI_P#FG$9+&]Z?59O;]T__`#3E<;!<
MB?"1S"798P2UA?`_[R3_`/(I_P#FG&BQOA_QZ3_\BG_YIR;CV`>84QL:]\&1
M-S3$A97Q_P"/2?\`Y%/_`,TXK%:7R-3ZK/0]?W3_`/-.1D"0VPF`>8I8RT./
M0U&"6L;PC_>6;_D4_P#S3B0LKY6_WEFI_P`8G_YIR',<FVP#S%*Z-R2O?'`Y
M4-K>@\3;34/_`!4__-.+"TO*_P"\TW_(M_Z95*)!Y-@E&N84F`84^[`DB;TI
MAD+.\_Y9IO\`D6_],&0:/<2CD]O*/^>;?TR/'P"S=(D8]X^;&'4J<%V[<X^)
MZKAY<^7IW0E()/\`@&_IA-^CM0M9J&UF(.U1&_\`3+(Y(Y8^GF&JQ$W8I6C:
MAI@R-JC`YL[P$$6TV_\`Q6__`#3@B*VO!3_1IO\`D6_],IG`D73;Q#O'S1<,
MAZ5P9#=.AI7`26UW7_>>7_D6_P#3!"V]T?\`CWE_Y%M_3,3)BOG'[$7'O"8"
M^*]>F+K?*<+A;W3"A@D]O@;^F,]"[4T]"7_@&_IF.=,#T(8D0[PG(ND/?+,Z
MX5QQ77^^)/\`@&_I@A8KD_[ID_X!OZ95+3D="CAAWCYHOUP>F8RD],06"X_W
MS)_P#?TQ58;C_?,G_`-_3('$1_"?D@B(ZAQ8D[Y:MOF]"?\`WS)_P#?TQP@N
M/]\R?\`W],'!+N/R6X]X5%-1ED9213@_W3_\`W],5]"?_?3_`/`M_3(&$@>1
M^362`>8=$P:L;=&_#`=S"8GJ.V"S!/U$3U_U6_IBK02SQ;Q/R7K\)_IB!*)N
MC1\E$A$W8H\T#%+TI@Y)0ZT/7QPO-M<1/_<R4_U&_IBZ)<#_`'5)3_4;^F6<
M,HFX@[^29B)W!#<P\>N(U(-<$M%,R_W3_P#`M_3`_H7'^^9/^`;^F1$9&]C\
MEB16Y"KZG..GAB:FH(.6(K@&HAD_X!OZ9O1G!_NI/^`;^F/!+N/R3Z1U"D<H
MXJ8)^OHR?\`W],WU>XI_=/\`\`W],/#+N/R3Q#O"AE5H<6-O/_OF3_@&_IC3
M;S_[YD_X!OZ8>&7<?DR$H]X7Q/M3%3OB"PW`/]S)_P``W],$K%.1_=/_`,`W
M],A*$N='Y,)4-[#2MV./!RC!/U])_P#@6_ICEBG_`-]/_P`"W],@82[C\F!(
M[PN&7EB*;_?3_P#`G^F/6&;_`'V__`G^F5F$NX_)@2.\+"M,9NIY+@P02%:>
MF_\`P)_IB/H3`T,3T/\`DG^F"/$;])^2!,=X1:LOZ,D?_EXC^_TWS8Q8)OT;
M*GIM_O3&:<3T].3-FS\,_EJH_P")U_U]VXGI\7G_`)?[/!?_T^_YL\`9L5??
M^;/`&;%7W_FSP!FQ5]_YL\`9L5??^;/`&;%7WEJ/_'M_QF3]>#<\`9LKC_>3
M_P`ULE_=P_SGW_FSP!FRQK??^;/`&;%7W_FSP!FQ5]XZ-_QS+?\`U3_Q(X.S
MP!FRO#_=8_ZD?N;,W][D_KR^]]_YL\`9LL:WW_FSP!FQ5]_YL\`9L5??^;/`
M&;%7W_FSP!FQ5]_YL\`9L5??^;/`&;%7W_FSP!FQ5]_YL\`9L5??^;/`&;%7
MW\WV3T^GIB'_`"*SP1FQ2'WQ_P`B\W_(O/`^;`R??'_(K-_R*SP/FQ0^^/\`
MD5F_Y%9X'S8J^^?^1>;_`)%YX&S8I??'_(O+_P"1>>!LV*OOG_D7E_\``9X%
MS8E7WW_P&-/_`#S^G/`V;`%??/\`R+S?\B\\#9L*OOK_`)%YO^`SP+FQ5]]?
M\!F_Y%YX%S8%??7_``&7_P`!G@3-BK[[_P"`S?\``9X$S8%???\`P&;_`(#/
M`F;%7WW_`,!E_P#`YX#S8H???_`Y?_`YX#S8J^^_^!S?\!G@3-BE]]_\#F_X
M#/`F;%7WW_P&;_@,\"9L*OOO_@,W_`9X$S8%???_``&;_@,\"9L5???_``&;
M_@<\"9L4/OS_`('-_P`#G@/-BK[\_P"!S?\``YX#S8J^_/\`@<W_``.>`\V*
,OOWM^SFSP%FPH?_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>b61608a1b6160804.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b61608a1b6160804.gif
M1TE&.#EA5`(D`M4P`*"@H-#0T$!`0````/#P\.#@X)"0D+"PL&!@8._O[W!P
M<#`P,%!04/___R`@(!`0$)^?G[^_O]_?WX>'A[2TM)R<G(^/CX2$A)>7EWAX
M>#P\/%145&QL;*BHJ$A(2,?'Q_?W][>WM]?7UZ^OK^?GYZ>GI\_/SPP,#!@8
M&"0D)+BXN//S\]S<W.CHZ("`@,#`P/___P``````````````````````````
M`````````````````````````````````"'Y!`$``#``+`````!4`B0"``;_
M0)=P2"P:C\BD<LEL.I_0J'1*K2)?L*QVR^UZO^"P>$PNF\_HM'K-;KO?\#C7
M2J_;[_B\?E_$RO^`@8*#A(6&AXA:?(N,C8Z/D"Y^B925EI>8F9IM0Q@B$B9%
M'Q(2)78A(!!'$Z,C2IZD$2(1%I&HJI&YND>3F[Z_P,'"PV%$$2`-N"X6"0T2
M2B,83B8-KD<1#1%+V,\0#2"UC]36N^6ZO<3IZNOL[6K&V*%"$=Q)&*E/TDC8
MVDKU+@T:A(BDSYQ!2.C<*5S(L.$F8Q8"UII`SYD0"!$^F*AUKX$)51@^?'`U
M(40$C"(PF%1E@9X(7/Q<8#!!K^`\BP"K88S@:6!)_WKA6(F<X((5/:(S:[K(
M&"'$3PA/0TCH)Y1FOX-8HR1TR+6KUZ]KC+F@IFU$2XL1!Y(`YT)"LF4@1DRH
MMK1!`A$"8]YU\:&!*7X3\(50=O/9OX`F0(!P04*$"U06`FMKX)A$*,N!50V.
M\&Q"J)C<2N!UE8`$W[=94SO9"K:UZ]=>Q7I;_*'N,V;:W*K2/5:@-\/99-;-
M#5P;/PP-2*@B:LRN4B$!BUHH$=R;R+<12HSP"(%$`^3*B^*-,($HZ.#\?@]7
MS7X):]CPX\L/)I:QQ[\X78SXT&SW6[>#02!-3#?U`\$HZ`5'C3/,#?$/$=$5
MZ,)OO-WT$02J+"C!!!W%M?_>>=J08%I?A+5GXA#OS:?BBBP24M]V"10F!`DQ
M\L8;6<U=%5-?9QD7W`00`%C$@T-$J%]U'E$SD!#;/3,$D`"6=\QB(*XW`0FR
ME'CBB2FVZ.678)Y1GPL@+%F/-R1,T(PI;FGG30(66%`;@>L%-,%X%"DX(SDR
M%F%D8+5MA^$WTLB%#%0?>+8G+2Z4$&.5,4GP$@3A;&EIEV%FJJFFG<Q2BU,R
M?5)*6Q[U55L)("10:#,FE#?*!Q.]FJ<$(3@CIP2)TJI1$;",.D20OH8JBRF-
M-B,"1]Y)((VNH83P00@OL8+KK;#*VDQ`#=1FZ9:8;NKMM_-M*ZX2(M'3U[@F
M=@O_[KKLQH;NNT(@Q]P$3L*;E;KMYJLO._;".P)-(8#:+U;X[FOPP;X,K/#"
M!A6,\,,0(P+`Q!17;/'%&&>L\<8<=^SQQR"'+/+())=L<L8!1*SRRBRW[/++
M,,<L\\PTUVSSS3CGK//.//?L\\]`!RWTT$07;?312">M]-),-^WTTU!'+?74
M5%=M]=589ZWUUEQW[?778(<M]MADEVWVV6BGK?;:;+>8P-MPQRWWW'37;??=
M>.>M]]Y\]^WWWPFLT/;@++Y@^.&()Z[XXHPW[OCCD$<N^>245V[Y"RD3KGE\
MEW?N^>>@ARZZY9EO;GIKHZ>N^NJLMXZYEP5P08`PLP-"_T#M8^#^A>ZG7^+Z
M[\`'+[SAI;MSP```;+&``\5S\<(`6P3`0##2`U*``]U6'\8"O/=.R?#@AR\^
MZ0TYX(`6+S@@@!C0:RJ`P[(G[_TFX]=O__W$_^&"``<,HL`#_8.!$-8'@P,<
MP`"W`\`+&%``Z+W```%X@0M@\`($2"^`!CC@5@KP`@4<@``&`(`+$#"[`(CP
M!04H@`ND!T(#%M`%L8.@!"EH009@4(/1FU@`0"A"$L(@``<``/:T0``7'(`!
M$U2A]&98P0L2@`$6+``":'C!+&30`/";'QGPQ\4N`J]YG!B`&+,XA@'"H``&
MV%\6'B!``Q1@`0HD`/3<"`,#$/]P``$H`!L/,$$&&,`+"C@C&UTP/03\<0$_
M9&,`!E"``TZ0C01X0`SK>,<\[K&/?]0"`PPW/4+"P)!/S,(")K'(%Q``CHML
MI!VS@$<]"G""BV2E)5\(`S]J,1!>S*4N10=&-@A`C`.88"!@.``)%I&`!43`
M!-_'2@'4[@5W9&4=`^F"3$8/`8:#H1!>"8,'S(Z-,&C?&8^7A6TF#YK2#.<T
MV^B\56Y3""+,`C.UT#X`3*]]Z%2G.K>IS_;-D9K6O&4<=DG0@E*NEVLXW@`D
M*8@)(@")`B2@`HJX3#\$<XH4C*8Z"<"_B7:A@EMXYP0!@(")I3,`?VS?]0`P
MNWSZ$P;_'#V`1[6@0'2*E)_S3.<"]>E2:?+SI1OM:/<$V@:#&O6HBT/H&B08
MNX:>D9$1_2$B%5!1:0K@CSU5)Q"W<(#213)E`0B`2`7(A?;94(Z:Q&A6H;?5
M+GCS`.L3:?KDV8MZ)@^?&H7>3]/)U@`2]0](#2Q2E4H,`S`0!LDK@`(8L$,'
M4'64?B0`-`TG```8EH/OFVP`%O#+0#YT"T)D`$L5H`#%3A0!`C!?!/E71P<`
M8`&9/``60,C`R6J6LP,(I"8KZP"9EI:T!%BL`18@3%8"X(`9_>!E;9O94<*5
MLM#=;&?_.E#!6I>@A,U4<6>K+L.A[PW;?8,XXQ!>ZK[ANNC-_V5VP[0`94+P
MC&8X@`.$\,$WM+>:ZQ6#'(?*AON^U[QN2*^`\9=?,(5U#9+EKQH._(8(DA$,
M#`9P@`=,8?$56,(8QF6%-RR\"V?XPW#@L(A_YV$0FWBI(TZQZDI\XA:;0<4P
MYJ6+9PS8&-NX<RS.Q`G1N,(S2L)Y"BB=8E,V4SG$DPW_I?%\%D>!#!CR!150
M'04,@$7748`#%Z#`Z"IP@?3F&!,-C)T0M8!1+N04!LSTJQSR68:F-M642E:1
MXC*``BP:``785%T*BNDZ#RS``QJ`7)4?IX$3>/D/DB6$+>68,A!F(<%TS4(!
M`L#,IMZN`+A#81<@#=_BO0"N'VTJ%__BJ;W;P90`F-9"A./LD,1UX`0;.)P!
M\IRZ!?"Y=2>`[:`9YP%:.XX"'3AT'`+P@`%P3Q!COMX4`1"[KA)[=LP,,K$_
M#;WK"<&;M20``HI<@/4Y\WDD75\`/(M,'\-@E&H\GK8M.%S,8<_:+L!VD"_+
MZE8C#@$#Z/+AHOR""V1@`Q2X``(N`.A@4P`!6.[WP'M]98)KV=:($SC!-5`!
M!,`6RAG@`#8//O`%<.`%&N^`DPV0@0&@(`,@-X`'^$WR#5Q@`\8V@,"IC(`,
M</P""Z@X-C5^`0UXX`57SD"O4:Y>.3``F`&50R0E>`!OZG:3+X`CFC&G6V:V
MCYGOHW0!RTW_@.2-LI_9SN@6&-!2S/IT@OG$.A:8"<GQUELAB;/UK@UG@`$<
MW`-UUP`%!O#S!<1Z`!VHN]]3H`$4/*_OMW[@`/0^@!10(`6&/P'>!X!R6U<`
MYAW`-Y4'@$UC@QSP"S!\W:]\@KICT_3/&Z6M,W`"G!<3WUBF/+XK>`(M%ST.
M^!:C_`*!`&7"8+[R*_?4<8J%JZ_=E`X@`!^Y8$"K2Q.O6QAO3[>9]N-/?>H<
M?7M#XCX`+(H<X1WP`.<74'K.I[X#QH8]ZJ'L;\]#7-;F=W\Q+V``F&,3XIK7
M/.H]?^4[%U/\0!=XYK=_JG=K^-=]I@>`^,9O7O1E7L!1N44(Q],__P:`;=U4
M.['S/K,6:<9W?4&D9A042,ZG3@S%9MWD!V:W3VA'0&IW?2A57]JW$(G#`0/P
M<8IW?W9'=_$'6P,0:SJ89Q60`A4@?XA#@%%73!FP`!=@?@<X:PBX@T"W`$E8
M3!J0@S=XA41H.$UH>D&8A#YX>^4C:=.3!0HP2N^U`!_T`(TU40,P.VAX;@?P
M1D+0"W8D7V[4AOOE20;`/(J`ALRF1P8T``=46IMU.V]XB/U#7"ZP>S'8#HGS
M>*-TA32(<IO7>:-T`H9'`16P?KF6>D=8A%!H>9R'>DVH?U!8A9]8<MC$99PG
M@);XB5KX>D^(`!T0B=C%%:53/"(4.P[F8__')5F8PT$H9#B-]$`]]F@0!$01
M%%:O<T+HP%19\$")5D0QA#G$>(VF)%LB!(*-F`Z*0P$;T&L<L'*&(WXKYX45
ML`!Z=V<H\'%>J&55B``ID`(&H`$Y=SCHJ(X=8(\5@`)X=@(:L(\YMP%2V`$H
MD`(>@)##%9`T"&BM]P(;D&M9=I!=1GX(@`(49X]81`'\2)`9X(4T*$8HP(!=
MY(#QL4E9`(.^D$99L&K=Z(TW!CX]UWL:$&A@R"X!@%H(%`S!)0"E]9*.&)/#
MLP$VF'`W"90O*93@LXES5Y)(^91*&96/8Y)/*6%2>95)595`B95<>3A4J974
MU95=^96)@#@*%@?_B>8&RB=J90!G@!"'9I"68C!I22F66$F6B"!'*"1U8<!?
M9ZD%*M1@7W<&218';_0>O!.88_`"C*A]=GF7#5%,%`1.NZ-;LF.9B'!FFJ"9
MJI9T8"D&CWF5>`E3TR4(DBE?.2E$0,28U/1UVMB:F,-:061/"N!8`C0]Z0-7
MPF1$)=4](`1-&9B-![``L>-!I15<RD2<E&9*"I"<8@8`"D!'6F"<F-:<+D"<
MB!5$#]`+"E!!3\1NRH1$TT.;CE5$O>=:VC9!=O1:_2-6!A!D+A::4CF:N8<\
MIIE!-H1F'S1N9(A%XJ9;T9E/)55'DH5(!,`\+G4[U;8^`"!\9%B-4T='_Z15
M2]SD`H%$5==GH3"`H>?30%S021.DH50E19$6C;C)35$'4^B4H@<J5H%$;"B*
M2*"&3;_W8*8CGU$YFD<G1IX)!Y*I!<S$3Y,55\(TI))V/E@E49*05V=T/B#E
M5F9F6Z_3=;XW5D$:HA/D`+%S/EM`I5CZ2BQY?5K`62E#?02THDK*3^BV@F(W
MH`+`EB"&HTHYFL1F;'^Y!C\::205C=C$H&K5IYID1&(G0`K$I'5$94,%53`U
M=0*0.;,#HA5:56/500#0/)!Z4U4W";,3;RK$IF*73XN(4YWZJ>OS1"X4GW(:
MDZ.IHH20I]=WH)M*64T:J^C44ER:3V2W5F>49_^S`YU;\%`$<&`:R#T%H$#G
M@T04Q4U7RDU0QY9SA:PBI4=N:$W>%61"(%EGNCZXFJRA9*9BYT&O@ZJI:F.K
M6@A\Q%*2MH@E5%-9D)\FY%VUY%>ZE9M=U74P)$'9A`54Q0"U-8:/MC_MN8@1
M)4S;MD!HY$94)D$L164'"T(C=&8%RT`,BZ@'8$C="9B2\$<%P%@BM$.[2*]E
M:D,LU;"[N(M\I`!7):[C"F/ENA"H)ITF"`8^]$,I9*-F<%R/9K,O5F[\%`:*
MI07<F&$K2Z[?TG2[YP)\*`:O=54M&P;2=;&)@+2.RJ]PNFD,T%Z-&:=#R[*?
MV8A;R[5=ZYA?FV)-&[;_F@,X:)NV:KNV;-NV?R,X9ANW<CNW=%NW=GNW>)NW
M>KNW?-NW?ONW@!NX@CNXA%NX3Q-6B)NXBKNXC-NXCONXD!NYDCNYE%NYEGNY
M8<4"AGM+8TNVFZM%G3MB9?NY5A.Z(C:Z@+!C:90R*O2,\,FGYH8('50Z3QJ-
MKPL&0Q9?5*9CQ44(109(=_HTILMAJ/L'88987/I)7G!FT".7QKN\=16E8\"9
M7R!6SEL),5NU;Q"T7,4UP[MAJWJ]?[!H>`13F<1I\Y1'*B5I/T1$;KD%L0-G
M;@EI1X:^T>N6\Z1IDH9J)2IIK-&SP:JB&$BS!!R-EO:^_@N8[8L^H$9F?G!I
M_S\D9`M,06Y&P'G$OF<T"?HK:G3)OKE8O!'SO15&I\5V;(&0;`ZP;,T65MCV
M/MK6=="#LA2$/*BUJQP54-?Y0&B8/LK'PE(41=X&;75%6@S%3-S3G4_D1T.4
M=9F%0&4&F+V'.;#%/T'\/)_F6I-5K`=J2E/DKP4T4=I*P__Y2<CT1FYTG;/F
M0<N'M`WJ4+]IQ?)5J-1&04[\2;])3@(T:=\FQ@(45KU[-"),83J*=(*P=$;D
M=.VJA<FC@0'D0$S*DAB*/AKU/E`'1]O4=>=F??1$AE/$3'^$H59J658T1=I+
M?##E=<47:4(`KKU7B&P906@%=F0WJ)&63W$(:FCZ>_^LJT_+.D>DK,OP!3W+
MMTXO)5KPI32!/&#T"4Q9BWN^!WSR%*7SY,A\]:V]D%7OP[/"U'R:K%/>A@4F
M!,I?*@"P]6BIU4NF7$#/Q<M88$9;\#^-J4!`!3W0!Z18D$\\I*WZC%@/H%L=
MN$W->\[\[,_<)'8O%0#J$[P^D\P"-IH0B)EO*8AU9($6&)S&K$ZZ6D>RY3R3
M_`(537TBV,T\%=+9-U;;Q#]O&$.4&5+"Q$P=='W_3$@!E$*363J".L_=%+_E
MYM(LB*VD>D9FS,[<5&T3#=3E+,QC^-(OA6F?A<P,C5X@#`A<NK'3:88IL\/)
MMT@&9*!XV(;V)`1L.9PPU8;_<%B&#X12I56'#H!`;[C)&QH[:#AM`H``IK6A
M@137V]ECT^.3[ZQ;;ZC6=^B&_4-:3?>!#_36FJ0``%!,^Y6'T[.'I6-#C81(
MW02="P!$,HI(TQ-$^P6'=IV'*3,]F\U29(V=Q]G5+ZQM2_/44(V+J@9:,/1#
MWH6O+$6,RWC;LJ6AZ(-"#B:,B!7;U`A"8=55\-J2<23;6/"+"(2-#@:,0`27
M8@68Q"B,MY.,Q)U'V"A9/Z9\Q>UC/7S;S2@)O8!2SDW'!(J-'.1"RRB,PD@\
MC027G]8_^</=O(@YN*V22,/:UQ75[H"=RM<0.T2Z6Z3?@L7?[7!$%RW@\D'@
M!:[@_Z?#X(%EX`Z^VA!^5!(^X4E3X1:.X9JCX49UX1QN-!YN4"#N!A%$TV2@
MT%N@OV"&NR&^F"-^BPQ1L6+F=M7KQ60P491]"6KD!<_SXJ#).#8)/BGPA1I>
MXFH@K8K@!9D404GNH-@+Y>E$!CU:N(RSA"3YC3_W.12PY1M`=!Z^J@`K",W9
MI2J40E563`CM1C.TC8QEOAGD5>U6K`9K9V?D0?:$1O`901941S.T!7;>1/F)
M6!54;B:D0.$D/45:L2W%Z%;\FW\LN$+.=XT#B?L6;(C3`5$V98?#Z4"7`K;8
M.!6`Z<D\FBX`3#K;!0(0Z;T<::O$P_:TH5B@ABN^/F]44__>EC*L-:%'A$:(
MQ5B!Q(A:UZB)[DH_UL#MVJN)WJ*5^DDAE#*&I%7!OKF+(W(H4'N&0X.&%',F
M9W/TB``_1X-^QW<(('DOD(04,))U=W)#N`#I#G@O]WCUJ&^!/)J_)$:1_@:K
MKNKM/$$=F,OHE)_$+LDEJGQ?MZS0E+!\%$DNP#L&G\KJ=*L\.YC&!W438_%W
M!5,/T/#4KC@(<'`U^(.>Z'DTJ'B;&(K%=`+W%VB>YXDTZ&]7]GHIP-"CJ5`,
M!0C#Q>]#7<O[C$Z4-LP$_ZHAG:$K*+"`2<ZX$UPP_7S1*'P5F/&,*FIO&GV2
MAO2&NSCM)7Z&AX6C1(2F9X1RQX3_Q=3R_"=Y'V=KO>=KW[NJT!@(2P>T,;6A
M_L[S/\UL/LZ"6/">F4STR75L!A0[*&E%=PWQT%-9M(Q8/[0^QE?FB,7X&:]I
M@4^XBB-SAE.%=@:%G@=SBD=_*+]W]S?S9!^)XM=EXI?E(HSD2<ZO5)8R\D55
M8'S&IR>QLH]&Y/P`NT=;>119Z3-"-81`I(5&#%2;C)63+XT^\]5[SW5;%CKP
M&SHQLO4^&XM`Y$Q"'-5>T)9!V`31DAYWMB?N+X!^&E!RCG<"*9`!%7`"(C?S
M2PAPC?<">P:1/X<"74;^&8!^,P]E6]_N!F"#]0X$,.&06#0>D4GEDLDD&(:O
MYI1:M5ZQ_UGMEMOU?L'@UWC<,1A>E+.A\S(@.AF#&O[J7"Z45^5L9O=?\"K&
MWCK\]-S(.A`RR!P?(2,E)RDK+2\Q)0/".#N'"AP47``*/$U/45-55UE;F3)A
M8V5G:6MM;U\V77>57DIY@8.%AXF+FW"1DY67F2]UC:&CI:>IJZUAFK.UM[DM
MGZ_!P\7'R<N[S]'3D[_+V]W?X>._U.GK[2G9Y?7W^?O-[P$&5)?/7T&#!Q&N
M$KB083:"U@HH./#"A0,"+A@D>>&`B(&,`%PD%#F2I,:&)U'6>DB-P(-?,#*^
M$*!D`!&90@B4U+DS84J?/YV%H?@RC$<BI6[".'#@5X$7!VK""/]`<:93J6,`
MX#R0E6=7K^&`AA7K:.45J`-<=A(0LLA-`R$Y%D`@M>8!*`8$$%A+``$#F5D9
M$#B0]FMAP\7&)@9:UHJ``8_9AEEKY"8!IS452(%1<X&0FRY"@H8A.FK4PZ=1
MMU*\&B7C*BX>#]`<1D'&MC,O$J@I0'/-J)]#!X>AP$``!:F1)S?%FOE"UZ\%
M'/!48,#+``1N(I!2$P';F@ZD`!\M?,QSY>?1+VF^_IYY8P<6H#%PX*(#N0(,
M/"#E8.N`I0M>4(`_!A@H@$`#`UM```$0R"F]!R%\A;T)TW$/FER.D**`G+"S
M3`BG"'#P"*N<DB["$U&,@L(5N;&0)(__QF`JQ1DC9-%&A\X[P`43:>P1O1N!
M5,9%'XDL4I\@D;QE2".9;%*<`*",4LHIJ:S2RBNQS%+++;GLTLLOP0R`!2?)
M+-/,,]%,4\TUV6S3S3?AC%/..>FLT\X[\<Q3SSWY[-///P$-5-!!"2W4T$,1
M#0:$!!AMU-%'(8U4TDDIK=322S'-5----5TAT4^-="K)43-9$M13#1.5U%7Q
M0=55%%5E5=9'3`TG1")N%1&+6ZG0516B<*W"5RV&)0+*5\.(==9E:]T%-E\8
M<&`34&;S#+Q/KEV@V&.NI4);5EXPK8AOI]"NBP!L.\(%`AAH%MFCEHVWO'+X
MH\O!R(C@+=]J_[/0UQIQ">!J""B,X>A=,)25=U5WBW`A.E,4F&NSK`*0#KNW
MA-"W8@#`DPN&B%[H3HBE7'A!Q">6RGB,D`)PP2D$6E8@``,4L&PND$4&("L=
M80`I9``HPA<&^;"!F0$3)S+`-'9A]CA<DP/0^3H#0&KPH@`*<+D`-"+:JD":
MOXD:@$THDHKJR)XN8&:0Q)YZOG8!D`B&BUG6F5]0$U9X5(:'@.VQN[T(8("`
M$>CLN.&$D!8&WM@5`D#!,X9"6KV&3G?HD!Y0>3/-!X=A`>F(@WQQR:>::?,7
M.M,MIP6>"6`F`389`.O,R]:-"-%$C\JO%S+""`8$#"@`P,6E$.UA!?^..\#R
MW3/":^@%K!HB*@.@YWV,WI-//?/#I0VL9V3SUAM)OC..36@PXEM7=K9X2X1X
MD#C7G+<`.N.]B`*@BI_XS?<G3?XQ3%>3I$3%7UH97FE^UYO;>4<(IG'#3$1C
M/"GH2X+CP8;IHN"\FR2%"+_!X`,M.$#B)<(%PP.?^&1%/J4\AC"=,(`#H%`X
M71AL"+P1S?X(.$$I`,\%88-"#OFG+R#Z;W_M"^`%&Z@YG!Q'B$GTE[ANB,">
M`=""%:1@2*Z(Q"$`;8,SX:#T/&,Z+D(P)"*DH1#R(S!4A0^%-U(A-EQV"NJ4
MX@`T7$!6!#-"@S6QB"8C6!&.9CL<KFX[FB/_HK[:ESH!'G%_:#S.`9/H`HE!
MD8'\>X!@R&A!1((.B\4K(P9A<,D#>)&41O"@$$2921'><6Y;D0HH3\7&-K+H
MC:LXW&B&$``'3`9=4*@-]7;$&P,%CP$&T(L`'I"7@3D``/'IY6A@"#R90"MX
MR!LE-8>YN.A$QR-.B4XVK25)!%QSFGHA3KT\`Z!KCLY``N#8`9`7D<P44RFA
M<(',BDF`>'9S"`QP)W^ZZ9%OC%(Z`H7)/^%9,X%.4Y>348#.>+3&69*JEO`P
M)DXJ>K`WR7*B$\JH.Q2PEOEH5*(='5]RHD?26)KTI"IUZ5<XRE+F?/2E-:5&
M3&6Z&IK:E*?&P&E._Q.STYX.-1@_!:I8A$I4I;;"J$==##ETM!0`;$L)6;O?
M^7JA1BW`[Q-876IJ$H8&I^JT'+*I)U61@)TBJ)4*:AO1_=0#2K9^]3S*R@"`
MQJJ8-\ZU$V;=C&92&J+6/>,7(2I%4Z0RA`X9H;`FDXKE"-"9M)9NKHA]QF(_
M!CBZ(D19"QA`&_(Z%A4&X`$#(!<GS-K,G)`"+WP1@`(6<!R)\"RDHXD/`FH;
M+@`@H"H-PH]B:WL`*%V2>K,17"XZQH`>Q@<_H6"`X;PX@-W.1+BDO1A?-EN2
M6'7`LQMP!`<RH)T*,`(!&M@#>"^0!@0@P+L<8,0&/*`'/&P@O6[(`'W/B_^`
M082V$BID0&S^&(8!4*]F<]M==42C.J:,$HE)$>'F,"8*F\QD=W?\8A`]N;^D
M6)B1-:DP`-[PL>R2)%;:.<$)$(&`%*"N$0,X009.4($3Y&'`'O"N=A`P@/2B
MP`,5&$!X/ZLT"G``Q3,V``KXVU\PY/@Q6OV";`!P23@N4&5/`$`I'=QA)&9F
MPHOK<@<-V4DM@N;!N\&5`!0W8I'$RKL;^/$84(`"!*#`O*8=0P8&'"X/>&``
M'FA#CM'@V1=PH`*>-0"?TQ"'/O-YOTF.A`KU,H!;HG:'G:%?5]FG%^Q@V71E
M1N-$;A-*!WFS"$,4<U)VY&DI?ZP4^5'SFLEP@0W_K'<`*PZ7K<=@YT'G>0#F
M1<")%Y'G!2`9OH#6P`!2K&-'*WD<NK'8`N8";8I<Y#@1"67<6`<?I4A6VZI3
M'0"4&\<HS`2V;H"2MD1T2;F,D[>1E4Y2,M+MP:FNW,7I(4Q>G1!5>8`,*<CS
ML=N`!EUW@-?A30,*QIOG%&B``P,&-)[%JS1^5P`1RZ85.<B0$Z=LZ`PYD63*
ML'$748GJ.F-06RZF`J6)W//+(/D%&HC@RB?DPC)CR,E2I(`=7Z0\Y3V+(_YD
ME.^#B,H`&AA$!S:P@`U0@+LG6'JA-0#:^W*@S>Z]\0`VD'0SG$#I`]#.!KB>
M7B(OH+X6O[@_;L@%Z+52_[$!$CJ;F@H+0)L=&4EEA3X5`"PL*(\!`C,0?=Z^
MIKAGPLUEI[M*`I_X8@P>$VNH^.%G87?%3WY$D$<JY3'O"L9;'AV2SSSF-\_Y
M;GC^\Y,/O>BW0?HM."()%I/1&#YF(=A/P:V[2D1$:8_[(E1L%;4O?551[Q/5
M$\NLRM-]S>CG"Y&]P,E)D(M7,]3\)LSE+;!L@O/2BOU4,/_W2SA]\)LQ?"WX
MM0`/>$@6KY!V5&1.BU6X<*B[OWCPMP8,D9ZT@&>SW@`@@&,5"3-?UB5B2J@4
M=(8XB$(T0&P^]&F<XF.WUD5D\**9I",!Z4,4Z,DS9(/4*N8`&L1UO*EXGD$F
M7O\H)`(F9,C&BT(F)+9"9XQE*1JD`/"#MXQ%`#YP-%)P:-SI<Z3"!<!F.$*&
M\KYO_H1DR6)#^KC`KT;C=0#/U*I(MN#B8\2EBDHGA(Y(-%!'*2!H"EE.5T[)
M=)1G<39A>`+L"FW'>UIBR^9F<&`'&_)E9#+B84PH8\)0"J#`"CN#P<P%/.Q'
MLUXM"(6P[L#@OQXCP,``"26ID9@P@H3#/F#@C"RH9YS'"JOPD[0(Q#*IU,*(
M@VIBMY@F8+[,-VH(@$(FXP8#7S2QCXB`$QF@0;)"$I&(_Q:G%!1$_`;%#_]0
M2<"`M$P+K<9O-J[EB<*LBLCCH=A!-/)./$3(%6_B&"__$<PN"!2&@",(P`'6
MA1IUQ8Q^@0:G*5T$*[:P)1I14;&LT1JI$(G8)64\KH4"SQ9O$?'JCP^[P*P`
M4(D243A$8W>`A32V)B]<<7.4<2:JH[74+XF02%_*YG?F(F+@KR82+"9F0C]Z
MQJH:)Q2G#)'X9;V&0V+^<3@F@FRD0&9,KQT%@A:O@"(F(NBR9JIT)!=&86N*
MXPQ<TB6?0)(*2"8%RB\ZCFU,,B==QN5NT@V")^9V)&!<9N9XQ!=BKPA<CB*D
M``"6(D1<#EW:I6>D!E?00#I2,B7;XK"FA2<+P.5T)*2"IV0(\>W8421E@22)
MP2EQ`AZ9Q-I&IO3.$BUA02V'_X%^7LLMF81=H,T(UY$NVR/^!/,+YA(P@V(P
M$5,+"M,PF2TQ';,*%I,Q)\$N'[,R+?,R,3,S-7,S.;,S/?,S03,T17,T2;,T
M3?,T43,U5?.K6B!,7/,U83,V97,VNV1,5E,N)7,@;A,W<[/S=O/S(K,WSTX<
M=&2JB%+W&`LDJPKZLL#*K"!`"`LD"RP+N`\+BF,>E),3(J(LIE,C0/(ZIZ`Z
MC\`YK<"J]$TXSX$RJ<"OPF4*"BBM]#+]F!,)WE-?D+.M3,6QON`])0,>[[,(
M#)(7CZ(L!O*M<"4^X2$XT7->WO$4V-.!7H(`=$%M_`4I18RP/B2QVG)84JH4
M+BMHPO\S&P'+=30$)RQ#1"P45R3T$TR4L(R+'7AE0_1.1I/@6!K)1J7BLC;$
M6`C+0SZ$1(/E.C)T;J0"145T;D;-1W.4L3+T0PLTLX3`7)#TL**@L004'!1T
M04>KM$X+_S#0<?0I%YC+.(;+%Z9*#Z5+!G,K37M++P(,GBBG(JXL)'0FLB)C
M&O>#3H/G3'5H.,HT?T`!-*0L,'#+05P+MFIF+W@+42,R$J$D,G3)9`CDA6:#
M78H)3:7B6FI&PO3%F)2+(W6$:8AC"&9K72954\LT"AX`>5PB?UY@517`);YR
M&G4H4BV54H>&7>YT,N1T,NIT`4JF)B+5#?A">,;RMFIK5L'_`[LLYQVR%#W]
M"\`\P>M`(\?0:#C$S#A41B)"9BX0R-,B#%^FPG:ZR,L>40CB9C2HCR.[E7BT
M%8?^QW6PD,I41Q'3T$!RS4"R@BBR2/WL-8=&RBIX8R5?2"GPIQE'YF"%\5W?
M,RJ0AW\<UIK:U2*%D6#/:"--YY#<X&8TK-/(;2+T3UOTKAV>53A5B,FD:UHU
MHSVE(F[$[(9X`Y:^5<N6D5^`9I$N"-7PY0PKX@G,-11AMI#Z:!H%`U^"UEX7
M1_T:2E?ZU6B%(X?JDRFM\LK.%2>H)I-`(VB=\2:D2"9@B6(5L634A1*G*6-#
M(H?T0G$,TF-_5@ABU2_%H61[$](<_^/^"G%E:R).Q2S$B.=H,G1F"7)Z0.UV
MI`-G94*7A&`@^\(X:!`F3*04>(-O^8ABMP+W8/8BA(-X)(O5^,)RFI;*-/93
M12QR#R=$\D(\\F73A%%RJ^4WCJ-K:^-Q45$1:<9$^X9L8<=@-+;5,F=MP\AQ
M/P0IS$\>Y#8WU;,)G&UD!H>T9`(!A,=BS&\:)>(!*M?;!D?>0F1PP`TTB((!
M'DHVM$W;?LN?=(7!Y%4IJ)<M/Z<EKB,45,=SI.-SA(?,;J?:9.LX6,[:I.T!
M0T1B'`=T[I<('O9A80@^,D,_0$U^'V`^H$`_8,LX[L^!66>`:R9Z0Z&#<B+O
MWK=S\FXP*O\7?D&8@LN/@04X>[9M=`YJ&N<CMNXM(XX&?[CM#M,W:89C9,FA
M>"7S>"7$9'2N*>DC>&SN8T8!\*26YQSAY*`$Y59NTK)&,*;"%TSN">9#[W0A
M!,7VB878*74.:TS.Y)+FWA)WG+#2YC[.1*0X)S901)Y8YT3%4+O89+(F>K)&
M"K!8*T-N:$;.)D3NC2UCB+EP*9`"0_PCZ(JX/&R.C^WX0PX9BGU!BF4DCC4$
MD,UFB]D8CG)N(A`4(A:T14YD[?*(&OQB9$3D29\T(:(0C/H$AQE3AZF![^!6
M&/8//TXFGM:*EDM")G0/EU-YDU/O-S-/E0V3E7UY3X`9,(5YF//_I)CI\IB1
M^4Z4&2V9N9GKY)E%,IJY@%=L]TJOP(:G0)N9-%@,E`FXF0I2M)M]Q9MIKYMM
M=Z-X61NLN6$R,%JFI5NB@)ZIQ7/0N0D<9@NDU/VBL$L-;#X_9C*VH&8VMPGN
M>8L$VI^G0%LV(I/?<@PN8`'(;L@6P.B280-P+1*HQ[M0[YV+H%X$YUZ.(&J7
MP_J2P!.')@L(YI3'5I_/9RIH#Z69@#_[JC$@.E3(X&_<0->0X;XJP:<IP;SR
MZHT<YC^Y0"$G1BHLQ@W8AXZWHF-N)C-$1BE64E>(Q@3]=HID,.8")&!VQE1A
MIH1,IH=PABVBIF1>@JPW`UU"PF,^QBZD_P,T4,90=T1T16,IC`D4@H=N6A9H
M%*NX))3Y+`9H"L1J72DZUFNULD)G%MNJ@W)@W.!CJ)HMDD9<L@9=4`8K)>8]
M!8-GVL9L0$*OQUDY5(6GE0:O]@"TU*#1:*$"0&L/*$"H'8$"*.X%$,T1;INE
M5,AOD#`,1GJW#,=M$V<3&,<V'H>`2(=RC"*77B=V9L<&YU6R?V<B)A&)A&>"
M2,=SI(+]?K>MIQ%*\O9F.@,THL989".R6A%S1@,*](5[-/M[QHVRA>"%+<Q!
M1BHKQM>8NF-^$=++4DI>U_"WI*5VQ$5P\`=C,D=TWK-!&I%=KN=Y2"VE3N2T
M9:.G`80"4J#H+O^@`I`L!=JKSR@@ZMR,`SI``Q"!`E!`-H[-`P`.=30`SP#D
MV-[`ZRY``RX@!3I@Q;7CV#3@!#3`LRI`UF9)A1P#,DPA?72C953&?7B#JR:W
M5NNG604#DC;'8+[HC)*1$E%17Z3,N[4(B#;1:('5E-"U=RQ;9"R2A.+P=S%&
M*=ZP6EZ5*SY77\IO<0X;5^"C3WE#2J/0-/!'BFH2ED`H*00@SU/$PM>+SP"D
MX4(F!2[@!+CKPD]@Q3@@#42\$<A`T`!-:1#@`G@-0#K=ZQ9`QP=!T$)&QSH<
MU#/@`F);?%3H+-2Q*&#H=U@G<0`41.$5%7GH&_1IUT&Q_38#1:_;T/G_O"GY
M3XT>K(E8KF\$A!U^`\V'`W/WQQ'3J,MJ%QOBO"T<8"[J7#,R1Y^&=XFZ?)H(
M$I5G!F*5"!L.>HRT2-Q!VJ=V^L)3&W6\;KW<8`-6?`QR+`/VRP->[/$X?<`\
M?>[L;-2!YP2PSM[Y/<_@C.$FZHV&0HZJHYZ&@)7RJ'WV2&@MTF>-H':M?#>R
MXHLF0^<4J1S+'9<H@Y&:Z%5O;CPV@@O1=;TOC5.E`.-=Z7Q_%QJILI'0=6XX
MXML_9BZRXLV'YI&._1#Y!Y4#2=`K]0'HN/PPJ1(O9T8LG!#LC-'N#-E0G>!P
M#=3YS1$&_@QL/-13G>SUBP(`#=7G;@S<3-/;_RC>B^"6('676(:>?@E8KVF8
MANF8D@E%J7&]R&E^@#6D6D<`XB-CMFDB`&0:)Z*8^)Z>>,L!T@SHET*8BFF=
M*@)F\(XOG%=ZG!(*Y`D41`%Z)`E*['XX("JPIQ+$)KOO%=HN^AYY(-B<ILUQ
MQ0T;`M]HB,F87NN%CO)A7JB9YF-^+G!D',!O_8ECW&`JCR;W*[P,'J,-\"P%
M;-NT#(`#CBT#5ERL8MP14,#P7L#?**#P0'WI3D"_!@`%%(V]^@RCK?_8.KSP
M%`'9(AXY+FINU'/VV!`(8,(AL6@\P@;();/I7`I>SRFU:KUBL]HMK/!Z&<(&
MBKCRZB`R9X2APJ%\*__P[PM!_Y(-G7"E$EX;9,QE<%1<M!D@=`""_='9W45*
M3E)66EYB9DX&<'5Z=BH(N!@<?'8>.+BX'!"8"A$,M+K.+I3.WN+FZF9Y:69Z
M7*CY#E=2+!@2)RLO*W/N/IMZ05L1O,C.!GQ-\WY=;W^#AT_U,D=N;,R5$U-H
M<*B_PY<[B]/7V]_CY^OO+Y''_P,,*##>/'X&#R),J'!A/7\#'T*,*+$@PXH6
M+V+,R-"AQ(X>/R:CJ'$DR9(F3VKA"'(ERY8O1**,*7,FS8HJ7>+,*1!FP@,"
M`+PX`.#(`@(%$+@@X((!C`!,8QIX6H6``A<UKV*M<E,GUZ[+>"8<(`6&@07_
M1F2I@O%"P"M\!,!.68LE;=:Z=HUL]:IWKR6X5UZX*)!+[)`%!KH4,$!@*(RT
M<@F4*G`@L:R@(@,<&)O-5K87C-4"$/SV0(!JB@L8%@Q&,)$#DV$L)F"`=387
M;(F\+&5YB&?!JJI9NRL<:UZ^QH_[K7)@P(`'K&<1%F([@`,#HY0TMBHW%%D'
M+Q0@:*H`QH+Q0UQP>K!8"@`$!!`P6#O4?8"B`A```&#51?@H,,:_X``1UL$@
M8``#""7@`8<9<)L0"M1B@`*MX`<#?6;]-N%P&])4W'$?>I4<%0(P-X!5MT37
M&%O^)2&==FS)%2-;:=$%VVV<""B$`P70N,J)G*0%_X`!GC$5Q5%?"/"<42]@
MUR1Y0LC%&UL%W%:``P?\V!@#)W+8)4H>@A@F3B).X4*)8T&')ALPL(B=8S#"
MJ=:412'P7)1"8,<F8/NIPF5VC=DB1!3?':$4+'@BBMV=<C**9XU:%N6EI"6!
M*::E()%9I@"!IBE$`.KIB>B?,C+Z6&;>%#"`:`4P8,N,?`*0(Y!6`?!4:48Z
MT,I;0]C1HJ]*>-<HE+>!2@`#L7J:78.3,IM1I9="&U&F^#`Y)``:6IG4<B^P
MR@"/#@3@PH[B?BN9`P)L2H2XHS3%`&0`&.LM`^ZBNTJ\!1"P``,*E()4``@L
M\"@"`ACP`%!B,1G4`M^!>_]>P]<VQDF]K,Q+@`/>-IOQ0L]&VW%`TV+%BEJ'
M$5%`0<$A$<!SN+&V:U,B28'O$5X0X$T1U1"ALL8[7\2QQS^_`_)5#@"5&<]'
M(_V-ST`SW8S&B<V6M-13X[)TTU=K(C356W--M=58@UV)UEV377:S+020MMIK
ML]VVVV_#';?<<]-=M]UWXWTW"V;SW;???P,>N."#$UZXX8<CGKCBBS/>N../
M0QZYY)-37KGEEV.>N>:;<]ZYYY^#'KKHE7\=MNEWC#VZZGZ7?OKIJ:\>.]FM
MNQXV[++C/C7MM6-]^S<^`7"``KY3Y2>R2`0(30&U?I9%K[GOO#OO3?O^#6&I
MKIS_Q:.^(I&G+@I(87,1:"XA/O232C\]T-7S%MA@8T7GFF"=!>>%R&IA=IX+
M0LJ"G?Q"V`\[`0!*$28C)!CPKPNN\=07AI*-IEBC/@;@!!UX$YH7/.`EUO""
M8`I`&6Y!T#.O$,KYAI,^]7F,?3!83G.R]PFQ'"4\9+&*@`Z#P;<<)@`"H$J$
MSK.I@2&*0`(Z2E.4D!0".&<(J#G,OA83G@<T!E[PD<^AR",%_^B038*YD*\6
M]A_T5&<5WGE/?'X"`W<=((DEK,L)41@M%9*(.7XRQ0`,D(HA+`D[%NO76/"S
MJ#_!X`&<4$(>_P._,WX!`9SRSYN:<A0^_0D[_F%1VA:&_Z5D25(*:6$1(R'I
MI#6RT8VBE(0*S<0<\M'Q)0-PAJ'<]!06J>*/=/$/(9.BA#8]Z0B=9!10>A1)
M05UQ+(&)PJ,R^2=.:A*2"IB@>4!)G%%"\PLJ5!&G7$&8@E%("DKX5"L28Y[A
MR?)$MU%"K\AY(F`Y@WR[7`N5_N1+8_I'/WHZWB"!><RQ[-(Q+W%F**,YRFGN
M8CE).>,"CD(P@RW`#@LB0)(*,!YQ%201H%FA6`96L-!<"0`(`L`#7*`A`*;B
M7N*J%@,$X!1YT8L!90%C4F)5E@E-K$"3<4'`X$.=I-ST7A5;`+K<P\^KM-&?
M'P*H.&)F/IWU`V6XZ8*N-@A`5/\RP8--01YLC%`:HWB*-5)M2LW&$;.@_+0F
M016J<8B:NZA\X35AG<E8R;H7L^8.2]5<ZY?<BD*XTC6O&FFK7;N"5[T"UB9]
MG=Y?`VM8A/!UL#DI[&$;JX_$*M8EC'4L91L26==-UA/T0Q51U9J%!_+&?%SP
M[!5,5MF>W<$`&T!`(2YPV11F)&!-00J4FN<)U$"5"N_QTP1G@5O=MF6BIQ7L
M%S:``CA0(`60>"VT,NL)412&9+A@D?;F.-W<(D&&,APN:L$P@.6B@;EO-`5#
M!]#,64!7"+':+0+#4(H&O8`!BK0-;(""@-*`AZ:""1Y'T40511JF/;1R;_%4
M^AM%KH7_6P0#(@*O%;4A\$L!^,IO01$HE`RV!DN!88#*%'"PH,"0M@T"0"V:
M,HKA<?<>O?!`'>\`APIHX`(:@,,&$IJ"XU+``PCP0!L6L($.:&!A&?"Q!DZ0
M@0T,P!WLR,",V>'C%HLW:Z9`0(EL^XGTJL6(^\E&G'P5!7?!!HH>_2(10Z6_
M1AF1RXT9CU)6X8Q)EL*+0_3>&=TYGJJ4F;H.A4U_DODK%ZG%+#ZQD!2"E6++
MOF`!4+X#"NRP``_480"'2#('CML!,PQ@88KV[@:8E()$G^`%'M"T.Q0-9#-$
M.1,J9$")I.L*+">/+D+J<B;S1$P^$<C,@(X2=F8-2'$U<Y+!_RR08'*$1P&[
M<Q3B1%.N[9F63S92+A5*TJ$1S>(AW:$"WP5UI,/P70.<X`20R'2BQ6*`;9-[
MTR=HM`8ZO>E4^T*%G\JT:+F`9=JF1<*D\G*`6).D'HU9UZ,:YW^\\"H7+8`Q
MP@[5=P!`$:;XLD_FH2Y_VK)+:+^(4<9:8+7IT8L,;)L.%.C`MA>`@FZ?&P$C
M9[$[TFUN=&M:+.N^P[OAK6I7X"P7Z8U**YZ=F!WR&IAI,5:R"P`JPZ@KXRU2
M58/:["(K26S8_HD/"'DCH"TY715&;P72`4B8H:CT/>XA9"TSOIW,.+?C):.#
M!TZPB!=P0`T^?H%R4?Y=!)C!`VHX0?\*DOMR.[C\!4B^``5<6W.;7R+M6PB`
M`8KF#*C)AL,<UH\75L&CH02/%;*931@@PP;PX;'S^JD-&"3?"'QUWCJ`"<W^
M+C_#@9$/`>#S5A@@?X#/DR^^/G7**DHQ"J5,4/2!H3R60N%JM4_#'TQ&@"+P
M@(`+N`/NS[\`:X/!@>A?(*&K-0#U"\%\-"B"`@"S@_C9@'A,*'YJP7L%=L.Q
M9R',%?F[@.SY!Y)^J=5'`*#7A[$2:F7YSU_]P18`$N!!T)\``L3]%>`"S@P"
MCA<#0J`]'*`#PH,"1B`$3B`%JH,%7N`"9J`&,@,'4L-+N%#5@$,)3D/:=$*]
M=2!>@*"8B"#_%1Q%-4#1,]#7-C`)/20%ARV>5+1@$WS@"X8$1@3<:QQ?RK3?
M$OS1,]#9-A@;$QSA#W*#$`Z5*]A&_'4"DS!&-8C%DO`+`JT"AUG)@\$&*>C&
M?;6*>M6!@X"&`O#@`#D<;+B&59B&=MR71S&>A@P)R2@!&%#0[1D%>DA%'83+
M\$A(*^QA%X`/;>7'"FD'#,D&QV7&A-#4%UA%N'B0(`*&6J"A+9#"D$AA$%)A
MO)F"*:6(*RC``("9KXR'T:E%KM2*P!%(#:Z2*[J`%`S:*\#'8ES=%S"%3^6*
M>31,+)!'*2Q3%IE4BT1-'++!@4@&$1!CB1WCBDC,88!+T/G*+)*%_Q0@&,'I
MB3,NR#BI#!1=DDJ%XB@BARG$D8GD0H!$RC9!0F"0"G4!T'*("K`,2]+I"`4U
M2#L-P:"`HC$-W0%XT0#LD!!072,VH4#2(4%*'9+<HQ+9XQ-B(RWEXY])2&-$
M(0.*(CJBGRFPD!JY0LL83(O4`6[$"3TRWI\MW44"&IL,$)(D&A$\(;]E!U6$
MBHG($+4-P4(Z6U*,Q\(-BC<*T&$H`3%>I#$I"E':B/"P(`%VI$?VA2L`!@IR
M@4^QR5`0DB"]S#R23ZM4D9.8T:+,4B!!Q@YAF,HDG!S:I"ID9$&RR6&`AWIQ
M3T_^Y%L^Y$R&)4*RPBW1(40F`==I4U(B2O_^2.%32:5>Q.`4)()G3-QLQ,JQ
MD`7M>0M_S(,=D=B0#.5+!$PHS,-2+`@GE%2L!,7%E`)U0%>"L<IL*`"_I`+S
M^022P(L`)%0UI(N4<(M*.91K\@<:SH8YHHM/N$:Z8*9AZ!#2[9%25(?Y;4KD
M&9Q,YI]YG6-BADC?;`_?<$D20B5U5B??M&;@)-0H+.;H1"5W1L)X,@1P6&77
MJ.!AEJ=YT@%Z'B9WO2=\[M-\XJ<I@$`"\&=_^N=_`FB`"NB`$FB!&NB!(FB"
M*NB"*N@*Y.>#0FB$2NB$4FB%6NB%8FB&:NB&<FB'>NB'@FB(BF@![B>#FNB)
MHFB*JNB*HJB#CFC_A-8G?,KGB\I.C)KGC-+HZM@H=^*H`3+!4Y[%)V0/D&+!
M>E95%A#I<.TH=?;H$0A4DG["#1Z!4U2!/&6A]U`ISFU)$SR/%5AI`2YI8C;I
M$9SB$(`6%IRI$2SA"OY?%33A+3S*1F)HF$KE-%WA^X#A`8AA=7C0=WCB@N"B
M\+C&0HUAGWXA`JTA$4#&)6TBX\G3)":&-31B?AC+??'&'1JB'H)!%PBB24[0
M)NJ'GCK#)Y(/')9&X_&'K@0/K'6A:W@8>FR>J%X+*[C7Y'WAI(8A)\3JF"(.
MG7ID*9T)+A!&@"Q&D4A!*Y*C580=\YF,F!V&?R!K8^`B&P*C;+!%67@!_RC.
MUXNPU_9$HS%.$#6"HS(*QK(0:RR6HZM1'<3](A.U0E5`(Y_5B4.NV0J9!1+5
M*T&&&7N=*U.`'E<JJ7TNECJ6B'5YPK"FY$O$HS=I)""M$&U%P;]8HI6XI#_F
M8Y0\82/Y4KR&RD#")9X<9*G$24:R"VXL2X_X8S&]Y#H17".U2+2Q11HF8\`*
MK&2!)'.(I#5)@5>>)!YMBH;0!25:Q:!LEZ_<R4Q*"9I=@\9"$L=V$DY:I*/(
M$*D\QL]Z`U#(18]$B<H"$LLBBLMJF<@VQ:88;&/Y*CI.4U7BJ5<B$2>H#:>D
M17U\D9ZT[<N,I8,@D12HS+Y!5S6,V:!MK%UV[/^)61'WW)(-Q8E<&&81J`?@
M\@D2^8:?N,FR#=S7*EW8DDIH5-O9CB*OM@;!.&=4\,A]1:8#\91Y486$64Q5
M%)1EEFY3=.;,KI!IANX;TN9A6`D;*%)K5H,7#4MNLB9OPF:Z))A\B.[Q>DMT
MGM=H7DEK[N9B$,Q]7`/!!(#S.H5B\&Y4<)GP3(CVK@7WUN[/+4!)TFS-LH3G
M:D%V9HSZ5H1L\`9]FF]+H&\6A&=O-4O]HJ^55(7FEF_\?L3\?A8`ZT)[8D35
MP:__8DJ./BCG4J$`*W#F,+`0.O`#7TX$O^`$4S#I('`"9_!TOD`&0!_>#<,&
M"(,R9(#YX00%<$#S4<+_"K^=0,!8.GP%1F#)RHR>`9;M%'PI$O!(!^="+S!?
M(F&;)J1`IRU#RFE"]`4$E0VQ)#`Q)BCQ,%R`VVU@1GP7'CT`&^Y#SF7!'PVI
M=OKP%"Y`W[T`!:":1R`Q)HS:0#PQ);1Q):SQF.`<&&L!J[%&(CA(>]:,:9D6
M`!6$RR#!'L,&RM3,/$@#`+7%'Z/,_.!&+JK7B;0")VB5(U%R&$\AE8G;()R#
M(`09!YS``ES`C9GQW%4`,*"`',28!J#R`GBR!I2Q![3;=SD9!=28&;!6NUW`
M`*"`&AP9!W1:!3S:`IQ`.IPPP(RR!R"9.P`SP"S:"\"8+W>;X'&`*M?!-&]`
M_R[OLI,A62!L`#0#,S(GF>`=0S6W6X[M6!.+C2G,6Z3`:7JIPFTHQI:,8:*1
M`KP&A@Z]A6'HGZI8R&<:AB*EC7,,#(2,AU.R!7>DD;X"T(IP87NP1?5:"-XR
M'V8\`$%R1\*@`E#0HR7+(-LQA]N17!B$FJ*)GZ2=6\LM3*.]``I<P!HCP,F1
M-)6YP0"00<E55!V!W`=_&KF%-).H@2X#63J<`(^%\P!\FC"_@`9\VANO-.!5
M`!/G-`)H0$YGP$XO3+D!62X/R0#\]%&'&E2+1557VLB=\51^`JLQAYQNP2JH
M1R^Q!9:`@8"P["6115#BDR:A)$)^0<(-72QDPZ%@X_^Q%:Z3@!E9GA-A#BY'
MEQ8>@(&B=?,`(/,Q;!H3(W&F:=MR?7*D`?--E\7?E5NW:0#"?`&Y<4"+#8`K
MDULD=$!+P]QGD]L;:UM"+<`)UU%H[]@"A/8=I/:[E?96HW;,@;9H@YNX2=DG
M4!ESM"D7T!"!T-<M$@'+TH5<L`@[<4J4L.$LL4<.!O80#.=@MJ2P`-)2BLHN
M*;96)!(=I$`[<#4=3'8=5?8"D!RD?0$*+`R5=4![&P"+>9>C<3:+O3"Y@=Q6
M0UIJWP$LO_=GTW<TQP%D/T)M#\#;^3<=[#;"!#B3##AP,W&$EW$'L-S-?4)Y
MG9<5(E!)TE=&P@9#^=GW/@7_H5"7`Q1MHX`*IXJ34I1"'WHC;]CUGR6188M*
M1?I9>7=TH@D#"NC!)Q>>,7#V@2O:&%#?I]789X/U:@]`IX5VCKGW:1^Y97?`
M"1">:5\U'9P;"4\YDP"W!YS<X-U!"KA='S!Q+G=:!IS;C'7Y,2`Y'G`Y!7@Y
ME%^YG&]`WI6P65M$EIK%?YB%T7UB,?Y'09M%A4D8HJM7B"LTA/CAF.W9OFB4
MPL`&4@I!@Z#";,0"+"@%4]C19:HN,>HKJ"/Z=P*Y5WVP+Z.P`6B`*I>?&TQ?
M&CRURM%R0GT!!U`?!<SZ"KO6COGR&,"8CJ7!"\@8-7,`*#MSW+G6K;_P%\"R
MC.FN_R(PGQSH6#<W,8<S.[!_\*/!0;*;P;(3'O-AFQN`L#-_W[5[N[A;7Q0#
M>D5\@6AT@31QZE#T@GK..V2`4+[#'T78.QCZAB+9`H_P^[QWAJ).$&9D0]KL
MDWYH`Q[=<S<@/`G.>S>L^A-8,`AB\"VX*A5<9\:/Q,9K8,?/@IXF:>H:J<AO
MQ`;_+\L#(,E3H,G#/.'(O`/2?,T+SLTC8,[K/.#PO`#Z_,^SCLM[A`-+AF<D
M=PKNK,TLQBZ8!I0B`19NP3/B`M6'5=#7GP"KNBN2UU2(&$4<R"Z$!QD6BA-\
ME"DLBZ(^`9"F/6!I_?D!</(,P=)?P8L[0<B+2B[4X(^&./\.LN%*-@%.(E_<
M(YX*@3@NR)Y5N89[_!=!-AY2Q!`"7.-#<UC"\'MS5H4Y>@HI!(P.20$IH$>+
M",\\!`A@1$B2O,=)4@D>U_4*P0@,5>\ER08[5:+B<EAL5O00+=AMK`)^7,/J
MAT>`^`0=WF))X9%\E89K%)1#H0<E7K7E8T84[/XK%K]TW!Z\@)+AVYP*'?<`
MV#T68-D_PA_$72Z;O!=3*&53#(6^CMGT`II_Y,JNQ,(1,N2>P9D58:/_:"40
MP!0%F.'U$L!@`Z7@M200ELT#;/$J)`%)):R@@#FA!":"B.S"7*XB40$.+%Q2
M]#3\'$3M>;)7RTT+%!PD+#0\1$S_5%QD;#0L.(J4G*2LM+S$S-3<Y.ST_/P,
M<"QD&#`U&#UD`$NKFUJ#J6,2ZV.Z>S4Z4F/K"N""%5-PJ%IRD`JT%8,-.+BZ
M=9)5LHT]8'IHY4K&Z]*^*W"(10AD=K:U5G+=O3L256-`SV[:EJ:?^@Y/S=??
MY^_GAP054.!`@@4-#FS7+\"#`0N.^5,"`%R:>TK`P8HF!@:X;DQ<H%)"`%:7
M%PN4`'M"X,"#*@.:/:RGS,679T^@Q;-S`,"4`41@$(AV:UHW,0:,PJ0IQAR4
M6(#4"6AWS,6"*D&5<JMGRZ@!F!"]?@4;]M%!LF7-GD4K*6$_H&*M\"+`5<P+
M-ACCS67S_R!`@06HF+S0&U==&@=/%"`@H`S&`;]"Q*7IML8%XL*);;X(8"S`
M`%')`&PF@(`!@0`!T!#0R[=QS,L%$!R!.9E`Y:4(V#3SN2NNPP([N2X$F@3U
MWKYV]M!S#=OM<N;-\P%,&UWZ=.KLG$,TP,```"EQ7U2)RQ6`"],ND"AXL7.Q
M`,:B/JH4@#A\;A@!$!A0\-G%3A>,@9H/8#^2S"M@OP*,"D`[`(8P4$`7&`BP
M@`/Z:^J%_$1B3PD&JCB`/0/*XY#`!G=2X$$&<BM`0?3,H^N%T#Z:HXL4W1.`
MC0,)*'"G#==KCZX0CV#1/"%,I.\Z(X]T#KKJEF2R24_60O)(C?^BI%(?Q)38
MJ\I%KJRO2"V_!',1)9TDL\PRH0PSK&]B3+--0@!80(`/W2P$3CG1I#//,,<T
MLT\_H\-33T$');100P\=A<\_%V64H$`1A31222>EM#E%&\4T4TT>K;133S\%
M-5111R6U5%-/135555=EM5577X4U5EEGI;566V_%-5===^6U5U]_!39888<E
MMEACCT4V66679;999Y^%-EI/`:"V6FNOQ39;;;?EMEMOOP4W7''');=<<\^]
M5@5IUVU6,G??A3=>>>>EMUY[[\4W7WWWY;=??_^55SUV!SX68(,/1CAAA1=F
MN.$U!"8X8F$=IKABBR_&^&*("Y6D*S'_.?3R$`(V'B0``+Y3XH"0^5'94DXE
M3B5CF6>FN>::21Z4C"<F&\4``?AZ@I'-#BGP0`5P=&81CP.1`NCFTH/Y*YNG
MIKIJJ_7%>=`!@N;,$32F7&0:0@S@I0NP$7FLD,?.CAK1J]^&.VZ;LTY%@0$$
M6)J?K>M[@#0$)#*9KIT"4&#"G\QC((GX&'!`E,*'R,(`!'ZA2VQ!7'OM@(D6
M;WPQ)`X@H$3MT-F:M`,.X#*6TN5$P`$B#OA<1@1F;]P^P&%G+W*)&-OPQ<6J
MC>4%VWZGMFU$Y$8^>>43IML1`$P9(&VO!C!B@:/#`-T`8A9@9J<RSE"\"I]A
M>`>8*JXHWCA"_T9*1GRH=FI&#3`>2B;E=[#"?DB3%S/);/'?80]IX&<2F33E
M*:(PS$_R`)58&.\0RX-@!"5(K^8UP@#0N]]7]A8&-HA!(QBI!@RN84!:,&%D
MP_/@"QC`M31(IH6\Z`89/A*)P6#%%6*+S!IR$31Y*/`6,]1%`=$`BY6P07B1
M4,D#RN;`]4W0B4]<7@4908`%#$`O8=F@"Q3WA+^=!``ZX0D=MF@1\CWE,AE2
M'PV[P+X>;N0C71#)$NTQD8U`IH>2`<E/S!8T<"@CCY91QQ#90!KKJ1".A&0%
M$P<!148V\FI2;(2+Q+(W*E9A+EP8C0`^DX?AX08O+P`'`^:0PBTHD/]3;+P%
M7182`,&,!"N`I(L=`;F&50IFC['HX!-JB0HA)@$6@WS'`W8"@`+])(.*#(0C
ME;E,F4$R31."'3&]L!\IG`XS%;J0;<BFDEPH`0'H@="(Y`<`,Q3B0`:0D)`8
MHXOUR,<H]'F/=XBQQ@]1\R@=2ET8T+.3'%4S/CBR)SK'\X*C5$L4"8(0#`R*
MS$4RTZ$/79@S&>H/MDWT.A#%:$;])5&+ZF-->>NH6S0Z4I+6BZ,A12FD2KI2
MECXLI2\=54ME.M*3PM2F>9II3B%:TYOV-$PZ!>HR>>I3HE(I7B6(0`@LX`(,
MO`T"(_"7!4(P@:`V<JB=(H(>&K&R1&A51E/_#`1719:HHB;371A(@`DF,($(
MD"`";P-!`YJ:KZ6Z0`0-"$%5&7E5)%7#"`)RA!:_P4-%O,!R8BJ,C&JTB/'`
M492C2)#S#DM4=TT`!""@ZAH^\-:KA<`$^H*`!-8``1'45:].Y"N2*-D3KXVQ
M$9-5!-A<&5@Y,D=L(W-.'HOEK@\T0`3ORNL:+##7=V&@KL:%%P0RJ]Q[30`"
M\X*`:9U+7`R`0+3Q&FZ\F+L&##0ULZ=MIE<Z5%M_K+8`(U,A0.84E]-%1'B*
MR\Z53L>5+PB/%["[(-$8PR'_A"&^4H`%)`H'1P$%`!7%&]EXO6`A\,PW$'_%
M9<HFY*+Q'""A)OM,_SV,B8"]D.<=1D"%\!($'NT-DYQ7,LT7IYF@J1!V6.Y*
M0`,X^ZX)2"`")4A`4R/0`!*((,8C\'$#2C"!NXI``I<MP9%!8`$+Q!@"$&A`
M`US0Y`:80`(\GK*378!C''\V`B*```DD0-7>)B`"1):Q"VI\XQRCV<B77:H)
M/E`"$CP7O.'UAV%-05Z]&<$!-EK`R1"\@`/E10U/Z!`'83`[$:J!EZAH7"S[
M4(C0>,$DUWCC8AD-"S`48(0G$<?(?#>:(0G!"]>X'WYZ`0;?""<)V8F%,0#P
MCA4:4GW+Z,D!?!&&SNSE&MI3*%_8,#N:D$_7N4X'L=P5Y1F[RP0-H"H)$O_@
M`BB3@-I8AK)H=_P!%VR[VVF^\G.CO(8KE\`%X3YW`Z(+`FZ+``0N:,"[=_S6
M;*]AWBYX=K2G[>UY8P"O4R;NG34&$1=`SRD0H:0#=B*&%2I!`:B0$!,F\K4G
M%,`6J,OE'5ZCX>#QL+%IP/@M++X+^P`I-[/![2ZR<!+RO,9'7$`-')4HQOJ8
MQ)!HJ`-!<<)R#:ND'/0`C'K$X&FRV<\.R7ZQ9.+:;*5+.=T8J'?4&Z#M--_[
MWN@>=[J?B^YPAR#-:J8V!#!P97I/W=YICBNYY6IU&5MVZG86.,922Q&&N`2+
M0=/B+7;D:`/S!!ZW:/314'('C8C-A2=)I!#B"'C_3)M'>FGX&TC64(?)IRT.
M7?BT'QQ2A_N0QX!H.%E0>&Z'T`FE'J`4AT8>H.I8O,,62)^89)[]6WAE/=Q2
M%VV]V?[6JZL;WD[GNN_#[6W)C#T"]Z[WM]]J>W7OGJE7]GW<!PZ1`KD8X4%[
MK!C(Z<T4@6X6.Z&X%SALDA+5A&?J$P1@JGGY\@]='&L83GW6LDJ6HX8(\+]B
M:5PG?I(0H=;"T2V<2X*^2;1;@R$E4+6?FX*=F`V1,X.)*)[7.[BDXZ[+^JX)
M@*J[(K=WP[UKHSK>JSIP\SWFVSKA4S=_2P"JHJH84SX/G+)[T\!SD[<0?"MS
M@P`08#KI:YBYNXX..9GM__`"[9""PH$:`U"XOH@#%U``J)@\[IB-$KD"[4@1
MN7BX83`$%W``#GO"J2@0\^".+S@:B6``DF$%,!P9.?DG,1P<]."*7GB-H\F.
M\Q(``7@`O(G#.$P<B?B.*2F)(\@04)H,!.@0/TR/_N"E%9$"``"QI@"/80"I
M7GD7"$B`TJ*V#Z"JZE*N!H"J$L`R3K0V3W2!WN(V40S%!N"V'1.!9Q,R%R"!
M56Q%<WM%?..QXYN`&/N`5I0`)HNW#[``4L3$"=#$4AQ%4W2!!+"`6C0M'708
M'BRK0FC#GWB9KZ@H:#FJXPNX"0B!"*BK)XLN;K0`;H2Z)_M&<>1&JAJ!J2J!
MI?\:QVXDQR<;K1L3K@A0+GE\QV,L1S7+QJ5RKG94+@A`JF14QAUL1K=8PH^8
MI^N@BH@)R(6\F8%T"TB($H!X1&9AR(K,&&9TR(SD!XODR(K!2(T$R5'HR)%D
MF(\,R9-4!))4280Q291TR4)8R9C\EY9\R9I\(9G$R7RA234!0AFAIN6("X&)
M"SY3A(]+A.U#!*BI$W$H)D4(D-!KAP+AB@GA#H7Z$*-0H\68B308CVA4MIP$
M2WO9R;`HN-PH..OS`J^8+=A;!+8D!-@*JY<Q(;0LA,4J`KQ9M,=0.'3@#RXH
MB7:('ID[.+&BOE()R\.<%Y.4)+)D@+2QFZ"!R$4+FBC_\(G%3(/2^*J$^(\E
M<@7+/*_<P,Q`P#D9H4OT,Z>0P)$%PQ^?(`+-M,PF*)M5X!N'NQ]>R#L$[)]2
M\`G)<8K("@E1`(ICH,QCB$PI8*5>.#D<,4I10<SF?!>,I"(K\LK`4K]@VQMB
M\AG5*)"^X#!4Z*(N*!S#P<(M8`-JH2+.3(*^^QL"8`#M2"P%,+`3:86^2)S%
M.!I?2H(04A\#<`@L/*\36:RID!SLC(<E5!URRL_2Z)LTL,O%&*&]+$LU.`E`
M(`,:L<W;Q$W,Z`OV4!P<^3,7Z!N""@W`>(,'.*\YV#X!;4P.(Q7G=%'`ZH<+
M,H5C(KBW6+0E<)%:ZXE+4H+^_Q&AAU"91!/`,!B]O_/1OODE0YLTDH@'T^B#
MH+`<8UB"\^(/(Q(.'26"O\`))JBU0&/0LC&L"<60_L`[I]B;_NB;D\%0`[H%
MW'*&%)*<M+2%-T`/#<&=(F7.%VU.C'P>4W@\?RC/!]"%K8FE6Q*]*0G*)!!`
MRD-/XW"")+V#Q%"H.3P9G#@9+<V*0'BX!?E)NX@P.X)2(AV$!HT?+QB`F9"(
MLL%0,@"PC2BZ-:T#C3B=%(I4`>@<"?P@\_@%HJP4/=U3K[`;O`0+7G"`_MF:
MRU."+'B".N">)G@(O!E2),@,/$6#9@V#Q5L&[>F*:*`03#T.BOBSV;A0`T)6
M.673I?]8T+0TF[+1I"Y8@/Y1HC4"A/,+U+[$AAZRD)KPAB*XAM=[`\F[TQK*
M4U\-R[$$BX0"0C(XG]>8@PV1D/Y!'2](/&%2`.Z)G_B1$_(15OY9#*8$@S<0
M`C"0`QA-&9-@U55X'BQ@B6KPOJYPAH8+68ZU`H:-@CR('U9EU8HEJ+58+-?0
M+:/PIH3(.Y&X'M_LGXJ]3(>HI+O4'*Y(2*KP/-<;P@+@"PV16?P@3$DAV,,T
M6*\`"#WJN"@XBOK@"NNH#]@1350H6RPX@O,RBI8)B;8]VY1HV[:-)@HA"2PP
MC0Y3"00JV^"!DG:(2MBPCO"@`TDH@+W=6X7:REZ(!#0Y+RS_(<VL#)ZL6K!K
MZ@(CD,BX*`V5J5LL.)TL#=UDA9W#!<[&'=BMQ<FNM96BDS\'@DM645VP9-U:
M"1T!&`('BIU9F=V<K%V;#,G>75W@)5ZO0)?C1=[D5=[E9=[F=5YJ49?BE=[I
MI=[JM=[KQ=[LU=[MY=[N]=[O!=_P%=_Q)=_R-=_S1=_T5=_U9=]0>=[WA=_X
ME=_YE=_H;=^7%%Z9_-W[)9C\C<G]Y5]V\=^5!.!]V(\M<)'RZX+E7`3?#`N'
M^`I0:H2-"RL^G$;F$`D:+9@!)LD"SH==.UN!!5M'F,A1F$PL:H2\`9L+9@ZW
MI$`.YLB/K#XU&0#U<(\Y@`V(E)`;_TD#T_%;GP`_!%I6%PG.6$`G+U"9-E0)
MT`D-%E4/H&@943OB5F`GE3F99/T.L7'2M@U.JBW;UCP"H6/;R_@)$15-9C!B
M(MAA\ICA^D`9H*BXE#@=FEL6&!Y)C/0T4SA(B+";Z]&-HTD,-C!""TF;Q/B;
M`P`#"7Z>]?`A_G0X4Y/@03X,\CF"][L-$YH?J-@,G:"C^E`<JI4#P*!:<1@:
MDK"YB2`/!R`;S7$1T4""A<,,7G`"D5`#Z:E8QDAD<.#/Q+TBU[GB[9--6JXU
M<7#AV+-CB\3(@C.%"?2'E8#@!U%5*V53GDL.),C2<[4(JE49E_N9(?5B7SK`
MC]N^I;C,./\@8R>H4_0CM.'H#<`K(&#(CSU2Q/0X)C2HYF[&"2>@(]>YAZK\
MYFE.EF..88C0LU,%"^%T`#!X$`@.)$5U"HQ(O"D("OP`O\0;4@,3)'H8"30@
MYS52UIHHO`=[.,D!"8UXYPYJS#W"6]%45(O.YS#MH0VQ82-P:(H4Z(K\2`4#
MBV=\D%T8GX8&Z`"34M*0:)Q`#8@;:M.H:7#(Z"E`5L;XUHC(N!0:'O1##3;X
MLS8ZZ3MXK#N8-2QY"'M.:JM0(6+@@F8@!J:NZ3J^:8;TX%1XB<1@I?:<C16B
M:__TSY!H3R)`@)&E!]3(#Y;@/F_R:[QVG2S$0GK.8BX"G:,QK"/_V""%4F7K
MR8R9^+-OT`F[2P/Y+*>/JFSV/)'VK&R+,X]P78!5.$@L%(6^_B77,2R5^;,$
M40F!`03$'H:\5I:V=FM(.5Q_"$W2`TXX*F="(.IVL+[$10162DU!Z&+F#HD\
M$ZO?-H37?(CB?A;=7LBWII,JT.``)A3L#DCM=A-M]6Z5`F\=%._R9NOSCKOT
M5N^`9N_V?F^0C&_YGN^,E(QU?)=U_"YX&4=]5"I\>;*`J^^+O&_\E@ROB[XU
M4$4"AY?>>BNOHSU[X<3K*G`\@Q2"(BCX[(<<$13A2122Y5YW"2W?RF]5M)=[
MLP`P$W"SNW`,/Y0X/8G2;(39HI/8O4)>_[5>$N?$!JBK$.AQ$D_&[KHW>.DN
M$H>[Y'MQN8O@$DZ4/("CP961Y7[=D(A<+,#36%@9RE3-7M#,R"T$+/\)''F(
MO<!Q+F^+T4-N+]]QR7BR9^.V4(0RIZNN)'NK"2"!.FM%$!0M#""!$!`!$I@`
M.H,`$\@Q%UQR)O>'Z+RBK_CI0"!0T![D(F#/AOTF_@R=G5DBQ/BK_/0([FP/
M9^`*46+/;T(`8;+*-'`(]%@3$(T"Q%AD>5V,3Q]0%V&@7TI<O(3/.'P>OI[.
MHD)R?\.L$?C&K$L`JI.J8$0^L\MS%_"ZL9.K#DSTZ8M1#!I60$B1T(;L+MR%
M"3/"P4"%\INMSO^!A'BH@X:[`F^_B'&5HW"?:H(B!K&)AM/@@LM;`\,I`C"X
MADE3#)M$\G0;`6Z;\VLS,RO#@+MZKF67`'^[+JJR`&+OK=QS\6GW2(CHT\#\
M"HEXH4+E.<D@K)$P&7%?(@!X@$0V]UV]5B%9([@P!MVJ#TX%:19B4J!;ZU<X
M/(J3U*:0$.#]]Q&(-Z@:>"B;-LE`-X6OMLHR`1&H<$2G>(KYR&!U\JV*;%KR
M46[7(5:(`EB05$B5$=68=YCK#R)@O:PO&]%8BZU_]S'DN*__B4\SB7N_GWPU
M,-#I@BPDWG\OQJ$?>!>(*WW$@-Y*^#2KM[B:JPEXMB<S.R5O>H&$%#C_.8;R
M6P":!=DW(#JH!MF%0`(S`-DN>`>=\+33<8E2_:;WJ/QP3Z2JO4Q!C0^^.!_8
MT0S-/C70/YVC':8J`%E"$P(B&%F!69"[3W#..KXU4/"F\GDS$X$)L``0./Y6
M/'Y0]'D<Y,79NZL$\$<L6_QEE)0#^8[)/`HXED@/]WZ%RAZ))(GV,N*VL`[8
MF1"($Y#P_PF7%_^X`(BO;9&-$=$A;@?8$87-A1T@*,`(AQ?`=8#!#@&E\PF-
M2J?4JO6*S6JWW*SK:X%`,*[)Q!460\Z8R.B+=HO/:DM\=)Z$WGM7'0X8*#A(
M6&AXB)BHN,C8Z,@(T"4Y25FI%<!``%/P0A4`_Z"@:3D*8^"B%!!P<*!`ZOH*
M&RNK]%AK>XN;J[O+V^L2.1LL+&D@@-#IR=`TK$6@(*`@=)#)7&U]3>FKO<W=
M[?V-"(P]3EYN?HZ>S@7.WN[^#A\HKDY?;W^/GQ\5S]_O_P])G\"!!`L:G`0P
MH<*%\>8=?`@QHD1T#"M:O+C+X<2-'#MZE(0QI,B1AC1^U"*$"P%16%9*24D%
M9DN6)VNF(XDS9TB3`@,X./9"`;(N!02<VE+`P5`K29<J>3$@IE$M+Y3:O$I1
MI]:M_W@*G#KD@5,I!J1\Z2)@+)6T3\K"B$KEK!:V6.N.XXHW;SNOD@Z`E?77
MP()-00\0,'`$`0&H+_^('#"@22XJ```"'$ZL214`JTY>O##0Q(@"93`$'$"@
MF#&!`9B.&OA,RT4!!0<`,"A@0$&3`$:2E.[$&X#O52X:&X!\F*;=Y5KT.G_N
MBR\7J`,&'(WU%RJ,5@4>P'#!``:"LG"]NR@K&08#S^'!BX<<'L:"H;6'+`B`
M(-/FTF49D%?"&@$.I")`:4V<9=IVK4PSFQ(,))%6@^H95J`!X;TPV'?,;;@%
M=!Y^6(MT'58W0(&`7??"`_AY)MM99\&U!`*GI`?#9P6Z^,M1=*F'C`*F'#4@
M6R\"J`1;1,SWW2E"GO*"`*8H,<UO3RZAS&`OQ)<6;QQN>06(7GYYB(@H/5#_
MG6_87>?",0@\@>-;2H32IA,`>';CC'`4.=2#M/Q89`!+N@EH6L[\EB2A9S69
MVU/AI95HC>&-Y\(R?KG%9:5F@8EIIK_`4D!QP8`5P`(%$*`B#*FT&56HV]GY
MQ`-$U)ED57C*N:9XG>IHZ"EPP<5H*T@BV,FA`B2E!&6_$0L#98=%X0"EECX;
MFZ;2?BAF/?@5]Y@HFS$`@#/1*!"*DSXIX,)\X++$@`";L?)M**,)=MUV140"
MWF,!%."?MP0X"4"$_E65)@(!@(L)9.#B=AL`KY55<+(+#R&```\(((ILT%Z<
MY+0:.U<MQEW0B`YD2A"P3+P><[EQRGEU?+(6X-KS_\QY23@@P#(MHZQRSCJQ
M?+,5B[T@4SJ<.$%`T#TSIW/2)/%\=--.ZZ-TU!@Q_7355I]#6=9:;\UUUUY_
M#7;88H]-=MEFGXUVVFJOS;4*5[\-=]QRSTUWW7;?C7?>>N_-=]]^_PUXX((/
M3GCAAA^.>.**+\YXXXX_#GGDDD].>>667SX*VYIOSGGGGG\.>NB4N8UYZ2=)
MC3I#5)O.>CVIOP[0ZJW/?@[LMO,C.SF\L62T2LK!\OLH0;L4_"99N%1)\<DK
MOP7S5]T.O3NY7X.?94]J1TE5:I%R1"S8/V75,?N8R!1GDW3/J?F48%)I].Y_
M,[TU#L"$0"0P1J&E%3L^=/\_H5,T^00"\&1_2G#6%/(W"P+*[7T,W$;\GN`7
MDUGB``YX`@`&,X`(#L$`M4F*`4;%P>$$11-LX8W`G!``V;S`4Y4YS"I,A9@<
M3:,)RHJA8DQU!*!!,%NS>8&,H/29_@DJ4C@L#B=,8QH",."$**R-55YP&@*4
M"S@^;$(!'G,`#Q;`6$>8X08Y:#,<MM"&F7'B4`1X)=S`IHIZ*L5C.K'"9"&!
M-(<!8TT:B$=>//`I)))@-LA7HZ@,H#$+4%@2(L&6)WGG->*!$-#*8ILGS`\&
MDRR+(DLA*L\X0("9^*%[QB,?4WFG5=\IBY,HR9M3K`8*$4+28`+@'0P5`):%
M(EK_?.93F?<`$#?)ZN0F!B.H'U:%D]OI1*F<L)XK?>=1\%$"DI10@$+2R4!O
MN9=W#G`*_Y2B0,.,I%!@<,R/Y'&<N-CC=T@$2$NX`)#:@4N_4@0,NEPQ*A5\
M`J->@\VV**D5;IEGC4P$0`"VZ2RN`F<43J.D3J1%?(!R`EO84M!8FB@JZ4%?
M6I))&0`>!XHYLF>PF,3-`NFI9E"P4:&^8-&ET.5(G=A5*5IQGG_*%(`C#6-'
MR(G31YBS.V5Z!2V=8"%`*;,J:RKA?P9`D[1L*@I)J8P#`""$`/P'@#.%59L`
M4#^'P"FAOZ&+$!7:":P:BZH4C9=<TC*LSMQ('"YHA4,__UI54YG&9',2J)W.
MJM).#(HM+MT7*S01T)#*-9]WS*EA%6'.37@*%COB:[&,)2!"/6B54UG,;PZP
M`$T8Y@D,>%1\)AL5J@;VI*SRHZK(12BEUNJKAGH"66L)/CPIH%9S*A!F-7N`
M@CJR4*.%JA1<Y1?2RLI_LTH4DERJ"M<*%H"^?=YAGUN2@SA#.$APT)PBT47T
M",P`3UT`:`3@75-I4P$.((T%X>@;[E[P.*2Q$,*"TJ[9A`(!`G#`@(CF`'+-
MQS_X@@PTN&NF@C6,OO:5ZFV:Y)EGOLD_"W#!OA:@&`$9AKRD<<%/#H0`=AWF
M-NXMQ@(>,(]TK>M@YWI7@YW0W__%."!@?J'3"T(E@`&$HL,<YC!X05Q8Z.I8
M'H_S3&>\-Y3MC6-93[D&BJA`Y!KE>,=,3NS<*/B%S<("RDAPGC620J[F5@/"
MY['I$[#\B]Y-A,ED7JKC%F/E2:`9'SH<1RJPT.8EE_FY3J:=G6<QYQW7^<Y\
M=D6>=;SG/@LZ&W^F\Z`/38]!6.`-@VA#!.S`C@F,P`V%*`$9'@&!"$0`#2*`
M0"U,$`)#(WK4YAC$!Q)0"`DTP-/M@$`#)%`($IC`%@UH@`M"T``1,`(#=L!`
M`T`@ZH)(D;I"5@)#J;`?6:"/$L*IIQ3C0^IR"&("(&A`"0BA:E:SP]6P'H2K
M&W"&1]3_N@PA@'0B)I``5H]`VSD--&.'HD`E#P$+_7M%FI%<()90-=KD$,0(
M2)#K0+1A!-GV@Q@L@($UN*`$$0A!'@[>!FU;(`3E!@/%PRUI-[R:$+AN0*C!
M</"+NR#A$+``I;\P;C%<.N,KGS2C)P#P<I,<#FVX]LCG,`*'?R'3)6"WSA+;
MJ6)WX:<%O)`:,0G'E*A"KZL01?\>"<?0=.**G;J7ITB6+<)L(HLB6T*WH@#%
M)AQF/OHVT2J$X!BT?T836.<-%/D-DD!HO`'F+H''J;UJ%T1@XQ.8M01F+0(0
MD.$#K_X`P#U=`L%_``0(!P$$1@"",Y`@`1/8>[<#L6@3-`#5_W``N`023X(R
MU/H#N/X`RFUM=UA;(`$AL'L)J(V'!)!@`A:(N04F,&X7F"#TAC?#Z`D/ZQ+,
M'@*ZCMI.R93!5ZS3M8,<``?%`D"?!*L)KDKF:IG_?"CF.RJ"F66I!I2NTU!L
M*MP-RIHXN!HS;4<3]9.I<DMQB@I&&#(S4HPQ%`93N'\,$!!X?;5-_P6J=@8%
MAW<38&DN``+`MG>;MH!ZUP";!@+!1P(6H&I^X'&N9GK<-@@1,`'?9G,N4'"$
M=VVY!W!GD'(;)P*V5GN6%G`%5W`N,&Z^MFFN%FJY-VX2X'@C)S7FY`+HI'SL
M)$@%=`PF(B@F8D6X,5%0`!<&,(1$\O]:OR$7#W`K<?500U$4T%1!^_84^<8)
M48$:*Z$P1M`>I]`=C:%_ZP`()B`&*0ALIQ>`>><"A!<"FU8&$Z=J#/B`#A@!
M&@@'M:9I>]B`?!@(G08!"1!P;^AI#9A[!7>"L)9[<&`!)F>(GO:"XQ:(&V>#
MJ%=K$G!I2F-.U&$=KT!!%H1!6TA5::&%4O6$3@`7"):$3ZA4.K)"("53TZ!$
M[^>$Z01`4K1*2J0BU>4$<I%;M7*&7@")'R`&=M<`C+:(<&@!F\=HD)=I>=B`
M"^AKG/<%U=:)EWAY<#`"ZS:-=(>(#EB#M@:"#4`&C8B`X@@'BS<!+@B'XX9K
M,QAPF;ASJH;_C4F36!H$"Y-D;/8#):]!A$`S`&A'+*M()$L@D+F8D+%8)+PE
M6&X7!05UBUHH4^(36LFB+O%A&6=A&02@8,5H!8#P`>8&<*'G`BDX@'`(@I&7
MC;9&>'@HDRY@B&\P`1B@>9LF:;Z6@1LWB'"`>PT`@`6G>>EHC@G0ANJH>;/F
M![X&:X=WCF(`@RJ8AW;W!O:H<R'0AIYX$)A@/6XU2,Y0-$H!,-^Q8F7Q$Q8&
M18/T!&$9"J2B``#P`-@T/U"112L&'D0`59TE1?-C8;.Q``)@7L4"4QUY7R/S
ME_1E`""F#"D$D@Q`&TIT8&MR0R+9)3L'`J\W<JKF<2,'`B8`>9WY_P4CP)3G
M*`$I2`(8D((B8`&K>9.&*`&F!W,-0`(B<`8FD)FH:6ZWEFZ8^6N4*)2)QY2U
MEG/+:(&KMG<)<'NJ)FNW5VTBH&JZEIP]5VN>]F_$UY.K]FV9IH:@MH,0L3NL
M.#2HH!RS-#*[,04%>49B5P5?$&=3$`F+X1"6!6>;D!DV\YXC8X:6>9GGM@:[
M"0;\1P?A5@@E!P@8T(DCAP%FT`C99J"GUX$$6@@("I2>UH$T!Z!?T($9"@AL
MP*$JXV[,4&^5,**7>06A4@1,P)]0@RDOV(?F6&BW$*+"L$+J5PDUJA+'(69/
MD$)?MZ+Y@"FKUP`F0*#?]G$Q&B(_JJ3[A_^D.#6C2\IG3=IN4$JE_2FE>?2D
M53H[5TI.6:JEK,.EX^2E-^H9^>D*5R0+]`D+"#0$0H<.-JHX88JETN66T/8*
MQ2`+G1(+!/!#*.9'4'!O71`\HA`*CB.G>#2F)(H,;`D+%DD0(.,S;A4+<X(_
M!M0XA]I`B:4`)1*H6<"6L"0$GO%#'!0ICB$J?.I#IE(_`_(:&88H*_822,`D
M/N1@LU4N0B`4:^(>Q7!!29!"N1%&`Y-/O+H`OLI!)Q:,X4&L24"J*30?^+$9
M+Q-<Q7`E&;9\O(&GRZI%PNI@2Z0*]30GF[*L@X.I#&1.`$`BQ.@*SH<:R]`*
MJR$@*R%5N/HMJ67_&/7Q&1@R!",:4YWPKDC55JLR5#,U&,$E/NI3'Z%5L`5B
M(ND14`M+2?)ZBH;Q6K`8%,Y4!!#+%@E;2]SG&_>AK\$E..7Z/N9D`"1BIZ0P
M2`J0(3Y4IL[@`([D&;N!66#%(VJ5D%#0':D!%(W1)H$9&LM5(.V75JYU`*$5
M4GX2&^\W6N25!*<(1Z^8A+\Q'YYQ1#)%%VO9L?[CGH(ULB0;/>8$D@,03NO:
M"1#F*$1#!'-)4D/0(%58&L"P&%,+J$JT7T2#(Y$AA:.UBP]BHQP;6/H*6W&U
MB[E5!`/I?DC;D"E"-*.UL0`I%UX(#+\P6E\+MK?C9/L)"VS9'9&`8U!U\`J/
M(1A%@QE*L2]A-3]$\%J@T!8D!$[8-87NZ:^\(;3R\F*L5!E(-5I6,5ME%U>A
MNY"G:RJ;%`"L8;%+5"/3!$!%F+M2Y&!N0E694+F!<[G0DZB3@$U?MT*SU%D'
MDG7K1(;^`0J=\G7]<@I'P`G%H4R=$4+BI0QUA!N@41R0@;[U*QO8]`S.@F!Q
M:;^S-!YQ233]B[Y((#(/0KZ1H0RR@;XU>L#T=4@*?+_1L+][J0J>L@JWV[^6
M6[VO<[T/,9YY*JEP^J7#L,&VT\$]8[?M-\+84,*P<\(K+#DMS,$PO,*B8\,W
/C,,YK,,Y3#HT#*5!```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>b61608a1b6160805.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b61608a1b6160805.gif
M1TE&.#EA.@+G`L00`/#P\.#@X-#0T+"PL)"0D*"@H&!@8````'!P<%!04#`P
M,"`@(!`0$$!`0("`@,#`P/___P``````````````````````````````````
M`````````````````````````"'Y!`$``!``+``````Z`N<"``7_8&,X9&F>
M:*JN;.N^<)PN<FW?>"X;C>[_P*!P2"P:CRY>XP%I.I_0J'1*K5JOV*Q6VMAZ
MO^"P>/MPC,_HM'K-;KO?\.NCL8S;[^DN?L_7EON`@8*#A(5^=$R&@0)\>F*,
MBI%2?Y)O`0!G`6D`FF&0E:"5<W50`@H'#`X*#0->``X'CF(!!@<'"`ZU9E\%
M!P8`"0>[;[).`PP'"@X+"9]/O09[Q[Y/`+8*SE3`PG>4U02V":H)B:%6`0<+
M8P718`$+!TSPG5ZU!>;XA:/E3[!=Z`>RR8FU)4""2;:<>"/#@``$6,/<%'/2
M@%LO!I,:\JEU@!Z!4Q&M0+QB4,S")[:8_P"D9P@!OR@N(0!@-J8BRRT5F218
M@"E+20@$&+S,1Q3//BG^FM@*.7"BME4(#S1A=&_,2#A.(50T\R"EHES<FCC8
MJN7JTZQ83CKQ"F%II%Y#G<!-(P`9TRPYOP"`6K1OH*-1DEJ+-ZH`@X,"1AAH
M!:'``@0("!)H@```@@;W+/-``*$6C2A=I0;8!6!$@@:,"B]@4,`Q:Z"4'PHK
M31G`@U]YII`=@`K`9,@'"/R&#9G!`@$(C#,:,.(S\<@$QB8(8/"F@ZX8&PL@
M^Q#R@E:6&TP6"O%5,PC;QS+R;*:`.')9U"J-)Y,M`@/B((Q:=AR"0<P+\)0>
M:HV]QX1[!OP2'O\!P30`0%V^/%":`Z<Q`J$!#XR"'AT%6-8*@K@%YID3X2$0
M#&<EGMA$3O\Q8A`""MS#W#*[L!=>50[@HN!E#,:"B7L4QN77D%``!@4L"CR0
M0"KS3:8```Q$`Q<Z!_'615==C+23;!D2!-I2SH'3"BKS28B*F1AA*5M[R?A7
M%1I95;28`M_IAXIC+A'4U0(!\*9`GP<<Q(`"LCF$'9X`8<*4&:?<8P99`MRB
M54"R*1#4`.7A!B5G=-CYSP&M9!C?76T%-\!..!Y@&WVV"`"E.I,:D%Q=G#:`
M3JA=CFD&+`E8%MRD3(C95G9YE;KB`8[:J6L4OD6*K!.\RN9HH-(""^S_3-%4
M!,&@A7HJ%C>P:+)`EH'Z2L"M^@E)Y+I&]I.,J&M)U40O7/E"K[=J0H1.%P"$
MZF61"44WE0$"`#3?P<;F&Q8\`A#0$YRZ1?B)FDVH:;&>!)'0&3<4-U$+`0(P
MUD]CR0AP#UFE#;`7?6;!`B-CX/0`C[?HI/*P'*0N90MG3=BEB[&3,E)LS,MT
MA(H#F`0S0L;@<I-78@4G9"W06/H&@=))':E)18Z,U-5!7E.;5T[W!L"$QC]3
M/-+,DX[6M`,U([WNW),@@M2_\4++<2QA7\GT=7AW_$1H\RJ40"_R2JVX5`KO
M`LL(:\09ED+_7NSWY3+EDG;@Z=RU"S)Z<$>+_RHL3XYD;[+Q7+&7AJ%R$Q7R
ME?H`.*#.=[/48].7^C/(,!!`12*O*7RQ2B)^;")20P`/W),&#X4X%-K22=_"
MJYE[&9-GGN#>>HR$>SPCC=2Z[W277['=@>&-,`2\U8O`O9:O.=C#@E,N;T]=
M<;8XP@DUWH0U#'!>32(6DH[%+WX5>07WH``2I'QK%RCC5EY:)HQH^>E_J]*#
MJ\QBA=AY)1@,P,0I&*.)[V&B6!>4R8,4F"-)^4=X(\E+_H!6K.2!XR`0B`S/
M;E(`D2&C'6'C3!"ME9,4'HN%WA+>*8X8/FYL,'OF(U*[G!`90D$A>1!00#2"
M<@D&=`$<A$+'`AYPBO]H5'%V`HC4`@KP$MZHZ@DWI!T3]I>POSG!`-E10U9.
MH;K5.>*`&.L",@901K.IKQ<"Z4P3T-$)/J(G'=/8E>F<]BN0,.>1:YQ#$Y(T
M*BD,!CSPZ(*?,#4F55DC=+K+HC`NJ8<D!8`!K"F`)&=YM0K&\8,5!%I]2`C+
MUH1$%B!4E*0B<[9ATN=ZJL00T@992#6R<22\T00#A/@VK6Q275',QQ314X+@
ME<$!(GM%CCHA`'$0X'V:&$`/9"FAQH@`$F-Q7@"BXX`"T*,TY*"0`+Z9(1+T
M\SJR=$##'."PBK5#CU+`%`F<$5!(!#0`#XTH"?K4@_0T9J'5L"(4,-4A_33_
M0:$"?0AFU*FRZ)Q+)B8%0$`!$!ZYB;05!'V?'YBB4A*<5`#^9%\"X%,J=E3&
M/R3HJ$PN([>85B4QF$$I0>=)T`<E0$'X*<-YROD+?D+K"4A]4\7`B8F!UE,V
M"6`08W@E5J#6<S1??45MV%?1'HB%%;YIJGX@DQF3,M5A1LTFW;:IUS`X;`")
M%`-:!`%8J_55/Z3:`A8/*Q(H<I"QD-W#-FU!V<I:]K*8S:QF-\O9SGK6LHG%
MR9<^2]K2FO:TJ+UL)X^4VM:Z]K6PC:UL-XO-R!IB%",XP6QWRUO.]N`'-#@!
M1WI+W.)R%@8\0$%%C,O<YCJWN+E%@G2G&P0EK((._]C-KG:WR]WN>O>[X`VO
M>,=+7NYZL;SH3:]ZU\M>\M*IO?"-KWSG2]_ZVO>^^,UO>*];6]L&8K#^_4MH
M`TS@`I>/KP8&!(`3W(T!,_C!$);$-O<4V`A#S,*`B!V&-\QAR:+OB@ONL&A%
MW&`2F_C$;N`KWDPV@,KX9@`.&4`!8HP96PT`QA5F<(A1#`8-\_C'0(;=AU$"
MS&@$AT+]BI16V`@J`Z#C`0'(<8)W'.355OG*6![<D-?B"$W,6!@"6(TL*]BE
M1$3&02*F<I9AY^`UNWG#*M;#`S#5!3`KL"M,V*?N]JF,-+_9)&W^LZ`3/.%T
M/,`P\PR.%NO9XAQ.4Z5A2?]`BZ5L8#4/>JN7SC2<MZSI*ECZTC[NM*@9B^!1
M/^'3@PZUJ5=]8#I<5[^PCC5\8R'K6MN:O`&ZM:YWS>M>^_K7[N4TJRDR["FH
MNMC()DJI6>V4&?>CO_^#\1<&\#J]'CO9V`;%-O<)Y2A$N0JV4<@#4M-.*X23
MTN*^F2*<@N>*Y?$*T:BV1Z>@[L->NP\&$5D!?@J%WSD!HF>X#1L"G6U!;!,`
M7^PC4$*['2?4!1,R?J'$H;`7$J'[HPI?]R1X\-:/J@RBLVN,V>R9I`>)RC8J
M2U*&1H.>D)D-Y`[1#QO-=^\^;&E%I$*UIPL.8;[JH2.NDM`?J--52%!'%@3X
MA4/_$#YG)^M'$RQ%^(,6&>YNNRHU@XN(V19YB9;_3Q,%(\8D'C#&?7:A`/MT
M"$\0@%,F=$$/G`';0QK^!P<9H(<"6[O)#AWSO=YE.UH%Q%CNX4OV'3H`"+AQ
ME@90AM+<1A-S9MZ\&$^+2_9+G21J?#W!J1],073?*K7G;?I5AI!M'CT/8#O/
M">'SQF0KA_WL4X94=AW`-OS4_+Y2>ZX69AFS8C&:%"7<DA362V)ZD4AS,N/G
M_(HRR*I#!!]QD0X-.3D++$ME<+LU_4-&;^C>FM=!+/C[R7B:WP49E!+$==1!
M@#\XA%`.^AU@5Z05VYCA(!KM$\*S^)#4T]]C91`=K=`%__@W5WW2)X_2+_WG
M?P0(>ZLW"'R5))"`?8VG``,X9TKR?PHQ#+J7&(<7.C+Q=M94=_VW?>+W;W.P
M%Q>X?%Q!(!(Q=MMR,D#13^,7?B)X-?4G('3W*"5(@M>Q3_+F%_)Q"N2C?EIQ
M'7^0(3?8`.=A3=^7>%H%6")X'2"X2="B?5`H?OTB2XU!`#!%@\+7=P^88<(F
M"Q0(-[10`$^"'E94#-Z'6/ZV(?_W>M^'?29("0_R*-1Q=VNX3V90,'_R@E$@
M'(WA'^2`'/OV>(F7&/M63DSP/BY!4EU("^>$'`YQ3HKH>Y!A?IX44H/0'M_W
M)$\2.E+GA.+GB16#`+^S?U3H*O^.$%:1IWV>^`?@)$N8P!,+R(/M-X80R&ED
M]PGB(6FY(&,@4P`]`%%S\C#FT0D(`#*HP2/O\(@W9AM\`ADY0D;E-'R=D'1S
M-AVL$",S9C+'B&3MYU)LH'-[P#/09@XUMP>C`79=>'DW=AVC83)>*%`"%7$Z
M4@X@TW[GTGZ^,3L]H5+!`E@.LX\SQE+].!4HU4/V!#?1T8R\2(:D4'#HB`?[
MAG:<6&"MX1\7=P4=^6U>0`LRL8X3F0;+MFH7Z6;M.#<U]9%7\))A0$HGV0<I
M:6HKN68M69,\B08W.6I9P7@")`5B*`=%66`[*5FN(@>`$&X]*83"5FS-U@I'
MZ4E>,%C_)MD726D''6D*50!Y@'![3UD4/REJS>8@/6$RMG%HC%=05<%\*,<)
M;!1S2F@U,^=R[$`=<^:1@3<DL5-NBX!#[#,5:;D<3A9UU$%.+!%U3X<>'K64
M_J$)+_=MW6:"8ZE-43EL6>$`0L$^>RAPJ`%C`4`H?[5O,G$0>N<P^Z=[@(5X
M?\`9,)9T0ZF5=U$+:Q@(&O,$E0%.-R9CC4<.[J%)2,,*B_0='3D=29(+PFDV
MG,)2+6896W.99)F9S&:58?8[&>*'(\B#C@""V.>=B/5'UP%!6ZD/=T%96:D&
M`N-P9@`,G!`=M`B&G?&.Q.:!]E2'.&A-["03'FB9TAD*9=EI_TX1<P(ED?))
M@MC0+[V20^.WAB)8!A+Y3,"0.>7)>G<!#8/P#B1"DIUQ8]FW*_)I,L[P#QJ$
MGWK0#DFUF]KWG_@0H)KF%+X)'O?!5(Z(*8Z8C>A!>8F!>("5>+^P;\)1&E`5
M,AGB&_PV-Q7Z!IB2(6<S9WUB``RR'4I"4$[&)\EE=&.40^+Q#CB%G"'#1HEP
M4LTX`F04A"S*>M2IDJN7I.:@4C+1EV>*E&F*DVL:?40"#&<5ISTWIT!9IWKZ
MIV'@HID6E'OY!(B7:G;:IH!*8H)Z:5,)%%&0DQ'&IFVP=^[!+#+A'[.YJ`_6
MJ(-VEBQ5DBIC39?'/FET992Z!G'X$/_]YA`9QZD8YJF"MIF=B2('T05"1$C[
MA*H72@V"L)[_0RA!13`JURL6"!\166^P"EFR^F=.T55\`IZV@2&22F#R@9[J
M]TN(18*F6'IQMZQR6I'9-J!B44Z8P"DX2(59)A^VJ:QW();T]Z';]Z!FX!(P
M":[LPJ=FF5!LU`I$2AW-,&,YPE-5]I?NB@<2V2=7@RD$TPR2-IK\9Z-W=Z_X
MZI?Z*J!^B@^VT0FV$:J,P`G[%+(AVY846['3*:[85JV\ZE]WQWPF&UG-^F8J
M6[")ZA>G^K(P>[$O.@G.,&Y3MP6;Z@=1E*HXRW,QZV8PVA&+9$HP";%48*8*
M,;0UBP?<]K3_F]I#:%"55M`O,8>U16L2.CNH=0-$>J"8*M15/;%UVW>SW]:,
M+-4)B7`)2]D)(AEVM(D/JE<:ZI8(!YND!TL%\79\7]MC8>NHDW`,U&&,^O%%
MP#``QKF;MD>"M#=G#0.?9'2/I3$ZS*&A!DD`T">$=_$*)8L&QM<8B0=C$E)R
MX+&7I8J'U^$P$.4;$-4P)B,CJ/MT&>*UAU8.<3F:Y9:$U)8ND'</::0RA3JX
M1[MF[`:A#A$Z.%6?[;E3N>N$&"B8-CB#[`.?IBB8<S"Z-GD71`BU;Y";BSMZ
MHRB'NX(<<^=]$(6NX]DA3\)VYDL+&7*KC<%W5'2:EED&\\1[U-8P_UUX=S"F
M@(.[N"B;;,L+)<V[(O[V(/_0#@F29];4AVN8??IY#X=VO5U0P8`HOK=U?JTB
M"*;Y4<K4?Z'C#=-*@_\WA19\AOV'A#Q8!N6WPOO[A\%7&2HW&BIA*05LP.EI
MN(%1KYPP1F2'>)82C?WWO^_$I<8(-VI8&<SA&)K@$O<05J809H>F`)51CG\;
M"?(!>(.P%SV!&K2X?SGX(.64B\3V"C4HBS2(-#!L34#X!`N*KAOXO*@Q3Q^1
M&N'7"DWXM<F;93,;9$2K!@0Y?THR;EUX*A3U(285'6/,>.=Z3BW&1M-13XGL
M*LTH2]5AC)LX%91G$/P(-XNQ&#+V(".`>/\Q=F@]',A8-LA`5LAOL)54YF/J
MV,-QX,I7!LL_)LMN<$Y=/`6BG`7`3`49Z;VXW$&%^ZD9F\QZJLM5]JSP@@5V
M&\M3Z\P%!\U!EA6)EP6.1[/8_,S+/*M3$'X="X02$G;=9LYFPP2`R6&^',Z:
MILU`MID2HC+D@,.-X::]`DYA50*%R*C7+,_(1L\_9L_"$7(;+*(8\I`67'%!
MVZD#3=##9M`\9L]<>`E)MQT%HT'CF0A(9F+Q3-&"9M$HYA0+L'0[!1[UV@0\
M`@P,0AH')6(C3=)O9M(GQLMJ*]`V?9DX;6*PG!\G5M,]O:[C[*S-7-0U.0KM
MQZ1._=10'=52/=7_5%W55GW56)W54TW$6MW57OW58!W66*V<8EW69GW6:)W6
M:KW6;-W6;EW5DR$"U#77="T#P577>)W7PO5;>MW7?OW7@!W8>*T$/\S,>Z",
M_T-H$ZW4\WS4,FO,0A+,S\./#['89&G9;`"$(8MZU5`.E/D%)@,'D$D&):D%
M=EO-U1P%$?VTR$QQ@37:6NF+MD)%16D9_!`1<T`/$LDL,0$:LQ=%:'$94M"_
M6Q!^6:?8;1I"4`)Q_""6`I.>O_V57P!VP7P3>;9CW]P9?(LAPJQ17@"L'@QN
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M,3K,?[J'(:G'R3!;F\GPX)E-*`9`*,2KG8P;'1HZ`I=4&7SB<25AW#D$G=>Q
MF@_!G&FNG+CZ"@-8V?5W><V':='0*_"QZ>"4"_]LYX=6PU,V)41S=F.M00YO
MYQN<L'PN#9V,OD5Q11$PG2.X#D[*ER%02E+3H4D.X[EL/%')I[G!7MAMP%<D
M\*/A=[W7ZY_17E,2PAG(L9?C>6,X)"\KTL+;>35Y?H-OWHD9$D+;Z:U-D$_;
MN:#XJ!/O+IDJ=9OV=IYL(0C*,)K,0PZLC!I<P8,:K$CM[M)M9W'*I'T-V*V/
M\KP3^GW[N00S_`>V(:QNY_#N[N\SUJ0VSG^5SE0D*`+!>FX)KQ7/^X;F[($V
MJ((E:(<$V()\O(LPMO(6*&'"AC0T$.K4OJ*ZYR@S`<<JW`--BF9.$(AD'NKT
M^L(*KW&!T1.0(XP-:Z[_L\<H]M=X#@%."OLDI*0,FA?>H"L%&$H(D]$85L3=
M0I,8XN?R[!.\>'[IDJZB`W^BXVXK$#SN2Y9%727JXZ<5'%K"9N^Y)5B"T5![
MC#>>3FB:>U@5<'_QT8#RC]A\-ICX.R_'&SV:9E-/&!SQB5_>!\RJD#/MU&:'
M@5@,9O#YV@=R!^$2W/B6[4"(6/]V",BJK\_W@MX&$[&Q)2DA'9OWZ($)V3EN
M^\12GQ!V9L-M;\N?7O_U^`!PAK4=!%.FD)%TT6C%HB@.:5M[>$K;C'XX#L(*
MO@EEQT$AH]EVP<L*(7U234RWJ%%CIW(=?U)[H]$KSN\J`EX5&T__7@BEXE"E
M_[\(`HTS%(0`00AA.(FI`(AJH%!3)$ZZMB])/%R/1<``)")^#P>@%7L4("Z!
MXG>J8;/:+;>;?30:#^V#``@``(1H$QH@#"`#0<`Q1I7/Z34D\+B6#8R18/G]
MH;05``@()CP`0"0NQGE56EHV7&IN<G9Z?FXN@8Z2=@J,!5"6KK*VNK["QGJ!
MB<G:DNG<DF;J]OJ.BOX*8SVP#$`.)RLO,WO2WC67EB!'<_%68]L&9W-W>W^#
M$X=!AY=O7GM14V.MLR/60+:;DV[/V]_CYU<^Z_>CH->H4PP"@5P$M3C:D@I`
MPCX+#OIS9K";H2N^Z-2(0TX3@`(!9"VZ)$@7@(TE(__"XO?E!@0!"3Y6*E%C
M8J4`#5%Z`8C"0903];38\1+T'TZ)X12T;""O9B<`!NX$0+KQ$I.I66!N^ABR
MD@Y5L@0`!%NTE<HL#A#(.7$*(BY0.L=B>1N`0:YB!0PX+9,CDX,6'I4Z"@+!
M3L<A>0,L&*`TP%T"<&O\A+ST%Z\&@#[Z;(E,`*0!!CX^P'K*SR+0'X,NRI3F
M3`"8&+%P;JD`FI\^G!^I@`1U$6M$)P#40O/G9&T441^=Z7.'<V8\6F,;7[ZU
M-3KJ>`+"3-YZ,MRR668[AF"$RFTF!0H@",*S"2./"?(:&$`@/-$:C!S[P;\D
M0!)!#[R"\U8D"20`@2A\/2#_"@("!(44@C8,-A"$02$(1QF/X4$3"@8<``,S
M8A"`%@11O#2;`T]E@D`3@NA`(C(/J(B4(B[:P0@`"S`$A2-\`:>*BB-`:!P3
M-*2X1&A#%@%'`P.\-,``-D$(QF!Q%"#`*09E\H`"<"`YFPN>C2B%&FH(Z11B
M0:1BY35S@%6'F0[XD=Z63B:((1GC<$'%3&-D\I0#0"#@APX-"'1@E&BA@XYC
MZ0'!V5,)@'4&7A:%\]8=@0T:H2@.,#A&@0\BJ-2$?$88PS%V1@;!`:M:Y0NA
M1+3TU%\&#LK@@$L(("M6F2@@0)6ZVE'@J(9^!B<*MC(49'29(&@'$'(41&JP
M*"Q8_UD?A-J48!3U\>('LQ':D*L;.10B)8+"7H/NL_*A"R$`5=AY9RW6[`DA
M4AG2&J$=AF:9:0WHG)*>4XZ(&.0`L\WS5E`J#H`6#$D40^8(J4#@I2)(I>>9
MEOP=4V1!3Z*JX8@'T/"A'$@%P(M8!Q:QX7XJU[`"6'2H'.Q'"!KJJT4MBZ=L
M'1`V"T444%`8X6>#I5P?"^*-89&U/W]+8=(M";""D$!'>.\U6I]G8`&\$-E'
M$=O&BP>>].[TI`(V`<%BOH[M&V.4_M;7D5+Q+2I`8G/P8H:PY;QUQG)_$)[@
M@O;!%`!&IYR"BN(EA18Y(X:'#,Z9*>"%0`,$(,9@B9T^F?^R`)K3%XD.(I+.
MD`D)%-!K#BL@5H0(%MGQY!")+[GVY@DX^5EZB@A!A!$"Q:'"`+#ZFI0!5YQY
M>\H'M^X2G&N3G@(AUQY\L$WGQ>?AB-T_$04)"=X.A0EE0W:V%@-PBHAC<Q0V
MHAD`"+)'%&NPZ"OGY_<!1!F*%^`_C>M?:X+B).YD0T"5:!@LEO2?RJ$/)&P@
M6P0K*`SO6+`9"IS%(U*"E<>D*H.C8`A//BC"$Z9$?2A4Q@97>(L0NC"&,F0&
M!F>H"P4&T(:N@*$.>^C#':KPA[%0H.:$2`^1&3&)2M1$#9=8"@&=8FUX0-,-
MUB"TC@0P!^2R`UH:H;ABF!!]/&S_!OV(QA5G\"%77IB/)<I`04ZP418>:2,?
MG,B))MK1+5QH$0V*@"NP_<,F:"A::-:F`S0XHFL9'.,R&(*,DL&C)ZVRQ-^4
MM05&5M(H7E@+'#>1R3RV,8B@U*,6VO``!BRB9%/CQ7O`8"0I$$1TJKQ7&,N6
M*K"\41CH@8=3",*])*F1)T#ZC[%0X*2>(.P?#+P+_:RT!&?!Z9BPF0W]G,2Q
MNQ1#/OK1P94,4@!!\"<&N3*#-(59`K2<HDI1\54`\3('0=FG"ERZSV`*P),0
M16()BX!"$O$X2DXH[)$Z4$!N/&0'QOS'226,0A5Z15`F(&`*(DP5`U9%*6'T
M)0O]VI2T_^*0B0+=2PYQ@(,ED4(8&34A7S#X)D&\DB)(O&<Q64)47ARA@V`L
M)&I&<E)+&V0THO3+!O2KJ=.F](84O-*DQ5A"B!373U'^LQ,Z*8E6$@2)$_B!
M>5IQ:@F-HP<#!02!&$J5`@[`@%KV`DQQH15'1P6A))`M*(;Z%[AXXC9#R=4.
M/,%:A*QU(!CA:QM\&Y5>Q_!,:4D):Z(H@2`*1M>@!.R5"`HI6$KG0W]&]1(M
M]$02^BDR]C2C5]=1BCUA5(<G@6HPE&K9'!,%KANA`0;L@Q!K/YB)KODKJ)G8
MFY;H5Y=`*04I?A($#3Q2-#L<;:#PA`".F.NDHE+(*>Q#K!#D8__)RT(ULYK8
M+"<@Y]ER^.>JM2/('@0"AZK%X$30&`VM7,,IDD)$(`$T%GLA8RRK"J0.^GL#
M'3C7!SN0S03D/"^91J,&%C'F&'5*RS1:8AS_9JAJ/0D@8_?SS?@EZ*(]Q*QV
M<]+A3S#2'UUSZAUS^.$E<OC$6GA+4]6@HD\P2<-/.&&(^]&1]ID"0"K^88IW
M3->VY(N40&D5)[N#1!\C.5X]1K*EZG)(40A"$4E0`S/G\%A[:B0(N`+L<XT@
MGQ%@*Y?VJ'&2R^R/)?O84D\IPY""4+6*R:$K[PK38SWZP,*&BPD"J5@:"'6J
M?I!9&-DBZ9$O,>-KC0BM9L;NO!:]A2;_9PBP4^0%O.KI4G")8`QXY@NABF:@
M^$0DT,*@M*(W,93K.OJIC4[U6H$LBKU1X5V0V&4D8/58/@DF/1,3PWUV_2\=
MW^.6+#%9Q7"%GHR6A`D#XH\BN$D(`PYA1!Z)3\GDHPA6QQ#-.WY+"=`PC3=\
MQ$E63@X*2L>^JLW!#(%X!(!/$0<U[*?<**&H13\4"$WIX"5^"L^"V%=&.RA5
MV4%5*H.`@^UL9]?1W+T$%"8)"L:(.=@B*^M9B;V3!.D`X%<QP-?B`*2+^S53
M07$$L`]>06VK>.&68$0LR#3OS^)X&>C85\:ET+8:.*(@LH%"&_X$9[R&!L(F
M1R'*3ZSR'8O:_Q>G=5\6.Q@_^T3"-?,CZ7D\4H+_`8$_)RKUT,>:\$4?W15B
M'6NAO9%T3ASM-5VW8-$_+"#_(2#BI30T6Q99]FXTV!9O$/K:3_YU,[^ELY&P
M+!=&4A/"L_WN?5]\,MK>X;<P(`N^\G<5'('%8L`A`4D`S"-*P)/E/>7`0^J+
MXO%Q=L:C/H6K/OA;#I"%DGVF7X)L0Y`05+(K12B'Y_$T"$L_C&RM(H[L2(]Q
M^)+Z1?Z]S&^YB9A4VZ^2B,'3Y_H(/)VED6BA&B>GOR$K4G7JL!__S,E/\EM<
M`IHKD0DITQ5W0?14;-8=;`0N&=TQ"F0&@8&_',*6>R_0@<767(B@</\,)="/
M"2S62"1(0@@"CG`*^]A32\"(AH6?/CB>=BE0D85$23C3&5R!,U'?:[3&L7@7
M6!E(Y(R=Z8E,11V`!+H*%CP)^S0*42T&M4#@?G3,G>G3L"`*+!'?!,[;^#'9
MVI&567&=+?@?"0P)P?P8"H04E(%%4-B!M=`<A,"@#VH?$*:9$,(<"[9@)&"9
M/9V.WCP7.GP)BYC6DA2(KCF&4AG*LUCA#ZX>MN5?AVV?WOD/YZA!U0P0N.V9
M^XS!>>2ANEF(M%4)_AC7&YP%XKWA/%1@9K&8B,#(9$A('M5A!K7,22PB!6+A
MMET2`X1'H<TAT?G>#+%/R66B_FUBREW2\6C_6B_Q`0EXE')T!<]QR8:-XBGB
MXBRDHM%=TA\00:8\4QI$P=VXV1H:E2WF8C+2PRZZ72^>##`Z@*C\@Z25X(,@
MXS<,VC'TX`CU8-+,$3<ZG!9\HS)V'S,^GC,.QJ#<V`I<R&X]%PS`P*G94"7*
M`JG)8T=XPO>U@CQNP5HH(CD"@SE:X!8HDH.!CK09".>`FT@)0AWIT/YI$!-V
MRO_=!0`:!%RAA9ZUU0)*6Q&`B6^I`CT)4Y;=!,:%TX*,1Z^<AT=6VQJ<($":
M31RR6BAF%KVMH+T1VG^D@EX1E3&9P6T1%4_.#9PY"S'%#%(!B1AXW!T\D&,$
MS5`2'!/0Y"DV8E1-_^4_#6'%R1P6$`82&HEC*1/OQ,F>A-RHC(UHP(AD0>$=
M?!QAD0K02<$#P203":0C:N$6@);%Z0L2-@QB/-=,F``OP)I>&2/0'5!<2!>%
MY-IR@,><#5=4P!."+.1<TJ5,IMI5CA(]PL+2#=XQ"!AY3:97.1@!'1@A,@80
M[`\QG8A]!)!\I%M)#"(>F`&TP,_[Z`_6A08";!UEAI)E*MQ=+M%[R,$PI%T1
M4F95_M-#=-T#+A&#7)N@S8=Q'F==1E7D=9W.\69VKL3FD$]W>N=W@F=XBN=X
MDF=YFN=YHN=XSD9ZLF=[NN=[PB=ZLF-\TF=]VN=]XF=^ZN=^\F=_DB<!A/\!
M"Y#>@!)H@1KH@2)H@BKH@C)H@SHH@B[`@TKHA%)HA5KH@QJ`"%SHAG)HAWKH
MAX)HB(KHB)*H@F:H;X(=<&KGBC912:P&%[9$+1T"9+"@*1K(2WZ#I5#*C%I"
M1T@G/,#HRZWHD-90+P705N#E4VS!`!Q`XAS`4D0%%W1-JG#=CP[1DC:I<3RI
M)E0%%Z`5DD*0-Q3*.'["/W9!`:Y1%YAI.AC@FA(DL/$'ZM50I/1!G38')D+6
MCC9`R40C9`"IREB$2\2,"0#@#K@H5MT&_1R-7J8/GP)JU&V'82D.PE@)(@S"
M\DAJU-DI"6*BD`:(;Y`"CM9`'Z5#*?W&*/!>*"#_D4Z$HX\U$0(L@$\$EP.V
M@5+4#NWAP0"<%6-D@IM\AHT\Q#$,14:9C2@HU;MXAE,BE68*&3'H:FM\#4.>
MQXY08::(6Y7,@4U5ZXFDQZRN1Q2*:C>D2EYN)5AI"R4T7%HXTQ]&P8R4($N5
M1)4$Q`,=!S(`@;&P2>1`01P8`56=*QZ8&-4HV*D4C2'``T\5XF^P&2(X"R2H
M!L)^1DG$@<$F&1Z=T@E\RW[0``U$X7\0CB$D(H2L"P&TBU+>`78:B+:F%M9,
M8422P1*H@+L@(K_DBVH@XM\8BI'D0L;"R<9JW\01H;T-A&#<EOFL$V`52,NH
M3<I"R,9:1!<IZTQ4":'T_XK&$&VIK-FGC(CY(`+',5"R'-=PTB"G_`G8QMF_
M,,8.9B3N.4:QB"V2U="VS!;/$D0'`=Q5C895>2*$3"D.W`R?C6:4;HC;K&S8
MM"RC3A$`[&TFT(E>*9:ULHB28MS<!`/=`D&XBFL*UENY@@8TCD2W:,D_K(5N
MZ<N+[*PE%0TO3.&#K"ZM&!ZF$471'`PTE(2?X-I-80E0Y=.:(9=5S6Z9U9"1
M>,00Z$W5+(\"]*L+?$TQI6,*G,$"C,'OM`3KK,WR8D49_`=^;(Z?Q9XUV0#)
MHE:0WH+"G,[S_H<1Y,!G((%NI@<1)*LC("_-C`[[.@'QQJK,(*^;ZI_(X)++
MRO]!SH1&?6BM@91EEG00(A1(2LU<]`9)ZZXE`'_0R$%"1I+*,814@6Q:TFR#
M:F0*!F/<C:2!C824J^[BM159-&#FE9:#";=J.#"K*_C1$B"A('V-#`!?W/5@
M%&2+/0F2YL1=1N#73?1%:&1+#*P!G+S$Z(S.$=-P`\@`(L3LY*!!W(%1:]:`
MYX7(K]!/W&%)_=B$_I3M\C!)N\HEW.YBB,!7-5S.IY8#&MLH(]XB-D#B)QP5
M"7)%"WO!'%.&#R+G**4P)<9Q-:"'O'Z";CYG.L0L*0RR^+("\(5?'X/2']O1
M"P^I$(J2#+<$\ZJI1>@O"N0=^DBR$U$R/F!N)5=#$[G_0$NP07,,&3RHJ@6Q
MV`@HFW%$')E^%SC`@74AT-@A`R1TLBES0XLRX(:\@$_T!",(TZPEFAL$$.<P
M;SWH9`F"QC';#A[[+S%T!21QP2_/T"BS@G*>`%AF@3AK`5K4,3!KHF4>##(4
MC6.4@-?R1)LHE;W$`/#85T`X!J0\R9N]\S=UA3U`VABCASX]Q6>LTTI26R24
MXC5*WK`M`P*(UCJ=PF<(*!,D$R,DP9H%%Q0\A7"1WO^B*#HK@S]=0]&LYYZE
M+NRN;)`=B[G$2(+LV>\FS"4]A8J8%M`D&U1&2-L$,MEM@0HRLBRP(H0D4FGQ
M5<^<04K#Y4>1JTAC`TG7"Z_X_\1:IH!;Z92R!`/N6<;>B=8K63!`7Y)!5.Y0
MDNY!<9R5VA+0:F4RQ(98\(J0D,K6P/7C6G5"OK%3#P,>Q=BQ!$H2Y`J<Q&S#
MG8$CY`IZ>,82%P%,E%;#2%=\D$`J`;8[ES'@A/4]T_7:&.:?/>06,H-3+,(:
MPL@4X)\4G$I$O=<(P`#ON-G#/$**$`9>9P,DYQ&W0=@TX$H#BL]MIB;[K.9F
MAP-5B28:2#-RB,:+)$=RT$'AD$9K<C-LRX)LVU$HXUQG,'0/I8P`.?<I4^<_
M2?>QK$=U]Y"+9K=VA[3RJ>AX9R)T.U%WW[(WC`;C0"`[T`8KH[?XE3?Y<0'D
M@(RK]O_T+2AN&J#2_\+&->B<-=>WV6VW'_>CB,P6?X?##[-.?-V!RLP6]?$&
M'I3R@?^">B_16TC1L1@(R"3L<!_)B.BA(OD*!_*?3XLCR32#GAB`C%!-&ZH!
MG#R$,="`BMB:AG\#ARM1ZV6!?_&%WS#"%XG<Q8A3Z!@!J$V4R*S*`1CX*RC`
M]!A+8`RCK2QUT_*X"R=X)&]!<_W8IMF`38L<8HD!X?0W!8H,AWC/,@#HB-R+
MDF*L&F6Y]VYYCW?Y;&\!L69R*U)(?]UK77.18TPNC2'1`3,#8PS>L>QI%/''
M#)S)%,!C#F3XG3]WGD>WE/J'%QY"W(G+8SM%B(Q.%M6!E'W_1HA4>CYX<S>L
M!<58>C!C^GJ?MQ@90ZJ_.A#==Q!VW:K?.BCY>!*QMQ'Q>J]/<JQW^*QS0QDQ
M9SY^PNE`0YH3>TQ&.2^2P8Y*H$9X`2541!NQN#<XTH8L`S]&^S+F>A:N3Y;V
MP99>A51T@>#"F8O-0K?C7<%`@J"('CTY($\$RB7*AT4\5P&R4Z!P[(EP1@,*
MDT*WY;AWP:\;D:7LZ4Z`KF^H1CQ`Q80OH1$H!P261AKD4W0<"UK3D,@4@(N'
M^T0$Y9,LRN0JA:&@TW+H6<O?-(+,6=R(K%$JO"Z6.R>2P;/RZHPW(`@3=K;Z
MJK)<`Q@XDU3*0;8PPOQ=2;.AX!8\__FTKX):X4'!0%9:YFRFC##$N_M8'Y?*
M]\%9WSS.2_TYOFS(?I2VM,NTS.NWU,>G63G3:)I@H("5&_W3:P&;VSHHB!98
M#2:?2%?6$W4NX\%]E*'7CP'<@/UACOW"&_N/]Z+B*JN<O\2H2"[4$#W.:8R#
M7;?1&):<T\&'PS$7(/HRA!=IIE%KGD>G0,%$NJ%RO-NS?-M!C025D4`=[&1O
M-[Z\E/U``D7YG@E8+(]+1$\.4,'R/,]LQ&H?S(9K*L\5H`4)';^:+,^][GTO
M#'L&">==CSO#"U&P"U'V6Y!S7C]Z>_\/@3^/0?ON4^+C`SNRZ\,NET(I0\>9
M1H*&G[\/I?__9:T_"$#B2);F*0K%,PPG`!$H%"PD/*-R?@Z!DW,X:KRB\8A,
M*I?,)O+1:#R<U*KU6FQ@M]RN\@'T4@-:$<)%&DQY9=I.3&K/P!`Y_([/PZ%2
MO?^?9"="D!#W$%"01&85!HA%=_*`XQC3^)!`Z*!E0""@``%00.`@0$`PU59@
M((!`8%`P@`"0V0"P4-#@\UF0P`NAUC<()A"@("FBEA#P<`E!I\6,0#E-[<BW
M5IVM)^C,D`A18,/$G8*MO==(8G"@,`DH-`)%AR#@@`IAD"(P"]1&9^\,@`%F
M0.AI`5`(6C\("0"0$O&#1KXV$0,(&$CJ&;@AYSIZI'+MHT@LW,#_B-/D#(B`
M86?4/"``XZ6`.J#````PH!.GG$-:)')0P(&/?#@[+7LSD@2D$@>:FOLCH(V#
M4T!(`=2BC(8*C2+^32E0CR`$4F42IJ3Y$@T$5B+,ILCW"^ZRA:':);V+-UZ4
MIWG[SB@)!=:B.@Y_D0'`EI70`68Q$I"V$F`[6#$&"*6I!?++!S/]+B51X`#<
M:::<Y7M@8%:E8C@5"!WE(/6G%`E8N4C`^%1J&0V636EG&<(G!/8F-60F?)("
MX@"6PPS^R8'#`'ZK=PQI/7L)P%`6UGD@381"\;5&:)DM?,35L5/`K#\_0F`A
MS^E&'G-&;P0QSC2HKUV[3&=K`8`<``$8_PA>9PWL0P-G*RV#"`M(,1B@4OIU
MQ1EGB/FG78>`8.=A=H!!L,`]-"TP`%AE:(&(*P\D@M4IN;4@U"(!Y%/`#_?$
MV((,^?7U65ZQB#&D"':A0`8+`H;(9'8@-MD7-P4D,I..8`3P`Y8`5?A+(C_L
MLP(HIXAYY5J'5%9*6+-,L1)?206)%S/N/'(,ER@0.">4>M[UY)Y)D>/G=?4%
M2FBAAN;0YZ':`*HH)7`V"FFD3"8JJ2.,5IK'HYANRNE'E':*QZ6@=J'IJ*:>
MBL>GJ'+!34XLP!"`6D4`$-ZJ9]F*:ZZ/[*6K&.0<5$:>;HJ7:ZF]'HNL":HF
MN\2O1H+BPC(NJ/]R(`LUN=`;3*L:RVRWNB[K[1'D&#/56IG]0E4,^$1$5JQ(
MC<IMN/*:"NZ\.3C;''52A+$O:LP$1VR\D0IL;\&2UFNP"<X*IR]"H-@CW0(W
M/2"Q`%'=>BK!"6]<*,(<$VO"``,1X,(EL<HID`",)3)`+@B]5"N]@WY,\Z$>
M?RQJS1K7S'.'-W.<,\T[]TRT9[P6?4+0'P^-=-,B_;RQTAPS[735VO!Q"C-:
M;\UUUUY_#7;88H]-=MEF>VW,V6JOS7;;;IOMXMMRSTUWW7;?C7?>>N\M-@%1
M&"!$X((/3GCAAA^.>.**+\YXXX8OX'CDDD].>>6.&]"`Y9IOSGGGGG__#GKH
MHH^N..;!6$T3ZABKSOJ;1Z,N]<94MT[['5`G'+L1P_*0YYZSW^&;@(B18-$+
MYNQ./%A+UF[SZ_$,]"(,.9XP6`DFV\J-`PS@`,`!R(.FPIU(RAKH[W=\,HLT
MPX\PR@D7QS-K)_`PWRBE97C2NWDHY'YH29`/@IXLS"``[SK8S`)2C39P@@:@
MV,>5S@2111B(@<B1!)[8MPHZX`E"DI"$Q4!!G0MB*7_TNYKS]">"5TSI%RE"
M!L5J(AT4IB`G9O+2E5JRDF_LJ20%V-XLM%"*4_""%\T9"RF,$41)B`(HJXC.
M5!"0@$LTAS%3&(4L)C6S=1R)$OZ0@A9@0A4U_XQ@`!:3@@)(9@/P@`,G#NL*
M$&PR`(<M2`;%,:.,$'*R[Y5P&O93#\1:4)D8;@(,;Y"#C\!C$8%<(BH&0D#Q
M_`083A0``$#DAT;&4\E1P"4R:($8L13"EOF$Z%%-\1XU_#$1AKRQ`3IDR"=!
MUHZ7G.(-="#D+&EP`!&\)P:SG.(>77>Z.(P`>D)H#TIH$D"0E0,!G&G`*6IU
M/V<&"C`U6,A6/*D%3*YE!0[(REPZ"8ELGH69R]/.HT(S&BZ.`#<T*<5`$-";
M$<Q&G*DC8E!H@(-:`@4(U8+'+N]ID1NU\I?GZ",X3C,$'/U`!I_`A+5`MI):
M&("&6D`1&<O`FVGV`/];U&D';%X!A(9:1C:5B$T!7$/&VN`F-D,JXB<L<Q&P
M-,E\8BB&A$JV@`"<(2@3-88(5#$`!0P@IS58@_H2P$Y=-B0V`4`J&:51HI7E
M(J<(P<V+.D%03YUP+3+JC"@0`\$IY2@4V"B%6+;BDBH10$OMX0\D(S$%6/%G
M)A8[Q"'P!%;JT+4_*:C)Q#R8H;JJ3"98S*IA4[75IO'/#Z]X56$/"UE2)19I
MB_7#!V=ZP,AJ=@FW,UAEYT73S6ZVLP5+)ONB,5`ED+!2`!-)\%+`(13HT03$
M&*,S1#NIR18MER8X@PA4XX28@6I^(_D$%!0YP-LF`;DT,"YN1ZE;HG&#`27_
M4$%P.!$;0LPB`2B!7F\4L`_+Y`2*H0A3_0YXGVFL"`QLZLP(6S'!FOS6K@[T
M*WL:>!`8[,.]Y7RN1TAK+V[P=I@IU!%-[#&/L&`&']&@0U,/!*E':7&U=P!B
M+>S1@A3ET1Y$4)D`YG/A1#S'8?90F2U>5E1EL,`!PO7O=:+;,VY$D00-&8N"
MM8#@JMR8)M[4H#PB/+-2SM8+4EA#<0@H':'>%RLEF!(5"7A+>X!XR>R9THM<
M;!\8\XP;'Z9.AJ1SR"(B>#>5"&IS6.`:%DB#!8`\[PG0F4`28%@-0Q#H>@:B
MW#JH0@8`=<CU<'R/XHP)RT_3<LT`M9+XS(1`&?)-_X+B,4$(3Q!ECW3S2&J`
M!H20C!.X$87*!E(B3ZQ"/01R057CB(D/G_3#1VRJ*!K@6T+_U]`T^^P86XRK
MT$IJ!P64-34`/"];8XC"\,JLKA"``//ZVH3!K)JPO:7K93,/V/)Z=K>B30UB
M+]<$VKZ!M,5`[7`!"L(Z,S8U,$V#&9^`N%8@@E(8-2=V?WM7S78:H(C#,VQO
M02IS,+<2!#'N=^E[WLZ@-<[N1`!Q7&LM)G;L2BPF5FBA0674B55_.^9O]:HG
M!E"T[AO!;!D86!$A^;BB0W(RQ2B25>$J:QD+92'4*%(+%K(8^+S#[2UR3/(5
M@\!'3%M:"""XH!T3E08IR/^HTUBE#L@O>,@I-TX'N!A@+F&:4BAIH(5,E[&3
M<%&@>$2!&G"^49$V_S;.NT6.@83#-'):SX'CJ1`"#40J63/@"11P``;$%A"B
ME`$=:IR1J93LD)WAA']F0<E.EJ<-\R1`(FZB$#J`)<<$Y\+9F542!4E"8H@!
M2(VED5*:)(,]K0`'8P8TL)DQH"D7ST-P5/:+-8/Y%](I!$QBZMXV?#BHQ:"]
MR!Z@`/^T`O@"@%PB7DH*E<XHXY4_PN63)0A:A1#9..D%K60P6.J0;"9"_<HH
M8&*`U,1`W4RG+2NS`:%A-U#]:Q@L5D-!`KH2J*[]6=)^^SK_1"_Z0+[I=O-Y
M\'S_R&)MPE0LS)<=C15'^/9_N55OBD4J69%K!I@=ET5N"^@A`7@L`Y@L96>!
M^69P0,,Z'-B!0O.!41,)2^)6)5`R,T`@J"*"(S@U)8@[/7``_A$`!Y`GO;<[
M[R,S,"A:&-@K)=$`<'%,R_!;%W,3\L5PRE1L/CA:,NA9D3``>H<(0!09)B8Q
M4>1AN.$32]>$3AA90*@K@,%B&15%+S)E4A8?2.:%H/*"8&@O8I@K@`$`#)!1
M>-9E!^8OSM`"7-&#<'A8<H@KV5,0!A)J0V@QO0!>W"5JGT8(O)<Q$@B(52.(
MV!."DCB)35.)JZ*!R/*&F7AM4%@PG7@LGPB*&RB*`7:)_Z?X2YN(*J38*Z;(
MBK&8BL&VBK-(/UC#-[O(BW23-KT(C,%8-G$CC,5HC,>(C,FHC&3C-T-(.L\(
MC9P#.=%(C=78.)ACC=FHC=O(C=WHC==8B]5VB[A8.ZYX*K#X+9A(CDL3CN(V
MCNL8@NV8<^\(CZACCJ8B)4@!$"6@4^HB6[VV*;*8!!GF`Q216@-TD$LP/510
M&DX@"DP0=F)`*T-V,%OE+VHT`LRT<<X'/48'`1K)`X_A?R)1$J;4#?L#"O?B
M@NJ8!V6`+=D`D)PU*/!W`@+'DNAX7[F66&406_O8+!"A'GHDD*P2"9BC2_<S
M269B7'KE`RP$`SA)'^YS?J=T1?\'1F>*-'40T1+?-"4Z12NE``2WER)8>2!=
M60PJP#(MM$]JH3)T%!0N$!F-T`(J\$XM,!=GUB5JD&QO8!E!40".9'K,,`J'
M\2,O,00JDR,3]4YM!1.H@1.#]1,4.3`[^5.S8!E"L`H.@9A-A94Y@11ED)A&
M-&J;V1)NE`97]B_.T`F&&2MDE`V`$6I08!@WXII$IR0Z!18OT8:=\BBK=P"M
MAP>T$GQUX)J802"-4`L7L4@:44>_P%Z?4`M@X`/!H1"`1#*7T0:'A)V%`0GU
M@"#]@!@#41LX=A,K(`W^`)Y7$D?G`7G:(D\X80_0.1;80BMK<9XXH2[1(9D1
MEEC&0$/_-5(<^GE)^.&%:9-1`?J<A.$?G\%0^-!Y+5`(L20=>V<I<*4*"U%D
M[P-H<F"8N\DICX)W>C<-_N$+#5`;K[04T%`KS#D%$U4/:A%W*;(0[F%,;F<F
MS'05^J0>O:$1&&F<IHF>G?0+%U,&"E`>^G,9Q)*C_`(.).,,LNF3VT*9*0D0
MZT%YXN2'J?.42Y:D7O@9S)!UQG"DJ:,)%`H((^(--%%Z>PAHI0=V6>J&,Z.9
MYR8#`D$8BR>D(&-1G/0)>-9[GA`]"B$409$O5Z)0-BI1EH$*S0&?7=&6B%0&
M>]H;L;$9WG$6D>=(M;`B'R9,@#I)@+9@B"`"$I,<[1"E+CBE_RI3I57$'N!1
M1-HD0WH8`YZ:>/$0!I/4#AZE:6J'%FWYFC7)9^DF"0@P=;2B"JP`?JG!"G\I
M,F:**4-Y!'U(`Z0@"C!U=-]@8`3D94*W?7W%53=QK;-0"D/Z50^")NZ)5ML'
M$SJ"K0\E/U.@K6LQ+2PC/UXU><PP29UPG4=1"M]0)J5`(/J:(VME)YV186E1
M+%ME5E?B>#0@1K,@8K`P#*)`0)TQ#!#!86+TK0:&#"O00AG6<C#00E<B+8M"
MCX6R#`E9CW]PCZ,"E;8"K7\P:"M;#2T+*B^[+2Q)LZ`ECVAWLCM;-#;;*:3(
M(*IE,SH+!^SJK#/0E%^`:\N%56("G/^3*+2<DCW;\ULF600^<$`DU+2$$K,"
MQ*C;I@0KL+1S4`(^>:JS6+6;XC]A0`"F]1<Y\+265@)S^G3$R6=:([&W%W$0
ML@([\"+84&HW87CQ$$<6DQ.),$D/1RUMDI/WU0(38VK60D:"U8%MBRD\Y$-^
MPU6G@&D2!:8VY6>@MTC&$!0U<'W8%;H&LF>/50(A>K85!C/@-!&^2G0\02)?
MN0(/:0:@$'38\!RN``M_^0MCX9P%X4IJ^R(K80KX*0,#`5YT0#Z5I[F5$DF.
MEWC[T#Z`MDO.4`P5D7@L>JGL03*Z.4JJQWIY&S#85+[LM1`YIK&I`ZK*M(_!
MYP)EZF#`%[G_`,&:9W21M5JFF=NSF`=7U=1.W*2'W[M6"R(7VN2_\3NL<02[
M\3>5&J<_\"ND62<6@&:NZP0#1H<-X`6?:X`+R/!A?R>KNK09TLD0%',3[Q-Z
M%GB]DM(J')4<'[4(S#0*9F870@5>RU%[R<![OA4+B<?#-5+!'M%4:O&7IC`*
M*1QRW<=QJ*%3*0)KM9)]UZ<?W,7%OXLF*9-L9Y!LOY5LRYIL5[8R355%Q;F`
M-1PI(R)7>[4?%2()6,(?_!<3OZ57(U1!C<89+E&W0(*T'L$HX;&?^@%!0*L[
M!0Q]4:(&U6L=8;L%UX,"?RE33``4C/P$CBR`GC&[>4')G%P_GIR!_S]+RB38
M@)2%RN@71=N73D@@JK(5RW-0RT50/>L&B'`,*8"RR$M3R+YB)+E,`C%I!$K#
M/[9&D]+&RXUR;[=L,(\2%2K;DD82%2V586>&$Y,[$%-'!Y'!/2V0=2WTET*`
M$,=*$W-QQ6C0/F()(S4T$P1Q(V/AEX_1%9V@"N"1(K@!7,_5S(I"#HA`J@TR
M!#C4O"R$K!/EG%1B$\<YDNE[`KXYM7`@!4ZJGU?4$)D!`QE]G(0A=,(G'M9)
M9PRQ"!=!&.+)2(?'P?%)$UUG+0?Z&^RQ&%$$GC\P29(<AJ8<A#I@1*"`TK4P
MSW7@G3J2>`Q5&$-!2'9G`K++OGI8!O9`3_]0?:D^"C*98TQ>L2+?`4TEX*)=
M2D^9`Z-4!M7YY!V^Y&+_?"@#5@+,-(4$6M5*.JGW`*8^*K>*(F^_Y708K*0O
M\A-U0$!]K4THDLD+0DGSG"/_D,[O+*G\^`FTN@G4<40OD7A6^A)J!ZGJ,<B!
MJ--C^&;^P7.+O2[LT9956JJVD"(?)B-*[5I)6@^E4#+'`'LH<ZTDRQ&_U4OF
M>@G'D`OQ3+`$>ZJ=`;!?PFCW;""O06>(X`(M-*O[F(+^O-ESR&UK)2;KZMMQ
MA1PE6TS(,)=9`@K*5GX%&*L?T9!G_=R#V`5K&XF]\E73FLAYX)[DO<I%HX$0
MFXZIC#1H;2@XNY+_]AVTY6V)JC/*2`)?1Z`RF<W?MN/?G`A7Z84"10L@-8$<
MEN<SP>P%OSTLHN0$B7;@G)7@K]@#0,!S,U"TS,5,9."L9GJV[5VS,S/-U<!A
MBHD/[FR8P-=!^/R7VQQ'W>R9,"00IH#)J>'&&QX)'7Z.D?!&\_%!&V*#;F1D
M4P`/D19"?;`^K?`@`95(H*!?ZU-I3Z.^OTD-DB'3!,&_[3#9$(I(&#V^Y\E@
M4X%@CE1$U"SD^%TH):&8,Y%A.0+$]3![ZE9'EP`;RZ#F=AF\==@@O#!4*%8B
M*F89!NXH,\/4TT#9?X1"V4369"J;&H$>E$?/."WD74'D^&CDR,;'W9L2_X3D
MY$9V"C#@>:\T'_10I93A%91M97#.1W*:UY00Z2V`NK7Z198-!"LTHPOA4.)U
M3Z"04YT^!Y_NLD8N',D]TM#`30V[C\R;.JF4E4,`$,V1"/]@8("V)GQ"X5SP
MUR]!0)*`?8U99P!!SMHB)U]"L9U`5F*RWOZ([$,>W]*U;@U15"*C74+U$\J`
M"3R'$#$T\%V"'%2.87%!'8"9VZC6:KW@-['&Y<PRN/4N6\I^LS^9!_YJ;+SV
M)N%N*+!G\?:NXJJ8!!03RAD.7DI%0LCFW?\%\B/_K!@_M*TL\ZAX[S%F\^<F
M<YP./+3>Z7).*+%#;)/`X'?PT'H0X"@I'!-=`O_&?/-.(/0:90(Z$LM*QX+^
M"!80F+;=[/0Y8`L?+Y5`+\QC>Y<Z7AHY1`PD;!-C1$8.O99/>I7=[&66D?([
M._5O90*;_/40\9F(LDI6H-\GW^5]SRHG%4(_3:";\$J.D0(3ZAC8Z:`S0>DJ
M7-?VG?<[1#T,$`8%/GHM`'-4=*P#`:CMLP+H*1!P:<4C#?HGU\"B</K?@6<P
M?W=Y=_==$"-NO<'TBTQ[_UU!*7H^A:4%H=S(GOEZ0@Y5A0\@I&>Z(794!@9A
M(B"H(4TO/"7)%@JZ@1A$"@YLDJ>"TG2&3Y2V,!.+K1'7SC##[J@Y,>SK`1-F
M,1ZW'O0T;[61T!;\RT#_SO1XX^M)(.`\4`,]#E%```"9#K`(D.(&@9.D:T``
M96G'*IU<QB,RJ5PRD\4F-"I-XD8"7^_F$!0(/0'@,8(,P(4Q)/`8K,X00MDW
M&(2WVX$*X3"@I_X_8*#@(&&A(=-#0T/?8:/C(V%)D@@$`@!"PA:`0L""@TK-
MP%:"``)=*$(GBM$`@HG"I4XIA(%J@4#"`">L*@$-0"MDX9-PL;%?@4K`S'&S
M\S.T8^)B=+6UE"02@)H1&(3`0\#WRH,`^'=8>;@8"[,+^_=,0$M8R_BX@-H,
MP+XZXS428@`'$@)08`O!A`H7#IKVCR%$1]DB4FPDL"+&C!HW7G/(\>.4B2!'
M_SIQ0'*0/27T%*9DTO(DS&(>8\8421/D18B=5`!(\%"*+R6)WB@,NJ2%T9M*
M#<U<"M*FTXPY(1J0`<%D,:@4>T3MVE#13Z\0M:8;(`Y2TB5IE4XM<,!`0A$+
M`)@$``=&@01YC^@ED*!2`#X$,`%SP*8!`#YY]X*KY<(@@2T%1-&*;,"O00-Y
M"2AVT(F6@]`!:@AHA:=59@%\N(C:-,"G&%=BO3:=71'J+#)8'[T,N(+V[B,'
MAH=U9K)`@^,CDA696"H&!!4BBO!YX*K$=),E?"9S`??;]UJ4L(O1_J+YU1%`
M:/%XD+A\^O`!B'SR;+MK[?MCE7#J9L*L73CTL-P57/^H(`8.T148W3MTD$%'
M`;6$\TT9"A(P`SCN:#25`0?`0A!6!C#P!AL/$(#>0>H=9$EZ120@CCCDH5=#
M&BZ\F$8"+=BA7HOFG8#>>"308,,MV:67XU4"T&?0A_JQ!9:3%$%U`!)>"-E`
M``/`A5T!FUP"CGDH]#3:&\`D`\Z),*R6AP!B_F42&QQ-94)OU7PW9$]E4D:C
M$<D$YH(IP>@BP@^5S&%2#9A<Z,*@`YQ@5R7NU2#"GG7@HDL`"+A7`BR8C/+:
MA:28\J@OH81&UUE1QI2?J@1!-=<1DHA`GY!!&DG>E4(:8:(()O4ZP@FV8OG1
MG`JI<59*8X!S[!'VT",&/-O_?.//LA/.<\0-C_6CCAK09@@./]DBJ`Z&],PC
M#AABK-"/.>[ETRI-K,)[#52A=4,)#+3B*F.8/'(*Q@`G_N@K?(X&6<9?<@8W
M+\,-RPFEPP!I-9FZ!I43`"F#!6;=&2]^DIC&"-QB`"[E9/*-R*GP@8`O9XP@
MLFIV5:APQ#7;#)&\-QNCE<["%-LST$$?DK/0C?!<-%,+([TTTU(0W;0@1T,-
MR,]36XWT-`HHLC7777O]-=AABSTVV66;?3;8#*"]-MMMN_TVV@HL`#?===M]
M-]YYZ[TWWWV3K34U5QLBM>!15%TXXC4_G7@3A#,NE-*/2][PXI,CX;CE[T3.
M$!P!_T]19^:AOP.QZ(W_`;HVVJ(.R>H$'3[0`BYHR`17I=L^>N!'G#&9HU+,
M\=BBVA#@A4$J0'$%*ZE.P=P#QG]C5)8[*U'%G8PJGP12+B1C'Q*=-"];(3Y)
M%;E;U5^#@`+[+(`<':)`&%F$B721IAEGE&;*[K<H0``G_-LU^^T8QBKI+,=I
MNZ%$$@0`*QB88%U+R$;K(/>.6#5+>I-0`0";T#O-F8X$Q9$"`BLRE>$<X(/-
M&,`">-23ZB#@.V`24H("@[%YP&4;WUF/YV`1IP!&+&<(+(`:@'B&H,PA#"R;
M`26XT)+05"A"@<%"&<)`AP9,)@WAZ)(7Q$`Q'P2D+NF:8O\5@0$IES7/45P,
M!%0"P`"LW"]@<&I%)P:`F,L(H`:<N0)>(F,$(DAB#I9@3F,",)E4L(QDID'!
M*BC"(0]%L!C>4)*N$G"C&5K1/+G)42(>0*/YV$A()HJ.87BH.-(A`8%!F@L"
MN("F!QC`2Y2Z@?D48+PBB"!Z#:AC.&#A$SW*:$NE20LK?X3+T?2D'.OYD2\]
MA\:C2)(]VSA!%UA9JQ]YTB0G<.$>"P"K:-;B1<5DSGLH4<,JZ"HB<W(/01+#
M#U]@20R#6H,"#(.+.K8`D^[T8R;:=,5?G+%)HJ0<*8]@2G^EQP21H>6/%E&.
M4HX!H2A0ER3H`R3XT.H(3XB1"_3_54WTO"X)4!F#3S9Y`B$4ZE?5?,$D]W@5
MN`A!#8O89)&HN<D@*7)S"PG#66[IK+-DZQOZD)VYF.&--.2T#VOY9ZM\.(8@
MD4=@O;H*7:SC"T8@$*&O04=$R4#1'E536ARD4U9[=\RG5A00]7I9+.Z0"D]T
MJ02:B@PQ!66*>.[P0U2TQ1KP&2I0F:(2^33%)D1H4XKX4QB!U5XJD.HP>66*
MBZHI@*9J88I20/8*X;A$EUJHO,;2@V2EZ`%L;B2"&0SF$H/A5<G<=Z<4:>D!
MHEVH:P7)LN&-8@T,-*M*N`%4$Z!3'NO`D#[8P8Z>6K$?+=C',FQ@+GZH"QV\
M!5=-0?)3_V,LZS'74VQ2`^H5?D0$<YGK*';#FY#*B<Z[E@-O1E;7$C`XZQ"-
MC,9[/R>%^"Y6NZ(T[^306PTNY!5[:=BA-L1GO54(&"4%KD:=(!D(T)G%)?^%
M&GF;-89T0"L,2\@'=^<+K7"PUX3350A^):=?:'`24`"N1!1".)$0#H+%T0#?
MY00!8S_,F&D1[H8D('J5$FN##QF6@J;:``8>-Z&PKE*"7V+U#T[:5)HZ:\M;
M"*+'=^@@$XA1@!C^XBB/6:>@:<!R':^2`Q7XT;6I=($(7&&`T"A'P)"!P5U`
MM@?,^,4!03A!/A8@1^;68LVGPG*?AJ*`UZSS1(/)V(G>/)IVD?^LD`?%PZ2L
MLXDLOP'/BTG8S>1E#J`RXP:2L$<)6H`8<;@+B2.8![#0Q=T^4(*G).BI;KU:
MSG><Y5TF0!:IZ=O!@##`>-I\8!1"/)L1$F<@]AI=$5(9T1CB--(JG28-N#GK
M7!:4BB-`H`O=L#T>&<D4)OD3>;B3HEQISPK3!,-!38+N/<A.2.*FQ!-N>>L:
M+/O;?##/D[4[!SQX[T5E4/"S:1!;0LD(AY[!L@ZT9(2'PL5>@\92NT)C`/!-
MQ!*IZ-)Q(/`B':QBL'_XJ`-B=Y4<+\I1<T'(:8J'T2='KD-&C@;`'^HK!=_R
M.UG`549S3@D=\*101O#"OD*)P$G"P:#_MH+/)V3S%_+,E*`N("EY^/M4J:>4
M4S:`MTD&\W1.1O22Z,EW[HRP#5X>*><4U#DU]W52M:,96"\0DBA@<X;@3(0?
MU;FE:II'SCWHF@D?E9]9L#.'3(@Z/3`PB%DH(VRQG+/OCAB>">#"2DCE@DP*
MT(-KTA=D%WP(%H;)DBT.RWE=E&)3\V&E\1J5)Q]H*K#3::4O[%DH32FJ](7*
M10MZ$5A31&8/D'V#Q`M`5X'7OJ]PA`4X!IV^RM?`GGOJ&:OF,%$:B20;Y#EZ
MKB9:SA!R-'[3HKL1,A75?&!9$OJ<%I\&)Q0Q).=*H$8[8AZ#!WQGVN,*0:<)
MSLR#ZH[A7-VR_\'%+)2MX<.$*!>JK4,[7(L-I,H(I$.UQ(8[>,.Q+-2UC`L+
MI`IW!1>&3$MOC0.LY1X+J(L8@(.ZG,L%5M<CK<-U`538,<IEA!3&)(,!Z$)*
MH!"&R$#"Z066Z,`#+$"FZ(&F+-_!B4-/W%8.%!,;*`G)'*$-8!DT%9+,74(#
M^,#)/)71K!\$I)"0<$;SK$*D<6%DS)_/U1])!$-7F*%XW9]]\1!4=(<\4`(>
M:,^9[$!W_(^AK:``V1_.X)]3P$,:CM<:!M#B)<Z(_:$A'L.-6<X@(DXABH[C
M'>+0!.+M+&+A-*(S\-=>.$.=.![JM$"#06)'2*+MB!QV'41&\)@>%O]"C:%8
M(*PBH("BZXABZ9"B12V4ZXB%*29!^4C9PM!/A&R&8%A9=#0/$.D98@22GQT<
M,\3&I!U:83A*EPU1^*5/(!G,HL&5,6Y#A!P5+#*%+):72J0?%33"=9$:XT4.
M"9E0,1S;U:7!O6V42:32#4W3NSD=*&$4=<3&08B#3[3$=A"CR!3>1,'!)W4C
M)"3BY&A%"<R#-_`#,-0""]3#IH'!#*"!M3CD?%2D.&C)/-"#4#403"S2RT$#
MP*&,C7#44VV!)"Q=>C0=N;4!+-#*)#$)/^@`*`G:`N;`VJ7')3B(03X"0DJ.
M0H*&POE`FL11BOS`:+@6',"%"N3(FBF<6UW_@AK`@$_,`<:XQB>$Y.;P(4"P
MS(,Y'Z+4P>3Y0BVU5:04WZ8(')JA2B[\WCO!@&=8W!%@6?&Q!Y:AAEOQRB?^
MI$5\8^@,99"<S-<Q5;7E'1`9IMTAG6L!"B19(D!`9C/@5#>TP`B6`SBT@CMD
MRP3*@V4BH`*&2WN@D[2(IFZ%'PB2`PA>ICY`HROZ92`$Y>,()H]<P3O*"D&-
M1XF=WWI8@I&(@&-X1EF-A&1"!!K>1`,XRHG!YE>TX#]!A0W*0J?P6W)JX6NP
MCQ".1J9,H<9=2$RV`F<(IVMY!J7$@&UR)6UX9;S@(7-2#6!F#B4*3G&V)WWB
MCCH&IGC-9WVVIVPR_TY\7HU^/D(5-%?T'`(W`L5^;D1_)LY_6DV`/H+YQ=\C
M:LMOH,0P)*@Q+"CB-.C43`5=9%`T9(,#6$(25DSSD&`5J4&<(,AE&$2#I(02
M30L;`%'S,,A1"I*)"`@YT($7X(5C8.A!OJ<BYF?D*,`!,`![.D,V)`(DN<)?
MP`7)-*9;D<&%F(4^D8D<I!XLB56UD<DG0%*G=,E?^$(MW%+`/"B0FH"0)B21
M*@$##`>(/D,V!,-":I+AU8$'8040^*8]9M0(9I5A!JIZ!--:#DR:!JESWE>;
M)A`5)<2GR=MV>!(Z-4>>?&@/')20I`\P`,I4B8_:X<IU5%L,M(-$I>*A.O_-
MF@KEHE;$QO";";Q(REA'`XC,/OH;.Y1&EY2>3^#";EQ"+3P6:6A&*OE$:*Q#
MHWE!+5QG3W"!FL3IJ?Z!AA8.AT*8J;)J4-PG;BF!BSUK*"8J&ZXJ3>A!EQ0#
M)6D#6')K+'JK(((KNG)KM`K.M#8-FK9K>+WKU<2KC54KO?JEO5H-OB[-O.XK
M4F6-WQ2LP=J-VARLPB[LV<@-PSXLQ$:LQ$XLQ39LJLXFNPHLD/;KU/PKUNBK
MQL(BQT*-QQ9-P(9L`(ULTY2LT)PLRMH.JP030AP!Y-%.-AP4,8SA57R.R*R!
MGZA&%&`,ME[A$KB!Z+AL02BG.'3!Z6P>]CCM\B3_Z<L"I7V%&BV^W:Y=U-D%
M`@*EBN.PK!+P#`*`+;P@K2#TA#U$J=*XZ!)LZ\+UP3FHQ=1:@[R$&I):W`NY
MDT'-@,GMRK>%0Z!042O]R1981V"TEM-2@@ITQ_[(AHD8",4=P2]9D2]49:;,
M`3@XS\==F":=19;-1Q?D3_&,9Q5VV98M`RM)+7Y$CI)HKC7\G@N.YX'X;++6
M*)A$U=[NBFNYQZ.T**[REC)VQQQ(QT$LY]PVYT-@&4+P"RWP@V&\!@,MJ6"H
MQS80P9946ZT<QL*=B"L`2?&^AN$&'%&\53F\!RF,6BHXJ]^U;73`Q<:HI'=D
MU`SA+A%HY[=]D^OJQU2\_^D!J*\QL&,F:4=@,%?6_0*<5,'S)LP:Q,=(98<F
M+3`[O<#OW(7V'F\D)NI$,*\N),+[E=,3%)ZNK(>@;E\#OAU]Q!_6FIWL6(=[
M&(!/1.XW<.<R8<]T,(#=V4!6:5P8+,+.O4%&VMPFE6V1'JGJ%H/"(995.:$U
M91+XS,H279N=METH7<4.T0?6T90%#T/5UB4MP`<5<N%!E(K?/IW/+:3V?IX(
M\TC;C7$)F`48"\2G(4=B>$XJZ5D92$($SW`II2VBL(R7I`>.[MLG"!(-D-[E
MP4#M";%*S.Q`D,(*($81^`(5&BXLP(*>Q1084UFD\*#[;/`98)D/<,()_$EB
MJO]Q%A-"S#)RP)1!,@"#@\1A=/@)HYQ!P)!3:;RA>XC`9%Q("F3!"J2`/70!
M,!1@'`JS#0B,%_!7&92@%Y#3"$8-]DQ(.AQ7<2W@_ET%$!F@9:+FO)AM0T2+
MHWBB@\@!Y@J(S)"!YII(.+L!I%R!97(1*_M`=<&!.Y\R*E^L?PI#7YDLR-KS
MP.(S@[).<[5L/_NS**DLT^#K4)V._A:T0:<L0&^HMMKP8Y30%)C%YJ!.7YXC
MTDSHV3XT0B_-1WG"TXGCKBG!:SJ)-P."]W2#GCTPG@6:#:00[(+0;I@("GN/
M.A]"@?IS2"/-1Q6`#=M%"5S!B<31'+'?4D:5*VP9+NW_(RIQ!C;NF2!=!ELX
M=#-4G]G%P%F,[;.I:Q>%7Y($7'(^]%^"M>W\W66@Y;I-DV'.&[-I%-9-$T$>
M*+&03Y0=V=EE`U@F7TZIJ>Z@QJ5I%3M&WM9>U0H@'`HT7)=E0C[MCRCGR*")
M3V2P",K^=-'\G2H(B=2YM=,!'="F@5P#2[_TI$>/%SH6VT!H]?:99?MFE#:U
M1`M35(+D;")4\:Y@FD91FV%ZSEC-`J:%+&8+#70>ACC`0N^5::2$826W@/+5
M$>;E@FMABO%9PEZ&81&/CQ*XW&D/`@2%\!Z!00T7'KOUB3XU1Y==1/-`DX@:
MA48!74&QY">-5:3X[ZD.=]#\_]UO_!1P_1:=W``%;L,V\X!/'>!S_99K7O42
MJ*<UY!@H%%ZF2`<?_P().$\N)!RBD$#`?(>+CFO.V06,H4*FDMX@/[@/!):I
M/)9]'RI^`PW91H)R*CA&=,NM7J8M4J8#+E0]6-<V5$NNI4K<`N!``R`)ZH,)
M#K*?KO"WE(,9K?C&1G3AC`BQ9'=&3!EV[;/H;3<M=_=/MGC/F+0H409VI<,*
M)^FF3:V7ZPQ^11",L@!\8<1*FS6$03F\3@]P=H_QBAT9;"0.')7WU#0AE"3.
M8/5)M`XGWA2&IOG-U`L&`0*,24U$#2VP"19'5,\C"CJ><RU6G_9&\R>=W^OT
MK-%C=/^!"/Q%EKF&3USCP94#:9B&2@T%;_W%$#TC79QI`J32&7`*H9D3H2,B
MH*6!74,!OD)F2E_VI_LK,SUINV')O3VFC^!;"8Q3-L'*^Y;,>TB:.:R'&\P`
MSC$$E)G/-32E]I",8G/&,+8R<S@VHA#:,QY:8YZN]@BV7FA9L.!P-+G6I&6"
MN>?/H@72.W09,K+9Z$YU_%4VEXO8L7>L4)QDU84V)Z$D>`>QSL&%P^."7\"(
M711*$/1<MR\$L5GT0!"R#YHPR=_0_`HJ"\4;L[W#M0NP->W&0C:[1LWC/W;'
M/6H<,>JF-TT4<!NDHMO,654",-`5BONQJ0A<,'1>6KF#78'_@A];W#M=2OK4
M@.XE2IY'9LLQDI3%1O<^.[EA$@^/`$N6.HS$F\-KSWEK1WK#/'C@,,FO9*;:
MP*A7\M51;R9IGZ8X^4$G/,GF%AID"PJ20[ND08[G@P"FQ$_M>*=-6*W%@S3[
M5H;P^H(?/"#0A0W8\#R).'D$\J$(T>[-03RM@2L4_6U=^%T,27*:.^<YM]&3
M0:B>)?')0EO.I2RTWB+LFU[6MV;H/0_]?,V\.,ME1-Q&ON$7.04287(AN082
M>(V;H]B=BX__-Y&W6W#Y]P<2OMC96@6J8'*Q)F8V>3?Z?L0`/QDZR3[7C&:L
M`>4SCO@[#/G;3)Q;`YG?S)F'/]^O_VS&RKDAMG_#@$`#C61IGFBJKFSKOC#Z
M.'%MWX"9O_NX_Y!>3=@BXE;&6TEH3"J?T-JCT7A$K]BL=B3:>K_@U"S\#"P>
M!$2+8&*[S"7V%)!X!`8PH?NU5SIH*GU7``MQ)X)DB3!358J.CS==D).48H"5
M+%T-`F22)2(.5C`!B)-CDYZ8JBN,HJNOCJFPLUZG)@4'!JLB``H%"0@"`P-J
M!5,!"A`#,\@0Q@4%9@,-/\8+``@$"096H`\/";T#=1`$#@A"!=P-!0[<ZK\$
M[P;QW,CBY`73`2,"!`0/?OU2-@-0+W`.Y`'@!J"`N30)!.BC8<!<Q7``'`Q@
M8TQ$%7O)#/_\<;#0SH)I.<RAH[6E%<N76V3!G&G#5HD#.%U1JA(-@@B'#^A9
MX20"08$<(G3Y7!IJA%)O$)I"]0AAA@`U"4R,Z1)J:]50-$1X%1L60M9^`,QM
M#4##%EFF0?N-46J`;;>H#P`($,!NZ%*O4O'"O6J6YA67AA/7D*FXL8Q+)0P<
M4.!$D2<1!`H$<:`9```1;+-2+0S5)U+!@0._1?"`4PFO>+W.D%WV+8%E)"3.
M#OM`C=NO<!/P"S`F7%0!J?,2^)PYR&?@4P5#9>W:L10J.JUK_[2]^VO(KRLK
MHNPCF1G.Y]E05J.+<J@`1XN*&L!-00`$>/`_9]T+0K(!#@A`#R?_=?43$7GX
M`>@?`#,H2-D8E/U'0P(`D6"..^WXY]-&2FE(S%()*J#1AS.D!0%_R80B0`(#
M*/#``@DM^.%Z>14UP'ZM#>C="XCMN!UC/AIF$TO$B2*`'?WXP`EQ`C`(`),0
M!#"<':V1(&63WS#8VI9;'KE7:\L0X&5N3&KYC9='GMF:E]^LF=<S>"3Y)7'\
MY,5/E%P6^4V4=>85!"=:'EDD!)P`"FB>B!9)YYIA5A>D#-@]JAV0DKXT9*6/
M"'7CG5\4P-H`G&(*@:;B!=FCJ#11BNHKEZY*QEZ.$.=J;HZZ>NJLM*B**R6M
M[NKKKY+>"BPFN@Z;2*_&)JOL3(PH0,6S_]!&*^VTU%9K[;789JOMMM0RP.VW
MX(8K[KC<*K``N>BFJ^ZZ[+;K[KOPQHNMLXTL6TFQ]K8$7K[\]LMKI/[&$K`C
MR`YL\,%/"(N"$SF4&C"0#B/,RK[=B1<Q"Q>;T"0)&4L<+,"1!76;`^2<,(4R
MH2*1`,6[`MF<QS6Q#(MNPYR0PQTJ_'%%*2R`"HC.,`,K+#]-V94"OB4TE2R0
M"!1"`I*>W7RGE'HQZ(.?A-X)Z[`%JQ*`)/B9H`8+78?A2=E!?USO"4HGE%!_
M.F/FP-=TB.R.-CTH3>@_;QIS9%T0?3/VCRF`6K)F$9W4#G$(W/&-2-J,6MAR
M$=VHMZ^MXM(A)?_F/$WARM2X"`Y!PNF#SBF$%-``J-344='=X6CC`#7O)#`0
M?!61\$PT+NY0HD;+0;.E`5?)(WC:VRDLF'1_E078;'"1H'>3Y@0@7-W"T["X
M=XQQ,SNA[WP]PEFAXQ$8@PH@1T(5N`E-,4X'9/<(T%5504,PFK`5I9/<_$8'
M7,D90S"Z4I;;H($$3UG*TTBREP98+P#8:X<5MH<\ZRBO;7=YBP;QDASIB4(O
MQB#)%!Z0##S1H"'D(=P)<`:!!4BI"WSA@E.D1(^FZ$(7#N2%`,A3*URU2C(I
MI$0,1Y"0,01($P(:`7R0\XU+=$$T'+P+`8\S15[H9WWC4^`(2K0<:HS_L(1&
M0V''*H@)Y87M1#=*!HO<\9P9@<-3>4F1*XKF-G<,8Q@(H)`PU$"2N75'%G3@
M!QW"@8`&$,`,5AB`,;[A$.1TQ2>JZXT".-(`/[I/#&/4PC^JHHN@F(A%S5``
M`DC"(@HIB`N#<I'M4!0;`Y@H031(ACE`Y4'X+(@$`%I1B_2!1SV&K8\I(R.S
M0%:"(N5`39[)BUZH9"<!0%!-@PI"FY!4J">Y!H)54:8SN>>%RPT,;:K`6F]<
M8TTD?1""QN3"QJ+DS$`Q<YS2W!*=EM&;8DZI.EFJ9@"NF4PKZ"68PH2)\@+Z
M`J2Y@`XRRQ<X8?$A)02Q9X-#P>H>$">"VFN@_Q;-1$9OL%!68:T&4')!EE@!
MT(W^"J,FE>@7Y'=0'R8TI3#U(3%CN@*9.(`!/XC?"PH@D10X@86V>BE-@+`P
M+V22IIA"*5*U^!H8C8``)70!D$AQ4:%6`I%I,`$<Z,<QE&V!9TO%W$S#:@*9
M!`2G:1&!/P`BD'"D*$`N6NN;S*&.'48E(7D$!SZLH)*CSJ*CD$!B68%33+"2
MU:)*1:I9118?0J4%+$O9(/7<(1?G03:R7R',67R4N5SL(@CV`4B`F@<WS@".
M)"-KB.W.TA"_!04^JR7(W)+15H*L[;!)'2MNF?HTDY1%-Y"EBE>`*QP3-N\4
MPKU?E4SUOIRH@B=2HO]!`'`(G:^,80;&<$8(%?C`"'K%**?Q2CA&N]O<WK:\
M+41!S1RXH`O54$-K=*4L_T`/$0U@1;JTHQKZ(R$!\?11&3H!$/T:!4D0AC35
MW<U7;E,5T2J0054`HU="T[R_,!B]E4HL39VF%7_BJ5"$$I0=G+1,?H!82DDB
M<3Z[Y*5&!2G`)B-P%((8CCU)R"P`(E[ET)&5Y3AHBW?,HYA^S!X9Q?)$H9`Q
MAF&AX9@:E!*D8BY-HHF6#V>)Q(3*YC'E0J<@[%.).1#Q,Y_D)CH98R-+?E23
M8?ID(?:P.X!%V-<H^N8T6U"WN'VRPWKPT40H>:5639N3[&PJ/!]6)G;97)3_
M*EI4-_"TN&SC!O&B0`B:Q)G0F#Z6H<EJ4\W4.054Q:(*KMOF$Y3Z6(&N5":;
MP(-,"VG3844T`P"QQV5D!8][K2LW=H@&[9ULBR0Q`![^YC@:X!IX7W-(1WP2
M%):&,]600*2GKC!$'I1,>E;E*A3^[.HMPGJIC!FDY)X$28!05\&!P:Y?MF@`
M0XXO()XZ"E!<V<"E9)<HA*7%I2W#!6?'X,G>1-N^3Q#1;B?LVXJ5P;O!Z)/F
M>(8L1KS+#!SN.Y(L@!-@#(W#2?$<S'3F.0.O!<4T]]E??R,KQO"Q1C*R$7`$
M8]D*&$?>>K-79X##%<OX`P``M`S*\)387`000E=V_Y"5R8-0KQ7)'Y#Q:8/S
M".$TM:D5T)''`/7B/)KI;T3T\Y_&P6@/)%J/+T>%=5W:AS+ID5'!6=5<G1*K
M`->(DO=6E)?^H:/>/_%+::K2#+)D5VGZFX'=S8*S.F0ON]!0374-+T',.AT*
M:TZI3,B<FS!34YI?<BPTK^RHD<(*FX/.<I:=626]8'Y/+/GA9+AM`U#H(HGL
M_-QPTM+Q<GQ\[X=,KD:65\\9%+=.PM:0"1G<:RM`T2M@5/SC#W[>\IX:L2SK
M,R7(PP[_9`,;V&B1BEB4/O-\O3]G]$^+[`J@.=-C?1S2OBBZ(&1AD+(<&8E&
MUI6AAJ+XLD;^\??RR09U)__;.>1@`"6#=DWG)">"\B=65AWHQ"1'\B?8]#3D
M1FX^8"7'Y">B@!Y61B5+4H'$\22LEVF19U+/1U``:%'AMW^/$((;-8(!58(!
MI24H:`K]QV;_!VTQ>(-/UWR[Q8+"Y();T(%6DA?Z9P-?MD4GL$YYT!,:4U)*
M@H-1H((9Q8-DY(-;H``=8@"^L04P)C](^`(BI`/<`&H(Z(3,-X3@5H.8M`H(
MP`##(1+.(4T^($C\U"0H%F)7\Q6@YQE2,C6.=4VU8B0NHD3[E`--L37MU`A:
M<R?21X9B,(.2AX8"MGJJ0%\<5#?"L"+ND"#6,RJWL3K"<4<\=5^N,P>&5P>@
M,#?_9R`<%'4.2A1L_"`)OS``A1`*H'@4SH,9=.`/4<&(+0"%%B6%%=0J\&.&
M8$`2;+A=H;!9Q3$"`R1%=F(.RE@6551=H2`\FE$.B<0&DA!Q248*H;`)"K0)
ME\!&O,A_.IAGD'@+GC6))_(@-!`*8=A$9!<51N,-PR!X5B"/WD`;<)$6K@`-
M5:$9V_B.=G&/`8(,XN,3XJ,71Q)5Y0@IYWAHZ?@27Q-=42$<*[-#Q$,R3T*+
M=``0+E01]*$-)$0\VB``J9@0=>%")$-"UN,0#1!^K*$9+Z*(=7`CIG018($-
MM^%""#!)'/20H^:((CB1!.4&A@5L0DD&ODA0P(@\5)@L_PA@%&;(D4L)!DT9
M4$^9-E%YE:Z6E<*TE4'3E5Z):8P`$-.4EFJYEFS9EF[YEG`9EW(YEW`I.G1Y
MEWB9EWJYEW)I/'SYEX`9F((YF(19F(9YF(CYE@1`!4HW$H[YF)`9F9(YF919
MF99YF9B9F9()(YK9F9[YF:`9FIG9;J)9FJ9YFJB9FJJYFJS9FJYIF>T6D9QF
ME&59EF!)1F(),V19FVEVFQ64FQZSF[R)8<*2)DR8!ZC'+\"),44@*L)9!G40
M$,-QC:#66#&P2:JP28!`#(W3`C8(@F/U'.IP!2=H+XR!ED;A!8:5$L[YG0(#
M6F]6"HS1@";CGEA@"^K#`DD9@_\*TP4,H$1&8GH?Y"><H!.7LS548X=>5A4?
M2"PH<$8F$FW[F3P4PQ?4>2^ZXSW9!"HN,C);H0X[%PU941%ZH4A(!S3W,0S"
MP`:<P1E9U5IWT**Y@68MZA#%,$IM,3>Z(`\2X6DEL@Q'X2+3A70\-5WT@8(*
MXR+IR18+@0S@<!LW9!;BP!D>A$O#$`WT9#GC\!"[*"DR\9\E(!%"ITHJR8FP
MTQ"H."HCT0RU)E>ZIAQ"UY@V-Z&KT"H,@!--UPE/0Q7TQA2T)%P:NH^AX![Y
M1@U4Q1I-(4>@`B#U)`EL@*A6($?%01R6]149@3+J$8Z2LQ1RM'_]V2)!2!7G
M0T(51D3_KO`DYB`.S)9S5D".7HH"!V`"="$^SP,7M<JG7C99$8=XC2<"=="@
M(H<""G``;/A<NE,6+>*,,J0)S[-[P/$;2`>I_:A(P94;O0$]@AH;E3H;@_,-
MH_&MT;-\_7DB:J`_HGH7U/46IJI$!DE#!<!#A4BJKWH"UR:EQ[%!`22-&21\
M^Q1"$4=\:K$4*T*GS[8PY.6@A$(-2T$Y_F$TF.4XZ)`BP^`BO+-S3L0%"\&H
M`$2M"B()M*.QV9JC%38&BK-#O?`9$)041!.NCR<L->D?N;=+Z;,R",D.JW-Q
M1Q<$%1$0^'$1BB0FJA,@*Q.4\ZHQQ;4EJ.4A]7<B<8079G<?__@G=@'B7N!P
M%3@)?_Q1%-C0&,^I!*1`4:+`#,.0`V%"DW-SB4^E#Q#$!OYP,]78BD/Q#`8T
M-_J0%OZ@2&RA-7*;<_!A:WX"#4SD$`VQ''FK#"HJ#'8!@_[PM9Y*E"NH`O2)
M@$SR#7HB3WOB3'TRN=4D)YH7MEM$)93'M?9)4UW+GXX;A;1):(([G-<AF[&6
MNJQ;CKZ)/'K6G%L$K#YE::/[*PU3>;@;!+%KCL1(4PYI)?"H58QF,^4P`H\&
M4.X0%'E:!!SV$J<$$]*V=K;KM85`2SY#L-<9O*QPNA85JVSC:3$0:C(T:FW!
M@\OY!-K&$LQZOMZK4J(&OF4DODZ)`O\!,&O]0`RV9K@1.PX!03R[UJ&^-I`9
MBW1UD7,`S'*YIVPG\Q'#2S`CMXX.:G)Z1:9')UH241<GISO$L!`6@3<K,[1R
MXZ1V]3?%HQ0E/#>M8S<7D1:@4Q*UM0RN^Y"SFS;AE@`CNJ#L8&[']8X2QQGK
MQDGN9A;P!E[SQI!4<6^EJF]M-\$Q`7<W,W<:I#_3Q0QS=[O>XXR*!QN^"F]Z
MHWA@X8P"Q$3BE1'1*[OXJY4*A\0,9TBW9UU"W#P4!VR$@'&"2#(;UT4+.\>E
MNP@4,V#&2EFP1ZMA<6!U$"!*<2<\5<8`9'P5I@G\.L:2[`WY2D7ZV&#)RYLY
M'#12=R+8D)'_5P<C\Y=+6Y=&])=V(Q!VHRPF[%%VW'</:4<9#07%::@*U)=U
MU]=U2U%CK7$@US<^6\I*8"%_2GM+8@?+%84>6?=&QOPXKS0,1S9*BVB;;1R6
M"R,K57:`AY)Y6&*YVO0:!+J!TK0#KE$H`OC-R?E7NQN`I4>@&0@EZY3.2P!!
M:2)BV'5/:D)Z&PB#1*2$^_1,X@Q/[F1F%#6_./C),-.^!Q/(UE&>-2#1A8.]
M2L0^:\R+#.TQ#FTP$-T8`(T#[<P*UWPUOTMH&RTQ'?U-[VR_O9G-N`F[VF$Q
M@W`#2'C2.`S3ORG3KT`SG7PSG8QM.V,#/D-$+3V<*8TP*QTP'ST*_V"3O!;]
M'<:Z0"Y=$SI-NZE+<IC0.5OT.;-S$*-C:WU[.@:Q`*K#.G7S.C$L.[03$+&%
M.WNP.TY:<0[<6L.SPL=COTE],$OM+\+H7)5`/R-T/T/D0-+%/_(H0_^#R69,
MV--H0'N00&?#0'S178S7%!0$OGMM,'W=+ZKW4)!0;47TCH5]R(^<V`H$19`<
MLFA<%MG7`T_$5%ST&1`FKV'TKCC]?U>MP[!;THZP27'A26P`2LD@2J2TI=7K
M0#8&S4W;%:[TJ-2L(;/$*>^1=3V`RKL49+YD/AEQG%>YV0/3V?S2U%+@.\$0
MAP=X3F2&-9NP`P-]T&URWO#M./5D)??46_^F1X?\!(/_Y-+@_3`\3;U1W0*@
MK0*W+%'+$-15?9^[#<H!GGJ^O0(AU8L1CB0+CI4-WM`/?N$&]]_^(MX*==0<
M?EC-(B\F?N+JXBTHON(LOBWFTN(P'N,R/N,T7N,NGN$<O>$C#IXWG'"]*>([
MOE0>WB^URYRW^PBYS5%`'N2D.U;&:81@8#6?NX@*3B8`FM&)@&C'6TQ5#KR.
MMB+.*VE8[E/3FWI+SN0P)2S/D552'`/5%J>,U@PJ4!(D4.`(:P)4.N;HRUM:
ML;Y7`.*]>.978#W#5J_8X&_8&25'P1IQ(>AHSE&ZU06Q.C77-#78A*"5CA:5
M/I#UDQ>PT@5^$GK_T).^3Z.(#1/JP_&`6"!KM.:_81W",6=X!-P:!FQS"!Q\
MQ,;`Q[81R989$=QLEN+H!5:_56H);',7CYYZD>X,*ZD,:S4WO4'?ED-G_P#M
M7@<.=U!O2EE#^(<94;%S=/!)KN`)5$=5)(&3)'0;]*0%.]S#Y/;#<0%Q=>QW
M11P41\QX2FQN3&QO>I=O[HP"%OI9BGU'@H$&U7$D?P`-B"H=:@P@&7(DYYWL
M!*-;<25#FT4^JLH^HY-%F)6,I-YL1+.O;,0W?+,\3*47WO/<`*&-H-7EK??&
M=1#'%"?OS#-Q'X?'%\>O&M<9'$<5,^_O3$8Q=WH`8\[N;9(,*S%>#3(._SZ0
MH]$>/?NXM%G!&A(_\3IX&;?T:W4Q7;A-*.2A]7!10IR^KE31D!G"%IJA-Y)P
M'QFQ);YPV*#!]>R.`DU!=:1L'Z;L(4)KM?U!#*Q,?U6QS(2QDISQM&CW=6H7
M[,)*K-YM-EC$%;.AL%2M8%"OK4L!(`I=]5;=?"]R36?PKNB@2&W22$$+'Z(4
MHF=B'[:C#BVR`R1S)^.@.BC)1*3$(A]Y?E$B.IR1#4I7(CR\#"X4$&(R]S;#
MS8Z%=":&>0T8SOKL&9U7SOMSSDDR>NM\>FW.E!2CQ@)O;VF/%\9SC2?+J(`0
M'8]]_9J_^>:/NC\^9;O'1%J6%GA@HL8+;\MA%?^0[0_Z$`USHQ*9#P*0.)*E
M>:*INK*M^\*Q/#]-\\RYOO,[TP.#0B#!,3PB40$#!(!+0J/2*?54NU6SVI9B
MZ_V2!D8P&24>E-/J=>_Z9,.#C1V@J:K'M8]QON__`U:Y!1*RS)DX,.`!'+R-
M!"Q`$*34%$+M]04\X$%H<NI9AHKJ#(Z.'I8\+(P1=)V@IL":\F#V*3")&""`
M.<[Z_HJ4`@?*!A<H`A#,`9P!%*@"&&P6%`D0$.`4#\/4FFR2(3`$=!J,/8P+
M0.`(X`6,-P%HLK\!U*N/;Z9#".B_QV\#+"0L8!YM#QX8(%``P!QI#Q#@FN,`
MH0A^R8QH([BB&PD#!Q3_?-+BP`&3B48*0$@00,$>:1(U(8`TH``6E)T6S$2I
M4L&`A`-^%H`$($$1C4;C##RJQN"Y51#FJ.S4H([$!U$#"'B&4:D+CB,.@.V5
MQ0$`<5H%2`LZ!Q-4$7,.(13P[NF^M`$.30U0M"K7OF22^OVB[>?3<2`'*)C8
M\X&"``A^)AY0A.3=P"J\BBAP`-<7(PA`[JF\;^W60TQ0->!#5[0`TS_90IAH
M>385P+2K,+4CK\D[=_-PN*NX3\"YVZE4L[GKSHB#!``0-"``24#SE0)F'H3T
M9.:C!3B@3VKP,T!/`@D$X$R`W#A[6C;$MH^2,3X2S$<'A#0QGSY_]UCZ2[$?
M_X!MK&<43BMH-Z""_L&W8`\".DA#@1%26&$J[UDH1X9`V+>AAPK:]N$+VIA'
MPG\L/*!0#`'8I%&'96CR@#Y-S*@#`#7&@$8O-XI(6X@]&F(%`S85$(D+":3@
MC'$OEM%%,KOPJ,,X4<JPDCHE4`ED7S]J&8L5#ACIP#(%!"5&`60QH9``+#D3
M%`0SS60`6I*060`">T2#T#B2+>1+A]^`@4I"G30!J%R\!;</'G(Q!%Q%<\7C
M3I2:B'#C,G4X(0(Z5Q::7Y>S</FI?E;44,``E9TJQD-TD497JB/5HQ5=>SPT
MSEM..$`=0[_8YQ%(@8Y00R5,($F6>`4D4`D"`#@P$_^SL\Y!P%#Z%.#2F07P
ML\=U`"PPE(P#")#L5#PYL!!^2(H*3*CICL!4#5LQ<R9LK2XSDYAXP$;K&&^I
M8T2R:/A9(%B-`!O,:85V84``#FB"$75-B)L.7@^3D&]S!R'K5FQ6F3BK`]>D
MR"ZO&(J\0F[>T=7LF6*PZLQ6*H\D#38Q327OOA[K-1>H!6K&F1>H)(!&0W1E
ME0Y;2^0B5V-X51:EQ=+L$U554&?C\9F=>%IR(.N*K`V9^W0R43+6S+0P5HJ%
M-O8D7TMRHV+4X$K==4$A0%G`F;`DF8X+W$430JE9HS#?BNF%)P($#,#W9Y.(
M0!)Z#U1;@YSA%J!`N+G>0MS_`N@%/E306IO"-;L0DJ'P/CJ+PB0@2BH)NNNB
MITLZ&'I)Q^N$A`Q5+NJNLPN[J+*GJSKOPV]-,O'M'E_Q[<DSCY0-Y8P4O?33
M4U^]]==CG[WVVW/???6K>!^^^..37W[W!J1FOOKKL]^^^^_#'[_\\V>/?G0'
MX9^__OOSW[___P,P@`(<(`'[QY("(C"!"EP@`PE(`(<T,((2G"`%*VC!"V(P
M@QK\GS).E#S@B4IXS1OA7XSWP1&*D(0JU(,)CP?"3Z5PA3*4PH\:E*1RO:D.
M>@$7CF;SPB[%<(9"/$*(`J"(&-@``CQY"I@:L`OV_%!+01PB%=O0PA$0X`",
M<X)<_]!1A^SHPP::<,=F=J..+^:C$X`B2!2!-,4JPI$&5\S,`HSTE,1H,0&*
M<,`!*H>1J1R`89L!@`+&I1P^9G$`R_(90%S!/);%,9))L,U"-`.P)`;R`8W@
M8VPB@4DC!/(I#=`,F$9R@'T0@`$,,\HIFS<22<)R"+:)W@'P,H=,;O*48!(E
M!$(92AMH!@^<%$$J'1F0-O;HC;%<IC>N^`"`><16MYQ(+H=RFFGV\H]&-,``
M]M!*:97%*,@4D3*9:4YU7/%K>BG71:BC%6]"K@DCV8-T/K8PLBP,!_)2QWC$
MB<+EG3.@S?2@#(9IH7%^J)P"A:7O3``=&P((H1Y2Z$(CV?_0+DET0Q2M*!PO
MJJ6,9FBC'*6B1X$$4@N)=*1"O$(A;>#2E\(TIC*=*4UK:M.;XC2G.I4I`W;J
MTY\"-:A"W:D"%C#4HR(UJ4I=*E.;ZM2G0O6F+86HUDY:H92J5(8E[9%5*835
MK*IPJR+J:H2^"E84SC%)(\A:"Q:1!$R-@!ULA8)5X=K6P)B50T")YPA,A8+G
M!(%Q$/`K+01+`\-2@G'6&,&I2D"`'L8@9,3L#V`8<Q"?)0N++[`L12:1V18\
MPP60>-.>%H98*@R&)6QKP4B*PH+1DF!A+@+H%U""B1;URTM`X$1*$2H[U*P5
M$51M`2KR,]Q4C(R@&B/4"&0S@T/_S,6Y+(#.B#I6L%$I<;,F<8$LBC374=B'
M69#-0C?BB0GR7$<RV=#+%T^5C(4Q0UHR(L'7*EFHHF2EO9!Z9CR>8=B#S`&]
M+$J1V?CI#O\&HQ+!.-6`&0?@=L634N0Y5;-J5RG^3D1:^^A3?M6AX'M@Z['6
M40=*^$$-^&[8&:8#U1P/**W#02\!0>G"F83"$O4\D`0NMM)(9/PF15H%`3,B
M3F.:<../&8!;-!&:)!C&DC7M(RXP[B9M9?"#5XQ&$@@XCZF8LRHJ3T0])7D(
M(0>0+&>HPK$(L$DW5=+F&"')OP=Y8AQ<6P(%'$`<?V'%8+5"GJ<@A)`,(<\U
M;/64ZTBG_PL`>P033M4%(YS!'0DQM`B@A*1N"9F8]6C`G^<`DC4/12\I@0"F
MK;%I37F6U,\Q]:Y$\&EK&($)CUX(NMHF-!8]1M(,3LBIFR"-CPV%+FM[H*D:
M@.A=YY6\<QS3QIK=!7IYC"[(&VS*<*``:E!$%B>)2&[Y%6QHTR599)(-J)%@
M3!U#;A>8P(7"SM$8(^@+`G)RM\>XW5=W1$*V9^L$6K1UYAKW`9(E8`!8QEN;
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ME[<1%!WYPAPDN\+_U:>)(H#'0&`7C`2"-G:5<>'C:1(\L9QX'DAFE(P?RF>0
M1I'YF1E/UXV0\5?`X9[S'+*L$BE5]L+_D]!1CHLD0[)8A8QX"P$LRS.P`Y>-
MP1-!35]UPK^L&5E`1`"@V9!U$U8H#/;MPV,DF7E<UO5)AYQPTP@Z!KAP(*:,
M8$^4X/7U1!V$R_51P[(T0`+(R>%8!1YT$TJ(QR8\A\+T(%:<8!,<SIJAQ7.`
M2SDXAK0HX`]&@\$5CW(1!_XXP1,<RFYTD3QDQWQ%63_,UZ$(!W'X0W%,(7%$
MH3P8FP[)",;)R&Y0X!1V"A*XRQ,<!*;T0SQ\T3]@A:9$BHQ0G&\$BSYD!Z<(
M(A?2R.ZH@>T)POYIRI\I"GMT4S"8#`REE2G\2D'\TS`88-TQ%IW%AV,T"X)\
MEAM-HBB841R0_Y6#(.)9\8Y8?<@I+D@JJB+HL**'N"*(*&(6+`P:%(YDH<AI
MK0!@W<%C"0$CFH`OJM0L;DA&,)PCM)TZ;)_.F8J=)-D&:N(VP.)S-9?&9`D*
M_!"$2-=Q_>)?Q6(PC&)5G0`U:`IRP()!-%M3:,JBX56!B!<9H,+-\!H/16$)
M!-@S>1AA08XC<)J&_<04RI9S60<_X`=AA!C?L8@U9$73H0$9.H&.X(-[U5,U
M5A$R9H@V=,M:M8EA&*#&-$P)2)<!H(0Q*H5]X)F>"48V5IMUK(K6T<4NJ!?5
M/0,ZM@NA84N*P(9T385)"E^N`-MYG(H["9J091RD20M^R(RA&9MD5/^41A[4
M";028Y''R^A@GIR'VKT!>DC";=@'P1V`$\J'2UZ>IC#&8,'<OEC,!;Y2JZ3(
M=DE>QSG!KU6-$S%+R(4<IZW$))C<QK3*0DEEA6A#^U6*O43;V)V`=#W%BLW&
MW8T2.+R#39SEJ,G"5"!)7FX%&.ICOX"<7#:;QAB=SF6#7%S#SNT<N'S.>9A$
MXQ'>+0[18%+(8*"+V]C+KC36'.`$N'!EQ<AD//I!7C:6GES?`&:?G;R!GG33
M-#",2M`$`M!9`0K9FL5$0DQGBU#GL'T,$4I#V:R952S,,Z@$XEP'Y#S'W!&@
M`D9E.99,1I#'?*G-FQ0'@>5,;"G$)Y"E45S_8QX\$3B.8PDIU_#4XH#L9QS8
M";;\YQ/ZY^]<8H(&E&Q&R(`"2(%^`5O9%1W<`174'4:*#(0ZB#:0Q)PYP0%H
MPE@V68B2&?*-P)9QZ&QEP@(T72C&@#%6`DK>56.=`&Q)@8W6@8VN(GMVS9<$
M0\*8'AK8ECDDS!'E#G_\28L*@0%L3FPD@41Q(C>F@:AI%9".CI"ZVG4<'9*P
M'A]8#DD8`>+`IHN:@*\X*1!,1+<803*(@3/(F-;)6(E49XJPZ!D\19X@2\80
MQXIE!<NHAWI81U$\PU146,X-5@W`*9H404(X1[4@B_G=A;=`#YI,0S6`3+7T
M6Z#&6O2TR8)>E9;&_PZ7'AJI@0M.R%Z[4(<1Y=Z9$H1]#(RH!L%)I,:B]AEL
MQ-6R1`)*A)Z\S5FUP8:XV02[81V_Q-PZW$C&H4)H984^[5-56$RUH29%#,=%
M8,)$&*O(!8!*K"DJDBJ#>L,8<$NE/9HKU$*YQAJG46@>V$?/D,$8&,`/((XZ
M8,-61.N9+,O&M-PX&-JO>IJF/%YL4`<.4!T]-1U[\0LQ-=TGQJ5>3FM55.M5
M/&O9W2#!BIP3!*@4A>NG&(01O&!%3()C!`/(;B434(3PT4>[N@!G.`F8,D/S
ME0"9($WV_01-)L8FS,%CL$P7;)DP]DLRQ$90H-\SQ<0J/%;0-(8C(9\2MO_-
MG1"?8C0?KBB152#GKO!L9$R&-)S'8X1?]NGL,Q%&AW8L1I%*<9"`6WD8VHZ1
M'<SARL*J%+2M'4!BE,UMI>#M%+[M/Y"A&K8M!::M/NB.'LYAE*2#7&@AC01+
MH:1AC*AAML3#H61AC'3".QRNHD2?TYS#.>1AR7CH@D@H9<4M?6B@@T;!YRI(
MZ#+IZ+:'&YKNZ9;M1P5G0+"L"S@!X)*`%T*![@*!%W:N%"S:-F[CZ\2N29U`
MXAC<MV*)"?0H[;(N%,B&WW4$K3+7+S;@BIQ`GF3&\[(`\54*C@RO+!8O5UFI
M$OBH"U0IECHO"JS1%EP#8]7M1.B#$V#*.Q2'T;C_W5P4!P6R0\EV)3Y,RA-D
MB@K60SU\@W-I"[Y,R3?@;_\^0C]8+H]LW*2`S1-LB@!3+[ANK.MP'?.]DG]%
MSBB97PVLQ`",DNIQS*5:AZD<H`C*2)>5F8P20J]\A/+J@`?!E\)\3`N>"V,\
MEDZ4<+ETP[)49[-T8$H\P4*0!4\D1+;DBFJ&!DY4RZ@A<-#,@4Y$0TH04DM\
M&+B<)DRLA%4@SFGT1#>-BYDP*KDH,:/VSOB.E97NW)GI*NPU&Z?]6L&RRADY
MA)<9:V!:@JR&Q1?(*#:\21%D`\C,7+^I!>/QP8W8Y5,0,@(;F[3-(,;4FJXZ
MP:/)H6>87U!D<F*.0*VA_TO*Y?&N(&OFA083/*,H;C#H=/#.R=T<WV4=M]VQ
MT@6V_&J8@5W&U6X.O.MF@,$45\K70([(70T%!ACGD<80:^8A^RH5KH1H&`#4
M])N';86\=5QN_>6<G'+._8J"'0P=8W,W=S,VV/"$NG$K9J_/ZFSVK=IY_$H1
M`-_.,AG]O5@[WYB9)2T+?JVB<2]Y_?,1"/%\W8E.M&FW!HTJC`-X<$O@W(4^
MP%AS/%9C$(5)$A.>B$=1-L#D9,Y=)$XV+!E15,2=?$=T/`5-%`EU[`2UT%^\
MX(_E$&IC\*P3;,[FF%]-!\Z:#$H;M[(Y>D,:;FX\0+,6;@)6`'7;`F)0MR$%
M>O]1YJ8#%U%<*/3R+*@N&7!8!A-H.M-B@WY(@O2%`=8K3V/U&S?/5+\N2FEU
M,G(U'%"N1.+([S[F,:;U1F;OO<ZL(9)DZ4'G[G0KY,!C#MQ)'YAU"E0B2&SC
MU0"#SN`UH8QUEO9T>YY`O?[U"D3U/BS/(1C>#C`F&PQV^4J;Y>(#PW#"/,25
M"P;UH?!#I>S7]PJ'LF)N:2.*_?KKC<3#).?O/=`(,_A@/;A#;^3G#*'N@!@$
MRC2!9#SDWP7%",K;8Z6)G'P-G""/H"'WC\T#62!:H\:7.VUV&OSR*J/62Z-3
M;#!$-[G$")2#G1H?F=$8,Q@?48S!=?S>J3@'2X1H0WS_#)(LB\J("[4Y1SG`
M'2K<EA9+R[UZ"[)4PC.EWC(%=T2Q[P),PBY$86MV@2;/GN#%2KM43F@SAJXL
M`3T]>-^1+'%\8E6W`"`33$MZG+R9C:[2\IM2G>7HX#/12BC3>/;Q\LN4IHNS
MA2+;,H#GBEVHAS9[W2W?I(+/]52:P)18CB/MP2>*YHS#Y;UTID@[>6QPFB,1
MQYW(AB.1'F<7B)I>%\<53=5IG(JSFR3(R23_"A[G`@[H26Q41D_B@,*PV]%P
MGCCW"VL$3K8.^3(0LI$_=I`B`N1U*^)0V9J8I\2>2I2;GV`MP^8@NJD@&E$\
MTT^J2DH8>I>O09/.SH$\CD*C_T_8G4>4Q@;+;4QC/<L3T42N!'E%=#3A;$YU
MC*FI$\X#08)CF+3U@81X:(JQ@8?-JH55(-FM*T/I2M*"]X<VE.>4$#+<F)HU
M%,Y[303<4'N+8-VS2XLFH`&:;1CDJ$@RX(!"X`D<=/8+L$[>E?E8-/8.,,[Y
M.O:ZJW59![2&JH>;8$FKT_N\RP!TAE8L(3M_D'A[E/M9OZ(-@-P&(7S"1]`!
M*7S#._P`C?##2_S$4WS%6_S%"U`'72K]<'S'FX\J>7S(BWSW)$#ZC/S)HWS*
MJ_S*L_SVV`^\T[6\$SR@PSR2,\_`=V^&TJVYE\&%XL"&"E1E80-^!,%O9P8:
M*)8]F?^"USS#?#*,MKQ)G03BPLQ(BIRS[;SH0=0K,>*M9MG9\C93"7WE8&4%
MCX[].=G&R)V;#K!$5[QIV/S#TG.I1?,-J956+5AT$DV=OH,7WW-?NTSV(QX'
M"E3IM%V7HIKO>@;HHR_8@1'8*D6AM']"BJ`+QG23M#SDD5+;`R%N)_`F/B8N
M''QLI2A"401YF)(^LZ!,DZ_N.0+S=9G9#9()0B!.`CQ&%PA[DCV:DV6+PJ37
M(9PG4"[2HYK'C8",3$S%TTE&"9^PM,`HK_^DC+"$E5S'8["PBG4J#/.$#*]4
MBW%J)Z3:I]%:]EDFHI'`)-1]MID_2'!3:.!^F3+,K5D.)DS_]E*8Z@T(!9@P
M0VZY!0@\3M%`A`BEZLJV[@O'\DRC[8$_],Y#9?I(^`*)`,"A^Y50!L'2X8,D
M'H6"(?6#("$/@$&4U#X$``*TM(4`!,[HME0""-'AZ!40Z'Y1R"O$$/#4,TA8
M:'B(R/+0T*#3TB"P`)`BL.@6EJ<090,1@/"`<(4B^#3*!27B<%+GT!"0"/OH
MPJDPF9`@AWNJ4@NU0,49*SP<$ZQB<%!+S).EZ@.P"!:U">709JK9F=VL4R"`
M]"8F4&":5@8`)Q;U,Z>N!)$=X(W$%S1I+;BLO\_/L]CHH@0)"-_6N9-BD!.!
M%``DF3(UX,%#5`X&""'S8X``(?T*_V598<-*"I$6@4"!(!(*@06[.KH\9$Q%
MEY<OXA!`H$;!@P$\S0C(5@L4@`)2!CBXHA-!`@("$)Q0!@'!@*)+/P'0A,3,
MT4!1'6T<H*"-U'5YNI20>C5%+:76$EADFJ!I1`=EX$$P2C.O7EC_'($L$I6`
MEP$&K#0E$``0@@)2XQ8XZ6D2$0(^IQB]&M%$VP<WRR`H,X6(#@(:]]+XJ.+Q
M3J(,'4U%B60`T<1&IG8VC7O6R=POROJM)""``$J5`N09+KPU`,G,*:UIK0//
M&HG%)1(DF.>XBN%LQDC,#FD2<.H/C(\A.$GZ*S+6GT/KSCN^?)F,_,I'/3\6
M_OS\^>[N#_^@/E`%2&"!,_257Q"O&&C(?@P^J!N$$O:@W806`HC@A1I.LZ&%
M,74(8H@BTI3AB`SN1QUO]HGXH8F)I+?=<OM,XF*-?-5G8X'[I07#@HGXJ,(K
M*X;88GP!_,(8(30:<N1=KPP0@#/Z+)1CE824:&5^#I9@!!EJD$&8$<MUP09Z
MP_E57B=KX`$)%T\"(N-SUPWY8)'Q*4%GCU0>\I&#6?ZY%Y:`\K;E'Q5=(=@)
M#API&Q+H!*#34H2A)(47AT;Q&0)YT&49E+@H8!1K$WY8P`%^X+;$#Q)]&H0J
MB(HP#B"KIC;`9P:8<2LN"3BP:Q1F0#J&)I4TX90?N^X:B!P/W'K_%`&X.-N*
M%U0D4(`0$0$T:):"9FM:H>'T:LI!=/@@P!<%1!E&'.5*5$T0*2!PS7\0?HC#
M`7FZU$`!DG3R!3Z[N`)%8B((;`T0TH8#3KK_8B$%%:JI$`X="+,;U3<4EX!+
MP=Q6N>W&>7D;A@`$]#M-Q.YP19#)G]'3+B!:<&5G@!\B,^!>:%Q1;@HPG]%4
M"E-8X\>"\T@CL0[MA%M"/&FHTT["E_!A\4.D><PQCE1WZ\(`"VS$U%JR!:*U
M#A:1`-9&BRK@20,++?43.K6.O&@CR,;6D,BG2MCB3+DIDR\\3J55:Q2X4!>7
M`G_[_)956(EP+E&:!*[,6FR/E<((\L`3_P1C72R^;%U2X:4)`HY>76/'I/?C
MY^GZQ(R;=M"(UXEWY9WGY76V,]0E>659'GLEW@5WGIC657ZNSL%!XYUO\*JA
M>WGD#+"GZB":+OTRJ5<O#.L;4VX(]S($WELCI6'?(?7DZW=^/]IGB_PA[=>@
MMPNOI[^A^?3S>?_J\N;/?_^S6.T_6#@H(J]1`91F0*5O(*8%9>#)<!+!$P*M
M3R]E>>`PDG.(`OHC@-H"(`?QUX("V(8%2Y+?<"1#%R"M8`MN2<0$\_+"O`BK
M`27<@0I58`;W9:,']^+!#3^H(@\"D1#[(8&,N#``/.@@`!J1!V?^(!BBC`QX
M!#E@Y72P&.9-!?\X!"G`)'B"AW%4<5/DP-#^#$8H+#PP3632F5>0TZ8RJ6%3
MS).,$;BP)..\KDPT/*%QNN1&W'5"35Z:G\YRMX8N`2!,;IH3>M`X1'[8+Y(P
M<)`#&#":11;@5U,I@23@A01([<(,3<1)Y49&I84``@H\,4YA*D$9`SC0$\OB
M4(+.2+,:?HPSIB1*$4!UJ^Y4A"=$*4$2*[(4<"Q2#DR4R$(@$Q$PH,,'A)'-
M%_)E.;I\00&D88D!#K5,CC13(L8\AZ(H]4L17-,$6J#D/B;I3EDPD"`+0-DI
M5&&=HE'C%/CI`RKV<`17-.(\G`$'A\+%'WKE(#>NJ"=!S(6R!DR!"GC_R"$<
M=B(-$5"&,YC1@@%HU%&3H6,BL4O')7RP42IU=`A3`1?0J+`S-WPTGLN`)TU5
ML!\J62,LBQ1!23`BAG"@0`1.H=05K](%2:Q!(PDH*F?8A8*BDN,,9G1!J>YF
ML[MH`F5M^,,7JCB7*"C#8J=X3">"\\H'Q",Q#S,IR9X0)8.<%)MJZ@1;N=!"
MNPWL!_&*0B5V>-,;82NP,]B/;'9"D%YUQEEC4(Q&/C&%Q6K*`#-50U$WPD1J
MF4`C``B%<!8CNL]XX:.,V8@%YQ/#EQP)BQ]%@-JH"24G-($PSG(;"=I2#4#<
M(B*;M-A)J,"4L='P<T=H`I*:T`"PZ,LXOV`;_]IV"X3>^NQ=7X.$:Q&S-5Y!
MRK>$C85-`WN][K;D0N$UD:C$BYOOWK2\A$VMD7X!J-JB-XB#G:\\[=L"]^)W
MOPD5(G_9&UC]\G?`].TA>@%\4P$3>,%Z42]-$4Q3!;]S4;"Z2Q7(P4:ZI.:\
M#5X(E0)``!$RN$`.CB>$XRGA?3C4H5"R06$@<("3-,3`J%-#"JYPQQ'+S+_[
M/;$[/W2$T^XEAXIM"0`8X`4DF^`3Q$EB!"4B0HXBT3CDB!X8G8B818VC"@PK
MST^Z,!5H3$4CW1&RCE]28G?ZF)(?4L`!&/!#U4K"`9*8"B<:<125;,$+(L2)
M-6H)">B!&"&??*`WGO^X%B\*H1:R?,972]`&5:JU$JP\<Z!XC-\U1_)##,"!
MF?-RBUQ,@A9'.-*YTK#G95UL%Y5(Q](*.M=]C@M/`/U!*^)LZ7=BVKZ:'N*'
MG,#AO9"$(R&Y`A028&Q'L%`,$RF(JQVQ"JJ:+#.SQD)#EM-5IN8:AKN>;Z^!
MF.(9N68DL2&*4,K3V86D&R5FH,QFC)*8:CJ6$J`ES&%H`RH=+.LP"E+0V$2S
MV4]O>W7=/O"(PRV];P^<1`47K\(YB/#3*6CA\V*$`AB!\8QK?.,<[[C'/P[R
MD(M\Y"3O^`%*CO*4JWSE+"_Y`A;0\IC+?.8TK[G-;X[SG.L\Y!>O[X`?'L#_
MB%-\Z#)(,R6![C^A$WWI^<4T-'(LC-K!@,8LR(,NYX,BB="H.%STG=;=F,?X
MD4[IL1A`W^YBG4HD<=T.T!0$N;.3+UI'06"+`64L=,;*H9C'6RC),*3>`B'Q
M4)4QP'6-6X`7TQYY.4HF(!1,"X]3&<"4JB/[C\PB@`@NZ@Y^[D+T[`Z#D?[!
MLII_A3$%+I.\$^/S3.>"?^^>@M<X0I'&(20>A+0&[LAI03/)0R?"DYX'GHD2
M/KK)(.=^^W2/23S/F3W4!1BA3C`@*KZ48DL",'T$P)E?JN?6K\]N&AHMBMC?
MG.X(]C2"\U.>(3I99`13@X2"2('8"\G7`^/]!2:;_^0NLKE+^@D""A;D0(SA
M`*Q$!5KP&*^!5%7P&57@2I-2"><B2_G7!=:0!PL1@8D!@-X@+8!P@?>S+?45
M)5Z0&*217$5P*V9G$>CR*,T5)72Q$/6D3<_0*42`&2/@1;N!#C2D!5!P+M'D
M*$F43I(""-$T#"BR&XWP$W^@">:6A*F0;-V7+9SF:?&!$ZK2`">!!A<',3JP
M."QP%K:P=4=`,3Z@*KZ`23BE!9V4>A%$&J`@.%U!"2F$`D6P$%C!AEVF*5`"
M.F*@*<.!!FR8%>?QAW;`,#2D4>=!/]LR!2MP`G=A!F'@-/KT;(D8))9`!QP!
M+Z70)HZH5(\34IQQ`O7G#O\K)0Q(B%.OH`!GLRCC!3!'YD12."AM]F:&UQ&"
M\0=?U';FMRQ^,#%@6#*.\$T-D'\^,U/]!PE;PS#A8!);``949131<VOU0$X'
MT650H$G2-@:O56V.8@`7P8W3D`XBX`4<D3[;(A(,P654,#'MJ#`L8U9L0%5T
MX#)Q<PK!@38C\2XZP"NW5QA(8%9&,&NN%&P@I`@GL80F(!#98`-+"`4($!2R
M""A`IC&X(142<8"VT@GM(@7)=E(KX`HAUDXKI`,X!I!1,0F0Q@"`:(VGH('G
M8@J/*!.9=TY04`N]4`<L50V-,DU981`3LQ#P0HHE4(_4$)2H-W9\AV'#\0F*
M=@+_]90K3UF"PJ561/`812!14))<:),O<Q-W6X-*Y)@"(?9$:B`*O65ONS5I
MR*(`5<`41^@"([,3GZ$S1%$7)O`%M<(FQE$-NE!Y$KD7+]B*Q<$\T2&2"?B&
MBR)B*Y!Y7"!VC?0^A#DP44(:3!%B("8T7D287[,H9E!4L6-G4_!%#D0:(K-U
MLB$892`R(@-B&`E+(G,NEGEH^C8&+-@>UB`;O@."#;<AOJ<E!P>8_*6!T)!?
MP=EZBL";%](K_(%T_6-Y0V04&I0:N'B<@V!TD=2<_/.<U4EQUSE$V9D_V\F=
M`^>=0`2>(&B<>6%VY_4/M@@$=^,-L3<\))0%E^.(B0![_\*0=_:Y;>7Y0>>Y
MB.FI6IB'0X-0GWTW%:UX7P7*?RZT&ZPWGH7@GQP$H.=X1L"6&^*W(.BP`*(R
M%#_X?^[W$<O&!2H5G3Y@!=!`%SH1%8ZY1?U',<3D?_&8"CJC$Z2!FPL1*JBP
M$SO*&*ZT@2XZ5!RUHT&*7Q,:0!5Z/E1X`$CI$NNG!@[E)$8!AV?!,%TX#39P
M`GBQ!%=@4CCQ492F5HA%&K81$5=X!*ZXAH/V"56:BY3V#*90B&'Z##C1%&Y:
MB$>:G.`%G"[@9MN7&]2Y0@^4C:;P#EAZC*S!5J9WB%$006#A4Y7S&LYH4'BF
MIEM0"6T*C3I!4I#V6I#J`S9@J?^>"J'MM:?KU:<,5)&F<9%@5GN[41$).(]`
MA:4922-@Q#!,1!9^(!B%`PPWFC,P>097L4B[@39O,!@QJ2Q4%9.^(@<&$8N^
M8DOHA:3^HZ3D(YZ%()BU(3+VH9JD<6I&,(H@)9(`Z"-&<115="9:]GZX:IHE
M*AYIPIE\>8#R*9+CT*/A"D95$#5#DR)@-)GG,:\IHJ<^]U^IBCVZ()T1ZB$6
MMW,/"[$SQP`12[$56W(*`',6J[$CUVG)L+$?"[(AN[$]1W6$-7T,ED,,J[+^
M<*H/AK`K"[-3U[(F]K(Q:[,@,;-J]@($Q`)6!'HILT`D5*9.2@/O5U4WB[3T
M8;"Z29C_,H!!CT0#7J=OV+$#5_<"Q.D(0^&;UF-5([0"5LL0)[21>/`"++2P
MUBF@+I&MA=!39K4"F]0/G56R-&!/<-L1TU2755>0U.I?'>4%.C-(5K4;@!<#
M>+L0)5FR@!&U2U`Y[\.U(41#-!)WOL=$P5%E4#04>$E%F><C6Y!%8@:`W.%%
M_!=&1,&YC#.W:):V=^N76)5:F4L#2\,#L'M?:WNM2<=CD3"23N$$R)&UFU([
MQL$>TD$&M:>&@_0*]*`<:G!$G8!L,3)\>/1`<;`&++H@<D2VP=$@99N&@H&:
MB\*&A19*FH`"I!0<E.<JJ?0'<=5*;`5+(S-+G^"E1\L"&(H;_TG"$(XI&*``
MMYOB":U$CE\`"%:P(+S5@4(2!%Y!!>4R,J/VEK)A39NDF-0F$[LR&RA@P`(,
M/7NR2$P1@6A%&*"0!"D:P,NR*0<,B:,;8)C&*P\4#L)T%)!E=CV(*<MB@BO(
M"^S2)`78&4+(**(2@Y(1*:3Q4<!4?\H2!4UR3&\Q`FGJ$?)#3_:4"JMP"4)%
M$?VT+/^D=;<V4&<2B52U?[?K#V?4L42K#P7XM7;Z"6CZ!7'11VWL!"JJ$':!
MB+&A#E&1'"408L.T*\LQ5?"P5-.4!:.P+G%QAYMPA2I@I[7TDVS8I>N@HI`,
M*W0AQG]"/=P@.%`V5`^Y:I-XQUEZ4O_<-(JV)"W+66WO4&WK@%'.V(E$%)>5
M\Q-@XE,7T9-$LPM$M1"BXBCMIU29MQ%.%6U1E<L(=4M^6HNX,2FIAP6C`(=Z
MJ(;/*!.8>$_\Z!7A*`(\^`QA''MM,,C5L(M`(,T(M4.H+"Z-2@K[9!G==<E8
M2I0Z`*=\0$>4^,E]H@[_J"8?,;I-$FL_,+_,F#3B@:F0XIX!D37/DU@J\1F,
M52[_>Z>1E="355GKAEEC$W"=!0A-08"B15E#`2]QT1\4:<;[$!9`D,1_[$D.
M]`,+@-*G``H+<I/3!`9"H']#B1(@9BYR>0*:L@0ZC;>C!`$JK1$O?<X^4Z9%
M><J=X,@+`U?_06NJ!AM[RG@7@)!<LO4-N'"G_(@+:D,M2_$`4$DE77U_2'("
M9+!;JZ4SNG`D2!`6;`DV+;;62%!/JW5;9F,"8NG*#+:VA1!-DB&P3&&!B($N
MG8`80=9_U,D3<Y%YYO:&X#P<H%+`K,%EF]6*EOD-A!H1DK%`AVT4XX`8;ZD&
MC]@^G`&;F.G+]XB;4U797R,Z+K/"3ETEE;R@`Y;7+@+;N.$RVMO:J=LA9HTJ
M-1MT"OHG(,;4"9:S1^?;20NSU=H_6;<DLZ?"7]L%)20GTC/;>P&VL\NVR$UP
MKLUK6;-^AHG;*O"W923>(6W)J]L/J\49"WO=DU"J/L02A/#>/7#=_\E=W-@9
M?8`[101A07$\2,3YWS-!!O<G?&M4WQZ"WH='32LP:#NKVY5DA=JMM`^NL\49
M)"R!P62HR,KHRU-`0S[L@AI!&<?T1`G^T6=T56D4>[@0G00\+,)1*[0E,.-P
M&:#2B&I0$=AE=G[<U0:$P;7"*(@H%.:RU9U@!7M29010"\$U,&'QXE90+7(I
M$5#*=,K-/ZCXS&>`42"QDN:(4J.<B3BURI5E(@IE+PQ5P7OP"<?F,'<0V'UP
M8S'U)=PL!GZ0!8LQ%"?0S^R8O*OVAGLBFH`\%7B>R54P$8\QT+EFY?F#Y<LA
M"&.EC_[W52,<,+6L#&HE'G]5.KB4#`>^#__-X"RO0$?QH#34K`O^8@/G\&P\
M>*!+89>U/!0X:0J=E43;L12P,151T@[Q,!&Q[NF6MNCWDU-Y602_T(^WQ7L`
M*1P*T`1@O5L_894%8#A#D87H8N()E7>/J1<V@1-@$7]QH11,P18BLR@7"8-V
M@1>)539GL1/;M"!@FM9>Q.YT4>X\89.:X;.9HA:3`*:8$^Z99Y,J2N^)?F;!
M3C^U/7;7O@R^\;77JS-CZ!SM<4)C4`G;@1VS@QQ/:TB^>QR)A#S5,4Z4M[4J
MU7O-01[=(1P$7_#W_9W'_7,\RP(_*N$RR]W>YO*R_4-D._,O8/#I@_!74]T[
M'V$L;YXW+R'M#0O_OR[TVTWAQHW7"K\,^&JTXHW45WOCAZ"K2Y]>1/^?1I\;
M]N0]+2H#LJOU&M+SY_/S5$,JIA*HNQ$$T$)#G&HM"H($G3>6NQ+W/0@IZ\F[
MW(0V]F#CH]%V2E_V/,3U%'K<]=+TB(#&0&"IFX@%<64$Y?&%NP#YY:`PT),0
MUH`37E[XPW#VY)/V'C,SG8X;7:4%-=E5D!`TB#$NNX#JVI@0-!U5BOCYQ!#Z
MV#/Z&Y,WA+]ZARL*'[4V4*()AK.B9:-_G3/\1S%-8_'/J5G\_E<N\7G[N'_X
M2>KU\:$W`8@[DOGPYN$(W%]'T^$[X*'`P`$<$>'9U>]=UV^MV9\?X$,(._(O
M`SSR`H41=^R?/8SP32#@B"-9FB>:JBO;NJ^YP#-=VS=L-#C_-@VB]@NR$@V#
..*I'H,9O.)S1ZTH4``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>b61608a1b6160801.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 b61608a1b6160801.jpg
M_]C_X``02D9)1@`!`@$`2`!(``#_X1X/17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````<````<@$R``(````4````CH=I``0````!````I````-``"OR````G
M$``*_(```"<0061O8F4@4&AO=&]S:&]P($-3,B!7:6YD;W=S`#(P,#8Z,#DZ
M,3D@,C`Z-#4Z-#0``````Z`!``,````!``$``*`"``0````!```"UZ`#``0`
M```!```#R0`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$``!S9````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"``!(`$@``/_M``Q!9&]B
M95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H`!X`P$B``(1`0,1`?_=``0`
M"/_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`Q.H]8O!R,S)S\A][LA[34+'AT%S_`*+=
MS6;&1[-GT&+-IZAU7)R;,D95]5;M`WUK-`!M_?\`I*]9<UAS\9]5=K,ISFE[
MQ+JRVPO%E3O^BHNLI#ZSB-(MJ<[?[`:G,:!Z;V5NE[7_`$W7[UM'%9C?R1HQ
MC$5ZO[W[KFQRUQT#Q&_5(W&,?)0RNHUGTSDY#3`D/NLG7W2[<]%MZQD5T-8,
MG(W'^<L]6PN<9]K1[OT5+/W/IV*G;GC,R'N<_?9^<0/;\&?R6K3Z.QC7^J+:
MVV26"M[!8'M>RW>QS3[6_P`WL]_I_3]EB>>$QL5IV]0M9<Q+U7<AL3PN9?D9
M]M@LLS<AM;`9'K6">[G$[U5=]8<^L[,?(O%(T>3=9+F]VM]_M6QF="91BN=F
M7-+-"*VSO<R=GJ5;MOJ;7?V-BR\[ZM"JW(^R9]-]&.YS0]^YKW0'OWUUUM?O
M:]C6;?\`A/T7^"57F.*)XL,;XOFE$<4[C^C_`'6S@,2.&9^78'Y:_>6?]8+F
MUDU964ZPB&M-M@@_RG>HJ+>I=2(_IN1(YFZS_P`FK=?0*W>\YM)I<\LK)D.)
M#O3)<UHLV-W;_P#6Q+(^KPKK]9F;1Z.\,)<3()#O=MV[MNYNS_I_057(<N2(
MG(#AB-HZ?X3/$1B2`39[KC-SFUP,S(+CR?7L_P#2B=N;GG0Y>01_QUO_`*44
M!BBC'+[<F@[7,9M:XEQWB6V-TV^FS_2?X7_!JY9@XC+7MQ\ZBYK-X!<8DUD-
M<=S=U?I^YCM_[GJ_Z!ZFA*!B#H!6W9!XK<VW.ZBUSV_;,GVS'Z:S_P`F@?M3
MJ?\`W,R/^WK/_)J[D],<-^W*H?[9>X._.V^H^IC!N>[^O_HOTJI9N`</8?6K
MN;8^QK?3/N'INV[WL_-]9I]2M4\G#>C(+5^U.I_]S,C_`+>L_P#)I?M3J?\`
MW-R/^WK/_)JJDFI;^)U[K6'DUY6/G9#;J7!S";7N$@SM>Q[BRRMW^$K?_.)*
M@DDI_]#FLZY@R[Y<T.-MA,Z`>]VO\E9QLLR"::);4?IN.A(\_P!UG\A-?6^W
M+R'/,-]:WS).]ZL4B&PP;&#DK5XY92`?3#P^:0:@QQQ@GYI;Z[<3<Z?A.N+<
M;%:!<&D^&\CQ<3^ZK^'G,?0W`8VC'KL@Y65:7>XL)>Q]FW=M]VQE;*6?^?7K
M+$1'`5FEE^7LIHJLLMJ$S4'/(K!T_0TL<[V/=_.JSPB@-@-OZK4))D;U)[[R
M3VXUUN>_%<!D6UN-<M.YI+?SJ_\`@D#J%.15:P7'U'5UC9$2&B887!6J.E=9
MJL;=CXN4Q[#N;;Z-H+3^]]#Z2LU8V7BN;>[IV5D-8X/LKLQ[7-=W=4YOI?X5
M`S`ZC0*$)'H0\UA5VOH<][(;N<X'^2?>^?ZBK9^50^KT:B'EQ!<X<`#6%L,I
MZ]99;C8O3,K'Q[]TN=CVG:T_FTS7^Y[/>Y9F5]6>M8[VM9@Y5K'"6D8]LC^2
M[]&J>;(1AK&1.-<$\A^;Z-S&"<GK])^:$.GU+E`#L!*N,Q&AOT-Y')B0BU]`
MZV7:].S!_P"@]O\`Z36RSI75MC8P,H::CT+>?^VU#RN&,^(R(%;,F;(8`4";
M>>?CUN!VM#7#B`JP`'`A;^3TCJPM<YO3\LZ3ICW:N_[;6+DXF7B6"K+HLQ["
M-X9:QU;BTDC?LL#7;-S5'S$8QE0KKLO@20#1%@'5$DDDH5RDDDDE/__1Y*RE
MQRKR=!ZMG_5O1-@CC0<!%O'ZU</^%L_ZMRNX%>&Z1D/<S^JV2?@MV,8PCM;F
M3R2G.@>%HUU%Y\ET_P!5:[\5G4\RH.K<WIF7LN;RU[?1L9K^8_\`/8N>>-KX
MJF9T^"U_JV'AW6B7%SG=&S/A/Z*$W/KCEY(P_P`['O>[##S_`*[Y[768&1G9
M36%K7FM\AKB-_N)VM^BBN_Y_U^ZS+RV!W(?D5L+=>',ML8[LMO\`Q7.J?@YX
MN8T[;ZGL!`(#C5])D_U5O=9Q*K*;';0="LW-S'!D,1"!`\.[HQB*UO[7@:[_
M`*]9&0**,S+MLD;JZKV/+6D[6V/<Q[F-9N'[WYB%TSK'UFZEE_9F]9OQ@&N>
MZVVP[0UD!VZ/_)+I?J=5D8_6<\Y#6-/HLV&MS7@AEF0W6RL_2_KMK7*?5(/&
M6_,:6EV)L=L>"6O#W.<6>TC_`$2BY?G)99<U`0A&7+C'P2H>J6>,I^KB_=^5
M=*`]&]2\?W7=Z7@?6KJF)1EX_P!9;VU93GMJ!#GF:['8[BYU%MM.QSZ_8_U?
MH+.Z7G]5ZQE7X>!]:<LWXS'6V"RES&[6O92[8\9%F[WVL_,6I5]9^H].+_0Q
M<<X<[JZP_P!)E6[W/>RJBG;74]WOL_X7]-_A+$-_UQR<8ES>E837.$$^M$@^
M[EM+=ZC^^RV,HW_<A_WB_P!OP_%J9U'UNQA3'UCR+#>[:(W-VB+G;G;G[G?T
M6[^;_P"N;%A_7^RZ^_H.3>\V6W=$Q'66.,N<\FY[WO=^<Y[G+H/V_G=?=7C#
M"HQ;*'&VBZI[[`)997>U[;&-;Z=E3W?1V?I?3>L/Z_XUK<_H6&T2ZOHV(R.T
MAUS3_P!2G1R>X"#4I:<'"*_Z*V0KP[V\DDM+]E.8R6O#[/"('P:JA\"/B"I)
MX)XZXQPWLQPR0G?">*D"2D]NTZ<'A)15K2]__]+#O8!?>1VLLG_/<@^HX3^5
M'ML9]IMW#<P6V>TF`?<[Z4(60TM:T@"+)+&CF!WV_N_NK?![N/1)T56]O,Z]
MUM_5I[7NZP&B3^R,N3V_P*YT,CZ1GQ`6_P#5#W7]6'8])RQY<TJ/-_-R+-B%
M9(B[U3?5#,=@&^MQCU2QT?U6EO\`%=7U#JC:NDYF6!O^S8]EVT&)V-W;9UVK
MSM]QQ+:""1O#I'P+5LCJ#,G"MQ;I=5?6:[&@P2UW/N"QN:'Z^?T_Z,70C\H=
M+"&#TOJN;=AUBIF5C5W6%LP\N?>6V;2?]'^ZN/Z++++Q6VUPLV[12&Z"7[=X
MM+?'V+4S,MU0VNLWD8]5)M<`W=M=:P.='L:KG0^E9&._(LQO3>^*]GJ^YI`+
M]P:YA3?A\!')S<_WO9%?W(+YD\,!_>1G#M?!=B9318=M9)J9+H+MK3O;O=L;
M]!3L^H=II;U"G#?:\?X*BVA]@;J[=Z=K'X]G]2OWH7UGS.K]1IHQ<EM73J\:
MSUF['DN+@WTS;99:UE+:ZZW?SG\U^D_PMEE:K]+^L/67Y3L)F13;4R`+:#N!
M:`UOJ0]]FS?]-[K-_P!/_!J;/DE`_(.'_"_[E$1?4M3"SNF='S+,AN'DOS`'
M5EUCF,V@_38:6UU-W^W\]BM_7*X9'4.CYVS:V[HV*_77:'NO?MT_K+2ZKT7&
MZHZE]F<QF;:W:&.)<1SM]3;.S^O;L9^8L_ZZX[L-_2<8N!=C=(Q:RX<$L-M>
MGW)_)\QARY1P@QR0!G*$K_1_2]7S+.9A*..B08R(AI_6<&R^AC=Y>-IU$:D_
M"%D/=O>Y\1N),?%-DD4Y#PP#:8<6^!(U4#<.S=?,I_,<P<AX34>`G[6+#@&,
M$@D\2UO`'?E)0)),GE)5;UMG?__3YC(+SD7[1KZMG_5N46@CDZGE7+Q^GN_X
MVS_JW(#V2)[K=$=C9+F>X+(X0+ZC=&3X:+J/J%1COS\\Y5C:L1W3[V9%A>UI
M:PNH]2SWNW-8RO\`PVSTF+E^TK;^JK7/=UIC1N<[HV8&M'))]%-S_P`W(75A
M=A'KCIL=7<S>@_XOLRNK=U@U&F0STL[%#B'1.KG.;L]BJ9OU=^KE=#7=&^L^
M,RX3NIS[\>UKOW8MQS395_X*N39T[+>T17VY)"/7T#J%NC6L'Q='\%1R<M$D
MF4[/CPM\2\&[;TZV\QD]2Z2^`!^AS&-:0"YP]N0[?N]RO?5[";TT9=M=^'<V
M[TVEV/DTV-:YOJ.VV0]C6[V[MG]18]GU3ZNUF]K*[!W:VP!WR]7TVN_SD7HO
M3-KZ<;-I?75D=1HK>QTM+FN9=2XM<W]USDHPA`&CZ1<I5\V@XD$]>KH?6'#L
MZI6P-RL>LU\5OOI]-XF8L_3;OI#V.:LW)JSKJ6USC,R6$>GF.S<,NK(_.KMJ
M->2_V_X+]'_POJ+=M_YNX6,S(/2;K0X,.]U3G4CU!O:W[<_]6LM_-V5?G_\`
M%JED_6C&96:\;I-#6$:BP-(/Q:UB;+-@[R-^'S!0$_`.=C=/.&UVW*;>YP!+
MK,N@\#8(_3M_-1OK[?D5'HKQZ;FNZ1B`D6,>[=^F.YK&O<^RK_A_YG_A5G./
MVX>LW'KQR\O'IU,+6#8==ON=OW->UWT/8M?ZW8%5V/T(V-]PZ/AUAPT<"!9]
M$IT,<9U+!4)2XAMPRT_1/S+<N01C^LLQ!#PSG.<XN<9<=24?%QA=+WDBMNFG
M)/@KC.CM;K8\O`Y`&W^]6*\6JMFQ@($DP3.I2Q<EDXKR`5VNUAYG'7IDTGXF
M.X0T%A[.!G\J2N.K:=(A)3>Q"[X8_9_W*>,]R__4QK&;LB[_`(VS_JW*%E4-
M)"GZU?KW:Z^K9_U;E"Z\;2`MX7HY)&_=I`25T7U./IY757Z^WI.4=.=#1Q"P
MJ&-<27<+H/JC<,/)ZIF`%S:.E95@`Y.PT/\`;]RBYC^9GXAFQD^]`=C7U:W3
M,7*=4WU*<UY>7/;MJ>\B=K14YSFUM]/Z5E3/TG^$_2?S*U+<7,&.UM6)EBUE
MFAL8P#9!U][JG.LW_P"DN_/_`.#5%GU^)V[<2\CG5[>5&_ZX&TES<>X3K[G,
M/\5FQ&61)C*9WT'C_@MX\(WIMNQ,ION&%Z9(,[\AAC0Q]%[7O])WZ3_!>I_A
M/36U]7NETY^+Z6=MK=AN:6.J>YT%[\J]HW[6[7U>K])<9;]9W1K19][?[U=Z
M!FOZQ9]F]3)PZ_6<7FBTU/=MQ[K6-WU?FM>S\Y1B!'IXI1H$_P!WA'$:"ZQO
M0>OR/JK9D=,KZ9;FL]$0]A8-I<`[U*WN#FVV>UHV^V[_`$G\CT^2ZU]5^J].
MRG4C`:_'`EF2RO(S-_\`UNIS:J?ZE_\`YFNFK^J-%M=3SU;JM?J,+GG[>[0Z
M;(8YAW;_`'_G>Q1M^I>*UOMZYU?=W:,T1_TV)@QXQM(UY*LEXW#P>L!S\?\`
M9UOH[7&N\8[L?TWF'_1L.QS'OKK]3_OZO_6YSJ<GH[2!N9TG%D>8-P*UG_4Q
MCB!_S@ZK620/=D!_.GYKF+$^L>1;=7T!F1=8ZM_2,*RP%Q=+G>JU]^UQV^ML
M_/5OD>$9=.Q8.:%XSYAQW6-<(;.OBAJ74[.G8F<^G"O.3C``UVCG7\UR"S(I
ML^B[7]TZ%:<<L#IQ"^W5H'%/0B)X3U:W4'.K#7;R&.D%OF$D+J/J7.:*P"RN
M>^I)25/C_I77@[Z\.W_1XVYPGV*_2K^7_-?_U>7NEN3>>/TMG_5N4-SCR4;)
MK/VF[7_"V?\`5N02"TZ_>M@\<1UIK1]N9O0R_%FQQ&G8KI_J1B_M#.S\`NV?
M:NFY%&^)V^HZBO=']I<Q4QSSIHT<GLNC^IG6.F]'ZP_(SK#52<9]0>&.>=[G
MTO:W92VQWT:WH2)EAF!ZB-ANLG&,<T3\M[E.WZC=4QGN#NDW9;&O<UCFY=-8
M<P'V6;-NYN]OYNY66]!I9`R/JYF-U(_1WN=QW_1"Q="/KW]7B-.I/F=#]EMX
MC@_HOWE.KZ]_5QKCOSWV#P^S7#\E2J&?,D5[<Q_<]V'_`#8RX/\`F,AAB_?B
M?[W!/_I#B>6R.C]`8X-NZ#U@2))IWN`\O?L5OIG1NFXHJS^FXV712]SWC[3[
MG`^G;CO;D-C]5V?F>ZSU?4K71CZ^_5<\9;_^V+O_`$DH9'UT^KME(>S-<P-L
M#"?0R-26N<&;:VU/[)D_?E$`X\EZ@REQ2L2'"NB<8_3C784%C^U78]8P6X^R
MS%AKKKO3+;7>K^F#&X^3_-_H/Y'Z2W]'^B_2@?B_62QYV9&*`7':T/>\QO<[
MBO%K_P`$C#ZV?5T-F[-M(Y&RK*9^7>LGK?UI^I6;0,.SJ#JZG$.LJLQ;[6/+
M7>HU[F^FQWJ-M;OW;U!+EY[RC,`=?7$?\UDCDCL)`_6TN/=:+!1=U7"RKK;*
M_2JJ)>YPK]2RYE;?5_GG>W])M_0^@_\`1KAOKXQ^'D]%Q7&33T7#88XEIO8?
M^I73-ZU]7+@33UUS6G0EF!>UI\O:&K%^NAZ9U6W$?B7#(&/@UXWVDL?4[?4Z
MP_S=@:[8_?N4V#E\GZ((L6"1*O+B6Y,D1OKJ-O\`I/$/>3W^*L8HW52#+G&#
M\/S5J7]*Z=TRG%RGVC+&16VUI<R&M>#%E/I.EKMCV_\`7%H_6WZY=/\`K'?@
M7UX;L2_&8YN1:Z#N)+2VIFSWNHKVO?6ZW_2?S:,8G'D'N:<5C?Y?ZRN(2C<#
M;D-PZP/?+G=X,!)'!#@'-,M.H(X*2U/:QU\HKO\`^A-#W<N_$;[?LX7_UN?R
M!^LW#_A;/^K<H[*P)LUGAJGDO#<BX-Y]6S7^VY!K:7O\SW6_6FKD60=-[7<\
MN.T#:WLT(E&,;'!HC<9@3'`W'<?ZH3EK*]>Z@ZQW+3!&H[%+I0T3>MR-ELOP
M,Y@TI<X3'M+3!.C6NAWL<[\Q1;@]2<[^CO'.FG;Z>[7V[?Y2&^K`ENW*<=W(
M-;M(&YN]T_\`6_:SZ:.W&Q6U.<W*+W@.<&['-!(GV[G'Z=GM3;/\HR7]-M_$
M+?8<]EC&FAX<^=K.Y@!SO;_5<KN/T^\/:\T.U`VG0S/&W7\Y`%.([VC,+"[V
M^YC@-8W>_=]%3HQ\<LK]3)(8'?2--FGNV[=V_P!)N]@W)LB:_P#09)@->_U#
M;OPNH/K=&-8YK="6B8(&[M^ZU8=O2;["VU^.ZV02PS["/I_O#U?ZB]$K?12Q
MK*K/38T$-`:3IV_SUQWULKZ2.H-<V\B^X:T-8XM<X<.ANUK7_O[_`-&JT>8N
MXF(UVL$CZMHX*/&"=-_['.&!G$#;0\@:"`UK0/ZT[=O]14\K-JP[37<'>NR/
MT<2X?G-W;O:U3MQ18X;.J&HM/L]*MX#8/L#[-['M_?\`T?Z-BR,[I^7B.<^T
M&RHO+*\B9#P-&/Y=]-K?9N2RYL\!I$D?O</IC](_]VMC#%(ZD7>Q-R/^-_W*
M?J?7L[J5;:;W34QQ>QI)<03MW>]W[VQJSDDX:7$-'),!4)2E,V3?1L"(&WFN
MRZVL$5V.8#R`8"2LMKKKT`#CW<4E)[4ZKB_P;T18WKZO_]?G[VC[1<3_`*6S
M_JG*._;]'10R<BO[3=+@/TMG_5N0'7SHSGQ6Z<D`-9#Z.9'#D)H1(\3HV=X<
M9'*LT.8&,KLHKN`<2"Z0XEVFWV_2_MJA2T-8//4E6A/9'>(.UZK91$9$`W1I
MT'5&IKK']/K:Q@@D,<6`MW-=9OW.W?0=^?L]B#6<AFRC["WU6Q[WL<Y[H<X;
MMG\VYKG>SZ*#ZML$.L>0X$.!<2"#R-4)]UFXGU'[HB=QF)W;9G]Y#A/\K58\
MF\QY%YK'3V&P!KG5%CPZ#&UQ]V]OJ;FJPVB^RDM&%[S!`979(`._<W\SW-;[
MUCT?:KLFNIMK@Y[@P.DR`3X[O)=?371C8X8PNCF-QD]MS]?<]RBG*J'5L1Q&
MKL</<.>_J'5JFO:WIY+`&Q6&N(8/=LXW/]S?Y2YW.=EY/46&S`;#9:_8Q[M7
MM^A:XN>[V^IO75VMK]$W>MM<]X8:I,QV?S^:Y<=]8F/98UXL>UKG.#VAQ`W$
M#<XZ_G;5%D`X#(1%Q(/7U?O,D)2XJXR8FX^4FZW'R(8ROI@:/4#@&,=[O^!;
MK[F:?F?GK,ZOU@7T.P68]3`TLWW-W;OT?YGN/E[U=Z!1EW5L:TV/>^QE5`L>
MYK&@EK*]FX_0WN_,6Q]9?JE1]77UW6XXS\C.$8PI!#:[:SOOWT/<YKVV,=M]
M9_\`VW7^>W+/]5$1E&''N/ZGZ6JH0O(3*)/#M+^O_5B\GT[H'5NI5/R,7'=]
MG8USO7>-M;M@W/958^&VV-;[MC%38TU7@/$%CH<%Z)]7ND]2Z]3;TSJ74SA5
M[?4P,6L-L(L#7,=NL?[/28QWZ7"QW?I?])5Z2\]R*[:LBZJXAUM=CV6.:=S2
MYCBQY8[\YFYOM560A&@+,P;O]&46;U6;TC6WZ0EXIB(*2`VYX$'4=I23_<CX
M^2J+_]!K?\5GUE==98V[!A[WO$VVS#G.?_W%_E)O_&N^LX_PV!_V[;_[R+U8
MS!CGM*SF874:^HY&:[*]6B]M3*\-TAE98??;6[W>Z_=[_8I?O$P#M]BA&WS^
MO_%E]96MAUV%(\+;?_>5&;_BX^L6T?IL(^?J6_\`O,NRP^B]1Q\Q^9?U&_*<
M;;;*Z'/+:&LM,LH=1ML]7[-_@;/49_45'+Z3UV_+??3GY>.UUC+&-9L+6MK]
MOH5-^T5T.Q[OI_K.&_(_?L4PYW)I'B%`;\)8I<MC),CN3W>:/^+;ZQQ_/89\
MA9;_`.\RP>K]#ZKT:QK.HT&IMABJUI#JGG]UEK?S]/YJST[5[%7EW.>QKL2U
M@<8+B:X;SJ[;87?FJ>7B8N;C68N74V_'M&VRMXEI",.?R`^H`CPT*P\ICZ6/
MJ^)XI]&VN^-6.#EK_:W.$MES3]$C5:'UB^HV9T^SUNFLMS<)Q`%+`7753^:[
M;[\BK_A/YUG^&_TZQF]+^L-9VT=,S&`_\"\#[MO_`%:N\>/(!*,A]=&$<>,F
M,@:\/V,B'6VC>\5@GZ3N!_65#J'H_::BVIN2YQ>:['/!8"UHM>ZR)]'GV?HU
MHU?5OKF59^M8F4T<ZTOC\B';T3K=1-573,HLG5[:'Q'C]%,R1C*)B)BZ_P`%
M?CR$$$PJ/_/:K,3JKSZ^9D4T5DZU5V,[;3^EN>XVNV[_`/!J/5OK)E75-N=>
M<TL`8RRQ\[026:5?3=]#=_X(A]7^K?6GW`XO3.H64G\U]#Y!_LM5'_FO]81[
MAT;.!_\`"]G_`)%5:E"XF495L2>+A_N1^2+8$A,<0N-[])2_OKLQ.H=0+K,G
M(:ZJM_IL#+6M!<!O]N[:YC=JA;]7G[F-HLK;+MC@^QL#][W?R%8JZ']9:ZRP
M=&S>9!^S6=_[*B_H?UJD%O2,^001^KO[?V5)>#VP)^N767Z7V\3$89>,F)X8
M]!T:.?TO[(P/9<VYLD.`():0=NNU)7K^B_6JY@8>BYK6\F,>S6/[*2;_`$;W
M;_R=>/S_`/316?VJL>Y?A\O_`$7_V?_M(LA0:&]T;W-H;W`@,RXP`#A"24T$
M)0``````$``````````````````````X0DE-`^T``````!``2`````$``0!(
M`````0`!.$))300F```````.`````````````#^````X0DE-!`T```````0`
M``!B.$))3009```````$````$#A"24T#\P``````"0```````````0`X0DE-
M!`H```````$``#A"24TG$```````"@`!``````````(X0DE-`_4``````$@`
M+V9F``$`;&9F``8```````$`+V9F``$`H9F:``8```````$`,@````$`6@``
M``8```````$`-0````$`+0````8```````$X0DE-`_@``````'```/______
M______________________\#Z`````#_____________________________
M`^@`````_____________________________P/H`````/______________
M______________\#Z```.$))300(```````0`````0```D````)``````#A"
M24T$'@``````!``````X0DE-!!H``````V,````&``````````````/)```"
MUP```!<`0@`V`#$`-@`P`#@`7P!)`%``1P!?`%,`,0!?`#$`.`!3`&4`<``P
M`#8`+0`R`````0`````````````````````````!``````````````+7```#
MR0`````````````````````!`````````````````````````!`````!````
M````;G5L;`````(````&8F]U;F1S3V)J8P````$```````!28W0Q````!```
M``!4;W`@;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG```#
MR0````!29VAT;&]N9P```M<````&<VQI8V5S5FQ,<P````%/8FIC`````0``
M````!7-L:6-E````$@````=S;&EC94E$;&]N9P`````````'9W)O=7!)1&QO
M;F<`````````!F]R:6=I;F5N=6T````,15-L:6-E3W)I9VEN````#6%U=&]'
M96YE<F%T960`````5'EP965N=6T````*15-L:6-E5'EP90````!);6<@````
M!F)O=6YD<T]B:F,````!````````4F-T,0````0`````5&]P(&QO;F<`````
M`````$QE9G1L;VYG``````````!"=&]M;&]N9P```\D`````4F=H=&QO;F<`
M``+7`````W5R;%1%6%0````!````````;G5L;%1%6%0````!````````37-G
M951%6%0````!```````&86QT5&%G5$585`````$```````YC96QL5&5X=$ES
M2%1-3&)O;VP!````"&-E;&Q497AT5$585`````$```````EH;W)Z06QI9VYE
M;G5M````#T53;&EC94AO<GI!;&EG;@````=D969A=6QT````"79E<G1!;&EG
M;F5N=6T````/15-L:6-E5F5R=$%L:6=N````!V1E9F%U;'0````+8F=#;VQO
M<E1Y<&5E;G5M````$453;&EC94)'0V]L;W)4>7!E`````$YO;F4````)=&]P
M3W5T<V5T;&]N9P`````````*;&5F=$]U='-E=&QO;F<`````````#&)O='1O
M;4]U='-E=&QO;F<`````````"W)I9VAT3W5T<V5T;&]N9P``````.$))300H
M```````,`````3_P````````.$))3004```````$`````CA"24T$#``````<
M]0````$```!X````H````6@``.$````<V0`8``'_V/_@`!!*1DE&``$"``!(
M`$@``/_M``Q!9&]B95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(
M#`D)#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,
M#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H`!X`P$B
M``(1`0,1`?_=``0`"/_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*
M"P$``04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4#
M##,!``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q
M8W,U%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75
MY?569G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$`
M`A$#(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R
M@P<F-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9V
MAI:FML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`Q.H]8O!R,S)S\A][
MLA[34+'AT%S_`*+=S6;&1[-GT&+-IZAU7)R;,D95]5;M`WUK-`!M_?\`I*]9
M<UAS\9]5=K,ISFE[Q+JRVPO%E3O^BHNLI#ZSB-(MJ<[?[`:G,:!Z;V5NE[7_
M`$W7[UM'%9C?R1HQC$5ZO[W[KFQRUQT#Q&_5(W&,?)0RNHUGTSDY#3`D/NLG
M7W2[<]%MZQD5T-8,G(W'^<L]6PN<9]K1[OT5+/W/IV*G;GC,R'N<_?9^<0/;
M\&?R6K3Z.QC7^J+:VV26"M[!8'M>RW>QS3[6_P`WL]_I_3]EB>>$QL5IV]0M
M9<Q+U7<AL3PN9?D9]M@LLS<AM;`9'K6">[G$[U5=]8<^L[,?(O%(T>3=9+F]
MVM]_M6QF="91BN=F7-+-"*VSO<R=GJ5;MOJ;7?V-BR\[ZM"JW(^R9]-]&.YS
M0]^YKW0'OWUUUM?O:]C6;?\`A/T7^"57F.*)XL,;XOFE$<4[C^C_`'6S@,2.
M&9^78'Y:_>6?]8+FUDU964ZPB&M-M@@_RG>HJ+>I=2(_IN1(YFZS_P`FK=?0
M*W>\YM)I<\LK)D.)#O3)<UHLV-W;_P#6Q+(^KPKK]9F;1Z.\,)<3()#O=MV[
MMNYNS_I_057(<N2(G(#AB-HZ?X3/$1B2`39[KC-SFUP,S(+CR?7L_P#2B=N;
MGG0Y>01_QUO_`*44!BBC'+[<F@[7,9M:XEQWB6V-TV^FS_2?X7_!JY9@XC+7
MMQ\ZBYK-X!<8DUD-<=S=U?I^YCM_[GJ_Z!ZFA*!B#H!6W9!XK<VW.ZBUSV_;
M,GVS'Z:S_P`F@?M3J?\`W,R/^WK/_)J[D],<-^W*H?[9>X._.V^H^IC!N>[^
MO_HOTJI9N`</8?6KN;8^QK?3/N'INV[WL_-]9I]2M4\G#>C(+5^U.I_]S,C_
M`+>L_P#)I?M3J?\`W-R/^WK/_)JJDFI;^)U[K6'DUY6/G9#;J7!S";7N$@SM
M>Q[BRRMW^$K?_.)*@DDI_]#FLZY@R[Y<T.-MA,Z`>]VO\E9QLLR"::);4?IN
M.A(\_P!UG\A-?6^W+R'/,-]:WS).]ZL4B&PP;&#DK5XY92`?3#P^:0:@QQQ@
MGYI;Z[<3<Z?A.N+<;%:!<&D^&\CQ<3^ZK^'G,?0W`8VC'KL@Y65:7>XL)>Q]
MFW=M]VQE;*6?^?7K+$1'`5FEE^7LIHJLLMJ$S4'/(K!T_0TL<[V/=_.JSPB@
M-@-OZK4))D;U)[[R3VXUUN>_%<!D6UN-<M.YI+?SJ_\`@D#J%.15:P7'U'5U
MC9$2&B887!6J.E=9JL;=CXN4Q[#N;;Z-H+3^]]#Z2LU8V7BN;>[IV5D-8X/L
MKLQ[7-=W=4YOI?X5`S`ZC0*$)'H0\UA5VOH<][(;N<X'^2?>^?ZBK9^50^KT
M:B'EQ!<X<`#6%L,IZ]99;C8O3,K'Q[]TN=CVG:T_FTS7^Y[/>Y9F5]6>M8[V
MM9@Y5K'"6D8]LC^2[]&J>;(1AK&1.-<$\A^;Z-S&"<GK])^:$.GU+E`#L!*N
M,Q&AOT-Y')B0BU]`ZV7:].S!_P"@]O\`Z36RSI75MC8P,H::CT+>?^VU#RN&
M,^(R(%;,F;(8`4";>>?CUN!VM#7#B`JP`'`A;^3TCJPM<YO3\LZ3ICW:N_[;
M6+DXF7B6"K+HLQ["-X9:QU;BTDC?LL#7;-S5'S$8QE0KKLO@20#1%@'5$DDD
MH5RDDDDE/__1Y*REQRKR=!ZMG_5O1-@CC0<!%O'ZU</^%L_ZMRNX%>&Z1D/<
MS^JV2?@MV,8PCM;F3R2G.@>%HUU%Y\ET_P!5:[\5G4\RH.K<WIF7LN;RU[?1
ML9K^8_\`/8N>>-KXJF9T^"U_JV'AW6B7%SG=&S/A/Z*$W/KCEY(P_P`['O>[
M##S_`*[Y[768&1G936%K7FM\AKB-_N)VM^BBN_Y_U^ZS+RV!W(?D5L+=>',M
ML8[LMO\`Q7.J?@YXN8T[;ZGL!`(#C5])D_U5O=9Q*K*;';0="LW-S'!D,1"!
M`\.[HQB*UO[7@:[_`*]9&0**,S+MLD;JZKV/+6D[6V/<Q[F-9N'[WYB%TSK'
MUFZEE_9F]9OQ@&N>ZVVP[0UD!VZ/_)+I?J=5D8_6<\Y#6-/HLV&MS7@AEF0W
M6RL_2_KMK7*?5(/&6_,:6EV)L=L>"6O#W.<6>TC_`$2BY?G)99<U`0A&7+C'
MP2H>J6>,I^KB_=^5=*`]&]2\?W7=Z7@?6KJF)1EX_P!9;VU93GMJ!#GF:['8
M[BYU%MM.QSZ_8_U?H+.Z7G]5ZQE7X>!]:<LWXS'6V"RES&[6O92[8\9%F[WV
ML_,6I5]9^H].+_0Q<<X<[JZP_P!)E6[W/>RJBG;74]WOL_X7]-_A+$-_UQR<
M8ES>E837.$$^M$@^[EM+=ZC^^RV,HW_<A_WB_P!OP_%J9U'UNQA3'UCR+#>[
M:(W-VB+G;G;G[G?T6[^;_P"N;%A_7^RZ^_H.3>\V6W=$Q'66.,N<\FY[WO=^
M<Y[G+H/V_G=?=7C#"HQ;*'&VBZI[[`)997>U[;&-;Z=E3W?1V?I?3>L/Z_XU
MK<_H6&T2ZOHV(R.TAUS3_P!2G1R>X"#4I:<'"*_Z*V0KP[V\DDM+]E.8R6O#
M[/"('P:JA\"/B"I)X)XZXQPWLQPR0G?">*D"2D]NTZ<'A)15K2]__]+#O8!?
M>1VLLG_/<@^HX3^5'ML9]IMW#<P6V>TF`?<[Z4(60TM:T@"+)+&CF!WV_N_N
MK?![N/1)T56]O,Z]UM_5I[7NZP&B3^R,N3V_P*YT,CZ1GQ`6_P#5#W7]6'8]
M)RQY<TJ/-_-R+-B%9(B[U3?5#,=@&^MQCU2QT?U6EO\`%=7U#JC:NDYF6!O^
MS8]EVT&)V-W;9UVKSM]QQ+:""1O#I'P+5LCJ#,G"MQ;I=5?6:[&@P2UW/N"Q
MN:'Z^?T_Z,70C\H=+"&#TOJN;=AUBIF5C5W6%LP\N?>6V;2?]'^ZN/Z++++Q
M6VUPLV[12&Z"7[=XM+?'V+4S,MU0VNLWD8]5)M<`W=M=:P.='L:KG0^E9&._
M(LQO3>^*]GJ^YI`+]P:YA3?A\!')S<_WO9%?W(+YD\,!_>1G#M?!=B9318=M
M9)J9+H+MK3O;O=L;]!3L^H=II;U"G#?:\?X*BVA]@;J[=Z=K'X]G]2OWH7UG
MS.K]1IHQ<EM73J\:SUF['DN+@WTS;99:UE+:ZZW?SG\U^D_PMEE:K]+^L/67
MY3L)F13;4R`+:#N!:`UOJ0]]FS?]-[K-_P!/_!J;/DE`_(.'_"_[E$1?4M3"
MSNF='S+,AN'DOS`'5EUCF,V@_38:6UU-W^W\]BM_7*X9'4.CYVS:V[HV*_77
M:'NO?MT_K+2ZKT7&ZHZE]F<QF;:W:&.)<1SM]3;.S^O;L9^8L_ZZX[L-_2<8
MN!=C=(Q:RX<$L-M>GW)_)\QARY1P@QR0!G*$K_1_2]7S+.9A*..B08R(AI_6
M<&R^AC=Y>-IU$:D_"%D/=O>Y\1N),?%-DD4Y#PP#:8<6^!(U4#<.S=?,I_,<
MP<AX34>`G[6+#@&,$@D\2UO`'?E)0)),GE)5;UMG?__3YC(+SD7[1KZMG_5N
M46@CDZGE7+Q^GN_XVS_JW(#V2)[K=$=C9+F>X+(X0+ZC=&3X:+J/J%1COS\\
MY5C:L1W3[V9%A>UI:PNH]2SWNW-8RO\`PVSTF+E^TK;^JK7/=UIC1N<[HV8&
MM'))]%-S_P`W(75A=A'KCIL=7<S>@_XOLRNK=U@U&F0STL[%#B'1.KG.;L]B
MJ9OU=^KE=#7=&^L^,RX3NIS[\>UKOW8MQS395_X*N39T[+>T17VY)"/7T#J%
MNC6L'Q='\%1R<M$DF4[/CPM\2\&[;TZV\QD]2Z2^`!^AS&-:0"YP]N0[?N]R
MO?5[";TT9=M=^'<V[TVEV/DTV-:YOJ.VV0]C6[V[MG]18]GU3ZNUF]K*[!W:
MVP!WR]7TVN_SD7HO3-KZ<;-I?75D=1HK>QTM+FN9=2XM<W]USDHPA`&CZ1<I
M5\V@XD$]>KH?6'#LZI6P-RL>LU\5OOI]-XF8L_3;OI#V.:LW)JSKJ6USC,R6
M$>GF.S<,NK(_.KMJ->2_V_X+]'_POJ+=M_YNX6,S(/2;K0X,.]U3G4CU!O:W
M[<_]6LM_-V5?G_\`%JED_6C&96:\;I-#6$:BP-(/Q:UB;+-@[R-^'S!0$_`.
M=C=/.&UVW*;>YP!+K,N@\#8(_3M_-1OK[?D5'HKQZ;FNZ1B`D6,>[=^F.YK&
MO<^RK_A_YG_A5G./VX>LW'KQR\O'IU,+6#8==ON=OW->UWT/8M?ZW8%5V/T(
MV-]PZ/AUAPT<"!9]$IT,<9U+!4)2XAMPRT_1/S+<N01C^LLQ!#PSG.<XN<9<
M=24?%QA=+WDBMNFG)/@KC.CM;K8\O`Y`&W^]6*\6JMFQ@($DP3.I2Q<EDXKR
M`5VNUAYG'7IDTGXF.X0T%A[.!G\J2N.K:=(A)3>Q"[X8_9_W*>,]R__4QK&;
MLB[_`(VS_JW*%E4-)"GZU?KW:Z^K9_U;E"Z\;2`MX7HY)&_=I`25T7U./IY7
M57Z^WI.4=.=#1Q"PJ&-<27<+H/JC<,/)ZIF`%S:.E95@`Y.PT/\`;]RBYC^9
MGXAFQD^]`=C7U:W3,7*=4WU*<UY>7/;MJ>\B=K14YSFUM]/Z5E3/TG^$_2?S
M*U+<7,&.UM6)EBUEFAL8P#9!U][JG.LW_P"DN_/_`.#5%GU^)V[<2\CG5[>5
M&_ZX&TES<>X3K[G,/\5FQ&61)C*9WT'C_@MX\(WIMNQ,ION&%Z9(,[\AAC0Q
M]%[7O])WZ3_!>I_A/36U]7NETY^+Z6=MK=AN:6.J>YT%[\J]HW[6[7U>K])<
M9;]9W1K19][?[U=Z!FOZQ9]F]3)PZ_6<7FBTU/=MQ[K6-WU?FM>S\Y1B!'IX
MI1H$_P!WA'$:"ZQO0>OR/JK9D=,KZ9;FL]$0]A8-I<`[U*WN#FVV>UHV^V[_
M`$G\CT^2ZU]5^J].RG4C`:_'`EF2RO(S-_\`UNIS:J?ZE_\`YFNFK^J-%M=3
MSU;JM?J,+GG[>[0Z;(8YAW;_`'_G>Q1M^I>*UOMZYU?=W:,T1_TV)@QXQM(U
MY*LEXW#P>L!S\?\`9UOH[7&N\8[L?TWF'_1L.QS'OKK]3_OZO_6YSJ<GH[2!
MN9TG%D>8-P*UG_4QCB!_S@ZK620/=D!_.GYKF+$^L>1;=7T!F1=8ZM_2,*RP
M%Q=+G>JU]^UQV^ML_/5OD>$9=.Q8.:%XSYAQW6-<(;.OBAJ74[.G8F<^G"O.
M3C``UVCG7\UR"S(IL^B[7]TZ%:<<L#IQ"^W5H'%/0B)X3U:W4'.K#7;R&.D%
MOF$D+J/J7.:*P"RN>^I)25/C_I77@[Z\.W_1XVYPGV*_2K^7_-?_U>7NEN3>
M>/TMG_5N4-SCR4;)K/VF[7_"V?\`5N02"TZ_>M@\<1UIK1]N9O0R_%FQQ&G8
MKI_J1B_M#.S\`NV?:NFY%&^)V^HZBO=']I<Q4QSSIHT<GLNC^IG6.F]'ZP_(
MSK#52<9]0>&.>=[GTO:W92VQWT:WH2)EAF!ZB-ANLG&,<T3\M[E.WZC=4QGN
M#NDW9;&O<UCFY=-8<P'V6;-NYN]OYNY66]!I9`R/JYF-U(_1WN=QW_1"Q="/
MKW]7B-.I/F=#]EMXC@_HOWE.KZ]_5QKCOSWV#P^S7#\E2J&?,D5[<Q_<]V'_
M`#8RX/\`F,AAB_?B?[W!/_I#B>6R.C]`8X-NZ#U@2))IWN`\O?L5OIG1NFXH
MJS^FXV712]SWC[3[G`^G;CO;D-C]5V?F>ZSU?4K71CZ^_5<\9;_^V+O_`$DH
M9'UT^KME(>S-<P-L#"?0R-26N<&;:VU/[)D_?E$`X\EZ@REQ2L2'"NB<8_3C
M784%C^U78]8P6X^RS%AKKKO3+;7>K^F#&X^3_-_H/Y'Z2W]'^B_2@?B_62QY
MV9&*`7':T/>\QO<[BO%K_P`$C#ZV?5T-F[-M(Y&RK*9^7>LGK?UI^I6;0,.S
MJ#JZG$.LJLQ;[6/+7>HU[F^FQWJ-M;OW;U!+EY[RC,`=?7$?\UDCDCL)`_6T
MN/=:+!1=U7"RKK;*_2JJ)>YPK]2RYE;?5_GG>W])M_0^@_\`1KAOKXQ^'D]%
MQ7&33T7#88XEIO8?^I73-ZU]7+@33UUS6G0EF!>UI\O:&K%^NAZ9U6W$?B7#
M(&/@UXWVDL?4[?4ZP_S=@:[8_?N4V#E\GZ((L6"1*O+B6Y,D1OKJ-O\`I/$/
M>3W^*L8HW52#+G&#\/S5J7]*Z=TRG%RGVC+&16VUI<R&M>#%E/I.EKMCV_\`
M7%H_6WZY=/\`K'?@7UX;L2_&8YN1:Z#N)+2VIFSWNHKVO?6ZW_2?S:,8G'D'
MN:<5C?Y?ZRN(2C<#;D-PZP/?+G=X,!)'!#@'-,M.H(X*2U/:QU\HKO\`^A-#
MW<N_$;[?LX7_UN?R!^LW#_A;/^K<H[*P)LUGAJGDO#<BX-Y]6S7^VY!K:7O\
MSW6_6FKD60=-[7<\N.T#:WLT(E&,;'!HC<9@3'`W'<?ZH3EK*]>Z@ZQW+3!&
MH[%+I0T3>MR-ELOP,Y@TI<X3'M+3!.C6NAWL<[\Q1;@]2<[^CO'.FG;Z>[7V
M[?Y2&^K`ENW*<=W(-;M(&YN]T_\`6_:SZ:.W&Q6U.<W*+W@.<&['-!(GV[G'
MZ=GM3;/\HR7]-M_$+?8<]EC&FAX<^=K.Y@!SO;_5<KN/T^\/:\T.U`VG0S/&
MW7\Y`%.([VC,+"[V^YC@-8W>_=]%3HQ\<LK]3)(8'?2--FGNV[=V_P!)N]@W
M)LB:_P#09)@->_U#;OPNH/K=&-8YK="6B8(&[M^ZU8=O2;["VU^.ZV02PS["
M/I_O#U?ZB]$K?12QK*K/38T$-`:3IV_SUQWULKZ2.H-<V\B^X:T-8XM<X<.A
MNUK7_O[_`-&JT>8NXF(UVL$CZMHX*/&"=-_['.&!G$#;0\@:"`UK0/ZT[=O]
M14\K-JP[37<'>NR/T<2X?G-W;O:U3MQ18X;.J&HM/L]*MX#8/L#[-['M_?\`
MT?Z-BR,[I^7B.<^T&RHO+*\B9#P-&/Y=]-K?9N2RYL\!I$D?O</IC](_]VMC
M#%(ZD7>Q-R/^-_W*?J?7L[J5;:;W34QQ>QI)<03MW>]W[VQJSDDX:7$-'),!
M4)2E,V3?1L"(&WFNRZVL$5V.8#R`8"2LMKKKT`#CW<4E)[4ZKB_P;T18WKZO
M_]?G[VC[1<3_`*6S_JG*._;]'10R<BO[3=+@/TMG_5N0'7SHSGQ6Z<D`-9#Z
M.9'#D)H1(\3HV=X<9'*LT.8&,KLHKN`<2"Z0XEVFWV_2_MJA2T-8//4E6A/9
M'>(.UZK91$9$`W1IT'5&IKK']/K:Q@@D,<6`MW-=9OW.W?0=^?L]B#6<AFRC
M["WU6Q[WL<Y[H<X;MG\VYKG>SZ*#ZML$.L>0X$.!<2"#R-4)]UFXGU'[HB=Q
MF)W;9G]Y#A/\K58\F\QY%YK'3V&P!KG5%CPZ#&UQ]V]OJ;FJPVB^RDM&%[S!
M`979(`._<W\SW-;[UCT?:KLFNIMK@Y[@P.DR`3X[O)=?371C8X8PNCF-QD]M
MS]?<]RBG*J'5L1Q&KL</<.>_J'5JFO:WIY+`&Q6&N(8/=LXW/]S?Y2YW.=EY
M/46&S`;#9:_8Q[M7M^A:XN>[V^IO75VMK]$W>MM<]X8:I,QV?S^:Y<=]8F/9
M8UXL>UKG.#VAQ`W$#<XZ_G;5%D`X#(1%Q(/7U?O,D)2XJXR8FX^4FZW'R(8R
MOI@:/4#@&,=[O^!;K[F:?F?GK,ZOU@7T.P68]3`TLWW-W;OT?YGN/E[U=Z!1
MEW5L:TV/>^QE5`L>YK&@EK*]FX_0WN_,6Q]9?JE1]77UW6XXS\C.$8PI!#:[
M:SOOWT/<YKVV,=M]9_\`VW7^>W+/]5$1E&''N/ZGZ6JH0O(3*)/#M+^O_5B\
MGT[H'5NI5/R,7'=]G8USO7>-M;M@W/958^&VV-;[MC%38TU7@/$%CH<%Z)]7
MND]2Z]3;TSJ74SA5[?4P,6L-L(L#7,=NL?[/28QWZ7"QW?I?])5Z2\]R*[:L
MBZJXAUM=CV6.:=S2YCBQY8[\YFYOM560A&@+,P;O]&46;U6;TC6WZ0EXIB(*
M2`VYX$'4=I23_<CX^2J+_]!K?\5GUE==98V[!A[WO$VVS#G.?_W%_E)O_&N^
MLX_PV!_V[;_[R+U8S!CGM*SF874:^HY&:[*]6B]M3*\-TAE98??;6[W>Z_=[
M_8I?O$P#M]BA&WS^O_%E]96MAUV%(\+;?_>5&;_BX^L6T?IL(^?J6_\`O,NR
MP^B]1Q\Q^9?U&_*<;;;*Z'/+:&LM,LH=1ML]7[-_@;/49_45'+Z3UV_+??3G
MY>.UUC+&-9L+6MK]OH5-^T5T.Q[OI_K.&_(_?L4PYW)I'B%`;\)8I<MC),CN
M3W>:/^+;ZQQ_/89\A9;_`.\RP>K]#ZKT:QK.HT&IMABJUI#JGG]UEK?S]/YJ
MST[5[%7EW.>QKL2U@<8+B:X;SJ[;87?FJ>7B8N;C68N74V_'M&VRMXEI",.?
MR`^H`CPT*P\ICZ6/J^)XI]&VN^-6.#EK_:W.$MES3]$C5:'UB^HV9T^SUNFL
MMS<)Q`%+`7753^:[;[\BK_A/YUG^&_TZQF]+^L-9VT=,S&`_\"\#[MO_`%:N
M\>/(!*,A]=&$<>,F,@:\/V,B'6VC>\5@GZ3N!_65#J'H_::BVIN2YQ>:['/!
M8"UHM>ZR)]'GV?HUHU?5OKF59^M8F4T<ZTOC\B';T3K=1-573,HLG5[:'Q'C
M]%,R1C*)B)BZ_P`%?CR$$$PJ/_/:K,3JKSZ^9D4T5DZU5V,[;3^EN>XVNV[_
M`/!J/5OK)E75-N=><TL`8RRQ\[026:5?3=]#=_X(A]7^K?6GW`XO3.H64G\U
M]#Y!_LM5'_FO]81[AT;.!_\`"]G_`)%5:E"XF495L2>+A_N1^2+8$A,<0N-[
M])2_OKLQ.H=0+K,G(:ZJM_IL#+6M!<!O]N[:YC=JA;]7G[F-HLK;+MC@^QL#
M][W?R%8JZ']9:ZRP=&S>9!^S6=_[*B_H?UJD%O2,^001^KO[?V5)>#VP)^N7
M67Z7V\3$89>,F)X8]!T:.?TO[(P/9<VYLD.`():0=NNU)7K^B_6JY@8>BYK6
M\F,>S6/[*2;_`$;W;_R=>/S_`/316?VJL>Y?A\O_`$7_V0`X0DE-!"$`````
M`%4````!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'`````3
M`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``0P!3`#(````!`#A"
M24T$!@``````!P`"`````0$`_^$Y9FAT='`Z+R]N<RYA9&]B92YC;VTO>&%P
M+S$N,"\`/#]X<&%C:V5T(&)E9VEN/2+ON[\B(&ED/2)7-4TP37!#96AI2'IR
M95-Z3E1C>FMC.60B/SX*/'@Z>&UP;65T82!X;6QN<SIX/2)A9&]B93IN<SIM
M971A+R(@>#IX;7!T:STB,RXQ+C$M,3$Q(CX*("`@/')D9CI21$8@>&UL;G,Z
M<F1F/2)H='1P.B\O=W=W+G<S+F]R9R\Q.3DY+S`R+S(R+7)D9BUS>6YT87@M
M;G,C(CX*("`@("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@
M("`@("`@("`@>&UL;G,Z9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT
M<R\Q+C$O(CX*("`@("`@("`@/&1C.F9O<FUA=#YI;6%G92]J<&5G/"]D8SIF
M;W)M870^"B`@("`@(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E
M<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIX87`]
M(FAT='`Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\B/@H@("`@("`@("`\>&%P
M.D-R96%T;W)4;V]L/D%D;V)E(%!H;W1O<VAO<"!#4S(@5VEN9&]W<SPO>&%P
M.D-R96%T;W)4;V]L/@H@("`@("`@("`\>&%P.D-R96%T941A=&4^,C`P-BTP
M.2TQ.50R,#HT-#HP."TP-#HP,#PO>&%P.D-R96%T941A=&4^"B`@("`@("`@
M(#QX87`Z36]D:69Y1&%T93XR,#`V+3`Y+3$Y5#(P.C0U.C0T+3`T.C`P/"]X
M87`Z36]D:69Y1&%T93X*("`@("`@("`@/'AA<#I-971A9&%T841A=&4^,C`P
M-BTP.2TQ.50R,#HT-3HT-"TP-#HP,#PO>&%P.DUE=&%D871A1&%T93X*("`@
M("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@(#QR9&8Z1&5S8W)I<'1I;VX@
M<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM;&YS.GAA<$U-/2)H='1P.B\O
M;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO(CX*("`@("`@("`@/'AA<$U-.D1O
M8W5M96YT240^=75I9#HS1C<U,#@X,S0P-#A$0C$Q.3`Y.4%%-S0R1D$X,S4Q
M-#PO>&%P34TZ1&]C=6UE;G1)1#X*("`@("`@("`@/'AA<$U-.DEN<W1A;F-E
M240^=75I9#HT,#<U,#@X,S0P-#A$0C$Q.3`Y.4%%-S0R1D$X,S4Q-#PO>&%P
M34TZ26YS=&%N8V5)1#X*("`@("`@/"]R9&8Z1&5S8W)I<'1I;VX^"B`@("`@
M(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B`@("`@("`@("`@('AM
M;&YS.G1I9F8](FAT='`Z+R]N<RYA9&]B92YC;VTO=&EF9B\Q+C`O(CX*("`@
M("`@("`@/'1I9F8Z3W)I96YT871I;VX^,3PO=&EF9CI/<FEE;G1A=&EO;CX*
M("`@("`@("`@/'1I9F8Z6%)E<V]L=71I;VX^-S(P,#`P+S$P,#`P/"]T:69F
M.EA297-O;'5T:6]N/@H@("`@("`@("`\=&EF9CI94F5S;VQU=&EO;CXW,C`P
M,#`O,3`P,#`\+W1I9F8Z65)E<V]L=71I;VX^"B`@("`@("`@(#QT:69F.E)E
M<V]L=71I;VY5;FET/C(\+W1I9F8Z4F5S;VQU=&EO;E5N:70^"B`@("`@("`@
M(#QT:69F.DYA=&EV941I9V5S=#XR-38L,C4W+#(U."PR-3DL,C8R+#(W-"PR
M-S<L,C@T+#4S,"PU,S$L,C@R+#(X,RPR.38L,S`Q+#,Q."PS,3DL-3(Y+#4S
M,BPS,#8L,C<P+#(W,2PR-S(L,S`U+#,Q-2PS,S0S,CM&,44X.40T-D$T-T,Y
M03@P-#`P1#(U-$$S-T,U.48P0SPO=&EF9CI.871I=F5$:6=E<W0^"B`@("`@
M(#PO<F1F.D1E<V-R:7!T:6]N/@H@("`@("`\<F1F.D1E<V-R:7!T:6]N(')D
M9CIA8F]U=#TB(@H@("`@("`@("`@("!X;6QN<SIE>&EF/2)H='1P.B\O;G,N
M861O8F4N8V]M+V5X:68O,2XP+R(^"B`@("`@("`@(#QE>&EF.E!I>&5L6$1I
M;65N<VEO;CXW,C<\+V5X:68Z4&EX96Q81&EM96YS:6]N/@H@("`@("`@("`\
M97AI9CI0:7AE;%E$:6UE;G-I;VX^.38Y/"]E>&EF.E!I>&5L641I;65N<VEO
M;CX*("`@("`@("`@/&5X:68Z0V]L;W)3<&%C93XQ/"]E>&EF.D-O;&]R4W!A
M8V4^"B`@("`@("`@(#QE>&EF.DYA=&EV941I9V5S=#XS-C@V-"PT,#DV,"PT
M,#DV,2PS-S$R,2PS-S$R,BPT,#DV,BPT,#DV,RPS-S4Q,"PT,#DV-"PS-C@V
M-RPS-C@V."PS,S0S-"PS,S0S-RPS-#@U,"PS-#@U,BPS-#@U-2PS-#@U-BPS
M-S,W-RPS-S,W."PS-S,W.2PS-S,X,"PS-S,X,2PS-S,X,BPS-S,X,RPS-S,X
M-"PS-S,X-2PS-S,X-BPS-S,Y-BPT,30X,RPT,30X-"PT,30X-BPT,30X-RPT
M,30X."PT,30Y,BPT,30Y,RPT,30Y-2PT,3<R."PT,3<R.2PT,3<S,"PT,3DX
M-2PT,3DX-BPT,3DX-RPT,3DX."PT,3DX.2PT,3DY,"PT,3DY,2PT,3DY,BPT
M,3DY,RPT,3DY-"PT,3DY-2PT,3DY-BPT,C`Q-BPP+#(L-"PU+#8L-RPX+#DL
M,3`L,3$L,3(L,3,L,30L,34L,38L,3<L,3@L,C`L,C(L,C,L,C0L,C4L,C8L
M,C<L,C@L,S`[,SA!-T0U1#-&0S1!-D)%1CDV-3$X13A$-CDT138Y,S0\+V5X
M:68Z3F%T:79E1&EG97-T/@H@("`@("`\+W)D9CI$97-C<FEP=&EO;CX*("`@
M("`@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*("`@("`@("`@("`@
M>&UL;G,Z<&AO=&]S:&]P/2)H='1P.B\O;G,N861O8F4N8V]M+W!H;W1O<VAO
M<"\Q+C`O(CX*("`@("`@("`@/'!H;W1O<VAO<#I(:7-T;W)Y+SX*("`@("`@
M("`@/'!H;W1O<VAO<#I#;VQO<DUO9&4^,SPO<&AO=&]S:&]P.D-O;&]R36]D
M93X*("`@("`@("`@/'!H;W1O<VAO<#I)0T-0<F]F:6QE/G-21T(@245#-C$Y
M-C8M,BXQ/"]P:&]T;W-H;W`Z24-#4')O9FEL93X*("`@("`@/"]R9&8Z1&5S
M8W)I<'1I;VX^"B`@(#PO<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"CP_>'!A8VME="!E;F0](G<B/S[_
MX@Q824-#7U!23T9)3$4``0$```Q(3&EN;P(0``!M;G1R4D="(%A96B`'S@`"
M``D`!@`Q``!A8W-P35-&5`````!)14,@<U)'0@```````````````0``]M8`
M`0````#3+4A0("``````````````````````````````````````````````
M`````````````````!%C<')T```!4````#-D97-C```!A````&QW='!T```!
M\````!1B:W!T```"!````!1R6%E:```"&````!1G6%E:```"+````!1B6%E:
M```"0````!1D;6YD```"5````'!D;61D```"Q````(AV=65D```#3````(9V
M:65W```#U````"1L=6UI```#^````!1M96%S```$#````"1T96-H```$,```
M``QR5%)#```$/```"`QG5%)#```$/```"`QB5%)#```$/```"`QT97AT````
M`$-O<'ER:6=H="`H8RD@,3DY."!(97=L971T+5!A8VMA<F0@0V]M<&%N>0``
M9&5S8P`````````2<U)'0B!)14,V,3DV-BTR+C$``````````````!)S4D="
M($E%0S8Q.38V+3(N,0``````````````````````````````````````````
M````````````````````````6%E:(````````/-1``$````!%LQ865H@````
M`````````````````%A96B````````!OH@``./4```.06%E:(````````&*9
M``"WA0``&-I865H@````````)*````^$``"VSV1E<V,`````````%DE%0R!H
M='1P.B\O=W=W+FEE8RYC:```````````````%DE%0R!H='1P.B\O=W=W+FEE
M8RYC:```````````````````````````````````````````````````````
M``````!D97-C`````````"Y)14,@-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O
M;&]U<B!S<&%C92`M('-21T(``````````````"Y)14,@-C$Y-C8M,BXQ($1E
M9F%U;'0@4D="(&-O;&]U<B!S<&%C92`M('-21T(`````````````````````
M````````9&5S8P`````````L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET:6]N
M(&EN($E%0S8Q.38V+3(N,0``````````````+%)E9F5R96YC92!6:65W:6YG
M($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$`````````````````````````
M`````````'9I97<``````!.D_@`47RX`$,\4``/MS``$$PL``UR>`````5A9
M6B```````$P)5@!0````5Q_G;65A<P`````````!````````````````````
M`````H\````"<VEG(`````!#4E0@8W5R=@````````0`````!0`*``\`%``9
M`!X`(P`H`"T`,@`W`#L`0`!%`$H`3P!4`%D`7@!C`&@`;0!R`'<`?`"!`(8`
MBP"0`)4`F@"?`*0`J0"N`+(`MP"\`,$`Q@#+`-``U0#;`.``Y0#K`/``]@#[
M`0$!!P$-`1,!&0$?`24!*P$R`3@!/@%%`4P!4@%9`6`!9P%N`74!?`&#`8L!
MD@&:`:$!J0&Q`;D!P0')`=$!V0'A`>D!\@'Z`@,"#`(4`AT")@(O`C@"00)+
M`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!`LL"U0+@`NL"]0,``PL#%@,A`RT#
M.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#QP/3`^`#[`/Y!`8$$P0@!"T$.P1(
M!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P!/X%#04<!2L%.@5)!5@%9P5W!88%
ME@6F!;4%Q075!>4%]@8&!A8&)P8W!D@&609J!GL&C`:=!J\&P`;1!N,&]0<'
M!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E!_@("P@?"#((1@A:"&X(@@B6"*H(
MO@C2".<(^PD0"24).@E/"60)>0F/":0)N@G/">4)^PH1"B<*/0I4"FH*@0J8
M"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP"\@+X0OY#!(,*@Q##%P,=0R.#*<,
MP`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-^`X3#BX.20YD#G\.FPZV#M(.[@\)
M#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A$'X0FQ"Y$-<0]1$3$3$13Q%M$8P1
MJA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3(Q-#$V,3@Q.D$\43Y10&%"<4211J
M%(L4K13.%/`5$A4T%585>!6;%;T5X!8#%B86219L%H\6LA;6%OH7'1=!%V47
MB1>N%](7]Q@;&$`891B*&*\8U1CZ&2`911EK&9$9MQG=&@0:*AI1&G<:GAK%
M&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC',P<]1T>'4<=<!V9'<,=[!X6'D`>
M:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@;""8(,0@\"$<(4@A=2&A(<XA^R(G
M(E4B@B*O(MTC"B,X(V8CE"/"(_`D'R1-)'PDJR3:)0DE."5H)9<EQR7W)B<F
M5R:')K<FZ"<8)TDG>B>K)]PH#2@_*'$HHBC4*08I."EK*9TIT"H"*C4J:"J;
M*L\K`BLV*VDKG2O1+`4L.2QN+*(LURT,+4$M=BVK+>$N%BY,+H(NMR[N+R0O
M6B^1+\<O_C`U,&PPI##;,1(Q2C&",;HQ\C(J,F,RFS+4,PTS1C-_,[@S\30K
M-&4TGC38-1,U336'-<(U_38W-G(VKC;I-R0W8#><-]<X%#A0.(PXR#D%.4(Y
M?SF\.?DZ-CIT.K(Z[SLM.VL[JCOH/"<\93RD/.,](CUA/:$]X#X@/F`^H#[@
M/R$_83^B/^)`(T!D0*9`YT$I06I!K$'N0C!"<D*U0O=#.D-]0\!$`T1'1(I$
MSD42155%FD7>1B)&9T:K1O!'-4=[1\!(!4A+2)%(UTD=26-)J4GP2C=*?4K$
M2PQ+4TN:2^),*DQR3+I-`DU*39--W$XE3FY.MT\`3TE/DT_=4"=0<5"[4091
M4%&;4>92,5)\4L=3$U-?4ZI3]E1"5(]4VU4H5755PE8/5EQ6J5;W5T17DE?@
M6"]8?5C+61I9:5FX6@=:5EJF6O5;15N56^5<-5R&7-9=)UUX7<E>&EYL7KU?
M#U]A7[-@!6!78*I@_&%/8:)A]6))8IQB\&-#8Y=CZV1`9)1DZ64]99)EYV8]
M9I)FZ&<]9Y-GZ6@_:)9H[&E#:9II\6I(:I]J]VM/:Z=K_VQ7;*]M"&U@;;EN
M$FYK;L1O'F]X;]%P*W"&<.!Q.G&5<?!R2W*F<P%S77.X=!1T<'3,=2AUA77A
M=CYVFW;X=U9WLW@1>&YXS'DJ>8EYYWI&>J5[!'MC>\)\(7R!?.%]07VA?@%^
M8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"](-7@[J$'82`A..%1X6KA@Z&<H;7
MASN'GX@$B&F(SHDSB9F)_HIDBLJ+,(N6B_R,8XS*C3&-F(W_CF:.SH\VCYZ0
M!I!ND-:1/Y&HDA&2>I+CDTV3MI0@E(J4])5?E<F6-):?EPJ7=9?@F$R8N)DD
MF9"9_)IHFM6;0INOG!R<B9SWG62=TIY`GJZ?'9^+G_J@::#8H4>AMJ(FHI:C
M!J-VH^:D5J3'I3BEJ:8:IHNF_:=NI^"H4JC$J3>IJ:H<JH^K`JMUJ^FL7*S0
MK42MN*XMKJ&O%J^+L`"P=;#JL6"QUK)+LL*S.+.NM"6TG+43M8JV`;9YMO"W
M:+?@N%FXT;E*N<*Z.[JUNRZ[I[PAO)N]%;V/O@J^A+[_OWJ_]<!PP.S!9\'C
MPE_"V\-8P]3$4<3.Q4O%R,9&QL/'0<>_R#W(O,DZR;G*.,JWRS;+MLPUS+7-
M-<VUSC;.ML\WS[C0.="ZT3S1OM(_TL'31-/&U$G4R]5.U='65=;8UUS7X-AD
MV.C9;-GQVG;:^]N`W`7<BMT0W9;>'-ZBWRG?K^`VX+WA1.',XE/BV^-CX^OD
M<^3\Y83F#>:6YQ_GJ>@RZ+SI1NG0ZEOJY>MPZ_OLANT1[9SN*.ZT[T#OS/!8
M\.7Q<O'_\HSS&?.G]#3TPO50]=[V;?;[]XKX&?BH^3CYQ_I7^N?[=_P'_)C]
M*?VZ_DO^W/]M____[@`.061O8F4`9(`````!_]L`A``(!@8&!@8(!@8(#`@'
M"`P."@@("@X0#0T.#0T0$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,`0D("`D*"0L)"0L."PT+#A$.#@X.$1$,#`P,#!$1#`P,#`P,$0P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"`/)`M<#`2(``A$!`Q$!
M_]T`!``N_\0!H@````<!`0$!`0``````````!`4#`@8!``<("0H+`0`"`@,!
M`0$!`0`````````!``(#!`4&!P@)"@L0``(!`P,"!`(&!P,$`@8"<P$"`Q$$
M``4A$C%!408382)Q@10RD:$'%;%"(\%2T>$S%F+P)'*"\25#-%.2HK)C<\(U
M1">3H[,V%U1D=,/2X@@F@PD*&!F$E$5&I+16TU4H&O+C\\34Y/1E=865I;7%
MU>7U9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<X2%AH>(B8J+C(V.CX*3E)66EY
MB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^A$``@(!`@,%!00%!@0(`P-M`0`"$0,$
M(1(Q0051$V$B!G&!D3*AL?`4P='A(T(54F)R\3,D-$."%I)3):)CLL('<](U
MXD2#%U23"`D*&!DF-D4:)V1T53?RH[/#*"G3X_.$E*2TQ-3D]&5UA96EM<75
MY?5&5F9VAI:FML;6YO9'5V=WAY>GM\?7Y_<X2%AH>(B8J+C(V.CX.4E9:7F)
MF:FYR=GI^2HZ2EIJ>HJ:JKK*VNKZ_]H`#`,!``(1`Q$`/P#N6JZMI^B6,NI:
MG.L%K"*N[?J'BQSE&K?G5.\C)H=B%A_8GN#5C\XA]G_@L*/SEUN>_P!?CT-'
M_P!$L461E'0ROUY?ZE/ASGR"@`\,W&@T..41DRQXK%@'D'7Z[4RA&H2X3?Q9
M])^;_G!G)C-JB]E,)/X\\;_RM[SE_/:_\B/^;\A0@+"HQ-D93N,V/Y33?ZE#
MY.N_-ZC_`%27S9S_`,K>\Y?SVO\`R(_YORQ^;OG+^>U_Y$?\WY`Z8]5J0!C^
M4TW^I0^2/S>H_P!4E\WH$/YK^<9*U>UH/^*#_P`UX&U#\WO.=M`[Q26G)145
M@)_XWR+1J(TIA/K<H6UDWZ[#*<VFT\<627A0%1)Y>3;ASYY9<<3DD;D+W9!_
MRO?\P/\`?EE_TC'_`*J8I#^>?G^1PK265#_R['_JIG,<4C!#`C-!$#B!(O=W
M9+V./\X/.K("9+2O_,.?^JF/_P"5O^=/]^6G_(@_\UYSNSD#Q"IW'7'2RA=N
M^;T8=-X<9>'#<=S@&68Y#'B('O9Z_P"<?G10?WEI_P`B#_S7C%_./SPQ_O+2
MG_,.?^JF<^`,C;X+1`HR$=-BF=L<0/<V2RF`WD2SU?S>\Z]Y+3_I'/\`S7BB
M?F_YPK\;6I'M`?\`FO($,L&F9,='IZ_NH?)P,NJRWZ9R'N+T)OS:\WTKSM1_
MSQ/_`#7C&_-WS?\`LO:^Y]`_\UY`ZU%6/T8PFOL,/Y/3?ZE#Y-7YK4?ZI(?%
MZ%'^;WFJO[QK8CVA/_->+R?G!K_"D2P>IXF(T_XEG-ZX^%.;TQ.CTW/PH_),
M=5J"?[R7S9['^;'G%SN]J/\`G@?^:\&1_F3YUEH$>U)/3]P?^:\AUA9-.X0+
M4D[8?7,T'EV#@0LEXZU4'?A7QRF>#3@B,<4"3TIR<<\U&4\D@!UMD%S^8GF;
M3T7ZY<VK3,.1C2'H/?X\*F_-OS26/![8#M6$G_C?(%=W<UW*TLK$LQJ3B"J2
M<LCHL`'JQQ)]S3/5Y3]$Y`>_<O1Q^:OFPBOJ6O\`R)/_`#7@1_S=\XAB%>UI
M_P`8/^;\@[2L/AKB74Y(:/3_`.I0^3`ZK/\`ZI(?%G9_-[SE0_':_P#(C_F_
M"";\]//Z2NBR65`2!_HQ_P"JF$,C!49NP!R)-5W9NM3FM[3Q8L?AC'",2;)H
M4Y_9^3+,3E.1EN`+>C_\KW_,#_?EE_TC'_JICA^>OY@G_=EE_P!(Q_ZJ9SI(
MJ]1@B.WJ=AFOAAE+D'/,J>@K^>'Y@L=Y++_I&/\`U4P9!^<OG^4[R6=/^88_
M]5,@5O9`T8CIA@B*@HHH,V6F[/!]60"G%S:H0%#<L[7\WO.M/BDM*_\`&`_\
MUX\?F]YRK]NU_P"1'_-^0*N.4\37K3,\:33?ZE`_!U^349^?'(7T!>IZ?^:/
MF&<`7#VX8^$5/^-L!ZI^;'FJVEX6TEJ1XF&O_&^<SN-32*0#E1^E%QY;U`&K
M6N]<K&FTIE(1A`D<P`-F<<FI'#*<I")/,GFS?_E</G;_`'Y:?](Y_P"JF6/S
M@\[?[\M/^D<_]5,@E,NF#\I@_P!3C\G*\:7\X_-G?_*X/.O^_+3_`*1S_P`U
MY?\`RM_SK_ORT_Y$'_FO(&!CLD-)@_U*'R:Y9YC^(_-G?_*WO.G^_+3_`)$'
M_FO+_P"5O><_]^6G_(@_\UY!!E'ID_RFG`WQ0^33^8S&0`G+YLJU'\[//5L0
M(I+/?QMR?^9F`U_/3\P"*^I9?](Q_P"JF0#5)><]*UI@:/<9HLXAXTQ"(`!H
M`.UA?`+-FGI!_/3\P/\`?EE_TC'_`*J97_*]?/\`_OVR_P"D8_\`53.<';;&
MY30[F5O2/^5Z_F!_OVR_Z1C_`-5,O_E>OY@?[]LO^D8_]5,YMF&XQH=RV])_
MY7K^8'^_++_I&/\`U4RQ^>?Y@$T]2R_Z1C_U4SFV+1IT_7AC"S5+;TA/SO\`
M/YZR67_2,?\`JI@B/\Z?/C?:DL_^D8_]5,YTD?;!2*-Z9G8M-#^*(+5*9Z%Z
M`?SF\\@?WEG_`-(Y_P"JF(G\ZO/8.TEG_P!(Y_ZJ9!GZ;[8&-:^^63P8A_!'
MY,>.7>7H7_*Z_/?^_+/_`*1S_P!5,W_*Z_/?^_+/_I'/_53.>=L=3OD?!Q_S
M!\D\4N\O0O\`E=7GKM+9_P#2,?\`JIF'YU>>O]^6?_2.?^JF<]WZ9>P/AA\'
M%_,C\D<4N\O0_P#E=/GH])+/_I'/_53$Y/SI\^K]F2SI_P`PQ_ZJ9`Q^&70'
M$Z?$17"!\%$Y=[-&_/#S^IWDLO\`I&/_`%4RO^5X^?\`_?EE_P!(Q_ZJ9`YX
MC]H#`E",P\F(0E5-L96'H_\`RO'S]_ORR_Z1C_U4S?\`*\?/_P#OVR_Z1C_U
M4SG.YZ9OUY#A'<RLO17_`#Q_,!1M+95_YAC_`-5,1_Y7O^8'^_++_I&/_53(
M#3QWP/*O$Y"<1S"@O1O^5[_F!_ORR_Z1C_U4S?\`*]_S`_WY9?\`2,?^JF<T
MS9!-O2_^5[_F!_ORR_Z1C_U4S?\`*]_S`_WY9?\`2,?^JF<TS8K;TO\`Y7O^
M8'^_++_I&/\`U4S?\KW_`#`_WY9?](Q_ZJ9S3-BMO2_^5[_F!_ORR_Z1C_U4
MS?\`*]_S`_WY9?\`2,?^JF<TS8K;TO\`Y7O^8'^_++_I&/\`U4S?\KW_`#`_
MWY9?](Q_ZJ9S3-BMO2_^5[_F!_ORR_Z1C_U4S?\`*]_S`_WY9?\`2,?^JF<T
MS8K;TO\`Y7O^8'^_++_I&/\`U4S?\KW_`#`_WY9?](Q_ZJ9S3-BMO2_^5[_F
M!_ORR_Z1C_U4S?\`*]_S`_WY9?\`2,?^JF<TS8K;TO\`Y7O^8'^_++_I&/\`
MU4S?\KW_`#`_WY9?](Q_ZJ9S3-BMO2_^5[_F!_ORR_Z1C_U4S?\`*]_S`_WY
M9?\`2,?^JF<TS8K;TO\`Y7O^8'^_++_I&/\`U4S?\KW_`#`_WY9?](Q_ZJ9S
M/+Q6WIL7Y\^?5<&4V4B=U%N5K]/,Y-?*_P#SD!8W4R6OFFT^I<B%%["2\=3^
MU(FWIK_P6>?<K%;?<XO[)K+])+.ALO3,_P!8!'#TP.9?E_+QWS9Y@\A^=[FU
M\O>8O)]_*9+&ZTJ_:QYG^ZD%O)6-?\B2OPK_`#YL";?_T";\P*GSEJY)J?6(
M%?#(ZHR0>?6KYTUA?"<X400B110[YU.F(\#&1_-'W.@U8EX\@>_9$6@#T&+S
M6H*FHP786!J&."+J+@I.$S]6S485&RQP1*#0]L54*O08$GN$CG96<*?`[8D]
M[$@JTB@?,9,RB.<@*Y[L1#(:J$C?*@CY):`Y&-:NA(X@7?CNWSQ2\U<%3';[
MD[%S_#"BA8\B:GQS5Z[60E$X<1XK^J0Y>X.RT6DE&7BY11_AC^DM*I.+QK3K
MC4CY'WP9%%0=*Y@8L1D=G82E2Z%I%/P[#PP9'$TE"V/MX%H"1@L+389N,&G/
M".([.%GU$8&AS4TC"XI3-FS,$1$4'!EDGD-G8.KE5J<U*XZE,:)\@@RQQ&PX
MBUEYLV3:.9W=UPXT2Q-W<JFP7]ICL`/$X601\V%>F&/UI;9*)L.A`[Y7,DBA
MS+9CH'B/(,IU#4;+0[4PZ:!).PHUTPV!_P"*QD'N+F:YD:25R[-N68UQ2>XE
MO6Y.:1KT'88V*$,U7V0>.1QXQ`$G>1YEEERRR$`;1'(-00-)\5**.IS2E$J!
M]KMCYKP4]*WV0=3XX$K7<Y,6=RPD*VJW;G+Z95<HD#KDF/#*1JD+J$O"V91]
MI_A&$B0GPW&',T)N'Y'MTRELZ'YYK-1AEGR\5;#8.WP<.'&(V+YE`Q0%L,8+
M8(*L,62)4IMBF7X=+&&\FK+JK],/FM)"Y52V5PJ:G$I[N.$$5^G+9S$093/#
M$,8Q%U$<4NI/15=Q&*G"R\U)MXX33Q(P)<WTDQHIHN!,U>IU\I7#$2!WN7BT
MT8^J8!*_D2>1-3W)PWT^\!'HR'Y'"8;8]&(/(&A&8V#/+%,3'Q'>VY<<<D3&
M3**9J866FHT`2;IV.&2NKBJFHS>XLV/,+B=^[JZS)CRXC1W'>W3+S95<MV#5
MZI-X&O)UAB))W[9KB[C@4ECOX807=VUR]3T[#,+6:R..)C$W(N7IM,;$Y;!1
MD<R.6/?+B:AH<3S#;-#Q&[+L42R[XGBD;!UH>N45.6$=0A9FI3'4S4P)<HJ:
M8-BCI@:):MA@BTS)TT+LEKF>C:+O3%P`!0XQ!\6*'IF?$;-2E(<0/7%'()IC
M*5]O?(2-E6J'^S+^>;:M,L`#;OVR*7=MAOF'N-\O;H.N6*84-CQR\V6,DKBM
M1O@"9.+'PPQ`[#`UTFP/X97GA<+[F4#106:M<LUKF!WS`;G#&RK5<?E,/A.-
M;%"#RL<VQ.-S'+)V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-
MFQ5V;-FQ5V;-FQ5V;-FQ5M&9*E202"IIX$4(S96;%7__T8Y^8?)?.^L,/]_G
M]6%%M<\2"OTC#_\`,):^<M7_`.,QR,",KT.=)IA*&.'4&(^YUFHC#+8)J0)H
MLGLM3``!."KB[1XB2>V1%974T%?GESW-WZ9$8Y'M4Y<>&N(7MT`W</P\@/">
M'?D2:2;7)@]XW'J-L*ZENN+SQRF1C)4L34UQ-5WSG\\C/+.1%6>3N<4.#'&`
M-\(`MH+BJ)F5,%01%FZ8X\9D0&1E0;BBK[88VT(ZG-#`!UP6J@;`9N--IZHD
M;!P=1J!$$`[MJOAMBG#;;MU..6/:I^%?$XUGYTCC^S^O,WW.K,B39*D?;+*,
M!R(VPWTS3A*U7%0-\7OK&D9(&V#B%TGB('DD`8'IFQO#BQ'ACL8F1YMLX8Q1
MB;O=V#H+=#&9)-@,"*.^.:5J<:[#H,):;WY6JO,JGX?H&)?%)\;F@[#^F)$U
MRZG$)D"*OY*X=0*G91T7Q^>`+J\>1O3!H!M3%\#RPEI`1TRK/Q</IZFBY.E$
M.(\7,"PIF4Q1%B:'`T=],33K@N>T>7BH-%'7&):",[C,64,_$.&XQ'VN=&>&
M0.\9$J\<CLM6'7'`%NN.`H`,=F7&!H<1)<.>:,2>&('FT!3+QU-JG&'?+.0:
M`3.7/XNKX9F:@RB>(]\`WUT(5"UJQ[93FRC'$RD>3DXL/&1MM][=U>B($`[X
M2RS-*U6.4\C2,2V,S1ZC42RGGMW.SQXQ`;!V;-EYCLW;TS5H,JM,:3C:KN6/
M2YFC^RQ&(Y5<`F0;!(]RT#S1ZZG<#]K&R:E<.*<J8"S9,ZG,17'+YL>"/\T+
MGD>0U8DXW-FRHDG<[LG9LV;`K:L5-1@E)`VV!<L$C)QD0J+XJ<W`8@LM,>)A
ME@E%%%$PJ`V&&W$&F%44@Y###U*J*',W32'"::IC=<I^+'R-04'?`HD);%CN
M*Y=&5@TQ(I:14XW;ITQW3;,1X[^.!#0&7^O-2N73?"KNO\<L#PRO\ZXX#%6Z
M5RP,K'#)!6U]\2N5^`^&+C$K@C@<9#T'W*.:6',*99]LU*9J^K>[+[9AEF@7
M)@;%""D^T<9CY#\1QN8IYEFUFR\K`K>5FS8J[-FS8J[-FS8J[-FS8J[-FS8J
M[-FS8J[-FS8J[-FS8J[*R\V*NS9LV*NS96;%7__2)OS!_P"4RU;_`(S'(UDF
M_,#_`)3+5O\`C,<C6=5@'[G'_4C]SH\DJR3_`*Q^]N-.3`#J</K'19+A3\!Z
M820-QE4^^=3\J36[H%D0-\.'+,PC8#C3/%(D^[=Y=KFB-;_$5I[Y&F@96I3.
MZ>=M*@?39)XD"E-S3.3&%&H2,Q)X(Z@#)$4>KF:35<`ECR'Z#M[BEL%DS[G8
M881VPC&&>G68G<+]`&&^JZ/'9V?K&@)Z#OEV/!BQD"K+'+K)RLQH#IWL;``R
MPQ!J,LH]*D&F-)`ZYE;!QMYGO*M&DEPX0;X=6NCE`&;=CVPEMKH0/4'))87Z
MR`5(KE<R:])^2.'A-2!'=>R9V=H(4J0`:8'OVC6(UQ2:^54V.1W4;\R$HIKE
M<8DE,M]_D$LD`,K\>E<:2!L,Q).PQIS(1$60+;KE9LV!F-N0=EY67A:Y'=P%
M3CBF^/C7!4,*#][,:`=O'`32QB9'FG.@Z$M^H.Q;P.*ZSY5EMD=UC*LHK@/2
M]4>VN.8/II789T>#4K;4[`V\_%BXHK'J#F-DGDA(&K!YIE0W!V[ZZ_M>+T()
M!ZC8Y@0,%:I"+>_N(AT1R,!U&9-BK91B9[[ELDGKE5S;G+I7;!N>38.&.TOL
M0%Y>B`$+NYZ>V$LC-(Q9S4GN<D<EG!)]I.O<85W>G-#\<?Q)^K-5K<&H/K/J
MB.@Z.QTVHP'T1-'SZI;VS8X@XVHS6.8[&DY1.5D25=7*S9LC:NS9LV!79LV;
M%79LPQP1CVPT56YL=Z;>&401VQHJUFS9L5=FS9L5;!(.&<!YQ?+"O!EE)1N!
MZ'+]-.IT>4MF,Q8]R(.QP2AY+7$76AI]V.@:AXGOF?#:5=[6=Q:H01OE4Q0B
MGR.,ZY80P:%.O?+IFVIETQ5KOOTR\Q&V7BK:C;'`#*7;;%`,F`K8%.V!;MMJ
M=\%MLN%UT_(Y#/+A@5AN4-FS98S74WM@;Y4IH*8]>F!IV(VPS],/>HYH=MSE
M9>5F(R=FR\K%79LO*Q5O*S9L5;&5FS8J[-FS8J[-FS8J[-FS8J[-FS8J[-FS
M8JUEYLK%6\V;-BKLV;-BK__3)_S`_P"4RU;_`(S'(WDD_,#_`)3'5O\`C,?U
M9&\ZO!_<X_ZD?N>=S'][/^L?O=A[H7F%],F7U!R0'\,(LK+)1!%%KYO0?,GF
MJSNM/-O;/S>84(':N0$IQ4'&C8[8O!&9F%=\C"$81J/)B!1[R6[6YEM9`Z=M
MZ8:"[GU:91,:(NP';!":-2V:=J"@KA%]9DBGY1G93L!TQL2NN8ZLP#?>S&/R
MWZUN90#L,@VJ0M:W+1=*9/-&\U0F`0SL$<"F_3(AYBGAN]1:2&A7Q&4RX^&0
M/E3;I92\<6-M_DDZ*2??N<%PRRQG8TQ-%ITP6D:A>;[#)8H4+LAR-3D!]!B)
M?H7-=S.*,<1J6.W?*^VQITQ_)8_L[MXY?LX)!OA#;4B6G[9_#$<:95Y4)^+'
M9$2!Y&Z;1BE`615]79LV;)(([S3>.5:G&@5.+JNU:?+&VLC?94B7PQ=Q7;K3
MJ>V-CH@IU<_ADSL+:S3R/>7%VJ@B]CI)0<Z<&^$-E.3)P4:NY`?-NQPX[`-4
M"3\&'QVLDQZ;##`37%B@$3FOAVQ.2[A4-Z1"I0T!.^23SK'"ITKTT5!)8(SE
M`!4G]HT[Y"4SQPB1]5_8R&.(C(@V17VL#N3)+*\LE2[&IK@7A1J_ADK\T'4&
MO8/TG:1VDHMT$<<050T=/AD/']IL07R9YCGMTNXM/?TI%Y1\BJLP_P`E&(<_
M=EGB0,8RF8QOEOM\#U81\2$I#&#+OV_0QX`GIC@A[C#*;2;ZP,0OK=X#*`\:
MR`J2M>M#DR\R^6=0U&73'TJRK&-/MO4=0L:%RN]6/%6?&6>$3$$BI7ZKVV8C
M%.8D:-BMJWW8`L7(TQ4V19#0;X8W.DWVFW'U:_@>"6E0KCJ/%3T;Z,7@:.&5
M?4^P3OA.2Q<=P>[JHQD'?8C[&)7NB\E+(A5^NPVR.2Q21N59&!'44.>E_*NF
M6327%]%%'*%MG*+(JN`P!*GBU<YWYC\^^8-+G(CL].(J0>5E"3M\TS4:S'&?
M'+'`1.,`RWY\7]%V>DS&HQG,RXR1&QOZ>=EY,&!%0:YLGWYBV%E/!Y>\T6%H
MEB->LA-<6L("QK,I/-D0?9Y;82V'D/S7J=JE[9Z:[6\F\<DA6(,/%/4*\O\`
M8YK:)<YC>;!VH:1J.E7+6>HV[VUPM*QR*5._3KUPTM?(?F^]_P!YM+D-0C*7
M*QAA(.2<"Y4/R7^7`01S5CN8;CD.AZ'L?IR4>4?*U]JOFZUT:ZM6'U:XC.I0
M.0C+&)`L@(?C7_8X<?F@OF"*^]"_L+73]$ANI8])CM8X$-%%/C:']ZWP?%^]
MP)>?XHD18Y(]*\@^;=6MDO;/2Y7MI!R21Z1\E\5#E2<2N-(O=+N39ZA;O;7*
M?:BE4J=^G7+\&'Q#S82E26QVWM@E;90*GZ<DUKY*\S77]QILAJJL"Q5`0XJO
M$N0'_P!C@"+2-2EOWTN.U<WZ%E:W(HX*[MM]&9^/%B'(@US:S*25BU4XQK-3
M7;Z<E</DGS7/;FZCTN8Q@%J$`/Q'<1G]X?\`@<;I_D_S+JD(N++3I'C)*J6I
M'4@T;B).):A_ER9CA(W,=N>X8W+S87/9,M2HP$05-#L<E=Q:S6LTEK=1-%-&
M2LD3@AE([$'!S_EOYLO[9;NSTJ0HXY)R*H2/'BY5LQM3I(QCQP('D3]S.&2S
M1#!<V"+VQO-.NI+&_@>WNHSQ>&12K`]MCV.'5MY#\WW8)ATN3C1&#R%8U(D%
M4XM(55Z_Y.:]M8[EJQ4@C!NK:-JFA79L=7M7M+D#EPD'4']I6^RP_P!7!^C>
M3?-'F"W:ZTC39;BW4\?6-$0GP5I.*O\`['"-MU48)1,E#]H994JVV)ZCI6L>
M7;L6FKVDEG.1R"2"E1XJWV6_V.'VD>6M>UVT%Y86#R6YV6X:D<;?ZKR<5;_8
MYL,.:,XU(U(=3U:I1(.W)+8SS7W&8K3!6HZ-JNASK!J=J]L[CDG,?"P\4;[+
M?['$11A4=?#,N-2#65(`UH`?HR^+?RG[CD\_*N&)_,-VT\,<PBL9Y$250Z\E
M%5/%@1@5?S*U\QAC::?4@'_>.'P_U,@3+B,8QN@.9KFFA5D\V&"AZ&HQU.^3
M?SY9VEQ;Z%YBLK6.T;5K<FZ@A`5/61BI=$'V>7'MA5;^2?--U41:;)5:;,0E
M>0##AS(Y[']G#&<3$2)$>?,]VQ4@W7-CX4GKBG3?%EL[HW?U!87-WS]/ZN%/
M/GTX\>M<-[GR/YO@MFNGTF;TE')N-&8#_C&I+_\`"Y89PA]1`OS8T3R#&YY0
M`17"]VY'%F66:401HSS.P18E!+%C^R%&]<DMIY#\V6=W87E[I$RVHNK<R5`:
MB&9`><8JP6G\RYA9\G$:O9MA&F)8\#ODL\\Z>TWG[5-/TZ!><ESZ=O!&`HJQ
MHJJ!11D9U"VN-+N)K*^3T;BW)6:,T)4CJ-LKC0%GNMD4/(P4=<!.W)B<'ZQI
M^H:1<BTU.$V\Y190C$'X'')&V\5.&EE^7OG34;5+VTT>9K>5>4;-2,L/$(Y5
M_P`,Q\L^([<F0#&<O#C3?+FIWOF"'R_+;/%=M*(YX7HCJM?B/[SCVP^\U?EM
MKFB:EJ*V5L9M*LV8QW+RQ!C&/VBG+E_PN5)81FPVT7RQK_F+F=%L9+I8O[QU
M^%%/7=VHGXX_6?*?F/R]&DVL:?);0R&B2FC(3UIS3DN*I-FS9L5=EY6;%79L
MV;%6\K-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ5_]0G_,#_
M`)3'5O\`C,<C>27\P/\`E,=6_P",Q_5D:SJ\']SC_J1^YYS-_>Y/ZQ^]V;-F
MIEK7;L5@F,+A^H';$LV)4<TPO=9NKJ(6X/"$=5'?YX6]!EX@TH9N*_1E<I1@
M/?R#E8L?'L.7.1=)*`:=\?%N*YEB7J14X\$#;(QC+BXIGW!MR9(\)AC%D=6^
MF623U."K.S^M&@ZXG=QI;N8Z_9^T<ML<G#!ET%DJ'3`-Y?".L4>[=SX8E=ZA
M6L<'R+_TPOZFIZGOFNU6MYX\)]\OU.QTVDX?7EW)WI<LC\N?(\O'#&"^&PD^
M_"Y1ON,$PPLS#,;3SR1/I/,[N7DC"0J0V399%<54X_$HH@@]\5&WSS<P,B!Q
M;%T^88Q(B!M<M%-3]V"4EY4"BF!:>.6C\"#X9(AI35+*4Q&9=E&Y.2_0M7&D
M^1[^\FM8=0`OHT$%QRX;HWQ?"0:Y![C5+BXB6W3X(A^R.I^>&UE=NWEBYT`P
M-SGN4NA<<AQ`163CQ^U^UF/FQF40);^N).]>D'=NQ3X9$QV])KKO2-?S]"0?
M^=9TT[=_5_YJP9^8MS)<7&E3)&L`ETY7]*.O%:[\5KV&1=;-`#$1Q:E*G)#K
ME_%K1LBL+0_5+5;4\B&Y%?VA3MD#CA#+CE")H<5[D\QMS9C)*6.<9$6:K:N7
M/DG7G"%)_->@QR[H]M:*]?`TKA1Y[O+X^;-21;F54MY52!5=E"*$0@*`?AP1
MY@U-M;U"SN[6(VTD$45NG-@?B3H_(;*,&>8;O28]0D;S)H\@UBB&X-M.GHR-
MQ%'-06^):?9;*<8,#BN/$1CE'A%6-QONV9*F,E&@9@\6]<BL\[32W4/EV>=S
M)+)8HSN>I)/4X*\WRW+1Z5`L[QPQV$++&C%5JR[DA3OB'GN43-H;K$(#]2C<
MVR["-6KQ45^6$?F+7DU0VK1QM`MM;1VS!F!Y&,4Y"G8XX8&4<)`VCQ_"SLRR
M'A.6SSX?C03CS1.5\GZ!<2L99^4T8E<EFXANG([YSV6XDF.Y-!A[JNOIJ>@:
M9HRV[QMI[R.]PS`JX<UV6E5ID>=EH%3H.I\<RM/C,($2%'BD?@9&G%U&3CD.
M$[<,?G6[TS\K=;8W-[9W0)ABM7D+#KQ4$M^&%7F2?\N-0N`]Q'J$M?B/HF(#
MKT^(81^5M?C\OW%Y,]NUQ]:MI+8*C!>)D!7D>7SPJ%F[`L1W)^_*IZ43RY3(
MRC&0B!1KB[V>//P0Q\($C$R)L;CXHGS%J]OYGU/3+:UM3I^DV"1VEE:L0S*@
M;=F.Z\FKDV\^66B3^8Y4N_-$FG-!%%'%8)!<,D*JOPA/1_=?\#G.)8FC8$C=
M2"#\M\E-[YF\NZ[,+_S%I-S+J)C2.::SFCC1R@IS*R*YY'*)Z3@E#@!,0"/3
MPWO7\]SL>J&2).P-[@_L4O/.HZ)K$>A0Z=>G4I]/MC;7MX\;HSD,GIEO5'-M
MN6/_`#+N=2&JZ0L%U*D5G86;PQ([(M0B.312-ZX7^8-<M]8:QALK);*RTZ+T
M;>/X3*P)!9IG4#FWPY7F36X]?O8+N.!H!#;0VQ1V#$F)`G+;^:F2&CC(8Q*)
M`J5V18)/IY(EJN'B(-FQ^U":=K]WYA_-'3-:FC^JRW5U:)+%$QH?2].*IW^+
MGQY-7"?7P]]YVO;2XE=X7U&1.+,6"AI2IXAC0;8)M+J/1M8T_76B,RV,\<[P
MH0K.$8-Q#'85IA+?W_Z3UV[U2%&@^M3O<1H2"R<V+`<AM5:YJL^G.+-X9Y'D
M?(N9CR"<!,/0OS(O=0B\X7=K#=SQV]K'##;Q12/&B(L:[*B%5Q_G*:2\\O\`
MD^^N29;J2U,<L[$L[A&''FQW:G+&7?F;RUK<BZAY@T:Y?4FC1)IK.>...0H`
MH<K(KMR(&%?F+S"-;-C;VUL+/3=,C6"RM:\F50:DNW[3MF?CQ$#&."N'F=NZ
MFN4AZM[M/?S%U/4(=<TR"*YE2&VT^RFBB1V5>3`LQ^$C[7'!?E#6YO,'YE0:
MS-$L$LL;`HA)%4A<<M_YN^13S1KL?F'48;Z.!K=8K2"TX.P8DP*5+U7LU<OR
MGKD?EK6X=7E@:Y2)7!B1@K'FK)]IJC]K#X1\&N'U<!'S7B]7/:T99ZYK#^<K
M>=[Z=G;48T(]5Z<&F"%.(/'CQ/V<5\^:KJ<?F[5?1NYHA;S,($CD9$3CTXHI
M"C_*_FPBM[U8=7AU0H66*Z2Z,0(J0D@EX<NE=N.*^8=277=8O]4CC,"WLC2+
M$Q#%>78D;'+!C_>1/"*$:8&6QWZLH_,))I?.-J8$$EU/;VC`']N5HT^UX\L'
M^88`^JS+KGG#ZIJZ\%EMH(KHPQ,%%(^47P[=^.1K7O,YU;7+77+2!K:2TC@2
M..1@_P`<"A0WPTV/'##4?,7E/6+N;5-0T6Z_2-R0\YAGC6%G`"\N#*7WX_S8
M(8Y@8P8G:%'AX3*]MO7_``HE(>K<<^MU]B7?G#!(NLZ)--(+BX;3[59KI=Q*
MRD_'7O7`_P";6J:D-=L;)+N9+:#2K)XH4D95#/'R9N*D?%7$_/.N1^8VM+F*
MT%HEE!%`D*FHI&:_#[9'O./F*+S3JL6HQ6[6JQV=O9F-V#DF!.!>JTV;-7J<
M,L4P)"B1;D8\@G&P;Z,F_,9WN/)_DN\N':6Y-E.AF<EG*AQ0%CN>F+?F=?7N
MG1^5M,T^XFM+./2(91##(T2&24*[O2,KR8ELC/F+S1!KN@Z%HJ6KP-H\4D,D
MS.K"7U&Y550*K3_*PT?SGY>UO3]/M?-^CSW=UID(MK:\L9TA9H5^RDHE$@/'
M_)S';$GUOS+K.L>6]*TW4K<O!IK2BUU23U&EEY`DQ-*Y*L$K7BN=(\ZVNA00
M^7-/O/-,FBPPZ5`\6GQP3R(W-G)GK;#T^3'X?YOASGOF/S/9:KI6G^7]'T\V
M&D:=))-&LKB29Y9!P9Y'6B_8_E7!Y\W^7]8LM/M_-VDW%Y=:9`+2"\LIDA9X
M5)9%E]57J5Y'[.$$C<*G7F7S#Y;G\IZ7H=EK+ZWJ&GSNPGDAEC*PR<?AK..6
MW'(>DR'IM@GS!YGTV^TNTT'0=,.GZ=:.TW.<I)<R.U/[R5`OPBG3(ZL[+F7A
MU1@*(L7?S:Y0!>N?E*\+>8;PR5,?U"?U./7C3XJ?1@1#^6/!?W.J%:#;E#N/
MNR*^2_.$7E74KF_GMGNUGM9;41QL$*F04YU;PPCBOF1%4M6@`^[+HZC'*<I2
M,HV(C8URM@8$``4>?-G?FCS';Z]=Z?%I]J;+3-.C%O:6[-R8CER+N1MR8X;?
MF'K5_:>;XFCN)`EC';-#$KLJBD:/T4CJ3USFJ:BH96/[)!.&_FOS1!YEUF35
M(8&MD>..,1.P9JQQK'7DM!\7&N3\7$)0X2*$9#?^E2\,J-\R0SCR;JS:[YXU
MGS$\:P7+65U<Q1INJ2"-4#+7]I>'+(AY9U_64\V:9,-0N&)O`'#32%6#,059
M2U"IP#Y:\R2>6]635(HQ.ICDMY[=_LR0RBDB8<V7FCR+I5Y#JFGZ!>&_MW]:
M$7%S$T`DWW**JOQ!/\V49)BR!R,0!7DSB._G;(?+UE;C\Y]458P$L[J\EMT`
MV5D0\-O:N1+2_,FO0^:K2^.HW!EDOHO45YG9#ZDJJRLG+@5HWV:8"L/.>H:?
MYI_Q8`LEW).]Q<1'9)/4!5T/^20<-'\W>2(-036=/\NW2Z@DRW"Q3W$;VH8,
M&;]VJB2G\GQY49QCTXO2!\>K*C[MTVU=POYRE!VU.(#_`)&#(E^9+D^<M>7_
M`)>),#:UYGFU/S7+YIMHS;S-<)=11,>7%D8.H8KUW&'NJ^;O).K7LNN7/ERY
M.L3D2RJ;A/J;34W9HN/J^FS?L^IE,IDUY"D@)IY\@CN_S-T2UG7G%-'IT<BG
M<%6C0$84?F5K>L#SWK,4=_<Q16EP(;:*.9T5$1$XJJHR@86>:O-\GF+S'%YC
MM[?ZE+"L0BBKR"M$``5I^SM\.&VI>;?)?F"[?5]>\OW?Z6GHUT]E<QQPR2*`
M/4X2K(XY4^+XL@E!W_F+5?,/FK1M4U*U^I78%K!ZD?J*9HXVHLS%S5F>OVEQ
M_P"9$M])Y[U^&&29T6X>L:,Y4*#_`"@TXX7>8O-<NN:Q9ZE;VRV,&FQPP6%J
MF_".`U3DW[3-^UDEO/S'T*2[U'7;#0I(?,&J6[6]S--*CVJE_P"\ECBX^H&;
M_7Q5?Y=U'2M6\AQ>4WUL^7=0@OVNQ=,LOI7$;*R\&>"GV>7[1RM7TCS!I_DS
M44T_S);^8M!]:)M12,R-)"]5$3#URSJI/'[&$>C^:-`3RY'Y9\R:,U];6\[7
M%K=6CI#<*6!Y*SR!PR[^&"+OSAH5IY>O_+OE/29K"/5&0WUU>2I-(5C(94C]
M-4515?Y<585FS=,V*'9>;*Q5V;-FQ5V;+RL5=EYLV*NRLV7BK6;-FQ5V;-FQ
M5V5EYL5=E9>;%6LV7FQ5_]4)^9-J8_--_/39Y.N0XY/?S)=6UN^4]1+MD#.=
M5I3>#'_5'W/.Z@5FG_6+8'<Y1J<PR^@RYI:.-R\HG;$[,X`R(`0]S(0.*]_#
M&01%3ZC]<>5"GF_7L,3:1G;BN84CZ^.6YZ!VL(`0X(\NI5_4Y-Q4_/%0OTXC
M%&$^(]3CI+N&V'.0U/9>YR^,@(F>0@==^CBY@=H80>[9%B]>QB:C<*]6[Y'K
MR]DN7-">%?I/SQMW>RW<G)]E'11TP/FLU6K.0F&/:/?UDY>ETHQ#BGO/_<MX
M]59S114G&JI)IAU96P1`U/B;KD--@.65<@.9;<V88H\1W[@@XK*2H+C;#".)
M4%,,8;)I-STP/(@C=AX9M<6#'#Z=SYNNRZK),;CA!:B3DP&"GACA7DWVCT&!
M5E*;KU\<OXW/)C4Y=1<6Q[VTC,K4&:2+@W$;GO3+]3@."'<]6PZTBP%TA^&K
M#(RGPBSR3CQG(:"5VUNQ(--\Z!Y<L[:6$B=`1_,.H.)Z5Y>B28?6J(.M#AI>
M6HTT^OIYJE/B3QS'R91/TA,QP7#KWI%YDT;ZN6FA'PC<$9&X+EJT;MDNN-9@
MFLY8I2!4'X3U!R)0P%FJ!\-=LG`^FI=%@)]>:9>LC)TPRB\XZ]\$/K++Z8"I
M)*BLZ@=*,1VPGD*11U)I3"UIS\7#J>IR)QQGSB#7*PWB1AOQ$>Y,=8UB:ZE>
M>[F,]R_]Y*W7;HHIA$TI>LD@^$=!E^FSM5^@RG4R,%`^!<NA",10Z-&3)*9L
MJ#,\GR\,8?#!3)Q6@&YQ6WM.KR#89.P`P`).W12L@JRCU-@>E<E<-K#-""@%
M"-\B-P_*0\.@V%,-=)U,VJTF:B^)RO)$D`CY-D,@!(/(]5NK68A#$#".F^'F
ML:G%=+QC-2<(\,0>$<3*)J4C'D:=EYLV31(J5PH>!U/@<CD0XS@>^2:4TC;Y
M'(PYXRU'CFJ[3H3Q2ZAV.@)..0\V1J/W:_+&D4S6KB6!6'ACR,S``8QD.1`0
M)5*0/0K*9AXXXC-@IE;0`RZ>&73+IA`8DM#'C*`QPRV(W:LDME"\%;:2OAD7
M/7)+J+\+9SXBF1G-1VJ1XL1W1<K1#]U?>79LV;-:Y3LV;-BKLV;-BKLV;-BK
MLNIRU0M@A(.QR482/);0XY''>FYP8L8&U,O@!EPP'JQXD$8GRO3<=L'4%>F;
MB#MCX'FO$EY4C*PP,:GKB,EM_+D)8)`6-TB00N;+92IWRLI(2UFR\V*M9LV7
MBK67FS8JUEYJ9L5=FS9L5=FS9L5=FS9L5:S9>5BKLV;*Q5O-E9>*NS9LV*NS
M9LV*M9LO-BK_`/_6+/S!=F\WZJI-0)309&*5R4>?U_YV_53_`,7'(SG5Z?\`
MN<?]2/W/.9_[W)_6/WM4IC2<S-X966M7-K&22!![YI)`@Z[]L0$;2MR;IE.3
M(?IAN?N<W!A%<<]HM`-*WMBZ1*@RU"H*=`.^%][?UK%`?]9LIE+'ACQY#9Z#
MK;>?$RRX,>T>I\E2[O1%\*&K85N[2-R8U)\<;4D[Y8&:O-GGEE9V'0.;#'&`
MH?-WXXY03TS*M>V^"X8":"F./&9%)--01;@TVP^M"JD<NF`X80BBO7%A[9M]
M/BX(F]K=;J\@F0!_";32:^1(S'`/B/4X6FO4]3@M(XUC]1]J=CXXRUB^LSA:
M;>&7BA?VN+/BE7GR"@JU/CFDD/V1T\!AGJ5HMI$BH/B8[_+"OTVZTQ!XA88\
M/#*I[UT"T5.3;R.5CNFN+J98;2`<I6?O3L!XY#XX]_BQ66X8*(U.P[#(Y8<<
M#"ZOJV0R"$^.N71Z#YI\YZ;<W,8TA2H04E8B@)'\N%<7F-V0M("P';(C;KZA
MY-LHZDXZ>Z)!AB-(^Y[G*X:>,(B$;VZE,\OBDSR`;\@`F,VHK=732@4!VIBQ
MNXXUK^&$MO"TKA5ZG#B#1+B9N/$UR<A`;$L8<=$@;(&6>2Y>G;L,4$0C3<[G
M!]QI$MDO)E/W863R$=?M>&((/T\D$'F=ULCA1P7Z3C/4_9&)&I.;W';)TP)3
M"WMT_O)&'R.-N+@/^X@/^LV`@99"%J:8,CC$2U[Y&J-G=-V*&P43''&.-*M@
M699"=QMV`PQ";U/7%OJW..M,/%7-'">B19L&7=OZ9Y`?/`@&3&^Z\=;-9>8X
MQVX+4X"0!93`')(1'5#WLO"(@=\CS&I)P;?7(E;@FX[G`5,T&MS#+DVY1V=Y
MI\7AP$4STJXXOZ+'9NGSPV(R,(65@5ZCIA_93M+&`XH1W\<S.S\_%'P9=/I/
MZ&C58R#XL?\`.'Z5>F53'TS4S/,'&CFB5E,NF.IFIB(++*'4R\V![JX6",L3
MOAE*,(F1V`:XQEDD`$OUBX%!"I]SA-BDTK2R,[&M<3SF]1F.7+*??R]SN,<!
M"(B.CLV;-E+)V;-FQ5V;-FQ5V/C3D<I5Y$#!T,0`&68L9F4$TZ.*F*<2,?TR
MB:YGB$8B@U<1*TCOE$?1C\JGC@,4VLS"N.('T8TCPR)!"6ZY=<;^.7V]\()5
M;)$KCIO@&1"AIAB#C)XPRU[Y5EQ"4>*/,)$J-%+LV6RE33*S"(9NS9LV*NS9
MLV*NS9LV*NS9LV*NS9LK%6\V5FQ5V5EYL5=FRLO%79LV;%7967FQ5V;-FQ5V
M;*S8J__7+_/Y_P"=MU7_`(RG(H6)R3?F"W_.WZL/^+CD59U7J<ZK`0,.,G;T
M1^YY_)`SRS$1?J/WKL1EN%C!`ZX'GO/V4P..3'DQRK+J?X8?-RL.D`]63Y(R
M%3(>;[^`P5L!X`87K=I%4M]V!KJ_><<$^!/#N<K&IQ8H$G>7=U+/+@R99@`U
M'J5]]>>HQBB/PCJ1WP`.N;+&YS69<DLLS*7,N;"`A$1CR#J8\(2=LM%)-,&V
M\->V68L1D5E*FK>"H!IAA'&$&9$"C'YM<.$0`OFX&;,96!L.]V7FRBV7W7-Q
M>$R-#DV23U-<$6LTD,@,?4X'Q>WHKACCTW8SH$5M2>VEA/J,JM-T[8,OM"^K
M*"!UZ'-I=\254;`9)'I-;D5J:5!/;,>4I`]U)F>$Q/U`\^]YS?)Z+<!U'7`J
M;G?MUPPU@(L[*#5@=\+=R*#,B/TAJF/40O=^1XKLH[8Y(^YQ,`CKCE)<\1A5
M.M`M'O=1BAC(5215SL!G37N=$M;V"PMIDEG5:32"G'EX5SE,=PT$7IQ$HQ^T
M1MB/UIHY`4)KX@[US&R83DGQ&1``V`^\N2,L88CCJS+F>[W/9[JVLKZ.2VF5
M5EH>#C./:G;M;7<L;[%6(R6:;K4[QH[AG*#XB*DT&1CS#?17^H-+!]GH3XG!
MIXF,C&]ON:YQ(C<J\CWI66[#'QHQ(IWQBK0U;%UDXBH&_89E%IYE76+A\3=<
M'6]J;@<A]V)6,7UGX*U?ODIT_2I(HS(PV(RF<ZVZMH`KBZ#HD'U&17XD8-6V
MX1T(PUDX"JML1T.!9)%RLDEE&0(VV2'4(!Z;DX0`9)=6D41\%.YZX0>D<R,9
MVW:)CU;*)&(7$?J0NO3;#`0_"<3:*BDX9`2B8GD=E@90D)CH;8@R,&(IEK$3
MAC=0`2G;,D5=J9H_RE3()Y%WXR`Q!'5NPLE)]1^@Z##54H***#-:15`7VP:(
M@.V;?3XH8H``;G<NGU6:>3)(7Z0:"%$9\,8RE>N&21[XR^MB$K3MEW$T#8@G
MEU2WFOCE&11U.$$MU-%(R5^R2,0>[F?]K-7+M,"QPFP[:.BCSNPG=Q?QQ`T.
M_:F$ES<O<,2QV[#$"Q.Y-<K-?J-7DS;$T.YRL>*,!Z0[-FS9C-CLV;-BKLV;
M-BKLO,,<.F$!5:W6IP>H`%<"VHVP;T`IF?IHU"^]JR'>EA[[8W%0A;MBRVM>
MO?,@0E+D&NP.:$^6;!XM%IC6L_#)'!.N2^)'O"!IE$#M\\7>%X^HV\<2(/?K
ME4HUL0R!4]\O,=CFWRMFWURZ=CC<?\LE%!0-S'Q:O;`V&%RM03A><P,\>&9;
M(FPWFRLV5);S96;%6\V5FQ5O*S9L5=FS9L5=FS96*NR\V;%79LV;%79LV5BK
M>;-FQ5K+S9L5=FS9L5?_T"?\QY(XO-FK$GXC,=L@DLQ<]?HR2_F6['SQK*@]
M)R/PR*?9&_7-P,LI8X1O81`^QQACC$R(&Y)*X4`Y-C))Z"@QCR4V&(]=\HGE
M(],68CU+9);<YLV.`KE(!+)JF*HE<M(RQI3!T$''=LR,6$DL)2`600$_$1@Z
M,*HH!].-`%*#'*#N!T\<V.*`C5.-DE8-[+\OIUQG(#IO[XFSDF@^_+3D$?,M
M'A&?D/M*HSCH,M1M[XFJ[[8N!AA<C<ERF..(C%M1XX^IQO3*KESA$WN43#>R
MP'X.V#'\P7K1F-#QKU.%65D3&)YA09<KV7%FD;DQ))ZDX9V5EZH!`KA<H`W.
M&^F:@EO4GMV."=ULR@(\7J0^HVOH$5%"<"1T!ZT\3@[4[U]0E!C2B@??A:RN
MNQ%,8WPB^:)T)$QY*LLP^ROTG*MT$D@Y&@'4G$`#E_9V'7ODJVIA>]E.[K6A
M#!]4L*H"*22=S\L)1(0:]\;3-@C`1Y=>;*<Y3-D\N0Z+P[L=NN"$`0<FW;`Z
MR<1L,<')ZX2Q"+L[PVERLHZ5W&=*T?5([RUX5!-,Y?%$7-3AC;W<U@*QOQ/A
ME.6`E[V8B2.X,JUBD9=U/0'(D+^1JJ&/7'76J7-XG%CMW.`D0J:G#"%#U*3R
M`1A)E%6WREA!VQ@9@-L5A#DU.%(7-#L%&-DT^:2,\!VP=0*`3UR8>6]/M+^(
MB0@,/'OE4\O`.)L\+BMY)<6CI(?46AZ8Q8@,Z;YP\LK!`98EK2I##.;D$&AZ
MCKD\?AY!Q@<V7CSB.`]-D19$"8`],.3:%J,FX.1]6*,&'48>6.H#B`WTC+)@
M\PT6.(\75%061KR8=,1U,*J?1@WZ[%QV.$6KWR^F[5V`.0C8/%+8#=9>JHQW
M)(`8+>FMS+3^8X'Q\C<W9SU8DXW.9F>*4I=Y)>@B*`'<*=FS9LBEV5EYL5:S
M9LV*NS9>;%6QCJ90&/H:Y(*B[057!XC)(I@*R'4>^&\2=\VNDAQ0B''RR$22
M6XXN.*@98S9LXP$0ZW)FE(\]G967FR;7:UE5A0C`5S;\/B7[.#\H@,*'OE67
M$)CN/0MN+/*!%[CN21MLH^V+W,?IO3MVQ#KFKG$B1!=G$@@$.]L<,K'#&(4J
M<XVVPM;[1PSGZ86-U.8>K^MG#DMS9LV8S-V;-FQ5V;-FQ5V;-FQ5K+RLO%79
MLV;%79LV;%7967FQ5V;-FQ5K+S9L5=FS9L5=FS9L5?_1A_YED#SSK7CZY_5D
M/9ZY*_S.8_XZUL=O7/ZLB5,S.,F(`[@UUN[KOF`RP*XH$)Z##&!*DK54G%XX
MN1VQ\4/W'!:JJ#<;YE8L/4M<I]S44:IN<4)`'7$V?P^[&U)->WAF18`H-?-7
M5E'N?#+,A(_AB!))VQU3VR0F:ICPB[;K7^S%$4Y2+7^N"%4`99CQF1L\FO-E
M$!YN4`8[-TRLR@*V#KY$R)D6ZY6;-A0!;L<-LH8\#O@5H#OFK3'$T&)DUQ1;
M*/+]O:WB$.1S'8]<1UJUMX>3(P\-L(89Y8&Y1L0?;'23/,>4IK[9#PSQ\5[=
MS+Q!P\)"W8#;&J.39MV/@,6BCJ1DVNK;:+B*XAQWPQE4!1XX&2(LW3`#LGAW
M6+%5:Y<(7G\?3!KH(8"3UIMA>%9CMB#:2""$4]PB"D?7QP*SO(WQ''(E3BPA
M\!CL$GBDOMU['!@@]L1A2APRB`*[]1TRN4J;80L*"6WCMBRQ!>F4[]JT([8Y
MIDABY-]H]!D+)94`I3$)U/T9(/*<T]S,886'-?BI6FV1:K7#U/V<6YFT'JJY
MB91\/$T;&<+CP]2L<E&Z]/5Z%JNKVMS8SV\C#D@85)\,X_*09'(Z$FGWXK-=
MS2EJN>)-2,"22QQ+R=@,GCQC%$V=FJS.0$(FU^--PL)J6XX57.K+NL6Y\<+)
M;J67[1V\,Q,W:6.!(Q^H_8YV/1<0_>;>3)WUF%`>4H^0ZX37]_)?'TX0?3'7
MQ)P#!"T\H0;UR16UI';I0"K=SE4,FHU@,-L</XB!N?),L6GTI&3>4NEE(!8W
M)%0AIB+PR1FCJ1\QDN`QLD"3+QD6HPR[)C7HR&_,;,1VF+]4-O(L0S89:AIS
M6[%XP3&>_AA<<U>7%/%,PF*(=A"<9Q$H&P6LV;-E;)K-EYL"NS#-CP*X0%<H
MQ<(,8JTZ8(0%A3+<<;-()5+0\)!X=,.TIQ%,)`.-,-[9P\8\1US;Z'TDP+@Z
MV_#XAT5LV;-FQ=6"[-FS8LK=FS9L"VA+]*H&\,+:;8:W@K"1A73MFNU4?WOO
M#M--*\47#;%%7N<I14Y;G@M,I`H66XFRAKANIPO/7%[AZFF!\UN>?%,MT10=
MFS9LJ2[-FS8J[-FS8J[-FS8J[-E9>*M9LO-BKLK+S8JUEYLV*NS9LV*NS9LV
M*NS9LV*NS9LV*O\`_]*$_F;_`,IWK?\`QG/ZLB@&2[\RUKY[UOP]<_JR,JF9
MN*%@>YK)6JE3@F*&NYQT<(%"<59P!3PS-AC`W+5*70-U5!0"F),Y<D#&DL[>
MWCBJJ%&663RV#!:%XBIZG-US$\NOT98WZ8/<KAUZ5Q:-2<T<9."54*,OQ8B=
MSR:LN40'>7(E!ELP7&O)QV'7$A\1Y'+I3$?3'FXT<1R'CGR^]6&^^:N]!B9<
MGX5^_'@4&$3OE\2IQ5O+X#N79?3&Y8RRVJ4:7B@RRV,K3*KBU-DU.5FS84>3
M>*1IRZXEBJOQ%3VZXH(W1"PCOBR\4WR0VWY>><[NVAN[>P1X9T66)C/$*HX#
M*:%MOA.6_P"6/GMMOT<E/^8B+_FK,<ZC!='-`?YP;QAR\QBG_I2QCU@S[],%
M":"):]6P^3\K_.R]=.3_`*2(O^:L47\L?.O*K:>G_21%_P`U8#J-/_JL/],$
MQPY_]3E_I2QAN=RU6%%\,<8>(XC)A%^6_G!:!K%`/^,\?_-6"1^77FFHK9)[
M_OH_ZY`ZK".62'^F#='33(LQE?F&#16S5Z8+6WIL<FW_`"K_`,S(OP62%O\`
MC-'_`%P++^7_`)Q(^"P0D]?W\?\`S5@_-8C_`)2`_P`X)&FD!],C\&(RE8A3
M&Q71K0;GMDD?\M?.DQ^.Q0?\]XO^:L?'^6_G&`533T9NQ]>+_FK#X^"O[V!/
M]8,/"S7MCD![BD#\8AZTQIWIA9)-)=2ESLO89*Y/RU\\W#\IK%*=A]8B_P":
ML'1?ECYF6(<K5`_<>K'_`%PC4:>._BP)\I!C+#FF:\.0'N.[#%G2$;FE.^%=
MYJ,3L2\@"CM7?)M=?E=YUDD/"Q0IV_?Q?\U82WOY,^>)/C@TY.7<&XB_YJR&
M;5PA'BQ3QS/<9B_DSPZ8REPY8Y(B]O2:^;"[G6%`*VXJ?YCA1)-)*Q:1B2<G
M9_)C\Q^VE1_])4'_`#5E?\J7_,C_`*M4?_25!_S5FGS:G)F/KEMW#D[/'AAC
M%0C7GU8#CU0G)ZOY+_F-7?2H_P#I*A_YJQ=/R;_,(==+C'_1S#_S5E40"=Y`
M?%L/N8EI,0$A:G08>)$3DAM/RF\^PO5]-C`[_P"D0_\`-6&Z_EEYR5:?4$K_
M`,9XO^:LW>DS8,>$1\2`-G^(.IU>++DRV(2(H<@6&"(8\1C)C_RK3SG_`,L"
M?\CXO^:L<OY:^<1_QX)_R/B_YJR_\U@_U6'^F#C_`);+_J<O]*6#7=NI4AA5
M6%",AUW"8)WC/8[?+.U7'Y:><76BV"'_`)[Q?\U9&M4_)_\`,"XE5X-,C84H
M:W,(_6V87:$\&3$)1R0,HGD"":+F:".7'.4)0D(R%[@@6'F>;)[_`,J7_,C_
M`*M4?_25!_S7F_Y4O^9'_5IC_P"DJ#_FO-/L[.F!9@,GP_)?\Q_^K5'_`-)4
M'_-6.'Y,?F-_U:H_^DJ#_FK"*[T,"5<544R>+^37YB`?\<N/_I*A_P":LL?D
MY^8@_P"E5'_TE0_\U9,</>%W8,!BL:FNWWY.$_)W\PN^EQC_`*.8?^:L$I^4
M/GU0/]QD=?\`F)A_YJS)Q<',SB/B&N1ETB3\&$I%7YX+MT,9^>3-/RG\]K_T
MK8_^DB'_`)JQ0?E7YZ'_`$K4_P"DB+_FK,['DPQ(/BP!'](.-DCDD"."1!\F
M*\*K48RA&3*+\K_/2G?3DI_S$1?\U8\_E=YV/33T_P"DB+_FK,S\UI_]5A_I
M@ZTZ;.#7AS_TI853*R:'\K?.Y_Z5R?\`21%_S5C3^5GGCMIZ?\CXO^:L/YK3
M_P"K8_\`3!?`S_ZE/_2EAN;)C_RJSSS_`-6Y/^DB'_FK,?RL\]?]6Y/^DB'_
M`)JQ_-:?_5L?^F#(:?,?\G+Y%@EZU%"CJ<`!*]<GTOY2^?Y&J=-CIV_TF'_F
MK&'\I//XW73(Z_\`,3#_`,U9K\N?%.9EQQKWAV>/'*$!&CLPC:,<N_A@.>4;
MDY.Y/RB_,5C4:7&?^CJ'_FK`C_DU^93G_CE1T_YBH/\`FO,3/J!7#`VWPAU+
MS]FY$G*R??\`*EOS)_ZM4?\`TE0?\UYO^5+?F3_U:8_^DJ#_`)KS!;*8#FR=
M2_DW^8L$4D\NE1B.-2[GZU`:*HJ=@V04@@D'J#0XH=FS9L5=FS9L5=E9LO%7
M9LV;%79LV;%6LO-FQ5V5EY6*MYLV;%79LV;%79LV;%79LV;%7__3B/YD)7SU
MK1_XO/ZLCJ(%%2/EDI_,8`>=M9;OZYR*M)789N,0`A$^0<:1))'FN:4#]5,:
MJEC4Y2)0U;%J@#+!ON4<FP0HIE$\C7IC17J?HRQN=LDQ<`:T&+1QFM3CHHNY
MP0``,OQ82=RTY<XCL-RTJA1C'DI\*]<SECLN-$9[]<LE(_3`?%JAC%^)D._<
MM%0:G,3R-!BA3PRP@&0&.1V;#E@.K2K08[KFIEY;&-;<@U3F.FY+LO-FRP.-
M,NS9>6!A:B6LL*3CE7%0M,;7=3"8]X?W3$>!P1'%RZX*$($3$^!R)DR$>KZ/
M\N"GE_21X6=O_P`FEPSPNT#_`(X6F?\`,)!_R;7(E^:&OZMH-MI,NEW)M_7N
M)(YR`#R41,RC<']K.6X#/,8#G*1#T,34`>X!GV;//+_F-YM%0NH,:=?A7^F4
MGYC>;B"3J#;;GX5Z?=F3_)^7^='[4>+'S?0^;/.+_F7YOW"ZB]?'BO\`3-'^
M9'G)NNHL?]BO_-.#^3\O\Z/VKXH[B^CLV>=C^8_G!=OT@Y^A?^:<L?F+YO/7
M4F'MQ7^F/\GY?YT?M7Q8]Q?1&;/.LGYB^<!N-38?[%?Z8$D_,OSJK4_2;?\`
M`K_S3C_)^7^='[5\4>;Z5S9YJ_Y69YS(VU-O^!7_`)IRX_S,\YDT;4F^?%?^
M:<?Y/R_SH_:GQ!W%]*9L\Y'\Q_.04'])-4BOV5_IB8_,OSGRH=18CV5?^:<?
MY/R_SH_:CQ1W%](YL\X_\K&\Z<0QU)A_L5_IC?\`E8_G2@_W)-[_``K_`$Q_
MD_+_`#H_:OBQ\WTAFSS=_P`K(\YC<ZDU/]5?^:<9_P`K+\Z%J#4VI_JK_P`T
MX_R?E_G1^U?$'F^E,V>:&_,WSJII^DW_`.!3_FG&_P#*R_/%?^.F_7^5?^:<
M?R&7^='[4\8?3.;/-8_,OSL#4ZBY`_R5_P":<6C_`#(\Y/\`%^D6IX<5_IC^
M0R_SH_:OB#S?1V;/.?\`RLCSARXG4F_X%?Z8U_S*\X=%U%OGQ7^F$=G92:XH
M_:Q.:(%T7T=FSS8?S+\YU_XZ;4_U5_YIRC^9?G/_`*N;?\"O_-.3_DO-_.A\
MS^I'CQ[B^E,V>:C^9GG3_JY-_P`"O_-.5_RLWSK_`-7-O^!7_FG`>S,P_BA]
MOZF0R@]"^ELV>9_^5F^=?^KF_P#P*_\`-.8?F=YUK_QTW_X%/^:<'\FY?YT/
MM_4RXQW/IC-GFH?F7YT(_P".F_\`P*_\TY1_,SSJ#OJ;?\"O_-.'^2\W\Z'S
M/ZF/BQY;OI;-GFC_`)69YU_ZN;?\"O\`S3F_Y6;YU_ZN;?\``K_S3@_DW-_.
MA]OZD\8\WTOFSS0?S-\Z_P#5S;_@5_YIRO\`E9OG7_JYM_P*?\TX_P`FY?YT
M/F5XQYOIC-GF;_E9GG?_`*NC#_8I_P`TY1_,[SMM_N4?_@5_YIP?R=F_G13Q
MA]-9L\Q'\T/.HZZH_P#P*?\`-.4/S0\\&I_2C4[?"G_-.1_(9?YT5X@^GLV>
M8#^:7G>FVJ-_P*?\TXFWYI>>@?\`CJM3_53_`)IP'0Y/YT4\0?4>;/+O_*TO
M/)K_`+E'!_U4_P":<8?S4\];_P"Y1]O\E/\`FG$Z+)_.BMOJ7-GE?_E:OGKO
MJK_\"G_-.=$_*#SEYC\R:S>VVLWIN88H.<:$**-R45^$#QRN>GG&)D2#6^RV
M]8U;_CEWW_,/+_Q!L\/R?WK_`.L?UY[@U;_CEWW_`##R_P#$&SP_)_>O_K']
M>4*5N;*R\*'96;+Q5V5EYL5=FS9L5:R\V;%79LK+Q5V;-FQ5V;*R\5=FRLO%
M79LV5BKLV7FQ5__4BGYDDMYXUD#:DY_5D91`!4Y*OS&'_.[ZR:?[O.1<FNV;
MG$/1$G^:''ES/O<338=\P'<Y@M.V^/"%LL`)8$M`5/O@B*'N>N7''3<XOTS)
MQ8NLG&SYN'TQYN`IF.^;-F33A<5&^KJ9LV7C08F9/5JF7FZY>%%M$96..53%
M(E30R\V.48L92LVX#'`8Y5Q4+@M%+$7?%U05&,`Q6/8UR)*0$9%"0M?QS2GX
M"B]*&N-$U:+VQ5^"1,Q.U#^K(=6SGY/HO0130],'_+I!_P`FUR`?G2O+3-(]
MKI_^339/]!(.AZ81T-K`?^2:Y`/SJ;CIFD?\Q3_\FFSG]/\`XT/ZQ_2[T_W?
MP#R#AOOT/3*FXI'0="1F]130@CPQ%RS*7_9!S<-"P\:^Q&V4'*],Q(>E<8PW
MKVQ5$5)W[8F7`->^5SH*'$F.^QQ32JSFF(&>WN*K`ZR2**NJG=1_E8\'X3[8
ME;O92W4XMQ1N-7HI&P^8S$U6IEAGAC&/%XDJ/EN/UM^#",D<DC(1X!>_7GR_
MTK07EMT]\=Z9J!TQ[H&^SL,:I:H!Z#KF6TVK;E105[5Q@(!84W[8HKK]ENAQ
MO#F?;%#8?DM#L>V6[*#3I3,08R.(V'7*)`/SJ<54II%`-6H.Y/2F,1T9"\;A
MUZ<AXY82)ZI<<3'0GXNGM7&1PV\-K$+<KZ;%C\.^^8F35\.JQZ;AOC%\7=]7
M_$N1'3DX)9N(5$U77^'_`(I;6KC]>#$4#;[S@8JHW'WXLM"-COF4TEM@>77X
M3EF14!IT\,>R\>-=]JX#E<<J#?%`W51*&/(;'ME$U]SW.)\E4`@;Y2$L2,,/
MJ"R&QZ*O3OE;^&"+>S-P@8.`U:<>^'ECY/O[^X6VAE0.R/(K-LI6,A7H?FV$
MZS3B4X'(.+'M(?S?>Q\*=`@7?)C9%.N-/MDX_P"59ZNQ_P!Z[4?-S_S3F_Y5
M;K1Z7ME],I'_`!KD):_2_P"JC[6<,4^H8-3*[Y//^53^8C]FYLS_`,]&_P":
M,M?RE\R=[BS_`.1K?\T97^?TG^JC[6?AS[F"#,<Z`OY1>8#UNK4?)R?^-<57
M\G]:/VKRW!]B3_#)?RAI/]5C]K'PIW]+SDBO7*SH_P#RI_5QUOH/\_HQI_*#
M5O\`EN@I\S_3`>T-+_JH^UD,<NYYP14[=,RGKXYT;_E4.K_\MUO]Y_IE'\HM
M9[7L'WG^F1_/:7GXH^13P2[GG53WQI8TIG1&_*+6*?[VP>]21_#&_P#*HM9`
MH+R#[S_3(G7:;_51]J>"7<\YX4%3U.7Q[#PSH3?E'K7_`"V0?>?Z8S_E4VLJ
M"/K4!/?<_P!,C^<TW^J#[5X9=SSK@RM3KCBE?;.@?\JLU@$CZU;UZTY'^F,;
M\K]87K<P'_9'^F/YO3?ZH/D4\,NY@)0U-.E,1(%"!].36\\AW=@"][J-K"HW
M^-R/PIA'!HMO<7WU2*]26H8^K$.2_#_K<<B=5ISRF/M7AEW)'QKG6?R%'_.P
M:C_S"_\`&Z9`-1T"33Q,QE]01CDK4H&7Q&=`_(44\P:B>QMO^-TR&64989F.
M_>N]O==5WTN]'_+O+_Q`YX?F!$T@/\S?KSW#J?\`QS;S_C!+_P`0.>*=2AX3
MNP[L?UY@Q@3"4Q_"1]JD[@=Z!S9LV05V5EYL5=FS9L5=FS9L5=E9>;%79LV;
M%79LV;%79LV;%79LV;%79LV;%6LV7FQ5_]6-?F**^=M9_P",Y_5D95`!XY*O
MS#6OG76/^,QW^C(VJ^V;W#&\</ZH^YQ)RW/O6*G(^V+)&!UQRK3'YF8\0&Y<
M3+G/TQ=TS9LO+G#E)K+S9L+"W9=,M1XXZGMBJRF;VQQ!QO$]\5+6;'!<W'%#
ME&**N4@WI@A5VP$I`6JN*!<M5KBH3(DL@%,+BL:5[8Y8\60!2*Y$ED(H[3M+
M%TU#W[X"U>V6VE:-&Y*`:^'3#S3&]3]V#3%M=T1WT^2=%-44L&`RL3]0M$R(
MFB>?)[3Y?_XX.E_\PD'_`";7(!^=@!TK20?^6I_^339/O+U?T#I=>OU2WK_R
M*7(#^=FVE:2?"Z?_`)--FBP?XT/ZTOTN^/\`=#W!XS%&6:A%!U!Q3DNR,-R:
M4[9:RL0!0#?+*(:>(J?GFX:%%4'JFG3!;:?6RDNN8#(16,]P>E#XYM/L_KFI
M6EC4J+B0(6'4!L[3!^6>B):"SFEF>)MW`(!8]F8_Y.8NJU4<)@"?J-G:_3U;
M(0XK_&[P5XR.F)H5K2HKX9Z!3\M?*UO]B"5@*_:;EU^>*+Y-\O6P_=VHVW!,
M<9/WD94>TL'2V8P]\P/@7S_Z4S[1QNQ.P"J3^H8;67F+3M5DFTJWM)!<NH4O
M05;AL5;C5J9V_P#0^EP`&!'1ATHD8W^C"FU\M:!I]XVHVUMZ=X22LJA006Z]
M,P=9DPZJ6&4K!PRXH[D;W$_[URM/,X(SC"8K(*E<>FX_WSRS6M&N8;UDM;.4
MQLJN&2-N-2-PNV%ZZ1J8/+ZE-3_C&W],[F=0F4DO,1X$@G`[ZS=*VTR<?\I6
MK^K,N/:```])H<R3^II.#&23XE7Y/#Y+*]5M[2<?\\G/_&N6MI>BG^B3CW]*
M3_FG.UMYEF3;U!\^.!YO-T\0):XC$>PJ5;OMX9+^4!W1_P!-^Q?R^/\`U3['
MCS13LIK;R@^\;_TP*T<O+^Y?P'PM_3.QOYM85!:%AXF.O\,"R^;T0_#';/7N
M(5'_`!)<D->.Z/\`IOV(_+QZ9!\GE>GI917R/K$=+&A$GJH2M3]GMUP?KT>D
MQ6NGQZ1&J1`.711\0!IQ+&F^336]9M-<TY]/NQ#'%(5;E'&BNI7<4-,*?*-T
M$DN(-,M4O;LA89DF$;A!#6A3G]G[>^:[43A^>PZZ>3ACBB01Q_NN4A<O/]XY
M,21@EI@(2XS?'7K'+8?Z5@;%10,0/`';!-C&DUU#$34.ZJ0*5H33[\[/!H^I
M7Q!N;3380>M;=&?[PI&'5IY/TGBGUJ")V4\@8XDCH?9E`;#/VE[/B>$3XY?T
M+E]M<+3^4F.9V]SP?6X7T[49[,D_NSMR`#<3]GD!WPI`+,6(SL/YNZ/I=AIV
MGW-K;B.>:Y*2R]695C-`6/RSDC'?89L]'J!J,$,PO<5OWC8M$H\,C%905WW'
MMEJ:L2,<*-7L<L(`,RX?4&!.S./)=C9W&FWDL\8DE5)2AVJI4K0_CG0_+20-
MYD%EZ*"*UL%,8I4UE*M)R^E<YOY(2U1+J42-]::"9/3K\/"J;_ZV3S0=0M++
MS?=-</Q7ZI%&#0G<T(Z?+.5[5GP9]74R`,D"?X1&1&[EX03"&VYB:89YHO+B
M#7;^..=HT69PJAJ``$]!G/=8U?4%U8(+Z4)\/PB0T[>^=*O?/GE"WU+4H+B,
MW%R+R3?TD8$5(IRD%5ID.\S>8-"O-;6:&R$<+1JJ`QHI)VWV%/\`991'59C,
MX_RT^$#;)?IE[O>SX!SXQ?<^D=.LHGL;1]ZM!$23WJBX2/J212")D)8ASR5"
M0.)Z=.N'NG7EN;&S`;_=$1IX#@N%`=_1*I7G\5*@TK4TPP\3J#SZJ:0'^(2+
M871@DC0F@1E`8C^8#!]EJ?UH(ZN/C'+@?M#YX$:/59`/4CMGHU37U#MXBH^U
M@E;=8ZND(5O%5`/49D5MR87[T7J\\MKIEW=0D":&"62,D5')5++4'KN,\V_\
MKK\_?\M=O_TBP_\`-.>C_,'_`!P[_P#YA9O^('/%N3B!7)!+T3_E=WY@#_C[
MM_\`I%A_YIR_^5W_`)@_\MD'_2-#_P`TYSK-DN&/<$67T[Y#\TZSYJ\AZGJV
ML3+)=QRS0H\:+$`BI&P^%*"O)V^+))YCC=H(G74Q8A5!*\N):H&Y*_&<@7Y0
M$?\`*LM7'_+S/_R:BR;>:)-)C6W^OZ=->R%!P>&B\=A]MS090!ZS[_TL^@0V
MIV\HL+:0:WZ`535BW]Y4C>H_>'AT^SB.IP2BQMF&M^@JH:GEO(2PHW(?O/A^
MQ]G&:R^A+8V376D7,H*.8%C:AC!9>7.2O'XS_E8EJ\NAK9V9N=(N)>2-Z(0T
M,8YCD'DZ?$WQ?:RROO[D)[8PTAA`F-P?3IZQ->56KUR.WNK:IJ=W<6FA.EO:
M6C^E<:G(HDY2TJ8X(V^!^/[7+)/IBQ-80M;Q-;(11$D-2I)K4G(=Y5`.E2:=
M("D]E=W'UJ/OS>5Y$9N_Q(RMD)$CDH8)^8>F:K9"'5+B^_2'(\&5HDAI_JB.
MM<.+73M.M/+VDZM:1#ZQ<M&9)":U#$AA\ML%?F@%31H"QI26M<"Z=%)%^7VC
M-+M65&0'LI8T&2&\=UZJ'FD`6$Q/PU,J(.@%"M`N'/Y$#CKVH#_EUK_PZX5>
M;8EDT]V9:E)IBI\#\.'/Y&[:_J`_Y=O^-US.TN^@LDD\,;^46$_K/O+V[4O^
M.=>?\8)/^('/&^I1\N9[\C^O/9&I?\<Z\_XP2?\`$#GCZ\`(D^9_7ENDCQ8\
MP/<&K(:,6.'-EN/B.5F$6;67E9>*M9>;-BKLV;-BK6;+IFIBKLV:F;%6LO-F
MQ5K+S96*NR\K-BK>;-FQ5V;-FQ5__]8C_,):^<]7_P",QR.`4R3?F`/^=RU?
M_C,?U9&LZ?3P'A8R?YH^YU&?(>.41WEV89LO+QNT2](\RWFS987)-!W<`<<!
ME@8Y%J<%J&U2O7%`NU`,>%[8JD5<B2S$5`1URFBP<(P![XFR8.)F8($IE<<$
M.A&)D9*VHA8!3%D;$\U*8JBE88LA&`5DIUQ03@9$AD)(ZH&)O*!@,W&)-*6Q
M$5,^Y,H-6-FP914C#Q//+BRF@DBY\E('RID+)\<HG8UZ4.)Q0/,,#N-WU5H+
M^IH>F.!3E:P-3YQJ<YY^=_\`QRM(_P"8I_\`DTV=!\N_\<#2O^8.W_Y-+G/?
MSP;CI.D=JW;[_P#/)LYW!_C0_K2_2]#_`)(>X/&=]O'MBA<+PKU&.B4,*GKX
MXV10H+5V&;AI330)>.OZ;/383IMGHZ_9XK*:6$@2JOP$]*YYM\N%/TSIX)W,
MZ5^_/4`52M"`13H<U':OUX_ZI;L/(L+-UYD2,SN8I`:!%0,N]/BY,_P<?Y>.
M&&DW%[>32"Z4H%C!`JK#E7>A7),44CCQ%/"FV,,:@?"`/D`,UC;23S0#?"Z:
M+#Z6,&H_'"^:+8FG7I\L4)%-#6M1A?+!U'X8?2Q;DC`4L-?GA0Q^:#:M/GA+
MK*>E9L_$'XXE(_UI%7^.2R:"E32N1[S%%337([2P?C,F(5`75L$D=1^RQ'XX
M630`]1AOKC20^HJ)(WJ.X+1KR(&Y/_!?9POMQ)-`!)&T<B_"5<$'I4=>OPX.
M(<7#Y6GI:4RVX'48(_*J*OF#5Y.REEK\\$RQT)!&_@<K\J:?I;73_P`6"GXY
MB=I_XCG_`*H^]MP?WL?>]@MA\0PUBPLMA4@X9(:#.-Q2J8<Z?)YU^<[_`.XG
M31_R]-_R;;.-FM.G7IG6?SBD/U;35[>JQ^GB<Y)4]<]/[`-]FXCWF?\`NBZO
M4BLI'D%=!2GME.1WQBO2E1[8I&O-J=LW,/J#CRV!++?)$4?I:A<L/BC@<*?8
ME:Y-/*]O9:SYHO&F4E5MU&Q_:CHH.WSR$>7?K$6GZDB(!%);2`25WY57;)SY
M`MOJ>M>DQJ3IT3,1_,U.5??.5[7Q@9]7Q`$2ECEW\W,T\KA`BQ0(>?\`F/\`
M+S4(]?U"ZTJUN)/4G=U+Q%HV#,3U`R,:QY6UFRCAGU"TEMU]4*9'5@E3V5G_
M`&<]5R3>DI<R<5%!5SL*F@PNUJQ@U?3;G3M1"O:RH1)7JO\`E@G[/'*,>I^D
M"(Y`;=P9F'/=O3]/5;*U//\`X]XA_P`DUS3VUPDD8M^+1?[N9CN#[9#O*NOW
M'E^Y3RCKKF:/_I2:GRK'/$/]U%_]^+]G)!>27[ZI%<*K+;1!@%4UK7Q7QRP2
MR<0%V)<BBA7N33T@.^."TZ'`ZWL1'QK)_P``<>+RV.]6'S4C+:EU8K-6B-WI
MMS91?WLT$D2FAIR=2JU^_//'_*B_.'\UO_P>>@M3U5+*PGNK8>O-&M8X5W+-
M6G]N`SKKPZ,U[.!)?+'R,"`[N1\-%\*]<()13PK_`)45YP/[=M_R,RE_(WS<
MX#"2VH?\OPVSN]MKC+H;7UP%-ZD32>@!]I^/)44?/X<9INLL-#%W<I6[6-I/
MJX'Q$FKA*>/[.&Y+08UY$\HZKY9\G:EH]Z8Y+BY>22$1MM\2JM*_-,E.N#6W
MBBCTDPE"M)1)0FM!0T;X3EZ-J<DVG1RZ@/3G-24"FH!.RTP>;RWZ<9"3_+&3
MD:ZUYI22^3S(]I;1VIBJ5/UI6XEN51PXU_==.NV)WT?F9[.W2V,7*A^LJ>)>
MM?@X\OW5./VML/&ND[135[#TF`^_&F29OL0,:]V(7]>-^2J-F+I;*,7A'U@?
M;I3Z.FV$.L>6%O+S]*Z;=/INID<9)HP"DH':9&JII_-3GDA/UHU_<!?\HR*?
MP&-,-T=R\?RXG^N*O#/S%BU@7<.GZK?BZA3XU2-."D^^W+)5*J_X#TKP$D`_
MX9L`?FU8I!=6=T'+22@AZ]-O#!P(;\MM,D;[?KP`G_9-DN@]ZH'S&C/I[TW+
M33`?1QPR_(P?\[!J).Y^K=?]FN%>N2,^D)-;L.1N)BY_R?AZ8<?D@`->U"G_
M`"S?\;KF;I(_ZWG?^&.WP#7,_O/B7M>I?\<Z\_XP2?\`$#GCZ\-/4^9_7GL'
M4O\`CG7G_&"3_B!SQOJ,H4R#_*/Z\LTDA''E)\FO(+,4E<U8XW+.YKE9A'FS
M=FS9L5=FS8Y5)QI6@,<(R<52.FYQ2E#E@AWK:D(LOTQBF5TR5!"W@,KTQC_?
M,<:"J1B[C$RA&"<H@8#$+:%IFQ=XP<192,K,2$M9LV5@5O-FS8JUFR\V*O\`
M_]<F_,#_`)3+5O\`C,<C62;\P/\`E,M7_P",QR-9U6`7AQ_U(_<Z/)*LD^_B
M/WNS9LV6AJD5P'?'Y2],OKBUMXM$-\2&V+0]<!Y)CS12)7!D4&U:8G``<-;:
M+EME$Y4YF.`0#0,=@*XM'I[\/4D%!VR06NGQGXY*`#%[F!)11``JY4<O0-GA
MCF6%7-N5J:;8!*FN2#50B?NTPD<9D8Y6'&S0`.RC3&D4Q6F(R')AH*FQWQA)
MRSF`R3%H`]\O'`5QZH3L!C:@*/$G'&.B,6\#M@C@%'O@>9OA8>QP7;.JYOJ3
MR[_RC^E?\P=O_P`FESG/Y[&FD:/_`,Q;_P#)ELZ+Y<_Y1[2?^8.W_P"32YSG
M\]]M(T?_`)BW_P"339S>#_&A_6E^EZ`?W8]P>.03A`>0)\![XHQ5AR['`$;&
MM#]&+AO'IFW:2$PTDF+4[*5?V)D/XYZJ1A0?(9Y4TME_2%J#L#,FYZ4KGJ6%
M_A'T9JNU?JQ>Z7Z&W#U1.-/3-R'3*)S66VJ+C?V[8$E7Z<&.>N!9!WP(*7RH
M/#?`4J5KVIADZC^HP+*GWXH2J:.H]O#(YYF2FER&G^[;?_D\F2J1-V-.N1WS
M.@_1$II_NVW_`.3\>$*D_F%-6BCFDTM4GG,IXH10JO\`QNW+(A;>;Y)))+?5
MX##J!ZO2@9Q\(Y+^R:#)?YOUAM$A:6,#G)(P7D/#?(K'KOEW7K-[V^2/Z[:*
M7XLOQT'@M?BW[8!*R8T=NO1EP$`2/(]/<ER>:9UOIX=9MVCG^Q#(5]->(W0,
MIKQ&_P!O#[\IV#:GK+J00TG4;@X!LM6T+S,IM+E09HQQ6&=.$E1OS5J[[8,_
M*B-(M4UA$V592JCP`S$[5'^`9QY1_P!T&S!_>QZ;E[/:C88/!VP%;"B#!1/P
MYPX-2^+GRZ/+OS?93;6%?]^-3_@3G*:B@]LZ;^;<G+]'Q$[<F;\",YB*#OU[
MYZE[-W_)6"^IG_NRZS5?WTOA]S?4U'3WP38@F4@;FG?`M13QH=\._+$:7-Y*
M&Z!*U.;GBX?4>CCF/$*[T3;ZS+IB-;F,/',"K'PJ1G0_*&LVUS?_`%XQ^G.M
ML8)D7H0A41L/HR/?4+8(R5%&^T*=<9'I\4!+6SM&3L2FVV:K4Z*.?+ED2*R$
M'K?I;\9,(Q`_A>@:[?3WJ);6PXQTYLY7F"U:<64%?V/C7_BS"WS!!JNO^6TT
MZWF^KW44G)^;</6C3959NQ8#ED9>=K=0)/4-!]HD[[5P!JMU<_5(I+,LKL^Y
M9BM4*U&:L:7'BR2R"4KY42.$5W=6WC)%4G>D^3I[ORRVD:XYBN([A[BQD5^3
M0U3@M#UH&'+C@WROJ0N+F;R_YA0?IVR&\I)I<1+LLRFM/L_:SG4]UJS#C%.P
MJ/MEB-_#"V>/6&GCO/6Y74&\;=R.Z,?Y3AC/$`1Q<S?Q*U+N?10<>(^_'AU]
MOPSSW#K6KS1^K%-XAE(-58=5.^6=;URO'UN)]@1_')')B!(,J(\D<,N=/H8.
MG?C^&7ZD?@OW#//2ZUK!V-S]X/\`7'?I?53_`,?%?F#_`%Q\3%_/^Q>&7<^A
M.<5.B?\`"YA+&.R?\+GG=M3U>FTJD^)4_P!<1;4]8_WZORH?ZX>+'_/^Q%'N
M?1WKI_D_AE_64'[2_>,\UG4M8Z^JOW'^N)MJFL<:!UKXT/\`7#</YWV+1[GT
MN;E?YQ]XQAN4_G'WC/,CZIKG43``=A7^N!IM2UUQM>.G?X"1C4>DOL7=]0&Y
MC_G'WC&&YB_G7[QGER34]<D4*][)0>!(/T[XII]YJ[7L"O=RNA=>2EC0BO3&
MAWJ]W\W^6K3S1#&#<B&>"OI-6J[_`,PSFE];^9O+\<.C7K\]+:=&CXD/%R4G
MCP(Z?+!#7+\J<&W)`-32HW\<4:P,M)77=MP2>GRR5;5Q*LN[J:XL&MI.(2K2
M*%%*%J5_5DP_)J)(];OBO>W_`.-ER'R:?+2G4?/)S^4=OZ.M7M01^XI_PRYD
MX\L889XA_%5?!A*),A(]'K&I_P#'-O/^,$O_`!`YXIU";E*Z_P"4WZ\]JZKM
MI=Z?^7>7_B!SP_,Q::0G^9OUY",R(2B/XJ8D;@]RS-FS9!79L<D;.:**G#&W
MTMWHS[#PRS'AR9#4(DHE(1%DTEZH6[8)2*@Z8<QZ?$G;%#:1D=,V$.S9@62T
M'58[JTDZ97XX:2Z>#NNV`)K>2([C;QRK+I\F/<C9G#)&7(J'4YJYOUYLQVQK
M:F;MF^>;;`K?;*ZGY9JC,,5;/;&LE=LO89=<50S*0<;@AEY#$&%#E<A26LK+
MS9%79LK-BK__T"?\P/\`E,M6_P",QR-9)OS`'_.XZM_QF.1NF=7@_N<?]2/W
M//9?[V?]8_>MRQURZ9J9:P7#'#&J,>%P(;&/4T-1E`984X$A&V\]#AQ;7R)U
MZY'5-,$(YRJ<`6_'E,=F5)J0(W;&S:H`I"G(\LK>..J6W.5^$&[QKZ+KB8R,
M78]>F`F-37%9:]<08Y;$./DE9W6NU,#MOBK'$COE@:2LQZKF5=\$1QXDJ!:Q
M(ZXL%"C;KCJ`=,HY&[;*I2D.V!)?LM\C@QQM@653Q;Y')182?4?ES_E'M)_Y
M@[?_`)-+G.OSU4MI&CT_Y:W_`.339T7RY_RCVD_\P=O_`,FER`?G>`=(TFO_
M`"U/_P`FFSF\'^-#^M+]+T`_NQ[@\*XTWQ=3R4*1TQG$DTQ=4(%%8;]LV[65
M]M(4N(2PJ1(A'_!#/4Z2"@%=P!^K/*ZJ1+&I&_--SX<AGIA93RI\OU9J^U?\
ME_G?[UGBZ_!-Q(-OPRR]=\`)-3W&*^I7Y9JFU68^.(N=C7IE%L8S5Z=/#%5-
MQ7^N!9%\-^].^"V(/ZCB#[[4I3OBA+YE&1OS2#^AY?\`C+;_`/)^/)3+^&1W
MS0M='E]I;??_`)[QX0J'U;3[2^#P7D(FB+$A7%=Z]LYWY@_+X23?6=#*P5_O
M(&/PC_*4_P#&N=7N(^4C[;<COA%/-SOS:P30L(D!GC9J$$GJ/\KC^SCR^*L'
MNO)=K-;0RJYMM1B0<YHNCN._'Q_RL6_*5)([_5TD)<I(`7/4G>N2V=$->_@?
M;(S^5M/K>M/W^L`?B<P^U#_@.;W1_P!T&[3_`-['X_<]D@/PC!#&B'`D!^$8
ML[?NSG#5ZG8D/)_S6JSV1_ULYM2H(Z^&=&_-!ZR6:>S'\<YS2BU]\]4]G!_K
M3I_\[_=R=3JO[Z?P^Y8]5%,E'D(<M1GHGJ'T^G6F15R6/R[Y*?(:3-J,XMW"
M,(ZLQ\,V>;^[E7<PA]0>@F*2E:*OA@:5:DBIV^C%)9+N)"H(F*=3L*G`4EY(
MB%I82!W(JU"<P8S+<0AY6<EE1B#&RD_*F(7H6Y#!NB,.GB5KC;NY0-(X)7EQ
M7<'Q&.BFA]-R34\]Z"M*"F^:O474R!O?)G#F$N-GX]^@ROJ=#XT[88/=6BJ2
M6]Q0'^F5]<MZ`K6A_P`ENOW9K9#(2/2?>WW'O8SJ%A-82MJEDG-307EN!7DO
M\Z^ZX86T5K>P)<VY62-MP3U'L??#$7<+.Q16;CMT(&1ZZ@GTV]-_HT+&%_CN
MK,_9/BR`=\GPSF."6QB/3(_Q?T)?[UC8!L<CS'Z4S:P@)-5XU[_TP,^EI7X0
M1[G%[+5QJ9K:Q#;9@Y`*GN.."O4G<;QA:="3URKPY@D';ROU?)E8/FE!TV05
MX$D^^,FLYT(XQEA3?#%GNN1J%11TWRE%Q6I<>(%?ZY*,9WO(#R)0:[DJ:%`/
MC2A\`-ZXGZ,#@4V/@=L-!%<<6DFE0+7[*]<2:T]=:ED]B:?ADH\5UQ_*T&NY
M+OJ<9.U![8F]BIWZ`=3@V32$XG]ZU3U(.V!UT.45>.ZD*MO1JG?VRT2HBY\^
M6S&O)"&RCY=!Q\3WQUE;(EY&X.ZL"![8*_1MVI(9N8'3-;P&.Z4S1LO']H;C
M)C(/YQV\F)CY)F10/&.H)XGW7XOXY*[6QB>UA=Q]I`3D0:ZBED$4?(R<ALJ,
M3[]!G0],@!TRT]9&$QC')=P0:GMF3.7FP`2N2Q@&R@GY9*?RXM_0U6[/'C6&
M@K_K#`$\$:@"A6GAOD@\C@?7[BFX]/[5.NXQ@=PLN19?JW_'+OO^8>7_`(@V
M>'Y/[Q_]8_KSW!JW_'+OO^8>7_B#9XA<?O7_`-8_KR\-14Z8]$+$`#KEA?'#
M32[3DYE<;+TR_!@.7)&`ZG[&$YB$3(\@B+"P$:AWZG#$*!L!E@=L=3.CPX(8
MH",1R='GU4LDCT'<UE9>;+::!(M8R2))!1ABF5@E$$41;;#)*)L%([NU:!B>
MJGH<";Y(YHUEC*'N,()HS&Y4]1FDUNF\*7%'Z9?8[?39O$COS'-3V^G-FIE9
MA.0XTS#;*^673;%7'+`!RNV;%6_GB4J]3BN4U"*8D6%0N;+84)RLI2UFR\V*
MO__1*?S`_P"4QU;_`(S'(WDF\_C_`)W#5O\`C,<C87.KP?W./^I'[GGLO][/
M^L?O:H<L+CPN/"TRRV%+`N/&:F7TP)I>%S'&\LU<"N`WQ5=L3&*#IB5"JI'?
M%#*H&!2U,87P<++CI5DE+8D37&ELJN&F!-\VVIC:8X`G'A:85IT:]SBPV&)`
MXHM3D2S'DWFIE@9?'`FE,KB4J?`WR/ZL$\=\IDJC?(X@KP6^E/+W_'`TK_F#
MM_\`DTN0#\["HTG2N7_+4]/^139T#0-M"TS_`)A(/^3:YSW\[A72M(_YBG_Y
M--G.X/\`&A_6E^EWA_NQ[@\4$9:I';>N*M41$$5-/A(S*2H((J#UQRD#;MT%
M>V;AJMT+&41DCXE9:GY,,]!QW/)J@YY\6@=60]&!/ON,[=:7'-$:O4`YJ^U/
M\E_G?[ULQ]60QS8N)JX413=ZX)67WS5MB8>IWS<\"J_3PQ_,$?/`JOR`-0-O
M?$F/7PZY@U/<#&DTW[4VQ50DJ3[80>:`!H\H(_W9;[?\]X\/W!._XX0^9Z?H
M>4C_`'Y;_P#)Z/"%07G#USI%TMK="SG+#A*U2#1JF/X?B^,?!G&M7U+4;&!O
MK-N%-R"HN%D'+GV/)3ZFWOG:M>L9K^$QPM&)$E$@$H)4T-:'CD"OG:X,MG=V
M$,L4CD&.,J!N>-/B^-6)_:RK)FECE$<`D#UNC?<&0B".;%/*WG2?3(EL=1K<
MVA)/KEBTB5^?5<E7Y5RJYU65359)^0^53D/U#R1K-A(3!:EH9"6CC5@[(/Y6
M*['))^4P:/\`22L*$2("#V(KE/:E'19?/A_W0;,']Y'XO;;9JH,5E>D38"MI
M*1C'S2_NFSB>'U?%V+RC\SG)N;,C^1A_PV0`L14#IWSI?Y@1+=6I8&ALE$K]
M-P[!/^-LYDQST[V<RB?9>(#GC,H'WWQ_[F;J]2*RR\Z+N6V_T9(_)<QAU"9M
MR3'TR-8<>6Y"EW)0TJG7-M/>)#2.;T%M03D54T[FN)?7Z&@8`UKA=]:C9M]Z
M"GAE$P="`#X'KF,<8Z-G$C)KDN.7!6KWI7`Z3;D\0M>HZ5QD82IH=NI`J*8]
MT"K\!K7:FWXYBY-%&9LLQD(6M.H/PC<G8>&.^L@$U:H`I3$S&QJHITZXQ[4*
MU&`9J#8'*?Y.A:?%*\7="=Z^X[98NHXUJ&^(]3@1[9G<K%U'8&OZL!SVEP">
M1(7QH<1V=CZKXI0M]IRRW!U#3IA;7@W('V'_`-<#`W^(;L`6]X@AN*T/<-_E
M`X.:W(V+C?`\NG17"%)2C@]`3N/D<F>SX$;T2.1/ZT>(>FR%FO;A(GE+53K7
MQ^61N76-2N&JLAAB)H`*LQ^_#^70=1BC/U.020M_NIV%?H)PFDL;JTDY31-&
M5[D'C_P73*CI,<#O&N\_4%,R>JEQO96#>I*1UHSM7[D.6+>[DXE&F(Z?`SFI
M]]]L&B^@%I+PY17@7]S**<*^X.'VAZK8+I\45[<*MTH_>!5^U\V_IDSCQ<8A
M`BB/J/W(LU98X=(UGC^[,VX_G84_'''3_,D"&1#,`H`XB2M??<Y,)=9L%4"*
M92HZ"N%ESK\(!576GSRW\I$\R/C3'C]Z0+?>8XE-6D4=>@.6OF+68J-*P<?R
ML@6OW`'!,NMP5Y5+GK0`@??A?>7MS?IZ<<`CC8_:/6G^M^SE.33X8CG&1[@+
M^UD)'S9_Y#\S1W5\T4T21RJM0O6O^J3G25N$F8."G*M#\7^9SC'DO0;E[\7,
MX*H@(^"M3R%-CW&=>L;>RL8CQ4AFH6+"N_TY".#&1=4GB/>KRM5RJ[;[@[_C
MDA\G,#>3C;:/<#QJ,(9)8J#XUKR!(J.GAAYY.,)O[DQ`#]WO3?N,)Q1&XZ*9
M&F5:K_QR[[_F'E_X@<\3M"?5<G^8_KSVQJG_`!S+W_C!+_Q`YXV*4=]OVC^O
M+]/BX[\FF<J0B1<F``ZX?P1"*-5'TX7VT59E-.F&HS<Z#"(\4NO)UNORFA`=
M=RN`S''@5WQIS/=8LS9>5A0[-FS8I!:PKU**A$@^G#3`6H_W.8NLB)897T%N
M?HI$9*[TEWRC[9=<KWSGW;-[C*R_8],WCBK6;?-OF!Q5O>N6=QE5RQTPJAY1
MOB>*RXEE,N:79LV;`K__TB[SZM?-^J_\9CD>"9)O/8_YV[5?^,QR.@9U.`_N
M<?\`4C]SS^4?O9_UC]ZT"F73QQ2F413++8+#B9Q0XFV%!6URPV53,=L4+PU,
MOU,1)S`XTMJK'&5RQOC6Q5NN.45.,4>.*@@8E(5!0#,3C:XX8&30%-\44]L9
MC@:8%"L,W(8CZE=ABB^)P$,P;Y*B@G'.*(QZ;'&^J!B%Q<?`P'@?U8*)+,F(
M#Z9T'_CAZ9_S"0?\FUR`_G2RKI>D\Q4&Z<?\DFR>>7O^.!I7_,';_P#)I<@'
MYV[Z5I(\;I_^339SV#_&A_6E^EW!_N_@'C\O!@."T.)T`8DC;*_>0DUW\,II
M*_&5S<-+@H+K3;<?KSJ]C.1#&"=PHSET/&JFE*D9T"VF`4#PS6=J<L7^=^AL
MQ=63PW`(%<&QRX0P3;#?#"&:N:IM3=)=J@XNLE?;"Q)1TP0K@]_IQ5'<SQRB
M^]3B"N`1X_KRR_ON>F*MLU?'"7S-$XT>5Z'B98!RIM_?)ARH+$`_1D#_`#@U
M:_TBRT]8JI;K<12QBNSE!R9:?1AB`2=ZH7[_`"03RVNRRBX/[QJ&H!.U,+YX
MH"U2BAC0UH*DCICK/4H=4L;?4+>A2=0^V_%CNZ_[%LTAJ-COW.#WI0<A8U/L
M37(3^6^WZ1/C<M4_2<FS[\JFG7;(+^6['T;XGJ;AO^)',/M+_$\G^;_NFW!_
M>!ZO%)1!C9YOW9WP.DE$&(W,O[LYR@AN["V)^:V5K>\K^U"*_0PSEQSH_F62
M1X;M8U+<8@"!N=V!_5G/5CKO7IG>>R\2-'D_X9_O8NOU9]8]RETPRT9@LTA;
M8<>V`/3-:#<9)/)TNBVVH3MKC!8#'2.HK\6;^>T2:OR#CJHG5064;#MUQK7+
M'X_O]LEIO?(@VCDC8'<AE/\`7'K>^1RM/4B4^R$_QRCC[L<ODG_.#%[6Z9V(
MY;=R<%22D44,=^E,DD6I^3XD*^N@!W("?VXH-5\GJVUPH7N2NXR)E*[\.7R3
M8'\08B\I,@`^&FQ:O48^VG82,Y):GPJ#X9*CJ/DUS_O2O$]3QWQ.+5/)J2@&
M<<1U)7PQ,I$?W<ODMQ_G!(+<A'8HAJW6OOX8V26:A`W$?7;KDN3S!Y*B4B.=
M03M]F@IB7Z:\H%"#=@U->/#!ZO\`4Y?)>*/\X,28/*0!^UU!'3&/915+%*T%
M=^F2PZKY+`J+KC)U/P8T:SY4:J?7*IV!3^-<B1/I"7R*\4?YP8<UM&4+K$:C
ML"1_'$H[;UDJ(F=2:4W-#[UKDV.M^5EZ.E>Q`WQL6M^5OC]5P4<[@+O\\'K`
M^F:;B>H85)Y:LW!>>%BS?9X]1A<WE*$L7I*J#[(V_';.A2ZOY6'QV]WT_99:
M?AC?\2:`!3DD@'0<<KEAE+<PE\J7CB.H8!_@^([CF%[ECOE#R?;H27D9O"@S
MHDWF+RS,H(8!Z;J1A=-JWE]B&:0*.P`Q\`]<<OD5XX_S@Q>U\O6@E%&<IX?#
M\O##RU\JVLCK*D*(@%*FO(C]6"HM9\M1G^\*UZFG(8+7S3H4-0DX:M.JUP'$
M1RQGXA/$.\)Q9V4%I`L2@;;*Z]17Y8O(NX0EGIWR/MYLT0GX)@H\*$?QQ#_%
M6DB7DUP.'R-1\M\'!/K$_)/%'O#)?K#HP(B5B.U,DWDN99;^X*BE8ZD`4[C.
M;KYKT6*0O'=?$>I(K^&3+\M==L=4U.[AMY/4E2+D2!3;D,A.,A$V"MCO>AZG
M_P`<V\_XP2_\0.>/''[Q_P#6/Z\]AZG_`,<V\_XP2_\`$#GCZ3^\<=/B/Z\R
M-"-I_!HS=%UO02#!V%\=%:O?!X(8`C-QICL1\76:V.\9=.2(CW&,84.-C?B=
M^F""`XKF0X-(<C*Q0J1C:84+,V.H,:<*&L+]2DHG$=\'L0HJ=@,([R;U9#OM
MVS"U^41Q&-[RV=EH<9,N+H$*<VW3,#7*]LT3M'=.G7-ET(S>]<5<?#-TS4KN
M,QWQ5U*Y>_T9LQ&U<*J$OAB6*2&N)Y3+FEU,V;-@5__3"^>_^4MU3_C*<CH&
M2+SW_P`I9JG_`!F.1P9U&#^YQ_U(_<Z#+_>S_K'[U^-)[#-N<<%RQ@ID8QA@
MI82RES\*#JQP(YJ:#IA!012TG&''95,DP6Y>73+I7%--`Y9H.N;ITQCMBJ[D
M,L'$0V6&QI42K8_D.N!.=,>K%OE@I-JY<9@&;*1>YQYE51MM@]S,#J5P14W)
MQK2@=\#O,6.QQH\3C7>O%W!5:8GIB+L2C5\#^K'#?'>D9%:G2AKAV"-SL^H/
M+O\`RC^D_P#,';_\FER!_G7R_1.E!14_6G_Y--D]\O"F@Z6/"TMQ_P`DER"?
MG0"=+TJAI_I3?\FFSF\'^-#^M+]+OC_=CW!X]'&S*.0!]CEM`W3CMX8K''0"
MIJ3X8HR`_M';-NTH,*X7B0*`UKDML[BJ*3W`KD?2->5>^&%M+2B^&:WM/Z<?
MO+;BZLF@GV&^&,$_3?(];S88PRU/7-4V)]%-O\\%I)M4X1Q3>)P=%+3:N!4U
M62O7%`VVYV[87K*/&F+A^5#XXJCX&K(/#:N<N_/BX=QI\-1P0_"!\MZYTNVD
M_>+3KTSDWYW-6YM![C]6&/-53\K=4:?3+G3)&J;1P\(_R'&__#G)S(001TIX
M9R'\LKIH/,#0`_#<Q%3_`+'XLZTYJ"!U[^&)YJA;B1(4>1VHH%"_;()^6Q_T
M*Z?^:X?_`(EDYF(6-PP^$`U4_+(+^7/PZ=/[SR?KS#[0_P`4R>^/WMN#^\#T
M?U:)@:XGHAQADH,!W4OP'.=AC!+FDL=UC5(+:ZD'J4E,9``&X)6@KD+WH*_:
MZL?<X=>8FYW@"C?CN<)E4?MC;VSO^P]'CP:2.2))EFB#*_Z-U3K=1D,ID'^$
M[+0Q4T!^G%$4R&O7*(7E@S383+*R**T!)S;'DT<U)8VK2F+QPLVW##F*P&W)
M<&1Z8I!D6HID>()I(X[>4;$5&*?5@W[)/CMDEATIFH1O@R/1FIN-NXICX@"#
M&V'K9.34+0=ACOJ#'M3)NFAL1L*4\1BZZ"QXGCU[Y$YH]Z\#`QI;TJ!7VS?H
MEV8BA%.U,E>H-;:;J*:;(%65XQ+R8TV:M!3IVP=;PKP,YCY(@Y,X4L`!W^&N
M43UL(<V?@WR8=%H%S,0D43LQ[`8=V'Y>ZA<D&8K`G^4:M]V2>PO86X`J8@^\
M9:@J/';[/^SR16DX4;;J:?(YB2[4$@3BE$CE8/$S\"OJ%>]CVG?EAI"L&OYI
M+CN`A],?ARKA_+^7/EBYC*I;M`_'BKQ-3?\`F(I\6&\#JQ%#3V.#XI"#0YBS
MUF:1LR+(1`Y!Y!KWY5ZK8*UQ8'](0C<A!QD`_P!3O_P60:73Y87*.C(PV*N"
M"/OSU&L@^6%6M:#HVMQLM];J9"*+.OPR#_9#,O!VB1MD%^?5A+$#OR?-;0,O
M?X?$8QD'>E,Z1YA_+>_LD>?29/KL*[F+991]'V3]^<[NX;F-S'/$T3#LP((^
M_-A#/#(/26LXR$%*(U]B.W7$3*IZ#?%GBINPJ>YQ!HPI^$U';)[K2QR6ZXF5
M/CB@IT;[\HBG?(2B"JD:_3G4OR*-=?U'_F&_XW7.7$9U+\B_^._J!_Y=O^-U
MS$SBH2]S*/,/<-3_`..;>?\`&"7_`(@<\@.*2/\`ZQ_7GL#4O^.==_\`&&3_
M`(@<\E21+ZC_`.L?UX>S<9D,E="/TM>IR1B8WUM!`4.V"87I\+''>DO;$Y(R
M!5>N;(0GC]5<G&E+'D!@3S1./1R-L`1W/I_#)BZW$+='%<OCFA(<P#W%PLFF
MR1.PXAWA&%P<83B0<$=<8TT:]6R?%$;DAJ\'*>4"JDUQK,%%2:#`<NHQ)LOQ
M'"Z>]DE.YH.PS&S:[%C%`\1\G*P:"9-S](^U$WEZ&!1.G<X6GQ[YB:]<KJ,T
M^;-++(RD[2$(PB(Q%`.S=<V50"F4LV\W7,.F8#"KLP&YS98Q5V9C09?08E(U
M,3L%47-2<9EG*R@\TMYLV;%7_]0+Y[_Y2W5/^,IR.9(_/?\`RENJ?\93D>`\
M<ZC!_<X_ZD?N=!E_O9_UC][:@GH,6540<I3MV4=3B7/B/AV]\8S=SEG-A8"Z
M>=Y:`[*.BCH,#''DDF@Q1+663H,.P8[D]Z&IETQ>2UFB%70T\<3`\<-K2T#+
MZ99RCBE8<1?KBQZ8BQWPACU6YJY6;&VX0M<,4#!<1Y97+(F09#":M7,Q[8PL
M2=\8,>N2#7*-'G:Y0.N.ZGVR@*[8[91O@3PKU6OL,4+!48`T%#O@;U"=ATS&
MI1J^!QKO1=;!]3>7_P#C@Z73_EDM_P#DVN07\Y!73-*K3_>INO\`QB;)SY=_
MY1_2O^8.W_Y-+D(_.)>>F:6/^7E_^339S>#_`!H?UI?I=Z?[OX!Y(K*O3?PZ
M]<P*,?BV\<I?A_AF*&E3FX:5_I1D55S[8Z*4JY'@>N(T'?[\123XC\\UO:?T
M8_>6W%S+(()>E,,(9LC\$O3#**7IFJ;4]AFZ>&#8ICX_1A%%+TP=#-N-\"$Z
MCG%=_HP1'-M\3;GJ,*(YB/EU&+I,/G@5/;.3E(JT[TSEOYUW&ES36B6EXMQ=
MHQ%Q"G^Z^.U&/\W+.@071C8,#3B0?NSD?YD:%-!=R:S`I:VNG+S&@_=NQKOQ
M['^;)1YJEOD';S-:T/[+_P#$3G9)'`._CG%?)=S#9^8;:2X;BC<D#'IR847\
M<[$S[\3_`)^^,N:E3NY`L$QIN%)!^C(5Y!HNF.?&1S][9+[IB;:8$5^!@?NR
M'>1SQTO_`&3?\2.8?:'^*R]\6W#]89@\NV`+N;X<4>3"Z]EVIFEQQW#EDL;U
M;X[KE6FV%_&A^>#;TEI^0\,#,K?:IMGH/9W^)8/Z@=5E/[R7O4V0=:T(PV\N
MQ_Z7(6/[.%9J.N]<._*4?JW\BMT"=?;,J?TEC'F&2QPAB%`^G#*WMR``P!#=
MO;+@L26#K0+XG#>WL0P7BU-^_3,4SIMI2ALXSLM/8'#:&W%!R04_F'CB<=FR
M,"@JO4GK^K#2.+DOVN-.PZ#[\IG/S6E."".A'$$X,CM5)KPI^&!A;RHWJ1GY
MUVZ8:+(B1+)*"0B\G<=-NN53EW%(>#>>[CU_-NI1]K9Q`.^RBH_XEC=#\TZK
MHKCT)2\71HG-01X9!->U:]F\PZAJ)8K(T[L5[.E:#]6"[+689F6.>D;-]AJ_
M"<P\P$[$A8Y46437)[%#K>CZ['ZD:_4M0_;`IP?_`%E;9C@^SDEL'Y,[21O1
M5@7<*?Y^1^(?ZOV<Y5"X/%U:HZJP_@<FFDS:TEL)'C]6$_8#&C%?\ENY_P`G
M,/\`+8L9,X>B1%<5_?\`SO\`.;X2G.H`&76A^AG]OJ*=">)^8I]^&,.HT%*@
MCP.06UO;>X-(VX./M1-LP/\`JG!/Z1^JD1N'/*M&I7I@A+-&QF$:'*<>4O?#
M^%91@?HN^L3T^+.5O@P-&H>RGH?IQ)[[Q.1==0J!4['%!J#`<:!AX'+J:Z3R
M2^IO7"+6;;3]6C9+R(.W:4;./]EUP//J,:D\F`]J[_=@*2^,FR"H\3B-0,9^
MK?N'-(@3T8?JWE:2WYS6DOKH.J,*-^'PY%98P`5W5AU!SI&IRNENS$[D4`&0
M2YMR26/4[[YLM%KY9.(3%`4`>K&6#:PDY&QQ,G!4D5-\#LE.VV;$GB%Q+CF)
MB=U,D=\ZE^1?_'?U'_F&_P"-USE_$=S3.H_D8H&O:A3_`)9O^-US&U$9>'(G
MN3'F'N&H_P#'/N_^,,G_`!`YY.D^V_\`K']>>L=1_P".?=_\89/^(G/)\GVW
M_P!8_KR_L?EE]\?TN%VD:./XK,:V9VXC$2]<V.28&S3AQDU*U&YBY*:=?'"B
M4O$VYIAT6%-\!7UN)$YKVS7:K'Q1,H\QNYV,UL4'%>R(:%ML6>0N*UPM((-#
MUQ6&;B:-TS`AGE]$B:;C$<P$0>N-(^['@!MP<HBF$QZJLRO?OC\JF1(2MZ_1
METVRZ>&;KUP*UFRZ9J##2M4^_'9ML:S`#'ES0YCM@9VJ<MW[8G7*IRO9D[-F
MRL@K>;-FQ5__U0WGH?\`.VZI_P`93D=)R0>>S_SMNJ?\93D;)SJ,']UC_J1^
MYT&8_O)_UC]ZXG&[DY1QRD#<Y:UHRUM.1#-AF)+>W7XJ5';"?ZTP%$QH+N?B
M.0,2>9;`0-@C+V]]8<4%%PM."&2@Q%AX#)1``H,9&U/*(QQ!&^-.28*;';$6
M-<?(U3B3&F$FA93CB92`#1.-)/R&-J2<46-C]K,<R,C3L!`1"T5;'A*8HJ4S
M4RR,>I:LF6A0V6@8O''R^6-5-\5+!%]LG[G')ZENB1K5C\A@9VY',[ESO]&8
M+3KB!2+,FU7+E?\`=L!X']643X93#X&/L<*":V#ZF\N?\H]I/_,';_\`)I<A
M7YP;Z9I>]/\`26_Y-MDU\N?\H_I/_,';_P#)I<AGYN@-I^E`]/K+]?\`C$V<
MU@_QH?UI?I=]_DQ[@\DW`H1OXXTJU2,$L(P"`-QW'3&(`Q\<V[52@8685Y?1
MA>6XRNO@Q&'21&M?UX07#TO)_P#7.:_M+Z(?UC]S9BYE,(9<,8I>F$44GOAA
M!+VKFI;4[BEP;%+T\<)H91@R.7`J<)-7Z,664?(85QR_?BRRUIN?EVQ0F1FV
M%#_M87ZT$N-.D@F4/'*T:LI[@NN/$NQ`VP+J,E;0CK\<>_\`LUQ"O/?-'EN;
M0KHRP5-E(Q,4@ZH0?L'Y?LY/?+6IS:CI%O-.*S(.#,>]-J_=@Z\C@NHGM[E5
MEB>H9&Q"SM8-/@6VMEX1CHH[8WLJ(NG'U:4-T*GID3\H'AI:^^__``QR27+D
M6\^]1P8T^C(OY7)73(J]UJ/^".8NN_Q>0_I1;</U_!D$DF%E[)7;!$DF%MW)
M4YJ\4/4'(D=D(T1EJP%>V-^KT'%B1]&&%FG*`,.Y-?OQ8Q+W&=[HA6EP#_:X
M_<ZO)O.7O*2M;;_:VP[\IP.+^0K_`"=AB,EHG4;5PX\KV[&[F6,FOIFA&79/
MH*(WQ!E$DD,<)$M$D054$TPLT6_UJXN&;F&T^$@33,M0@;H3QIA;>Z)J=O*]
MT5::-JDLI)H#XC`UN)K-S+93M"TPX2)^PP(I\2Y@Y8F@82^#>`2]!CNT>1C9
M3I<(#3U(CR6ON1MAC;RR%0)@:GNN^^<>TZ;7?),\\FG2PZK%>$RW5NX*NI/:
M%BW'O_+E7WY@>9I0.<+VD9V$2+\8'^4<KB>+:7I\R%.SV:;5M-TU.=]<*O$5
M*5Y-]"#?(?YO\[)JFC3Z5Y>66%Y66MSLE8P?C0*PK\?3.:-YJ@;:[BN')-68
M1LQ.)R^;%!K9V%Q+7HK+P'_!&N3X,(YR,C]GR4%`7-JKDQ7D?%EZEMB/>N$D
MVE+1S82K<(IJ`IY,A/B!A]=/?ZVK)J%Q#:(PJL4`+2?Y(=ZX"T[1KW3[[G'&
M\L$HX^H!2I\0,Q,N,@V`:\V0WY;I=9:K<63_``[H_P`+Q/\`95ESI'E_\QH7
MM([758QZ4'PL3\,B@#BM#]G8;KMSR,ZSI=E-:VR6I^N:Q>,R_HZV7]ZG`_"T
MA'\WRR/WVBZEI\@-_"P_W_3]@TH*^^8HGCGL#N"=CL?2>$FCT_I,_5'D2+[O
MFRSS!YLLX]5,^@QO+9$IZDY##A6@/Q>).^21/,SV]J\UY\<4:>H7'VJ`5SEP
MUB=+%[.4!HBI5P0`4V_=[^^&]]J4-WHT%M`U9;AHX&0[,.G,$?ZN2(Y,;/-G
M\/FRTEM(KD1R+)*O)83U`[5;IC1K=]=[+2)#X=:9&(P.84=$`4?0,.K):\:9
MB9)W8!H-L1R)3JV0L0S$D^)WPTC`5=\+K<TI7!J^I,?2A4LQ[#,3(0`W1W4K
MB!KIB""$4?"2/M'VPDO-.9:CC4]ADYATUBBQR[E5W/N1TP)/ICT8<2ZKOQ'V
MOF,KP]H>'Z3T.[<,3S>XLJ`[?/"V:W9"0!G0+C2BQZ5#;^^%EQH3$D`;>/AF
MUT_:\>1+7/3@\PPF:.HK3?P&=*_(U2NOZA_S#?\`&ZY%YM`F'[).3W\H=/DL
M]9O7=2`8*5/^LN9IUT<L3$&[:)X(QB37)ZUJ/_'/N_\`C#)_Q`YY.?[;_P"L
M?UYZQU'_`(Y]W_QAD_X@<\G/]M_]8_KS:=C\LOOC^ETG:8WQ^X_H4W%1@-B0
M3XX.P'.M&]CF=J(\I#W,-'/8P/3<+`2>OWXZE5H?D<8`<>#F.',26^B]*8TZ
M'`N&NIH"H;OA5FHU,.#+(#D=V^!N(5$E*_+!"2JU,!9=3E<<ABR(1_PG*(P(
MLK#OB@G.6C)$\PBE>F:F^(^NOTYC,/IP\<445;;Z<HD#$#.<8TA.1.0=$TK-
M(!MB#2$XTFN5E1F2EV5FS9%6\V5EXJ[-FS8J_P#_UB_SVW_.WZL/^+CD=)P]
M\_&GG'5O^,QR/AO'.JP#]SC_`*D?N>>R_P![/^L?O5,V-!QV38K@<50TWQ"M
M,W*N-+:*!]3V`QCL`:#?$PQI08)M+1Y9!4;$[X#MN4BSL&XK*>=3)2D8[X`N
M"$<H.V2G4;B&PL!""/4;HHZY#Y'+,6/4XP)().P019J.ZPG&<2QQX!8XLJ`=
MLKF3,T.3F8H#'&^I6)$,5"TR]L:7\,G&(#')D*X@#KB?ZLQ->N8FO3)@-!E9
M=S(Z8TU;KFQP'CA8\UH6F^8G+9NPQF*;Z!<!FDKP;Y'+4]LT@^!J^!Q8/J7R
MY_RCVD_\P=O_`,FER&_F[$TNFZ8%ZBY8_P#)-LF7ES_E'M)_Y@[?_DTN1/\`
M-5^&GZ=XFX8#_D6V<U@_QH?UI?I>@_R8]P>0-"Z[,/HRD4@\E^G!LB\R68_,
MXG15V'?-NU4OC4TJA.16]JM].#UYG)30JI-*>&1&_:E_/_K',#M'^[A_6_0V
M8^9]RK&],&12=,+$;?!,;YJ6U.(I,&1R^)PHADP6DGO@5-DE%*5Q99:=\+4D
M\#BRR>^!4Q67:M?E@>^DK;[_`,Z_\2&)K+V^[$KI@T:K7?DOZQBJ;.]6/+*]
M3IO\\#._8]?Z9@^*&[QP;6X_U&_5D=\O-32[?_C&/UMAU?./J4__`!C:OW81
M:+\&F6J]_26OWMF-K/[@_P!8-F+ZO@F+OOA?<O4X(=\*K^[BMP#+R/(T547D
MQ^2Y@X8[MTBR+2XB;&-B""2WZ\&&$-V^G!6GHUQ86[K2K(/W>W("G0J#MBIM
M&'L?`[9VVG(&'$`;J$1]C@R'J/O*4O%U`-3[8>>6(A'=N0:$IU'7$7@5:(5J
MWB,'Z&JP7<CE30K0Y/(;A+W(`W"?R+)3BNX([[X`N].>[3TV0<:;4%/NPX65
M&4`L*=MMQCW1":H:D=,Q+IM8#?Z)/;K0(9(^_B,*_08-0=!V89TB:'U%HXW/
MAA+=:35^:H?<Y=#(.18$,1:%RY944]NW],LV_(4D557J"!OAO-;&'<K3$#P"
MDO0(-R3L`,F3U0$`MK;P`,(U6NY?;\<*+S6KC4)6TS0$6:0'C/>,/W40]F_F
MQMP]SYGN6M;1VM]#C8K+=+]J8KU6,]D.']M8Z=IEJL-MQ@A0?M'J?%F/5CF/
M+]YY1[^_W>38"1R0^B:%!H[-<02N=0EWDO&^(N3]I2O\E?V<!>9+W4YKI+B:
M!9(@GIR>FO8=Z8O-YDT*V;A+J48=?V5J2/N&`;GS?H+U(N?4-*5"M^.V8D]+
MISD\0&/&!7%UKWL^/:NC&;[2[/4WCBT\B.XN'"LA-%^9_EXY4>D76G:M%IU\
MO"XM0UQ<(#4!B.$>_NJJV"WN=+U"ZBN+*YBMYHVKU*D_A@HVEU+J-S=1?Z1)
M=!2Y7C10NU`:YCY<<X$D$&/#TW/%[^Y11Z=?L1=I&":GN:G#RW>*,*.A.PPL
ML]+O3O.1"HIMU.'5O86O)3,QD`->M!]V8'AD[$U[FX>01XCFC57XUKU'MAOI
M43FY62`$I^TX_4PP(;Q%4J(@X)J/HP=8ZH(2.:E*]0/UY4=/+<@$M@-<Z#)&
MMW-"/B7J&Z8Z.,'9Z,.Y[X4/YAMXB$G?BO9J;?>,1N_->E6$+74\P81T!`V-
M3TZYA9=%,C:!)/DW1R#O":S:;`S<P"&Z;^'MB3:?&10J*^-.N<[U#S[YG\Q3
M_HWRG;D(QH)8`6?Y^H>/#)5Y8;7M*26T\TWJ7$ZHDJ0LP>92Q->3#PIE&329
M<6/C)B#'^&[E28YHREPBS?7HF;Z8`".((PZ\G68MK^=P/M1TJ/F,"K?02`%%
M]P?;#GRW*KW4H44HG;IU&0[/UDCK<6*SO*C\DYX?NI'R3W4?^.?=_P#&&3_B
M!SR<_P!M_P#6/Z\]8ZC_`,<^[_XPR?\`$#GDY_[Q_P#6/Z\]%['Y9??']+S'
M:7/'\5N![@8(P-<'H,V.?Z''TGU_!0'SQZ;;'&#Y8H!3KF('8(/4*>G[TPFP
MTU&0'885YJ]8;RGR;L?TM9LV;,5F[-FS8J[-FS8J[-FS8J[-FWS8JUEYLK%6
M\V5FQ5V;-FQ5_]<H_,#_`)3'5O\`C,<C?+)'^8/_`"F.K?\`&8Y&LZO!_<X_
MZD?N=!DC>6?]8_>J!L=ZF(US5RS9APE6YY?,#$:Y7+'9`C+H$3'/P-:8*759
M(Q1!3"LN!U.-,GAD)2@.>[9##D/*PB+BZDG?G*U3B(^+?&#<[XJM,IED,MN0
M[G*QX8P'>>]44`#++=L9R\,U<G`,<AH%<6KC:YJ9@A.6TXTI6[?+J!FIVRB0
M,*!NW[Y1.-)KTS=,5+LU:YLV**7+UQSCX&KX'&KMCR*HU?`_JQ8D/J/R[_RC
M^E?\P=O_`,FER&_FZ"=-TRG_`"TM_P`FVR9^7?\`C@:5_P`P=O\`\FER(?FP
MI;3=.]KAO^3;9S6#_&A_6E^EZ#_)CW!Y,OJ;`FN+1I5J,W3OE"+N34XJBD';
M-NU+I`H4`=>IID*U6BZE<#I\5<G04"@=:@Y"/.$$EG?B>T',2KRE1BH"D?R]
MSF#V@"<0/=)LQ\_@AE;%T;"!-8*C]Y&-NP."HM9M3]JJ?.G\,U--J?QOO@M)
M,(X=1M'IQE'T[88Q7$;?9=6^1!P4J9QR8NLG?"]7(I@A&P*CED/7*E;EP`[L
M,05Z=\=SJR?ZW\,"H\.Q)Y4Z_#3P]\5!'^W@0/7%5<^.*NU!HTLIFD/$<"!\
MSTPCT]A]1@8="@_6<.+]Q]0N6\(F_5D=TEZZ9;CP6GXY1JA>*OZ09X_J^",E
MD`!)-`.IR/W#^O<B<,ZE?A3BQ7;Z,-9W63E%U\:8":)0U.-,S>SM'&,/%R1!
M,QL".4?VL,N3?A'12%Y<PMRMY7C_`,I"5-?F,&P>9-=AIQG]1?"10U?I.(!4
M"D$=>F(\"0:#??-H-N6S3:?0^=KI3_I-LC`?M(37[NF2WRKYB@U>Z=(49)%6
MK*]-Q]&<M:)C2H/ODP_+M2FJ7![>EAXI$4=TCF]0,BL1L2PZ=L='-3D[=MNO
MZ\#K.@^$[G,?B-1MMUR%,U=I^1ZT`[#$7E)J`2,8:*-VJ3C"W3N-]\("H>XB
M]2I&_C7(?YR$_P!1CL+<\)KZ580?\G]L?2#DPN[HP6[.H!8F@R$><[J6WL[+
M4I'#-;SK(B4H6J?B5?H&,R?#E[BBFYY[3R_I8JI6"V0(B]V;LO\`K,<YWJNK
MZCJ0-S?2<+9S^XM$^R1VJ/VO];)#YEU^#7M#BEAC,(CFB-PI93N:[_#X813K
M`MQ#)<"EL-@X%0I[$C*YGB!H^F(%#IO_`!'^JJGINE:C>RK':I%#R[R*&/XY
M*HO*5XL=7U-5;N%A4K^.`+"[-E<"52'6OVEW!&2ZVOK>Z%8VZ]17+1@A0YR^
M/ZD`L3O/*.J_[KFM9Q3]J%58_2HPFETW6-*`<126RUV>)BZ$_P"4H^SG2^-6
MIN?EBT=DTAH=D.S#QR$M/"MMO?NR!+SJQ\TZE;<5N7$B=.9'\<G.CWD>J1I*
M9`I;IQ.Q.%^N>4(9HGFL?@E`J5`^$^Q7I3(CIPU+2KQU1OJT<=3<I)]D4_:1
MCXYAY,(CO0^#?'(>1^;TS4M2726MUC"/6ID1]JJ.U?V<WZ1M[U`UM*.E?3)%
M1]VQSG6I^9[EE7T#%(QC(:\D'.H\!&]5''_)&$.EZU/8RNKR$QM4J1^R]-F7
M,8B[\NB#+=ZE=ZJEC&?K,JK"/]UR;_<O7"W2[/RQ?E]7\Q:A<WR%R+73E^`%
M1_,X/)4!V7CG.7NI[N8/<R-)(YW9R32OA7)58.@XB(5H`.1[4\,HRF0%1Z]S
M9"-LZE\T,+9M-\OPQZ+;4%7A7]\RC]GU-F>O^5FTDPVDLDY)FGE'QW#FI(\"
M#TR-12GE\1#@=SL1@Q;J,`A6(;I7,/)I<F04=@>CDPB([]0S6#5/3E/!OW9V
M'LP[')AY%NUGO[F.M&$?+B?`D=,XS'?3(_`U*^(KG2ORHGDFU.[]3H(?AKUI
MR7;(Z?LX8]1#+7TE.;)>*0\GJ&H_\<^[_P",,G_$#GDY_P"\?_6/Z\]8ZC_Q
MS[O_`(PR?\0.>3G^V_\`K']>=EV/RR^^/Z7FNTN>/X_H6G`DIJVV")#M@?CW
M.9V>5^D=$::'#&SU6*I/7*E<(-NN6\BIA?=7`\<Q,N2..)-N5$$E"W<G-\"Y
M;-R))RLTTY&4C(]7(`H4[-FS9%79LV;%79LK+Q5V;-FQ5V;-0XX(Q['&E6G*
MQ3T9#VS&)QVP\)[BJS*RZ$=<V!6LV7FQ5__0)_S!_P"4QU;_`(S']61<M3)+
M^834\Y:O3_?QR,`<M\Z;'/\`=8P/YD?N=7X8$YR/61^]>#7+.PQM0,U1E@EM
MSW8F&]ULM+XPOE-UR@#E$IEO$1W-\B<<B]\RKB@(&1'FD^38'CCJURAF`\,D
M`6.W5L`GICAMF4@9?7,F`V<7.>EN6IQ2H48T$#&EJFN3<>K<33YXSKCJ5RV(
M5??%(/2/,K>F56N-ZG'`9$&VW@$1OS<,>%)S*!7']\DU2*Y$4=<TC*%>G@<H
MU.PRG4JK<NM#^K`CH^I/+O\`RC^E?\P=O_R:7"GSKY:N_,MK:06DL<1MY3(Q
MD!((*%=N/SPV\N_\H_I7_,';_P#)I<,LY8SE#*9QYB1>@B+@`>X/*/\`E5NK
M_P#+9;_\"V/7\L-6#5-Y``.E`V=4S9;^=S]X^2\$7EQ_+35S3_2X/^!;(YYC
M_)+7]9EB>*^M*(I4<Q("*_ZISNF;*\FIR9(\$B*]RB(!L/FH_P#..?F@]-3L
MP/"DF-_Z%Q\SG_I9V?W/_3/2^;*63YH_Z%R\T?\`5TM/ND_IBB?\X\>;(_L:
MM:+\A(/X9Z3S8J^9;K\E/S&T]6>QFM[WCT"R\20/#U2,@^HW_F3R[>M8:U;/
M!<IUCE7B"/YE-/B7_*7/:6$/FKR?H7G#3GT_6;=9*C]U<*`)8F[-&_T_9^S@
MH*^38?.-*>M`/]A7^.#1YKLY4'%6B<$$%B#W^+_A<-O,?Y&^;='NI/J(BOK"
MO[FXYB-J'HK(W[60^]\D^:K!F%QI4Y"]7C0NOA]I</AFKHJS*#7=+G/[N<4[
M<@5_7AA%=6\E!',CUZ!6!SD<T%Q:OZ=Q&\+C;BX(.7'<7$?]W(RCM0TR!@KU
MO42?T?=`C_=3?JR/:4_^XZ(`=*@#";29)[JRG>;5A:,IXK%,K,LH[@25XC#O
M3EMA9JL,K3*M0\RJ50MWXXX\49Y(8Y[B[Y;'A'(K9`)"]H@6)04K\\<D`<$2
M5!]O[<42-2X"U=?YNF*O;4()#*1W&XS;-*`>((>IV\<3,=5:GSPQE:,"BCXN
MA!&)K&C`EJ5]L*I<JTV.]?')9Y$I^D9S2E(^F$(BCXM4BHZ8?^36$6HS,0!^
M[W\,4CFSN0T8`C;VQ,S,AV(%>@Q-IS\35%#TQ`R+3FPJ>@&&F:*,QH-R3W;V
MQIN.+5.X[`8$$@W!KC&DVI78=L-(5+HK)$W(T[BO;(GK^G)K=B+1FXR1-SAE
M!^R?EDAN09AQ-0#W]L+IK=D'&,5'CWPB,3L>JEY==_[C!-9&.AF!BGC*[+7[
M,B_S8W3;V$+^C]1-.5/0F.Z,.U<F^KZ3!JL+12#A*/LR]P?#(1?Z4^G.1J,?
M*.E!PZ,?%'Z1EOY3F+/'DP2XH[Q_&TD`@BBFD&@SR2GZC-Z)/^ZFW4_ZF"&T
MSS%9$-]4]1/YHG!-/=<(+.[U*Q_WDD^L1#?TF/Q#)9IWGV&`*FI0R1;;,14_
MAED9PY@RQ?[G_B5`Z'=4MO,5_9#A-I%W)XD+_9@T>=KYQQMM#GY?\6LJC^&#
M;?S9H=V`5O8U)ZAVXG\<7?6M(C'+ZW#0]:L,E=\\O^Y2E#ZCYRU%>$<=KIL;
M;<N7J/0^.YR,^:=(;388+F]OVO7F:CQK\*_0/;))J?G#R];AN#>O(>B0BH_X
M+H,@6K:F^K7!N[A?2@7:""M3_F?YLHR^'51D9'J2;`2"D]6=J*/A!^%>PKAE
M%H=S+&+A64*=^!.XP;I&F&0!W2KR&H'@,F5O9VT**AC!([^.2PZ4$<4^O)!E
MOLPBWT:X9^G)NU,DFFZ-<Q*#,_P_RX=IQ5@$4`'K08Z0\3MMEOY7'W,HY9#J
ML6QB*T<U`QWHPQU*K4]B<H.:5/3&,9`:@U\,'Y2#+QY(E72FP^6="_*AZZK>
M#MZ-1_P2YRZ1GJ"NP'7.A_D[*SZU?*>@M]O^"7*\NFC''*0Z!?&)V[WK^H_\
M<^[_`.,,G_$#GDB:YC5WWWY']>>M=5VTN]/_`"[R_P#$#GB:2YD]1ZG]H_KP
M:/5>`)BOJK[''S8(Y#$G^&TZ:Z4[XA)=BFQPJ-RYQ-I78;G+)Z\GDHQ`(N:Z
MKWP$[EC4XWKFS#R993-DM@`')V;-FRM+LV;-BKLV;-BKLV;-BKL6BMWE.PVQ
M6VM6E-2-L-8H50#;?,K!I3/U2V#"4ZV'-"16(6E<$K;*N+[#*+9L(X<<!0#4
M9$J8A2G3,85/44Q0MC>62J/<A#R6<;5VP!-9/'4KN,-^6^8T;8CYY3DTV.8Y
M4>\,A,ACW$UI3?-AO)9JTBNO9A7Y5S9A?E,G'P].]LXQ5O\`_]$A_,+?SIK'
M_&8_JR-#)-^80)\YZO3_`'\<C@0YT6`$XX4/X1]S@9"!*5FMRLWK7-7N<4"9
M?IY;X<_<U'-C'7Y*)%>F6L9/RQ<(!ETP>`>I7\S#S4@M-LNF/XY5*8^$1T9#
M+$\BX#+Z91.54Y("D$KJC+KC<U<MCR<?(-[;.89LQVR34>X-UIC&))R^N;(R
MW#9C`@;/-H"F6,K+&(3,]>]>#CU!)Q,8_EM0?3DFDA6!"#X=SXXFWQ*S,>QJ
M<,=#&B-J$::^91I]#ZI@-'K^S0Y+&A_)_B:RZE2F_P`9RF>7@E7!DEYQCQ!G
M#%QB^.$?(FGLWEZGZ`TJG3ZG;T_Y%+AE@/2!:C2K$6/(V@MXOJQ?[7I\%]/E
M_E<,+/,GG'1?*I@&KO(IN*^GZ:<NG6NXSF3&4\A$0223MU=Y':(]P:NUNYO,
MR1)&TELEM$[$2^F$8RN"_#B?4/$?S86IY@NH;E)#,G[RW@,=B02TK-+,C"+^
M5BJK@3_E<'DNM?5GK_QB_P";LK_E;WDGKZDVW3]S_P`W9/\`+9_]3E\DV.]'
M#S-J+S:@JB)?J\<KQPE6]1&0H%#[_']O]G)(IO(["8WCHTZJY$D8*@@#X3Q)
M:F0W_E;WDKKZDV_7]S_S=E?\KB\E]/5G_P"17_-V#\OF_P!3E\EL)E)YHBAT
M"QN+:\CDN)%CCDE93(`YB,C<^)3C]G*_Q5-]9L5D=(XKA8O@6-I))#(ZI4`$
M>DOQ?M<L+?\`E;_D<"GJ34\/1_YNS#\X/)!W]2;;_BG_`)NQ\#-_,E\DV$?9
M^9M3NI+R/]RK1R)%$O%BT9>Y-M61:_&.`Y[8(N=?OM/U:RTR]EAK+Z*.(XV9
MI'ED9*@<OW,?$+\3<\*?^5O^2>HDFW_XI_YNS'\X/))-3).2._H_\W8_E\W^
MIR^2+#/\V0'_`)7%Y+_W]/\`\BO^;LK_`)7'Y+_W[/\`\BO^;L?`R_S)?);#
M/71)%*.`RG8@Y%=7T*2V+W%HK2P-O)'6K+\O%<*_^5R^2O\`?MQ_R*_YNRS^
M<GDFF\T]/^,7_-V2A#-`V(2\Q2FDKN+.VN?AD@3B^S!HU/WFF$5YY)\LW2TN
M-+A$KL>4J@JP%/&M/PP^G_,?\N;B1I6>Y4MU"1T'SIRP++Y]_+244>:]V[A3
M_7,F[^K'+_2VBO-()_)%M;:4^EZ+.+6*20RNLZ"92Q`'P?9*=/'`%KY$U"*!
M8#<QR4Z,!Q'_``.2X^?ORT(%9KV@_P`G^W&?XY_+(-R$]]6G@?ZY`0@)<8QR
M$N^E-U5L5_P-JD!WFC._[)Q4^3=4=CPG0J!ODI3\R?RS3X1)=U\2F_\`Q+'O
M^8_Y:L*^I=_,)O\`\2R?B'^9+Y(X6&MY'U$D?OXR/`_KKCAY`U5"6$T5"*G)
M7_RL/\LUH#+>[[_8_MRU_,G\M%_W=>[=BG_-V)R'^;+Y+PL/7R/J-/CE0*#O
MWP98^7GT9FN))UD+CAP44^GKDA;\RORQ/P^K>#Y)_P`W8:Z=<^0_-&F7FL6;
MW;6MA_O0Q)1OH&]<1E'6,N=<EX:W8J9B`$'0=\KUB`?'L<.WN/RWKO)??0QQ
MK7'Y:BA,M]3_`%CEMR_U.?\`I4<4>\))ZAX[=??KC6<+3E]K#P7?Y:4KZM]_
MP1S/=?EH2`9;X_)CC<O]3R?Z5>*/\X?-(/4;[0W!ZC&NP;?)"9_RU7_=E]M_
ME'$S??EC3>2^^\_UPW+_`%/)_I5XH]9!C,D:25JN_C@5[+G4$!@-U!%?UY+O
MTC^5X_W;??>?ZXTZC^5O^_;_`.\_UR0E/_4LG^E8F4/YP^;SS4?+ME>,7DA,
M,O\`OZ$\37WPC?RUK4)I;74<RGHDJ]O"N=<_27Y5C;U;_P"\_P!<;^DORI!K
MZE_7YG^N1,+-^#D![XCA7BC_`#@\>ETS54^&ZT6WG/3E&:'\,#-IMXV\>A4K
M7JQ(SMGZ1_*IZ5DOC3W/]<WZ0_*D;<[[YU/]<CX5\X9?]+']2\4?YT?F\3C\
MM:U=BJVL%HG=ALWXUPRL_)L=NRR7LOJN-Z#H,ZP=1_*C<>I?_>?ZXS](?E,H
MJ9+\_2?ZX8X81-^#E/OC:F5_Q#YL+CLHK9`(4`%-SWRTCYUKTR8&_P#RE?8R
MZ@*>Y_KE?7?RCZ^KJ&V_VC_7+3,U_=9/]*HKO'S8B5XBB]L#N2#0Y-C?_E&2
M"9-0K\S_`%Q,W7Y/GK)J/_!'^N1XS_J>3_2LOB&&)(0:=:]CC68UH-_X9,_K
M'Y/J:^IJ7_!'^N4;C\GB=Y=2_P""/]<?$/\`J>3_`$J*\PPEBWC3WSH_Y.@#
M6KVG7ZO_`,;+A6TWY-CK+J7_``1_KDQ_+F7R))J5T/*KW;7/H_OA<DE>'(=*
M]ZY5GR7BF."8L=103&)L<F?:M_QR[[_F'E_X@V>()/[Q_P#6/Z\]QWWHFRN1
M<U]#TG]7CUX<3RI[\<\WO!^0G-N4NK5J:_&>M<UC,O*<V2SSE'^7R1VG^"&O
M&D+-]<^N-4<:?!P]^61/"AV;-FQ5V;-FQ5V;*R\5=FS9>*M4Q:"(R.!B6&NG
MP@#F<NP8O$R`=.J)&A:,@A"**#%"0!EML-L2+;^.;BA$`!Q^;BV^-)/7MFZ[
MY5:G(VK?M7<9O;*^7WYNG3`K?SRZXVHVS5PJNKFRLV-J_P#_TB?S^/\`G<M7
M/_%QR.\<DWGX5\XZM_QF.1]4SJL%##C_`*D?N=#FD3DF.Z1^]3"8[A3%`,V6
M6UJ?'-PQ],O;%"F5&)L,6.,(Q6R%$C*I3IBA7&D4P&(+=CRD<UM<L96;(QV-
M%NR#BC87Y5,PZ9B<FX_)Q&-QU<U,*\2W+&:F;`S')<,NOAC<L8L2&\S"J-X4
M._T9A[YFJRE1X';"P+ZF\N?\H_I/_,';_P#)I<Y;^>?V](_V?\<ZGY=%/+^E
M#PL[?_DTN<L_//[>D?[/^.<YI?\`&_C+]+OA_=CW!X_EY68D9N1(4P:/OE5-
M=LU.^;?Z,@;2T<L#+-.^5O\`(8*W5NM>F430G*)IE`DG^.`R5LD@8W?MEL-N
MOT8TDTR)\TM\12E>N50`4ZYJ'&L:?/(D^2N:H%!C>.PKN1VQU:B@'TYJ#J?N
MR*5-C6E!MF%:5/XX[:IJ,H;FOATP*UZ89N5.F;C6M,<:TIE=!08JI,P!Z?3B
M#J0YKL,6:I.-())Y?1D"E#?M$`?3G8?RQ8)^7_FEST&^<E(%#09U3\OJK^6O
MFTCL-LKD-X#OG'_=+(^DGN!2-[M":@Y;31LG+EA'S8CKBH$KH`JLWR!.;?PQ
MWNOXRF/UE.@/7&/=!30'I@:.RNFW$+?=@N+2;UC7T3\R1B>$<R$CC/0K3=,X
MV:FV!I)74[G#5-!O'-2`N*?X6GE;D\U/]4?UR/'C'4)X,AZ%(?5+=,P8BE<D
MT7E!?VY7/L`!@Z/RA:&G-7:G^41@.?&.JC#/R8<>++7&$`_9'7.AP^5[-.D-
M?];?]>#8_+ULNX@0?)1D#JH#H68PGO>9I%)2@1C\E.++I][+_=V[M]']<ZE'
MI"(*!:#VQ8:<@[9`ZL=`R\'O+RJ31=45"_U5J#K2E1A=)&\>TJLG^L"/UYV@
M6:#MB<^G6DXI<0I*/\M0WZ\`U??&_<OA=Q>,'CU&-(--LZ;>>3=%N.3(K0.?
MVD-0/]B?AR/7GD:YBWL[E91W60<6_#;+!J(2\E$"/-B-#3;MWQM*;G#.[T;4
M[,D36[\1^THY#_A:X6,I5N+`@^!%,EL:K=F&O<YNV^6?#*IB62D>^W7.H_D6
M*:]J/_,-_P`;KG,PO>F=/_(Y::]J!_Y=O^-US$U<2,$SY,HG=[7JN^EWP_Y=
MY?\`B!SQ#*C++)44^)OUY[@U+?3KL?\`%,G_`!`YY$N+&*1W%*?$?UYK]-I9
M9XS,3O&OM1DRQ@0)=6+9L-+G2G3XH]_;"UT9#Q84.5Y<.3$:G&F491D+!M;F
MS9LJ2[-FR\5:R\V;%79LNARZ'PPTKD%6`P^M5"Q#QPDB'[Q:^.'\8I&,S]!'
M>4NYJRGD&G.)5W./;&A2>V9AYM;6_CFW/3'B,GVQPCICPE5*F:E,6],#WRC'
M7Y8>$K:C7,/P\,>4-<800?;(T0K==LV5MVZ9L5?_TP'GP?\`.WZJ?^+CD>R1
M>?/^4NU7_C,<CN=3@_N<?]2/W.@R_P!Y/^L?O:S4RZ9LL8-=,HG+.^5BA:1E
M4Q],QPJID8TKBE,HXH4",;BK#$R,!C>[D8LM#A+AEXT8["&,A1W=ETS4R\+!
M:<K''&G`V`NRQE9JXJ3?)=7*9RJL1X'*KE/_`';?(X6)CWOJKRX:^7]))ZFS
MMS_R27.6_GG]O2/]G_'.I>7/^4>TG_F#M_\`DTN<N_/+^\T@?Z_\<YW2B]8!
MYR_2[LFL8/D'CV;;'$`=?PRCQ[9N#"F`E?*W&G3*.57PR\!-_L2!36--?''4
M-=^F8B@V&1()";6!:[G,=C08^AIE<2<CP\J!6UM#U.V:AIC^(IOF"A37'@*V
MI[].^8)X[8H0*URNO3K@,._=;4R*'KE^FQW%,LKW/7'!FP`"_5]B=^B@Z>V^
M8F@%!CCRKN>N-I[;Y`^26NN53VQXK3IE@;UI@I5((#O3Y93*#0`;X)4^.V^-
MDXD@4WPF(KFBT-Z9&W?.I>0UI^6OFSW!SF?&KCP[YT_R.!_RK?S8`:[95,48
M?UX_[I9?3+W%@044&3OR?8PZI9M;J0DZ$^D3T;_).08+7Y>^33R#)2Z"'LWZ
M\O[5R3QZ/)EQ&I0]0[MN\=SC:0`Y1$\B*3X:2Z.8Y%*NIHRGJ,732AX9,]1A
MM&1'GD2&8C]W(Y"\@/V3D=_25J&X1!I&KQ^!217PJ,U6@[3CK,/B`<$H[3B?
MX3Y'K$N7DQF$JYCHH1Z6H[8NFG(.V+I)>RFD=HWS8A?UXK]5U9_LQI%_K,&_
MXCF0<T>LQ\V'">XJ2V48[8J+>->V::PN8(C/>7\%O$/M.U5`^DFF%K7OE^*K
MW.N.P7J(@&'ZL@=1C_G7[@GA/<FG!%\,8TL"?:=5'N:822:UY6,JE/K5W'0@
MD(Z@GYC&OYFTM#PL=$D=A^U*XXG_`(+*SJL?=(_8G@*;F^M*T652?`$$XQKU
M1TCD;_5C8C\!A+-YLOD6MMI=K"#U:0`D?2,*-4\Z^8[:TD:&\@20LM#$-U6N
MX4&N1.K'2'S*?#\V7/-<'B([:1BYHNW'[Z],IH[X+REB$`\9&6GX'.=W'F"\
MN/CN=5N'(`+%1Q4'Z`,)KG7K-Y#&+B6Y/?E*0/\`@2<@=9DZ"(^"?##TRXG$
M8)>^M%`ZCG\0^BN$MSKNEQGC)J0!_P"*T+#]1SGUQJD(`$-H[D[\BI9?O&`I
MM79?A2.(OX%@GZ\B=3G/\5>X`)X(]S,]3\UZ5:F*(W<[&4U,BJ%4*#\2L&%>
MG\N$\NLZ6^L30']Y93`&WG*]*@=_\DX$\KZ9:>9]2FLM7#,B0^K$%(^%N=#0
MK_DXCJ>CVNC>9OT?$[-`-XP_8..-/#`,\P;E*1YWOM2\(Z!5O(#!<,H(93NK
M*>H.(`'K^.#-0AX3T44'$4&!.-,Z+32X\&*??$%QIRHD>=-@T&=-_)#?7=0/
MC;_\;KG,2`/?V&=._)%6_3NH$[#ZML/]FN0UO^+S\@N*N*^][7J/_'/N_P#C
M#)_Q`YY.<?&_^L?UYZROQ6PNA_Q3)_Q$YY;N+3XG*^)_7E'8Y%9;[X_I<3M,
MD''7G^A+R*]<!7EA'.I(%&[8/(*FAZY6;/+BADB8S%@N%AU$\9!!8E/;O"Y5
MAB5,DM[9B=>2CXL+%T^2I%,T.?0Y(9"(@D'D[G%GAD@)7[TNH<U#AH-.E.U-
M\633&ZMD8Z+,?X2R.6`YD)2D#OTP9%I[-UPTBLUC[8(X!<S,79X`N;5+4CE'
M=+5TZ@QXT\8/KEYDC2X1T:SFFEXL`&!';!OH_!3%!3'9=BT^.-T.;1EU$Q7D
M@S$0:'IC@F"2`<:5`Q."F4-0);<BI!<OCXXXY61H-EDM4&509>5@2T5Q-H\5
MS=<B8@L@4)Q(VIUS8(*`D?/-E?!O3*W_U`/GP?\`.WZK_P`9CD>`R1>>_P#E
M+M5_XS'([G4X/[G'_4C]SH,O]Y/^L?O=E9>;+&MK-3+RJXJUE9>;%6L:1C\H
MC"JF1B3C%R,8PQ4;%0QXQIZYAB-MG(E<HB2^F61MC:Y8.%IW:QIQYQAP,H[[
M!JN5US;Y8'CD#*W+AB`W+@,<P/!OD<W3*=CP:G@<E%JRV/I'Q?5/ES_E'M)_
MY@[?_DTN<M_/,$R:13_+_CG4O+G_`"CVD_\`,';_`/)I<YY^<<)D.F'B33GO
M]&<]I:_-B^^7Z7:F_#%=P>(\6[#+$;5V!)PY^K'PQZVI/3-R>%K!DDHADK]D
MU':F/$$Q->!P[6U/<5Q06M>U,'B@<@O"3S*1?5YV-"N6+&Y()"@_3OA^+8^V
M*K;Y`YSW!(A3'!871Z(/OQ4:9<D?97[\D8A%,46!?`'Z,@=3(<J3P`L;72+@
MG?B/#?'C1)SMZB@?+).D">&+)`GAD#J9^0^"B`8NOEV8]9@?DIQ1?++'K*?H
M&2Q((\76"+*CJ)]_V,J#$5\KQ_M2,?EBJ^5K3]II?H8#^&2]8(O#%%@C_ERL
MYY]Z:8B/*NG=Q)\RP_IB%SY0B8%K25D8=$DW!^ZF3H6Z']C%%ME/1,AXT[NU
M>2W>@ZK:5,D!D4;EX_B%/>F`*-NK;4ZYVY;;MP'TX#O?+NFZB*7-LG*E!(HX
MN![$99'4?SA\EIXZ`0:`5'CC77@2S'Z.^3^__+^2I;3;@4/^ZYMC_P`C/^;<
MC-]Y>U'3#6ZMGX@T$H^)/H.6C)&7(_-"1A'=N3?"I[9U+R1&5_+GS4!W7;($
M;4K'S$;5]U-,Z'Y-5U_+SS2''[.V0F1<?Z\?]TLOI/N+`%4CMDF\F2&/5`#M
M4KD>KMTPU\NS>EJD7:N9?:$>/29H]\"XVG-98'S9K^;NHW&F:3IUS:K\=P6M
MA)_+R!;8>.;R6;F)XX;E!66WB(`W/(`#E]V#_P`Q=9GTCRI:ZC;VEO=NLP6E
MW'ZBH"C?&JU7XL!>6;HRWFEW;``SQ<I..PW%:`>%<XGLO+...,.$<),\=W_R
M4Y?YCLLL19/N/Z$QO?,7E:Q,B7>M`NM5=$<,RFOQ"@[_`+.`4_,OR9I\8CAN
MKF<`45?2)`_V6<A\SV#6_F34K<*25G9J`$_:^/\`XVP-;:+JMT0+:QGE)Z<4
M.=%#28J$I2.XOF`T\3._//FJT\SV^D7>GB2.""Y>*:)S3ERX\25&%D^M^DOI
MP6WHE=@9H3P_Y&5IA=>>7=>TCR_)>:I8RVL1NK<0-(*58EN6,,D<,C)$428G
MXJN837Q%1(,P,T8QS2C$V.F]LAR1H\PW[_N:0EO&WF0'_@"#B$E[J@^*6ZE`
M[+-;NZ_\$C)B!65P5H\P8[.*3_J]+&D0P;#TQ.3]I@T%?O,N02ISSO,Z^M*&
M)Z""X$1_X&0/FD]:.&1Y6G,?!N(F42C<=I$"`?ZV//K/4GG,K;$*RS`'Y4CP
M-/#"%:.3B)F'%2T;1'?M]IPV*K7%O&H5!"!M012^BQ-/"7U*XQUEXDGU0A_G
M19Q]\0CP0?6Z?O)5IQ(5EE`_V%$_7@5TBC8!^`E'V>:F(_*M7PJA)."BH](=
MOA9H6/T.SXFRR4+#U0I\0LR_\(JG!C^J:'XI`=BJ,)5'T47`CI$AH_$R?LAE
M,?XU;"J:>2[V/3]=FN9&"QI;L7**4:@->CEM\$>=E,_F6TFMG)^L6ZR1NW4U
MW6M,*=(26;56A%7,MO,M%;F-D9J#88=>9PT6J^77848VL8(/L>./554R"\CB
MG`'+@%<=2&!H1C/1I6HH/"F*B,6NI2VU/W5R/6A'@P^V,6:-AVS?:#/$Z7%7
M2->YQ,N/UR/>EYC8;A0!^.=*_)92NN7Y(I6W_P"-ER`E7KL,Z+^3JTUN^_YA
M^W^LN3U<[P9/<N,5(/8+_P#WAN?^,4G_`!$YYH;[;@_S']>>F;L5M)QXQO\`
M\1.>;;V'TKJ0=JD_CE'91VRC^K^EQNTA9Q_%)[V,`\A].!,,+PCC3``&^;F/
M)U1&[5,JF"!'45QC)3KAV*1*4>14J9=,>`,<%KCL@RD>JCC2#7!!CQ,J1@(!
M;,>4P*EQ.:AQ^;(\`;OS![EF.&7FQ$:*RR"4:IV;-FR32#2FRT.V,Q8BHQ(C
M?*,D:+G89\4=^86_/-EURO?*VYK-7+/X96^!+=!FS4.;"K__U07GO_E+M5_X
MS'([DB\]_P#*7:K_`,9CD=SJ<']SC_J1^YT&7^\G_6/WNS9>5EC6UFR\U,5:
MIEY=,JF*6J9673,<56TQC#%#C&&V%!0[#&C'N,3R,N8+E8-XF*^N57*S8;8F
M`OO75RC[Y67@,K&S9#&(G=PS=,V73`(LI9*:RG!X-\CC\:]>#5\#DQ&FF>8G
MD^J?+G_*/:3_`,P=O_R:7(]Y_2WNHK>PN0`)JF*7ND@^R?DWV6R0^7/^4>TG
M_F#M_P#DTN1#\S#O8BIJ.1%-LY#4B5R,"8RC/BB1S!C*P[O%51O<$?H>63V[
MVTKPRBCH2#_7&A!V!QM_=RFXD:1OL;5/@!A.WF?3DD$7UFI)H2M:#YYNXYQP
M0E,@&0!Y[6>YI/,@`FD]5<4"5P-;7%O>(&M93(H`+/VHWV?U8J[>B"[.``*E
MB:`9(2$A8(IB94:I7$9/;'B.G7`37^GPHKW-PJ&0!DJ>QP85XJDBR*ZL`PXF
MM`=U^\97')BE+ACD!)Z!),@+X541XX(!U(&()=W[%FF"!D/^C\2344ZO4?:K
MAAH!OK[4+6VN6MS=SAD+NM81[T(\,91`!E*P`"3\$<9Y"E-0@_:K\M\5!0;D
MGZ!AY8:5(^I:MIK75M%]77C),RKQ8,*D0U^S_L<+[2TMYM&N[V6\$4\#LD5I
M05D`/VJ]<C^ZNM^<1U_BW'1/%/RZ_8AO4BZ@DGO48Y;A`=UP$&S%MC\LM\&'
M<QXY)F+DB@6([^-<7CENW_NX:_=_$X5ZRFLO>EK9I?JWIQ<`K@+_`':UIOA:
M;'5Y:CTI37_BQ?XMFEGV@1(QAI#*B1=D\O@V\)_GLJ:34(Q5H0!\T_YJP.VH
M78)'P`@%N(H30=3L<C0T#4#\4@2/QYN"?^%KCK/37LKMKB2:,J(9(^*EB2S4
MIV]LGBU6>>2,3I>&)(!)$M@IB`#ZT\;5+KL]/EC#J&H$'@[[[FF%QEH:_KQ2
M35+I@1S`JH1J`"H'09L)1'\(#`$]2JR7NH\/4:5RG3G7;`4U_<N"&F8CW..D
MU27T_1HG`"G&@IA=++S+,:#V&PRO?J`$O1]5TYX_(@U5KN=@]NB?5"W[D5<_
M$$\=\)?*59O('F90-RM,DNJOR_+I(#4@)$/O;"7RE%Z?DGS"J[5'<93A(Y]V
M0?>V'<5WAYZNGR&FV#+*U^KW44IVXL-\,%MYVH`":]*#&S:;,\3<J@>).;><
MQ*)C(BI`CYM$<?"00-PR[S[$MW^6M]*=S;JD@^9=4_XVPE\H3";3-'EZ\?W3
M?\%3!MK=C6?(.M:/(W*YMH:,!^TBD.K#Y<?BR.^0[@G1K/?:.<5^_EG$Z;&<
M>7+B.QQZCEY3C7Z7/F;`/?%ZO+#I=G<&=[)/6E(K.%6K'[(!9B-\,YKJWLK.
M2]N/3BCB0N[R'BB@?S$`Y%_,OEDZ_<6MZMVL2Q(4,4II'\7Q>HO_`!9OQP^F
MTNQN-#;2;]S+:/%Z,L@;B2*=0PZ9L.,@RXA48B^(G;S]U,#&/!$B5R)(,:Y=
MV_FP_P#,N\AU3R#<3QD$QSV\W%:[+5N+;]CG*R;AVK$\RJP#-PFY+_R)8*J_
MZO/.M^;(]+G\EZS;6=R+B=(`U>Y$/V5H.ZUSD"KZMO"\@+1F-30QI("?I//_
M`(7*H98Y*(E&1H@\)L(`D!ZA14S'&Q_?I%7J&E@"-3Q]1&?%HWD*D6S2JG<Q
M3EEI_P`8W5/^)8Q&0GB&4</LJKR0G[BJICI%9P3,K<*;*4CE!]^09FRU4.ZH
MQ(F6/V:>`*WS]1&?%("W)3`9!&"*F&<E2/>-U3]>,#+T#K\/14D>$_2K!5QL
M[*P_?U`/V5=(Y1\^2,S8JI,L3*&F$)!JP,D7%J5/25>1/_`XWXZ<HC(B>,<O
M-3_L'"9K221[>/TT>5H@4`B9U[D[J0$[^./:QOK@U$-6.Z^LB"GTJS-BJ!D$
M9J9O3)'^_(N#_P#!*7Q,EU6JF1%/9']13_L6XX;+H&KN1\!#-WC]5E^XKQP0
MGD35Y?WCHU!^VZQQ_14L#BJ#\DLJ><-,>3@>1E1APX,>4;"AZUZX>?F;&L7F
M'1B@"J%50!TVD.):5Y=32-7MY[NZ$9@/,CU"YW'0!>2X-\Y6;:]=V-U:<G%L
MQY'I3?D#OVKC>ZH>_M&O(><.UQ`!)">NX.Z_[+'VLD-[;K,GPM]F1*_98=0<
M&6L4L4=9!\5`*#"R\#:9=_7T7_19R%ND[*QZ2#,G39_#C`>0$A^EA*-VB6@7
MI2N3[\I$5-9O:#_='7_9+D'J&7DH!!W!]LGGY3U_3%[_`,8/^-ES-RYA+#(>
M3`1HAZM>'C:3GPC<_P#"G/-E_<B6>1ATY']>>D=0_P!X+K_C#)_Q$YY;FE8N
MX]S^O+NR18R_YOZ7![1->'\5.Y:NV(HM33+().^*PI\0S;\@ZNK*J$HH&(2#
M?!SBBX#<5.`%E(*06N.`Q]*91]L-HIL8G(NV/QK?9Q04-FRSE9)/1V;+S`8H
MON:S9>;%/%;6,<'MC\QR,A8;<.3AE[U&F53OCBZ@T.,,J`5S&/".KL!Q=RZF
M-)`Q%[A1B$ESME<LL1U9B!*),HJ![YL+3+\0.;,?\R.)L\/9_]8%Y[_Y2[5?
M^,QR/9(O/?\`REVJ_P#&8Y':9U.#^YQ_U(_<Z#+_`'D_ZQ^]V8#+ICPN6,*6
M\<=QQX&7QR-LJ4^.;CBM,HC&UI1*XPC!%,:5KAM%*%,8V+,M,1;"&)4'Q(XJ
MV)TQD+#=@E1+AF-3F/@,L9`GH'*C$_47`9=,PR\G$;-&6>]=SNF;+IFR309$
MNQK_`&&^1QV4WV6^1Q0^I_+G_*/:3_S!V_\`R:7(;^9II)I_R;)EY=_Y1_2?
M^8.W_P"32Y#/S08*^GD]^><CF^J?]8_>]#C^F/N#R34`'N)D/1MOO&0G5]%M
MM-M?6]5I)7>BJ0.-*U.36_;_`$MR.]#B]I964^D75YK42+"L+/;CU$YR$5Z(
M3R'MF7EEC&GQF8W,0([71IA$2XS7?NEOD0W5Y!=NJ"*V)0,!NK,M>Q^SAO?1
MV\CR0<083\+*=P:=>N5IITOR_P"7+>8)ZTQ!E<QS*P->D=$-/^"Q_E!O\37]
MY_=6<=N0Z1%)9N:G]CX.3#,3#JL>`SE(DQH"K`C9YWNV2@9T(U=_%"S6EC<K
M&DT*,(U"+L!L,&"?DJ1#B%C`550`;**"M,,D,MWYA@L?16&TE=HI(;>/GQXJ
M270N&?DQ'V3@SS;!?1SPZ?86LHAA])E<VX64@@<S*R(!ED>T]-&50P5*K%<Z
M]],3@F1O+9);>TC1B(S-+ZQYO4%N.U*+@A;:56"VD4K+&*EN#U'S--LDFMZ5
M=VVEQVNGI<K'=`2.&X%N0&Q22(<T7_)Y8ZVM]1C\JK!*HBU*1$225YU21D+L
M&7TRP_9_;9<C_*P],HX2>8%\7\7/^'8)_+=\@QQ+*]G-$@:5CO\`".7T[5Q=
MM(U1(S-+;F-%ZO(RH!]+$9)O),4GERW(ULPPRRRR/;!Y>4KQL!Q2#@W&3_*7
M!_F77+=+>(C2KC5K>[<H8H%V3B=S)R'PTR8[5R2NL8B1WW]C$Z<#K;`IHIK:
M4P3+QD%*BH/7W&59FUO(9IQ>0PI;LR2^LW$@KV%?M=/V<=KMUZE]-/#`\7P@
MI;O0,*#93B.C^7+OSAH<%OJUFFG6T4TTD-S%Q:20ECSY]?L-\.^96HU<X8L<
MX5<Z)VVY,(8P92!Y!--#L/\`$-N;NQOTDM$+"20"0A.`J>0I\/3$M(L[?6YK
MB&TG/*U-)EXEF"UH)`%'V6P)H>K>3/)-Q)Y?AU&YNOT@7BGF4!5A>A3XU7^\
M7]G#.^_1'Y=2_I$QS7LNH*@D5F]-5C!Y+)6+B3_J9K)]H:O>C$?S=_J_V/I;
MQAQ^?FA-'ATW6=9NM&BN7CGMR>'((HE5?M,I:@7_`&>,/Z/;S3_A<&2-R0B7
M4A6A?JP;B>/'^5L%:D='\M6T?FJSLH[JYNZM&WJU0HXJPECY>HF.N=1T4Z,/
M/6FV2IJ;LC1QS$MP<U'(_P"Z^'^3E4M=J#_E8@$4/Z_=R9###^:?V)3J%[I.
MF>9H=%NH9)+.4!3.CJ7YL=F%#P]/)9J6C^5](M&O9VY6R?WDY:2@WIT;?":V
MU6WUGRK=^9Y+)#J$2254P?`#$R@,DB+Z<6Y^RV(Z7JTGGSRK>6>MJ;>Y!6%K
MM$/ID4Y^I)0<8Z\?]7(G59><LNPVE5_4>75/AQZ1\Q[ENGZIY1U"2;ZF8WCB
M-&D_>;>!/,<<*-72&W9!;SI<HR,WK1TXFK&@^';;+TOROI&@I.B:G%<1S#]\
MCNHK3JJT[,-M\*]5U"Q7T8K:$6T84JD,9#J""0/B2J],R--ED<WJEL!M9:I`
MT=JW%4]FOX^7D6)1_+;_`*\#^5H!_AG64IRY=O'">3SC9RZ6-'0>HJQP$$(_
M5=VY,?@KDI\D-#/I-\8J!6;Y?KQ&>A(#SE\F0CR2,:2W%2Y]!#T%-_H_:QTN
MC0\N(1I33[3UI^&2AK(>J30NW=V(H![=L72W!9C)]D'8#O\`/MF)/7Y`;_2W
MC'%@$NG3::\EU!Q5)8I(9TI0%)$*_%[(3SR.:!IT&D64EG;ZA#J/!P[/;AP(
MS2G!N8'Q?+.GZGH[:@7C+".`CBS=%I\NK9R[2=%U+0-3O8IXPUC<,Y4QT))#
M'B:?:'PY$RXY?F+X?HXP!Z?3+8REY6QD*]//G3-O->KZAI5AI9L(5F%R_&=F
MC]4JJQAAQ2C?;/PXAY\.M7?D^,:,2Q8JLKP+Q8QL!7BB_9^+DOPX_4/,D45I
M`MI`;B56CBN5;X?3BVY2*3^U^S@RS\W`I((M/<,C<268+'3MQ\<NR<,Q(<8J
M0%=1MNPC8HUR8GIMK<MISV-E:N3+"0RNK%MQ\18L*USG]GHNK&%8VMGC=25Y
MR"6-NNU.`Y9VF7S=JRLYM+*!12@(-"3\ZX67.O>8[DU,D:,!L`B,1\C3,730
MQX3+BRB<C5UT`Y.1J,WC&)&,0`%;=2P:#R?K5Q'ZDAF"+]HO$T@'R^L#?#"W
M_+R;AZUP3"I`96]6.$L/9(6!&'$\^O3DB>\DD4@_`9.(`_U:C"JXB>('UG8D
M;"K5/XYE>+#I9<>BK#RMH5N1]>U"V-17TW9[A_IY<TQ,0>2[$EA/++0_W=O%
M'&!_LOA;_@<C]]=PVZGTXZ<OV@.I^>1R]N)F:DLWI#KP4`MOXCMB,H/(7]JT
MS^Y\R>5+8'ZII&]-O4F8*3_,R*:5P`WGP(@2VLK.+B**WIJ[#Z2,@!C`8,O.
M1C^SU."!9:C+LMJZ@]'(`&2!)Z(93-YRU:Y^`W[1+_)"!&/^%I@&X>XOZL]Y
M))7KSE)!^@G"8>7];(JJBGN1_'*_0&M@U"U/>C#^&$B2IQ%]9@,9YI6/[!%#
M]_CA_97ES<,(Y$3D?VB>/WYSV>TU2W_=OR!IT4\C_P`+C+?4-5MW!CD<M'N.
M6YV_R3@X9'JG9ZO)$RC[77O@6XMXIHWAD(9''$@],(=!\V'47^JWRA).S]*T
M[,.U<D1HR%Z;=LLCBF=P4&02/2N:&?39F^.T-$8_M1M]FGRSIGY4@#5[VG^^
M/^-ESE\X9-?@*;-)`P=?$"E,Z?\`E0&&L7O+_?'3_9+EHQR`))V&S&P]3U#_
M`'@NO^,,G_$3GEMZ%VI_,?UYZDU'_CGW?_&&3_B)SRD\AYO_`*Q_7FV[(&V7
MWQ_2ZSM+GC^*MMF5P",0]0XPL<VU.N]R:%N28A3?$H9MN)Q<'!5,KM8=L;08
MJP';&$#%!"RF,<[4QY8#$7;),5,YJ9@*XZF%#5,PRS3*Q0XY663E8HZNRLV;
M%F.:A<1EE)7KA7)(RGB<.\++Z`@EUS!U>(@<</B[+2Y>+T2YA`ER<;7,<W7-
M423U<YV;,<V#K27_UP?GO_E+M5_XS'(_DA\]_P#*6ZK_`,9CD>&=1@_N<?\`
M4C]SH,O]Y/\`K'[UP&/`R@,449,H#J9=,O+I@2MIFIX8ZF6!BM+*8TXH=L:1
MBA185P/(M*X,*]\#S+MD@6)'5!-B9Q1^^)DTQF37<Y&F$>9W\G`9>-Y5RQD(
MU?>Y&0RHGD%PZ8X90QPRUP2[-E@9>*&J'*8?`WR./QK_`&&^1Q07U+Y=_P"4
M?TK_`)@[?_DTN07\V)"C::!WY_JR=>7?^4?TK_F#M_\`DTN<\_.&4QOI=.OQ
MD?<<Y4QXLDH]Y+T,#48GR#R?5&>1W6)_3=EHK^!\<`6_EZ]UF!;>WG6\O(OA
M=WD"&-?Y>'A@JXMVF<S23E0<=9>I8LS65S,CRD\G2@J3\P<.>$Y8H0C&5Q^5
M+$5*1-467^5O+]UI$5O97T44\$2%7H`02=PV^1[6?S"U33+NZLM"M(K&6*0Q
MM<PJ.94'?_)WQZ37@-7N)&;H3RJ<"_5&F=F<!*[L=N1\=\P8:7)`R(@?4>(^
M\MECO9Q<:I=V6@6FK(S_`%B^X+).\?%5,D9?]RX`J_\`-@?RGJLSZ3?WM]=3
MF\M)&$4CRJ`5XEJND@+2?['(P-/@D6DSR2A!\$;.Q5?DO3!$>GCCQ@M7/(`=
M&WV\,$=)G(HDW?/;9EQ1OD$U\H:PMUKEZ-1NPUL\:3)]8G$*<R_Q%6D-!Q7]
MG`,.J))YLM]0NY/6M0[I*9"60I6B[*1R7_5P3!Y8OA'R6Q92XVY+U]M\$0>6
M=6J$^J%>^XR7Y+)9]1WZ6-D<8\D#YHO+35M25M+=E2WD5X2$=46AW]/F2R_?
MDTU+S]:QV,UK82O),^Z7$:>D%.VW!A4_ZV1R+RAJY<R>D*G<U:F*'R=?LY,@
MC!/<MTR4=%($$SY`CF>O?WH.0;I!JFM-?7CW8B;E)2H)!W'OFT3S'?Z#]8,0
M:7UB6]&9JHO?]V!3)&?)%SRXO/&@/\N^"$\CQJ`LES'0]2!OF7*,IQC"<Q4>
M5!K'""2!S>:QZ3%>7CZC*BAWD:8$UV9CR[>%<-_,>JW.L"&&XM(XH85$:E"]
M'*C[;<V;?_5R:#RE8JY$MPY0;<$6F#H_*_EZ$!WC>5Q_,:T^64G28C(2E*S'
MEMN/BS\0U0ZL$DOM7N-,ALKED-K;K2)`JU(_RMJG`T<VI2VK:?)<CZ@AYI;D
M*%#?,#.DC2-#/2$@>Q_AC!I^C)4+;K2OVC_'$:;"!6_P7C+S**WO9(9;59Y1
M:N=X5;C&?F@Q46$\<#PV[2%=N:QLP4D=*@&C9TIH+.($K&@6E>--J99]&).4
M815Z$%1OD_!P_P`T_-'$7EHT"_NR`EN[$CHRT'SKASH7DZ17/Z36JKNB"AR8
MK>,E2_$J>G;$FO`M6(Z_RFIR58P*C`!&ZC=VL8B6"%>*`;&E#MXY,_RWA6*S
MO$Z_O!4'(6]S%(I-&JP-`<G?Y>ORL[D&NS@;BF1,8".PW3NS#@G\H^[-P3^4
M?=A;=ZI<17,UM:69N3;HLDY]0(0'Y<>"D-S/P-EKKVF"W2[GN$MX)!&4,K!6
M_>J70,I^RQ53D*'<C=,2B$4*@CP(QIMX":F)*_ZHP#=:]IEJD9^L))),(VAB
M1@6=9"%5E'A\5<$6^I:?=SR6MM<QRSPU]6)&!9:'@>0'^5\.&A5=%5#:6IK6
M"/?K\"[_`(9?U:WIQ]%*>'$4_5C([M);J6U`(>$`L>V^()KFCR)+(E["R0T$
MS!Q1225'+P^(4P<([@NZ*^JVW^^8_P#@1_3-]6MATA3_`($?TP(=<T=8XIFO
MH1'/7T7+BC4Z\<M];TB.26*2]A5X*B92X!0CKR\*5QH=P57DL;*92LEO&P/6
MJC(+YQ_+[Z[;/<Z"1%<**FV/V6I_(?YLGEM=6]Y$)[659HB2`Z&HJ-COBV1G
MCA,5(`I!(Y/EB_M;^!)UDA820GBZ.*,K=/L'"2V\L:XLB7U[8.;-GY-(#7ER
MV7/5VLZ.-3LY8K:06ET_V;E45C4?S5'Q#..^9(?S1LTDTU'@=`P"W<"".5U4
M\@P#<U(/0_#E)Q2Q>$-/C$@9@9;._!U,67%Q7Q&MMO>D5K9%55;739.G[*5-
M?NQ0W%Q'(ZFQFK'56!7H>]13".YT_P#,%WI/)=LQ[I3_`(U`P,UMYKB/IO#+
MR'5F1B?FWQ9EB4?YHC[[+#XVF;:_9.3S#H`>)''N.V(2ZU:,I5"T48/Q,1OO
MA936%(^L(&<DBGHFM1X;X^NMN"JVLA/5>G$^Q7CDS/$.1O\`S?\`CR[_`(*H
M=:LH*FVMI[E^AD"$+_P9%,);Z>:_D#F%+%-P6J#(P^C#(Z=YANR`+.2,D4YQ
M[+OO1EQ2'RAK;`EPJE?M$*1L>E:DY"4Y2VB/L2E%NB?65EW2*+XB]-R1T^>2
M^RUJUCM3).6'#[(*FI_U1WQEGY.U26+@_P"Z(I1@.7(_/MA]IODR.W/J7&\J
M[J2>0V\!VR>+Q(\1.Y/>Q-))IT,EQ=3:K=IZ<LHX6\)ZI%_E>[9TG\K(W&K7
MKN*`P[?\$N$#6%O$"5Z@]6%<EOY=H$U6[H:_N>W3[0R<OH-E'5Z!J/\`QS[O
M_C#)_P`1.>3Y-I''^4?UYZPU`TL+H_\`%,G_`!$YY/E-97/BQ_7FP['Y9??'
M]+K^T>>/W%;FS9LV[KV@:&N+K-04P,YH,<-P#@O<AG*-PC,=32+]4'?&F3`X
M)RR3AIJW7L^)DYLV%"]1ME$Y>-.*&CFS9L4.S9LV%#LK-FP,XNQ.=`\9&*9C
MTR,@)1(/5OQR,9@CH6/NM"0>V,J`,7O/AE88">0#YYSV4B$I1[G<QW`+;..0
M'N,V!RQK7-F/Q[LZ?__0!^>S_P`[;JO_`!F.1]</O/G_`"EVJ_\`&8X0+G48
M?[G'_4C]SH,O][/^L?O5EZXH!C%Q^3*%P&7F&^72F!+J9CEYJ8$K:9J9=,HX
MK2QB,#3=,7<X'E.2#$H%^IQ(]<6DZXB>M,&3HY6EJB['KC0*X\8(#>V>:0X:
MM<,=E`5QX4Y:X).[67FI3*Q8VW[8R3[#?(X[&N*HWR/ZL*'U+Y<_Y1_2?^8.
MW_Y-+D;\_>7K;79K$3R%/3Y<>.23R[_RC^D_\P=O_P`FEPM\U,4-NR]16E17
M.5LC-(C^<7HH_1'W!YVGDC1%?C+*S`=!RH*_=@N'R[Y=M6'IVWJ&M-_B'\,,
M_6G!^V$_V((QI,CR<N8--_LCKEO'(]2M(J/0-#EC)-E%4"IJ*'')H>BQ1AQ:
M0D'HO&I^77`HDDI168-V_E^[%`\O$5?<?<#D>(K2+%K90('@M%C;IL`*#PI@
MH3CTP@C7B.G2H_#">5Y44,YJ3UWVP1;3,JU=`6Z]-Z>V._5:34L_I`FB\>A'
MO@::0J>C$'N.V(2WDSJ%CJHKUK5A]],"3W3,>$LAX]S3;%"*6C<N3'CT%=OO
MQ*1DC6@)8UH!@&66"A]-VH3V&]<1]9VHW)G)Z!A3(LJ1DTS*E5!/C@<W#E0`
M5XMT)P-)<S`'9=O`TQ.*Y41JDR<U-2"NY!P%:1;2^DF^YW^=#@9KI@H4@T[4
M_CB$LJ@DQD?ZI_I@:2_F0!O2Y"M`*?CC248;HBOPBE?#$'G?<+N&W%=AE&\]
M;XD45[JW7$FN:FK1J#WR*MFYD8U:E.]3TS2SF5*<@BKL`36N!VNE)IZ=/==\
M3,P!)1A[UZ_=BE521%!(((/48UV4`!/B!_7@>2<$TV'CMB+-*[*Z,*#K4;?=
MBJ,,LBT79:?9\<Z)^73R/9W7J?:#CM3.9,\>TAI7LQVIDHT?4;NU\C^8=0LI
MC%<0J6AF78J1W&(B9$1'4@?-!-!Z+=:9?-=SW5C>);FX1(Y5>+U?[OE2GQI3
M[9P+)Y:XI&+6Y]-XO1"-(@D%(8WA^)25KR$F<!7S[YR-!^F+@GPY'&GS]YSK
M_P`=BX_X+,P]FY17JCO[VKQH]Q>_#RP8R%AN@L,B6ZW2F.K.UL%5&1N7[H%4
M^)<6TGR[!I5_<WL?IDS\]UCXR4DE,Q#R<FY_$W\N>?/^5@><O^KQ/_P65_C_
M`,Y4_P".Q<?\%C_)N3^?'[5\8=Q?1KZ?>#4&O+>Z6.*7B)H6BY,0O7C)R7C4
M?Y.%4'E`1B[$D\<IN1']J$4)BD>4-,.?[TGGQ/V,X)_RL'SG7_CLW'_!'-_R
ML'SGWUFX_P"".5_DI_SHLO$'<7ODOE%)XX1<3I<21AE=IH0RA32BPJ&7T>--
MOMX.N=!AN+2ZMBR%KB9YPTB!U!<@\62J\UV_FSSJ?S`\Z?\`5YN*?ZQQO_*P
M?.H/_'9N/^"Q.CF/X@OB!]+Z78R:?:_5Y)S<-R9^9`4`,:\$4?91/V<&YY;/
MY@^=`/\`CLW%?];&_P#*P?.I'_':N*^'+(G23[PGC#ZFQ&YM8;N,QS+4=CW'
MN#GEX?F%YU'76K@_[(Y9_,+SK_U>KC_@CB-+/F)!>(/?+G09D?@JF5*_"ZK4
M_3O@"3R\02@M)"A-6*H-S[[YP]OS#\[5VUJX'^RQA_,/SP?^EU<#_9')\&3D
M3$KL]O;RXP/);&6OS&,_P[<E_P#>%^E>1I7.(G\Q//(I_N:N?^"QY_,/SN/^
MEW<?\$<'AS_H_:M![+/HNII$1#IK`FO0`G]8Q6UT+44M2[V;JY&T845K]^<1
M/YB^=ZFFMW/_``1QI_,CSN%/^YNXJ/\`*./!/R^U:>U1Z3KHY,+%TKW8`L3]
M^V,_06M**BUE+O\`;:@/W"N<./YD^?&/(:[<A!M3F=\>GYE>>CUURY\?M'(\
M,_)-/89_+VJ"0-^C;F4M]J@`'Z\D/DS2M1L;Z>6[LS:QM'120!4U'7<YP!OS
M*\\`_P#'<N.G\QSI'Y+>;/,7F#6KZ#6-1EO(HK?FD<IJ`W)17\<$Q+A-TM/9
M;Y&DLKF-`6=HG55'4DJ0!GFQ_(WG$NQ&AW6Y/[*^/^MGI.^=H[*YD0\72)V5
MAV(4D'/-[^?/.`=@-7GH"0/B/CF9V9XU9/"X.8OBOSY<+A:[P[AXG%UKAK]*
M4ZEHVK:,Z1:M9RV;RCE&LH`+`;5%"<`X/U36M5UJ2.75;I[J2)>,;2&I`K6@
MP!FZAQ<(XZXNO#R^UUD^&SPW72^:U^AS(:C-(?AQ.-J&AR!E4QYBG(AC,L![
MP;"MEY6;+'&(;S=\V;"Q*_MC#C^HKC,6#LV;-BAV;*S8L@++LV;*P-PB[,<V
M-<T4Y&1H$ML(7(!(-2D_?$#`%:X(OFY3'`V<QJ)<669\R[B(J('D[-FS94E_
M_]$#Y[_Y2_5?^,QP@4X>^?#_`,[?JH_XN.$"=<ZG#_<X_P"I'[GG\O\`>S_K
M'[T0G3%!B:8H#3)%0O&7UQ@..&19+LV:HRBPQ2XXQCE,^)LV$!B2T[8'D/CB
MC'?$)#DPP)4'Q*@ZXHYQF,A=.1@D1$UM;>.490&^+QI7"PR3/)<B8J$QZ)3%
M*9$EK$4.8\39:8*(Q-E&$%2$-2IS,/@;Y']6/(\,S+\#?(_JPVQI]0>7?^4?
MTK_F#M_^32X3><BH-KR!KO0@TPY\O?\`'`TK_F#M_P#DTN1SSZS*;,KN?B^&
MG7.5/][+WEZ&/TQ]P8YZP6H0GV'7*$]*U%*[[X`%V5((C>HWIT&*RWT+)P:$
MJYWY!A_7+-DHZ.2E>I'L:?KRWG--T=3U`V(_7A3'.`34-Q]Z']6)-J[*QAI\
M(^=?QQ\RJ:M.&7@:[FI/08-^LL`JGH!3DO6E,CPU=0Q`4-[=/^)8)&IM(05@
M6M-B&_MP7:TF[BY4<HW+QG]E]_UX$E9AU!`/@:BORP.EY<257T5%.@+G^N5<
M22\>0B0,*?M')4JV262&E92U3NIS2:BW`4C`[;G?$"UQ*#QC3D/<X&FC<)^]
MX!MZ4-<%%*NUR2U=U)^5/PQ`SE33G0'Z","L9A0HRT`\,3>6?9F*D'V_CD:5
M&23*4-/BIML!7YXB92HJM:CJ.YP$]Q*H-64'V%,0$\C[^H>0Z@#KAI4QFE<A
M2"?$=CCH[GJ)=CXUPM>63X:$G;>N-63?BPK7H<%6%3#U'5JK3Y5V_#$9"5:K
M,:'H1TP)S)/PL01E_6/AXL:CN,:\E53,O:IIX]\;),"H*DJ3]XP(9@#PH2/I
MQ-[KL%-1VQX510EY5+GE78@_KIDMTNG_`"KCS*J]!&<@7K`OOL>P-<G&C,6_
M+GS/7LAR4!ZX?UH_>@\C[GEUE:W-Y<Q6UHGJ3R$+&@(%2?G3#J3R1YIAE,<F
MG/R4T8<DV/\`P6)>3O\`E)-.!%095J,[7J1D^OW)VIZAI3K3M7,_6:R>"<8P
M$38OU`N.(@@W[GBC^3_,JBITZ3[T_P":L8GE#S-.W"+397?P''^N=CYO3[)]
M_P#,8/T)B=1KQ*[5K78BGZ\Q#VEEESA#X7^ME&`\WA\ODKS7"*R:3./H!_4<
M"R^6/,46[Z9<#Y(3^JN>HG=N;*&VH#UQ*2Z2VCDGGF$42;O([<5`]R<B==/K
M$-@QA\N'0-?'_2MN?^13?TP,^E:NAHVG70/_`!@D/ZESU7;W\5Y%ZUI<+/'T
MY1N&%1VJIP)+=ZF'G5-JK6V!).X^USID?SDC_"/FRX'R_P#H^_`^.RN5^<,@
M_P"-<;]1O0*?5)Q\H9/^:<]-W%]<QHJN5DFH2?45J4KVVZX(MKB*:-3($$AZ
MJHV_')?G3_,^U'!YOE@VUR#0P2CYQL/X97HW`!K#(!_J-_3/5C6ULQJT$9/B
M44_PQC6EF10V\1'^HO\`3'\Y_0^U>#S?*11NZM]QQ)R`*,P7Y['/5C:;IAZV
M5N?G"G_-.(MH^C,:MIMHQ][>(_\`&N#\V/YA^:>'S?*QDC7]M=O?&&16-!(#
M].>IWT71"*'2[/\`Z1XO^:<"MY:\NDD_HNVW\(D'\,'YH?S3\UI\PET`V8??
MB;%20.@\:YZ7?R=Y7=BQTR&IZT4#]6!9?(GE&1N3:8E?9F'ZL?S,?YI33YP*
MJ!MNN-)'*@VST/-^7/DN84?3.G\LLB_J.`9?RM\FNQ*VDB`_LB5S^LX_F(=Q
M6G@'VB?;OG7/^<?*_P"(M2K_`,LO_&Z89ZE^6GE"TLY9(XI5D6*21/C8@<!U
MK7WP!_SC^!_B'4B.IM?^-UQ,Q*$JZ*]]U'_CGW?_`!AD_P"('/)S_P!X_P#K
M']>>L=1_XY]W_P`89/\`B!SR<_\`>/\`ZQ_7FQ['Y9??']+KNT>>/XK<V."D
MXHL6^^;4D!P8XY2Z-0V<UT>,8V[G%9-#NHTY#>F],E_ES35F@Y`?/#J;2:*=
MNV8\YQ,J(9',8;"?+I3RL<E)1Q1AV.7A]YATOTG,T>Q'7(VLXKQ?8Y:,@%`\
MCR*1#Q090YCF/TA6S950<O++:B".87`]LK*R\+5(479LV5BH#LV;*P-L8NS9
MLV!L#L"W4O%#B[N%!PFO[FH*C,35YA"!W<O3XR392Z9^;DXGF[YLYXFR3WNP
M=FS9L"O_TBOSZQ'G'5O^,QP@1QAU^8#@><M7'_%QR.ALZG3D'#CH_P`$?N='
MGQ3CDF:V,B4P1ZXJ#@!):8NLOODR&H'O18;-SP/ZF;U,%)XD1SQA?$3)E%SA
MI'$J%\39L:6QI-<-,;<S4&(NU<<QQ)CA4`DT%C&N4,HFIQPZ97Q7)V$<7!`7
MS7H-\&1C;`B=1@M2*9,N'+ZE48X;XF#X99:F16UQ(Q)CF+Y0'+#2"6E7-(M$
M;Y'%U7&3#X6^1QO=:V?3'E[_`(X&E?\`,';_`/)I<Y;^>6I7^GOI`LIS#SY\
M^--^OCG4O+W_`!P=+_YA+?\`Y-+G)/S\%9-&_P">G\<Y:7]Y+WEWT/IC[@\H
M/F'7#UO7_#^F5_B#6CUNV^Y?Z8`XY?''?O9VCOT_K)ZW;_AF;7-7>G*Z8D=#
M0?TP%PQP3)")1:-&N:M6OUDU\>*_TQRZWJP8.MRP([@`?PP&(\4$>61QR+$R
M".77]:4DB\<$]30?TRSKVLLW(WCD_1_3`8CQPCRZ."1Z,#,=Z+.N:P?^/I_H
MH/X8FVJZDYJUPQ.(\!FX9;^6EW,?$'>KC5]47[-RP^[*.KZH10W+4^0_IB/#
M*X8#II=R1D'>J'5-1K4SG[A_3&_I;4ATN"/H'],88\:8\JEAD.C(3'>N.K:E
M_P`M#?AB9U34:U]=J_1C3'B9CRB4)!F)!>=3U#_?[?AC#J=^.D[8F4QA3('B
M\V2J=5U&M?7:HZ=,:=5U$FOKFOR'],2*8PI@L]Y54.J:A6OKFHZ&@SJGD*XN
M+S\MO-GUB0N0*`MVSDA3.K^0!3\M/-WRR>(GQ<?]>/WHE])]R1^3T4>9M/"F
MM)`<[%J);Z_<5J?WA()IW[9QOR82/,VG>\@&=EU"IOK@G_?C?=F1VJ?WT?ZG
MZ2X\/I/O0G)AU/3N*X8Z.TPNF]-0T@4F,$[';H<+R,,]"_WN/^KFN!W9QYA/
M8&N6-;M%27@.2H:@&N%7FG3KW5M%GLK#@TQD1S%)LLBH:E*]B??#@D^N_AQ'
MZ\M#]KYX9"Q3:-F-^3M%O-)2]GNX$LS>.&2RC;FL84?S+\/Q9)N]>_;-E5P`
M4*"2;W:=$?[8#=M\9Z40(8*`1WQ2N-KBKCC#CL:<50ES+=(DGH0>HX!].KJH
M8]NN$PB\SQ)"[SI<.SIZ\:\4*(*^H`S;,?LY(#C#BJ33-KWUVW]-%^IL&-S\
M2\E)%445^UQ^SE6+ZV3*=0C1:#E"%8$&NY1J=T^QRPW;$SBJ36USK9GC6^ME
MB@'-I)$;F6J3Z:*J].*_:PSY<A4=_'8X\XQCBJQL28XH<2.*I3YGD]/R[?R?
MRP2']60C\@5X^8=2_P"87_C=<F'G.3TO*NJN-RMLQI\RN1+\A=_,6I4_Y9>O
M^S3+\?\`=3/FA[QJ/_'/N_\`C#)_Q$YY2<`2/_K']>>K=1_XY]W_`,89/^(G
M/*$C#U&_UC^O-GV3RR^^/Z7"UA%PVL[MAPN]*Y?KBO3$2:Y0S;4'#,R`>GN>
MA^3K^(IZ=?B'5<EUW,B1\Z#?J,X]I]Q=:?(+J,$*.ON,DZ^:H;B*CDJW@<HR
M8;EQ1<$B7$3(;%?K\D<BL0*5SF]]1)S3H>F2;5=6C<'XMOGD1N9_5D,G0=!7
M*]01'&(D[W=.=HH'C,@/2(U:HMPR]#7QQ5;WL1OA<)*9B_AWS%&ID.1=@<43
MS"9_75QZ7B$@':N%/('*Y$;UR0UDP;NV$M-C(HA/PP85!R\)H;MHS3J.]<&)
M?(1N:',O'K,<AN:+B3T1!])1N5B`N4;H<4#URX98'D6'Y>8YK\HFF-+`8E)*
M.F1GE`'-LAAW4;ES0TPHFB9S7#.0JQWQ/BO7MFNSP\4[ES8'A2EH&&,*,.HP
MW,:G;$WMP1F)+2'^$VV#(.J59L&-:'F*#:HS9C^#/BX:++B%7;__TR+\P@/\
M::O_`,9C^K(V&IMDB_,/;SIJY_XN.1D'.@P&L<*_FC[G$R"R0>]7#XHKD8%K
M0XHK9DPR]).)ETU[QYHH.3CPV!PV.#^&6\W#E$Q-%7KFKB//*+XTQ5BPQA?$
MRQQM<-)`)V"\MB3',6&,)RK)D`V'-SL&G(]4@[D,>N,`QXH,J@=W)D!2HFV"
M5;;?`@.+*V9'-UN05)7Y;8TOB9;&EL:8+^5<6BQ!1@B/$J.:(&PQ&<_`WR/Z
ML4+;8A*:JWR.1'-D3L^F_+W_`!P-*_Y@[?\`Y-+G)_SY%7T?_GI_'.L>7O\`
MC@:5_P`P=O\`\FESE?YZ+RDTC_GI_'.:$>+,1YEW@-0!\@\7"8X)BX3'!,R8
MZ<GHQ.10"8]8\6"8X+F3CTDCT:I9@.JF$QX7'A<46/,W'I8QYN+/5=RD%RPA
MP0L6*"++Q&(Y`.-+42/5"^F<OTS@OTLWIY)AXLN]">F<HI@PQXTQXJ,LN]!E
M<:5P68\3,>1,(GF&R.HD.J&*XQH\$E",85S'R:2,OI<J&J'5"M'B9CP85QA3
M,#)I".CE1S`]4&4Q,I@TQXF8\Q9X".C:)H,IG4?(HX_EIYM_U<YN8\Z9Y*''
M\M?-G^KD(0(R0_K1^]D3<3[F->3&_P"=FTVG^_1G9[VAO9ZG]LYQCR<Q_P`2
M:=Q^UZHIG9[L<KJ8D"O(UI_7+>U+\6.]^G]):8#8[5NAR#3VPPT3:\)_R,`%
M:'8T^>#M+B,L[QR5`9*5!H>N:X<V8&X3N</]M'*DE5V/O@3TKAI)/]*D3B_%
M0K`U%`=Q3!7HK!`D*$E59:%C4]<:J-ZTK,.2F0E:K3:@Z&N^3MGU"'N(IUXT
MN91NJGBP%>7?ICFM9@I874I--@2*;_1@AXEE?X@#Q*LM16A6N^/'P\5)K4T%
M-L%FV6U>:"BCDD)#32KQ9EZ]0NU:^^5-&R-&G*1@]5+#J*#'V\='D#*E3*Y'
M$GN>^W7QRI4+O$Y4-P9MR:$=>F"]K9<(LB]A>ZC<6@$9<,Y*@L0#\1XBH`^>
M-CM(^(DY2`@<BK';<5I@N0%H98N-2T9HM>M=OM=L3C0I&`5*U"K0FO:F&]T4
M*OJA([=&>1/4E4JY0&NQ%`:_CE2I&)DC+O\`&I:@Z;>^"8XRLLQH1RD+`DU!
M%`/NQDB$3J0Y`"T"@BGW5P6M"_A]J&G@AC](,[4D<(#4DDD$_1TQ.6VMUC9Z
MD"E:DDT-:8*N%)],^H%HZDDD"H`.VYQ.Y(6W>LBI0"KM2@^(==\;6AM]J'^J
M0<*[]#4U/85Q*&TA=`W[0WJ&-,%NZ>DYYKNK$'L!0[GVQ"VEA>)&CDC<$"AC
M.Q\:8../60YUSZ]WO6O??Z'/:Q4.Q^\X07VK:?IFOZ?HMQ&[W&J,1;LM>*@=
MFR3/T/CA7=6>ERZO9W%S"KZ@@8VDA'Q+QIRXG";1LDOGM4A\K:@%J#(O"OS/
M]F$WY#J%U_40/^6;?_@UPX_,5^'E>X'=W1!]-<*/R(4C7]1VH/JW_&ZYDXQ^
MXF?-B>;W34?^.?=_\89/^('/)DA_>/\`ZQ_7GK+4MM.O#_Q1)_Q`YY`FN"SO
M3LQ_7F;V;D$(Y/.OTN/J8<1C\42TB+L3B37--QM@-G)ZG$_4'[.9LM0>FS4,
M$>HM,IM5NY(_3:3]WTH-L"&Y;L37`I8GKFKX91XI'(TV#&*Y+I9G/VC6N!RQ
M.9WKOB9;,3)EL\VV,:#;-F#C&,:XF6RGB(+*D16O0YN1'7I@8.5Z8X2^./&M
M*_*N;EN!B/J#N,4A/-JTPB1)`!YK2+@Y=<&JY`ZX%2M*#;++$;9L<9X8@-!W
M*L\Y.W3$6D-,94]\;6F"60E(BNY;YB<;E9#B*:7@FNV6&-<3S5\,>)>%4J*U
M/7-C,V'B13__U"#\PA_SNFL5_P!_']61GV[9)_S#'_.Z:O\`\9C^K(SM].;W
M$?W</ZH^YH(%EP]LPK7-3?+IEP#63W-ACVQX;&TS'+!(Q:I8XSYA?RS<AB>4
M3B<],1HX7U52V,+^&-ZYA3*Y99RZT&^&#'#D-V^NYRQE#+]LB.\LRW[Y@<WS
MS8>)!"\'MCP<2QP/;+H3Z%HRXA(;#=4)S#&5^['9;;AR@1M5*JD8JCX&QZG"
MU$4B>=<:XJC'V.4HQSD!&^1R*^]]-^7O^.!I?_,);_\`)I<YA^=ZU?2?]G_'
M.G^7O^.!I?\`S"6__)I<AGYGZ2VIMIY45]/E^.<_I>'\V.+E<OTNXSR,=.91
MY@!X-P]LOC[9T:?RC:6>D'4KJWD]..(N\JL-WJ0%XDY'X;[RT@5GL)R>_P`2
MD'\<W$<V*B<>.4Z/":X>8_K2<']\?JE&-CBWOE\`QM8RVP!)\!O@F"PNIS2*
M%W/^J?XY,K?7O*]K&K-83Q\ALRB$G_B7+#6?7O+]J8%:211/$DZ@J-ED%5#4
M[Y5DUFI&T-++?E9_1%,<..6\]0/.A_Q3#(/+&JR4K$(_]<_TKAI;^3)FI]8N
M`G_&,<OUTR0KYB\N[$W8C!Z>HD@_4N"%\Q>60-M2B)\%CE/_`!IF'DU?:)Y8
MI1_JP)^_B;HZ?1CGD$O?,#]256_D[3T`]9WD/SX_JP2/*&C'M(/]F<,H==T&
M=@D=\A)-!567<_ZP&"C?Z8LK0M<Q^HFQ!=1_',66?7WZCE!]Q'V-XQ:6MAC(
M]X/VI+_@S23T:4?[+*_P/I[?9GD7Z`?XY*;86MP:0312-2I5)$8T\:`X)5;4
M$KZT=1U`D2H_'(_G-8-O$G\4_EM.?X(_!AO^`+-NEY(*_P"0I_CF_P"5<6[?
M]+&3_D4O]<G:);?[]7Z&7^N"8XHF/PN&^5#C_*&K'^4/RC^I?R>G_F#YG];S
ML_EG"?LZB_TQK_7$V_*]V^QJ'WH!G44M/`8JMD:5ITPCM+5_ZI?PC^I?R6G_
M`)GVEY*WY5WQ'P7T9^8I_#`[_E/KA_NKFV/NS,/^-<[.MIX_37%%M#VZ9,=J
M:L?Q1/\`FA'Y'!W$?%X=)^4WF9159+9_97;^*X';\K/-H-%AC<>(;._"T`]\
M>+<CIDOY5U/40/\`FJ-'C'(R'Q?/C?E;YO`J+56/@&&!V_+/SD/^E:S?)D_B
MV>C1!3+*%17[\B>T,IYPA\C^MF,`'*4GS1)^77G-.NC3D>(*'_C?)CY>T+5-
M(_+WS1;ZG:/:R2J2B24J1[4)SH^O^9;31%$883WC5X6R&K?[(]$'^MA%!J&H
MZ[Y8UV2_92S@B*)!\*+_`"@]6^G(1U7'.(,(BI`[7T+(0K:R;>3>4K1D\PV$
MG&E)!G6;IG^LS-WY';PR)Z-I1M[V"?B:(P)-,E%Z0+N8D\?C-3O0?=DNT,HR
M98D=(TO!P[-+,":';V/089Z13ZV:#;A_'">M#\5"#T(PUT*GUM^)J/3_`(YA
M#FR">R;J/F/UY"]4\P:I;>;X=.AE46KND9B910AS0[^.3*ZECMX6FF8)''\3
ML>@`[YS.?5?+NJ><;6\@U2,J[*45@?B=33TUVK7_`%L+C:Z.HE''^7)!&2)E
M1KT?Q/2XF)YDTKR(VS2F@!'8U^X'(WKOG/0?*TOU;4I_3E<>JB`<J@^/&M,N
M'SKH-]Y?F\PVLQDLK8D3;%6##8I\5-\7,8SY9\SZM?7NM17=RTB6MP$AH/LJ
M:_#BOF_6M0T_5/+\-K=R1QW!8S(C%?4'J<:L.],+O*7FSR-<:Y^B-+LYH[G5
MI059G+<I*%FYU^S_`+'$_-WGSRIIVMK#=Z<;VYTHF..0-3B":N%'=@?YLUXT
MVH_.:K,<G[O+CX,<;/HEPC?AJH[MG'#PH1K>)N1[]V3>8-0NX?+VKW2SO%-%
M#2.530J>6Q4C$/)6H7E_I&D-=M)(\D8>29S4%@YV-=ZTP!YG\\Z'IGE^RO\`
M]'B>'5UK]2FH#P'[3<?@.^!?+/YBV&HZ'J=Y%IRV?Z&C1PJ'X6Y,0JBGV<QQ
MV;G_`"FFTYS>O#E\24KEZA9]-_YS/QH>).?#M*-`=RAY2U;4;G7/,D-Q++/%
M#=*+>K$A020RK[#!6LW%TOY@V$$/-HULD:4;\0K5J:^.$GE/\T%U7S'!I,.D
M6T$5_)1I(P%8'JSGC]MO];"S5?S<U>#79([#3H9(DD,,+2(?49*TH2@_5F1+
M13EGU>;Q-M3C\.(_F>D1XOL8#(!''&OHEQ'S9/Y]>\.GZ/';([W!O$;B@+C8
M_%7;[/\`K8.\W+=2^5-2BAC=Y9.*QJ@+$GFI6@R)^>?S$\P:5J"V6FQK'&L4
M3S$IRI+(.14&GM]G&Z]Y\\VPZ!I$L41@U*[CN)[ND94K''((D_=D#C]K[6''
MH."6CD9W^4B1R^OB%7S]*RRV,HK^\(^#-K>/4!Y>G2XB+3FQ9`H!Y%VB*D4_
MUL#^1;'4;/1M/BU"$QR)'0JPW&Y(R#_XN\\R^4!+<<OTA<7@BM)>`1A;I`96
M;:G.K+2KX?\`Y6ZAYKO/KEUYC=S8F(&S,M`2_/XZ#[?V<$>SH1QQQF=\.?Q[
MKG+^:DYB9&5<X<'P>CRGB`3XC"FZM/K>MV%Z"3%9I)NM"O)P/M'Z,2\VW%TN
M@7(TRKW<O&./B"Q`?8MMX9S_`/+G0_-T&NM?:O<3+8HLJM#([T=R!Q;TSMFP
MXB-QU!'S:9`'8]X/Q!L,G_,P@>7%6N[7,6WM1L"?D=_QWM0_YAO^-UP;Y^C>
MXTV*$J*"8%2=Z@5S?DY:M;Z[?L0`#;TJ/]9<SL1'Y.7?982OC#U_5/\`CFWG
M_&"7_B!SQK+*?4<+L.1_7GLK5/\`CF7O_&"7_B!SQ@_]XYZ?$?UY'32($J\E
MF.3N7CFKW&,)S%J#PR_C[V*\GOB;OL1C&EKTQ(DDY5/+>P2`N+?=C:YLH],I
MM+1:F,KF.8Y$E+6;-FP6K@*D##&VCH*G`4*\G`PUB0*M<RM+CL\1Z,,AH5WM
MGX1[XF34X]MSB=,RY$M8:.5OMCJ8Y4+&B[Y'A)96LW^>*);R/2@.#8+0#XGW
M/A@H*`*#,K'I#+>1H.-DU4(;#<I>MBW<X[ZB?'!^;+_RF/N<?\[+N2\V+5V.
M;##-C^4QI_.'N?_5(?S#-/.>K_\`&8Y&-\D_YAC_`)W/6#_Q<<C0&;["/W</
MZH^YQI'<N4''_/-TS5R_DQYM5ITRL:3E;G*S-F(MDYNN89>0YLG#+]J9LV^%
M%NICAE;9JXVM-YJ;^V5EXVM.QV-IXXX#)`E!`7#+!QHQPS(QG9QLP[EPQP.-
MRQEKA2H*R-7+?[#?(XFIH<4)^!OD<##F^GO+W_'`TK_F#M_^32Y6KVD=SZ9<
M5"UR_+W_`!P-*_Y@[?\`Y-+ABRJWVA7.6,C'+*0[R[WAXL8B>H#SWSB88_*]
M_!&P_=@`@'IWSAM.4+R(R_NZ$U/CGJR2PLI5*R0(X;[0900?GXX67/E'0KD[
MVD2#NJ(H!_#,K3ZWPL<X4;G+BX@>7P<?-I?$G"5BHBN$A\V7$\=Q#`(R.2+\
M=%"T)_XEACJHB]2T$U:_H^W$9'0/QV+]^'^KG=O^5>^56!$EBK%N_3_B-,"W
MOY:>7+THSQMRBC6&*IV")LB[4^SEV+78(0CC`RT.+<D&7J[BUY-)FG(S_=V:
MVK;TO`XJ&UG%Y(KSJ1]5,?.A'[7(/TQL#%)`>?#K\77Y9VD_E)I))(91X;-_
MS5@<_DY8NQ+7C(.PB%/^)<LNPZ_38XF!GEG9NY^HM>729YR$N#'&ND?2'DL4
MQ<0QLP)]85%-R.M:_/-J2*VI3`@"K`5^@9TV7\H3#,K6LLDBHP/QN@K3Z,`Z
MA^56N7%Q+/`517-0'=6(VI^SEP[0TO%?&0*/.):CH\_#7#>XZABGI1>7)!.1
MZJW*/#17"L-E/(-&1XY5Q8-/`=7BN2C7%9C`(Y0JBH6GKT]+EO\`9Y9+-,\@
M:GIDLKWDK.7B:-5CMWEXEN]6#)@"\\C>8;F>8VQE]"1RZPLDL:#_`&)^#*8:
MK%XG]\.("/%D(_O(V?1P_P`/#_.;)8,G!_=&M^&`/T'^=Q?Q7W('4=!O]+U/
M3[&\G(6\4N&A>3[(W_W8<>L=G5@+G4(B"1^ZE';YG&MY4\V6%S%<RQ&5H353
M-(2H'2E7.PQ;A=PU-QIUN2:DB&<$_<6.8VMGJ9C'^4U.(D`\>\(\1O;TRMEB
MA`<?B8IBSZ;$C0KOBI_O8S6'4=1I_E2@G]>"8[S6$IZ&K7*#_BPAOU8C%(DA
MI^C[MF_EADC/ZU..=YHNNCZBB_S.JT_!<P;[8_VK)_RI+=6F_I1_Y6!&R:OY
MHMK2:ZMM=,C0+S:)X@:J.M"RTPL3\R/-Z"AO0WS1?Z8VYU`+9W,?U:=6F0Q@
M.A%*]R:=LBI(78FA\#FW[.PY,F$G6X,8R<1JHP^G_-<74Y>&8&')*JW]4N?Q
M9>GYF^;(R3]85J[FJC^F&"_FOYAC16Y0S2;51E8?/IMG/^0\1FVS+.BTQ_R4
M?@*:AJ<X_P`I+YO1U_-_713U+*W:G@S#^.#[#\T]0U:YCTR2T$!N:IZT1JPV
M[<]LY13#CRK_`,I!8?\`&093FT.F&.<AC`(B2*)[O>V8]7G,X@S)!('(,\FT
MQ;=)KIX9HI"W$F9@_+?KRW;#KR[<0KY=UEB?AC^W3>F"/,EM/=VBP0MP9I!5
MNX%=Z98TI=-\F:I;VT99WC)XC[3'.<Q#]X!WT[@\[2*VU5)+B*WA6JR,`6-`
M1]&&-Z?]+FK4CF=AU^BN0W1Q>1ZO:Q36[QKS``*FM<F=X/\`2Y@=CS-#F1JH
M<,A7<@FT.0J@%#7O2GZ\,]%DD6>>2-.;B,%4&W5L+2&4CL10C#?R]5KV9F-2
M8ZGY\LQP@<U?S%:WVI>6[RTA3A>7$914![FHI7.2Z'^4^H6>OV-U>W2K;VT@
MG=@-RR4*K_LF^'.ZR#X1\Q^O$)(X#+"=N2M\`^?7)LB\P\Y_ESJ/FK6Y]0BE
M,<12)(#\-!QY<^==_P"7CQP=:_EL]IY+;RI%.6EGD$US<M3AS)^-44?'P_EY
M9TIEJ:_JR@,":>:>5_RGLO+VN0ZX9/6FMF+VRFH"L05J:=?A.`-5_*;2[S4W
MN+^5I9;FX>XD:.HJDDG+TFKT45X?#G6^.!;AE5N)H#0'E45K7[-,0%+$M5_+
MO2-52UMI5]&TLHC!!;K5@JD\J\GJW(5Q]C^7VB:?I,FCVX*P3<?7D`7G)Q;D
MO/)@16AZU%:Y7'`K%M.\CZ%HT\E[I\"I=NH7UBB$CC7[.WP'?JN!K#R?I$-Q
M'*]E$LD(Y1L:LX-2?]7)A(IH32NW3"Q+J*.9%G<1GBP9G(%3M3#0I>J"D\M:
M)-,UQ+9I)*Y#,SU:I7[)H?#!+Z78R/ZLL"R/QX<I/C/'KQ^*OP_Y."C=68-/
MK$=?#D*XDU_:@?"S./\`(4M^K`J!FT^$R`A5X*0$CX*0H.QH"*#!'U>%/A6-
M0!T^$#]6!I;]0S&*&9BY!/[IP-N]<>U])U-LWS9E7]>)JU"(X!1\*@?(4P')
M'&T[N:^H`:;GMX8\W-[Q)%IQ\"94(_#`\;7$T@:1HP"2M(SR8'YUICT*E*_-
M$"W$<(/3<T[8O^6UG]6U:[8#9H=C_LEQ;481,B*ZL&7D%K3##R7`8=0N*T-8
M^W7J.N7XY?NB+V*"-V6ZI_QS+W_C!+_Q`YXNDD42/_K&GWY[1U7_`(Y=[_S#
MR_\`$#GB:7^\?_6/Z\.*1C==6,@N:4]OOQ,DGKE$]LK)&1/,H=7+S4RB:9%+
M>,+;YB:Y6`E6JYLO-3`EK+R\NF&E5K5:R##6B\:8760_>##)]ES8:45C)\VC
M)S43X97&NV/(KET[Y=3%I4WI@VW@"`,>IQ&V3D]:;8.S*T^('UGIR<359C$<
M(.Y=FS9LS'`HG<NS9LV!E3LV;-BFG__6(_S!!_QGJ_O,<C5,DWY@_P#*9ZO_
M`,9C^K(UG18:\/'_`%1]SBRNS[W8TXX["N,.YPR6+1S;9=.^;_.N0IGQ.KF&
M5EX\EYMC-E9>1)9`.RZ9NF^77`-TG9V;-EC"Q;&8'*WS=/GD@4%OIC@<9CQE
M^(=7'SGTTN&.&-'7'@9>Z\C=M1BA^PWR.-%<?P)1J^!P(JSL^GO+W_'`TO\`
MYA+?_DTN&6%WE_\`XX.E_P#,)!_R;7#'.4G]<O>7?1^D>X.S9LV19.S9LV*N
MS9LV*NS9LV*NS9LV*M,JMLR@_,5Q/ZK;=?13_@1_3%<V*H9["RDV:WC^A0/U
M8D='TT@@VZD'J"3_`%P=FP;*DS>4_+KMR:PC+>/Q?UQ&3R?HK?W<9A_XQA/^
M-E;#_-A'ELM!C+^1M'?[32D>'[O_`)HQ!ORY\LL27MO5)[2;C_A>.2W-DADF
M.4Y#W$L3"!YQ!^#`I_RLT.1JPPPQ+X!6_P":\2M_RKL+2Y2[MI^,B5H"IIO]
M.="S9/\`,9J(\6=$4?46/@XKO@C8\F-6?EJ2THC2&2.M6+-4U]JX</;K%9RQ
MIM4=]\&'IE+WRB(`.S8D'U1`I]14/+9:@5^?CA=>:+(Q:6WJ]=RG_-.'EUJT
MJWD]C86OUJ:T2.6Y4MPHLO+T_3V;FQ]-]L636M,,XM'G6*[X!VMGVD4%2_Q+
M_JC+#('F%8,4:,E64FG53U&&OEY1]=EXUIZ8Z_ZV']OY@T"[>-+>]AE>4J(P
MIKR+#DO_``0RAYB\OAVC%]"'1BC@'<,K>F0?D_PY7PJZYD2&,,X9JL`%0<F.
M_@,+9KH%D$$-PJ*?LM&5'O0G#Y]0L$9E>=`4+!@3TXIZK?=&>?\`JXE%J^FW
M*A[6XBE`D2-CRI0N:*.GVF_9PTE`1WMS*O)+)^/;DP6H^['";4&W6S55_P`J
M45^ZF"EU[17ADG6]B,,159'K\*EB0M3[\6QH\P:0TRV\=RC221B:+?X64]"&
MIC2VA6;4P:5A4$T4D'^N![FTO7C+SSQ\@1O'&0>ON3AJ=6TB6?ZB]S$;@*)#
M#6IIQ+U_X$<L)-7:^UJV,GDW4K?UHB/7C=>:,K"JT-1Q_FQI554O'B5Q<2J`
M#S:JKT/N,4CLBX)FFF>HZ,PI\Q0#'QI.^G1PRJIFHJ3JXHI[2[5[_%QP1ZL4
M:@,RHHV45[#89'JE`2Z=:A2KQ-,.OQ,1O]!&`YKG1[*94F:WA4(6D,CBJG]D
M4:O7#"\NH6M9A$XD;@0`NYK3/,[^4?-MUJ4LC:9<>AZC,$N6*<EK\VR5'N*+
M>\?XC\MZA=PVEAJ$$DY)X11\26/7;[LYC#^:7FRZ\U'2TBMDL!=R6X$<1#,L
M?)@.7+[1"X9^2-'UC0Y@UUH]O#;$_O)XY0THJ.H^'_8Y++>VT6UN?K=IY?MX
M)RQ<3@_%R/5_GA$9$?32"P>3\V=8O9Y8+738HS$\J`3,:_N@SG8<>JK_`,%B
M4OG+S[>.BV]N&5N/Q00LP`=0]>O["MG1I+T*[2+9PJ[;EN"U)Z5Z8D=3N"GP
MA5WH>"@8?#D3T"^]Y=JUI^9OF"Q:TGCNWA?A(82/27D&/@.5`M&^UDX_+;0=
M5\O:5+:ZPA2>:X:2,<B_P`#<D_9PS;59P&YRN-MC_#`TE],0K-(2&V'COA\*
M1YE4[U1T1TK6H&].M,,?*)4WTY6G]WV^8R(22SJ`/A=J=]]LD7D25GU"Z212
M&6/[1VJ*BFV3X:A7<K,]5_XY=[_S#R_\0.>)9#^\?_6/Z\]M:H"VF7JCJ8)1
M_P`(<\:RZ1<\WH5/Q'O[Y+#AR9!+PXF5<Z:\F2$*XY"-\K*6[9B?'MBLUI<0
M?WBD#Q[8&."491-2!![CLD$$6""/)<6\,:=^N;-D4NS9>;%79>4,&VNF7%R0
M0."_S'%(!.PW0@4L0H%2>PR2Z1Y"\SZS&)K*Q<Q'H[;#)/\`E]Y0L]2URW@G
M'J*M9)*^"]L])6]M!:Q)#!&L<:"BJHIL,A.9Y1KWE3&5URI\F7OD?S)H)]:_
MLG2(?:D`J*?/`#C;?[L]A7%K;W430W$:R1N*,K"H(.<-_,K\OX]'!U;2UI:N
M?WD8_8/],R-'JC`^%FJI'TR&V_\`-D&K+"0]0W'5Y6?NS99ZT.5_#-DU(VT'
MP<O'%\3@'[I:8IFRQ"L<?<ZO.>+++R-.S9LV28!V;-FQ2[-FS8I?_]<E_,'_
M`)3+5_\`C,<C)-,DWY@C_G<M7_XS'(UQ.=%B!\*%#^&/W.)(QXC9ZE96N;OE
M\#VS%3A,9=0D$="T3E9B#EY#=D*:S#P&73-D268#A09>V5E5Q2NS90RQ^&-A
M%$MC-FS5P7::`<#F)RJY62#$KAN<5&)J*G%0,R<7(N)J.C8&/0$XY(BW7%PJ
MIEA+B<).[HX@!4Y<A`1J>!QO/&2$\&IX'&D$@"@^G_+_`/QP=+_YA+?_`)-+
MACA;Y>_XX&E?\P=O_P`FEPRSE<GUR]Y=W'Z1[@EJ:HTM]+:0PU6&012R%@-R
MH?X5ZL*-E1Z[I[W:V1D"RND<B'?BWJ,Z*%/CRC./@TBTAO+B_=%EN)I/461E
M')/A5.*MUI\-<+AY782P$7S"")85DA]-:OZ,DDJGU/M+7U?V<BR3`Z[I`]>M
MVG^C;S=?A_#XO]C@N.Z@FMA=Q.&@9?4#CH5I6N^$=MY42W8?Z6SQQ[0*47DB
MDU(Y_::N'%]9F[L9K.&4VQF7CZJ`$J"?BH#XK\.*H.S\PV%U9/?2%K:)&`I,
M*,5;>*2@Y?#,GQIBL.NZ1<"0PW:,(D,DAW%%!H3N/'`5OY6M;.8/:W$JPGTR
M\,C&6IA`6(AG/)>"?!Q&7=Z"QM2D$Q:53,R%E'6:0R'_`(#EBJ*77M.E6)[:
M431R^H/4%0JF*/U6YUH1\.)VGF&QO;ZZL86^*S=8I6-0.;*'HNVXXLN!X_+;
M,DC7-XTL\WJ-+($5162W%KLHV'!5Y8I'Y<B3ZP#<.RW%Q]984`H?2C@X#Z(N
M6*HD:_H[0R3K=H8XF5'85V9B0HI2OQ4Q6/5]-FG2VBN5>:10RH*DD'IVPML?
M+`LZ<KMI2LL,JGTU4TA+,J$CJ#SQ1O+S?I1=0AO'@A6196M(D54<J"*.P^)O
MM8JG>;-FQ5V;*S9&U;S5QM<U<;5NN:N-KFKC:MUS5QM<O&U;)S+C<<F(YJE-
MUIQ2_FOK2^6SGNDCCN`Z+)R6+EZ?#DR\/[QL37R\RSHQO&>!&$OIN@:1I>#1
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M>*H-?+<_U'ZC)?\`.-3'Z2F%>(6,NW"1.7[U7Y_'_JXZ'RVT"0QQWA5%0QS@
M1@>H#X;_`+M?\G#[-BJ1KY>XSJ1='ZLC>JL/ICEZAC:(MZM>7&DGV*8.LM-2
MR961RW&&."A%-HP%Y?33!V;%4)>V$-ZOQ55P/A<9#-326QG]&Y3_`%3O1AX@
MY/L#WMC;:A`UO=)S0_>#X@Y*,JYJ\U%V5(5!Q(^RP/;$9[EF?B6Y$[U.QP=J
MOE76K:Y865L+R`[QNK!33P<,1O\`+"V7R]YI/%4TPT\2Z&G_``V7#A/4*II,
M(F>2-F!.[+6H)\,T5TEP:`A&ZD#ICQY:\U4?EIY+4H&#1[_\-B:^6/,_+?37
M7P(:/;_A\/I[PJDUP5<@R$>%.AQ!KEV)Z@BOL*^.#?\`#7FL&HTYS[\TK_Q+
M&S^5O,TGQ+IL@?O1HZ'_`(?'T]X^:H#F6!Y@$=R,:MY'&/3B%?"NP'TX,_PI
MYIJ6&FR`TI]N/_FO`[>4/-O*J:8^^Q)>/I_P>/I[Q\T*45P_IO<MLRDCB/#)
M3^7,LDNKWC%BT9AJO(UI\0VR/-Y1\V-'P.G2BO6CQ_\`->2K\OM#UG2;ZY?4
MK1[>-H^*.Y0U-1L.#-D9&/"=PK.=0WL+H?\`%,G_`!$YY8DMQS?_`%C^O/5%
M^*V-R/&*3_B)SR[<J\<C@_S']>;'L@[9??']+K.TQ_=_%`RV]5(8<E/49'M1
MT_ZN?4C^P3T\,E'J`[,,"W<"R1LAZ,-LS]3IXYL9!'J`])\W$TNHEBF-_03N
M/TL0S8H\;+(8Z;@TVPRTKR_?ZI,(HD(KU)S00Q3G+AC$DN[GDA"/%(@!*>N"
M[;3KBYW5>*_S'):_DR335$DREV&YKTQ-4XGB!2G;)9,&2!`D.?4;AGA./*.(
M2%#IU2^UTFW@HS_&WOTPP7LJC;P&/6)FVP2D:14)ZX8:>4MY;!MEFA#:`W9;
M^7%V+#7[=Y?A60&,U_RL[S[YYDM;[ZM*LD9H5-0<[;Y-\X6VN6J6T[JE[$.)
M!/VP.XRK48A"I#EU:8S)D>+^+DRVN%GF"QAU+2+JTF%5>-NOB!7#(L!D>\UZ
MW!I6E7$SL`W`A03W(S#S2$8&_A[^C95V^8+^W^K7<L/\C$#Z#@;Z,%7=PMY<
MRSCJS$_><#MG0P!X(D[[!P1RI&P_W:XIB-JU4IX8MFRQ&X1]SK,PK-/WV[-F
MS9)B[-FS8J[-FS8I?__0*/S`'_.XZL:?[N/ZLC=,D_G\?\[AJW_&8Y&Z9U6#
M^YQ_U(_<Z/+(^)/^L?O64RJ8^F;CEC$3*SB,:4Q6F53(F$3S#;#/*/52*D=,
M8:XN17&,@RF>'K'Y.5CU(.TMO-2]\W7'%3C>F8Y!&Q<H$'DWE@XW+P4RMO*)
MRB<KKC:*=C@.YRMA@B&W:3>E!D3.D\*V,<CL,');\15LI42$T`WQSR%J#PR_
M3S,@0XNJ`B`2V6`V&-<CZ<:,HD+WS*`=?*1+A[XV5Z1M\C^K&M)OMB;'E6O0
MY*F#ZG\N[^7]*/\`RYV__)I<,L\S0>>_-MM!%;0:FZ0PHL<2!5H%4<5'3PQ_
M_*PO.7_5UD_X%/Z9I9=E9C(GCAN2>OZG9#7XP`.&6P\GTMFSS3_RL'SG_P!7
M:3_@4_IEC\P/.?\`U=9/^!3^F#^2<W\^'V_J2-?C_FR^Q]*YL\V#S_YQ_P"K
MM)_P*?TQX\_><3_TM9/^!3^F#^2<W\^'V_J9?GL?\V7V/I#-GG$>??.'?59/
M^!3^F7_CWS?_`-723_@5_IC_`"5F_GP^W]2_G<?\V7V/HW-GG,>??-__`%=)
M/^!7^F7_`(]\W_\`5TD_X%?Z8/Y*S?SX?;^I?SL/YLOL?1>;/.?^/?-__5TD
M_P"!3^F;_'WF_P#ZNDG_``*_TQ_DK-_/A]OZE_.X^Z7V/HS-GG0>??-__5TD
M_P"!7^F6//?F\_\`2TD'^Q3^F/\`)6;^?#[?U(_/8_YLOL?16;/.W^._-P_Z
M6DG_``*?TRO\>^;O^KI)_P`"O],?Y*S?SX?;^I/YW'_-E]CZ*S9YU_QYYN_Z
MNDG_``*?TQR^?/-IZZI)_P`"O],?Y*S?SX?;^I?SV/\`FR^Q]$9L\]CSUYL_
MZN;_`/`K_3+_`,=>;/\`JYO_`,"O],?Y+R_SX?;^I?SN/^;+['T'FSSY_CGS
M9_U<W_X%?Z8T^>O-O_5SD_X%?Z8_R7E_GP^W]2_GL?\`-E]CZ%S9YX/GOS:/
M^EG)_P`"O],E_E_S-KMUY+U_4;B]9[NU6MO,0M4^6V0R=G981$C*)N0CM?\`
M$:3#68Y&@);`GY;O6,:L<:,S(BJSFKD``D^_CGG/_'WG#_JZ2?\``I_3'+Y]
M\WD_\=23_@4_IEG\DYOY\/M_4P_E#'_-E]CZ,S9YY7SSYO/_`$LY/^!7^F"$
M\Z^;#UU-_P#@5_I@/9>7^?#[?U)&NQG^&7V/?LV<&_QGYJ_ZN3_\"O\`3*/G
M/S4/^ED__`K_`$P?R9E_GP^W]2?SL/YLOL>]9LX&WG7S7_U<G_X%?Z8BWG?S
M:/\`I9O_`,"O],/\EY?Y\/M_4@Z[&/X9?8^@LV>=9//7F\5IJDG_``*_TP*_
MY@><@?\`CJR?\"G],([)S'^.'V_J8GM'&/X9?8^E,V>9V_,'SF00-6D!_P!5
M/^:<+'_,CSTKD?IJ7_@4_P":<KR]G9<=7*)ONMOQ:F&4$Q!%=[ZKS9Y1/YF>
M>A2FLRU_U4_YIQI_,WSV/^ES+_P*?\TY2=+,=0W<0?6&;/)Y_,WSYVUF7_@4
M_P":<W_*S?/?0:S+_P`"G_-.#\M+O".(/K#-GE%?S,\]$@?IF7_@4_YIQ:/\
MQ_/;F@UB4_[!/^:<G'1S/(A!F`^J,V>:(//7G@KRFUB0#PXI7_B.+'\P?.`&
MVJR?\"G],NCV9F/\41\_U,99X@6>3Z1S9YN7S]YS8[:I)3_53^F+)Y\\W5I^
ME)&/^JG],E_).;^?#[?U..=?BNN&7V/H6[WM9_\`C&__`!$YYJU6-1,_'^8_
MKR01>>O,C1LD]^[!@5847H10]LCEU<1L2QWKOF7HM-/`9<1!XJY>33J9C.(\
M-BKYI5Z;EML5:W)3XC3+:<U^!<2;U7^TU!F<9RZ!IQZ3'SR3`"&6SMTD,A`Y
M'>N3+R;Z'UDQ"@9A6N1$A$Z[X8Z+J:6%VLI'>E?#(<!X3L!>]!EJ)XB!&%FM
MN*7-ZAJEA'<0'Y9S;4;,6UP0>ASI%C?I>6A>M5IL<@7F>5/5)7K7*(1XK@1;
M3@RR@3>U?<D[R\!11M@.2YH>O3$)KD@'"Z2[`!KURC*(QYFG8PE*0V"9&\IB
MMIKD]A*L\$A1T-58&F1J2[8]#@=IG;:N867+$W$#;DW1@><GJ\?YR:Q;VXAD
MX2D"@8]<B'F'SSJOF`E;A^,?91TR*5S5S"&GQ"7'P[CE?3W-O$:J]D7;W!1M
M^F&*NDHJ#A*#BL4[(<S\.H,/3+<?<URA>XYIW;MQ-#WP7A-'=C#2"994!'7-
MMI<T9#A!\PZ[683MD`Y;%5S9LV93A@NS9LK%D[-FS8II_]$L\_?\IAJW_&8Y
M&\DGG[_E,-6_XS'(WG58/[G'_4C]SH<O]Y/^L?O=FS9LL86[*R\V*VU3*(QV
M5BD%817$V3%B,:1D90$ANWXL\HG<[*!VQM>^+,GAB?`YA98&!=ECF)BPM[X]
M$:0_",6BM2]"VPP4H$(H!E%F1J.[::`L[!9%;*HY.-^N^+>I0<0/I&,+E]SC
MN!`WZ'OE\-+([S+BY-9$;0W=2OQ'KWQO>IVRBX3$&D).9>/&(\G!R9C/FK/*
M`*#$&<G&YLM`:#-V5ETS4Q1S<!ETRP,L#%--4RP*XY4)Q55I@)9@%:J^./`I
ME^V:N19.IFS9L5=3-7,3FI7`D>35<U"<N@&46QMEP;6510!CJXB&QW+&F!*X
MY643E5PL;;)S!M\;F&V*$0#CL25ACZX*3:^N-)RLNF*V2L.2S0=;TVR\G:[I
M5S*5O+T4MXPI(;_9=LBI&-X@Y&<!.(C*]B);?T3:8R,38Z@CYJ%/'!$,18B@
MRXX"[`88PPA``/OPRE2<>,G?HIQVP!%=\&1P@#ICD2F+H!E)D7($`.BEZ0Q-
MXA@HC$V&(*"$"XI@9\,)%K\\!2K2N61+3.-(.3`4HWP=(1@*4[Y;%QY*!PGN
M#21L.#A+=`B4US%UNT8GS<_0<I*7TYJU_CC3X9AR/09KKWIV#CME`DG!-O8S
MW+!46I.'%MI$%M\=P0[_`,O899#!.9'0,92$1:7V6GR3;D47Q.&T4$5N-A5O
M'%'F`'%0%`[#$"Q?-CBPQ@-A\7"S9NI.W<%[REMAF4#JWW8T(<?\(ZG+M@X_
MKR>45X)(H-ABB,ZBB[>^(^K3H/OQXE0"I-6P;GHI\+'UXBK`2-NS4QQ,2CXF
MK@4S,VPQI#GJ:##P=[6<Y_A"LUQ&GV%KB3W+/L`!C2@\<J@K114X0`UF<CS*
MGN=\$V.G7VI3K;V-N\\K'94%?OP]T?1+!XQ=ZM-Q0[K;1GXS_K']G#^7S.FF
MPBST6WCM(.YC'QM[N^8>HUG`>#%'CG\HW^EV.DT,L@X\IX(5\:_0J6&@:GIR
M16=_<K'++N8(CR*C_*;I7"KS1H4MLP?ES0C9L6MM7FFOEN9W-*BI.2+7Y[:?
M1Q*S"O11WP0EDC*)G5RYT.KC:L1CDX<>^/D'C>H1-Z;4ZKD=D<DGVR77G%FD
M';?(C,`)&`\3F-VI&I0F/XANYG9\[QD'^$TIURNG3-7-FK<UU<U<K-BJZN:N
M-S5QM50,1@B"[D@:H-?;`=<U<E'(8D&)HA!`(HLFMKV.=1O1O#!5<B22LAJI
MIAA!JSH`K[^^;7!VF"!'-L>]PLNB!-X]O)/<K`":I"W7;%?KT-/M9FC589"Q
M,./^5R#HBLV`FU"$,!7J<V1_-8KKB#/\M.KI_](L\_?\IAJW_&8Y',DGG[_E
M,-6_XS'(WG58/[G'_4C]SH,I_>3_`*Q^]V5EYLL:[=E9>5BEV5EYJ8I:S4QP
M&"(K5G%3M3>F`D#FRC$R-!#)$SFBCZ<%1VL:[ONWACO56/9!TQA,CMS.5SCQ
MBCL&_'E\+D>(]W159U`XIUQ%HV/QMM7MBT84?'W&(SW-6VP8\48;1'Q3FSRF
M+D:[@'?"@WZ8B\Y(H.F),Y8[XW+A'O<4S[FRQ.53-ETPL=RU3'`9L=BM.I3-
M3'#?%%C\<%J+/)2"UQXCIBX0#-3(VVB-<U/IFKED5R@N*;/1PKEC;-TZ96YQ
M33=?#*H3UR]AC2],4UWKMAE%O#$R^-+8TR!'14+8PMC"U,;RR)D`6T0,H[*P
M;'AL04XJ,FXD@05^;88VN57%%A<3C:Y5<V%C95$;%@:X%!Q9#@+(*P%<4"XU
M!7%U&0)9@*?#*"XMQKEJN^"V5*L$=!7!2#$T&PQ=1M7*B7(B*"\+MEAJ',,:
MV12O9L86QG/&EL-,2TYVP'+N#@EFK@:3?IDXM<]PE\QI7`3FIP?<(=S@!ES(
MB7$E$VIG`5U;\_B&#R!BD5J\_P!D47NQZ9#-",XU)R]+Q1EMU2..S9CL*DX;
MVVC!0)+D\%Z\>YP:HMK0?NQSD_F/;$);EY":FOMF+CTX#L)YHQ'IW\U4RQ0+
MZ=NH5?$8&:5F/6OOC0K2'?''BG3XCXYE1@`X.74REZ8[_<T$)W;'<U7IC/B8
MY8C.3:.'J;D7%B<HG'^FQQXC4=<'%$+X>67,;=RD%)QX0#<X[DHVKC6=1@&0
M&Z/)!P2%6.:]2H[93-E1K)+]D4'B<MY(8.IYOX#(2S0B.I/<&W'HLLSM0C_.
M/)M8G?<[+XG,TL,&R?&_CC*W%QNQ]./'QI''N@J?YCD:R9.?ICW=6Z]+I_I_
M?3'7^$-H]W(>3.44]!AG;0RN*U'$?:=]E&%HNHH&YL`[#I7I@.^UN28T+;#8
M*.@P2&/&.@\SS1'+GS&S==P],607%U:VRG@YFE'0]%'R&!;G6KBXB$;,:#MD
M3EU-Z$`XB=6GXT!'SRC\[IXG>S77FF>DRSY2`\DUO;I8HVJ?B/;(V[<F)\<?
M+<22DEC7$<UNKU1SSNJ`Y!R\&$8H<(W[RWE9LK,6VYO*S9L"NS9LV!79LV5B
MK>;-FQ5U3E\CXY65C:M\CXYLK-BK_],M\^_\IAJW_&8_JR-Y(_/W_*8:M_QF
M.1S.JP?W./\`J1^YY[+_`'L_ZQ^]K+R\V6,5N7F.8`D^^*M8HD3.:`?3BB1`
M?$Y^C'M-Q7A&!@)[FP1'.6WWKECCBZ[MC6F<[+L,H`MNQQS!5%2<C7?NR,C6
MVP6JE=\<76,;]?#`[W%#2,4Q(DL:G)</>UF=<ETDS'8;#$:UQY&-I3)!A9/-
MK+IETS5IBKJ9LU3EA2<4VUCU4G'*@Q55I@)9")/-R1TQ4#OE`9=<A;8``WL,
MJE<S&BEO`5R3WUGY9TMH;>YBO)9GACE=XS&%K(H>@Y&O[61E,1(%$DWR\F48
MW9L`#O8P1C",/]3TO3XH]/U'3GFFL+YBAADX^NDB_:C^#X#\/V<4T?R^NJ7M
MZ6@NA964;RF*-09F90"L._P!FR/BQX>([`?V4G@-\/5C6PQI?)1IWEF.ZM]3
MU2XM+UK6TE2&VM857U6:0-4N6^&D/']YQ_FR.V>E:GJ*L]C:2W"(:,\:,R@_
MR\@*<LE')`\6_P!-7?GN@B0JASNO@ABV-)Q<6-ZUR;);>3ZTM:P<2'%/\BG+
M*O-/U"P],WMK+!ZPK%ZB,O+Y5'7)\4>5C=`$CT*')QM<&SZ)K5O!]:GL)XX:
M`EVC<``]"U1L,9::3J5^@DL[66>,LR!XT++R4!F6H%.AR/'$BP10ZWLW1Q\.
M\AOT"$W.6%PWTWR[J>HZU#H(B:WO)FXL)D8>FM*F1UIRX#-%H]S;:E;6NJV=
MQPE9AZ,2TFD"@_W0?;WP7`'F":XJZTLLDZV!`NOBE8'ABBC%K+3K_4&9;&VD
MN"@J_IJ6"_ZQ`VP5!HNI2:G;Z2]O)#=W+JB)(C`T8TYTI4HH^(\<F91%@D;"
MS[G&/%+>B;-(+CMFX89:GHNH:/</;WD+*%E>&.7B0LA1BO*.O9J<ES3:+JUO
M";F>QGCA`!+M&P`!Z$[;8!.-`B0WY;\UX)600=N:5E<JF&%KIE_?AFLK66=4
M^VT:,RCYL!3%];TI=+.G(`XDNK&&ZG20<2LDA<,M.M!P[X\<>(1O<]$<!HRK
M9)\>E>N/B@EGD2&%#)*YHB**DGKL,&2Z1JMK;_6[BRFBMMJRO&P45Z5)&V$R
M`V)%E1$G>N2G&=L77%+32=4NHTEMK266-P2CHC,"%/%J$#L<NTLKZ\E:&TMY
M)I4J9%1"Q6FQYT'P_3E9E'?<;<]^3:`=MCOR:VRUI7%)K*]MKA;2XMY(KAZ<
M(G4JS5Z<01\6*OI6J0P-=RV<R0+]J4QL%`\2:?9_RL'%'O&_+=D`>[ES<AZ8
ML#FM-/U"[19;6VDF1B0K(I()7[0J!VKBL<8$-SZL4OK0D"H%%0]Q+7XAE9([
M^3<%.N,8X+M]-U*\C]:VM998JT#JC$$CP-/BQ:PT.^U)+IX$-;109$*MR))X
M\`.S_P"MD3*(NR-N;(1)Y!*2V^,).#/J%X;HV2V\AN5^U"%)8;5W`&5=:=?V
M?'ZW;R0\_L%U(!^1(R?%'E8W1P%!%J8B[X93:+JD4;S2VDJ1Q_;<HP"_,TP#
M-:7$1C5XV4R@-%4'X@WV2OC7)1E$\B"PE"0Z("9B0<!<'D;BH).',MC)"[QW
M8,3H2KQG[0(Z@C!5OH.IWFF2:CIL!>))1`$569W)%>:D"G$?9R?BQB.8[K/)
MK.&1-RV\A]22+;0P_%.>3?R#IC9KIF'$?"HZ*,?#8:E?3206EK+/+$2)51&;
M@0:?%0?#OB%U97=G-Z%Y!)!-U$<BE6(\5!&^2`!.Y!/=^QB<A`J$:'W_`!0[
M%FS`*OVMSX8-N=&UFUMS<SV$\4`%6E>)P`#T+5'P_P"RP:/+MS<:3IU_IT$U
MU-=-,)U1"RH(^/'=1^UR[Y"6?%#J-S39'#FR#U6!W),69MAL/#'*@/7%19WO
MUO\`1_U>07G(I]6*D2<@*\>%.5:#%;C3-5L[=;RYLIHK=J4E>-@HKN*DC;*Y
M:J`YGX-\=+6P'Q4PB@9991BEMINL:C&9;"QFN(@>/J1QLR\OY0P%"W^3C]%T
M[](ZG<:=?"2!X+2[N&0CBX>VA:5596_RE^+,>6L&_DVC3US0<EPB[`;X$EN6
M/3IBNG:3JVL`M86DLZJ!ZCQHS**^+`4P8=%DLIO0OHY$N:@?5V4AZGH.!'+*
MN++ED1$UY-G#"$;/S*711SS-\(V/4G!A2"V7E,W)NM,,KK3=9LXG9M-FAB1"
M[R/&P"J*59B1\/7"I["Z^LQQSQ.9Y0KQ1D&K*^Z,H[JW[.9>/$:VD#?GMYM,
ML^*))E$FN5]_N4VNIYSQB'"/QRXHUCWIS;Q.:X(LW>.X_=R1DJZ'8@C8BF%5
MQJY^S$.(\<E*>#`+G*Y?;\`TRGJ-3Z8C@A\A^U-Y+A(_BD;?PP#-JD>X!V'8
M812W3R$DFN(%R<PLO:<B:QQH-N/0PCO+U%,I]19Z@;#`+S,V)9LP,F>>0W(V
MY<8@"@&R2=\K*S95:6\K-FP6KLV;-@5V;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-FQ
M5K-EYL5?_]0M\^_\IAJO_&8Y'*9)//O_`"E^J_\`&8Y&\ZK!_<X_ZD?N>?R_
MWD_ZQ^]QS8X*3CP@'7[LLMB(VL6,M[#%:J@HHJ?'&%B=ABB)W.X[X#YLA0Y?
M-3+%NN/5/#-)Z<?>N!WG9MAL/;$"^2DT=]U:2<(:#<X&>1GW)QN8"N2``8$D
MM@8\#*`Q_08L6J8TXXG&TKBJRIRP"<<%QX48VD"UJIB@7+48H%ID26R,6E7'
M#;+S4R+.NYK+S5`QA;PQ4T.:YR`C5\#^K)3YGTW5+B]MY;:RGFB-I;TDCC9E
M/[M>X&1,[C?!:ZMJD:!$O)E5115#F@`R,H2,HRB1M8W\TB8H@WO7+R9%+;S6
M&G^7+*[4Q7CWAN6MW!618V`12ZG<59<4BFN(]5\T>E+(E+6=O@9EW"K\6QZY
M#Y;F>67UY97DEZB1V+-]YQANIN3MZC<I`1(:[L#U#>.1\`D;D;W>W?+B4Y1>
MPY5]@X4_L;R\7R=KCK<S!A>V'Q"1P1R$W+>O[7[7\V'%NT)\H:)Z-IJ%U22[
M];]%N5XOS2GK\>K'_=>0/U91&T*L1&Y#.@.Q*_9)'^37'6U[>V8(M;F2$-]H
M1N5!/R!IAG@NR#7KXO\`8\%;)QY.0J_3P_[+B>BV4T\OGRWDFM'LIUTL_NY)
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MQ-,6/)QRE^VU:O\`[+`'ES3=9M?-&@WNJ^LOUFZN%MX[AG,H$:/R/!SR5#R'
M'^;(@)IV],F5_P!R`L)Y&J`=`G\N+O?7LDR7,EQ(\Z"B2LY++V^$UVQ\"52`
M(]43$[=_'5?Z=AXP)!(.T@>?]7_B61^6K:0>7;ZXI?7,+7<2/9::0K\N#\99
M7ISXJ/AXAN.&&K\K>Y\EN/K4+<WJ;QC]8`-XGPR/L>(4\5_XKR&6]Y=VG(VL
M\D/+[7IL5!^8&5+<W-P5:>9Y2E2A=BQ6IY'B3TWQ.$G(9$BK)^<>!`R@0$0#
M=`?*7$S)]/U&+S7'J.K^HE@VMM#`MT6H?WID5T1S_<\/VU^##-I)XM1U8Q:5
MJ;\XKQ9&O)N-KZ9#5D^/X=E^*!?^`SGTUU=W7#ZS/)+P%$YL6X_*IQ1]0U"6
M+T)+J9XNA1G8BGOOD#@D:LC8</4#["R&4"Z!W-]"60)%JDOD_3UT<3LJWL_U
ME;3GS!X)P]3T]^/\G+$?.(NOK&CB^Y?6OT5:^L7^URK)UPDM[NZM0PMIY(0W
MVA&Q4'Z!C)99IBK3.TA4<5+DL0HZ#?)QQD3XK%`R/+U>I!F#&M^0'EZ4R\I@
MCS+IA79O6/'Y\&IA[IT>OQ7&O/K"W`LFMI/6:YY^B3S''T^7[O[7V..1O1KR
M/3M5M;^8%HX'+,%Z[JR[??B%W?W=QSC>XE>`L2(V=B/NK@GC,YGE1C$61OM(
MG9E"0C$<[LFOAU9'<WM[9>5/*TEK-)"R_69!P8J"RW!(K0_%B^GRW][Y<U::
MS$CZA-=I)/\`5@PD,;4-3Z=&X>ID.^L2,B1,Y:..OIH3LM34\1VKBT%W<6S^
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M-^3+M]O#.ZTT2:'PX7*#UPRQWC<V'3=">QQEM`\;^MZC>J>KU/(_,X-+.P_>
M.6^9)S%GE)E=]W+R<B.,`4MUN*[&K7925A'*@B:,DE"K*M1P/P]L99Z1%=P6
M+S"OZ,D8.QW/I,"R?1&5Q<MS-7;D3U)P1%/##:S(M?6F!C8_LA#_`!R'B$1`
M'3;;Y,J#S;6-/GN+F>[<DR3.TCUWW8UQFG66LS^7;RST[UVG-_$%6!G!4,G&
MOP'X4Y'XLG$]G%(#M6N1W4=-N(0[VDKPLPH3&Q6H^C,W'J+`CL*(J^6SCY=.
M)61=T>7FA-(MA9^7-4LYH+J\O8=2"W"Z<])@HB`+.PJ6C]7_`)*8RZFY:QY/
M%]936=O%-&%>_D5YWA]4D^JOVE4-R^WD3D^NZ;.[P320NQ/)D8@M_K;_`!?3
MA?>7<\SF6XE>63^=V+'Z*],R98ZN9D"#9ZW9CP["Z<.`-B'"08T/D;94]OYU
MCU/66?ZU%#Z-T;J2[]3ZN;?P'J?NZM'Q]+_A<+]1U&\M?*?E^.VGD@C::Z8^
MD[)R-8^I0CE3(Y/JVHW$/U>:\F>'O&TC$$#L=_BP&\\K1I$SDI'4HA-0*]>(
M]\UTS*1LUMW#NV=E$`"GJ(=Q^97EJ45]633K:9W-2S.UI.Q=B=V8TZY'O*M_
M>:CI_FI+VXEN$.E&7TY'9E#^O%\2J3Q4_P"KD7@DU&>=)UED$L:A(Y>1Y*H'
M$*I\`II@ZVM?J:N3*4]1>$BJ:<EK7BU.U1@AIYSV&_(7[EE.,>>S)=2@UV[\
ML^5SY=%T8EMKGU_J?J4%Q]8;CS]+_=G'[/+]G#^Y@B'GJ[F8_OSHLXN?'U/T
M>!)R_P`NOV_\K()#J]U8(8[&>2%#U5'('W`TP&;JZ:5I_5<2.&5GY'D0PHP)
M_P`H9E0T!%B4MZ-`?TN]HEJH#<"QWGE\&7P27Y\B:<GE^.XDD^OS"]%H'+`>
ME'Z9E]+?C7[/+#7FP\S>2VU+;4ELH/K0N*AA-REX>ORWY?Z^<[@OY]-!:WN9
M+<'[7IL5!^8&!8?,EM#JMO>:A$^H01RA[F)W/*5!U3F3R7+,D<>&)$YQ`]5`
M#U^L<FGCR9I7")YBR?IV9WIL7F*WLO-,VL+=I:_HNYYFZ]3B7]2/AQ]3V\,V
MAWT.J6&F^9'^./RVLT&IN>O#@PL/^`R+7OF[2(K#4X["XU"]GU*TDL$CO'_=
M01S,KNU"/WCKZ:A,*+37K#3?*E_I-EZS:EK#*E\[&D*VZ;A$6GQ.S!3RS7YM
M;*5B`$;Z@>7"WX]-&('$3(CO]_$D=S?7%[*]S<,7FF)>1B>K-N<#DDY6;,,R
M).YMO=FS9L"NS9LV*NS9LV!79LV5BK>;-FQ5V;-FQ5V;-FQ5V;-FQ5V;-E@$
M],5:S8JL#-BJVM=\F,4SR"V$+FP;]4%,V3_+Y.Y'$.]__]4N\^U/G#5J?[^.
M1]4\<DGGOB/-VJGOZQR.$D],ZG`?W./^I'[G0Y0!DG?\X_>V"!L.N4`2<JAQ
MS.J#WRQC:_TQ3ET\<1DGX[+]^,>5FV[8EA`[V)EW;.9F8U.5EDXVN%BWEC&Y
M8PH5!EY2BN*!<"@6M"X_CC@*=<=0Y&V8BHTICU4G'A.^.I3`2S$>]P%,V:N-
M+>&!DN-,:6\,K<Y6&F)DXU.5F+`8F7\,-,25Y88POC"Q.8`G#3$DN+$Y04]\
M,+/2;F]M+V\MRA2P5))XR:.5=N/)%I\7&GQY6EZ9<ZO<M;6A162)YY'D/%%C
MC%79FH<!G$7N/3S\DB!-;<^7F@2`,8<<S`$@D5&V,8COA;(&BM..&:&*2YE6
M&!3)(YHB+U)]L6M[<S7(MF=(7J59I3Q52.H8BN0C6Y+D9I5$`+!CAC6HC,I(
M/$D5'0T-*C+7?IECA$KQCQ7&K3QPP&F7'U*VOZIZ-U,UO&*_%S4A3R'\OQ9$
MD"KVO9(!/)"`8\+@J]L)M-OKG3[@J9[61H9>!JO)30\2:;8B`,CQ`BQN#NS$
M#>ZT*<<%Q:WA^L3+")$BY5^.4\5%/$[XFWPL5)!H2*CH:=Q@O>F54U095<M%
M:5UCC'-W-%4=23VS2(\4C12J4D0T=#U!\#BMK3B;8XL/'&,?$TR08DJ9-#CA
M)C&`ZUQH(KL:X6-E.=.M-+NH6DO]2-G*&HL0A,E5I]KD&7!7Z*\N_P#5]/\`
MTC'_`)KR/JWOBX@F]`W/`^@&X&7]GE_+E<HRN^,B^GI_2&8D*^D'SW_6F-[9
M:3:P"2RU,W<W(#T3"8_A/5N7)NF(0OR(&`?G@^QA+2*3L*XD5'<D^9_8V8_5
M(",:]S(M-M>97);:6RQ(-M\+=!M#<$B.E8UYL2>PPY4[#-3J,A)(#M\<``J5
M`QI?$V?&%_?,<!D2KA\=S!P-RRP^&D(GEM@>=%D4AAEB0>.-=A3$;,@PKS%I
M@WD09`+TE&*YU[5(UDA8GL#7(3Y@\N?HET>[FA,\F[6J.6EB!'-3*M*+R4_#
M\69L,AR8_#!WZ->3$!(9!UYL.BMIIC\(H#WP?%I\,5'F-2.V*FXBC'&,C`S3
MLYI^O+L6FA&C/<]W-IR9C1$>7>=D4UPL:E8QQ&!VE9_?-%!+.S+"IE=5+LJ[
MD*.K?+"Z;4D4?NJ4\<OGEQXQZB(UT'U..(SR=\K[]H_M1S,BBKD#`-SJL<7P
MQ#D?'"^26ZN310:8C]1N&_9WS!RZW+(5@@0/YU66Z.F@-\AORZ?);-=2SL2[
M'Y8AUP?/I%S;VT%TSQN)Z_ND8F1*?[\6GPX!8%30['PS63&2[F)6>]R154*^
M#6;*)`ZFF6"#TRM+LV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV;-BKLV
M;-BKLV7B\$)D.XVR48F1`"DTMC@9^VV"X[=5ZXNB!!3+-!F?CT\8@$[EJE,G
M8-*@'3MFH!E%^PRB<ML#ET8T2OVS8GRVS8>,+PE__]8#Y[%?-VJ_\9CD>V'7
M)#Y\('F[5:_[^.1EG)SJ<`_<X_ZD?N=#F-9)_P!8_>N:3L,1)/7+QI-,N:K=
M7*)RB<K%%MY6;-WPH=CE&8"N/48$TJ(,448U1BRI7(DLP&@M<4"@98`&8FF1
M);``.:UAB9-,MF.)_/"`@ELDG*IF)`QC/AI@2N+`8POC"U<JE<-,27$US4)Q
MP7+Z85I:%IUR]LHG*K@2GWE&\CMM;BM[AN-IJ"-8W)/0)..'/_85Y8.6TE\N
M:!K,LPX7-[.=+M@>OI(>5P?]G%)'D2+$;@D$=".HPVU[S)?^86@:^5%^KK11
M&*`M0*9&_P`ME5<JGCD9@CZ95Q_YF\?FV1F!`@\Q?#_G;%ES6VG:1:Z5;I=:
M);K/9P7-TFJ0-+<NTM>;JZQ2<$8#]UQ;`$,.C6S^;+W3[>&\M[*DNF&XCY*@
M+`#X)`"R[_9;"6'S3<);V\%U9V]XUHBQ6\TR@NJ)NBDT^()VY8$D\Q:C(NJF
M8J[ZQ_O6]*=Z_`!LO3*O!R#BL\^>^Q]0E_N6Z.2!,0![MN6U)MH^N0W?F?2[
MJ"PMK>XHT5TB0J(&8`\9(X?LQM3[7''07;:SYHA2]LK5;=)IHP(+984DIR_O
M./PROD/LKVXL;Z&\MB!+`P="145'8@^.22?S9J%S<VLZ0PVZ6K/)'!$M$,DM
M>;M[_%D80)E(PB/I,02=X\V[.:C&SUNJYHNQ:VTK2=1U=+2"XN_KS6D(NHQ-
M#&@^.OI/\/+?CC3)%K=_I#1:6D5Q,ZPSQP+Z,%PW(_W:K\,=1\/PX#TS7;G3
MUNH3%%<6UVWJ36TRAEYUY!E_E."9O,5_-=6-W$L=M^C2&LHHE`1"IY5_RM_Y
MLL,9\1-;FZEQ?T=A7O<4&-`7MM8KSYVRL6UK?#4;.1M%F2&UGD%OI\)CNH'C
M`XLTQ1.?#]OXL(:`>6](_P"VA+_R<CRF\US_`+]H+&U@DN8WBFDC0<B)/MTV
M^'Z,+/TC.;*WL:#TK:9KB,]^3$,:_P#`Y7#%,5>PX@:OR(/)LE.!Y=Q'+S#*
M-1@AO]<\VZ<8E:[,\US92T^/U(VH8@?Y&0N[+_DX4:_#!9QZ7811JLT=JLUQ
M(H')S<TF3F>_!3Q7%M%NKK4?-/Z8>:.VD]5[RZD<A4"G^\50?M<@>/'"[6[Y
M-1U6[O(AQADD80+X1`TC'T)AQQD)QC>T8@G^M7`LI`Q)ZF1`_JWQ*OEZ&&?6
M+>&=%DC;ER1A4&BGMAC8RV]AHVI7PLX)[J.[$=NUQ&)$12U&!1MF^'IA#97L
MNGW27<(!DCKQ#=-Q3'?I&?ZG/94'I7$OKN>_*M=LG/&92\O3U[CNQC,`>>_V
MC9D[21\_+>NQVMO%=7<IBGBCB58#PZ.(?LJV^![V:37?-$6G7-M;Q6QO/2::
MVMUB8@C_`'9*OVSM^UA&^L7;6MC:CBJZ<[26[`;\F_F^[!=_YHO[T1!4CM?3
ME^L'T13E+_OQL@,4@00!=2`-_39]+(Y(D;D\P2/YVV[)KE=%:>^L+V\T46BI
M(D$-G;NMXCK]C]ZL7Q-_-\61Z"ZAT7RU;7T5I;7%Y?32AY+R%9U1(B4XHK_9
M+?:QDWFR[?UI(K2V@NYU*RW4:`.>7VB!2B\O;!6@&:;1GMK=[6Z*3<FT^\XI
MPJ#2:.1Z;?S)7(B$H0]?+BC8)V/?R"F8E+T\Z-&D9';:==^9=#Y6,*075J\E
MQ;*H$;-Z9/*GS^S_`"X27>HP:E336TRW2Y2ZX6KVD:PLT?+AZ4I7^\9OYVPP
MUW6WM=;L;RT>&6YL;?TI/2%(@S+Q*+3^0&F1J*69;H7<1XS+)ZRMX/RY@_?D
M\4"0)GI$5N=C<F,Y;F(ZRWVZ4'H$5K;7-[+I4HT5HQ$X:PMHB+V+@@-3<E%Y
M.GVG^/"K3M2N+/RI)'#:VDW"\,:BXMDF)%:5/+[3_P"5B`\TSK,UTME:I=N"
M))U05/(48]/A+8'TSS#=:7&\4<44R-()D65:\)`:\URH8YU1B#O$T3U'U-UQ
MNR:V(V[CR3;0K&S@T:[U::2QM[QKE85?4XB\"#?DJ1!7^-O]7!1M])OM8T58
MI;:>2?U!?_H]&BMR8_BC]-65/M?M\<CMKK]Y!]96=([N*[D$T\4RU!D6M'4_
ML]<5?7;RXNK2=%2W%E_O+%$H"H2:M_K<L98LG%*1/.Z-[;QH#^=S9XYQ](`K
MET\WH6C:@MU+>1_58(51'$7HQB-E`/[97[?TX@#\(P'IWF&:;U'$$,3S`B9D
M6G+EN3TVQ</L/#-=.)$C8K[78#DFBS+:Z;%,D,;S-*REY%#CB%K2AQ:6XCBN
M+58K:'C<JKS!D#;L2#PK]CIVPI>X=X$MC3@C%P>]2*9I+N21X9#3E``J?)37
M?[\AP_I5,(H5BU*\5%C].`-1[C>--A1F6AY9=XL<E@MS6WD<3+&);5>"D'J&
M6@P`NIS)<3W!57^L5$L;"JFN-GU*2:'ZN(TBCYB2B"FX]\:-CX*$X,\2ZC'8
MI;0^BX4/5`7JPW(?JN`3'''#J8X@^@0J,>HHX'7`AU"7ZTMX:>HE*#MMC%U2
M6"6>3BKK<5]6-Q534\OUX\)^YD!6[5Y*L.CQ72QHT@G85=0P("5XL#]I<)_-
M<DFI>;8+`V5O.L4D+\%01-(#%&6$\R_$T:U_V.*ZSK$EU:K:NJ1PQL614%*5
M%#D.U?S3>0ZL=<CX"Z0K\)%4(15CXE3V94WS(PQHF741E7OER7+9@G%S#9W^
MFZTMQ+HET+*WDGC_`$1`89X'0G@)'*1F5?V6R.7&MQ>6]!T>:RL;.>?4`\MS
M-?0)<5`*\4B]3[''_)PIN_/-W)#>6]MI]I:K?1/#<O$@YE7Z\6I5?]C@73/-
M5Y!8P:1<V=MJ%K;NTEJMP@+1EZ<^+T+<?A7X<KEJ)?1C',_HKHT>&/JDR?RW
MK8/FB_GL--AM8;BQ:7ZM=0B4*U*UC#_9A?\`EP+H,`UK4+R]U6PM4/U)S%%!
M;+;P@KTD2-?@Y?Y8Q"VU_44UDZ]*(Y+ED$+0E`(O1`H(0M-D7!A\V:E^D8-0
MC2)!;Q?5XK4*#$(B*,G$C]K,K%HID&60"1(V)/(]S1DU,(^F/?T"'T^RM3Y4
MU6Y]%&FCDB6.:GQ+4"H5LDNMWVFZ)<6ED-)LY+.YL8WN285,QD>,#U(YOM14
M/Q?#D?O?,EQ=Z=+I4=K!:V<S!VCA4`\E%`>5*M@/5-6N=7EAFN@H:&)8$X_R
MH*#]69@PW(<0J-R-7WB-<G&.:5'A.^W3WVF_U*S-GY;<0)6XG83$@5=>6RR'
M]K;#>)=,U?S)>^6'TFQBTQEE2)TMT%U'Q52&%S_><JY$QK%R(K"&B\=.?G![
MFM?BQ6UUZ]M-8?6XE4W+EB01\/QBA_5@GI^,2!`)J57_`#C*XH&>42-R!8OW
M`;J=E;6OE[RQ=ZU;V-M?:A->+;Q&_A2XBBB3ESXQR?#S?X?BPJ\WM:W&E^7M
M1AL8+&>\BN6NEM4$:.Z2(.7$?9&_PI^QDO\`++2RZ;?6L4MM,[S1R'3+WBJ/
M3E^^25_L&.OV>7Q<L+_/D":D-'LED@%S80R)<1VH'I1^HRLB`K\+,H7XFS7:
MG0GQ",,;-\O)R\6JCP`Y#6W-YIFR51>6(2OQ%B<#W?EED4M;N21^R<KEV;J`
M+J)\@=UCKL!-<1'F1LQW-CY(GB<I("K#J#C,PB"#1V(<H;[AV;-FP*[-FS85
M=FS9>*6LV7FQ5K-EYL:5V5EYL-(7Q1\VIAI#&$%.^(6D8`Y4Q=FI\LSM/C$8
M\9YEJG*SPAMF[=L3)S$UQI^[+9241;)RJY5<Q/CE9*6Z[?YUS8VO?OFP6E__
MURWS\?\`G<-6_P",QR-9(_/_`/RF&K?\9CD:KG58/[G'_4C]SSV7^]G_`%C]
M[B<K+S9:P:RJ8XYL5IJF6!E@5QP%,4@-`8Y17IEA2<44!<B2S$;7QK3KBM:8
MD&QU:Y%E=<EQ;*KE?/*9@,:02TQ&),^4[XGN<D`P,FRQRNN."D]<<`!AM%$K
M`N.H!F)QN*[!Q.-)PVL/+NHZC;"\B:WM[9V9(Y;NX2W5V3[80RD<^-?BIB6J
M:)?Z.(6NQ$\5P&,%Q;RK-$_$T<+)'\/)3D1.'%PB0ONMEP2KB(-=Z6Y1.8G*
MR;"W5RLNAQP7"NZSKE%:XKQ\,72RE>TDO04]**1(F!8!^3@LI6/[3)\/Q/\`
MLY$D=?<V8]C?=N@5B`Q91BHCS<:9$`#DV3RRGS7*!BBXF!3%%Q+!>,<,;EUP
M);H#L17YY>-KCXHY)Y4@A4O)(P1%'4EC0#%5E<K!>I:;<Z5.+:[:%I:5*P2K
M*%H:%7*?8<?R8!+8Q((L&P>J#L:.R\D8TMC:YA4X6-NZY80,=Q7YC%$B)Z[#
M%@%3IN<!EW,XXR=SL%BP@#XMAX8^H447;*+$Y@,C[VP4/I^:86&BZAJ<+3VB
MQF-6X$R2I&:TK]ER#@P>5-:_D@_Z2(O^:L)@2O0D?(G-S?\`F/WG($3O:40/
M,?\`'F0X>H)/O3&]T34--@^L72Q"/D$JDJ2&IZ?"A)PO1S7&DL=B2?F3F`.$
M`UZB"?(4O%N.$4R+2KH*0"<DT4H=:Y`K>4H13)'IMZ9*1`%F/11N<PM1BWL.
MQQ3XHA/>646Q`3`]#0]QBD"2W,JP0@&1S1030??F+PTVVXMC2U,39Z$@]0:'
MZ,2:44KCPE(*H\M,"SW`4'$I[@"M3A1=WPW`./"VQ'>I:C>[-D&U>=GJ.Q.'
M]W/R!-=LBE_-S<@=!DB?26,^Y+RM3AEIUK_NUOHP!WP>MQ<K;AXHF]*O#UJ'
MCR\*^.#3#%&?'DWKD/-Q\HD8U#F>J9$JHW-,1>[B7OA6S325,C'Y#-'$[LJ1
M(SNYHJ@$DD]@,SI:R1VC'A'GS<:&D@-Y'B*.-\I-%%?E@F,,R\FVKVP):Q.D
MK"5>+H>+(10@C8@C!K$Y;AE*0XYDGN#'*`"(8P!WE<*#IFJ<5DL+J*R@U*10
M+6X=HH6#`DN@#,"O4;'`X^>7#)?)I.$<Y;GS7=?M"OSPPL(A3E3Y#"\$8;Z4
M%8$']G?)WZ3NX^6(!B`*LHY(MM]L;)`"-CB<UPQ8@;`8CZ[`]<@`6!KDDVN:
M<DL9D44D7<'(B10T/49T2_5_11Y$*B4<HR10,M:<E\149`[U!'<R*.E<UG:>
M*/HS#G+TR\R'8=G9"1+$?X:(]Q0V7FS9JJ=B[-FS85=FS9L5=FS9L5=FS9L5
M=CD6K`8W%K<5D&&(L@=Z"F,2\(_X8UC4G\,4;X0!B1WS9RV`CW-(W-M&G3OC
M?;+.-KE1+)O*ZYLOI7PP<TNI]V;,-AFPULA__]`K\_\`_*8:M_QF/ZLC>23S
M]_RF&K?\9CD;SJL']SC_`*D?N>>R_P!Y/^L?O=E9>6!EK!;3'`8X+CPM<%L@
M%@%>F/5.YQU`,Q."V8`'-O88TME$XW&E,NY>#CP0,0+4R@QQIB2KEL8:G,/?
M'&@Q1S4ROCET`S,V-.%=@V6RJY6;%%VZN;,,U,59,EWI5WH&FZ?KT%S`EI).
MUG=0BL<JRE3(.-/M1\5WS76FVPM]'?3[][[19[P1"TF0QM$QE42`J3N)!7<8
M%L]?6/3H=+U&QBO[>U=WM2^SQ^H074-_*>(QM_KDETEG!:6T=C:V,GK0PQCK
M+R#\Y#^T>0S'X)B6P('%(\P8;WN/XA)NXHU9HF@.1$MJY_PTCK+2]/E\]:AI
MDENC6,4NHK';FO!1#',T(&]?W91>.(Z6=-LO*?Z6N=-@O[YM0^K1-<!B@3ZN
M)"KJC)R7E\2_Y6"D\VB.\EU*+3+=+ZY65;JX`W8S*R2.O\C$ORR]-O+:Q\G>
MC/;17BR:H0T,OV@JVPHZ?R[_``Y&7B4.('^"-<7.N+B9#ALT1_$;KE=<*J=&
MTO5]6\M/;6XL;?6%4WEK#7@I$C1OZ7(DT95P?<Z;H[PZA#=Q:%:1Q13?4YK&
MX+W7K1[0HZEFY<Z?O/AP@G\P7;WUA>6L<=HNE@+801CX$"L9-_YJNQY8N^OV
MP6X>STNWMKJZ1XY;@"M!+_>&-3]AF_FR)AE].YH#;?EZNI_J\/\`.9"6/?86
M?+GMT^**(T?2-&T2ZETBVO)+U9/K<DX8GBE*&/BR\7WPO:RT^30-5OK:*C1Z
MC;0VDC_;2&2.1F0_,JN(7>I27EA86#H%2P#JC#JW.E:_=E17LD>E7&E!1Z=Q
M/%<L_<-"K(H'_!Y,0D!=FS*SO_#QW_N6),;JA7#W=>'_`(ID5S'I&CZEINB-
MHUI>1SPVC7-W,',Y:Z"\C&P=53AR^'X,;^B=,TF+S)+)9Q7SZ9<B.S$X8H%,
MG"CA2O+X<"KYD1VM[B]TZ"YO;5(XXKEA0TA`$/-?VBE,!R:W=2VVIP3`.VJ2
M":>3H0P;G\/TY6(9-@;'+B]7U>K<C_-;#*&_+K6W+;8)?J]QI]U/'/I]JMF&
M0>O;QU$8D'^^@Q8\2/\`*P7Y6MK*ZU5H]0A^L6R6T\KQ5H246JD'^884RBF&
M_D^Y6VUEYVXT2TN2!)]DGALK?/+YBL4A&]HFM]_FTQ-Y(\5;D=-ODCA)I>L:
M-J;KIEO875APE@FM58<TJ0R3<V>IVPUATJRLM-TJ18-&E:]MX[FXDU:<QSCU
M.HB4,OP*/LMD9N?,*/8W%A86,-DEV5-U)&*LX0DA5/[*_%\6.B\QPM;6MOJ>
MG0WSV2"*VF?9A&NZ(W\RIE1Q9"-K`XKJ[-</O_G?TF8R0O>B:YUM=_J3JTT_
M0AK7F)8HXM0T^SLGN;(!N2*PD0+Q<4KQ#<<"Z7J^F3ZSI$]OI5M!<\_3NH45
MQ!4O^[EC4OR615_R\*X_,ETMUJ=V8H^>J6[6LB(O%$1F5_W:]J<,+K&Z>RNX
M+M`&:!PZJ>A*FN2&&1$N(DGA`&_]&C]K$Y18X:YDG;^E899;)8ZQYEU2:ZL+
M>.#3UNI6M80RI.Z,_%IN3,2W(?'QP)(;#6?+.H:G'IMMIUUISP%39JRK(L[^
MGQ<.S_9ZX6V&LW-EJEQJ4<:/]:,HN('%49)B>:G_`(+X<&76L1/ITNF6-E%8
MVUPRM<A-V?TSRC'+^56WP&$A*-7MP5OL!'ZQ7])E$B0-UOQ7MS)^DWY)KJ0T
M+2IK.RDT>"2"ZLTEN+FC&=9'J.<+<N*]/VE;`ZMI>EZ'IMW^B[>\NKF6=9'N
M@S+P0IQ^%&3XA7"K5=6DU66"21`A@A6W4+W"5W_'$Y[^2XL;2P90$LV=D;N?
M4I6O_`X!CE4>(GGZO4>Z3/BB":`\MO<RN4Z+#K=GI46CVTEM?QQ2R/,',J&9
M6)$+!E"*A'P<E;`&F:7#'J>KP_58+M+(ND3W\GIVJ$.%#S-M7;_*PL?6IGU*
MTU(QKZEHD4:)V(B!`K]^+6_F$Q3ZB]Q:QW%OJ3%YX'[,6Y54]LCX>0"A9N(!
MW_BO?_8LN.)-GH36W2DPU_3K9-+L]16UL[>:2X-NQTUR]M(H!;D"2WQ+]D[X
M/*Z+_B6'RY'H]K]6N/0C:Y8.9U:6-*O&W/B.+-R^SD;O];6[LH=/M[..TMH)
MO718^I:G'XCWRUUV<:[#KOIKZT31.(_V28@JC[^./AS,:-V!.M^I^CJO'&]J
MYQO;I_$C[.WL=.LM3OY[6._EMKHVEO#<@F(!7*L[!2AY<?\`*S6\.EZ[JNCV
MT-F+%KN80WB0`B$U[Q!BQ_UOBP+9:XUO]=BN+:.ZM;Z0S2P2#H_,R!D;]G<X
MI-KLS36,ME#'9IIS>I:QQCHYZLQ_:KA,9W+G9NI<6WT_S?ZR@QH<JZBM^?>R
M"XT[22M];W4>BVL4<<@M9K2X+70E6GI\U+'E7XN?PY"0N'CZ_!2>2UTR"WNK
MA622<"M`_P!LHO[+;824QQ1D`>*^G,W^M9F)JJ^#)M%M8QI1NS9:>[O*5%SJ
MTOIQD`'X(%!2K?S89Q0P:7YHL3%:0J+F#U&@W:)&*_:AH?LM^SD<MM9BCT]-
M-O;&.\AA9G@+;,O/=A[[YI_,4\FHVNHI#'$;11''"H^`H.U/]7*Y8IRE+N(D
M.>W]'JV1S1B!\/VIC=ZNUQ<OPM8;4(S*1;JRAJ,?B;DS?%AAH%\'U>T0]2^$
M%_YB^O"*%;:.VMXBS+&G\SDEF+?3E:?JB6=W%>1T+Q'D%/0Y&6`\!'#1H];;
MHYXD[2MD]O=6MOI5YJLMO'=2+<""..8$HM6;D2%*XVZN-.+:'J,D$<%OJ#2Q
MW-NE1'6,A`RU)/Q,^$%IJZVT$]I/%'=6EPXE:&3JK@DAE;MUP'JVK?7A;1*B
M6UK95^K01]%+$,S$_M,Q5<B,!,N1YG>_X>'N_K,_%`%V&2#3;>.VU&QNTYZE
M))-%ISFM1]6KZU/^!P#:Z+8W.JZ%I,ZA9)K9[J]<FG/DAN80Q[+Z?PG"N]\Y
M32:C8:CZ:^IIX;BHZ.TG]ZS?\9/VL)KOS3J3:T-=M@D4R?#'%2J"/CZ?I4_E
M](\,3I<IB2=O23S_`(N0"!JX<7#Q624]UN+1Y=*U,7)T*SFB0-I[:9<^I<,X
M?XHY$+-R!C_X;"1W\O:+HWE6[N]#M;XZI:F74Y9@YD*B:1"\/%UXS\5^T>2_
MY.%%]YGMOJUW;Z=H]O8RWH"7$ZCDW`-SXQ5_N_B_X7"O4=:FU'3M)TUXPD>D
M0-;1,.K*SM)5O^#S$.VQNK_0W7UM"3>@;B7ZN"("S&(-U"$_"#\ADUL=9M[#
MR&G+1K"]*WA0FZCD8L3^VW"1/CR!@T^G)/H'F*72;0VDEA#>Q+,+FV]4;QRB
MOQ?Y0W^SDP#(`1%D&]F-@<T9I@T[3O*EQYDN=,MM2NIKU;6""[5S!$E&+41&
M1JFGP_%AEZ>FVNK>4-=L],MH5U?F9M/HQMT>&58><:\N6_+G]O"6SU^=8+NS
MU:SAU&TO+@7CQ..)6:A'*-A]D?%\2Y=]K=S=WFFW$,$5I!I/^\%K&/@0%Q(_
M+?XO49?BR8PY9'EW]>E<D<<`BM1OXM7\VM8QZ-;0A;^1)$L5>.2X`E(;U7D:
M1:M^TRKDJETBSO8=4@DTW185M8)9HI-)G,MU"8N11;CXF'Q<>#_#]O(Y<^:Y
MI+FVGLK&"T6"Z:_DC5:B2>2HD9CUXLK,O'%!YGMH#=O8:1!:RWT<D<\HJ326
MO+A_+NV6PQ9Z``(KS_:U3R8^9I#WO(^3=&/<W<__`";3":VA,]Q%"302.JD^
MQ.#)=0DETJUTHJ!':2/*C]R74(0?^!P(K,C*Z'BRD,I'8C,V&(@&S5DD?$[.
M-/-RH7L&7W]UY=L]:N]!DT*W-A;LT"7<:N;XD+59.?/T^7+_`(JRM(:RT7RU
M%K,UC!?W-Y</"HN@S)&D51\(1DW;$3YSK>-JXTNV&LM5C?<=O4(XF7T_YZ87
MZ=KZVNG_`**OK*.^LUD,T22;-&YKRXO_`"M7XER$<4N$#A/\/$.+ZJOBIADG
MQ'F.O#Z?I[K9/?V6B#5M%NYXTL]/U&'UKB!21&C+M2IJ5C=_M?Y..U:TA?3K
M^1=(TY5B`:WN=(E+21J7ISF#,_*-ER.3>:KR34K34(X(8DL4]&UM>-8EC(XL
MK*3\1<?:.9O,L5O:WD&G626CWZ\+F8MS/#ESX1].`KA\+(.`F]J_BV^KKO\`
MS?ZS3QQ/$`.=_P`._P!/3_.3CS'K,`T+0(?T38DW&G,1-PDYQ4GE3]R?4HOV
M?4^(-\;9R&\<27#N-]\F\_GUK/2XM/@M89+N"VEL+>^859+><L95I_/^\?B_
M[.0#-7K<H_N8\HRE(F^*R3M]CL=+B(O)+G(`554`'9LV;,%RW9LV;%79LV7B
MK6;+IFQ0UEYLV*M8(M?MXAB]L:/EF/ZX^]!Y%,7VI7\,1;%VW%<1.V;";5%;
M2N4<NF_CFI7ME19-#-MOFS4^[%+7MFR^IY9L"O\`_]$K\_\`_*8:M_QF.1O)
M-Y]6OG#5O^,QR/<`.N=5@/[G'_4C]SS^4'Q)_P!8_>IA23BJJ!US9>3)0``N
MVIE$TZ8VN423C3(R;KE5RLU<6-N)I[XTFN7E'"A;E@Y1QI.*JO/-RQ'EFY85
MHJM=\NN)ALNN!%+LL8T;X\#%#J98&6!CE&!D`Y1CPN."XZF"V0"T+VQP&;*Y
M4ZX$KP!ETPZA\H^8YH8YTLQZ<JAXF>:%"RG]H*\BMA;=6EQ8W#VMT@CFCV=0
MRN!_LD++^.0$X2-1D"1T!MF8R`LQ(]X40,>!E`9?3"AQQ-F%-LMFQ-CUP@,2
M5&8X$9M\$2!FKQ!--S0$T'O3`Q%<L#6;)7ALNM<:!BJ1UZ[8DA1$DT'*,62(
M=6R@53IFY$Y$DML8@<]RK!E79<JM>N)\LQ;!3*U3EE<L2+Y7.N-(M7Y95:XF
M,4&*KABBC&#'C`68"8V.CZIJ$1FL;5IHE;@SJ5`#=:?$RX+'EG7_`/E@D_X)
M/^:\*8Y94!".RCK0&F+">?\`WZ_WG*B)WL8UY@_K9@QKD?FBKO1M5L(?K%[:
MM#%4+S8J1R/0?"QP"<4:25QQ=V8>!-<2.2C=>JB?+9C(CI?Q6DXTG+()RA%(
MQHJECX`$G\,DPW4F.),Y'0X(,+GMB+0OX9(4PD)*#3R>.(O*YZG%I(V&!V!&
M3`#7(RZDK"2<H^&:N+1V=U+;37D<9:W@(6:04HI;I7OA-=4P)O;WI+>P\3R`
MPO)P\N8PZ&N$<@XL<TVMQ\$['(NXT\^.`+E(J*],.[7BT0IA#RPQL+BGP'!H
MLL1DJ75.>!E`\)HA,N(S;#+J"*C*(:G(@\3L&H:??FU)`Y.'$$C=U<U<;7%K
M6UN;Z=;6TC,L[U*H*`F@J>M,B9T.YEP!3KFKC2&5BK;,I*L/`@T.+S6=U;P0
M7,T92&Y!,#FE'`ZTICQ_:O`%.N7C1C7?B,EQ4++`PLT$/>W!BC/$T/CA$]U.
MXHSDC!>HW'-N`.%V:369Y3R$"1H;<W/PXQ&(V#JD]<V;+S#;FLV7FQ5K+IF`
M\,6B@EE<)&I8GL!A`)Y*MBB>5@J"I.&*Z/*5!8T/ADIT#RX%"&<5EDZ1KNV2
MB\\FR"(.JT--U';-I@TF`1'C$F1Z#D'#SY\T95"(`'?U>33V$L(J0:#O@,@@
MFN3J^TN2W++(*KWKD8U"Q$1]1/LG(:K0\$?$Q'BCU'<G!JA,\$QPR[DLS9B,
MV:YRG8^(T8'&98.]<(V-JFH(*C&-C()-AWQ5AFQ$N*`(::HJ9]LK>F.H.IRC
MD:9+2*=\OMO]&8C-X9%7=LV:F^;#2O\`_](O\^'_`)V_5O\`C,<CN2'S[_RE
M^J_\9CD<KG4X/[G'_4C]SH,O]Y/^L?O;S5QI.:N6L+;KE5RJYCBANN43E5S8
MI;RCE5RB<4N)QI.63C2<*8BRT33$C-O3MC)9`#3[\0#$G;,3+G(E4798=-'A
MN0NT<K@],4!Q"($#%1F1CD3$$]7#U&.,9$1Y*H..!Q,8\;9)QZ55Q5:8DIQ0
M&F1+(+ZTS5QI.:N*6RV-8_"?D<W;*.X(\<4,X\Q6FASC27U&\:"?ZB@"+&&%
M.1WK0X5:)865SJT]O#;MJ=O%&[6\9<6Z.0!Q::4E/2CK[XZY\P:/J$=J-0TQ
MY)K6%;<.DE`54UK2OO@6QUJRL;J]"61?3KV(PO:LYY*IZ$,#F-&.08S&I71J
MR*Y_PUZF\R@9@^FOC?+K:<:WI,$&C_I`Z='ID\<Z0E+>Y^M1.KUW]3E)1TI]
MG!XT?3`MNEOH\>H6CPJ\FHQWE)RS*2W"W#\.2G]AER,W>MV3:4VD:=8_58#,
MEQR+EB62NQ%2OW8)A\Q:?'=PZD=.X7L('%86X0EE%`[*"&K_`#9$PR\/\7,U
MN?\`-_CO_923QX[Z<AT^?\/^]4QIMM=:-<36:.M]9W2QR<SNT,FR.R?LLDA1
M,#>9+:SL=2-E9(42&*)92223,4'K'?I^\Y8<>4+BXN-:O-1ND4V,JO)J;ML@
MH?7C'S,R1\<B]Y<O?7=Q>/7E<2/,:]N;%OXY9#B\60)VB+Y]9]/APR:Y\/`"
M!N37+^;U^U._*=Q9PQ:O]9L4O*6W+XY'3;?X/W9[_P`V(:+::3J4NIZK-8*E
MCI\`E738Y9"K,U54&9CZO&JU;?`NC:E%I<L_UB#ZS;W,1AFCKQ-#T*G!H\SQ
MK>7##3XQIUS`+5[-?A/!?LMR6E9%)KC.,^*9B#ZJWXJY<P!?U)B8U#B(VO:O
ME9[EM]:Z3>>7OTYI]B-.E@N!;S0)+),CA_LL&E)8$9'P2Q`]QAQJ&L6TNFC2
M--L_JEH9?7E+,6=W'V:[E>*X35IT[99C$@#Q7S-6;(CYG=$R"15<A="A;(+W
M3+&#7K"QCC(MYXK5Y4+$U:45D^+J*X-TW2M+?4=<B:V2\ELI'2QTZ:X^KJRB
M3C7U>2,W$?L\L#)YGL&FM+^XTM9=2M$CB64N1&PA'%&9:_;I@"/6K4SZB;VS
M6:'4)6F+`TFB8GE^Z?\`7E7#E,:/$*B!SYF]^O<V`PO:C9/3I29:II-LU]I-
MLNGMI,M[,D$R)*;B#XW"<XI2SL6%=TKA[/Y7L%GN[&?2[2RMH4E$6J_I%6F,
MB*?3+VS2\1ZC_:3AD3N_,9:+3K;3H#;P:9,+J$R-S=I@>09CTI\L7EU_17N)
M]1714.I7`?F\C<H@\@H\@4DGE7XUR)AFJ.Y&QY'K>Q/K_P!UQLQP;[`\NGEO
M_#_Q+'J$$K6M"17QH:5QPZX/LVTP:9J+7BAKYC%]1/Q54\F]8BGP_9X_:PNY
MTZ9D@V2*(HU[_<TF%`'O9/;1Z1IFA66J7M@-2N-0EN(TBDEDB2-+=E4D&$AF
M9N?[6"-.L-#U7756U1TTY+;ZS<6Q)J'5"SPHY^+AS_;_`)<*K+7;,:7'I.JV
M(NX+>1Y;:1&*2(9361>H'%B!BR>:C#J\6HVUG%';Q0"T^IBH5H@GIGFP^+FW
MVN5?M9089/77%9XJ/%Z=_HH,^.`X>5;;5O\`TMT:$TC6="U/4++35TRXTU8Y
M?W<TDRR)(ZQ\6]8GBP+\OAP1(N@Z;;Z0)M,%Y+?0^I<O)-)&%/J%.48C/7C_
M`#852ZY8IIMSIFD6'U5+T*MU([EF*(0ZJN]/M*,3N=0:^&GH(^/U&+T1O]KX
MR]?QQX)=>(1XB:,CQ</#WW_/7C'2B:'3:[[OZK*8]/T%]=E\MQZ?4$'T]1:6
M03*Q02+^Z!]&B\L!Z?::7!I%Q?WMF;V>.Y,$49D:-&6M/C*$-_P./L;Z3]/'
M7FAW-/W-?!%3K_L<.+`VD&ASBYMQ/')<\BE:,"36H/TYCRE*(`N1O@OU;\7\
M;D1QWN0!]5;=/X4LO-&L)VTN\LH'@@OOAFM$8N5=*<Q&S_$>7+]K#J3RO8RI
M<Q-I,=FL<;-#<QW1FE!6E/5BYLJU_:VP,^K$7%G);0+%#8?W,1)-:_:+'Q;%
M!K%E!)/-:V/IRW"LCL7)IRZTWW_V60D<I`HG;S\]K]7\W^LV".,78'R2^#3M
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M^:V`>.6WNC<AA4U60<WX84W&GZ#IMAIDLVE#4+B\4FX,DTL2KN`"GI$;FO[6
M&+ZE80V=W:6%CZ`O`!(Y8D[&HVK3OA9>WAN(;.'AQ^J+Q!_FW!_A@Q^)L"95
MQ=Y&U?UC+ZOZ3"<('H+KN!Z^Y0D\LZ5:^8[Z*X5WTVSM1?BW!(+*].,!<?%0
M%OM8A];TR\\J:L]CIXTUQ+$&ACEDE1EH/BY3%G#5_P!CAI+KW+5WU,VRNDMN
MMK/;,=GC"\3N/^"PCU#4[*#3+K2-.T_ZO#<NLC2LQ9ZIMOO2F70XY<(EQ$C@
M_B]/I^JQWN/.,8<1%`'BZ;[_`$[L6D^P?EAOJ?\`@_0$T;Z[H9U%[ZU%Q?RR
M7$T7"LC(3"L+"K<5_;^'"F3[)R0>8]4T.UM_+ZZII(OY8;!6BD60H:>J_P"[
ME`('#_A\H[4'IC[W)T)])02>5=)T_P`S^9H+Q&O=-T"W>YCM2QC,Q:-98D>1
M*,JKSHW'XL"75OHFJ>59?,>E:8-(GL;V"TGMXYI9XY5N.7%@TY9U9/3.`H?.
MER=;U75M0M4N8M:C:"_M*LH]-E$:^FP(/*-5^'$M1\RV3Z.=!T73OJ-E+/'=
M73.Y>222&OICJ5"KR;-."0;'-SMF9ZJ/*.D7WZ%FTUE$MG%.-1$TAECEE4M1
M8J^DR5'[>*+J.DP^2K(W.C0W3&XD3F]Q,E&HW[SX#U_R?LY`-?\`,+Z[J:ZB
M8O0XP0V_`&O]RI7E_LL/=`\XVFGZ>EE?:<EZUM*T]F[-LK,I4B1":,M6Y9GX
MM0#&,9<1((/U'IYM,L>Y(H;=S(-`TB"YT@WJ:'%J<K2D-)>7HLH50`D+"?4B
M:5OYL&Q:39Z3YWT^*&%K:">$S/;\N9BJOQ*CDGFO\C9'8?-&F7>F1:=K>FBZ
M$$LDL#QOP`]8EW4K4+]IOAXX)?SCSUZRUN.S5!8Q"&.V+%E(446K,2V9/JD9
M5=$2'/;^C_%_O6NJKRK]JO%%HFLQZQ##IHL+FS26Z@NHYI)#((F8NDB2$HO,
M#]C'M9#4[/RGIY;@+LF(OX<C@?\`3]C':WJZ9I@M;O45:.XG+E@J.2TBQ*2?
MM\J?%B*ZI.L6DB"/TY=)/**0[\C\LNCBR'<`QWVXC=>FO/JXT]3BB2";/7A'
MFRNY\JZ<)+VRGTJSTZWAC?ZOJWZ3228N@!4R6S3%?CW^'AG)KF[`4C)W<:EH
MCS7&H0Z%&-1N0W)Y#SB5G^TZ*Q)_U>60:]TB3=HFK_DG*9X]4,<J!ERVNSY_
MQ2;(:C3F0%U[Q025V+,2<;CW1D)5Q1AU&-IFH-WOS<YK-EXY(V=N*@DGH,`%
M[!5F*1PO*X2-2S'8`8=:?Y<GN*/<GTT[#N<F&D:196+(_$*`=V;=CET,-GU&
MO<V1Q2(N7I'GS^20:)Y)U#4+B.-XV+24I$HJQ_IG8=!_*&&"-7U"00=*QQ@%
M_I8_PR]-\S:?IA1[2%5-*/(:%B/GG0-,UBWU2W$T+UKU&'+/)C%8X<`/4[DK
M'AOT;D=7FU]9Z=Y>UB>UT]3\(`Y2'D14;TPSAOXS;$$@FF]<)_/,3V^NO<.P
M1)5J/$TVR-3ZPRQF-&V[G-CA@<F/'*^(F(L^;K=5_%$FMRIZ],DDKT\3D/O5
M#0R`^&&=W=F0G>M<)[Z4)"P)W89F3`AAEQ<J+AXKEGCP]&/-LU,;3'-N<KOG
M.EW36:F7FP*JQ.1@U6Y`86@T."8I2,R,&7A-'DPE&T013KC?ECPP895-ZYDD
M7N&`[EN5E^V:G;(EDM[9LLYLCY*__],M\_'_`)V_5O\`C,<C=<D?G[_E,-6_
MXS'(WG58/[G'_4C]SS^7^\G_`%C][9S95<V6,75S5KE95<5;RJY68G"KLHG-
M7&DXLHQ)Y-UQ"67B-LMWITP,WQ5S%SYP!PQYNPT^FKU26,Q8UQT2U89808(B
M11O3,3&#.8OO<R9$8$^2JHH,>!F&PQV;,;;.HR$DV>K8&.&-RQA:E5>F*#$U
MQ08$!V7E#-7`EO-7&U.8XHMNN57-0Y@*X5=7+%<P7'UP*!WMJSJI4.P5OM*"
M0#_K`=<HGL,KKET`Q9+2*XTT&/.,-!BJTU.-.V623E4PJM-3E4QQVQC-X8LA
MS#NF5SWQ-VQ$RD95.?"=W-A`2C8"(+'*YX']5CE<V.#QXH_+$\RB>6.!P*K-
M7!$=6R<,HELU9=-PB^:,MT+F@R1Z;IU0'88"T>QYD,1DK2-(D"@91GR[\(;-
M/AH<4NJQ8@H`48IPVI7;P[?=CD4MTP5'"%')LQC)R*08B9N@VQWU4=SO@PT&
MP&V)L3VQXBBD(UN@Q%X8P*TK@MSM[8@V_3?)`EB@WA4]-L09"A\:X,;?M7&^
MA,XJJ;9,%2?@AEH1B<B8L5,9HPICF4,N&Z6K"6R+X8#GB60%6'TX92K0FN`Y
M!OED2U3C8W8]<0&)B.V1_4PY:C$M385)-!X"N3&\B#IR`WR,:G#4<J;C!JX^
M)@/>&.E]&4QZ'<)$1XYN./8;Y@-\T7"[-908]:CVR^(QP7)")0J)*P.&FG(T
MU7/0&@'OA9'"9&`'?)3IULL<:J!TS9:''(RXI?3'[2X6MR\&/ACM*>WPZHB&
MW%-Q@U(!2E,L<8UWZXTSGMMFQ))=6(@<U3ZN,1EM01N,>)F\<624,*,/IP60
MDQ!8QJNEK*I=11QT/CD9]-@W&GQ=*9TB:U$HVH%\<!0Z7:1S^HD7.0G[9'?V
M&:[7XL9,9Q^L[$#KYNU[-AFE$QF*@.4I?[D=ZEH_Y<7E]H\VM7TZVD,=.$+"
MLCU\!VQ:TTJRL=T3XA_NQ]S]`SIVB7EC-HMSI]^G"0("I;8U'3.?:A&L<C-R
MJ`2!3,7!AEDRR@/2!7R_WSGY,N/3Q,JXCT*FTX4_NOM?S'$_K#5^-BQ\,!O+
M0?$:#L!@=KFGV309ML>FQ8QOS[RZG)J\^<[6!Y)PMXD0)E;8?LC)!Y4\Z+87
M!A+<(7.^<SO;YN7!3TZX`%S*&JK$',+5Y82O&.3E:6,X5.6Y[GLGG?S!8ZM!
M'Z35FB.S^Q[9SPW8<D<_HPV\I>4/,?FM&>SCI`E`T\IXK]'CDJN_R*U?TC+!
M?1-.17T]U%?];*,&O&GCP`<0'Q9:K##42XZ((%>EYQ-=QQBM:G"6[N6G8U.W
M;!^N:%JFAW;V>HPM%*AH0WZQA.??!GULLXV/I/<C#IX8AZ1OWK:YLO*ZYBM[
MLV;VS8J[+!(RM\V*JZ24Q82@_P`<!;C'J]!ED,LH[,3$%&\@<WC@99<=ZN7>
M.#S1PJQ\,V(^KFQ\6*T7_]0J\_G_`)W#5O\`C,<C=</OS`DIYSU<?\7'(YZ@
M\<Z?3Y(^%CWY1C]SJ,VGGQR(%V2JUS5Q+F,ODN7<4>\-/@S_`)I7DYJXF9`.
M^,,Z^.`Y(#F0R&GF>05JY51@<W`[8PSDY5+4P'+=OAHY'ZMD2S@8BTF(F1CE
M5)VS'GJ)2V&SEX\$8>]>:G^.4`/IRA7'4RCGN6[R;`&"(_LX'`\<$)]D9D:8
M>IHU,JQJN7C1CLSG5R+>6,;CABP*JN/Q-<4P%0[+S9A@5V7FR_EBEJGCFKFI
MFH<5=E@9MAE5KBJZOAE"N89B<4N.)FF.KXXP]<5:KE<LQQI&&D<1=RQIIETS
M4PK:F=\9Q7%67&E?#(R@#S#D8LQ`I3*CPRMABG'**9CY,-;AS,>:]BM6E>V#
M[&(2.!2N^`ECP_T:WJP:F5Q]-GN;#4JC7-DFF0)%%RITP9R+-B:CA&%'?%[<
M`MR/3,<SLDMQQT``BHD55J>N/YK7<=<3+_?X8PO^.!JES5&8;G[L0>2FU??&
MM(3WQ"1MJC)`,"VTF),PKC2U17OC%8DT.6`-9*.M(5=OB%<.4M4,=!WZX5V+
M;X=1SQA*L0/;(3)')Q,TK-$[,?U2R2(EAA;&W[.&NL7*R5`.V$2O1LM`)B+Y
MMFED3'>S1/R;N4IOA?(,-I0'BKA3+L<G`MV0(5Q6H/0X17\(/(4P\<]\+;]>
M_CEW,$'J&D;2!'0L0E7BY!QF";Q0LAP/FDR#AF1YNR!L-4QZBN-KCDQC5J47
M;`^LBCZ<E=H`$&1&V>DZ5\<E=HQ*<1N<VNC-XYUT(=9K_KQ^XJTCDM[8SD.^
M+I8W$IJ1Q'B<$1Z?$''J5DI]V63U&*!X;N7<-RPPZ+/E]0CPQ_G2V"[1])O]
M;NDM=/A,C,=WZ*!XDYU32ORLTR&)6U65[B;NL9XH/ZX:>0],M[32([A$`EF%
M2WMX9+<U.KU^64S#&3"(-;<S\798='CQ#<"<N\_H#!=2_+?2I(F-CRCD`^$$
MU&<TO+"]\MZD))X_CC-8V(J-L]"Y$O/&C0W^E2R\/WL0)5N^5Z?52XA#+ZHR
MVL\Q;?.)(])HC<5R>.7FN37$DD\\E&<U8C8G"G4-8M!8M'%$/7)WF;<_1A'K
M$TD$S)R-0<)I+AY/A)KF3FR1QGAAZ:[N;1&)D+GNBVU.4L:G;-]<4BM=_#QQ
M*UTN\O".*%5/[1R3:=Y7A0A[BK'WS'.LR`T3?<V0T_%M"/RY,<@L+S49*QQG
MB?VB,EFC>3XBRO=?$U</[:R@@0")0OOAG:RQ0[FA./ASE<CUYD_H<@881_O)
M6?YHY?%Z_P"7;"TTW2+:ULT"1J@)`[DBM3AKD5\I:Y%>1?5'8>HH^$>(&2O;
M,*8(D06H55#HPK\QO*=KYBT6:81`WULI>%QU('5<\LWENUM,\;"E"13Y9[9<
M!E*D5!%",\N_FEHL&D^8;I+<<8G/J*/#EVRO&>#-P_PY`2!W3CS_`-,LAM;S
M\YLWSRLRF+MLV;?*K@5NN5[9LV*NS4S5RL5;K3+Y'&]LU,57<CFQOMFQM7__
MU8]^8O\`RFFL>'K'(OSIDB_,AS_C760/]_G]612I/7-KCEZ(_P!4,*YJS3>&
M-]5\3X]\NE-\EQ'O3PAOFQ[Y=3\\P&V7QQW*[.[#+&6!E@4ZX:6VJ8Y0:9@,
M=0#?"`QMU-ZY>XS=<U/'#2VV-\$)T`P/2F+I]G,C3_4X^I%P5<O&C+S,=;(-
MY=<K+`Q8+UQ4#$UIB@.`H"X>^7C<L8$MY8RLU?#%+?3*+8VIS8JW7+&5E$XJ
MNKE$XPMC2V&D$KRV,9LHG&G#3$EQ8G*KFIFIBH=7-4YJ9L5MICC:Y9RJ8MD+
M:J:TRZG-3-0Y&0MR8$`[MI4G)3HB?!7(PB_$,EFC?W8S&RQ(B>EN7BR1,P`;
MH)S(QJ!BT3\5.!9&W!QRO3:N8?A[.5XG-%^J<8TG>N(<Q7&F0=/NR8BTR*_F
M<8S$G?IB?/>N7R\.^3`:9.8>&Q[$XBS4-3UQ1F'?`\A'6N3#42BH;DIN#B[W
MQ(ZX3-+3H<3>X8]\EPM<L8D49<W-016I/?`/J588B\A/?&!L--V.`CL$WC;E
M'A;<T#'!=L_P$8"N3N3@AS+/+]*$<X7WQ''!KG?"R_>@(RWS<<<Z8[>U]3`=
M:8O<MRE/?PQ6UTF]NR.*%5/[3;9I<TKR2KO=E`$@`!!@X)MK2XNFX01LY]AM
M]^2>Q\N65L4DO6$YZ^GT'X8>-=10+Z-G"D2]/A`KE8)_A!E]@^;:,0JYR`\N
M98W9^676DM[)P[A%ZY(+=8+9:0KO_,=SB+222?:^\XI"@I3OF7@$[HY.$2YB
M+#*,8%QQ"1CR,T6LI8U<_1E\EY`UIB8C(%6/!?$]<HS01=!R;Q.9L,48_2/C
MU<7)J)?QRKRY?8]L\D7*3:)`@.Z"AR3YQSR7YJ2QF%O,P$3;?+.KP:A;SH'C
M<$'OFGU>&4,LK&Q-ARL<Q.(E$VC,)_,,Z1Z;/R.Q4C\,%SW\,2DEAD`\UZ^)
MHV@1OA.QRG''U`G8!OQ8Y2.PY/%-:TZ6^U&3A\*<CO\`3@JP\N6T%'E')O$X
M=.(PY8=?','Y;9;/Q,V3T"K[V8P8\8,LINMZ#<5O'"*(M!XXJ)$CZ[G$6=OL
MUIEQIR-6V'B<R\6CC`6:,A_%+E\&C)K?X<8H=PYHM)6D7;%%CD/4CB.^!S>P
M0"FU??"^ZU=CLAV[9D8\0F3<N(#OV#B9LYB+.Q/=N62VFJC2Y5FB>DB&H.=9
M\N^9;/7+-)$D43@4DCJ*USS3-J#$DN_WG$K?S5=:9+ZEG*RMX@Y#6X,1QWQ"
M,H\OU-.'+DX]H6#SW?6,]S'`C/(P55%23GF7\T]9AU379GA(95H@(]L!:A^9
M7F&^A,$EPW$BAIMD/N+B2XD,DK<F/7-)#%,Y1DG0$`1$#?GU+GF5B@I'KE?/
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MU'7<97.N&D%$<^O;-SVZXARRB^2`:I*C2<1UQ"22HK7&L]<1<UR0#75<VG>I
MVQ)F)VS,U-L3)[Y)D`V2<H'?&$Y:X&V(1L+\5P-.]23BL:2.**/IQ;ZC'2LA
MY'N,B#&)LIG"<P(Q%I31W^P*X$GTZ26IE?@/`=<D+B.):*`!A?<25KQ&WCE>
M;.!$^;/%HI`@G]B5PZ;;1;I"&;^=L%+#,U`6XCP&.$G3?Z!EDN"#]D>)S6_4
M;`OS+F<,8[&7P")BLD4%I6.PKOE\0]1&*D=\!27D<0)=N5/$X676O%`5B;C\
MLE1&\C\&!G'^$)U(88M[AZ4_9&`KC6X(AQMUI_E'KD7N-4EE)JQ.!?4FF:B`
ML?;(G,1RV:SOS9$^N.[?O')]\>E^LM.+U)[84VFDSS4,IH/#)!9Z5#"!\(^>
M78^TY8QPD"7WM$NSAG-Q!![^BM9K<,P<,5';)9I^N:A9QA5G/$=LCZ\8@`HZ
M8JID<=:#)3UF74'AAB'QW<C#H<.E'%ERD^5T&077FB]E7CZA]\)II[FX-6)-
M?'$U"*>E3XG%&>F[&@\,G#1$[Y9?`+D[1VX<,:'FIB%C]HX[TN`JQH,1DO4C
MJ0<*KS5'W4',B6+'C@2(@?>7!\>>2=&1E]P3*6[BBW&Y\3A=<ZJV_$TPFN+]
MC7?"V:[8]ZY@SRCK*W(`/04$VGU$L22V%\VHN=@V%[2NW?&]>N4'++ILRX!U
MW5'GD?JQQ.M<5AMY)VXQBOOAO!I4*`&7XV[CMEF'39LYN(V_G'DPR9L>(>HU
MY#FD=/#-0C<C;).MM`HHL:CZ,LPQ$4*+3Y9E_P`E3K?(/DXW\HX_YLF+YNV2
M&73[63]CB?$86W.F21`M&>:_CF/FT&;&+H2`ZQ_4WXM7BR;`T>XH#-\\L@C8
M]<KMF(Y#J96.`KL!7!,>GW,@JJ4![G;)1QSF:A$R]PMC*48BY$`>:%RL&-IM
MTHKPK\C@9D=&HP(/>N&>+)#ZXF/O"QG&7TR!]Q6Y67E]<@R:S9=,V*O_UX[^
M8L+MYUU=N#<3,=PI(_`9&1'(.D;^_P`#?TSV,44[E03\LK@G\H^[,L:N@!P<
M@!S[O@QX7QUPD_WV]/\`4;^F5QEZ>F]/]1OZ9[&X)_*/NS<$_E'W8?SG]#[?
MV)KS?'01_P#?;_\``-_3+X2?[[?_`(!OZ9[$X)_*/NS<$_E'W8?SO]#[?V(X
M7QWPD_WV_P#P#?TS!)#UC?\`X!OZ9[$X)_*/NS<$_E'W8_G?Z'V_L7A\WQWP
M<?[K?_@&_IE$2?[[?_@&_IGL7@G\H^[-P3^4?=@_.?T/M_8O"^.2LG^^W_X!
MOZ9N,O\`OM_^`;^F>QN"?RC[LW!/Y1]V/YS^A]O[%X7QV(Y3OZ;_`/`-_3%`
MD@I\#_\``-_3/8'!/Y1]V;@G\H^[!^<_H_:FGR*GJ';TWK_JM_3'A9/]]O\`
M\"W],];\$_E'W9N"?RC[LRH=JF(`.*Z_I?\`'7&RZ03-B7#\+?)7&0_[K?\`
MX!OZ9?"3_?;_`/`M_3/6G!/Y1]V;@G\H^[)?RO\`[3_LO^.M/\G_`.V?[']K
MY,XO_(__``+?TRP)/]]O_P`"W],]9<$_E'W9N"?RC[L?Y7_VG_9?\=7^3_\`
M;/\`8_M?)X]3^1_^!;^F.H_\C_\``M_3/5W!/Y1]V;@G\H^['^5_]I_V7_'4
M?R=_MG^Q_:^4*2?R/_P+?TRJ2?[[?_@6_IGK#@G\H^[-P3^4?=C_`"O_`+3_
M`++_`(ZO\G?[;_L?^//D_A)_(_\`P+?TS<'_`-]O_P`"W],]8<$_E'W9N"?R
MC[L?Y7_VG_9?\=1_)O\`MG^Q_P"//E#C)_(__`M_3-Q?^1_^!;^F>K^"?RC[
MLW!/Y1]V/\K_`.T_[+_CJ_R;_MG^Q_X\^3^+_P"^W_X%OZ95&[JP_P!B<]8\
M$_E'W8'FTS3YP1-:Q.":GD@.Y^C".UQUQ?[+_CJGLT],G^Q_:^5"<U,](WOD
M+RG?@^KID,;MUDA7@WWKD0U?\F;)U:31+V2!AT@G_>*?^>GVE_X'+\?:FGEM
M+BA[Q8^QJEH,L=Q4O=^UX[FPYU[RGKWER0C4K5A#6BW4?QQ-\FZ_\$N$N9L9
M1D!*)$@>HW:#&431%'S;.5FRZ826<8$NRU%<K]>*(,42-;+U7'`9ACJ5P,&L
M6@8HP(Q,+CJTP'?9E'8VGB3<XP:[C-S##WPLMYRNQ.V#`W<';,>4*+L,>03B
MJ%BIR^5<86!^>,Y$8*2K<_?&E\2+>^-+'"`QDO+??C6;;&;]<W!F_KA845A.
M,-3L,$B$=]\W%5[8VS$:Y[**P.:%ML'06*O;-,M2Z'<=J8@\NPIAUY9U&ZCO
MK>R1OW$LGQH14&H.5Y#+A)'3=O@8`[BTOA^'J*?,9<LT:K4G?PP7K]S>F:XC
MN32&.1_3%*`4P;K%AIMWJUK91W1BO;BQM&AMUC!CY&!6_>/7X&D_U<A0-&74
M$[;U3(ZHQ!`H50W\V*S3EOL#Z<+I)0*^J]?;!UE8W6I7MS9LX@2T61[EZ%BH
MCK4*H^TQ*\5PLUS3Q:Z2NM:=+--9F<VLAN8?0D1PH>O"K?`W*@;EE6HQB)W(
MKYHQZJ64;7]RG)?11`E:#W.%=SK3FHCY-[@$X2RW4LA^)B<FFDIK0\DV<^@P
M%[F2^N5N)%52W$<.`8L1MF%/,!M`?-LJ^;#Y[Z>0GD2/8[8'!DE:B@L<G^KZ
M1<W/EW3KG7H$BU@S3*'`599(`1_>\2>7#_=>&-GY)TVW-I:7=X8=0O(XY885
MC#1@3@&'U)"1Q+U_ERB4R?,LXPE+ER8#9Z/+,0TNP\,D=GI=O`M`@'OA_;:`
MYN+^SY*MS8*Y>/KR:-BLBK_JT9L%OY>N5L=-O$D5GU*40+!^U&Q^R6_UJXB!
ME]1X;Z#FW1ACAO+U'[$D$<:"BJ,P;W^C#2WT%[K4KFR68&.S622::E?AB%7X
MJ/M/^RJX^\T:&WL5U6UFEEM/4]&3UXO1=6_9^&K?"V7XL6,2&W.MRQR:B5$1
MV'<-DOBB#[MOX#!'I*H^(TPSATW3UAL&N=1%O)J*L8%X`JI45_?-4<%/\V1:
MYOF#,A<;$C8[9M<0Q@<,"(@<SR=7EG,FY@R/0!'37*1#X?OPMEO7:N],'^7(
MM)U*:^CU2654@MFFC,*ACR7N:E<C@2/5]6@TS1KEY8K@JJSW""$@?MLZ*TE%
M3KC/5X,5@>N0[N7S:A@S9:)]$3\_DU=:@!\*M7Q.%,UV6KO7#FYT"QN+;49=
M%U-[V;2J&\BEB$09>9C9X&#/ZBJ5[\/AR+UK_7-9FU$\LK)^'1SL6&&,5$?'
MJJ-([]`3\@3B9#=P0/$@C#'2]8U'3'$=E+P6:2,2`@&HY`?QR0^?=0O)?-FL
M:$K*EA%?F&"%5`"+556GRY91>[8PW%K:W:>0(.G<Y)-7\J:;IGZ3MH]7$^HZ
M4@EFMVC"(Z%@G&*2I+3KR^./C_LL'^7/+VG/I2ZGJ5^UMZSE(HX8C,]%ZO)T
MX+EVFQ#)D`E?".="VO-/@@9#GTWI+H((X$"(.G4XKAK>:'+9:['H<LBL\CPJ
MLR[@K<!7C>G^I(N#Y/+-BS:A:V&H/<7^FQO-/&8@L3)%4R>G)R);BO\`D9OQ
MDQ0C$1V!`(H;</>Z.4<N24C+G9!L]>YC>;#?1]%@U"SN=1O+EK:TM6C1C%'Z
MTA:4D+1!3X?A^UB5[I]C9WUO$MX9[.8([2JE)45CNKQ-2D@_EY9/Q(\1CO8Y
M['[V/A&A+H?-+?HS4R4^<ULEU"VT[3I&*1QQHEN8A$BE]@0P9N;/^UC!Y7M&
MOCHL>HDZR$9F@,8$')$,C1>M7ESHK?L9`9XF`E*QQ`FJ/(=2R\&8D1$W1KGU
M\F"W]@I!EB&X^T!A6$)-,GNEZ/!?V=_?7ER;6#3U1I0%#NW-@G%%)%6WP-#Y
M4@G\TV>DVEXLUO?-'Z-R%W`DH/C2OPNI/V>6:[5Z;&<G%#;?U[;#K;L])G)A
M63<@6-]Y)/I^G)&H=U!<[[]L-%MQ3)/;^5M,=;L0ZPC2:>3]<JE$X*Q5C"W^
M['^'[)X8"U?3K>QM+34;"Z^MV5VTD22,O!Q)"%,BLE6_G7OF;A.*`&/'MTY$
M6:MU^;Q,A.3)RYU=T.7))6@\,"7%I%*.,J`^_?)CIVD:7?QZ*&N)DFU2:6"7
MX1Q3T1\;+OOU7`^K:`FFZ8]U--RN4N5A,8'PF*16>&96\)47DN3.7'(^'(7>
MU$>?#^A@(9(>N!JM[!\K><W=FUL_BA^R<"Y)[F%98VC;>O3(W(A5RIV(-/NS
M4:W2C#,&/TRY>7D[;2:CQH;_`%1YK/UYL<.^;,-R7__0[_FS9L5=FS9L5=FS
M9L5=FS9L5=FS9L56N2$8CJ`2,1L97FM8Y)#5V!J?I(Q:3^[?_5/ZL#:9_O##
M\C_Q(Y`D^(!TX3]\68`\,GKQ#[I(O-FS9-@[-FS8J[-FS8JA$FD.HRVY/[M8
M4<#_`"BS`_JP7@&/_CKS_P#,/'_Q-\'97C)(E?\`.E][9D`!C7\V/W.S9LV6
M-;LV;-BKLV;-BKLV;-BKLV;-BKLV;-BJG/!#<PO;W$:RPR#B\;@%6![$'.2^
M<ORI*>KJ7ED$C=Y-/)W]_1)_XAG7LV78-1DPRO&:[QT+">.$Q4A?F^2G5XG:
M*13'(AHZ,"&!]P<JN>A/.7Y?:;YHC:ZAI::HH^"Y4;/_`),H'VO];[6<*UC1
M-3T"]:QU2$Q2C[+4^!Q_,C?M9M]/K(YMN4NH<:>+AY<D#WQ91B2BIP2B]SF?
MT==,$R+:KCZ`#-6F-)P+L&R<:3F)Q,MA`8DKP]-\%P70^RV%I;&AF)VQ,`1N
ML,I@;#(5*N-CCC&?OPKMFFVWVPXAD6@Y9CSCP]7/Q9/$'*E'T6)V&6(36AP>
M)8?;$V:,],AQ'N;N&/4H<1J!E&@Q4IRZ8WT0-R</O02.BD6.)D$Y<LD<?>N`
MY;L]%R8B3R:I9(1^HHGE&GVSBMAJ\-CJ%M<-_=1.&<CK2AZ8223,34G`S2$]
M,L&$$$2WO9QLFK/\&U)MK.KR:A<7#ACZ<CLT=>M#TPP?S%8GS3IVL`/]5M;>
MTAEV'+E!"L3T%?YAD5))ZY@">F3\&%5W1,?A+FXYS3)LF]P=_P"BG^DZ]#I^
MLZA>,\T4%]ZRB>"GK1B1F9&4$@?M?%OB.O7\%_I26`U._P!2G,I=S=-2!4H.
M/&,,W*6O?"R.U=STI@V.SC7=NN5Y,6(FY>7V-^">;E`;7S/FQ9-&8O5Z\>V2
MVWFAA\MVNDP%XYX;F:=RNRE9./'_`(CCFB0C88@R4-!FDU6FX)W=1/+O=WIY
M0,09;R'/N=0&K.Q=R*5)J<E#ZMH=W<V&IW4ES'-916T4EM&B$.;4`1E'+#9^
M/QY%PF8E5ZG*A#N%-LLG<G5EK('F";5I@5BNI)S,J[D)<\E<"O\`*LFV'L/F
M728[V_EE#_552%M*4`56:`*%9M]N?#XL@4ET%V&!9KHD=<(@!S:C*V5:3YDA
MTV^N+B9I(ENHI8WFMZ&6-I:_&E2`>).!-<U^"XTX6::E?:A,9`[FY:D*J/L\
M4#'E)D2DN??`<MS[X3W\F-I_K6MP7>GZ7;0EO4LXFCFKTJ:?9P@>\)ZG`4DQ
M8[8B23WR))Y6NS(?+FN6>FWT_P"D/4%K=P26[R0@,Z%@>+A6*JWQ?:S0:KHN
ME:_I][ID,S65HH2Y9Z>I*2.,DB+7B/VN"Y':>V73(TK*_P!)>7-+MM9;2YKJ
M[NM47TX1-&D:1(SEY#(49OCXMQ7(F!2@QX7'",Y(16B>BU/ADC<]$=&/R5@3
MASYDU.VU;S;J.MVH;ZK=7OUJ,,*-PY*VX\?APJ"#OC@`.F2$$\)3/S!>V^L^
M8;S4+4-Z%S*7CY"AH3WR;Z3JVFPZ#!IQOKO2[B`R&5[1%(N`Y)7U&+*?A'P<
M<YW;"LR^%</J[4S9:'!$PE?0C=P.T)F!@!O8-VR'5]:LKWS=#K4',VD;V;$N
M`)"+=(T<E0:<JQG':=KME;:KK=Y(']+4+6[@MZ`5YSJ53E]^1K-7,_P8<(CO
M0B(_`.`)RLR%;R,OB60^6]4L-.MKB*:\O-/NY"A2ZM#R1D6O*.:%F56_R&QG
MF75K+5+FT>U+RM;QI'<7DR+').RFI9E0L/\`9805S8^''C\3>UN1CP=$WUO4
MX+[6%U"V!]-!#0-L28]SARNM>74UMO,OJ73W#B1OJ)1`/5D1DW<-7TE+\N7V
MLA]<KF,!A"A&R`!P\^<3T9B.2R:NSQ?%-['488-(U>SFKZ]\(O2H/AJLBNU?
MNQOEN_M]*U_3]2N:^A;3)))QW;BK`FF%)<#OB)N`'`P3.,"0/\9W^7"SQXLE
M@\N$;?>RVVU6VMTUDMR_W("004_RG9QR^AL!7.I02^7-.TI>7UBUNKJ>4_L\
M9EB"4/\`SS;"WERC&)Y8,<;OSOY#A<,Y)5P^5?;Q*R7EW%Z7I3NGH%F@XL1P
M9_ME/Y>?[64]W=2Q^C).[Q?!\#,2O[L%8]O\A3Q7$<V2H=P8[][=:X1:@@6<
M]@</,)=18--\NN87:-'"/(N=V<")R[J06;-FS2NU?__1[_FS9L5=FS9L5=FS
M9L5=A=K[R1:+?20R^A(L+E)C^P:?:VPQPH\TH\GEW4T12[-;N%4"I)IDH?5'
MWA7@(UWS+0?\[>GW/G6ORLO+^\T>ZDO]3&J2">BS"OPCB/A^+/.HT?5:#_0)
M_P#D6W],[O\`DE:W-KY?O4N87A8W-0LBE21P'CFQU<(C"2*YCD`/N8`[O3)/
M[M_]4_JP-IG^\,/R/_$C@F3^[?\`U3^K`VF_[PP_(_\`$CFH/]['^K+[XMX_
MNI?UH_=))O/D]S;>5[V:TO!8S*!QN37X=_;.'?IWS+3_`)2]/N?.R_F?#+/Y
M+U&*&-I9"HHB"I._AGFO]#ZK_P`L$_\`R+;^F;710B<9)KZNH!^]ID=WK)L=
M:;0+;5D\]K!-*A>1+@@(U.T2K27(NNO^9D8,OF]*KT^%R,F'D?\`+'0-<\M6
MM]K=O-]<+."CL5H`U%HC?9R3P_D]Y'B:KV)F'\KN:?\`"\<3FPP,HR)D03_!
M%:23\OO.6NW^KII&I:I;ZLDBLW..-DEC"@D$\0$X_P"OG5\*]'\N:'H$9BT>
MPBM%;J8Q\1_V;<F_'#3,+-.$IW"/"/E]S((&/_CKS_\`,/'_`,3?('^87YI?
MX6NSHVEVRW&H\`\DLI_=1AJT%%^)GR>1_P#'7G_YAX_^)OG,_P`ROROU#7K]
MM>T%U>Y=0MQ9R'CRX]'C<[5_FKD=",1F?%Y<4N?*^+JSS7<:_F1_W+`8_/?Y
MA>9]1ATZROV,]RX6"")4C4'W<`?"/\K)B_Y?>?XK=KW4?-\=F@'*4R22A4J?
MVGYB/.?V&D^=/*.KP:I'I%RD]F_,%HG:)AT92P&Z[YT#4?S..NZ1<:/KGE.^
ME@NE"3B!@H(!#?#S!/VES9Y1(&/@1AP]2!&_M:1YI%=Z7YYTZ9?T;YLL]1##
MXI%U"*,#VXSRY(O+GF#S_I\T/Z8U32;RSJ!,DM[:AT3]HJ\;CDU/YLY[JEEI
M-Y`\&A>4KVUN&IPEE_>%:&IV0#`MG^6_G'5%*6^BRQ<Q16N5]%=Q_,XR1A"4
M?WA@/ZT8@_9);[GU8CK(BNI!5@&!!J"#OL1CL#:="]OI]I;R@"2*&.-P-P&5
M0IW^C!.:@\V;LV;-BKLV;-BKLV;-BKLV;-BKL+-<T#2_,-DUEJ<(D0@\'Z.A
M_F1NV&>;""000:(ZA2+V+YV\U^2-2\J3<V!N=.8_NKM1T\%E`^RV1P/7?/5$
M]O!=0O;W,:RPR`J\;BH(.<=\Y_EG-IWJ:GY?0S6F[2V8W>/WC_F3_)S<Z3M"
M,ZQYMI<A+I+]1==J=-(7/'N.HZAYW7&E\9R)^?0XY8V;MFRIP+)Y+2V-"LW3
M!*0`=<4`1.@QXAT9#&3SV4$M2=VQ=88TS%V.RC$W5S^UOX9&R>9IF!"/(6K&
M9$V&)M<N1\.)+$2=\7'IQC&HCS9`Y)<O2'1M.=R:8(65E^T<!275-AB)E=^I
MQX2>E(.2,-@3(IJVH<!1>N!I+Z5^_P!&`J^.-+X1CB.C7+/,]:57E9MR<1:3
M&%JY@COLHR8`:3(GS6,Q.4JLVP%<%QV?=\%)"J;*N`S`Y,HX92W.R#BLRV[8
M*2WC3%:$=L;4Y`R)<B..$?,KP0!MME\@<8-^N.)5??(TV<9Z;.H3C)>*"O?&
MR7%!UI@1IF<T&^0RX?$A6P][/%FX9=9>Y<TS'9<#R^J<,[*S,K`'>N&<NB5C
MY;94-+@CM*R>_DLM7F)N($1W%A4SNGVL!2W.U,D-]9>BQ#"HR/7=DXDJFR'O
MF/J-&8CCQ^H?:WZ?5>(>&0X9!!O.<2_>.=@3@H1Q1[D<V\3CO5(V789C#!_/
ME7D')L]`AA;S$5X'?,8''52,%"9^O(Y?K,>^V3\#'WE;/DA.`'7+H,%U1AN!
MB3PCJO3!+#7T[LQ(=U*.7OVR^/MOCZ`=1D1`IM:%)WQX`\*YA3+RP1".)?`>
M,@;H*X=`U`/CA$IWPSMYO@`/;,W23$;B>N[A:S$<@B1SBB2<:7&)/,!WQ!I\
MR)YP.33#3BO4BC*!B;34P&TIZXPN3WS'EG+?'%$<@BS/B9G[X&+'N=\P.5G*
M2SX%8S'`SN>5:[XYFH-S@=B2<HRY#L&40G=E<^M'3]H=<$9'X9WA;DIWPU@O
MXI!\9XMF=IM7"41"9J0[^KK]3HY<1GC%@\PB\V,]5*5Y8A+>QH-C7,F6:$19
MD&B&FR2-57O59Y1&A)ZX12OZCECWQ2XN6E/7;$,U&KU'BRH<@[3!A&*-=3S:
M]NV;-FS#;W__TN_YLV;%79LV;%78!U#2H-2X>M)(GIUIZ3\>OC@[-@(!%%E"
M<H2$H&B.H23_``O8_P"_[G_D:?Z8"_0MH=C%?$>!?^S)1FR$L0/+T_"W(CK<
MXYSE+XTQ7]!:?_RS7GX?\TXX:)9+]F&^4>"M3]0R49LCX)_G?8$_GLO?+_3%
MBSZ-:<&_=W_0_MG^F(V6CVK6L9*7Q-#NKFG4^V2V3^[?_5/ZL#:9_O##\C_Q
M(Y`XCX@'%_">@[XM@UN7PR;/U#^(]TDB.BV9%#%?$>!:H_$8W]!:?_RS7GX?
M\TY*LV3\$_SOL#7^>R]\O],6+C1;,"BQ7P'@&H/P&;]#6G^^[_\`X,_TR49L
M?!/\[[`OY[+WR_TQ8O\`H:T_WW?_`/!G^F;]#6G^^[__`(,_TR49L?!/\[[`
MOY[+WR_TQ8<FCVOZ1E7A>T]%#3F>7VF]NF"OT-:?[[O_`/@_[,.8_P#CKS_\
MP\?_`!-\@+Z!YDU?S-JD]O=R65O#>1F&<L:A%%6$2=&5L<&GXQ.\@CPRESB/
MYS/)K<H,=Y?3'^(]S)3HUHPHT=\P\"]?UC&?H+3_`/EGN_O'_-.%FN1^:'\Q
M:H-(G]*W&G#^]0NK/1JB+=>,F!;Q=6_PWY5>]6\>Q6*+]-+;U]>OH[>L.I3U
M/MY:-(=OW@W\AW6P_/9>^7^F*?#0K`':WO`?$$#^&._0]KTX7_\`R,.`?*]C
M=7VFZO9WGUM='EG'Z*%RW&X$(`9OBZ\/5'[O_(P+Y<TS5K?R7?7-JTXUV>.\
M2'UF)8,DDJV_$'HW`)PQ.EJ_W@V('TC^+\;K^>R]\O\`3%D%E9PV$_UB&&\=
MJ$4D;DN_MAE]?D_Y9)O^!R!>6ENOTUI)TM-11!#)_B'Z]7T^?#X.O^[O6Y?9
M_8P/.OF^UU.>2'UKC2KW645D_;ME3B?43Q@FY<6_U,F-+('A&4#:]P`U3S^(
M>*<>(\K)+T7Z_)_RR3?\#F^OR?\`+)-]V$@_2/\`C*ZX^I]4^H)Z=?[OU:M_
MPV1KRV+L7^G"\BU0^8/6;]+NQXVW&C<F?JK0?8])1@&"9!/B\@#R'5AQP_U/
M[2]!6]D9@IM914TJ1TP9G)->7S"GFV::U^O2EKF`00(.-(@0)'BFJ5,7&OJ)
MPSK>&6(P$29\?$+Y53$R!Y1X?C;LV;-D4.S9LV*NS9LV*NS==CFS8JP#S?\`
MEM9ZLTFI:.BV^H-\4D72.4_\:/\`Y6<CN[>>QF>TN86AGB/&2-Q0@C/3>1WS
M/Y0TSS+`3*@BO4'[FZ4?$".@?^=/;-AI=?*%0RDRCR!ZQ_8XV;3`W+&`)=?-
M\^,[=AE#X3R.&'F#1M5T&^:RU"`QGK'*-T=?YD;"KINYS<Q,91$HD$'NW=:1
M+B(/3OV5O4J=AE$@;DX@UP%V3$&D9NI^C)")/D@Y(Q_I'[$0]P!L,#M*S=3B
M9;&ELF(@-<LDCS*^N_7'AL0Q1%9]@,--=KN>6J.YV&+)`!NV^+A@/LC(F7<R
MCC)Y[*4=LHW??!4:*.GW8Q59C4[8(B`!Z5.5R)<B$`.GS1,%LLG44P>EE&!L
M,9:K6A.V&D915RDDMDC7()9+8*1TPOFM1&>F'\LT>%=TRM7>@PQ)0`3S"3R,
M$&YP*TKGIL,$7'`$\14X!9OYC3VRX>01PPOUR^`<Q'<U.7&*L"=AB9>GV1OX
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MURBX7$RYZ#*(/4Y`Y/YJ:<S%COC"<LD8T=<HE*RD-URJG-7,*Y%*\.]*5(QI
M)/7-\LV&R>9*M9?Z\V;$*UFR\V&E?__3[_FS9L5=FS9L5=FS9L5=FS9L5=FS
M9L56R?W;_P"J?U8&TW_>&'Y'_B1P4WV3\CB=M_<)]/Z\K/\`>C^J?OBV#^Z/
M]8?=)5S9LV6-;LV;-BKLV;-BJ!C_`..O.?\`EWC_`.)O@[$%_P!['_XQK^ML
M7RO%RE_6E][9EYQ_JQ^YV;-FRQK=FS9L5=FS9L5=FS9L5=FS9L5=FS9L5=FS
M9L5=FS9L5=FS9L5=FS9L52_6-%T[7;-['4HA)$WV3T93_,C?LMD(;\G-!8[W
M=Q]_]N='S9EZ?\YPG\OQ\-].5_%HS?E['C<-^;S?_E36@?\`+7<??_;E'\F-
M`/\`Q]W'W_VYTG-F1_KG_MGV-'^`_P!#[7FO_*E_+_\`RUW'W_VYO^5+^7_^
M6NX^\9TK-C_KI_MGV+_@']#[7FH_)?R^/^/NX^_%5_)[04V%U/\`?_;G1<V`
M_P`I]?$^Q(_(WMP/._\`E4&A'_C[N/O_`+<>OY1Z$O2YG^_^W.@YL'^N/]/[
M&0_*7MPV\_/Y2Z(?^/J?[\<GY4:(FXN9_OR?9L'^N']/[&7^"W_"PE/RSTA.
MES-]^/\`^5<:52GUF;[\F>;(_P"'?T_L7_!OZ+"&_+/26_X^9OOQ%ORJT9^M
MW/\`?D]S81^?Z<?V*?RW6GGC?E#H;"GUNX'T_P!N(G\F/+Y-3=W'W_VYTG-D
MQ_*73C^Q@?R5[\/VO-O^5,>7_P#EKN/O_MQG_*E-`K7Z[<_*O]N=,S8#_*6U
M^(SC^5H\/#75YJ/R8T`=+NX^_P#MR_\`E3.@?\MEQ]_]N=)S9+_7/_;/L:C^
M1Z\#S7_E2_E\_P#'W<??_;B<GY)>7I!0WER!\_[<Z=FR,_Y2KU<=?!LQ_E+_
M`'?#?D\H_P"5#>6JU^NW7W_VYO\`E0OEK_EMNOO_`+<ZOFS&_P`)_I.3Z7E/
M_*AO+7_+;=??_;F_Y4-Y:_Y;;K[_`.W.K9L/^$_TD>EY3_RH;RU_RVW7W_VY
MO^5#>6O^6VZ^_P#MSJV;!_A/])?2\H/Y#>6B*?7;K[_[<K_E0?EG_EMNOO\`
M[<ZQFP'Q^MKZ7D__`"H/RS_RVW7W_P!N;_E0?EG_`);KK[_[<ZQFP?OO-?2\
MF_Y4%Y9_Y;;K[_[<W_*@O+/_`"VW7W_VYUG-@_>^:^EY-_RH/RS_`,MMU]_]
MN;_E07EG_EMNOO\`[<ZSFQ_>^:^EY-_RH+RS_P`MMU]_]N6/R#\LC_C]NOO_
M`+<ZQFQ'B]+7TO*/^5"^6?\`ELN?O']<H_D'Y:/_`!_77W_VYUC-A/C5O:^E
MY-_RH'RQ_P`MMU]_]N5_RH'RQ_RVW7W_`-N=:S9']YYIV>3?\J"\L_\`+;=?
M?_;F_P"5!>6?^6VZ^_\`MSK.;']YYKL\F_Y4%Y8_Y;;K[_[<W_*@O+'_`"VW
M7W_VYUG-C^\\UV>3?\J"\L?\MMU]_P#;F_Y4%Y9_Y;;K[_[<ZSFP_O?-=GDW
6_*@O+'_+;=??_;FSK.;'][YH]+__V3\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
