<SEC-DOCUMENT>0001157523-14-001123.txt : 20140319
<SEC-HEADER>0001157523-14-001123.hdr.sgml : 20140319
<ACCEPTANCE-DATETIME>20140319171627
ACCESSION NUMBER:		0001157523-14-001123
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140319
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140319
DATE AS OF CHANGE:		20140319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		14704713

	BUSINESS ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50827522.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
<html>
<head>
    <title>a50827522.htm</title>
    <!--Licensed to: Business Wire-->
    <!--Document Created using EDGARizerAgent 5.4.4.0-->
    <!--Copyright 1995 - 2013 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">UNITED STATES</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Washington, D.C. 20549</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman">FORM 8-K</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to Section 13 or 15(d) of</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of earliest event reported): March 19, 2014</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman">MBIA INC.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact name of registrant as specified in its charter)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="32%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Connecticut</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="32%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1-9583</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="32%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">06-1185706</font></div>
</td>
</tr><tr>
<td valign="top" width="32%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State or other jurisdiction of </font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">incorporation)</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="32%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Commission File Number)</font></div>
</td>
<td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="32%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(IRS Employer Identification No.)</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="60%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="45%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">113 King Street,</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Armonk, New York</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10504</font></div>
</td>
</tr><tr>
<td valign="bottom" width="45%" style="TEXT-ALIGN: center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address of principal executive offices)</font></div>
</td>
<td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="bottom" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Zip Code)</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's telephone number, including area code:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">914-273-4545</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not Applicable</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former name or former address, if changed since last report)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</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; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 7.01.&#160;&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MBIA Inc. (the &#8220;Company&#8221;) issued a Letter to Owners on March 19, 2014. A copy of the Letter to Owners is attached as Exhibit 99.1 hereto.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The information in the Letter to Owners is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including Exhibit 99.1, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 9.01.&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;&#160;Letter to Owners from Jay Brown, Chief Executive Officer of MBIA Inc., dated March 19, 2014.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</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; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><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 has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<div>
<table border="0" cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">MBIA INC.</font></font></font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></div>
</td>
<td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By: </font></div>
</td>
<td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;Ram D. Wertheim<font id="TAB2" style="COLOR: black; LETTER-SPACING: 3pt">&#160;</font></font></td>
<td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ram D. Wertheim</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief Legal Officer</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr><tr>
<td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
<td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
</tr></table>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date: March 19, 2014</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><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; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated March 19, 2014</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;&#160;Letter to Owners from Jay Brown, Chief Executive Officer of MBIA Inc., dated March 19, 2014.</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50827522ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head>
    <title>a50827522ex99_1.htm</title>
    <!--Licensed to: Business Wire-->
    <!--Document Created using EDGARizerAgent 5.4.4.0-->
    <!--Copyright 1995 - 2013 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">Exhibit 99.1</font></div>

<div>&#160;</div>

<div>&#160;</div>

<div><img src="logo.jpg" alt="Logo"></div>

<div>
<div><br>
</div>

<div>&#160;</div>

<div>March 19, 2014</div>

<div><br>
&#160;</div>

<div>Dear Owners:</div>

<div><br>
</div>

<div>Six years ago, I wrote to you and made the following statement:</div>

<div>&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="90%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td width="100%">
<div><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#8220;That is why, as soon as it's feasible but within a five-year period, we will restructure the company in such a way as to insure public and structured finance business from separate operating entities.&#160;&#160;We have already made the decision to cease insuring new credit derivative contracts from our insurance companies.&#8221;</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>When I established those principles as part of my vision for the company upon my return in February of 2008, it was based on my view, looking at MBIA from the vantage point of an outsider, that the capital markets had already concluded that the then existing monoline business structure, where insurance on municipal bonds, structured products and international project finance was written out of the same company, was unsustainable and thus there was substantial uncertainty about how the business would prosper going forward.&#160;&#160;While the rating agencies were slower to reach the same conclusion, over the last few years their analysis and capital requirements have now made it clear that they see a distinct advantage in a corporate structure that separates structured products risk from U.S. public finance exposures.</div>

<div><br>
</div>

<div>To achieve that objective we had to overcome the enormous litigation challenges that ultimately validated the &#8220;transformation&#8221; approved by our regulators in early 2009.&#160;&#160;I&#8217;m pleased we were successful but disappointed that getting to this point took longer than I had anticipated and that the costs far exceeded our best estimates at the time.&#160;&#160;The reasons are very simple and fall into four categories.&#160;&#160;First, we could not have imagined the volume, scale and complexity of the litigations we became a party to, let alone their timing or cost.&#160;&#160;Second, although we had correctly identified that the residential real estate downturn would prove costly, it was almost a year before we learned of the true depth of the problem when our outside forensic research consultants determined that the vast majority of the residential mortgage pools we had insured contained loans that were underwritten with almost complete disregard for the standards that had been represented.&#160;&#160;Third, although we believed at the time that we were heading into a residential real estate downturn, we failed to predict a number of other negative economic events that would transpire over the next few years.&#160;&#160;Aside from the misrepresented residential mortgage exposures, the vast majority of both our structured and public finance insured portfolios came through fine, but the one area that ended up getting devastated by the economic collapse was the commercial real estate sector.&#160;&#160;It was this last area that had the most significant negative economic effect on your company, incurring losses far in excess of our stress estimates.&#160;&#160;Fourth and finally, we suffered greater than anticipated losses from our asset liability management (ALM) program, which placed additional stresses on our holding company.</div>

<div>&#160;</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; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div>&#160;</div>

<div>All that being said, we enter 2014 well-positioned to begin operating with an organizational and capital structure that I believe will lead to far better results in the years ahead.&#160;&#160;The following are some of the key 2013 accomplishments that have set the stage for a resumption of growth.&#160;&#160;During the year, the team:</div>

<div><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 51pt; TEXT-ALIGN: left">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>Bolstered the liquidity profiles of MBIA Inc., MBIA Insurance Corporation and National Public Finance Guarantee Corporation through significant settlements with Bank of America, Flagstar Bank and ResCap;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 21px; TEXT-ALIGN: center">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>Resolved the substantial majority of the remaining significant structured finance exposures that we expected to create volatility through over $25 billion of commutations and terminations;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 20px; TEXT-ALIGN: center">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>Resolved all of the significant litigation challenges to National, removing the single biggest obstacle to the implementation of its business plan;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 19px; TEXT-ALIGN: center">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>Realigned and downsized our workforce and reduced operating expenses consistent with prospective activities and opportunities and substantially lowered go-forward legal expenses;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 17px; TEXT-ALIGN: center">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>Removed the impediments to National&#8217;s payment of dividends to the holding company, with the first such payment occurring in October;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 19px; TEXT-ALIGN: center">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>Effectively removed the near-term threat of a New York State Department of Financial Services proceeding against MBIA Corp., which would have been even more problematic under the capital and legal structure that existed before the end of 2012.</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>Against these significant accomplishments, our goals for 2014 may seem almost boring.&#160;&#160;That&#8217;s a welcome change.&#160;&#160;Very simply put, we intend to replace the perception of our company as an event-driven stock based on litigation outcomes and balance sheet realignments with a much more straightforward one based on revenues, expenses and margins.&#160;&#160;Within that broad goal, we will be specifically focused on the following:</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 0pt; TEXT-ALIGN: left">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>An upgrade of National&#8217;s ratings that will position us to pursue an optimal mix of new business opportunities.&#160;&#160;As I am writing this, we have received word from Standard &amp; Poor&#8217;s that National has been upgraded to &#8220;AA-&#8221; with a stable outlook&#8230;one goal already accomplished;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 0pt; TEXT-ALIGN: left">
<div>&#160;&#160;&#160;&#160;&#9679;&#160;&#160;</div>
</td>
<td width="96%">
<div>The commutation of the few remaining volatile exposures in MBIA Corp.&#8217;s insured portfolio.&#160;&#160;As I have previously stated, although it&#8217;s often forgotten or dismissed, commutations are accomplished when the two sides reach an agreement on &#8220;the price&#8221; to be paid/received &#8211; unfortunately, we only control 50% of that proposition and we&#8217;re committed to be economically focused on the few smaller commutation decisions remaining;</div>
</td>
</tr></table>
</div>

<div>&#160;</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; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>

<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160; </font></div>
</div>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 50px; TEXT-ALIGN: left">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>While we have already made significant moves to trim and stabilize expenses at a level consistent with our near-term objectives, there remains more to do, including making a headquarters move to further reduce expenses;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 0pt; TEXT-ALIGN: left">
<div>&#160;&#160;&#160;&#160;&#9679;&#160;&#160;</div>
</td>
<td width="96%">
<div>The further deleveraging of MBIA Inc. through the continued wind down of our ALM and conduit businesses.&#160;&#160;This effort will be aided by the &#8220;A-&#8221; rating that S&amp;P just assigned to the holding company;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 0pt; TEXT-ALIGN: left">
<div>&#160;&#160;&#160;&#160;&#9679;</div>
</td>
<td width="96%">
<div>An evaluation of why our strategy to operate Cutwater as a profitable third-party asset manager has failed to deliver acceptable results over the past few years.&#160;&#160;Although the numbers are small, we cannot afford to operate businesses that are not contributing to growth in shareholder value;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td width="4%" style="WIDTH: 0pt; TEXT-ALIGN: left">
<div>&#160;&#160;&#160;&#160;&#9679;&#160;&#160;</div>
</td>
<td width="96%">
<div>Along the same lines, we will strive to return MBIA Corp. to profitability, net of the surplus notes and mark-to-market impacts of the insured credit derivatives;</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 40px; TEXT-ALIGN: center">
<div>&#9679;&#160;&#160;</div>
</td>
<td width="96%">
<div>Reinitiating a meaningful dialogue with some of our major surplus note holders to see if we can identify a path forward that allows us to deleverage MBIA Corp.&#160;&#160;But that path must reflect the economic reality of MBIA Corp.&#8217;s financial condition and how it will operate for the next several years.&#160;&#160;I have said it before, and I will say it again, I cannot come up with any scenario that justifies the advertised trading price that the capital markets have placed on the surplus notes.</div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>I appreciate the continued support I have received from your Board as we managed through the events of the past six years, and now, as we prepare to once again grow the company.&#160;&#160;The value of their guidance and counsel cannot be overstated.&#160;&#160;On that note, Kewsong Lee, who joined the Board in connection with Warburg Pincus&#8217; investment in the company in early 2008, stepped down recently when he left Warburg.&#160;&#160;We will miss Kew&#8217;s many contributions and wish him all the best going forward.&#160;&#160;Sean Carney has joined our Board as Warburg&#8217;s designee and will stand for election at our Annual Meeting in May.</div>

<div><br>
</div>

<div>Finally, I must thank all of our dedicated employees who worked tirelessly throughout the year to get us to this point.&#160;&#160;The reality of a smaller insured portfolio and a narrower business focus for the immediate future has unfortunately meant that a number of them are no longer with us through no fault of their own, but their tremendous efforts on behalf of our shareholders are no less appreciated.</div>

<div><br>
</div>

<div>2013 began under a cloud of considerable uncertainty for your company, but ended with the prospect of a return to the growth that was the hallmark of MBIA for its first twenty years as a public company.&#160;&#160;I look forward to working with our management team and employees to deliver that growth for you this year.</div>

<div><br>
</div>

<div>Sincerely,</div>

<div>&#160;</div>

<div><img src="sig.jpg" alt="Sig"></div>

<div>&#160;</div>

<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jay Brown</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CEO</font></div>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>LOGO
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0!F17AI9@``24DJ``@````$`!H!!0`!
M````/@```!L!!0`!````1@```"@!`P`!`````@```#$!`@`0````3@``````
M``!@`````0```&`````!````4&%I;G0N3D54('8U+C`P`/_;`$,``0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`?_;`$,!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`?_``!$(`$(`
M9`,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_
MQ`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C
M0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&1TA)2E-45597
M6%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ
MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X
M^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($
M!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B
M<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G
M:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>X
MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@`,`P$`
M`A$#$0`_`/FS_@FA_P`$T/$/_!2+Q#\6?#_A_P"+.C?"J3X5:-X4UBZNM8\*
M7WBE-93Q3?:U9100166M:,UFUFVC/)))(\XE$ZJJH4)/ZX?\0N'Q(_Z/`\$?
M^&BU[_YN:/\`@UO_`.2D?M@?]B1\(O\`T_>.:_L;K]WX_P"/^*LBXJS'+,LS
M&&'P6'IX&5*E+`X"NXNO@,-7J7J5\-4J2YJM2<DI3:2?*K1T/Y(\'_!_@#BS
M@#)\]SW)JN+S/%ULTA7KPS3-,-&<<-FF+PU%*CAL91HQY:-*$&X4XN5G*5Y-
ML_CD_P"(7#XD?]'@>"/_``T6O?\`S<T?\0N'Q(_Z/`\$?^&BU[_YN:_L;HKX
MW_B*W'/_`$-Z7_ALRO\`^8_+\^[/TW_B7OPH_P"B=Q'_`(>\\_\`GA_5WY6_
MCD_XA</B1_T>!X(_\-%KW_S<T?\`$+A\2/\`H\#P1_X:+7O_`)N:_L;HH_XB
MMQS_`-#>E_X;,K_^8_+\^[#_`(E[\*/^B=Q'_A[SS_YX?U=^5OXY/^(7#XD?
M]'@>"/\`PT6O?_-S7YH?\%*_^"2/BC_@G#X+^&/C+Q!\:]`^*D7Q*\4:UX9M
M[#1_!>H^%I-)DT;28=5>[FGO?$&LK=I.LPA6*..!HV4N78$*/]$JOY<?^#H?
M_DA_[*__`&5;QQ_ZB%C7U/!/B'Q;G/%.499F.94Z^#Q56O"O26`R^DYQAA,1
M5BE4HX:G4C:=.#O&:;LT[IM/X#Q2\&?#SAG@'B//,FR6MALSR_#X6IA:\LUS
M;$1ISJYC@\/-NCB,;4HSO2JU(VG3DDY<R2:BU^__`.QS_P`FB?LK_P#9N'P/
M_P#58^%Z^CZ^</V.?^31/V5_^S</@?\`^JQ\+U]'U^.YC_R,,=_V&8K_`-/S
M/Z6R7_D393_V+,!_ZBT@HHHKC/3"BBB@#^.3_@UO_P"2D?M@?]B1\(O_`$_>
M.:_L;K^.3_@UO_Y*1^V!_P!B1\(O_3]XYK^QNOT7Q6_Y+K-_^O65_P#JJP1^
M*_1[_P"34\/?]A&=_P#J[S`****_.C]J"BBB@`K^7'_@Z'_Y(?\`LK_]E6\<
M?^HA8U_4=7\N/_!T/_R0_P#97_[*MXX_]1"QK[GPU_Y+?(/^O^*_]0,6?E'C
MC_R:KB__`+!,#_ZM\O/W_P#V.?\`DT3]E?\`[-P^!_\`ZK'PO7T?7SA^QS_R
M:)^RO_V;A\#_`/U6/A>OH^ODLQ_Y&&._[#,5_P"GYGZ)DO\`R)LI_P"Q9@/_
M`%%I!1117&>F%%%%`'\<G_!K?_R4C]L#_L2/A%_Z?O'-?V-U_')_P:W_`/)2
M/VP/^Q(^$7_I^\<U_8W7Z+XK?\EUF_\`UZRO_P!56"/Q7Z/?_)J>'O\`L(SO
M_P!7>8!1117YT?M045^?7[8G_!33]ES]A?QCX(\#_'W5/&>FZU\0-$N/$.@/
MX;\)S:_IZZ9:ZHVD3S:C>1WMLMDT=VK%E9'Q"#+G'%?*GA3_`(.`/^"=/BSX
MOQ?">/QEX_T'3[O6AH6G?%[Q3X,@T3X17UU)-]FMKR36I]>?Q1HNC7,Y1?[;
M\2^#]$TNSA<7NJ75AIZ37<7O87A?B+&X6.-PF2YEB,).E4KPQ%'"59TJE*E)
MPG*G.,6JG+)-<L.:3<96B^5V^1Q_'W!65YA/*LQXHR3!9E2Q%+"U<%B<?0I8
MBC7KP52E"M3E-2I*<)1ESU.6FE.'-)<\+_MA7R1^UI\*/V/_`!GH7@_XF?MD
M:9\-[SP-\$=7U'Q3H%]\7-9MM/\``&CZYJEG#9/=ZOI6JW]KX>\374MM:_9]
M,T77;35[>>YDS::7/J'V9X_SYT[_`(.#?^"=&I?%J#X71>*/B9;Z7=:Y%H-O
M\7K[P'#9_"AYY[D6D6H2W\VOKXTL]$:=EWZO?^![6SM[<F]N7AL4DN4^0O\`
M@Y_=7_9P_9F9'#QO\:M>=61@R.I\"7Y1U()5@5;*L"00<@X->QDG"N=1XCR3
M+<PIYGP_/-)U50Q?L:M#$>Q6'J2K^P;E3:FZ;]C5BY*5)5E[6FU+DE\SQ7X@
M\+SX)XJSS)ZV1\8T^'X89XO+EB*.*P;Q,L;0AA'BHQA63I1KI8FA-0<*\L-)
M4*L91=2G_27\/O$_@_QMX"\$>,_AY=V5_P"`/%OA'PWXG\#WVFV4VFZ?>^#]
M>T:RU7PU=V&G7%K97%A9W.C7=E-:V4]E:36L#I!+;0/&T2<O\;/CE\)?V<OA
MUK?Q9^-OCK1OAW\/?#QM(]4\1ZVUT\*W-_<):V-C96&GVU[JNK:G>W#B.TTO
M2;&^U"Y(=H;9TBD9/P7_`&;/^"[7[`OP6^"_[*7P!\5^(/B7>ZUX1_9]^!'@
MKQOXW\/>`CJ7P_\`!WB;1_AIX5TC7],U:\FUBR\4WYT#4K>YL]3N?#'A+Q!:
M":VG6SGO`F3]P_\`!6W1?V4_B]^P#KOB/]H7QQXMTGX)#6?AKX[\+?$GX1V=
MGXMU:TUC7+Z#2/!7B+1],>7^S?$N@ZO:>*Y+:[B:=(KC1M6EO+*\M+N*TO8.
M:?"^,P6>9=@LWP.;8/+\QS)8:A6CA)SQ>)P[Q"I7PL'3M5Q#A.$E!4Y3O4A)
M49J482[J7'^69IPIG.:\-YMP[F.<9+D;QV+PL\QIT\OP.,6"E74,?5C5YL/@
MHU:=6#JNK&G:C4IO$TY0G.'Z%_!?XV_"G]H?X=:#\6?@KXWT;XA?#SQ*MT='
M\2Z(UP+>:6QN9+.^L[JSOK>SU/2]2L;N&2WOM,U2RLM1LYE*7-K$2`?4Z_)/
M_@F->?L@?LX?\$W-#^)7P?\`'_C&X_9TTEOB7\1/%GQ/^*>C2:3XBO+_`$3Q
M!J.@^-O$&H^&M%AO3I>GV=SX8-AH^DZ7!>7#:7863N^HZE<W-W=?/=]_P<>_
M\$[K3Q2?#\%O\?=3T@7?V?\`X3FQ^&>DQ^%S#YFS[>+/4?&NG^-?LFW][L/A
M`7WE\?8_,_=UE4X6S3&9EFV&R'+,VS#"9;C<1AO:5,)*->FJ52484\5%1C&&
M*Y8WG1M&I>[=*&L5O0\0,ARW(N',=Q=GW#V3YCG>58+'>QHYC3J82M+$4:<Z
ME;`3<ZE2K@.>=J>)<JE!)I?6*J7M)?OA17GOPH^*_P`//CC\.O"7Q9^%'BK3
M?&OP\\<Z3'K7A?Q-I+3?9-1L7EEMY0T-S%;WEC?65Y!<Z?JFF:A;6NI:5J=I
M=Z;J-I:WUK<6\97S52G.E4G2JPG3JTYRIU*=2+A4IS@W&<)PDE*,XR3C*,DG
M%III-'W=&M1Q%&EB,/5IUZ%>G"M0KT9QJ4JU&K%3IU:52#E"I3J0E&<)P;C.
M+4HMIIG\DW_!K?\`\E(_;`_[$CX1?^G[QS7]C=?YV?\`P23_`."EG@[_`()P
M>*/C5X@\7_##Q+\3(OBIH'@S1[*V\-Z[I>AR:3)X6U'7[V:>Z?4[6Y6X2[76
M4CB2$(T;0.7+!P!^W/\`Q%$?!7_HU/XH_P#A?>$__E57[7XA\$\49SQ;F68Y
M9E%7%8.O3P$:5>%?"0C-T<OPM&HE&KB*<URU83B^:*ORMJ\;,_EGP9\4^`>&
M?#S)<FSWB+#Y?F>&K9K*OA:F$S&K*G'$9KC,11;GA\'6I/GHU:<URU&TI6E9
MII?U)T5_+9_Q%$?!7_HU/XH_^%]X3_\`E57UY^PU_P`%S_AG^W%^T9X5_9V\
M-?`3QUX#U;Q3I'BO5X/$FN>+=`U;3K2/PKX>O_$$\,ME86$%S(]W%8-;1,DH
M6.217<%5(/P.+X`XOP.%Q&-Q>2UJ.%PM&IB,15EB,%)4Z-*#G4FXPQ,IM1BF
MVHQE)V:2;T/U_+O&'PVS;'X+*\NXHPV)Q^88FC@\'AXX+-(2KXG$5(TJ-*,Z
MN!A3BZE2<8ISG&*;O*22;7Y2_P#!S#8P:G^U'^R3IMSO^S7_`,,=3LKCRVV2
M>1=?$-X)0C8.US&[;6P=IP<'&*\M_P"#A?\`9+_9U_96O/V.=-_9^^%/A;X8
M6FN^$OBQHGB`>&[1X+CQ'#X*N_AL-!U'Q'>S237FO:["OB35ENM?U6>[UC4%
MG1;V\G6W@$7KW_!RC_R=E^QY_P!D\NO_`%9!KK?^#IG_`)#7[$O_`&"_VA/_
M`$K^#%?K_"F)Q%-^$N&IUZT,/B,%Q:\10A4G&C7=&C5E2=:FFH5'2DW*FYJ7
M))MQLVS^;O$/!8.LOI%XVMA,-5QF"S3PWC@\74H4IXG"1Q.)PM/$QPU>475H
M+$0C&%94Y156"49\R5CPS_@NK^Q]^S?^S'^SU^PQ>_`SX4^&/A[JFK6GBW1/
M$VMZ+:LNN^,H8/"O@758+WQAK$TDM_XDU6#4+B^G@U+5)[BZMUU"[MK=XK1H
M[>/W_P#X+Q7]WJG_``3=_P""<.IW\[W-]J-OX$O[VYE8M)<7=Y\!].N+F>1F
M)+/+-(\CL2268DDDUK_\')W_`";G^P;_`-?_`(R_]07P#7._\%TO^49W_!-/
M_L&?#O\`]4#I=<>08G$8RCX7XC%UZV)KSSWBE2K8BI.M5DKXG252HY3:5DDF
M]$DEHD=O%V"P>78CQWP>7X7#X'"4^$O#]PPN$HT\-AX-QRQMQHT8PIQ;<I-M
M13;E)O5N^9^VS^P3^RY\/?\`@AQ\$/CMX!^$OACPU\7;+P#^S%\3M=^(]K;R
M2>-/%&L?%O3?"=GXTM-=U^>26_U'1;R_\:3W]AH<TITG17L;%-'M+&*#8SO&
M?CG5_'?_``;#^&KG7+F6\O\`PSXD\.>!X[F9V=VTGPE^U`VE>';92Q)6+3?#
MD6DZ5`@.U(;%%4*H"CXY_:<_X*\?#WX\?\$M/A%^PQX>^&/CW0/BMX;T'X)_
M#_QGK&H-H5WX%N_#/P8T[1X-/U?P[J-KJA\17>L>*=1\-^'[I]$OO#%A;:0E
MQJ4":SJAM;.:_P#T;_:8^`WB7]F[_@V[\-_#'QKIMUHWC-'^&7C3Q3I%]$]O
MJ.D:K\2/V@+'Q\NBZG:N%>TU/0]/\16&BZE:.HDMKW3YX9?WB.3M*EF>"P_#
M>&X@E7_M+$>*E#%9?'%UU7KO+(N,95*<G4J/ZM[:HFE&7+>K3:24HF%/$Y%F
M>,XVQW!\,+_8F$^C_B,!F]3+\*\)A5GDDIQHUH*C1B\;]7HM2E*/.U0K1<G*
M$D?4_P#P3!^,_P`&?V?_`/@ACX*^*/[03PR?"/1-+^.NG^+](DL(M6F\56?B
M/XW_`!"\.P^#;'1YY(8=7U#Q;<ZI#H%KI]Q/;V<SWY;4+JST^.[O(/Y^OVBO
MV]/V#_BA^S5X_P#@M\(/^"6WA'X*6DT-AIGPM_:%L-:T+6/B%HOB+1M4TW4[
M5_$FOM\/;7Q+?3ZII%K=66M6-Y\4_$DLUK?.UPFHJJ2#[@U'X5^.?BC_`,&S
MWPMD\"Z?J&KS?#CXI>,/B;XHTO2XIKF\N?!F@_''XM:7KUV+6`-)/::"NO6W
MB;4VV,EGI>BWNHR[8K*1U^7-/_X*E?`.R_X(X/\`L`V'PI\9M\;+O3-4\.7V
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M_P"4>>I_]G"_$K_U'O`%%?C7'22XPXC222_M7%.RTUE/FD_5MMONVV?T]X3R
M<O#;@IR;;_U?P$;MW=HTN6*UZ1BE%+HDDM$?KI_PR#^R9_T:]^SM_P"&3^&O
M_P`S-'_#(/[)G_1KW[.W_AD_AK_\S-%%?6GYB'_#(/[)G_1KW[.W_AD_AK_\
MS-=-X0_9W_9_^'NO6OBCP#\#/@[X'\36<=S!:>(O!_PR\%>&==M8;VWDMKR&
MVU?1=$LM0@BN[:22WN8XKA4G@D>*4/&S*2BN+,O^1?C?^P:M_P"D2/4R3_D<
MY5_V,,)_Z?IFMXX^"OP;^)VI:;J_Q*^$OPS^(6K:+!]FT?5/''@/PMXLU'2;
M<W!NC;Z9>Z_I6H7-A";G_2#%:RQ1F?\`?%?,^:I/'_P;^$/Q7DTJ3XI?"KX;
M_$I]#2^31'\?^!O#'C%]'346M&U!=*;Q%I>HG3UOC969O%M#"+HVEJ9PYMXM
MA17B9?\`Q.'?^O>8?^DL^OS;^'QO_P!?\B_].Q'^./A!\)?B;9Z/IGQ)^%WP
MZ^(.F^'_`#FT'3_''@GPUXLLM$::*"WF;2+37M,OX--,L%O;P2FRCA,D,$,;
MY2)%5GBOX-_"'Q[H.@^%_'7PJ^&_C3PUX82!/#7AWQ9X&\,>(]"\/);6:Z?;
MKH>D:QI=YI^DK!IZ)8PK86]N(K-5MD"PJ$!14Y?_``LA_P"PS'?^WEYK_&XL
M_P"Q;E'Y88\:G_99_9BA^,GA+QK#^SE\!XO&6@>';7^PO%L7PA^'T?B;1?\`
MA'/L6F^'O[)UY/#PU73?[!TZWM[#1OL=W#_9=E!#:V/D01)&OT-XQ\$^#/B'
MH%UX5\?^$?#'CCPQ?2VDU[X<\8:!I7B;0;R6RN8KNSENM'UJTO=/N)+2ZABN
M;9YK=V@N(HYHBDB*P**Z\W_Y&'#/_7C"_P#J4>?PQ_R)N._^P[,?_4%!X4\$
M>"_`?AVU\'^!_"'A?P9X2LOMGV+POX4T#2?#OAVT_M&YGO=0^RZ)I%I9Z9;_
M`&Z\NKF[O/*M4^TW-Q//-OEFD=OF_P`'?LE?LJ:+XL^)MSHW[,O[/FDW'B/[
M#IOB&?3/@Q\.+";7M.OXTU&_L-:EM?#<3ZI97NH00WUW:WS3P7-Y#%=31O/&
MC@HJ\H_B<3?]?J'_`*L##B;_`';@+_L$Q7_JGI'T1X)^'G@#X9Z,WASX<>!O
M!_P_\//>SZD^@^"?#.B^%-&;4;I(8[F_;2]!LK"Q:]N([>WCGNC`9YD@A221
@EB0*445\EFG_`",<9_U_G^9^D</?\B3+/^P2E^3/_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>sig.jpg
<DESCRIPTION>SIG
<TEXT>
begin 644 sig.jpg
M_]C_X``02D9)1@`!`0$`EP"7``#_X0!F17AI9@``24DJ``@````$`!H!!0`!
M````/@```!L!!0`!````1@```"@!`P`!`````@`!`3$!`@`0````3@``````
M``"7`````0```)<````!````4&%I;G0N3D54('8U+C`P`/_B#%A)0T-?4%)/
M1DE,10`!`0``#$A,:6YO`A```&UN=')21T(@6%E:(`?.``(`"0`&`#$``&%C
M<W!-4T94`````$E%0R!S4D="``````````````````#VU@`!`````-,M2%`@
M(```````````````````````````````````````````````````````````
M````$6-P<G0```%0````,V1E<V,```&$````;'=T<'0```'P````%&)K<'0`
M``($````%')865H```(8````%&=865H```(L````%&)865H```)`````%&1M
M;F0```)4````<&1M9&0```+$````B'9U960```-,````AG9I97<```/4````
M)&QU;6D```/X````%&UE87,```0,````)'1E8V@```0P````#')44D,```0\
M```(#&=44D,```0\```(#&)44D,```0\```(#'1E>'0`````0V]P>7)I9VAT
M("AC*2`Q.3DX($AE=VQE='0M4&%C:V%R9"!#;VUP86YY``!D97-C````````
M`!)S4D="($E%0S8Q.38V+3(N,0``````````````$G-21T(@245#-C$Y-C8M
M,BXQ````````````````````````````````````````````````````````
M``````````!865H@````````\U$``0````$6S%A96B``````````````````
M````6%E:(````````&^B```X]0```Y!865H@````````8ID``+>%```8VEA9
M6B`````````DH```#X0``+;/9&5S8P`````````6245#(&AT='`Z+R]W=W<N
M:65C+F-H```````````````6245#(&AT='`Z+R]W=W<N:65C+F-H````````
M`````````````````````````````````````````````````````&1E<V,`
M````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@8V]L;W5R('-P86-E
M("T@<U)'0@``````````````+DE%0R`V,3DV-BTR+C$@1&5F875L="!21T(@
M8V]L;W5R('-P86-E("T@<U)'0@````````````````````````````!D97-C
M`````````"Q2969E<F5N8V4@5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y
M-C8M,BXQ```````````````L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET:6]N
M(&EN($E%0S8Q.38V+3(N,0``````````````````````````````````=FEE
M=P``````$Z3^`!1?+@`0SQ0``^W,``03"P`#7)X````!6%E:(```````3`E6
M`%````!7'^=M96%S``````````$````````````````````````"CP````)S
M:6<@`````$-25"!C=7)V````````!``````%``H`#P`4`!D`'@`C`"@`+0`R
M`#<`.P!``$4`2@!/`%0`60!>`&,`:`!M`'(`=P!\`($`A@"+`)``E0":`)\`
MI`"I`*X`L@"W`+P`P0#&`,L`T`#5`-L`X`#E`.L`\`#V`/L!`0$'`0T!$P$9
M`1\!)0$K`3(!.`$^`44!3`%2`5D!8`%G`6X!=0%\`8,!BP&2`9H!H0&I`;$!
MN0'!`<D!T0'9`>$!Z0'R`?H"`P(,`A0"'0(F`B\".`)!`DL"5`)=`F<"<0)Z
M`H0"C@*8`J("K`*V`L$"RP+5`N`"ZP+U`P`#"P,6`R$#+0,X`T,#3P-:`V8#
M<@-^`XH#E@.B`ZX#N@/'`],#X`/L`_D$!@03!"`$+00[!$@$501C!'$$?@2,
M!)H$J`2V!,0$TP3A!/`$_@4-!1P%*P4Z!4D%6`5G!7<%A@66!:8%M07%!=4%
MY07V!@8&%@8G!C<&2`99!FH&>P:,!IT&KP;`!M$&XP;U!P<'&0<K!ST'3P=A
M!W0'A@>9!ZP'OP?2!^4'^`@+"!\(,@A&"%H(;@B"")8(J@B^"-((YPC["1`)
M)0DZ"4\)9`EY"8\)I`FZ"<\)Y0G["A$*)PH]"E0*:@J!"I@*K@K%"MP*\PL+
M"R(+.0M1"VD+@`N8"[`+R`OA"_D,$@PJ#$,,7`QU#(X,IPS`#-D,\PT-#28-
M0`U:#70-C@VI#<,-W@WX#A,.+@Y)#F0.?PZ;#K8.T@[N#PD/)0]!#UX/>@^6
M#[,/SP_L$`D0)A!#$&$0?A";$+D0UQ#U$1,1,1%/$6T1C!&J$<D1Z!('$B82
M11)D$H02HQ+#$N,3`Q,C$T,38Q.#$Z03Q1/E%`84)Q1)%&H4BQ2M%,X4\!42
M%3055A5X%9L5O17@%@,6)A9)%FP6CQ:R%M86^A<=%T$791>)%ZX7TA?W&!L8
M0!AE&(H8KQC5&/H9(!E%&6L9D1FW&=T:!!HJ&E$:=QJ>&L4:[!L4&SL;8QN*
M&[(;VAP"'"H<4AQ['*,<S!SU'1X=1QUP'9D=PQWL'A8>0!YJ'I0>OA[I'Q,?
M/A]I'Y0?OQ_J(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B<B52*"(J\BW2,*
M(S@C9B.4(\(C\"0?)$TD?"2K)-HE"24X)6@EER7')?<F)R97)H<FMR;H)Q@G
M22=Z)ZLGW"@-*#\H<2BB*-0I!BDX*6LIG2G0*@(J-2IH*ILJSRL"*S8K:2N=
M*]$L!2PY+&XLHBS7+0PM02UV+:LMX2X6+DPN@BZW+NXO)"]:+Y$OQR_^,#4P
M;#"D,-LQ$C%*,8(QNC'R,BHR8S*;,M0S#3-&,W\SN#/Q-"LT932>--@U$S5-
M-8<UPC7]-C<V<C:N-NDW)#=@-YPWUS@4.%`XC#C(.04Y0CE_.;PY^3HV.G0Z
MLCKO.RT[:SNJ.^@\)SQE/*0\XSTB/6$]H3W@/B`^8#Z@/N`_(3]A/Z(_XD`C
M0&1`ID#G02E!:D&L0>Y",$)R0K5"]T,Z0WU#P$0#1$=$BD3.11)%546:1=Y&
M(D9G1JM&\$<U1WM'P$@%2$M(D4C721U)8TFI2?!*-TI]2L1+#$M32YI+XDPJ
M3'),NDT"34I-DTW<3B5.;DZW3P!/24^33]U0)U!Q4+M1!E%049M1YE(Q4GQ2
MQU,34U]3JE/V5$)4CU3;52A5=57"5@]67%:I5O=71%>25^!8+UA]6,M9&EEI
M6;A:!UI66J9:]5M%6Y5;Y5PU7(9<UETG77A=R5X:7FQ>O5\/7V%?LV`%8%=@
MJF#\84]AHF'U8DEBG&+P8T-CEV/K9$!DE&3I93UEDF7G9CUFDF;H9SUGDV?I
M:#]HEFCL:4-IFFGQ:DAJGVKW:T]KIVO_;%=LKVT(;6!MN6X2;FMNQ&\>;WAO
MT7`K<(9PX'$Z<95Q\')+<J9S`7-=<[AT%'1P=,QU*'6%=>%V/G:;=OAW5G>S
M>!%X;GC,>2IYB7GG>D9ZI7L$>V-[PGPA?(%\X7U!?:%^`7YB?L)_(W^$?^6`
M1X"H@0J!:X'-@C""DH+T@U>#NH0=A("$XX5'A:N&#H9RAM>'.X>?B`2(:8C.
MB3.)F8G^BF2*RHLPBY:+_(QCC,J-,8V8C?^.9H[.CS:/GI`&D&Z0UI$_D:B2
M$9)ZDN.339.VE""4BI3TE5^5R98TEI^7"I=UE^"83)BXF229D)G\FFB:U9M"
MFZ^<')R)G/>=9)W2GD">KI\=GXN?^J!IH-BA1Z&VHB:BEJ,&HW:CYJ16I,>E
M.*6IIAJFBZ;]IVZGX*A2J,2I-ZFIJARJCZL"JW6KZ:Q<K-"M1*VXKBVNH:\6
MKXNP`+!UL.JQ8+'6LDNRPK,XLZZT);2<M1.UBK8!MGFV\+=HM^"X6;C1N4JY
MPKH[NK6[+KNGO"&\F[T5O8^^"KZ$OO^_>K_UP'#`[,%GP>/"7\+;PUC#U,11
MQ,[%2\7(QD;&P\=!Q[_(/<B\R3K)N<HXRK?+-LNVS#7,M<TUS;7.-LZVSS?/
MN-`YT+K1/-&^TC_2P=-$T\;42=3+U4[5T=95UMC77-?@V&38Z-ELV?':=MK[
MVX#<!=R*W1#=EMX<WJ+?*=^OX#;@O>%$X<SB4^+;XV/CZ^1SY/SEA.8-YI;G
M'^>IZ#+HO.E&Z=#J6^KEZW#K^^R&[1'MG.XH[K3O0._,\%CPY?%R\?_RC/,9
M\Z?T-/3"]5#UWO9M]OOWBO@9^*CY./G'^E?ZY_MW_`?\F/TI_;K^2_[<_VW_
M___;`$,``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`?_;`$,!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`?_``!$(`%T`R`,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0``````````
M`0(#!`4&!P@)"@O_Q`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q0083
M46$'(G$4,H&1H0@C0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-C<X.3I#
M1$5&1TA)2E-455976%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'B(F*DI.4E9:7
MF)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7F
MY^CIZO'R\_3U]O?X^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4&!P@)
M"@O_Q`"U$0`"`0($!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@4
M0I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(24I3
M5%565UA96F-D969G:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2E
MIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U
M]O?X^?K_V@`,`P$``A$#$0`_`/[^****`"BBB@`HHIKL5&1CZ'OP>,]!]3Q0
M`ZBO#/B[^TK\"/@+I$^N?&/XL^`?AQIT*.WF^*O$FF:7-(8XFG:."SN+I+JX
ME\E=ZQPQ,[C[HXY_++7?^"\G[*^N7U[H7[,_PU_:*_:_\2VMZUA%8?`OX2:_
MJ&AW,I.R&9/&FOC1?"BV<D@*?:?[4*D*[J"$PP!^WY8`X)Y()_`=>>E('4YP
M<X(''OZ'H<=\?X9_!6X_;H_X+(?%!7N?@G_P2M\,_#S26G<6=[^TC\>M(T74
M[JW6-I%,F@>%;6X-K,RHRC.JW$6\@-C&#1L_B;_P<417!UR[_9L_X)_3Z8=L
MTG@Y?BSXTBUB,1,))88=;BADLFFN(U,4;.&2-R&D!`((!^_5%?D3^SM_P4^U
MG4_BOIO[,_[;_P`"]3_8^_:+UQI/^$+M-6UZU\3_``C^*47F2+$GP\^)$,=I
M9WNK!(RT^@ZC!9ZDNY#;K<ALU^N<;%T#$`$]0#D?@>XQT(X/7C.``/HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****``D#DG`]35>:>)&CC<OF7=@H,
MJ-FTDNW\(^88SP>?2LO7/$.C^'M+U+6-=U"QTC2=)L[B^U/4]3NX+"PL;.UB
M\ZXNKJ[N62WA@@A_>2RRR*B*#R<&OPF\5?MC_M.?\%'?&'CKX/\`_!-36M&^
M&7P?\`:G9:!\0_VTO&>CW&L:9J5[>L\E]IGP(T+[-)8>+Y[:R@>VGU^XO[2V
ML[J\AE6(K%MD`/T7_:Q_X*!?LR?L=:=$WQ;\=3R^+=1")X;^&'@;2[WQQ\2_
M%5X\D<-M9:+X/T"*[U662XN)8HEGG2UM@S@-/]X#\\]3T_\`X*[?M\WMIJ&B
M>)=+_P""9W[->K27AM].GTG3_'W[5_B3PV\TB65YJUK>0+X8^&NKZC;;9UT]
M;W4+C2K>>'SC>7(;9]C_`+)?_!+W]FW]E?4I/'\.G:S\8/CKJJ)+XB^._P`8
M]4N?'7Q%U&]*@W!T_4]8:>/0M/:YWS6]AI,5M';!]L;$`5^CL<*Q'"`!>>!G
MJ>N<D]^<_0=J`/QT^$__``0Y_8=\#WMOXJ^*_ASQI^U9\4#>-JFI_$[]I/Q=
M??$7Q#JVIR7"W"W,FG3K:^%]/6R*);V=OINC6\4=H!&R2,9'?]9/"7@/P3X"
MTFTT+P3X2\-^$M&L88H+33/#FBZ?HUC;Q0J5B2.VL+>WB54!('RYY.>IKK:*
M`&[%_NCMV].F/3\*-B_W1T(Z8X/4?C3J*`/SC_X*E?LF>&OVL/V0_B3X>F2U
MTGXA^`='O/B;\(O&X)MM2\%?$'P-:S^(-"U>TU"+%S#;K<66R^@C<)<VS.CJ
MP`%>A?\`!-[X^:]^U!^PM^S#\=_%5I%9^*/B#\*M#O?$L=O<+=6T_B'2'N?#
M>MZA:3JJ%K35-3T:ZU*VCE59H(;M+>8>9$U>G?M>^+D\`_LM?M#>,W)V^&_@
MU\1]48!0[D0>$]5&$4D;F!8$+U8@`=:^6_\`@C=X3U?P3_P2Z_8CT378K6'4
MIO@5X:\2R1VDWG0BV\:S7WC33R9"D>)WT[7[62YC*@PW#2PDDIF@#],**\T\
M(_%CPGXU\8>/?`NC+KT7B'X;7^GZ?XF@U?PWKFB6A;5;+[=I]WHFIZI86NF^
M)--N80ZC4-!N]0M8KB&>VN)(9X]C>ET`%123PQ(\DLL<<<:LTCNZJD:J&+,[
M$A550K%BQ`4`DD`4Z0[8W;CA2>?8>_?T]\5^"OQW^)/QZ_X*/?M(>-_V.OV:
M/&>J?"K]E'X-WT_A/]L'X_>&;DV/CC7/&C[6F^"WPPOD\QK&YCM6;_A+-;5(
MY[))7MXBLF"0#]!_B]_P4J_8(^`WBR+P3\8/VN/@5X!\4SS>3_86O_$3P]::
MA;2+#%,1>0?;"UD`DL3?Z3LR)4/&[%?4WPW^*_PS^,/ABQ\:?"OQ[X3^(?A+
M4EW6/B+P?KNG:_I%R`%8B.^TV>X@+!74LA<,H89`S7Q+\*?^"3?_``3X^$OA
M.+PSHG[+_P`+?$,DMI%;ZUXF\>>'+/QQXN\47$8S+J7B+Q%XE34=0U+4+J4M
M+/<O(A<L%55C5$7X4^.7P-T3_@DC\2-)_;%_9>M;?P3^RUXQ\8^'?"W[8GP$
M@NWM/`6CZ1XJUZPT/1OC1\-M(GFBT[PSK_AO4]2:/7[*T>WL=7TRZ`=(GB65
M`#^@0$'D$$>H.:6LW1]0LM7TRQU73;J"^T[4K6"_L;ZUFCGMKRSNXDGMKF":
M(E)(IH721'4E61E*D@@UI4`%%%%`!1110`4444`%0RR"/EG51M;[W`R`3DMT
M``!)]<5-7Y\_\%3/&OQJ^'7[!7[3?C3]GJ'5)?BWHOPMU^3PI+HENMWJ]C--
M$(KW4M-MRCF2]T^P:YNX-B-*KQ`Q#<,T`?FG\?=8^('_``6`_:=\7_LB?";Q
M5?>#_P!A/]FKQ%:Z9^U?\3M"C6:Z^-7Q*>'[6OP,\+7ID-I+H.D6$L=QXOND
M$DMM<W$<,T8/V97_`'E^$GPC^'GP1^'?A/X4_"_PII/@WP#X'T6RT#PSX;T:
MW2UT[3-,LD"Q6\$2`9!9-\KMEII6=W+,<U\,?\$A_!?PH\&?\$__`-G0?"/5
M5\2:3XI\%:?XR\6>*Y&636/%'Q&\0J=0\=:UXEG*K<2Z]-K[W-I?B\)N[<VB
M6T@5(@M?II0```#`X'I1110`4444`%%%%`'Y2?\`!;?QIJ7@G_@F5^T]/HMI
M?WVM>)_"FG^`=)MM-D6*\DO_`!OKNF^'H$A)EA=G<WIC"0OYS;_W:D@U]Y?L
MX>#[?X>_L_\`P4\!VEJUE:^#/A7X!\,6]FY9GM8=#\+Z7IT<#LWS%XUMPKEO
MF+`EN<FOR_\`^"YDFFZI^S/\#?`]_%?W`\??MF_LT:##%IFJW.EW0:/QW;Z@
M\["T1Y;^U@CMB;FSRBMOCD+#R^/V:TN$6^FV-NH(6"TMX5!8L<11*@)9B69F
MV[BS$L23N.<T`7!$BMN"@-Z_@0>O3.><=>]/HHH`CFSY4F.NTXX#<@?W3]XC
ML.YXR*_''_@B1IGAVT_9D^,5W80?9_%6J_ME_M6WOQ"AEMC9:A%XG7XO^(K>
M.*_M3))+;M%H\6G):PR2R!+,0B,B/;7['3<129.T;3DC.0/;'.?0CD'!'-?E
M%^P:)?`_[7W_``4K^$!@T_3M)B^,?P_^,OA[3M.LH;2)H/BIX'1M>U&5XLF>
MYOM<T"::X,AWB5V<*IE?(!^L```P.G]/_K=J_/C_`(*M1^%#_P`$Y_VQO^$R
MBMY-`/P(\=B[6Y%L467^R)S9O%]K#0)<"]\CR)-OF)+L:,APIK]!@V5W`'D9
M`Z'Z8]:_'#_@K?X@U+XFZ!^S[^P=X3*7/B3]M+XOZ/X5\5,IMYV\/_!+P%>:
M=XN^+'B:\L2#<R6']EQ66@^;"]L1>:M;I%<)*U`'W?\`L3"_'[(G[-@U1&CU
M#_A2OPY^U(SB1EE_X1;3,@NI*.=N,LA(8Y/%?45<_P"%?#^F>%?#NC^&]%M(
M-/T;0M-LM(TFPME9+>RT[3K:*SL[:&,LPCCA@A1%13@`#DDDUT%`!1110`45
M%&C(7W.7#,6&>-H/\-2T`%%%%`!5.^T^SU.UN;*^@CNK2[@EMKBWF59(IH)D
M:.6.2-P4971V5@RD,I(((JY10!_/IHNK^/?^"-_Q:\7:%J/@3Q%\0?\`@FO\
M4M?UGQ[:^-?`_AS5/$?BG]E/X@:UJSZCXL?QWI>CZ>TU[\-/$UWJUI<65Y81
M7<^BS6<K^5';?:(D_;#X0_'/X3_'KPG8>./A!\0/"?Q"\+:G"L]IJWA?6+35
M(2K?>BN8[>5I[*XC8^7-;W,22PR*R2(&5@/3-1TS3]4LKJPU&PM-0LKR"2WN
M[.\MHKFUNH)AME@N()4>.:*0$AXW5E8=0:_)KXS?\$GO`-SKFH?%+]CCXB^-
M_P!B?XXSW[ZP_B3X278'P_\`$5_YBW$MMXR^%MU,WA;5['49HD%^]O:6]Z8Y
M)3#+OD;`!^N2DE06`#$<@'<`>X!XS3J_`BT_;R_X*`?L06-Q:_\`!1W]F*;X
ME?"GPW>I;ZG^U_\`LM2Q>)]#BT0R[+?Q'XO^#D.[QKIHC1D;6/[+L4@TY$FF
MB^VQHK/^Q_P)^/GPA_:1^'F@_%?X)^/M`^(?@/Q+;&ZTS7_#]X+BW^5ML]I>
MV\@BO-+U*TF#P7^F:A;P7ME<1O!/$CJ10![112`@YP0<'!P<X.`<'WP0?H12
MT`%(<8.>F#GZ4M,D#%'"ML8HP5\;MC$'#;?XMIP<=\8H`_!C_@KC-!XH_:I_
MX)+?".>SO-13Q'^UL_C)[6&6YCM'M_`WA6_U(3WD=NBF62UE6*YA5YXXU=6+
MQNN17[RPJ$B10<A1@'&.G'3MDC)Y/)/;`K\*_P!LJ.]\1?\`!8[_`()<>')X
MYFT_P]X8_:$\=QL\CBT>[L/#-KIR!;;85>XCBORQF9D9`VU0021]R_MO?\%"
M?@!^PCX(77?B;K-UKGCO7@;7X=?!OP@(M7^(_P`1-=G@F:QTK0/#]J\]\D5Q
M+$R2:G/:K9P'<=TC`(0#[THK\*/V0/\`@KY\6_BS^TC\.OV:OVL_V%OBG^QS
MXB^/GASQ3XK_`&=?$/BSQ)IGB;2/B):>#[$:OK^A:G#:6EE>^&_$-GH[#45M
M;N$-+\L#6T!=';]MM2\6>&=%U30]$UCQ#HNEZQXGN;FT\-Z5?ZE:6FHZ[=6=
MLUY=VNDV<\L=QJ%Q;6B/<SPVB3210(TKJJ*2`#>E021NASAE(.#@X/4`Y&,C
M(SD8K\@M6L_#?P*_X*[>'/$<HN-*7]K_`/9QU'PM+-+J\O\`9>I>-O@_KD&L
MVEM#I":2\3:J^@:E/LNI=6A+6EL\<5DQ)>OU4TWQ[X'UGQ+KG@S2/%_AG5/%
MWAF.TE\1^%]/UO3;S7]"BOT:2RDU?2(+F2_TY+N-6>V:[@B695+1E@":_+?_
M`(*]0GX>_"WX(_M9V5B&N_V3_CUX"^(>NZG:6D]WJ]E\.M8U2'PKX^@LHH8)
M$^SSZ)JTDMZ]Q+!%'%;B0.7"J0#[T_:/_:6^$/[*/PF\3?&3XU^,]$\%>"?"
MVGW5W=:CK5[%9"^NXH'FM=)TX2LOVG4K]U$%K;QAW:1CA&5&K^9S_@F)_P`%
M2_V6_P!J[]N;XC?M`_M&>(?$GPT^//Q.C;X+?LH^!_'_`(*UOP[\/O!?P?TW
M5KO5X](\,?$#55ET37/B5\1[ZXL]5\2&T;2HY;*UT?3=-AO$2XDK^E?XG_!'
MX"?M:_#WP?9?%?P-X8^*_@22^\._$+PWI_B&TCU727O8HX]1T/5(8RQCN%6*
M<2(K^;!+&Y$BR(<5Y+^V/^PO\"/VI/V=?%?P8USP+X:T)QI$]Q\/?$GA_2]/
MT#7/A[XOT^T)\->)?#&KV%M'<:-J&E7L%HT-Q`&"I&%>*2,;:`/N"!@T>Y2"
MK'*[2",$`Y!'KG..W2IJ_(3_`((X?M->//C#^R!_8G[0?BC0KWXP_`3XJ>/?
MV>/'&N_VU!<+K^H?#K6&TO1M6GOIX[2.YOM6T1M.NI&C5FF>0N?G9E'ZZI<0
MR*'2170C(93N4@XY!'!'(Y'&"#G'-`$U%-#J20&''4]AR0>>G!!!P>#UHWKC
M(.1ZC)S],=?J,T`.HJ,2QDX#@D@$`9Y!S@CCD<'..F#G&*<&4]"/S_SVY^G/
M2@!U%%%`!1110`UV"*SMT49/TH5@ZAEY!Y!IQ`/!&1Z&CITH`H7NG6NHPW%K
M>PPW5I=0R6]Q;7,27$$\,J-%+#-#*&BEADC=TDCD1E=6(8$5^$'QZ_X)8?%#
M]G3Q/XD_:4_X)-_$,_`KXKZOKVJ^+OB!^S]XEO=0U;]GSXSSWKS:C?6,OA>6
M62W\'>(-2O21'KFD"!5,HBD5(5&W][J:RJX*L`RG@@C(.>/Y<4`?!_\`P3K_
M`&IOBI^UK^SC8_$KXV?L^^.?V;?BCHOB[Q1\/_&OP_\`&]A=6*RZ]X/O(;#4
M-?\`"<UY%!<ZIX1U2>1QI.IO"J3S6U[%&\T=NL\OWE3$B2,;47:/0$]3U.2<
M[O\`:Z^]/H`*:QPK'KA2<#KP.U.I&^ZW&>#QZ\=*`/PG_:$MM1UG_@NM^P=#
M9237-AX4_9C_`&B-;U:$1&6&R.H3Z#IUM+(X<+"\S*ZH/F=PK$+@&OI;]NZ_
M_90_9$A\0?\`!1CXI?"33?&GQI\!^%=%^&O@?5DM$O\`Q1?7&LZM)9>&?"WA
MW[:SV>FW.JZSJ8@?48(4NHH9Y3YVU=I^`O%GBC4-._X.8/AAX<M;.6[L?$?[
M`OB'^T9Y[R-X]-73/%>H745Y96SR/):R339M+GR([<W4>WSC*L8*_LY^V!^S
M#X(_;$_9]^(7[/?CVYO]-T/QSI/D6NOZ1)Y6L>&-<L9TOM#\1:/+]Y+_`$;5
M;>WOK0[@OF0!21N%`'\N_P`;?VFOVRO!W_!27_@DQ\;_`/@HAI/P.^"_P9\6
M?$/X\S_#[P]I&OR17_PQM_$'P_M]$LQX_P#%%_(ND7$XTO4M,U.:Y2[BAMI[
MNZM)%(A$J_<7[6VM7/\`P5?_`.%6?M$_\$K_`(B^%_$7QK_X)W?M#:Y+X=\9
M>--*O+3X2_$*\U_P:^F^,O"WAWQ!)&4UJR>-M/M;K6+.![2&:.46TS2!)5Z+
MPG_P;U?";XD^(_"GB[_@H;^TG\?/^"@MU\-VBM_AQX1^+?B>[\/?#CPKIL.G
MPZ>;9?"GA2;3EO9KJ.UL)K^[6ZMI=2N+")M4:_5IHY?WD^&/PH^&7P<\(:9X
M!^$_@+PI\.?!FBQ)!IOACP=H=CX?T>U1(U0%;+3H+>)Y'509)I5>:4@/*[O\
MU`'\DW_!+3X9_&C]B'_@M=\3OA'^UE\;3\2?CA^V7^R_8_&C7;Q+2X31;SQY
MHWB2YGU7PUH5]+DW%EX9T61;;3`J6T8L[9T$2A`I_K,^-?PM\.?&WX3_`!#^
M$7BZ$S^&OB/X0U[P?K"K''*\=IK>GS61NHHY04:>S>1+JWW`J)X8B0<"OEOX
MP?L.^&OB?^VC^S-^VA:^)[[PUXZ_9\TKQQX4GT^TT^TN;?QEX1\;:5<V=QHE
M[=R@3V:6M_);ZDDZB5V%L8(_)\QV;[S95;&1G'(Y(]NQ'^>>M`'XD?\`!%_X
MF_&FP\`?M"?L8_M!0ZA<^.OV%OC->_!OPKXEU+39=/OO&?P6N[!-9^$WBB\(
M,MK<W5WX=<0K-;2[IM/ALKB:*-I1N^OO^"CW[9?A_P#8I_9<\=?%&X^SZI\0
MM2M7\(_!?P-&YEUCXC?%37H9+/PMX4T&PB#7.HWL]ZZS7$%LC.MM&QR"ZAO7
M?VGOV?-1^//PJ\8>`O`GQ5\=?L[^,_$=SI6IV_Q<^$DEAI'C?3]3T1H)-/FE
MO)K29=4LO+B2SN[*\$BW%ENLRZP?NS^7_P"S%_P1V\8>'/CCX1_:&_;N_;"^
M+G[>?Q!^%=T=1^#&D_$:&TT'P!\.-<M[TM8^,+'PAH0LM'O_`!5;V<=G$FI7
MEBSQ749O%:6987B`/RY_X)\?\&]_C?XY?";6_BM_P4H^)7Q8T?Q;\4?$_BSX
MEZ%^S[\/O'FJ>$O#7PZ\1>-KR36'\3^)H=`NTMM9\<6EY-%<6DDQF.E+#':>
M=(4(32U?_@I;^T1_P2?\`_'G]@_Q3K>G_M'_`+0OPA\;?"/P_P#LR^-/BYK,
MFE6?B;X6?&[66\/>&=5\=ZO%//?78\!:G$+;5;N:6,W$+P/</Y>[/]AD$:QQ
MA%!`4D<@@\?4DD>^>>M?FY^U+_P2=_8>_;'\;^,_B1\=OA"/%/CKQU\,U^$N
MM>)8O$/B#3;R+PK;:G'J^FS6%M:7ZZ9;Z]I&HPP76DZR]C->63ILC;RVD1@#
M\GM+_:B_X*'?LY?'?]D9_CU^U+\!_CAXN_:P\=Z/X2UW]E'X<>$9TG\`>%]<
MMEU6]\6^']:TN\O]9:T\&6OEQ7FHZQ:0Z=>R3LAD#<CUOX,_\'"W[):?%K]H
MKX8?M:>.M(_9VU7P'\=?'?@CX76/B#PIXZ^VW/P_\&+9Z0?$/Q!NK71-1T[0
M+S5?$<.JMI:)<^1/IBQ2S"#;EOO#]AW_`()#_L1_L"Z[KGC3X)?#W5-5^)>N
M1SV%U\4_B;XDU+Q_\0K71)F7_BGM+\0:TQDTK1UCB@62UT^"W-T8U-S),%4#
M[LUWX&_!?Q.-;'B/X3?#?73XD6X7Q"^K^"O#NH2ZV+N)(+K^U9;K3I9;\W$4
M<<<YN7D,JJ`Y:@#^?S]B/_@KS\1_B=^W;\4/V2O%7CWX&_M3?#[Q5X#\=?%_
M]G?XR_LQ7-WKT&DZ?X5NKJX/PO\`BE86/V\:/XD?3+G3O[/O+IK%9YQY),DM
MY`E>$?$S2?\`@MEK7PN\6_\`!2_1_CR/AK)\-;[7O']K^P'>^#+FWT'7?A1X
M'U.Z75-'UV_U6!-97Q9K'A2TN]0A@6$(U\+=(Y58AJ_I*^#W[)O[,7[/FHZY
MJ_P+_9_^$'P@U7Q*HC\0:E\.?`'AKPA?:S&)C<"+4KK0].LI[N(3DRB*9VC\
MP[MN>:]PU'1M,U;3;[2-0M([K3=3LKK3KZTDW&*XLKV%[>YMW7=RDL,CQL/[
MIXQ@8`/F_P#8Q_:D\$_MG?LS_!W]I+X?.&\-_%7P;I_B!+?]X)-+U0!K/7=%
MN%ECB=;C2-9MKZPE#("3"L@S&Z,Q6U^S-^S#\%_V1/A?IOP8^`GA'_A"?AYI
M6M>(=<LM"34M3U58M4\3ZG<ZQK%Q]KU>ZO;QUN+RX=A&TXB@58XH56-%6B@#
MZ)HHHH`****`"H+BXCM8C-+NV`JIV(SMEV"CY5!8\D9P.!R:GI"`1@Y_#B@`
M4[@#@C.>#UZX[>O6EI``.!T_S_\`K^M+0`4C#*L/4$?F,4M%`'YZW?\`P3R^
M']__`,%%-)_X*-7/C'Q(/B+HGP(D^!%AX)MH+.V\,_V3/JEWJ%QKEW>@R:A<
MWCI=M;Q62K#:PE1,"[DK7Z$("H(/J3G.<@\\^_8GOC/>G44`%%%%`!1110`4
6444`%%%%`!1110`4444`%%%%`'__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
