<SUBMISSION>
<ACCESSION-NUMBER>0001144204-05-016268
<TYPE>6-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20050518
<FILING-DATE>20050518
<DATE-OF-FILING-DATE-CHANGE>20050518
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>pSivida LTD
<CIK>0001314102
<ASSIGNED-SIC>3826
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>C3
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>6-K
<ACT>34
<FILE-NUMBER>000-51122
<FILM-NUMBER>05840159
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>LEVEL 12 BGC CENTRE
<STREET2>28 THE ESPLANADE
<CITY>PERTH
<STATE>C3
<ZIP>6000
<PHONE>61 8 9226 5099
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>LEVEL 12 BGC CENTRE
<STREET2>28 THE ESPLANADE
<CITY>PERTH
<STATE>C3
<ZIP>6000
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v018671_6k.htm
<TEXT>
<HTML><HEAD>
<TITLE>
</TITLE>
</HEAD><BODY id=38 bgColor=#ffffff>
<DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Washington,
D.C. 20549</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
6-K</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG><FONT size=5></FONT></STRONG>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REPORT OF
FOREIGN ISSUER</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Rule 13a-16 or 15d-16 of</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
Securities Exchange Act of 1934</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>For
the month of May 2005</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Commission
File Number 000-5112</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>pSivida
Limited</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Translation
of registrant&#8217;s name into English) </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Level 12
BGC Centre</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28 The
Esplanade</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Perth WA
6000</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
of principal executive offices)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Indicate
by check mark whether the registrant files or will file annual reports under
cover Form&nbsp;20-F or Form&nbsp;40-F). </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form 20-F
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT face=Wingdings size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of 1934.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT face=Wingdings size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule&nbsp;12g3-2(b): 82- ___. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURE
</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant,
pSivida Limited, has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date: May
18, 2005</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center bgColor=#ffffff
border=0>
  <TR vAlign=top bgColor=#ffffff>
    <TD width="50%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="49%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD colSpan=2><FONT face="Times New Roman" size=2>pSivida
  Limited</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2></FONT></TD>
    <TD><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>/s/&nbsp;Aaron Finlay</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD align=left>
      <HR align=left width="80%" color=#000000 noShade SIZE=2>
    </TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>Aaron Finlay<BR><EM>Chief
      Financial Officer and Company
Secretary</EM></FONT></TD></TR></TABLE></DIV></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT size=2></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 225pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 100.65pt"
align=left><EM><FONT size=2></FONT></EM>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><EM><U>EXHIBIT
INDEX</U></EM></STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG><EM><U><FONT size=2></FONT></U></EM></STRONG>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="15%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>EXHIBIT
      99.1:</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="62%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Excellent
      Results from First Stage of&nbsp;POC Study with Epitan</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="15%">&nbsp;</TD>
    <TD vAlign=top align=left width="62%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">-2-</FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV></DIV></DIV></BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v018671_ex99-1.htm
<TEXT>
<HTML><HEAD>
<TITLE>
</TITLE>
</HEAD><BODY id=38 bgColor=#ffffff>
<DIV><BR>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><IMG
src="psivida_logo.jpg"></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#ffffff>
  <TR bgColor=#ffffff>
    <TD width="50%"><STRONG><FONT size=2>ASX/MEDIA RELEASE</FONT></STRONG></TD>
    <TD width="50%">
      <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
      align=right><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>18th
      May 2005</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>pSivida
and EpiTan Successfully Complete First Stage of Proof of Concept Study
</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><STRONG><FONT size=5></FONT></STRONG>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>
<DIV>
<HR align=left width="100%" color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Global
nanotechnology company pSivida Limited (</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>ASX:PSD,
NASDAQ:PSDV, Xetra:PSI)</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> is
pleased to announce that excellent results have been received from the proof of
concept study being performed in collaboration with </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>EpiTan
Limited (ASX: EPT, ADR: EPTNY, XETRA:UR9).</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Recent
data obtained from the in vivo study conducted at the Institute of Medical and
Veterinary Science in Adelaide, South Australia, indicated that a single
injection of pSivida&#8217;s porous BioSilicon</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP>TM</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
technology successfully released MELANOTAN&#8482; over a sustained
period.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
February 2005 EpiTan announced that it had filed a patent application for
discoveries surrounding the increased efficacy (ie increase in melanin) of
MELANOTAN&#8482; when given at significantly lower dose levels in a sustained
manner.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Previously
MELANOTAN&#8482; has been delivered as a daily injection which required significantly
higher quantities of drug. The collaboration work by EpiTan and pSivida is
covered by this patent. The next stage of development will progress towards a
commercially viable version of this formulation.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
proof-of-concept study tested four different formulations of the MELANOTAN&#8482;/
BioSilicon&#8482; combination in a model system (in vivo). A sustained-release solid
injectable implant, as used in other recent studies by EpiTan, was used to
compare the two methods. The blood was then measured over a 14-day period to
test the levels of MELANOTAN&#8482;. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
results showed sustained levels of MELANOTAN&#8482; in the blood for all four
formulations. Importantly, the results also showed that in vitro experiments
closely mimic the in vivo responses.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr Gavin
Rezos, pSivida&#8217;s Managing Director said, &#8220;These results further validate the
potential value of BioSilicon</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP>TM</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> in the
improved delivery of drugs. The BioSilicon</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP>TM</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> drug
delivery system represents a truly unique and extremely versatile solution to
satisfy the growing &#8216;drug delivery needs&#8217; of pharmaceutical, drug and device
companies globally.&#8221; </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The
outcome of this collaboration could lead to a second-generation injectable
MELANOTAN&#8482; product,&#8221; said Iain Kirkwood, EpiTan&#8217;s Managing Director. &#8220;As this
product would be a liquid-based sustained-release product delivered after a
single dose, it would give consumers further choice as to how they could have
MELANOTAN&#8482; administered. They could now conceivably have the choice of a solid
implant or a liquid injection.&#8221;</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=bottom align=left width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Released
      by:</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="38%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="33%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="38%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>In
      Australia:</STRONG></FONT></DIV></TD>
    <TD vAlign=bottom align=left width="38%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>In
      US:</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Josh
      Mann, CFA</FONT></DIV></TD>
    <TD vAlign=bottom align=left width="38%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beverly
      Jedynak</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investor
      Relations</FONT></DIV></TD>
    <TD vAlign=bottom align=left width="38%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
      Limited</FONT></DIV></TD>
    <TD vAlign=bottom align=left width="38%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Martin
      E. Janis &amp; Company, Inc.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="33%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tel:
      + 61 8 9226 5099</FONT></DIV></TD>
    <TD vAlign=bottom align=left width="38%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tel:
      312-943-1100 ext. 12</FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="33%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>joshuamann@psivida.com</U></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left
      width="38%"><DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>bjedynak@janispr.com</U></FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>NOTES
TO EDITORS:</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><STRONG><FONT size=2></FONT></STRONG>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>pSivida
Limited </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
is a global nanotechnology company committed to the biomedical sector and the
development of products in healthcare. The company&#8217;s focus is the development
and commercialisation of a modified form of silicon (porosified or
nano-structured silicon) known as BioSilicon&#8482;. As a new and exciting
biocompatible material, BioSilicon&#8482; offers multiple potential applications
across the high growth healthcare sector, including controlled release drug
delivery, targeted cancer therapies (including brachytherapy and localized
chemotherapy), tissue engineering and orthopedics. Potential diagnostics
applications are being developed through its subsidiary AION Diagnostics
Limited.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
owns the intellectual property rights to BioSilicon&#8482; for use in or on humans and
animals. The IP portfolio consists of 26 patent families, 29 granted patents and
over 80 patent applications. The core patent, which recognises BioSilicon&#8482; as a
biomaterial was granted in the UK in 2000 and in the US in 2001.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pSivida
is listed on NASDAQ (</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>PSDV</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">), the
Australian Stock Exchange (</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>PSD</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">) and in
Germany on the Frankfurt Stock Exchange on the XETRA system (</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>German</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Symbol:
PSI. Securities Code (WKN) 358705</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).
pSivida&#8217;s shares also trade in the United Kingdom on the OFEX International
Market Service (IMS) under the ticker symbol </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>PSD</STRONG></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company&#8217;s strategic partner and largest shareholder is the QinetiQ group, the
largest science and technology company in Europe. QinetiQ is the former UK
government Defence Evaluation Research Agency and was instrumental in
discovering BioSilicon&#8482;. pSivida enjoys a strong relationship with QinetiQ
having access to its cutting edge research and development facilities. For more
information on QinetiQ visit </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>www.qinetiq.com</U></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For more
information visit </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>www.psivida.com</U></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><U><FONT size=2></FONT></U>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>EpiTan
Limited </STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EpiTan
Limited is a Melbourne-based specialty pharmaceutical company with a strategy
focused on growing a business centred on dermatology products.</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
company&#8217;s leading drug candidate, for which EpiTan holds exclusive worldwide
rights, is MELANOTAN&#8482; which is in clinical development. MELANOTAN&#8482; is EpiTan&#8217;s
brand name for [Nle</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>4</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,D-Phe</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>7</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">]-alpha-MSH,
a synthetic analogue of the naturally occurring hormone alpha-MSH, which
stimulates eumelanin production. EpiTan holds the rights to four other products
for Australia and New Zealand; Linotar</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>&#174;</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
Exorex</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>&#174;</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
Zindaclin</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>&#174;</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> and
OraDisc</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif"><SUP>TM</SUP></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> A.
Linotar and Exorex are in market. Zindaclin and OraDisc A are scheduled to be
launched in late 2005 and 2006 respectively.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">This
document contains forward-looking statements that involve risks and
uncertainties. Although we believe that the expectations reflected in such
forward-looking statements are reasonable at this time, we can give no assurance
that such expectations will prove to be correct. Given these uncertainties,
readers are cautioned not to place undue reliance on such forward-looking
statements. Actual results could differ materially from those anticipated in
these forward-looking statements due to many important factors including: our
failure to develop applications for BioSilicon<SUP>TM</SUP> due to regulatory,
scientific or other issues. Other reasons are contained in cautionary statements
in the Registration Statement on Form 20-F filed with the U.S. Securities and
Exchange Commission, including, without limitation, under Item 3.D, "Risk
Factors" therein. We do not undertake to update any oral or written
forward-looking statements that may be made by or on behalf of pSivida.
</FONT></DIV>
<DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV></DIV></DIV></BODY></HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>psivida_logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 psivida_logo.jpg
M_]C_X``02D9)1@`!`@$`2`!(``#_X0H^17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````4````<@$R``(````4````AH=I``0````!````G````,@```!(````
M`0```$@````!061O8F4@4&AO=&]S:&]P(#<N,``R,#`U.C`U.C$P(#`P.C,Y
M.C$U``````.@`0`#`````?__``"@`@`$`````0```/J@`P`$`````0```$<`
M````````!@$#``,````!``8```$:``4````!```!%@$;``4````!```!'@$H
M``,````!``(```(!``0````!```!)@("``0````!```)$`````````!(````
M`0```$@````!_]C_X``02D9)1@`!`@$`2`!(``#_[0`,061O8F5?0TT``O_N
M``Y!9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43
M$Q@1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-
M$`X.$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#/_``!$(`"0`@`,!(@`"$0$#$0'_W0`$``C_Q`$_```!
M!0$!`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$`
M`@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R
M!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5
MXF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7
MI[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q
M0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*S
MA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_
MV@`,`P$``A$#$0`_`/54DED]2`Q<AF10T,>"'/VB-^YT/#]OT]R@YG/[&/W#
M'BB#ZM:,8_O)B+-.LL_J/6*<*QN,RJW,SK6[JL2ANYY;.SU++';*,:G<?Y[)
MMJK_`+:S.H9>!DWW?8G%[\>TU95C=VPV[=SJF/\`YNRRC_#^G_,O_16?I%>?
M^J](:^B667MK#GR29>!N?JJYY\QS9\<L8`Y>/N3D)WQ1E'BAP1X/F3PV`0=S
M6R!^+U3(J?E=:SOV?C5M-C\7"?L:QC9>YV5U)[6Y%FUGTG8_V&O_`(SZ:+]5
MVYHZ4+,M]KVW6V6XK<@S<S&>XNQ*\A[MUCK?1][O5_2U[_1L_FU.OI.+DX]3
M;FS2U^^RJ`!8ZMWZ'U_SK65._2>F_P#PBM=3ZCC]+P+L_)#C3CMW/#!N=$AO
MM;\U<Q3,\<9$<)D!+AOBJ_%C,1$D]NK:27,N_P`87U>:['DW^ED1.1Z1%5;C
M!=5;8?\`"4[V^OZ/K>C_`(1:76,FZNRFACS2RS5]H\):.?Y$[G)G,YXX,4LL
M@2!0H=Y'ABF!$S42"ZB2SL:C/HR6EMQR,5XESGNG_,^FI6?9OVM5N=9Z^SVM
M'\W$/^DF#F3PQ,L9QDY(XN'(>'Y_T\<_5'(OX?&]+;Z2R^G?6+I_4<W-P:=]
M=_3G;;Q:W:-'/9OK,G>S]']+^HLO-Z_T3KOU6S\HNRZ>GU/;5;;4T,ND.JL_
M03O_`-)7N5FF(SC5V-B?\5ZA)86#U7I'2/JKBYWJW'`KJ:*77#=>_<=M;"UO
MTKGN_P!=BYSK/UK'4NJ]`/3+\K%99D-&3CNWTES'VX[:76-!]+(IM;ZVQ];[
M:T:1++&(!.YK3^\^@)+&ZY]:^D]$MKQ\HV6Y5H#F8U#-]A:26AT>UK=SF^SW
M^]&Z%]8NF=>I?;@.=-)`MJL;M>S=.S<W5NU^WVO8Y!=QQXN&QQ=G_]#U58K\
MK]KY^1AXE0=CX0=7?FDG;]H!;^J4M9_.^C_VIL]3]!;^B_26>M76;ZPV9YPF
MXG3BYF3F6LH=?7JZBJP_I\R!_HZFO]%W_<CTD5O[(^K_`$NNLOJP<#%:&,+W
M!K1_:?\`3ML_[<ML3,F.&2!A,<49"B$<1O32G-ZA1D44TU7"H,:7EGI`MDGW
M6.>V&MW/<[=[5;KQ,[*HQFV/J;CL:US6C<7$;?8Y_P!'W?VE1S<S+ZP*WX>-
M=1AMDMR;:CZM@/\`W%Q'C]$W3^D9[&?\%AY2V.EMK9C-8UEC'M:WU#:';BZ/
M]);_`#BRX<G$\[FCDG(PG&'#'C/'DX(Q_G)?]SQ<;)Q^D4-NO_>MJNMM;&L;
MHUH@+%^NO_B6ZC_Q0_ZIBW%C?6^B_(^K6?3CUONM?6`RNMI<YQW-^BQON<M>
M(`H#0#1BR:PEY%XKK9'_`(V?2>)];3Y#+E=Y?=A^CCXV:TEUC6D.(C:8V[O4
M_-_E+G?J_P#4?I.5TSI^7U+%MKRV-+K\=Y>QKG!QAV1C._.<UC-_T/6_PWJ+
MKLG$HRF!ES=T?1/!'P<HN:C.>*4<?`9'IE'%CD/THR6<O$@\4M+C$:?U0Y58
M?T[J->-58;*;2)8>V[3_`#OSD>[_`)>H_P"+_A:K.+TS$Q7^I6TEXX<XR1/[
MJ([$I=E-RB#ZK!M!G2/</H_VU1Q\EF&.,3PQ`YB&:.+BE..'%C/%*$9R;!D+
M^E6\#];+G="^LN=EL!#.K].LK#@(`MAM.[_K?I4V._XU7<GI_P"SO\6#J2-M
MCZJ[K!$'=;;7=M=_Q;7^G_872=;^KG2NNBD=18Y_V<N->Q[F:/V^HUVP^YKM
MC%:ZETW%ZG@6=/R@3CW`![6$M,-+7MVN;]'W,6I>S5.$WDV]0(A_A_,\#]89
M_P#&TZ3'[U7_`%%RN_6PUGJ7U2],M+/586;8C:;,+;MC\U=39]7NEV]&;T2R
MLOPF-:QC2X[QM.ZM[;?I[V.5#'^H?U>QSC/978;<2P7,N=8XO+FEKZVV._T5
M>SV4M_1?YZ5H.&6PK40'_A;2ZIU!]WUI/3>A8&(>L55A^3U3)8":F%K?;7LV
MW6N].ZK_``G^%]/_`$OIT_J"VQOU@Z^VVT7V-L`LO`#18X6Y.^UK&[FL]1WO
MV+>ZI]3>A]5Z@.H9++!>0!::K'5BP`;!ZGID._F_T?Z/T_T:L=(^K?2>C9&1
M?T^MU1R8#V;B6`-+G,;56?;6UN_\U*]%WMS.02-4)$_0C]U__]'K_K7]B^VX
MD?M+]H^G9L_9/\YZ,L]7[3O_`$/H>KZ6S?\`X7^;0^B_\TOM]7J>K^VH'I_M
M?U?M<]OL_P!O]F[_`,(+Y_21Z,/^4_1^O\OF?JI)?*J2#,_522^54DE/U4DO
ME5))3]5)+Y5224_522^54DE/U4DOE5))3]5)+Y5224__V?_M#OA0:&]T;W-H
M;W`@,RXP`#A"24T$)0``````$``````````````````````X0DE-`^T`````
M`!``2`````$``0!(`````0`!.$))300F```````.`````````````#^````X
M0DE-!`T```````0```!X.$))3009```````$````'CA"24T#\P``````"0``
M`````````0`X0DE-!`H```````$``#A"24TG$```````"@`!``````````$X
M0DE-`_4``````$@`+V9F``$`;&9F``8```````$`+V9F``$`H9F:``8`````
M``$`,@````$`6@````8```````$`-0````$`+0````8```````$X0DE-`_@`
M`````'```/____________________________\#Z`````#_____________
M________________`^@`````_____________________________P/H````
M`/____________________________\#Z```.$))300````````"``$X0DE-
M!`(```````0`````.$))300(```````0`````0```D````)``````#A"24T$
M'@``````!``````X0DE-!!H``````TD````&``````````````!'````^@``
M``H`50!N`'0`:0!T`&P`90!D`"T`,0````$`````````````````````````
M`0``````````````^@```$<``````````````````````0``````````````
M```````````0`````0```````&YU;&P````"````!F)O=6YD<T]B:F,````!
M````````4F-T,0````0`````5&]P(&QO;F<``````````$QE9G1L;VYG````
M``````!"=&]M;&]N9P```$<`````4F=H=&QO;F<```#Z````!G-L:6-E<U9L
M3',````!3V)J8P````$```````5S;&EC90```!(````'<VQI8V5)1&QO;F<`
M````````!V=R;W5P241L;VYG``````````9O<FEG:6YE;G5M````#$53;&EC
M94]R:6=I;@````UA=71O1V5N97)A=&5D`````%1Y<&5E;G5M````"D53;&EC
M951Y<&4`````26UG(`````9B;W5N9'-/8FIC`````0```````%)C=#$````$
M`````%1O<"!L;VYG``````````!,969T;&]N9P``````````0G1O;6QO;F<`
M``!'`````%)G:'1L;VYG````^@````-U<FQ415A4`````0```````&YU;&Q4
M15A4`````0```````$US9V5415A4`````0``````!F%L=%1A9U1%6%0````!
M```````.8V5L;%1E>'1)<TA434QB;V]L`0````AC96QL5&5X=%1%6%0````!
M```````):&]R>D%L:6=N96YU;0````]%4VQI8V5(;W)Z06QI9VX````'9&5F
M875L=`````EV97)T06QI9VYE;G5M````#T53;&EC959E<G1!;&EG;@````=D
M969A=6QT````"V)G0V]L;W)4>7!E96YU;0```!%%4VQI8V5"1T-O;&]R5'EP
M90````!.;VYE````"71O<$]U='-E=&QO;F<`````````"FQE9G1/=71S971L
M;VYG``````````QB;W1T;VU/=71S971L;VYG``````````MR:6=H=$]U='-E
M=&QO;F<``````#A"24T$$0```````0$`.$))3004```````$`````CA"24T$
M#``````)+`````$```"`````)````8```#8````)$``8``'_V/_@`!!*1DE&
M``$"`0!(`$@``/_M``Q!9&]B95]#30`"_^X`#D%D;V)E`&2``````?_;`(0`
M#`@("`D(#`D)#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,
M#`P1$0P,#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`
M)`"``P$B``(1`0,1`?_=``0`"/_$`3\```$%`0$!`0$!``````````,``0($
M!08'"`D*"P$``04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"
M!0<&"`4###,!``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,'
M)9)3\.'Q8W,U%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34
MY/2EM<75Y?569G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'
M!P8%-0$``A$#(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T
M\24&%J*R@P<F-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%
MU>7U5F9VAI:FML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`]52263U(
M#%R&9%#0QX(<_:(W[G0\/V_3W*#F<_L8_<,>*(/JUHQC^\F(LTZRS^H]8IPK
M&XS*K<S.M;NJQ*&[GEL[/4LL=LHQJ=Q_GLFVJO\`MK,ZAEX&3?=]B<7OQ[35
ME6-W;#;MW.J8_P#F[+*/\/Z?\R_]%9^D5Y_ZKTAKZ)99>VL.?))EX&Y^JKGG
MS'-GQRQ@#EX^Y.0G?%&4>*'!'@^9/#8!!W-;('XO5,BI^5UK._9^-6TV/Q<)
M^QK&-E[G974GM;D6;6?2=C_8:_\`C/IHOU7;FCI0LRWVO;=;9;BMR#-S,9[B
M[$KR'NW6.M]'WN]7]+7O]&S^;4Z^DXN3CU-N;-+7[[*H`%CJW?H?7_.M94[]
M)Z;_`/"*UU/J./TO`NS\D.-..W<\,&YT2&^UOS5S%,SQQD1PF0$N&^*K\6,Q
M$23VZMI)<R[_`!A?5YKL>3?Z61$Y'I$55N,%U5MA_P`)3O;Z_H^MZ/\`A%I=
M8R;J[*:&/-++-7VCPEHY_D3N<F<SGC@Q2RR!(%"AWD>&*8$3-1(+J)+.QJ,^
MC):6W'(Q7B7.>Z?\SZ:E9]F_:U6YUGK[/:T?S<0_Z28.9/#$RQG&3DCBX<AX
M?G_3QS]4<B_A\;TMOI++Z=]8NG]1S<W!IWUW].=MO%K=HT<]F^LR=[/T?TOZ
MBR\WK_1.N_5;/RB[+IZ?4]M5MM30RZ0ZJS]!._\`TE>Y6:8C.-78V)_Q7J$E
MA8/5>D=(^JN+G>K<<"NIHI=<-U[]QVUL+6_2N>[_`%V+G.L_6L=2ZKT`],OR
ML5EF0T9..[?27,?;CMI=8T'TLBFUOK;'UOMK1I$LL8@$[FM/[SZ`DL;KGUKZ
M3T2VO'RC9;E6@.9C4,WV%I):'1[6MW.;[/?[T;H7UBZ9UZE]N`YTTD"VJQNU
M[-T[-S=6[7[?:]CD%W''BX;'%V?_T/55BOROVOGY&'B5!V/A!U=^:2=OV@%O
MZI2UG\[Z/_:FSU/T%OZ+])9ZU=9OK#9GG";B=.+F9.9:RAU]>KJ*K#^GS('^
MCJ:_T7?]R/216_LCZO\`2ZZR^K!P,5H8PO<&M']I_P!.VS_MRVQ,R8X9(&$Q
MQ1D*(1Q&]-*<WJ%&11335<*@QI>6>D"V2?=8Y[8:W<]SMWM5NO$SLJC&;8^I
MN.QK7-:-Q<1M]CG_`$?=_:5'-S,OK`K?AXUU&&V2W)MJ/JV`_P#<7$>/T3=/
MZ1GL9_P6'E+8Z6VMF,UC66,>UK?4-H=N+H_TEO\`.++AR<3SN:.2<C"<8<,>
M,\>3@C'^<E_W/%QLG'Z10VZ_]ZVJZVUL:QNC6B`L7ZZ_^);J/_%#_JF+<6-]
M;Z+\CZM9]./6^ZU]8#*ZVESG'<WZ+&^YRUX@"@-`-&+)K"7D7BNMD?\`C9])
MXGUM/D,N5WE]V'Z./C9K276-:0XB-IC;N]3\W^4N=^K_`-1^DY73.GY?4L6V
MO+8TNOQWE[&N<'&'9&,[\YS6,W_0];_#>HNNR<2C*8&7-W1]$\$?!RBYJ,YX
MI1Q\!D>F4<6.0_2C)9R\2#Q2TN,1I_5#E5A_3NHUXU5ALIM(EA[;M/\`._.1
M[O\`EZC_`(O^%JLXO3,3%?ZE;27CASC)$_NHCL2EV4W*(/JL&T&=(]P^C_;5
M''R688XQ/#$#F(9HXN*4XX<6,\4H1G)L&0OZ5;P/ULN=T+ZRYV6P$,ZOTZRL
M.`@"V&T[O^M^E38[_C5=R>G_`+._Q8.I(VV/JKNL$0=UMM=VUW_%M?Z?]A=)
MUOZN=*ZZ*1U%CG_9RXU['N9H_;ZC7;#[FNV,5KJ73<7J>!9T_*!./<`'M82T
MPTM>W:YOT?<Q:E[-4X3>3;U`B'^'\SP/UAG_`,;3I,?O5?\`47*[];#6>I?5
M+TRTL]5A9MB-ILPMNV/S5U-GU>Z7;T9O1+*R_"8UK&-+CO&T[JWMM^GO8Y4,
M?ZA_5['.,]E=AMQ+!<RYUCB\N:6OK;8[_15[/92W]%_GI6@X9;"M1`?^%M+J
MG4'W?6D]-Z%@8AZQ56'Y/5,E@)J86M]M>S;=:[T[JO\`"?X7T_\`2^G3^H+;
M&_6#K[;;1?8VP"R\`-%CA;D[[6L;N:SU'>_8M[JGU-Z'U7J`ZADLL%Y`%IJL
M=6+`!L'J>F0[^;_1_H_3_1JQTCZM])Z-D9%_3ZW5')@/9N)8`TN<QM59]M;6
M[_S4KT7>W,Y!(U0D3]"/W7__T>O^M?V+[;B1^TOVCZ=FS]D_SGHRSU?M._\`
M0^AZOI;-_P#A?YM#Z+_S2^WU>IZO[:@>G^U_5^USV^S_`&_V;O\`P@OG])'H
MP_Y3]'Z_R^9^JDE\JI(,S]5)+Y5224_522^54DE/U4DOE5))3]5)+Y5224_5
M22^54DE/U4DOE5))3__9.$))300A``````!5`````0$````/`$$`9`!O`&(`
M90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B`&4`(`!0`&@`;P!T
M`&\`<P!H`&\`<``@`#<`+@`P`````0`X0DE-!`8```````<``0````$!`/_A
M$DAH='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O`#P_>'!A8VME="!B96=I
M;CTG[[N_)R!I9#TG5S5-,$UP0V5H:4AZ<F53>DY48WIK8SED)S\^"CP_861O
M8F4M>&%P+69I;'1E<G,@97-C/2)#4B(_/@H\>#IX87!M971A('AM;&YS.G@]
M)V%D;V)E.FYS.FUE=&$O)R!X.GAA<'1K/2=835`@=&]O;&MI="`R+C@N,BTS
M,RP@9G)A;65W;W)K(#$N-2<^"CQR9&8Z4D1&('AM;&YS.G)D9CTG:'1T<#HO
M+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R<@>&UL;G,Z
M:5@])VAT='`Z+R]N<RYA9&]B92YC;VTO:5@O,2XP+R<^"@H@/')D9CI$97-C
M<FEP=&EO;B!A8F]U=#TG=75I9#ID9&(Y8V%A92UC,3!C+3$Q9#DM8C<R-RUC
M-&4Q-6(Y-S,V-SDG"B`@>&UL;G,Z>&%P34T])VAT='`Z+R]N<RYA9&]B92YC
M;VTO>&%P+S$N,"]M;2\G/@H@(#QX87!-33I$;V-U;65N=$E$/F%D;V)E.F1O
M8VED.G!H;W1O<VAO<#ID9&(Y8V%A8RUC,3!C+3$Q9#DM8C<R-RUC-&4Q-6(Y
M-S,V-SD\+WAA<$U-.D1O8W5M96YT240^"B`\+W)D9CI$97-C<FEP=&EO;CX*
M"CPO<F1F.E)$1CX*/"]X.GAA<&UE=&$^"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("`@("`@("`@("`@("`@("`@("`@("`@(`H\/WAP86-K970@96YD/2=W)S\^
M_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,#`\5&!,3
M%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`$-"PL-
M#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,_\``$0@`1P#Z`P$B``(1`0,1`?_=``0`$/_$`3\`
M``$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`````````
M`0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%05%A$R)Q
M@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D1<*C=#87
MTE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]C='5V=W
MAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B$P4R@9$4
MH;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D154V=&7B
M\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=79W>'EZ>W
MQ__:``P#`0`"$0,1`#\`]522224I)1-C`=I<`?"=5)`$'8J4DDDBI28D`2=`
M%3ZKU-O3<?U?0NRGG1E6/6Y[B?/:-K/[:POV9]8?K%[^KV'IG3CJ,"@_I7M_
M[LW?]\1I9*=&@#*7;_OI-S.^MV%7D'"Z94_JF<.:L?5C3_PU_P#-L035]>LM
MIL];#Z=^[2&FYW]NP^W_`#%L=.Z?TWIE(Q<&NNA@_-;&XGQ>[Z;W*E]9NK6X
M6(W%PF^KU/.)IQ*AS)^G<?W:Z6^[<@"#MJMD)493D?[L/3_Z$A^I_7,SK&!<
M[-8T9&-::7V,$-?'YS0M]9OU?Z.SHW2J<)IWO;[KG_O6.UL<M)([KL8D(1XM
M95JI))))>I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224
M_P#_T/54DDDE.?U'#Q=KLAS6[R0"Y[BT>'YJJ]*S'UY'V2QXL8[1C@9`//M/
M[JT\S=]G=MW2(^B0#S_+]JQ3N'4:''=)<WZ9:3S_`,'[5B\]_1^:Q9L0X+E'
MW.&/#')')+]9QS_29(ZQ(+IYO3V7%]_J/8[;P#IH/!8'JV?ON^\JS_SARNI]
M8.#TJK?@8A<.H9;A[9#7#T*9_.WJIV57X]CCBR8I0'"<G'*='YCZ58)B8-:@
M&O\`>=_`Z>UC:L@VO<\MW03[=1X('5\Q_JC$J?L!CU'<<]I6CA_T6G^HW\BQ
MK9=U:TC<2"?HEH.@_P"$]JM\X!AY/#CPW#[Q*$9\-F52CZ_\94=9$GHV</'Q
M:ZOM08++*C#/2<7%SH_E1[G*?3NEO9E6=4SB+.H7#8(U;35^;C4?^C;/\+8K
M>#N]"7;I)/TRTG_P/VJPM'D\<<>"`C$1XAQ2J/!9_K18YBY6=:V4DDN#^N/U
MLZWTKK3L/"M8RD5,>`Y@<9=NW>XJR!;'ERQQQXI75UH]XDO/.H_6KZVY>(<W
MIN,_&Z=4T;LG8"YT#WV^_P"C7N_T;%?^I/UPS.J93NG=2+7W;2^BYHVDAOTV
M6-;[?Y27":M8.9QF8AJ.+Y21Z9/69V6W$H-A&YQ,,;XE8O[0ZG>X^FYQ_DL'
M"N]>8XU5/'T6N(=\^$'H^;10'4V^PO,AYX_JN6!SV;)DY\<M+/+EL(`J43P<
M<C'B^;_FMR(`C=64>/U?+ILVY'Z1H,.!$."W6/;8QKV&6N$@^157(Z;C9=HN
M<3Q!VG0JS32RFMM58AC=`.5?Y##S>&62&;)[N'_)3D;R?^BK9&)JA1ZN3GX7
M4+<I[Z0[TS$0Z.WQ6NP$,:#R`)6/U#J>71EOJK<`QL0")Y"-U[(S\?H>1E8#
M@W*IK]5I+0X$-]U@VG^0F\@<!YCFAB.0SX_UON5P"7%/^;1D)$`3L!>F[J)+
MBOJ1];.H]6S[\3J-C'GT_4IVM#=6F+![?ZR)]>?K3U#H^3C8O3GM98]CK+BY
MH=I.VOZ7]M:7";IK_>(>W[NO#^+U]@)K<!R087GWU?\`J[]:\7KF+D9@L^RU
MV$V3=N$0[\S>=RZSZMYG4,OH%.;GN#LFYKK)#0T!LGT_:/Y*Y'ZO?7/K^=UW
M%PLFUCJ+;"UX%8!(`<?I?V41>JS++&3B,N(<1N%?]T^BI*EUCJ=72NFWY]HW
M"ELAO[SC[6,_M.7GF'];OKIU/.(P"+7@%YQV5M+`W^47>[_P1`1)9,N>&,B)
MLREL(BV_]=_K+UOIG6SC8.2::?18_9M:=3ND^YI\%V?0\B[)Z/AY%[M]MM+'
MO=Q)(U.B\H^M/4LKJ/4S=F8QQ,EE3:KJ73])N[W-W?FNW+U+ZN$#ZOX!)@#'
M823_`%49#0,'+Y#+-EU)CT!=-)><]9_Q@]4R,UV+T1H94';*W[?4LL,QN8WZ
M+=WYGM51WUO^N72KVMSYD^[TLBH-W#^2YH8Y+A*\\YB!/S$#0R`]+ZBDJ'0^
MKT]9Z93GU#9Z@(>PZEKVZ/8KZ:S\4>'BOTUQ7X/_T?54DDDE([Q6:7^K`KVD
MN+OH@#NZ5SUSL=]=>1CVUN:?=592R&.^%C26[FJEU3,ROK5U)_0^F/-?3,<_
MY1S&_G0?YBLKJ<3I^'A8E>%CU-9CU"&LB1\7?O.<JG/<C'F858C,?+(V?^C*
M",64F1H>@:7^]+^JT,7J6!7C/J%8H>_<YX:WVN>[5S_;^^Y9'9=)?T_"-;W>
MBT$-)!&G;R7-]E@?&(\S$X1S$X9"!+@E`$2/RW[C8Q\.O"*=IG6,:G%8QDOL
M:P"(@2!XJEAU_:+BZ0^VPDD.K+VB?SB?HM6GC86`**7/K;O>T<ZR8\%=8QC!
MM8T-'@!"TX<CS&?V9\QDA[>.(X,>,3ZCOZ?6LX@+H&UJ:FU5-K:``T?FB!/?
M13226M$"(`&@`H,:EY5_C&_\4C_^(K_[\O55Y5_C&_\`%(__`(BO_OR?#=J\
M]_,_X0>^Z4T.^J^.UPEKL,`@^&Q><_49Q;]:,.-)]0'X>F]=]TSJ.#7]4:L@
MWL-=.(`\@C1P9M+/Z^Y<%]0ZW6?6C$(_,%CS\`QP_P"_(C:3'FUGRU>'_<OK
M3V,L86/`<UVA!6/E]$>V7XIW#_1NY_LN5GJV5EXP8ZD@5NT)B2"H],ZFQ]9K
MR;`+03#G:2%C\W/DN8S_`'7/$QR1'IRGT?XDW1CQ`<0^QS<;-R<*S;KM!]]3
MO]?:NAIN9=4VUGT7B0L+K%]%V2#20[:V'.'!*U.D-<W`9N[DD?`E0?"LD\?-
M9N5&3WL.,$PEOPT1M_C+L@!B)51<CJW]/M^7Y`N@#&V8XK>):]FUP\01!7/]
M6_I]OR_(%T-7\TS^J/R)_P`*_P!V<]_M/^[R(R?+'R?)NA/?T/ZX546:"N]V
M,^>[7GTVG_J'*?ULMLZM];;<>KW$6,Q*P/+V._\`!'/5G_&#ANPOK$S-KT&2
MUMK3X/K.T_\`4L0_J-C6=2^M`S+O<:`_)L=XO=[6_P#3>MW^MX..0>+[OT]R
M_P#!?364,Q\(45Z,JKV-^#6[5Y+]4?\`Q4X/_&N_ZEZ]>M_FG_U3^1>0_5'_
M`,5.#_QKO^I>A'8MCF_YS!_>_P"]>\_QADCZLW1WLK!_SEC_`.*UC8ZC9'NF
MML^4/<MG_&$PN^K%Y'YKZW'X;@L'_%AET5VYV*]P;98&6,!,2&[FOC^KN0'R
ME4_]V0O]W_OG-_QC_P#BC/\`X7K_`"O7H'U?K9;]7,*MXEC\9C7#Q!;!7G?^
M,'(HO^L3S38VP,I8QQ:9`<-VYNGQ7<8^=9T_ZDU9M8FRC#:Y@/[VWVHG8(P$
M>_G/35JY5?U)^JV0S)-3*LQ@/IUL+GV0X;9]/<=OM_.>N1^MWUIK^L`H%.,Z
MFK'<XML>9<XN`]OM]K>/WT/ZJ8.+USKQ'5K2\%KKGA[H-KY'L+OGN6Q_C&MZ
M:RG!Z?A&MKJ'/<^FH`!C2`UN[9[6[D@*(ZECG.4\,Y#AQX^D1\TW8_Q:_P#B
M>=_X8L_(U=8N3_Q:_P#B>=_X8L_(U=8A^DS_`/@3_`?_TO55S/UQZME-%'0N
MF'_*'4CLW`P65'1[_P"3N_ZC>NBR+Z\>BR^PQ74TO<?)HW%8^-TAS_K*_KSB
MVVB[%8S',R6'\^/Y+V?GHACR61PQ_2-'PAU;G1.CXO1NG5X6./HB;+.[WGZ=
MCEH*%MM5+#9:]M;!RYQ``^97.YWUXP6W?9.CU/ZKFG0,I!V`_P`NW_R*6I29
M0Q@`D`=!_8]#>0*+"X@`-,DZ#A<77E69A<WIX#ZV:6YKY%#/Y+'#W9-O_!5*
M^SH/6^K`9'UAN#F<U]*I<64C_P`,V-]UW]177](SGAK/T;*V"*ZF>UC1^ZQ@
M:LGXK@$Y0D,,^8G`'AA'3#ZOTLL_TO[D%^.4C_JXGO\`SG_H+?Z;AUTT,M+W
M7VN8)NLC='[K6-]E3/Y#%=5##JZG465VNK-+1!CZ4`:*^K_+Y#/&#*$L9`$3
M&8X.GZ(_=20!LI)))3(4O*O\8W_BD?\`\17_`-^7JJXGZV_4SJO6>KNS<5]+
M:C6Q@%CG`RW=/T6.\4Z)HM?FX2GBJ(LV&HW_`!>U=0Z;B9F!D?9K+Z6/NJLE
MS"XM]SVQ[FK>^JWU/HZ"Y^19;]HS+!LW@;6M;SMK'\K\Y;'2L6S#Z;BXMI!L
MHJ96\MXEHVF%;0,CLNQ\OCB1/AJ5,+:J[JS78-S'<A95O0#N_16^WP</[EL)
M*KS/)<OS->[#B(VE\LO\:+.)$;%RL?H5;7!U[_4`_-`@'XK4````$`:`)TD[
ME^4P<O$QPP$+W.\I><I*,B=W,R^CG)R'W>KMW1I$\"%HL;M:&^``^Y221Q<K
MAQ3R9,<>&64\60V3Q%1D2`#T<+ZU?5AGU@HH8+OL]F.XN:_;NEKA#F<M\&J'
MU5^JK/J^,@F[[1;D%OOV[8:W\WEWYSET"2GLU3'[4./W*]?=B]NYCF\2"/O7
M']'_`,7S^F]5HZ@<T6"AY?Z?IQ,APC=N_E+LDD@2%3QPF8F0LQUBAS,2C-Q;
M<3(;OIN:6/;Y%<([_%?>,G]%U`#'G0EA]0#^R[9N7H*20)",F''DHR%UL\3G
M_P"+3%M;0S"R?L[:F%MCG-WNL>3N-KW;F_YJZC&Z757T>OI60?6J;2*+#$;A
M&P_U5>22LJCAQQ),8UQ"B^?7?XK\@7G[-GM%,^W>P[P/[!VJW=_BRQ#B5UT9
M3FY(>779#V[MP(C8VL.&Q=LDEQ%8.5PZ^G=R/JQT)W0NGNPG7"^;'6!X;M^E
M'MB7?NK7222O6V3VX\'!7IJJ?__3].S:Z;<.^K(<&4OK<VQY(`#2"'.W'Z/M
M7&87U:^M=%(KZ1URM_3S_,.!+AL_D^VUG_;;UX>DB+8<W!8XN+BZ<'%Q5_@O
MNMOU4P6O;;]9^MNR'?Z.RT5,_P#!';ETG1JN@U4&OHIQS4/I''<U^O\`+>PO
M=_G+YF22-]58O9OT5Q=;^?\`YWJ?JI)?*J2#,_522^54DE/U4DOE5))3]5)+
MY5224_522^54DE/U4DOE5))3]5)+Y5224_522^54DE/U4DOE5))3]5)+Y522
?4_522^54DE/U4DOE5))3]5)+Y5224_522^54DE/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
