From: Subject: Online Minicase W4.1 Date: Mon, 28 May 2007 08:25:45 +0430 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0022_01C7A101.C9A7E010" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.3028 This is a multi-part message in MIME format. ------=_NextPart_000_0022_01C7A101.C9A7E010 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://higheredbcs.wiley.com/legacy/college/turban/0471705225/web/minicase/ch04/w4_1.html Online Minicase W4.1 =20

The Business Problem=20

Restaurants.com was founded in 1999 as an all-purpose dining portal = with=20 menus, online video tours, and a reservation feature. Like other = dot-coms, the=20 company was losing money. Few restaurants were willing to pay the fees = in order=20 to put their Web page on the restaurants.com site. The company = was ready=20 to pull the plug when its owner learned that CitySpree, which was = selling dining=20 certifi- cates (coupons) online, was for sale in a bankruptcy auction. = Realizing=20 that Restaurants.com might have a better model for selling dining = certificates=20 online than did CitySpree, the owner purchased CitySpree. This enabled = him to=20 change the company from =93just another dining portal=94 to a = gift-certificate=20 seller.=20

The IT Solution=20

Here is how the new business model works: Restaurants are invited to = place,=20 for free, dining certificates at restaurants.com, together with = information=20 about the restaurant, menu, parking availability, and more. The dining=20 certificates traditionally had been found in newspapers or newspaper = inserts.=20 Placing them online is free to the restaurants=92 owners; some use the = online=20 coupons to replace the paper coupons, and others supplement the paper = coupons=20 with the online version. Restaurants.com sells these certificates = online, and=20 collects all the fees for itself. The restaurants get broad visibility, = since=20 Restaurants.com advertises on Orbitz, Yahoo, and MSN; it even auctions=20 certificates at eBay.

The certificates offer 30=9650 percent off the menu price, so they = are=20 appealing to buyers. By using a search engine, you can find a restaurant = with a=20 cuisine of your choice, and you can look for certificates when you need = them.=20 Although you pay $5=96$15 to purchase a certificate, you get usually a = better=20 discount than is offered in the newspapers. You pay with your credit = card, print=20 the certificate, and are ready to dine. Customers are encouraged to = register as=20 members, free of charge. Then they can get e-mails with promotions, = news, etc.=20 In their personalized account, customers can view past purchases as = well.=20 Customers also can purchase gift certificates to be given to others. And = bargains can be found: For example, a $50-off-regular-price certificate = to New=20 York City=92s Manhattan Grille was auctioned for only $16.

The Results

The business model worked. By going to eBay, the world=92s largest = virtual=20 mall, Restaurants.com found an audience of millions of online shoppers. = By=20 e-mailing coupons to customers, it saves the single largest cost of most = conventional coupon marketers=97printing and postage. Finally, the model = works=20 best in difficult economic times, when priceconscious consumers are = looking for=20 great deals.

The financial results are striking: Revenues = doubled during=20 the first five months of operation (late 2001). The company has been = profitable=20 since the third quarter of 2002. And by June 2003, the company was = selling over=20 80,000 certificates a month, grossing over $5 million in 2002, and = expecting=20 about $10 million in 2003.=20

Sources: Compiled from M. Athitakis, =93How to Make Money on = the Net,=94=20 Business 2.0 (May 2003), and from restaurants.com (June 1, = 2003).=20

Questions for Online Minicase 4.1

  1. Visit restaurants.com. Find an Italian restaurant in your = neighborhood and=20 examine the information provided. Assuming you like Italian food, is = the gift=20 certificate a good deal?=20

  2. Review the =93lessons from failures=94 described in Section 4.10 = and relate=20 them to this case.=20

  3. Speculate on why it was necessary to purchase CitySpree.=20

  4. What motivates restaurants to participate in the new business = model when=20 they refused to do so in the old one?=20

  5. Given that anyone can start a competing business, how can = Restaurants.com=20 protect its position? What are some of its competitive advantages? =


<= /H1> ------=_NextPart_000_0022_01C7A101.C9A7E010 Content-Type: image/gif Content-Transfer-Encoding: base64 Content-Location: http://higheredbcs.wiley.com/legacy/college/turban/0471705225/web/minicase/ch04/w4_1.gif R0lGODlh8gJ7APcAAP//////zP//mf//Zv//M///AP/M///MzP/Mmf/MZv/MM//MAP+Z//+ZzP+Z mf+ZZv+ZM/+ZAP9m//9mzP9mmf9mZv9mM/9mAP8z//8zzP8zmf8zZv8zM/8zAP8A//8AzP8Amf8A Zv8AM/8AAMz//8z/zMz/mcz/Zsz/M8z/AMzM/8zMzMzMmczMZszMM8zMAMyZ/8yZzMyZmcyZZsyZ M8yZAMxm/8xmzMxmmcxmZsxmM8xmAMwz/8wzzMwzmcwzZswzM8wzAMwA/8wAzMwAmcwAZswAM8wA AJn//5n/zJn/mZn/Zpn/M5n/AJnM/5nMzJnMmZnMZpnMM5nMAJmZ/5mZzJmZmZmZZpmZM5mZAJlm /5lmzJlmmZlmZplmM5lmAJkz/5kzzJkzmZkzZpkzM5kzAJkA/5kAzJkAmZkAZpkAM5kAAGb//2b/ zGb/mWb/Zmb/M2b/AGbM/2bMzGbMmWbMZmbMM2bMAGaZ/2aZzGaZmWaZZmaZM2aZAGZm/2ZmzGZm mWZmZmZmM2ZmAGYz/2YzzGYzmWYzZmYzM2YzAGYA/2YAzGYAmWYAZmYAM2YAADP//zP/zDP/mTP/ ZjP/MzP/ADPM/zPMzDPMmTPMZjPMMzPMADOZ/zOZzDOZmTOZZjOZMzOZADNm/zNmzDNmmTNmZjNm MzNmADMz/zMzzDMzmTMzZjMzMzMzADMA/zMAzDMAmTMAZjMAMzMAAAD//wD/zAD/mQD/ZgD/MwD/ AADM/wDMzADMmQDMZgDMMwDMAACZ/wCZzACZmQCZZgCZMwCZAABm/wBmzABmmQBmZgBmMwBmAAAz /wAzzAAzmQAzZgAzMwAzAAAA/wAAzAAAmQAAZgAAMwAAAJ4AXSMfIMOxyp92tHpbiqyWuNbI4OPZ 6+3n8vr6+wCqrQBPT3mysbDW1tHo6Onz8/X6+dTZ2Ont7L/PtLO0sury22KAH9PjqN/pxP7+/OLi 4fv36f368f789/3z39OyfP7nxf7t0/zZqf7guPCgT4B/f/b29v///yH5BAEAAP8ALAAAAADyAnsA AAj/AAEIHEiwoMGDCBMqXMiwocOHECNKnEixosWLGDNq3Mixo8ePIEOKHEmypMmTKFOqXMmypcuX MGPKnEmzps2bOHPq3Mmzp8+fQIMKHUq0qNGjSJMqXcq0qdOnUKNKnUq1qtWrWLNq3cq1q9evYMOK HUu2rNmzaNOqXcu2rdu3cOPKnUu3rt27ePPq3cu3r9+/gAMLHky4sOGP2RIrXsy4sePHkCNLnkzZ 8eHLmDO7zUYwnud69ejRm2fPXr58+PDt26cPgYIFsGNHSMAvke1Egu7plsGCHQt87eyJBl3Ps/F4 xEWPnse8tOnTqFOrXr1an/XrCFoj2M5Zs/fv4Lt2/wdgHLTo5qdTs7b+GkIEBREgLFCQgEarRPex 6N7NYkXwecMR91ly5zVXGnTp4XMAddVdp912EEI4XngUVmjhUuOVF9poB0a3XgLwzRcBbPLVl8gg tu12jxUssLBPPvYwFyBxBC5HWoceLrjaAdZF6ON2DzzADz8QTHjhkUgmqVN3GhZ4oHr6COCaiLCF uICJ97mzH4syrHPAfzPSqBxzN0KXmo4NPhihA0ESacEFEEBgQQQWGKnknXjmmRKTA57XIZT6gDgi fIS+Z6Jt+u3HGzz4lCYjPTU6iaOC062nJoRCxjmnBXHuAAGcRcaj56ikltoRn+Yt9+R0rRUK24iv 1v83yH0zqNjiCjDGqNyGYxr4nHQ7YhfhPQ9oSiedEHgK5wU0vGmnqdBGKy1CnDXJoWkBAJoArCIW qsC3tg2y3z0s8LZPozECqFyBNz6XzwEKpjlssZ/KeawFNCwrp71FTuvvv/5W2+e1Hu4j5WvwyVcl rBAkYFtuirZ4QK5k2ugrdPCy2iOm/HD6ppw14LvpvsqC/CzAKKd8pMDJlemhdQksMOgC8slH6JUo ejEuue/gk2u6ZLb7XMbybsdmnPoma++mdIb8ab5ynqzy1FRnlo21ZWbb4M2wdh1rFonovF+5+sBz mnNAO4egejyqWezIcDoN58g6IDt3vVJXrffegF3/3aeB6VUH4mvv0dyt4QrQkEii/PV8Ntpom6mj sNsR6V6zEeiwL5x1WxCy3VAjmzffpJdul98ElqltiFYqXPh7EAyCRa1j63MudGq7e2aDET7A6QU6 fMz07/vCTbIF/OhztenMN3/6wC5PJ4A+CA9auM2vK/AFDeO2aLvPCK5NqaWYIh1nfE/P2Xm9c8v9 afL6zLC88/TXzxbqG2bNKgL8yGyl1zKbzwL4gYUW0I5c30tN+KKjsQi5iXMQXNrSoLY+TyVvHzQo QyJGZ78OelAr+PPTrz50s/Ycrmb+qwE/uoeA1UjnherhHYTcFAHM8Wt4mauX8R6Ajwd84TYc/KAQ /4cIlRASDEoCAFEAGfaq1zRxATRg3D0QwALbnQuGDNoYAhzQsbnFR3g15NT62ke8KXrhNrYJIhHX yEajGJE0ZvrQ9QyHuAi85440qwENDpgdKzKIOlpEAL06ZS8apC8CcLqX0jbFDwQoDo1pTAg2JknJ SlrykpjMpCY3yclOevKToAylKEdJylKa8pSoTKUqV8nKVrrylbCMpSxnCcqSoM5J+ciWaloTMzrS EVZWcqIC9DiuPvoxTQ+izab09Sbi4esCHoNavRBwjzNCMpIIoaU2t8nNbnrzm+AMpzjHSc5ymtOV tkSOeQAnPdeECIXemuMdh8m9eySABcZ0kHX4Ef8kai6tBvuqGwSgljRP2Q0CCNBBIh5xTWwe5JwQ jahEJ0rRilr0ohjNaCjTiRxcviwB2xIgAP/nP4YRUzfbCRQNtDjIjhUvPl6Mphc/9TsaIMCaDXWo QTTK05769KdADapQhzpLjqbqT/iAWczkM0/DNVWYwDypPUH6hdZox6WcyhwiIdA5u8F0kXFymgOs eZ9WMPQ+QJQkUdfK1ra69a1wjSs6SXJLVeUSSgjopcJat7CSksh/UKSBEhPwhSnOUKsWGJlinaaD u3mumQj94UInaxuGpjWbcs2sZjfL2c569pzpTBU91La/pZbUhFRqKlMJNx/CEdam1LxHx+hEg2P/ dbWrc+LqvdB3Dw0+oqy2QSsapfbZ4hr3uMhNrnKxYdTQoOdlSYTqq0g0s+mKNLWt/QLEiEVDTklw sVlV375moEHhBteyt/GCGtvI3vbypK6jXdWH+qcw7FWPZtcbETzxSNhBPOAeMxhSTJ2G2AJ7zD2e e8AZzZqIWTQYkq0owwzk594KWzgob3yO1pRqPSoF8JdOVNgTaTbMRNRqwkRi1vAUiyzNMQuacZrB ZM17Vtt4YcIUvrCOd3yTELKzQQlAAJVYN0e/2hePNsPC4vgRYH7EVE61Vd9BkwaBB9wGrb/Fj23I gOMZyGC9PA6zmEGS4RFOL68hJTJgC/fXJYYY/zb8UNwXUNzdfCFLgiVzseYyiB+GOpiyN56wDGSQ 4zEb+tB0hd6fgCxk7AmQa5AW6Tvno7hBoBhkLF6f04iXSO/OAKfAxTGhvfxlRJv61KdSNLZScx0F 5PWJI4q1h1+XvSY+kslDQhanPLVi2+pwX7bzYWVt02VS36PUqE62sifyRjiiBsgJ0Acd4TnkORJu 0gqojaUDvLSt0g3BB9Uc/Gbww/ISW9DG5g2Yl81uVONvQ6TdZWsWkB2uYTdEXmNzfRVA7CFBmbac UyTmvJude+hAg2UowyA0aOIuD/rY/Vl3uyduaL+pU1UjtM47IKAA9nTYVdUzob7hjKI9pliCA/9e Fj+i7ciEL7zciSjDnAU9aFJ76QASp7jOd/xuu7YDH/DYxzv2+S32rLlKbg4g4eqLs1aY3GPue6ym Ghk/L2gQ5on4oRe6cIgcjJrUMtAGAlawgpzv/Ozu9Vs46oGO8wSnHagJunVakG1X44Mf176jap36 5ivZxuSKVPGd77GPhCJ84TFf+Na5sI1urKILNB80O8a+Apyj/fLuDofmw+EPfzQH7u0I+jtGL2T6 mB6wSrcurK/Nj5wFWIwH5RQCeqjQrCPc9l1g/Da2oQ0usCIQMsDBFQYtgxVo4wAHKDvml3/obGy+ 8/44hzraQX14WJ8172AB3vH+P1dhD4W1ns3/F1rhBX8/meqfVnjCs551L+h+97vXBjdYcQhSW2HQ 2sj/Crxhdub7v37ZgA4CGH3zcA7zMH3tIA/WBw+j9w72xEu08S3AJGus9WaFQ1hZF2BJcw+toQNf IHMxp3BkkHvwV4ImuHuMhwPdIAMxgADa4A3K938yaGEBKIDncIPqgIAKaH0rMHos0AL80ALZgQ8B YA+shmbfsl905Fo/ZGmWQ3XCdntlsHgnWIVW2HjdEAP5t27ywA79EAiLEQj9wA4rcBHsEIYCcYaK EQgukQ6PkQ4DoQ5vCABqmBhsKBF1mA13+BR5OCGssBhxyBjsMIN4kg03eIjSpw7mIA/ykA7p/9CD 67AOLDADWbADWZAFNaBHNLBCQ5geEPgtfvUtTchPBeeBIah4XXCFqqiKWbheKwCGkhEI8lARVrAY gwgAtagYt8gSfagYcCgQudgY/oCLtjgRwZgNu+gUfTgQZQeIacgY6iAqBSEPf8gYe/gQbqgYKyCN hNgWhniIOWgOi2gO8JAO8EB2kbgO94CJO/AFlYiJ8IiJmxht++AopsFLJQI2JrYPCnZ7C5eKqxiQ qqhGxygZrHAOExEPsJgY2uAZC5kNDdkSBemLAiGHjsGGCrkYEQkRGakYG6mMjCEQHakYA/GQVnAQ 6cAK1bgYJwkR/vCQ6tCNb/GN5nAO4niT4v+YDuVQDum4DlBAA+6YiV9QA19giTvQjjWQBUGpRytE jzCSD/ugZIlAA1bHfl9AggKZlVYYRBOph1/oGC3Jkf4AjeQRDtLoGS0RDg+5GL/YldlwkvFgliLJ jQ8Rl2dJl02xjACQjc7YjIoRk53hl42RjAuhDiuwktnACminiONoDugAE+EgjvIgjoC5JDh5mTrJ kzz5BFAwB+LgCXqwB/2wB1dQmleABagZRUNJlO/YmpoYYPehOFOIlVpZmyfIQYKZGFYAmPGQkoyh mAAgmP3gD174h6xgBWUoEIIJnMupnIsxnMWZmMhpEOrghQsphiswjAxhkY4xiNyJmMgYnIv/wZzP SZz9YJzT6ZyKAZxxaJ3r2Q9W8IsE4Q/aYAX98JtjqJ0DkQ7RuYb9kJ3U6Z52+J/6qRC5CYyNQR7H GJYiKZhrOYsLIQ+Q0Q9oRw7CcKEY6gmP2RLygKEeWg6WeZnmsJMkupNPcKLi4JnisKIs2qIuKgye EKOiSZqliZpYoI9X0AUr0A222aO3yRBraQVyORC9+IyKcZ6OkZx5SKF0+JxGmhhI2hjJCQD+4JZ2 CKEGKoi6SIy6yRhwuKRPmg1RyhhK6qQVeZ+RMZwDQY0GiZBUiqaQEQj6WaWRIYsMwZeJAQDcCYh7 mg2ViaBreKAM0YtbenYWKgx6cKjCUA54/4kS5nChnkAOegCpBVoT2YCTJDqiJHqinPkEwqCiLhqq oiqqnjoOSoYFXdAN3+ANPtqq2zA6EgqNeImneQoAcJqmAnGrt6iruUoZTCoPD8kK/TCmiRkOC5GH gVCH7OAP1cgKesmrtuqrvVqobDoZLUmNKymGX2mL8fCSlHGtwTqsiMkKxqoQtNqkCZqHDMqlUBoO YMoQViqfp3YOT+AJiFqZh1oO8jCpwiCvAFAOf7oR5nCoTyCNHYqoI3qherChAnEOICoTl5qpJVoO nMqp5OAJo5qxGlsOwjAOyhAFWJCj3LAN3/ANrtqjo9OHTFoQfXiH4Cmsa8mkiPmLMysQL/+7rUdK pQ+5i+EArQlxq1agrEJrpjULADcbszbLlgAQDuPKDo7IDuM6rbpZruwqpvGgDYwBoblJod5aqEvr swhxrs26GCPppwPhD0CroMW4EPGwAuzwtreaDZV6aOlgr5D6BCJJDsjgoYhKEOfAr0/AsBiBDooq DOTwi+nAtxcqr+Vgr3pgDjGRDSSKBJtasU9ADnNAB5egsZwbqk8gDuMwDlEgBS4gBVfADdzABdrw DTx6slk5OnFLmICqGCfZp0Kqpw9JoX06jLurp4xxu+qQu+gKpWgpEHi6rgZBpnVoBc3as8XYu7Zr rMHrpL17jKwwi9Kol8bLn28Lt4I4vAP/2r2OqJ9LWrx7yZILMZbr6Zd5KJhh2bW6KRBquRjbyBDc eIzXeGjxwLGGSw6SuqjkcaiSurfCALl7abcXircZgQ6TGqn+G6OP+agw+r99u7SFKwwBuxKSa6IV OwdPMAcgvLmdO8IsWqrjsAdSkMIgi7qoq6ox4LoCOTprKbvMSqbiuZ5Uy6sOKio7fMOJQa4Dwatr maaNuqZZi7WDCQCM0ZA9vJw5XIw9jJiyaxBVCp6PsY2EOpiiMsQTWsQE8ZwLGQ4suRiACaxrS6Vk CREm6cU8dg4XSg69maExeaj0AAD56g+KardTPBGeKgyzyK/C8AThcLDk4A8SLAwAYA4I/2y3VNsS 2WC5HhzJoErCJGzCn1C6pEu6p8vCJOsNrQvDW6kQ8QCeyFuQihkP6koQiInF6IvKrZzKA7HKsVoZ 7NDIBZGbvekY6kCr0ZjKrky7qky/vxy/s5wY/tqIjpgO8gC//gmfacwOXLzExTwZtbwQ4wnMj7Gy iJms3VuQb+uvCvG9p5a4gRwP6uChcHy55GCs5EzBhrsCi5sR8XCow9jHFyoP6uC/IBoPGGrPwrAC k6oHtqzBkhzCu0DJCL2ipQoNn5DCmJzCpsvCqbu6LwzKVQi7jSGfdGrDzuu1u9vRiTGIIB2eI72L u0urw5rSKj2s2pAQ8XCMFEqrbwm+rP8Ql7xa0oG4GP6A07SajNP8tl4al+TRnAPBzo/4tuDptIyx 0kzd0tasywDAxb84zZRRhm270gZBq+AsZnEMo9Got4EMuXYpv6Dxr4t8oQaspxURDgQbDurguIEb l3KpeZAiDxa6t3ZLDn7LEtlg0An91+JQDqA7DskQBQ+dyRAt0dzQDeCgDRb9owpBqGLIxVYgjV7K jGioxEqr2RTJ2caM2WsIANM8pcTZvW/rD2y8s+dLljAtEJft2dkgnw7q2krbp2/5tgUpp3Grn76Z s3Fb2d36oKN9tqZ92mxMHkPcknErpg1aGYshD6JyqytLpCGJav7gCQTcz6gNANJXoo7/SR67vAII LCr7C8AJmQ7ZDam8aZOZWpn+oagK/LcaqsGAXd+fmwyhC9EODdGl2wKbzMnf4NiPDX+jw8ySYQXa ea7UnbMK3uDVHaZMutyOwQrRGM70u9rAHNXF6ODOCOEYXqvROhnXGw9xK6zEGtLgi6shbpAVvhDL nQ7RndEDYaWQIY1SbBD4i2hPUA4J7qGekA714LCT3KJzkA4b6g/CgAyeUA/G69UPcQ7kYMDxwK97 Sw7RaA5P0Ami2glPcA7S6KnIUA5MDgCTWrAqkQ31/dcmDA2jW7qHrd9SEAWKvQ3e4MkD/qpsO72x +JHIOhAkXox9Dr53GOjkAa1oKxn9/5DBBcHLtP2XaHzhgU7of76lhH7oaVrhuRmGD7mNBg6W2mnp E6roBxG3K0vqDjHNBTrcnbGzx+1e5+wJNVmRT0CG/oAOn9u5nbDPHAvHA2Gheu0QnvoE8qmZ8hCZ Qz6qc+Dl++rHAyHBWHoSaJ7mlDwHHRu6KAzn+43YEa3YMdDYA65G/ImzXkmGxUEQx5iMl33usxue VYvum2289hmGYyjqLJvZnt2StDqM6t7uX6y0+76f8f6e7IClnrECOBsIyDnKF27OKxDwRxq0GZwO Dj/u9D7qNiy1n22/s+3nuRmwferUXG2h5TCp5gDjzX7sGjsH/lAP6vCwUI6haa0Q5/+8qAiLkHIp 2Aj9sABrvHbrCWcu7ZVc7eNQCtmeyW+eyXI+53VegjHwDeDw9OCwqt6gDTHwyaHsEJ4xpBzZ6p3R qObr51yPEFofEWMvEV8/l3UZ9mfv53WJEGEvv28vynHv9tw49mvf9Xc590PUoZ7AsX0fyORhDoDt CQgpKo3r44KLEBbKDiI/qTFp64CNt6Ly8h+6J0DfuU9wCaELDeMA52+OyQ9duoqdut5gsrvXDRLN eN3QDaX/9FN/9TIZ+y9hoU8wqeLdr4mc5pcQk/aMDP8ryArxqH+vB57K6yhfydy9yOxwzygR7ZeP 7JofuqLr5p6P7YgdBUmf+qu7+r7/dwje//3e38IvCA7eUNEELvvozxKHDKO7zt1anuYqP/OPq6eG uxCFe/iQe+tpbg7xABBPhAljhw4AOU/mACxk2NDhQ4gRG2YTV9HiRYwZNWJ8Im7cOGjjokghKcUF yZMoVZY0KSUKN5gxuXX75u0Qq1WHDpU6FKjnz0PcuHTzBs5bt23bsklk2tTpU6hRpU6lWtXqVaxZ tW7l2tXrV7BhxWKtJxDZQD2ehJmLN2fjW41Pwq14Ei8egHjqmqob2FePMHIAzMElbNHTOXDkzIVb GM7f2IgUC0/O6Pbjxz0sNW9WmbKkzJhJV7ECqtO0IZ8wuXDZpg3ct25LIc+mXdv2/23cuXXv5t0b d71yf/uSCzdY3BNz6M51FGfQYjkA5SqWO1fcU8VzeKcmFnZ2oLy20AEwz47ueDzj0LM7RPcE793e kinPn+PpY8hPJ/Wv3N9Ss/4oXgINJlZkyWkVnxL8CZCgWGOtNXBk821CCiu08EIMM9RwQ6bieUIt YcBp6zjGGHIrO4uqc2sxhs6pyD2IFNqLnIGIG0y8juZgzEX3pJsDAHTEa8jF9Rw6p0ja5Jtvo0ss umSOZC4bh7OVNkvJM5SuGJCb0UjTKadDUDMtEG4AcTAppThUc00223TzTTh1i8cfdsrJqyJ12hOH LelQFEfHwZ5AJ8hyDHKrk7vOMf+nHHKEe6zDeuQhR6+O1uvoiexuHM8Tg5gTx8/pFlInnScQEqYu 25Rc0qJdniiHuSeTCSmkKK6skqX+NGsBnnbagUdAmQ6RBSedFNSJwaCEWg1NCeN09lloo5V2Wt3M kZGhu6QTp7gXo9tzPHGg60gh5uzUViEQ+1oLIkWLtAuvTj49R09zspNuMeTC0baiQS/6MR11a7xN 1fkuQe7Ds+ZQOMrLRvoPV/8eNikKLLDgwx13BAHtJtICAfMnnw5hkJttHkyq2dxGTUebFbiiU54N VWaZoXTY8a3mqF6OVmeG1LEikH76CcQKmKk1+mhsB3poxB/VifciccXJ808AXHz/8dVQaVSXnKIb iqccYYRssaKqw6mU3E+jQ8c4i6rGqLiA9Qgs1fl2mQM5cz4UhuFk5ujkvo+uKAnLW/3LVYoWLsYY YytAM1CWMcEUMzWSTUbZoRWC7iebRxfyJ5ugrWi5qhWyyYYd+KZSRy+GrMiGFbHoDMT0oVmHqvTT 71LHdJu7kocdzU0H3Yp0HNr9dKhch10sdYCfHfTir4p+IeUZ8oeVbIqPZ/blsZqettWRFv+hgep5 6Lo5zK8n7+fG01E6czeSKx1ynkhHnnDMhwhsVBsaLH18zeFr4DLIQtxikR+xrSIKIQc5tJEOf4Sj RLXJhrUW9aonuKoc5bDgouqz/zeGSUkYUoLGHqLQAhawgD8Qo1JKWrC4xV3BClyISZe40A8zcQEQ 3AiEmGJypjRFxC6f411D2CG8rBSxKlbo3UKO2I/U+Q57NovHEVkxOqgo8XrZwGJXnrcQebgOdJ3b YheZ8sQodsWKK8iOOgLxPdU1C40Lwd1CqtiPJlpld7dh4vj8iJeADeQu7WNIesbjHrdETSMCDMe7 OiSQgJHjayQSFwcVQjY77us8mvyWb7LRF3F4ohOY6MR1+pIMVI4jSiGUEsPw4yt4vOMELbiVrQyn K3ecAoZ8gIIVGscNYQWiG8O0wjCNmRTV5PBkThFeILD1vMtNRYlTkQfyGiKPzv915RxTxJYY4ciU aYaja17ZnITigTtnMkScUsFmWMQIHjs+0CrxcJ1D2ulE02FLK/SMZliqmcc/Gq0e3QnYQvyVnDm5 RVCY8scCzbaRuV3rjIEMDPzG055zUMc8MKqOOqAGroso5Ei8yQYqTXpSk6pylVJiqSpBEjiLYSxA EmMhC1+oSxjKwJe/ZIUxi2lMoA4TTcxqSjqy8bzoGdWb17QC9voRvTC+jh0rYEXvihjGoLHDduwA GiuIBoBRYQ9o/QAAVfNZVuxxjh1O7Zrs+sGK0GWTeqaDJx1NZwWwipEdUQVd14ros7/qNR3cAyhX 3/pViJSzIeEop80AizyzLoX/q1KlY1orm8/JVrUhK/gZK4Cm1YfgDq9e61zmAuHVlkW1qiuYHQBq ZrqgscyyABAabIM223j+zApPBWNTobeQ14KuH1g0LWoZwtWhkTUikw0EOx4T1qMGLaBHG2hfvDNI jHTiHPEgx3Gioy/sgLQTG0QgWGvEQSGCzTtnqWi42jKecMxBOecxx4/iaxG0hdRDwvCE/ZCUJJQG WKUuXWlLWQpDd2CBllUi3AoR14JTtALBV2AHExvXXHYElR3a2HCGMyzUk6XRIUY1ajZGu1vcTY+1 Kxis6VgXD9oForkLUeJa2zo7mBmVFUXjHXyqeNYfg44dRwSd52ZXPCKrQ8RI/2wIEbPBmHDQDo9i VC4AlBhla2J5aJPNnpGzkePXjZMhijUibBtTxCDjkcvaI7IdiaxmpNqVrLhT8kPEuAIRz9VmWMaz lmUsmza/J9AAGPSgAeA6KgZCG+cMBIufx7pAvwvRAODzj3tX5SY3N7ijtXLupou0gcyjHqOux13c 4rbwvmhQADhgfuP3ongALGD9awjY1hEOeoz6LoNBkWDMg55wgUsv+9puRhQiHL9IFDIlDbCAU8k3 A0cpJAh2SYM7U1PERaEVOI2hhYfcDQ57uBsb1ka5zW1uY/bzuNnYnot3x2LT4Rkv2vDHXbDcRDP7 Q95F/Fmd8ZnOTo92moQ+K//Bu8xPQBd84GBk8kRMFz0zz1VC06R4kcFa46My5K6JLThwG47x7Enw eL0r9MNFjmZudhqgeEnrNz3OuYVsLhCMoV29Sd7xkkto0KWbOV7WkY540NveIG9IiR8l83CkXMye W0GJrKhxa36aWvEYyAQb092FdMRObBNV+5ZTKHQ8LdjmMNVwliYQGA1JXuJYyKsmyRath8Oj2DEP RrKO7IHYbjbMbvazn+1SwLfyMqbY5YJtRThrv4MPrdj2LnvJxA2vYAXlJrc3LH95y2vDG+ZWtxPJ SuQhO7PEvXMkjaOOZvjwznXfazdcg7ZxlZdZ5wUPNJEfFe+HlPhywuNx1Af/XXF8nx55rQ+eiTmO Mt1D/ebNIjo+mW/NlOP+IcJz+aFt+9bXmR51sue+89ctodkpd071jmLzJa457MHuecMVoo9/H3Wp T6tO++vkQs5xQLZ7qyKdKGDWQ8oQedAD73A5eSiHpauHTnCbrHOPSgGAiviREWE7qymvu0CHFSAo TxiYvnM2AjMwlwqJcYAhBaOSWlKJFoCwCOO2BLOCe6gwdliHFbA8yYtBb/gGG7RBzMu8zqMnsoqH 9Kuqu4A9AKAToWks5XOIu0q/bIo4bAlC+Mu57xOVIjKqQCg9qIM5h5s431M44Qs+LzQ9THuPhyAz hsCdKjO/2DO4KDxC66tC/yq0woV4HjMas45zuMLCOdrLQy0MwyF0HiNUQzqMphajnaUrqyL8Iu2L P6TxMfQyj4SYl/q6CCARuz8RKU+hGnRIB7zTg/9SpyERlK+ZJIMqh4ealxTxlgTCCFJUB73pC7HZ uw1cqb+Dtlbam8vYpZGwpYjBkpRQvBRshSuIAhbopccbMpa5n3SwvBu8wRqsCczrPNraPiLDwojb InZoJOBDwtOppqOaIO6xOjb0PnEEREMEneYCx0DsIm60gtTbQi38wkSMx290CjKUOHg0NPPDxyz7 GRlzruW6qygaFevrsumDP3IkRyhcCNzynCnCRmsytKVaGm1Yv4c4okBQh/9weL+VU0RpMYe/8ITH wL9VyQhSBJuB8IRJeYr2GAj3UKCRfBsAQDY9WAF/KLVUicWUmsVWSgZP0AM6kLZPUBx3iJjCGRyW OEF3YLxtuwIouIJ7gAIZgIIhe8EVkAcbtEqrXEatvDxo1KyLMz6FzD5AJCJ5S8MjJLLRQrjt00ab 8QeYSUhy9Id+4DSJKDF2bJ3XsZ1p0shwzEa1zLOGqMcSC4TOQcN87Lhp0gZWkCB0tCN1SKtxYofi QSeIWLhAQzI9XMOBzKNAI8u7uMyyop3cs4uMFMuGSDmLbMe2LESOfJNz0BqWvJOXxAhOOQi/MECn SId0OQxWm02OMK+TdJX/Tlw2nMxJvkElYZCbBtIDKCCHcfgEKBBKh9nFa6sSFli8X3RKKOglFxwy FpMHeQAH8RxP8tTKmui8KGuizZmecnoM3KFJ0AvHeNSrxnge4uGsR3GqdOiHtzSdxwgyzYQm2tnI c8I4VpgeImoivozHBGXDcLDPdMDP4wMjIguEcUIzfVy+/8xQuxKeo9pIsEq/0aGq6BGjRqsZiDNI IluBCjO4R8m5R9miqopQlok3OgE5Fj0x2mExyQSA7jmilQs/f2ix7tFP/mzNZ/maQIKOh/LNUAGA dOkLZRsSZPMOxpg7J+2ERlIvddED3MiGOSg7ZBgGZECpMUUGT0BJ5VzO/0ZpTmJsysXJRaPkDCw5 wVP4xVMIRha0AhZgBxaAwftRB3AQVPIsVPFcRnXjrLl0rqBLJ6zSnJZZKxN7zLmsyt3KKlEBnqxq nqCZMUr7maOyAtsxq6+qsND5Hc2xAn1LVZgRIw/9MoiQO1D90NR5VDwiNFbVVDyy1b261OHyh0vt o0+dndp5CFStregSHabSnCFj1UeFvGA91rkEz2B1rLTyUNa8o7Rqrq3iHuKJB15tMpmzGVOd1sw5 1XJFrMdqLruQVFGFK2WVyw81Im8FOisDGqApy2saV9bCI/fEHsRC0jjZL/4SQGGos7Bz0h+xvxUo O2GQq4ZABxARDklqO/8n3ZO7ANcnMNhT+dIG+liQDVk2XVOQddPtPFksiIIrWDArKZyTeIekVMoI I0YrkEoWYLF2kId2AId58Aef/VmfNdTX+AZoFEO8sElKA0w4bD+vyTPGzDNHepelfQhgbSJu1LuH aKR5AsymsMKnZVp14tqnkNqMFdt3kYdb/Uqsnaex1VoxJM00ItuxhVq3hQio5dpGioe6bUKBfZZw kBtwUAtyAA62UAdMmM05qDeHANdyAFGa8YR0MMnVQZVLXBW2SB27yET7aUyxyIYMKpVSEVnRLVly 2E52ONkUggIWCJDDqyksUaEUjLBtu4coeMqoXAd40Fl1mIdzAFrf/Vn/Qy3aT9ucJvO0vhUL4vUc izte5m1epjDJjU3OHaFEyiAHgwiO5JzSp/gLPYCk0alcykgOdaCR/vrPqV22V8GgzwVdkWVfdsig 932CdZjfdVBdE1BdlsU2iEGhpJTdbRMEmpXKFeCV3VWH3z3goB1P4Z2uKXLPoRFb57UKbvKZfoDY CL7g48W7gVCIeJgHkSwMQUEHDV7bpjBJdcnAtqNeuOiExdDNrYkPDtogGc4gDNogDaJhGV6HDaLf dXiHdzCBFDoBhzmc1nUJxVPKbYuwPXhK251fnZ2HnvVZx2BMKv5d8VzggEJb2AItDPaK/Xwd0YHg Lh7jgDqHgfAOPQAP/3+QkXL44EWSEQ1OTqkgWIKSC1+rGvCNC3SItUAShupLkg5aFEGOYRneoEWJ XEQuAXgogRLo4XdYhxRaAlpCPGxrAV9MYpllSl86XdzV2Z+tByoOZcb03Qhx3igSYzKOilNOZVZu TUjyhKZbCBp5gscojg+pDOSAD5NMB1Lpi6k4BxDhmlJTh56UkeVw4z8hRe0QXFLRmrTLjQrqIBII ZGruoBIwB15OB3hYhxLw4R9mgRaYTqJEvCiAWcaT3RQEYCZmop9rByhGB3pAh1KzC72lNFF2DJ/F 4lbeZ37uZ4GdE08oiBKRNT/GC3TYkQ7yh/5Dh7LTgz0mX1TGluCw1/+FEA4v1adA1g5RQTZSlIeB UGbdqKBpnuZqLmlruWZFVuRH9mEWMIFaKUEWggcs+MVtq+kr0GSbHWB39odcK7W8zVjtEOV89mei LmqjRlJ6niBgZsmpgM21kAe1eOa23eNM6ovhlAhi9gsPOQsSpqAjqRewHmlrmWZFsaB2MIecNQd4 0GZ4iKV3aOkTbFkWKucooGn/PQXV3VOq3Gl6yB96/mvtkNpQ1uejLmzDPuw30Ro9KEzhmUrHjp6/ 5a9GQQsLlgq++OjUER4Wdewha4wLLFjh0FdoPhLSLm3TrpdzWB20Ruu2bmtvZukhZrCI2ZWZrmk8 zdOarVk/xd12OAf/esi1n6bnwH4PCdJbCVI3W4Umf82K8FGTP0Zs6I7uODHh73lV624ihoZNcqjs qBBhtKhb4SmnV00dRkG2OfxS005v016dXmlvXmltbzaBcCZBXHnrXKrpc65pdYaCe9DtFXDneRiU ebZCqbUjvGBMdbOL57nScuLDqRDWmCFs6Z5wCp8Q9bKTLDwdLhuy73nN5KS1q1hqkNRGLqqwAQUo cxDcrh6YQVEOF1fvI+lt9u6V1nZrHw7n/rClk6DrO8XvHj9nlSXGIePtns01wGZawYZGMjyebFhx p/gnDuGnCp9yKteQeIiUis3wOSmnvbUjCeoK7vom4ZGgEuuHvS1b/8790hZfczb3h3Pg3XNobxqH b5aW7xbSjF8ZBLuWWdxmAb2+2XYwYOAW7q4tWxhrinqkPno9rK4xrN0Cq3QQK+lyImL1R7Q6q8hy IiVMXkKr9EeJLDphK+B6M/br9Ll08HnTLd6idKHxVFCXVAvtdMqqclqvddPLp3iox91gsjKPaJJi 8zY/Et6dh952b1iycfmO7XGWAhbI8/zGU8bjpafU7T9NB3eO5wFHZbJV8oI7nu7xBxxzrTAjuJbJ deWDD3CXTLR0MyDLudcbQk1bd7x4syFjwkj7sXJH9UnbnkUD9+HbHLxKs3oXrtB7OFs/+Cn30Jir w5A+qzJP8wp5Mv/GbHN08Idhj3M5r/HXPqE7N+IXwmTbtm11rtmo3OsiB2VCh4qM5XbZGEQsskio wyulC0d9czrThEsiQ7IhjGWC+1GDRzjN9EFrKkSeY4x4+LmeL8N4CzLt8aYrXTiEj3rDVnjaYnho dnjY8vVdtzfjDocW5+k3d2djp/Mfjutb8gxLrm10vmvGM4UoqNn+lkoY9GRsP3KVpzFEt+4D9THu KT68sk+9m6aoxfnM5Nt5L3yE7DjAj4jwsyOfbTdM2zi4NEupr/yjVvi56GxPOqvmmSo2YbdGaiR5 HhR6GHZil/Njf+35JsFdiYJc6nG7Rue3n/ac5pV5+G1dO19myvv/pWDyLmJCA5eHa8WigTMtZNXM yTdEfEX8yRd+za7M5YW6yC+yyYd6y79+o9Zbra8NuF0TdkvqeIDn0g971Nd4b57vHEcJH+aDQfBx 2177KIjKXmrBFyTgeJZnu5cm3ne+xQQIAAIDZWMVTiBCgeGsZGvoT2BDdgjZZQukLhzFbBMbbtQo MGNCihYxcvxYEgBIkx4RLmyY7WFCAKxOIpzZL2FDKyhPpoSYTWLMoEKHEi1q9CjSpEqXMm3q9CnU qFKnUq1q9SrWrFqNZovnNVy8euj8oZtndl67tO3gsYX37u27Fi2k0K1bt8W7KINOnWrF1y/gVoAF XYEC5Z4VKOyg/6xbIc8sPXr1wnqFunJov5MEs+kEEI/hz3gx0wmU11CeT4n+5M0EKlL0zpcCM6/s KfOnyUCwe/IuSZo0ANPZUMuzskIgaKAIQcMUTrr35Yhbp1Ovbv069uzat3Pv7h2n17D00NEzew6t Wnhr3bp9G2UuXRfxpbDI664vfsH5+fZ1F+WwFYnJwE5jac0zXjhghWeZUbQJFE86LgEXzmZWpLOC FQ+xIpA/FdWUTT/p9CMPQf34kw5BG3q2Qk7psOOgSjABUOKJKT4IXUcrsKOTih0GMltJ/szECjsX Hickbp9x5hmOCEn3HZRRSjkllVVaeSWWEHklVj3jnaXWWuux9f+WCXLNV1d9WNy3n19sCsYHFFYg ZhgLBK5gIFmShQfbU5fFVFw/gRqHXCCBHgfAQgQFYoU6EBW6qIwrzGQFcZkFws4KhbIDkxUEWciO pv7sKChqwVmKaagvCurPCoH2QykA/pzqaD+QrrikQOqAdmlliQZS6KGqvsqqq5QC+qpyWSq7LLPN OvsstFV1FVaX/pgFZphjwsUCfHbJ9Y6af/HH5n6F3WMYFAPaqd48/kRWj4J89ukUWJ7xmWC9SVXG 0lfyepagv/YKnJCCBzEVT75D7YuUaAErLO/C0Uo8McUVW3zxVi5pvDHHHXv8McghizwyyBibfDLK Kau8MsstJ7SN4IMRBwVxwkSFF6/MLuu8M889+/wz0EELPTTRRRt9NNJJK7000007/TTUUUs9NdVV W3011llrvTXXXXv9Ndhhiz022WWbfTbaaau9Ntttu/023FaTPDfdddt9N95567033337/TfggQs+ OOGFG3444ofHvTjjjTv+OOSRSz455ZVbfjnmmWu+Oeedxx0QADs= ------=_NextPart_000_0022_01C7A101.C9A7E010--