alon usa energy, inc.

124 Pages·2015·0.88 MB·English

UNLOCKING
VALUE
2014 ANNUAL REPORT
FINANCIAL SUMMARY
FINANCIAL HIGHLIGHTS
2014 2013 2012
(In thousands except per-share data)
Net sales $ 6,779,456 $ 7,046,381 $ 8,017,741
Adjusted EBITDA $ 327,713 $ 270,896 $ 394,291
Net income available to stockholders $ 38,457 $ 22,986 $ 79,134
Earnings per share, basic $ 0.56 $ 0.33 $ 1.29
Cash dividends per share $ 0.53 $ 0.38 $ 0.16
Net cash provided by operating activities $ 193,658 $ 162,233 $ 387,810
Total assets $ 2,200,874 $ 2,245,140 $ 2,223,574
Total debt $ 563,687 $ 612,248 $ 587,017
Total debt less cash and cash equivalents $ 348,726 $ 387,749 $ 470,721
Total equity $ 673,778 $ 625,404 $ 621,186
OPERATIONAL HIGHLIGHTS
Total refinery throughput—barrels per day 136,378 131,808 154,700
Total asphalt sales volume (thousands of tons) 581 789 947
Retail fuel sales (thousands of gallons) 192,582 188,493 170,848
Merchandise sales (thousands of dollars) $ 322,262 $ 316,432 $ 315,082
Number of employees 2,745 2,740 2,824
Richmond Beach
Refinery Key Retail Cities
Alon USA Terminal Asphalt Terminal
Exchange Terminal Alon Pipelines
Third-Party Terminal Third-Party Pipelines
Fernley
Elk Grove
Mojave
Bakersfield
Flagstaff
Phoenix
BIG SPRING
Dallas
Tucson KROTZ SPRINGS
ALON USA ENERGY, INC. | 2014 ANNUAL REPORT PAGE 1
WHO WE ARE
Alon USA Energy, Inc.
is an independent refiner and marketer of petro-
leum products, operating primarily in the South Central, Southwestern and
Western regions of the United States. Our business is divided into three key
areas: refining and marketing, asphalt and retail.
1—BIG SPRING
Big Spring’s advantaged location in the heart of the Permian Basin allows the refinery to source crude at a discount to other domestic and
global crudes. The refinery has run exceedingly well after the completion of the major, five-year turnaround and vacuum tower project in
the second quarter of 2014. The resulting benefits include increased production of high-margin diesel and savings in energy costs. The
refinery realized a liquid recovery exceeding 100% in 2014.
2—KROTZ SPRINGS
In 2014, Krotz Springs achieved record operating results under our ownership, including record annual throughput of over 70,000 barrels
per day. The refinery realized a liquid recovery of 102% and a clean product yield of 90%. We believe Krotz Springs will benefit from
crude discounts as Gulf Coast crude inventories rise.
3—CALIFORNIA
In 2014, we made strides to transform our California asset base into an earnings contributor. In September 2014, we received a permit to
construct a new rail facility at the Bakersfield refinery and to make modifications to the refinery that will allow it to process light crude. We
are first moving forward with the rail facility, which we expect to meaningfully increase our logistics EBITDA.
4—RETAIL
Our retail business generated record operating results, fuel volumes and merchandise sales in 2014. We continue to focus on growing
merchandise sales and enhancing our merchandise margins through our remodel program. We are also focused on increasing fuel volume
sales. We continue to evaluate ways to increase stockholder value within this business.
5—ASPHALT
A depressed demand environment has continued to weigh on the performance of our asphalt segment. We believe years of underinvest-
ment in our nation’s roads will eventually spur an improvement in demand and our profitability. In the meantime, we are focused on oppor-
tunities to improve this business by right-sizing our assets, focusing on premium products with higher margins and striving to be the low-cost
operator in our markets.
1 2 3 4 5
PAGE 2 ALON USA ENERGY, INC. | 2014 ANNUAL REPORT
LETTER TO OUR STOCKHOLDERS
Dear Fellow Stockholders
Our company had several landmark accomplishments in 2014, including
achieving the second highest annual adjusted EBITDA in our history. We
reduced our net-debt-to-capitalization ratio from 38.3% to 34.1%, while also
increasing our regular dividend by 67% to $0.10 per share per quarter and
paying a special dividend of $0.21 per share in the fourth quarter.
These accomplishments are particularly noteworthy given that they pursue growth projects at the refineries but maintain capital disci-
occurred during a year with high capital spending due to the major pline in today’s challenging markets. We are focused on unlocking
five-year turnaround and vacuum tower project performed at the the value across our businesses to drive a step-change in stock-
Big Spring refinery in the second quarter of 2014. The benefits of holder value.
the project have exceeded our expectations. Our Krotz Springs
In 2014, we maintained our steadfast commitment to supporting
refinery achieved record annual throughput and had its most
charitable organizations that better people’s lives. This year we
profitable year since it was acquired. In September, we received a
highlight our partnership with the American Heart Association and
permit to construct a new rail facility at the Bakersfield refinery and
the Dallas Heart Walk, which dates back to 2003. Over and
to make modifications to the refinery that will allow it to process
above Alon’s corporate donation, our employees’ fundraising in
light crude. Our retail business also achieved record annual results.
2014 placed Alon USA in the Top 25 Dallas Companies for the
While pleased with the significant successes of 2014, we are second year in a row.
looking forward to 2015 as an important year for Alon USA.
We are excited about the opportunities across our business
We expect to form a logistics MLP using existing assets across our
heading into 2015 and are grateful for our hard working and
businesses. The Bakersfield rail facility would supplement our
dedicated employees.
existing logistics EBITDA, providing a line of sight for growth. As
markets stabilize, we will consider the drop down of the Krotz We also thank you, our stockholders, for your
Springs refinery to Alon USA Partners at accretive terms for both
investment and continued support.
Alon USA Energy and Alon USA Partners. We will opportunistically
David Wiessman Paul Eisman
Executive Chairman President
of the Board of Directors and Chief Executive Officer
FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014
OR
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM __________TO __________
Commission file number: 001-32567
ALON USA ENERGY, INC.
(Exact name of Registrant as specified in its charter)
Delaware 74-2966572
(State of incorporation) (I.R.S. Employer Identification No.)
12700 Park Central Dr., Suite 1600, Dallas, Texas 75251
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: [phone]
Securities registered pursuant to Section 12 (b) of the Act:
Title of each class Name of each exchange on which registered

Common Stock, par value New York Stock Exchange
$0.01 per share
Securities registered pursuant to Section 12 (g) of the Act: Series A Preferred Stock, par value $0.01 per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company
(Do not check if a smaller
reporting company)
Indicate by check whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The aggregate market value for the registrant’s common stock held by non-affiliates as of June 30, 2014, the last day of the registrant’s most recently
completed second fiscal quarter was $327,903,310.
The number of shares of the Registrant’s common stock, par value $0.01 per share, outstanding as of March 1, 2015, was 69,772,369.
Documents incorporated by reference: Proxy statement of the registrant relating to the registrant’s 2015 annual meeting of stockholders, which is
incorporated into Part III of this Form 10-K.
[This page intentionally left blank]
(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:7)(cid:10)(cid:8)(cid:11)(cid:2)(cid:6)(cid:11)(cid:2)(cid:12)
(cid:13)(cid:14)(cid:15)(cid:16)
(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:11)(cid:7)(cid:12)(cid:13)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:16)(cid:13)(cid:7)(cid:17)(cid:18)(cid:11)(cid:8)(cid:14)(cid:9)(cid:11)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:3)(cid:5)(cid:19)(cid:3)(cid:9)(cid:5)(cid:6)(cid:8)(cid:9)(cid:11) (cid:12)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:12)(cid:4)(cid:13)(cid:7)(cid:5)(cid:8)(cid:11)(cid:20)(cid:7)(cid:21)(cid:4)(cid:22)(cid:6)(cid:19)(cid:5)(cid:11) (cid:12)(cid:25)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:12)(cid:17)(cid:13)(cid:7)(cid:18)(cid:14)(cid:5)(cid:9)(cid:11)(cid:19)(cid:23)(cid:24)(cid:9)(cid:15)(cid:7)(cid:11)(cid:6)(cid:4)(cid:21)(cid:21)(cid:7)(cid:22)(cid:19)(cid:10)(cid:10)(cid:9)(cid:14)(cid:6)(cid:11) (cid:16)(cid:16)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:25)(cid:13)(cid:7)(cid:23)(cid:9)(cid:26)(cid:4)(cid:23)(cid:7)(cid:3)(cid:5)(cid:19)(cid:22)(cid:9)(cid:9)(cid:15)(cid:8)(cid:14)(cid:26)(cid:11) (cid:16)(cid:16)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:27)(cid:13)(cid:7)(cid:10)(cid:8)(cid:14)(cid:9)(cid:7)(cid:11)(cid:4)(cid:21)(cid:9)(cid:6)(cid:28)(cid:7)(cid:15)(cid:8)(cid:11)(cid:22)(cid:23)(cid:19)(cid:11)(cid:18)(cid:5)(cid:9)(cid:11) (cid:16)(cid:16)
(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:8)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:29)(cid:13)(cid:7)(cid:10)(cid:4)(cid:5)(cid:20)(cid:9)(cid:6)(cid:7)(cid:21)(cid:19)(cid:5)(cid:7)(cid:5)(cid:9)(cid:26)(cid:8)(cid:11)(cid:6)(cid:5)(cid:4)(cid:14)(cid:6)(cid:30)(cid:11)(cid:7)(cid:22)(cid:19)(cid:10)(cid:10)(cid:19)(cid:14)(cid:7)(cid:9)(cid:31)(cid:18)(cid:8)(cid:6)(cid:28) (cid:7)(cid:5)(cid:9)(cid:23)(cid:4)(cid:6)(cid:9)(cid:15)(cid:7)(cid:11)(cid:6)(cid:19)(cid:22)(cid:20)!(cid:19)(cid:23)(cid:15)(cid:9)(cid:5)(cid:7)(cid:10)(cid:4)(cid:6)(cid:6)(cid:9)(cid:5)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)
(cid:8)(cid:11)(cid:11)(cid:18)(cid:9)(cid:5)(cid:7)(cid:3)(cid:18)(cid:5)(cid:22)!(cid:4)(cid:11)(cid:9)(cid:11)(cid:7)(cid:19)(cid:21)(cid:7)(cid:9)(cid:31)(cid:18)(cid:8)(cid:6)(cid:28)(cid:7)(cid:11)(cid:9)(cid:22)(cid:18)(cid:5)(cid:8)(cid:6)(cid:8)(cid:9)(cid:11) (cid:16)(cid:25)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)"(cid:13)(cid:7)(cid:11)(cid:9)(cid:23)(cid:9)(cid:22)(cid:6)(cid:9)(cid:15)(cid:7)(cid:21)(cid:8)(cid:14)(cid:4)(cid:14)(cid:22)(cid:8)(cid:4)(cid:23)(cid:7)(cid:15)(cid:4)(cid:6)(cid:4) (cid:16)"
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)#(cid:13)(cid:7)(cid:10)(cid:4)(cid:14)(cid:4)(cid:26)(cid:9)(cid:10)(cid:9)(cid:14)(cid:6)(cid:30)(cid:11)(cid:7)(cid:15)(cid:8)(cid:11)(cid:22)(cid:18)(cid:11)(cid:11)(cid:8)(cid:19)(cid:14)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:4)(cid:14)(cid:4)(cid:23)(cid:28)(cid:11)(cid:8)(cid:11)(cid:7)(cid:19)(cid:21)(cid:7)(cid:21)(cid:8)(cid:14)(cid:4)(cid:14)(cid:22)(cid:8)(cid:4)(cid:23)(cid:7)(cid:22)(cid:19)(cid:14)(cid:15)(cid:8)(cid:6)(cid:8)(cid:19)(cid:14)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:5)(cid:9)(cid:11)(cid:18)(cid:23)(cid:6)(cid:11)(cid:7)
(cid:19)(cid:21)(cid:7)(cid:19)(cid:3)(cid:9)(cid:5)(cid:4)(cid:6)(cid:8)(cid:19)(cid:14)(cid:11) (cid:16)#
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)#(cid:4)(cid:13)(cid:7)(cid:31)(cid:18)(cid:4)(cid:14)(cid:6)(cid:8)(cid:6)(cid:4)(cid:6)(cid:8)(cid:24)(cid:9)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:31)(cid:18)(cid:4)(cid:23)(cid:8)(cid:6)(cid:4)(cid:6)(cid:8)(cid:24)(cid:9)(cid:7)(cid:15)(cid:8)(cid:11)(cid:22)(cid:23)(cid:19)(cid:11)(cid:18)(cid:5)(cid:9)(cid:11)(cid:7)(cid:4)(cid:17)(cid:19)(cid:18)(cid:6)(cid:7)(cid:10)(cid:4)(cid:5)(cid:20)(cid:9)(cid:6)(cid:7)(cid:5)(cid:8)(cid:11)(cid:20) (cid:29)(cid:27)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)$(cid:13)(cid:7)(cid:21)(cid:8)(cid:14)(cid:4)(cid:14)(cid:22)(cid:8)(cid:4)(cid:23)(cid:7)(cid:11)(cid:6)(cid:4)(cid:6)(cid:9)(cid:10)(cid:9)(cid:14)(cid:6)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:11)(cid:18)(cid:3)(cid:3)(cid:23)(cid:9)(cid:10)(cid:9)(cid:14)(cid:6)(cid:4)(cid:5)(cid:28)(cid:7)(cid:15)(cid:4)(cid:6)(cid:4) (cid:29)(cid:29)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)%(cid:13)(cid:7)(cid:22)!(cid:4)(cid:14)(cid:26)(cid:9)(cid:11)(cid:7)(cid:8)(cid:14)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:15)(cid:8)(cid:11)(cid:4)(cid:26)(cid:5)(cid:9)(cid:9)(cid:10)(cid:9)(cid:14)(cid:6)(cid:11)(cid:7)&(cid:8)(cid:6)!(cid:7)(cid:4)(cid:22)(cid:22)(cid:19)(cid:18)(cid:14)(cid:6)(cid:4)(cid:14)(cid:6)(cid:11)(cid:7)(cid:19)(cid:14)(cid:7)(cid:4)(cid:22)(cid:22)(cid:19)(cid:18)(cid:14)(cid:6)(cid:8)(cid:14)(cid:26)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)
(cid:21)(cid:8)(cid:14)(cid:4)(cid:14)(cid:22)(cid:8)(cid:4)(cid:23)(cid:7)(cid:15)(cid:8)(cid:11)(cid:22)(cid:23)(cid:19)(cid:11)(cid:18)(cid:5)(cid:9) (cid:29)"
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)%(cid:4)(cid:13)(cid:7)(cid:22)(cid:19)(cid:14)(cid:6)(cid:5)(cid:19)(cid:23)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:3)(cid:5)(cid:19)(cid:22)(cid:9)(cid:15)(cid:18)(cid:5)(cid:9)(cid:11) (cid:29)"
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)%(cid:17)(cid:13)(cid:7)(cid:19)(cid:6)!(cid:9)(cid:5)(cid:7)(cid:8)(cid:14)(cid:21)(cid:19)(cid:5)(cid:10)(cid:4)(cid:6)(cid:8)(cid:19)(cid:14) (cid:29)"
(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:8)(cid:8)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:12)’(cid:13)(cid:7)(cid:15)(cid:8)(cid:5)(cid:9)(cid:22)(cid:6)(cid:19)(cid:5)(cid:11) (cid:7)(cid:9)((cid:9)(cid:22)(cid:18)(cid:6)(cid:8)(cid:24)(cid:9)(cid:7)(cid:19)(cid:21)(cid:21)(cid:8)(cid:22)(cid:9)(cid:5)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:22)(cid:19)(cid:5)(cid:3)(cid:19)(cid:5)(cid:4)(cid:6)(cid:9)(cid:7)(cid:26)(cid:19)(cid:24)(cid:9)(cid:5)(cid:14)(cid:4)(cid:14)(cid:22)(cid:9) (cid:29)#
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:12)(cid:12)(cid:13)(cid:7)(cid:9)((cid:9)(cid:22)(cid:18)(cid:6)(cid:8)(cid:24)(cid:9)(cid:7)(cid:22)(cid:19)(cid:10)(cid:3)(cid:9)(cid:14)(cid:11)(cid:4)(cid:6)(cid:8)(cid:19)(cid:14) (cid:29)#
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:12)(cid:16)(cid:13)(cid:7)(cid:11)(cid:9)(cid:22)(cid:18)(cid:5)(cid:8)(cid:6)(cid:28)(cid:7)(cid:19)&(cid:14)(cid:9)(cid:5)(cid:11)!(cid:8)(cid:3)(cid:7)(cid:19)(cid:21)(cid:7)(cid:22)(cid:9)(cid:5)(cid:6)(cid:4)(cid:8)(cid:14)(cid:7)(cid:17)(cid:9)(cid:14)(cid:9)(cid:21)(cid:8)(cid:22)(cid:8)(cid:4)(cid:23)(cid:7)(cid:19)&(cid:14)(cid:9)(cid:5)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:10)(cid:4)(cid:14)(cid:4)(cid:26)(cid:9)(cid:10)(cid:9)(cid:14)(cid:6)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)
(cid:5)(cid:9)(cid:23)(cid:4)(cid:6)(cid:9)(cid:15)(cid:7)(cid:11)(cid:6)(cid:19)(cid:22)(cid:20)!(cid:19)(cid:23)(cid:15)(cid:9)(cid:5)(cid:7)(cid:10)(cid:4)(cid:6)(cid:6)(cid:9)(cid:5)(cid:11) (cid:29)#
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:12)(cid:25)(cid:13)(cid:7)(cid:22)(cid:9)(cid:5)(cid:6)(cid:4)(cid:8)(cid:14)(cid:7)(cid:5)(cid:9)(cid:23)(cid:4)(cid:6)(cid:8)(cid:19)(cid:14)(cid:11)!(cid:8)(cid:3)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:5)(cid:9)(cid:23)(cid:4)(cid:6)(cid:9)(cid:15)(cid:7)(cid:6)(cid:5)(cid:4)(cid:14)(cid:11)(cid:4)(cid:22)(cid:6)(cid:8)(cid:19)(cid:14)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:15)(cid:8)(cid:5)(cid:9)(cid:22)(cid:6)(cid:19)(cid:5)(cid:7)
(cid:8)(cid:14)(cid:15)(cid:9)(cid:3)(cid:9)(cid:14)(cid:15)(cid:9)(cid:14)(cid:22)(cid:9) (cid:29)#
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:12)(cid:27)(cid:13)(cid:7)(cid:3)(cid:5)(cid:8)(cid:14)(cid:22)(cid:8)(cid:3)(cid:4)(cid:23)(cid:7)(cid:4)(cid:22)(cid:22)(cid:19)(cid:18)(cid:14)(cid:6)(cid:4)(cid:14)(cid:6)(cid:7)(cid:21)(cid:9)(cid:9)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:11)(cid:9)(cid:5)(cid:24)(cid:8)(cid:22)(cid:9)(cid:11) (cid:29)#
(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:24)
(cid:8)(cid:6)(cid:9)(cid:10)(cid:7)(cid:12)(cid:29)(cid:13)(cid:7)(cid:9)(!(cid:8)(cid:17)(cid:8)(cid:6)(cid:11)(cid:7)(cid:4)(cid:14)(cid:15)(cid:7)(cid:21)(cid:8)(cid:14)(cid:4)(cid:14)(cid:22)(cid:8)(cid:4)(cid:23)(cid:7)(cid:11)(cid:6)(cid:4)(cid:6)(cid:9)(cid:10)(cid:9)(cid:14)(cid:6)(cid:7)(cid:11)(cid:22)!(cid:9)(cid:15)(cid:18)(cid:23)(cid:9)(cid:11) (cid:29)$
(cid:2)
[This page intentionally left blank]