With the stock market up impressively during the past few months, many investors have raised questions about valuation–whether the fundamentals can indeed support any further rise in equity prices. The anxiety is entirely reasonable: Stocks are closer to fair value today than in a long while–but closer is not there yet. The likely pattern of earnings and, most important, historical valuation benchmarks suggest that equities can still rise even further before value becomes a major concern.

Market Progress So Far

The equity market certainly has made impressive gains. Since the Dow Jones Industrial Index’s recent lows this past summer, the headline-grabbing index has risen almost 15 percent, to new, all-time highs above even those at its peak in 2000. And the more broadly based S&P 500 Index has risen by more than 14 percent from its summer lows. Though the index is still some 10 percent below its 2000 peak, this latest rise adds to the string of market gains that has erased much of the loss that existed at its cyclical low in 2002. With not a little irony, the S&P 500–amid endless gloom, whining, and warning from the financial media–has risen each year now for four years running: 26.3 percent in 2003, 9.0 percent in 2004, 3.0 percent in 2005, and about 12 percent to date in 2006.

The technology-heavy Nasdaq stock index, however, has not, on balance, done as well as either the Dow or the S&P, although it has risen more than 20 percent from its summer lows and more than 10 percent year to date. Though it, too, has risen along with the rest of the market since those cyclical lows of September 2002, Nasdaq was in such a deep hole after the 2000-2002 crash that it remains nearly 50 percent below its high in 2000. The broad-based Russell 3000 Index has behaved more like the S&P than either Nasdaq or the Dow: it has risen almost 15 percent from its summer lows and almost 11 percent so far this year, and remains today some 5 percent below its all-time peak of early 2000.

This long rally began with leadership from value-oriented stocks–which is hardly a surprise after the especially severe 2000-2002 losses in technology stocks and growth stocks in general. Between year-end 2002 (just after the rally started) and year-end 2005, the S&P 500 value index led the market, rising slightly more than 46 percent, while the S&P 500 growth index rose just 28 percent. But recently, the market leadership seems to be passing onto growth stocks. Since the growth index’s summer lows, it has risen slightly less than 14 percent, while the value index has risen slightly more than 14 percent. Value is still leading, but by a much narrower gap than previously. If, as seems likely, growth tends to dominate in the more mature phases of a market advance, the growth style should take the lead during the additional gains expected for equities.

Looking at the market in terms of capitalization, small- and mid-capitalization stocks outperformed their large-capitalization kin throughout much of this rally so far. From year-end 2002 to year-end 2005, the S&P 600 Small Cap Index rose 75 percent, far more than the 24 percent gain registered for the large-cap S&P 100 Index. But as with the value-growth paradigm, the torch recently seems to be passing from one to the other. During the rally from the market’s summer lows, the smaller-capitalization index gained about 15 percent, trailing the larger measure’s gain of almost 17 percent. Given that larger-capitalization stocks still offer better valuation metrics–by 10-20 percent, depending on the measure–and still pay higher dividend yields on average than smaller- and mid-capitalization issues, these large-capitalization stocks should continue to lead during any further market advance.

Overall Valuation Assessment

As much as prices have risen, stocks generally still show attractive valuations, largely because earnings growth has outpaced the price advances at every turn since the stock rally began late in 2002. The accompanying table lays out relevant data. Even in 2003, when the S&P 500 enjoyed a 26 percent price surge, reported earnings for these stocks saw a more substantial rise of nearly 77 percent. And the pattern has continued since. Reported earnings rose more than twice as much as stock prices in 2004 and more than six times faster in 2005. These relative growth rates mean that the most commonly used valuation metric–price-to-earnings (P/E) multiple–has dropped significantly throughout the rally. Indeed, these valuation multiples are lower today than any time in the past 10 years. It would seem, then, that despite stock price increases, equities have become an ever-better buy throughout their advance.

A more sophisticated analysis of valuation benchmarks shows just what remarkable value remains in the equity market. The key to this historical guidance lies in the well-established relationship between stock market valuations and bond yields. It only stands to reason that bonds have played a critical role in stock valuations. They are, after all, equities’ chief competition for investment dollars. The accompanying chart captures that valuation relationship. It provides a comparison between the yield on 10-year Treasury notes and what is, effectively, the P/E ratios on the S&P 500. Since, mathematically, it is a little cumbersome to compare stock multiples directly to bond yields, this presentation adopts a practice commonly used by analysts, including those that created the by-now famous Federal Reserve model of the stock market. It inverts the P/E ratio to create a measure of earnings yield, that is, the earnings generated by the company for each dollar of its stock’s price. This metric, of course, compares easily to bond yields and moves exactly opposite from P/E multiples. When investors are willing to pay more for a dollar of current earning, P/E multiples rise, and the earnings yield falls.

As should be apparent in the chart below, bond yields typically run well above this equity earnings yield. Those relative levels would seem to stand to reason. Because stocks offer appreciation potential and bonds offer little more than their yield to maturity, investors, in most instances, will demand more current yield from bonds than from stocks. On average, over this time frame, 10-year Treasury yields have run some 100 basis points (bps) above the earning yield on the S&P 500. But today, this historical relationship is reversed. The earnings yield on the equity market stands some 100 bps above the yield on a 10-year Treasury note.

No doubt, perceptions of risk explain this difference, as it explains all variations in this stock-bond yield spread. For example, during the 1990s, the end of the cold war and the embrace of the “new paradigm” of the technology boom prompted equity investors to downplay any risk to future gains. Investors demanded little current yield from equities. Bond yields of the day stood about 200 bps above the S&P 500 earnings yield. Risk considerations came back with a vengeance, of course, with the market crash of 2000-2002, the attacks of September 11, 2001, and the subsequent “war” on terror. Investors, then, uneasy about future gains in equities, demanded much more in current earnings relative to bonds. As the chart below shows, that demand now has gone to extremes not seen since early 1980s, when the market also was very risk-averse and, notably, on the verge of a huge rally.

Today’s relationship is so distant from norms, in fact, that it would be hard to argue, apart from some great catastrophe, that earnings yields will rise any farther relative to bonds. The equity market has, effectively, braced itself for an extraordinary amount of risk. At the very least, then, history argues for stability in earnings yields and, by implication, in P/E multiples, going forward. Actually, history argues, and very forcefully too, that the stock market’s earnings yield should begin to fall against a backdrop of relative stability in bond yields; that is, P/E multiples should rise. In this context, then, the most conservative of expectations would look for steady multiples, with equity prices effectively moving in tandem with earnings growth. Because the Wall Street consensus looks for at least a 6.0 percent advance for earnings in 2007, stocks, even in this most conservative approach, still look like a pretty good buy. And because the historical analysis actually implies a rise in P/E multiples (a decline in earnings yields), there remains a good chance that equity gains will outstrip earnings growth rates.

Conclusion

There is, of course, a chance that things could go wrong. Risks and threats are ever present. The economy and, therefore, earnings could suffer a more severe reverse than seems probable now. Federal Reserve Board policy could force up interest rates. But while possible, these and other adversities are not especially likely. With the market offering good value next to a relatively stable bond market, with the economy and, therefore, earnings expected to expand, albeit moderately, there is every reason to expect equity prices to move up at the very least along with earnings growth and very possibly to rise even more than proportionately with earnings.

Market and Earnings Behavior, 1997-2006

R0lGODdhFALQAHcAACH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACwAAAAAFALQAIcAAAAf Hx8eHh4cHBwbGxsREREPDw8VFRUSEhIODg4HBwcGBgYJCQkYGBgZGRkEBAQBAQELCwsTExMNDQ0d HR0KCgoUFBQXFxcWFhYQEBAICAgFBQUaGhoCAgIDAwMMDAwmJiYhISEpKSkuLi4gICAtLS0iIiIr Kys1NTUvLy80NDQ4ODgyMjIsLCwoKCgjIyM5OTkqKio2NjYlJSU/Pz8xMTEwMDA8PDwnJyc9PT0+ Pj43Nzc6Ojo7OzszMzMkJCRXV1dBQUFZWVlYWFhMTExNTU1GRkZERERAQEBHR0dWVlZaWlpFRUVJ SUlISEhcXFxRUVFSUlJVVVVLS0tKSkpeXl5UVFROTk5fX19CQkJQUFBdXV1TU1NbW1tDQ0NPT09v b29ycnJhYWFjY2N8fHxsbGx4eHh+fn5ra2tnZ2d5eXlgYGBoaGhqamp/f39wcHB6enp0dHR9fX11 dXVkZGRmZmZzc3Nubm52dnZ3d3diYmJlZWVtbW1xcXFpaWl7e3uFhYWRkZGdnZ2Hh4eAgICbm5uN jY2ZmZmCgoKVlZWTk5OOjo6fn5+JiYmKioqBgYGSkpKcnJyenp6YmJiDg4OXl5ePj4+ampqQkJCU lJSIiIiLi4uWlpaGhoaEhISMjIy4uLivr6+5ubmsrKypqam3t7egoKClpaWysrKwsLCjo6O9vb20 tLSqqqqhoaG8vLyzs7O6urqnp6eioqKoqKi1tbWmpqakpKStra2xsbGurq6/v7+rq6u2tra+vr67 u7vW1tbOzs7BwcHZ2dnNzc3V1dXExMTe3t7CwsLMzMzFxcXX19fLy8vT09Pf39/JycnDw8PAwMDH x8fY2NjKysrIyMjS0tLb29vU1NTd3d3a2trc3NzGxsbPz8/R0dHQ0ND+/v75+fnp6enn5+f39/f1 9fXw8PDt7e3o6Oj6+vrq6urz8/Px8fH09PT8/Pzs7Oz9/f3y8vLv7+/4+Pjm5ub7+/vu7u7k5OTj 4+Pi4uL29vbg4ODl5eXr6+vh4eH///8I/wDBCRxIsKDBgwgTKlzIsKHDhxAjSpxIsaLFixgzatzI saPHjyBDihxJsqTJkyhTqlzJsqXLlzBjypxJs6bNmzhz6tzJs6fPn0CD5vxHlKjAokbBIU0q1OLS o0ihRm3a8anSqUv/UXWYlWBWrQO7JjRatKLYq1bDpjVIlulWjP/CiRtHDiw4cuLKDTR3Dt24cnbf QvyXTt1fsuHUrVMKjl3fce3cCqb4z927cevIFmYHT2u8c3PjMZ6MsB3oceZG/yMn7/Rfgqbnpg7s 1Z07cOYgVyx3zrC5zkrntTasmyBvw/KAs4V3Ox5m0k7pAQIRAgwwpcHCiBAjDFy9EQhCkP8YM2w0 dIX/3gUqYWIMsc7FyJwAAirdvyAIApgQEsz8+Yf/xCMICiYMYYw7/xwzyAhEhALYEAgIYEIRyCj3 n1JlIDCACUaI0plWo6SgoQkmkALWP2CMeEQpyi1ljynJ/EOICKectdA/ZiBAgAlIoIIgOKiooCOJ hdj1zxlDIpHKj0uxo4oy/xgiwiE2XnhQZWAUsMoyJaABWBoGsEJCEuyAcwAAzDRDgBL20GYlVIgk 0Mo9Kyyhzj9qKDAKCyjg808LAICSjwtM+PkmV4kkoIg4STThzD+LLMCIEy80848RALhCDwwoAOMm af88AcAi9BgRQ4z/0POKDKOe8w45Ya3/AUAj9EAxwzNa/TOPOOfAEw8bDDhCDjrFnENUbpF9ylYb ADxCTxQmQPOPONHQAIAbrurj1RsAwEHPEwEIQ1Riva4TBwNk6KNOMeooxc448Uh26FHzvACANP+w U+Y/rTQgxwtqpAMPAQDI848DDzw6r1f/wAAALAH+9k8sBMxxAhvs/FMDANP8YwMEzCi7MFRRAFBk O/LU8w81L6CxghT0/DMFAKv8Q8XDIr/1j6yy/FNFpkQpU40VAEAijz3zhEUHALP8UwcAkRC1Di03 1DCKHREAIEEtjTggyT/WXBECHfvkHNYdAEyCYtH/PCMNFgBQcjSsYcUBQCD/2L3IP+WE/4LECLbI MQEABZBSiQOQ/LOMFCE8cY3Z/4FIwRWSHFMUNlAYAAk57swzAADBFEOAFG2ODFUsOGRRyTBFZbNG BITEc9vGsdzjwhGGmo7QP9WwIIMlzSCYKhgV3PHObTPfgg4MKnj65s53o5OECKgeAg0bABzwQokn Lm2IOFG4gOs/pOCSjxUWCIMGAIOQ8/Qh48hQhzZNaJE7emgDgk4UIUhryitz0Nr2ilS3a6FjCyYQ Vy5sgQ8sGCAWagCAGsqBBwA44hw5eMI2uMAEy+kOKseQRRUcwAh3cMMFd5BCHqzBDXuEAAACIIEe puGfkf0jH7pgwwUsUY9i1GAPS+BDMP+U0Q5WbQgIxKjhB8OCDlb0oQFkIAc+dLCENdChGtwoBxQA 0IAXEEEYFoqcGACAgRcwARTACUQw0GYIevBDL0dZ2gFIsANUXMUeu7iFw1JBCABc4h9pAAAtKAEA RfwDe5WA3D/QZoEXICEXt5kEN8gAgDO4cTEFtEAIWNAKpZgDGadAAtMWYcF/5MFkgQAAIPDEPsj9 B2XgkEcGJpANGwAgG824QAR4QQ4BAOAZkHHlf8phD3jMYwYaAEYTfskPF1RgEuBAAQBKQY/MCHNe +rBHPdKRgw1U42m5iAcPKkAJcGghU/TY16GgRyp5XIUeo3iHHwBwi7LEEQCY6EYVJhH/DqLgogGY mCcp4ODHQwqSkJkwaCIZskgAIIIexZwWLtBxSkO6JW9xK4YYMDGPf/SCApSoYCQ0MSscoVKVrBzE NQVTGUS8IBraoMAQzjEHBERjGg4AACPK0QAA3MOeuiOKIkigi3GcwAjiaIQBRkGPE0BgE/CwZTeA usSC/OMUJDjEO3Kggn0wwgCc6AcSIJAHcBABALWg6oVCpdOy/AMZrPiHHgCwCb/AUSmyihotkHAK BIUBAJngAwBs0YkFdGIdSzsEPVCQhm004Qr3Gwuz8FYUbqQCHNwig1/asS26/iMVQYiEOxABgE78 AQCHUMQCzBAPu13wBk/IhhWOkI2V/7LUGXKYQQjskA1woKMQMTBBHxxxCnmMoAD+sC2o6NGIE5gg DdgAxzlswYIX+GETkljHEQoQDOU+7x2JYIEJuvAMcMQjFTl4wRo2UYl4bKEApfAuUP7RhgKowkiu SOsdCrAh7h1lv6bgGxSsEDN0UAEMayiAK/ThiQBggg8FKJI3xDYGhTE0DwVYqFJkoYt/wKEAHCCS keRQALyFowtTuEc7rLAHNhQgEeRwhAk6oYYC7A0YjOuCNuS7lbiMgx76KEo90AHkdJADHvY4XlW9 kg5x0CNZ/4CHOp5sZHiY4x3pWDJ66tEPfsTLKO/gxzqqHI93hEN363hVQfSRtDSjg/8fbyRImmGV L20qZR36ekeQ5RKPNAf5H/KoprxKo2eCsBkc7XjHm8VckERrK0DnUFk72FHmIDeZHYnWS77o8eUl i6Uraq2qVUA9aC2rxZ6k5vF8JdOWqUjl1WhptVtdzdCL5motaHn1U1JdalP7+tfADrawcbJrpoR6 JKhW9VhwbZZew1ojyQYJs5ud65REuyrTpjZ6nH1qbg/m1so+FDzkQRyVFaYuSjl3uCECj370Exzz yLJH+LJZbzfkH/WAx0IcI++NvEor8ZY2XiKakcrcxh50Uck/zhEZcITjzB2JDWqUSBnbLMQ0dLtR YvqhsoIzx7zPGbZX3tECB5jABfT/qIciREAGcxAmESx3eUmI0gsWcPQfs2hGGC9ClBsggAQmeII3 GBOVTyebKPvgxDjAfSKieAEB1Fi3UpSxgjNkhhTP+BFH/oGNRtjACrmAMlZmTXai0OMSj/ODCGo2 dlrDxRtB4MM7/oEKX3Qc2hnaUIeAU+yi+70oL4pRrKVSUwKiJ+k8OMIt5h7rpPz9K07ixj82IYI/ jjrbz/tHMSxgBn6gwx26IIEsXKCIdKBC9C6AxLuRXY8UhKIG3TiHYqUOFRzQjB44oELMtNKPcXTU MfroBya1ouiONuYc6+hHDzRQH+LTZVz9KEcKAAClgv+DB7fIASj0cYlt0P4o5+AB/xv2IQwXJHQd 59DHO/ZFlHMcBv2UVpk+0OFOeXxBA7MIBz6KkbF/IDzI5pV+5yAPWldwRBAIX3AJ7mAKU7V1otJG REA9RSEPmKEVpkFMyXEswYRo54Bp7wAswvIPuWFNlfEO8bAHd5MzcSEFRKAN38ADYKAUvFEOR/Mh +QIvq3EO5hAP26QO5XIuZ6AuxfAqDCcP76AyWiEP8oB+2vJBRPELEsAIKgMPYJAAyzADUXAOeDAB VwgFpcN6I5ALLJAMvEAM9gYgf3JL/yACHfANWtELMOACiBAP+FEIRxAFlgIOpeADJAAI8YIECDAH OtABAEAAQwcKPcByejYIIFAII/8AAJJnfTBwCjkgCrUgLd+nFLdQAa5AFCiQBfbQBQgACRxUDUSB DEcgAn0QD6LIBpbgDOUgCCrAA7VQBQsAABfwDHzgAKLwD8qABLslDv8giosgBCxwCgBogJDwBZIA DWj0fdBjC/8AN534D8GgBSJAB4/DBwhACXSwAr/wD94wBSFQB8nVBwiwBIxwBRWgNaOQD1ywHaxT D6ogAo+wBIClgquAAWZAFEswA90FBwhABmXgA6ygFNgABCKwBergCQjABZaADKXwN4EzOAXQCong ALKQCAiQB3YwA4oQL7uABGDgBwhgCJk4FPCQCQ7wBU+QDPMgAB6gDT/QAdqAAxD/MAw16UHI9g+1 YHPaIAjoYGa0RxSAsgvjEANUsHS1EACJ8Aw/sAc9BQvZAAJjwA6vQAKKwAwi8AfhsDG4IA62VArp AAokgAnJAAJYAAkcUAjqMH2RWHDGsAKEsA2m4Az2gG7Q9g9JAAC9+A9MAAHSsEWMIA4qAAX9kJZu 0A01sAQiAACcwIOSAAr7cAMvkAxfAACmEA43wwrLwHLFsAJ6kA5bBAlbJQCCV3DfEAR3sA220Azy 0HDQJiuYIA5XcAIx8g02gAbdgAQ30A+BBAj2kARHoAs9gAbDYARRQA7zRAbt0A8/YwnZwFjdcAQr 4AzB8ANlwA4/k1DowS2UxS2Y//APZdAt8hAFKHAN/gADa9ANU2AERwAAbxAPo0AL+LAFDxRBf6AP dnMJjgAAdyAPW5AAv+APKCAG8rA0j5CSxJYOnPAKMSUE4hAAHXANNamTAECTHVBbJiFl8zALwdAL KoAJegkX//CIA0ABXzBV/6ACAEACInABDbABADBVKQABzSBK3TUCHdAM1mKG0uSGDhMAMdoADAAA MSJNcakR/TAPtCAN0MADZxAve9mXfxmY3KAE03Qp1LcFhSgCDnABGgAAcTUtvyAJLnAvP9ML/1AE ABANYwAAufAPZ4UMY9RhmdlhG5Ee+oAKq0AMR4AGjFdwY4QBJAADB+k0ZCQCHP9wAKLQn/+wNLf4 R0sTCgSlNv+wPrrgCdkjAgRwAKjgBpBJX/n4nSn4D30AAJbwD9yyN3+lCpsAABYgAgOAAYPjCAEC StYyC6T0Cf8QQIJgCCgVQZGACQDgCR52rAyKE+12Du4gps4wBhUwDTPABe8gBgxArVrwhSRBFPcQ CeOAAq9nhnsJKL4AC0PwlxvzC++wDdnwmDHCoz5aoyfao9bSXdPnhqzSC++QDdnAAmjyD0palOkR CeiQBbOgAxCzp6rAiUQhA6B4BWh1KRDADV3ANO9wDNsgSmn1D5dgAbMgscIwBBPrptEwV6jQpgAg DGOUCv+QmaNAsPHgCvmgBJj/oAUaBheykgnEsAWFYB8o+Ann4AzaoA8oqDaSWlCVSlBU8g8oiAuc 2glDqw3lwC2J8A/z5J1j8QoYoAb+CJCsCgC++qqNAABycA77cA1Pg6u1QAGAYDcj5VkVFKytZAao ZayrZLfI6oTuwAkiAAsgEAftEAoBQAqplw6pULguEAir1631IAndkA42kAo1QK7WZ3vF8A+AkATl xQsDwAn54AWU8ANMMwwicAftEAsBkAnJIAJqMA8bEyM54AGloA+6QAGBgA9MIAeuQAGcYDvUV5Tw cArQAA45oAo6kLJ7Gn5+kA/IgAMJ5QSqmg870AXmIAwm4AbioAVmALAp+w8k/0sKmekLdfAAOyW9 rAAMLiAHy7ACYkCaAIALMgMAvJCJulAK4PAFN8sJUsdWAXYLSEAK8EANJdAG57AGQtAO82QG6DAF RYAKMIAG12AEUEAOzHK1rLoAi+ANKVAH50AHUoAOzRADbCAPJIs36BEOLHgN1gADd9AZ3AIG4iAF OoAP06ACVXAOaDAGJaNSoqoJEZRaC6AG8fBXhfCflPCrdIUOB6oOcIMIy3oT/+APfPADcpBc6QAJ Xely6ZAJWxzFbDEOgnAnveADllCiPHd9BWApx1ADblAO8MAKNRACfTAOAMsJXoAGOwYOteADAeAJ 8aID3MV1bRACtgAPouADIf/QBvlQDp0wA5fQAwUQdXtqD4xQNlQnB1S6p8OwCSlgBakQGZiyCVrw BM0gEMKQAyawBuMgBAXwl8fQA25ABQXwC1pIAqagBAXApsYAjGGADsNYAHG1BAWgvNC2DrdgDeIY BG3QD/1bX/e1DkUwBOgADsnQBCZgBd0ADnEKB2JABFH3DVQQAnuQXG9QAIxAFPzgCSTQCc+gBSYQ BcngDvCgCi5ACHQQYWbzD/dwCDBwBKrgzGFrB35gBAfyD80ABSZwBdvwCAWQOO9gBXWQBi8WYyGg CRimCplgY//g0CTqCjZwBkvTCWBsE6uBDuhGGOKQ0k2GxiVRD0cGDlLWuBr/YYT1oBT2wBm8Rw91 EQOQGH25Ag79QA/GZ4RZ9g/6sIFDDRi6Ig7rYNQd4Q6cIxD9kIx7uhrj0CtEIUq58A6ZcRXn8GT/ kGYQly/xcGX9NCx49g4dtXD0ABjmxdZxnTQcAQ/kcNPp8dUbMWfuok1EIQ/80H8/kwj2MBuAJmjg wNdKEQ7okDHmENhC1g87qGYMJRfq0HHkOSv24E5X8dgup36PNmmVptIeSA6gDQ7l8CqnQAjMMAxi IAC7UNI1cXlGcoZb12oeQXZSQRSS7A1H13RMN3iNl5K4ndtZAQUF8Aq/XW28Jmu6ZttoWG1XDdzD XQYKVnbg1m1td2xXgmo1/8a/jqfbjTfcZNcPp0AFOOAEvWAfItfeUN3eBsEOZgbfFqHYM+FoIhEX 6sAP7rRuRxcTVSLdN6JcqUZsfQdUmDcRBS4TVNXctc3dTtF3Bv54xuZ2H4HgtP3b+2zhFJEOWEYU Ht5vLtEa6IAOVi0Q8DAXN81QvxERRFEOJf5ufLHiNuEYfjEOWWbjwZQr9WAYTL2X+jAXdZEv5yDi NvEZc5FwSA4vRGcZFQiNuuLjUnMOdG0TEvcaEjcbSoFk46BOKHEc41AcYJ6BSThxsq0W01ACi3Ab kHACypzhwr115NAC4VGO1xBr7qADIsAPcB4gPjB0AAIO0QAHJ0AChHAN9f/gAwjwOOEta41edtan A/lBIpkLiPohBNu8cJDAHnowz/79DIgwx3agc1SAAKb46MO92869l1IQISQS20Dg6kUADZ2xDoxA IFIADXdXcN7gCDBgAnvADO4wBgjgsqhudBRecNzYX7SAIiPiBSyyGrygAyYwBaBA08hGBkNiAkVy JENCA7nAHKhwBBwCC8ZnEroyCA6wD/dAAIjwZ+4gDuhgH/mCDosxbufQZ/om5wgAOt7gAEKQMa0R D/EwDcXQT4XRcFFmGP30D6vwAYNw7gPeDCAAB/mQDDbgB+dgAgDgDf0QDx+yDuggGiKYfuoA8kTB ZSgTaVHWexLfbI/5Cq7/giAnAACx4A84kAR8DggTQAv00APUHG5TnPHHMAw9wCY5AACv8A4Swzfo IDHAx/Qf4g4fz2/tNw5/Zn1ZAACn4Cr2EZ+zQA8rIAMdMwkJAAniMAVJ4H3Q9g46YAXLgA9UwATo gI+3YA/2IDwDhyDoxxt5TxTw0IGf0dYUmCxw8TOL4Cp1ISuOQA9TgAO4wgsSAAfq8AQr4IYn0VDY Umhh+wf0wDjEIAwNwAfqkAY1gCsokSAhoAun1zGEoQonAL364A9nEANcwAzsMAMIcAacIJvQRg49 FS8WsAFLR+dusAgmwAH8EA6KEANdYA0y3Qo1gAOOkBnSAAKTsOvbNggM/wAx/9APKWMvkaADTLAK 8EAPjlACTrAL7rADCCAJOnAErwAP7DAJI5AJIkJDqLADLkAJ3EoZAPFvBIBd8uy5+2cDwDCBHbr9 uwEg17945tyBw5hR40aOGf/9u8RA0Mdz5+BFVEQERqp69jixoJEL3BcEnK7ACJVO36kUhrIgQPZv VxARc+j965hUKbiPSQDQMpjuXxOCUwH0+qcEwKF/7eylWxqW479RCRB9NNfPnVZAW1Komtdu1g4Z s+CxQdAIS4pZ5OqhQkFICoJW/5IVEVHnmFjG//QAgGRw3j86AGZRBhDp3xsAbsDpsxeO8ejGYQBQ MkiOaRzI/+xYzgSgD/88cudEk8at9F+6W3X2zAr3z50gAbpYNejTadg3CVHuZQCgbF3uxuQaAPhm zcGQdvAsAIBmDgEAZ7cGhGLRJt4oCrd2EXjDrlezUOaQihX+YuHHj/BMABDlGgF04GcSZo4J4YZx cLgqmwB6GAcXB2g5hgAAgHlFgEO4CYAOee6jDqOPFBrgBROKSQiAV/DBwQh+/nnFhSA4WeajEDf6 KCJjkOKvBwBsGSeFE7KZZRdnajgBnyMAMEWcGmLIZhcKAkGnBgCiCeaHTrppAYqjbtToIycAaMDE Xaw6BZ0VUKiRGhVksMQahMAcSwoASOHxIzsxOSeLAbzRBRZ/mOBgGDH/AGjknCM46MYaEP6whypa nBnhjW5uoOEaEG90DIADTKQFs0XQmQKEZ/5ZxosTNGFGKjqp+8c0CUws5CPW3EBHCRKkQYeIGSip ZrJXQ/znngIm2Ocjdi4AYAYcDviBGVE2eSCDay7YAJ1NhxWRHAsDCGEPbf6ZxwEAjnKgA20YzKed dubR7wUXMBhgn8nmuagxd/5jiD//ABjXBAimOaeWTAq4UKFp/vkBgGVkAPgfBoGJKAQRMGhgYTo/ GggUeviRigUABjBhiGCY+gcfXfy4wBB9toX1Hx93RPkfHsCDCABkzAElkgAAOKwqHQBgBoor/0EC gGfspECEBi6ABuaY/51S5ePJqADAgReIQAaej9CppQ8H4IhHamLtxLNmO0MFAoBW1nnFlY7RAOCW f4QAAJQ+6v6ni6teu0AEDg7gxWzSOjXk43Yw+9SLXrz+55xf4KAgjXcM5xZH0874eLp/WJtVh1QQ kmeXM0KoQtvMDzengg0u/8ecAjwopp9rhvEjAFEkqODabDHn1Dqgxynno3LP/SddbUAAIJ9yyplH AKJtz0YqG0f7CBANYCHJnHr02+Yf/abR5IJaXEg44hkuRCFi5oHZgaB3rtnmNjA5dpi/FD1ex8Zy 7IHHPFygAWIADz//OIRIPmIQePhIGTnjhiQswAsaAIAaRQCAMP4xtP9naCGD/6jgM6IAAF68IxvX 0Ae3mgKAVeiPKlVjB1M+Y496pCMID8BK5v7Biwmc5R/seAc8tFKYtuWCFQcoBN56QTdb3O0qpjnF P5Zwlb3xyRnamM6rOmU3/lRmE/SQh9fAMY/Q1KMLEJCEAVcXKwAogj+rAYAc6AFActkDX34AQCDU uDqmyEMBHejHR+oBCQ6g4hsw2AQHHgANAyxAGwj7Eh+ZQo7xjEN/85AAAO7xj0w6QxUDSIUP0BAP V3DAFsOAwSfIsUeP/IMYM5DDPYiRAj+c4z/josCFIuIL5hXjBABY2M+AAYsGkKIZ0gMGKghwCWfo ABGL29g/RJA3dIz/ox7/+OU39PcPTgRgFOIYQRbwwUrdXGMEaNiHNnqgBHvkAGfxewbeUFFBaozJ F/+AAXikQQFIHENkwjAGCTpBKjDYg5xJ+UgWLFPNySypFG/8hyxCMIl3IIEFKNIhPW6ghGHcgwpM QMcUZfEPLlwFD0x6AgBqkQYAqOIfdmqFNmbwB344pRXLiAEYzvGELUTyflUAwCaqWbw1ZAaioAAB It5hhRdw46AbuwMAyFDNdjCFM5vQXzROgId+rIEC95QkfsxBgQZcjinhcMULAoAIe6wiBpyggACy AYIDqE6S/yAHDgqwSREJsACWdEEB8NGOQIhACN4AhztI4QISmEEc/5yCBzE+UYIAxGEa9WBBAbLx jxoUYBvWaEEgUlCAYeSgAJryAWnfoYYSzIIEEAAGPHIxghD04R7D+ohpA2CCE/3DtA/xyDgccQIT 1MEaMuQWNjKBghCkIRjwaEIBqjEV6fIDBYNAQgGCIYQC7GgK3Y1HJ2Jwifb5AhyrgIEJ6HANeKjw H1YoAAV4eyYpFEAUIIpcJVhgAiFUQ4w6vIYgaGCCLijDHXooQCgcU4BcxCMIZuBCAV4xhwIUjg4F wEU5FHGCRRABAFGkhhFMAARv5GtjZSgAyUwQqjsUwBX4XYcqeGCCK6xiTmFF6B8KwAHe1uofcigA JO7zj3K0YsBOAP+Fq3C8FHiUpL0icgc66DGZf8ijHSVxhz3OYWJJwsMe7+AyOL58kTHvBh3QFI44 6LHK+/1DH+NYM1LGDA55gLnKXnlHPcyRZzqfox5kuIU1gDGDK6jjH/BQBz1elrk9j4Mf/BDNnsES pnSoeXFPRShepVy82L0DLJKO3TrqnI54eBoc7DhHOgAxiW5kAwU5OMZH3kGPS68OiI7mh2qAaD8o 94MfZcO0bv4RDjX3jyLvmAc4Sj2ZeFTkHeFoB7KV/WxFGCIY13BCCbT5D3v8+nqvWsc70PHoqoZb NWFqMj/MgdwldyTa4+ZHFqOdQo94mR/yYHe7t7lvfvfb3/8GeMD/BT5wghc84NkwBAxOYIfNGtzh D4d4xAV+j0nQoAV1wIbENb5xjj+8H65IQgm6cKqOl9zkJy85adwhjnG03OUvh3nMZT5zmtfc5jfH ec51vvNxoGMb3ejGMdBRTZ4X3ehHR/rN0XGMbwRjG0NPetSlPvWii2Mf3giGNqBOda533etTzyJ+ 5LFf3pbd7GdHe9rVvna2t93tb4d73OVugheAQAQiAIGJ5r53vvfd72+v+91x8IO/F97wh+f7C2bg AhEMHvGPh3zkH+/G0bgD14/GfOY1v3nOd97znwd96EU/etKX3vSnR33qVb961rfe9a+HfexlP3va mz4euEF57nW//3ve9973vwd+8IU/fOIXf5tatAjKWC4OG/1DHeNgPjhYPo5ziCPMYXV+zz/y/HGI GyH90P62flgPHP/jHS1vPjsmHabzWzLYIjqHuPlzDvSTpP4aaf87xCEV+o8j3+3GEXtouf/qowF8 P4+oM+sbsnVINhFhQBwxh5abk39Yh3MDwLCgiJa7pjCJh5ZTsiWjwJYLDhEpB3rDkee5QIQqh5aj shUcB2EhwZZjsxQMk38AhhT4knvYrxI4hva6BxUwgRbIh3lAARMIAQs4AUMDQHVYARPAAW1whxvg LQuYAXRghx4wARAoBi4rlhrQGPfCCHVAAt4KBoQQBx/QpjBhB/8v4K1kID9OYQcjwIAAgIZ0OAcR MwFpqId4oALeUoY3/Igr4K0DEABseIc+NAFoeMMLvB7zgwLeioVJowgr4C1WaMD7iYcluAAByAXV iJ0swAUeMQcvKByPiIcq4K1UmAx2YIKRokEcuY91SAPeOoVLFLNZNAG4AEB5KAPeigRPXAcpwATx a4ch+IQDvBFzUAPeCoR5iAc44C1LMMFycAPeWgQTfEV4OAYXWADm64caIAZ6wAYbUId4AEd6KIYa wIdqGoYDeIYnK7918AFuoIdtqAFtYLl9wABlSAcVQAZ6yAYvBJFziB9NYbRrqocj2AVxG4FvOIcc gIBmwC932AH/j7kHHyggYvkHGRAFG2AFKEgGLqiFdzgHFZCGJEgFeqAHGaCZMKSHdwgAUkgHKsgF ldwBDUpBdhCNj/iCVlDJG8CKhJKFkiCC+2ozL2gFJLiFLeCeeOiCB5gIitiCB1AwEZkKTlBJpJSH J9iAUnzFjIgHTywCQyiJJqiEIVsDS1CHc6CCREBG3UiDRlBJLrCErggDDciEbWmHONCAYfxKEbED MlDJLVCEQYADlcQCN+CRMngDlRQDOXjLw+mHI3gFEHgRcWiAc3AzARgHcygrvBKAZCkWG7AkfWMH BxinfyABYJA1dXSHABiXdCCBjGMKd/ABUDgBjNKijWTNf2C+/3hQBxRIBiiIhRFIhok0gQISn+nS SBSIBRWoha/oB3AQNRiohhJwKmlqoVaahxWQBueDHBAAhcgUNi94BRtRB4T4hxIYBf6wAVUwCGlr syzgBSYQhHOYDCM4hVb8CCNQBf0cso10KZsZhTogBSN4sb/8CCtghI/QAkyQB3koAq7ICGTTB3m4 grNst3NYpX+4AkL4hyewhCfQhE35hyowBCygBPLEDXvgtC4Ig3i4tC24Ax7ZAjv4iDUAAxZlDHfo h354gU3qBxvoBnQohhBAh3iwgWBAB2AIAX+giBbwBniMRxbglWwIgYUJhxF4BndohxlAkS/VTXRQ AW2oAYYYlv9+yAcKEAV0uKZ/CAIT2IV5ALMYYIaJdIFTcYc8DbbYMQIF4ABiUE8qeIFYIIceyIWh c4FowK9/WIFcAAv+sAcZYFQAPAd0EAFTQIdk4w954IFa4A8dKBMT8IXry40fWgIGuIBfcId1CAJh KAI8YYcg2IUrcEWU6YEX861ZOAgkaNC/lAd04AFP2FR0wIIXeIFJWLdW6oMXqIRlBcGPiAcoWIR1 4AJaYING2JRgtIUy8AQexZ6PaIcuUExx3YIz4BExwNF/UFdwxUDfNAG+QgcWeAESKIDHEgcVqNcM 8L9siAGfajd7gIEXCIEKcIZ/4IcYiLV1ANOuaFi8GoFSuAf/ExAGUz0ceGDDDSiR8HG+fFgBbdrT O/WIPdVTPr0fe3CBXAiCB/qHfqCHHniGcpgCZF0AasAvdqiBBxIReziCXlg/7MuKF1CAMmFObnOC UdjJf0ABRlDJHGAFZPwhFVAFLYgFKzCEfJCBSkgHI7jaHciEBvyIXM0tXc2BX33Ff7iDF2AAC3gB ZEiDRVBJLRiJVrIHeoCCWgFAiqgCRyCHJbADf5gCODDBEO0Df7iCOSiHv/SIdkiDM0jcrmADMkhc pmhXdsVRxf0HdIjXQ6uzcxiGAcgHOiNJbRiAcWiHGsAGKl0yeOjcfBiAa7BNakCIdSCB2JxNQYqB H3iBDSCB/3xARnXwBwrwmHQIpI8QgOmqBxcQWRHxD+X8Aea8kctZUhvwhXNAmRfwhXXoh5L4gTPR nxuABUlchyl4KHfdiFkTAabl1HW4Al1ovn9IgfEUiMJ4Fc3UgVU4glSoggCYAQXAgGR4Av7VAAy4 J/6QgQHlgQb1LbN9xbrlAUqYshw4y3/IgmNEGfz8CC9wBPMlwTH4BKZgAwKYgQpAgCbijzYQ4Qgo ALvBXHLgA0KAHHIAAzeYwH+40RzdUcwdhwEYp3NAgmWQh22wAXFYByQABnnIhiGOhwZ4EUZshyDo Bnm4BxvIhnpwAE3pCh+AhqWzgWkAB3VIBwE8hgHYBYvFPf+lZU13OIJoQAd8qIFg+IfvsdmM6Id5 4MhxY4GMjJkmiAUfQIUsqAYuKIWh24FqsIJYiFAZiJo6/gg55ZFz8IFLgD5eKz8KPs+PsIcdgAR6 EIdkw88guIWhA9/30xNc8IJbaN92ULMUUIRwWAc1s4FmBId3WCUnqISh84KRctS5/cqP4AIFhoJP GLopoNBzKIc1wIShIwINXTJ20II38Ad1KAdVpgcmwIPEtYfpoGYn6IPJ/ct4eIIxcIZ+0Id2qAIx GOfpMId4QIM3GDoxIAMO1g1xsIGjgIeANIESyIb2OgYfCMJtaDJ1lGeNwIcdcMItbAcWGJcwnDEQ wAZ3KIf/LBiXQ1OB8MkceXhDcRiw5ERIGYBjpqgHJmiGUeQtZlhEWOkHJugAB9DDd8BDbqiHd3AC 3jIGqXCC7OwBDXLQBDABwkvDCzSHpB0CAyCBGTCB6fqCX2AHLuAtUKBkWHmHIXiAA6gFKvsHJ1Aw /miCUHwpBWMHVDSBUKAyKogixT21c4uHOuCtW/DENZiFc1DrXLRA7MuDFAOBFeOPKtCjf/ADt+QP MTCEge6IfwAECeCAu9aFQ5AAB7jrS/iHOeiEdqhGEzAEb/5Ld5CHi/gafnA/phg398NsM74rceCH o+DcRXS+0u6P/cMI1j3p3RQRdVDt+5CHnxWH4PC1FzlA//PzY/54h0fzbeBGCnVoQHmwnx/Ftaeu ZDoGv0dLNnVYpW7jBwK8H3lAgkggQHOwRe3GiH54XHl4tBszh7nu5SFjh0dTsndYnPMGmYGWB3Ug bX6oKoyIB3o7h9sDS8v+SnOA70crh3Xo73ijM3YgskebQcz9Nv1ppUYU7BpkcAcP0FaK1gQ30Tz5 tvuxjwBl8AdHmQV/IwRX8Pe98I2Jhxuzyho88ZppVLMeiw/vcAXP2+NL8Qsf8bMFuBd3cRbX8R3n cTDs8R8/1QYH8iEn8iI38iNH8iRX8iVn8iZ38ieH8iiX8imn8iq3crN28RyHcRhfbqvc8EYdcS5f ow8Xc/8Vr3HcgigZ93IyF3JYzPEUp0Eah5kQV3MFfXMVT8Etv/MyL28R1/I7P9vk+4jla77nY77t C7/yYwdAfD5t+Qjwc3SmgPQEB7/OXqP28+37o+OWE7efVaH+e3ROv238E/WdjAflvsB4mD5bZIp4 YHV9e0AHZPXYkUBuE3XyjvMOtCYT1fUPjEcR/Ih1APYwEfZxGEHMdcFVbLl+UIewIzIZbPNWusEc 3MEeBIcfDMJscAd+AMIWAGjs2wcbsOh7MGgcAIZ6oIf0MneveQcs1EITGwcsnIFmEO1wDcMxNIFg 2MMs4K1qkMR/SIIphE0WNT88rIZ6EEQTIESJRJmEJ0T/bbKHFQiK8k4CAuh3/JKHHADVPDcHUBRF UsSvneKtXAiHuKaXXxDy65FFWrTFdWgD3mIE/ZYkXvTFcGCHO/DFuW4HO+CtRAi7/V5GEwgEfRgE 3moAB3BsjKBGa8RGGtRGbvTGcxzHcjzHYkABb2ABaziHbDiBZJEkfhCZZHniaqhHFPiGJpCGeqRi cPBHgBRIvMoCY6CHY6iBGnkV74ljhaSHfBBOWq2+LLAGEFEzceAAWHjtaHKCkTyHGkAGl30HAZBJ jUg0mJSFdHiHJugAnT1bdriBVqC/S4ycKPAAo8xbp4RKaZ3KqkQZIIiErKSFuh3STcD1JQtLpoiC L6KH/ylIeqbggk8oiSVg4LuKy7WMgkiAg0GYy8AWkSp4hJKgAyFT0MAczEeIB35QBygYg/n+BzZ4 g5JYAzWI9palTMv0zczczM78THJ4gW5YAWyQB2ewAShdo3U4glVwgXGBh0P/BwLAhuL9Bw4AiGng OBz79y8Etn/g4Ikz+G+ANYXgJlKsaNGiQRnADDY0GELZiFXyzr1LV9FgORURL7Js2VIduHXyUEAz OG9HNYkTba7ISaQXilU6XRItivFfjkrj7Bnc+U9LrhuhhhqtetTIKSayDCZRhXVov3QGd0QyGM4I KapW1zq1wsggEk4Gj1iS+O+IJ3n2+ulj6xfcOXLk5P8pwWROn8ErZ+x+UaO3X7m/ki3aK2ewyxuD 9cY8sovGjjx5dMionWzVXb9+L+7962ejG7piIdDFsxEMHTAT97LVeBEjWT3TLeGpawdimEKH/lJo U55iGzgf0NAdM7HR6b97KZaVttovHwVR6Oo5RKciGAsCL0w0g3fyn49XwYWzNEjlBSjE/3bAmk/R 4Aq5BNcPODa80h19FzlkBAkzmPCLSRT1A88OuiCYIDj/xBOEMEWkxU4Wu1yx1Xv/mBPEVv80wck8 GBolDzo8eIJOOElkwhUkdgEhwXq0+OfiUXm8gAlTBsUDxSd2jYHAeoJECGRVDrXTBSEGtfFGZBSp g8f/Cy9Q8g6UUf4jjm4KocPCCyQUIA444qiQ5gHL6EAMPcvIkM+Fkv2zzg/I7ZRPDsS4kyGggprY wwshMFDQf/zowMygesLjhQkbDPDCNgahQ4M09YhQCj34+NCNTv/YU4I3eerZGj09KPMPOzZIQxWs Nbya4T8jHBhmS+eMM4454tDTai+l/qOChbz+d5ch+chQSTpJbJLPDpm0eJI5X5gyj4Y00KJqgv/c 8QIDFryAjBQ3/pNEjjs1gciwREwC7mQGyUPPEDlqWIUjfe1kRR7DKuEIvVD+004aZ0RWzhNulPqG HcPu0ZmyRP2DTpnwyPPOOcMMkA84G5+jTQjEBPDO/z/hOJBNwVZp2Gdy9HgRjEPjzGwQPOb0cw4+ FBTj0D/qHMFMU6ap4w8FoNAjlj1GcKOQCT//E0BOuLqzgy8/AkmgQS/s8k8PtTyJ6z83wBKhQbq2 vOoQJjzoUAujJOcQsmuzlVgAMyiAATNV5K0BBr7MfbAUrjgk77UVV2QPPTxQQs88Wcj1DxN14ZpF IgZ5QbDi9pBjUBFV6kPHJxmSXYQmBkEBh930/UMOH4TAY6UdWeIqhB0GYVFG68L9M84A+PxzDhLL yLONDeKsgwQw8mSDgjc73DZNCv707pKGAkyjkDMipKKOOO744z347pSTRTLy8FPDMuD0U889J+gi zv94vv+Dwka/l0CLOOLMI8Mv0HEPFtDMfelwBwWScb2WGMQJpUCHeZ4WAmGAJRz/MMHXnCKCWCxw Lf0YVhN4AcGwKeQdn/tHCuSmuInEQ1gpUEQ41iEsGwTiWu+YhzmQ4Il7+O9Yb1nhe7jwln8gCYJT OIRCzlEOLmgCgkSoRAexlwZHQJALi2AHFO7gD3VExh7r+McWzgBBJTQiin6JxxPG4Ix+tOMfQAiD TswRDzS8AYJiIA0QFSQOG9DjH/DgjQlKkA33HMMHJmjBNuBnyBZcwz1h2hMLrvGPecAgAT/4QQuc 4QVL/sAF+AAHP2BgAhBgwx3kMEIxjMBJEFiPPvL/IA84jpCAF/zABMc4kduA8496MKEZ/5CBAnkV NCO4jRvk4UFNnNKEnPSAgk65QTTMaBSHnAMKbouFBf/xhV8YJAiwkCb2GjgVhzQBFw4Bwi/skIG8 mUAoUzgFOKvCDnKwsA5uuwU9/7GGWcTDD25TBT07Vwa3FUIfakAAAUBgAlv8ww+ZW0cY3DYJf+Xx P4CQAAcUWoiGLmYnc+hEO9zgNkPYrqIUcYc8BqUpfoyjKRdjaXlgGk+KaCw48EDHB/mxNHHklB7B CZpOcSaOcKijH+PQqdZWNRGeHpUfYulHUCUy1JCNzWDv4Ac/miKPqqqjRfIIh0W+atL/nAOrs5uI /zr8ZY7E5XGtFXHrRPiyF3RglZ7zHKtTdsIOrIplIu9o416dOlOMxAOrFpQH+LDaDsDEI0PrwCq3 8DoRcySWH+uIyWIpIg92/KMcdR2smIxVNLLZxSGKKxrQUmta0mIntQZzLdCWhavTrna0ebXtbCUb 27zmtqK2Ha1qXQratex2tsWlrXBji9rV6ha2Q0nucCUr3elSt7rWvS52s6vd7XK3u979LnjDK97x kre8RxFtiUqL29cepbXLwu1xgQRc5r53vS5arn3xS1/kDo6+qq2Ya3ubXvfidb7wDbCydhtf0kbX YrXdL2+layKVjmkcHcmQOizskAyjw77hYsePYP/1U6N2ODkkBq5RWzpTEe/kHb/CrTnQ8auq3pcd Jhnei2nFDrCCw8XjeMdUgWiqX2XIVz/2X0WMDGS2QqmFv8rnOpicIXP8yh0GofI4rDzWgwVUQ7+C pWZ/9Y60Angdv8qmmcdhQYuUI8PjKKlJO/srbsl5HJE9iT4yW+B/ACMFfQTHAAN5DPfcQwWHzIY7 +GFoRDrSYPuwQaZ24g8bSLIfPDABDr5h5Xf0YJTFiBQ4xtHpGTQD1KZB7ZlSBassuE1Qy0KBANzW nEeeQwazYgcV3KaMENtjBzV5itsOIIBvgNal77BmO9PRNhMcgAJVu0ywKfC0RxKRA24TnDm8wIv/ 58ajCm7jxTzasQa36YLHCS5VPKYgCIWsgw1uM4Xt/tEHt12AAFNRljwGaoJIzKMc8953QHdyhwvc s8EsMYca3BYIcujjDG6zBEUzpI8xOEyy8DiGCxbQkH7UgE7YsIE64tFxehQDeiug0zJs0Eoo8YMF ANiHRNShAgDkwx0+oAbPaOAMeKgAGfTgzfZelwVjXLUF1xGOOebTjxtAICH12EEsQjUqu9iDBb7w FY1dxw4jQIAY94PFOc7BAmTY5R1J6MCs3EePd5DAFlnH0I4N8oVWDKsHpXjH2kFQCHP3eO04OATf 77shRvhqHufowgPu7RQqXCLsUfiFFCoR9iCo/2K48Qi4PeqwgFkYhAuGCLsQDEcRe/DD0mSIuHzT 0Ah1nCMKkngDIYbleZ2sQwmUOAc69BxnO5BhWFtIBBz6EPYq/EEn5XhEBSi25X4c4RUgyKo4GnCO f+hDAMBqAMrI8YNknCxlAmDUfddxhFW4oDmTZAEoRLANdwigGiM5hzvaQRCPJGQhDWEHPdh3vYxs xB1J+EUJ0Ew9UIAv/cMPPENyuEMNtII4FMlrwQAq+MCr8EAvhIYMJJNBTEEvqIDg4Mo8rMCtUFsW CE7QWNk/tICFpEwOcNB7hIMOgMKK3cUn0EORKEErHAE8LQsMJIJevEM4EMElhAYT5CC1cQHn6f/O LHzB5BxBJzxGxBlEOnzBRlVMYAyGEpgCFgyC3CnfPzxBH+CDA0pWZVyGJ8jBHISGHnRUhpQBIZTB HBjcRaCGarCGa8CGbNCGbeAGCHyD9KDDMoQAzEEJcRiHnxSaNqQAzAUABbwADmwDPLSDdFCHddiF O9xACBhD4PnFd4QHOqSDOniK19UDAAnQ9s0NmtQScBgMO+yANfDA0+QDE3RJL0RcP6CQUOAKDKTC 29EH7rnALKADnZkKDJSCQdDAKQQeXKhCJobLP1wBO8FCOLyDO+hA5S0LFWDAetSCO9CDEHSJKzQW r8AIDAwCOvTFO9RDEyiCQQCBuZhAK2jNPzD/UcAJ0z8ICSawgxV0gup4gl20QUKZwCHMY5wZxJQ8 Qj/EQZd4AphMRDuIQSXAwRs2F5mwBjicSZqsSZu8CQlkQD+Yg0YawJ8ZDJ8gxzq0wC/kQwhUQzj8 gM8hj0CYA6IoCvhxxDHswPZICqVYCqbsEg54XWd5wXpsQP1NRDmgAz3cgw943X3djy3cgwugQj1k QS7UXQjiSgncIqywgDHEoBK8gAI0wAvkhKk4gS6IRTzsAAwS1goUS8WQgzoMSxCkBdhUo1PoQCAM ixf0whpUAgh9yyOVAbmYyzfNhbo0gScMyxRcwlCsgxMgEW3dyxCowhjoIxHxI0XMw1XRw8DA/6GC IIzC3MEcDMsYIEJytAEdOMMS+IHuxRnGsIbGcIzHgIzIaMMA7AM7cMw2DIAzrFg8wAw5gMAMvMAG 4IA24ID1/AMH+JLO8IzPNIU6OAQBrMRkHE3SLM0/pENPKsRyigMJEA2umINDBMC0YchYmMAPbAAB AEMLPI0B7grQXKVD5AAq7CJ94J0LuALk7MkVjNM/oAjfOYQX2MIyughnGYQKSIJB9ABd4soKpMgO jIIRVN4/rIBi8grjwEAn0IO/UI66ZAEU/UMWJIlLScEmCGSYeA7oZIIeaKE2dUZTNJbqsI5uwY7s uNEbgtEdOIQaOAAITEAGzItuAY/wEI/xIP+P8jCP86iEETTPMagcb2qPQtjDOFwDAXDDPEggOmTD c4AD+qgP+7hPO2QBN6DDo3HHqd1P/lxnCCgQLxmDPPSDDxRQP8wDE6wCXbGAUgJJjNFDCIRCOvRA LkAQTSjEnBqEC3BT13TguQUBCZ7DDkACPQzVP7hALgzFDf1DDCgetRUOBCGBXMqA6E1EYFBBJUCQ F9RCFySCqRLha0XBEe4EEgRC51EROhzR8CzWP+iA5QDYFFWRKYABIVRRknhRQ5EjOpARZ1YEGqkR ZPhBH0AQFiyGObBDOQiLFdDBavrWHvXRH9VAIA0SOBTSISWSuDJSo8nXOkTS3KSDD+ymOFz/Gg58 2j+E0iiVEjlkwTaow6hZg6lNxivtRDqgALEFDRLkEnnwUjOoA6uZADMklesYBA9Qg4k0gdsYg1io CHs2k0NAU4OZQzYNgQE0iAlILBLUQmltE4h+E4C9w7KhAp05QVrgChCEAjt4mwmEQgxhgdvggpQB yV39BxRMYTy4mwngkz4Zzj9YARStkD3oWyGE2xsQFGI4lKmAgUShXh79w0VllAkUQjvIwcNZxkc5 xB1UnHShFIXRlYpliNrG1NrySk1VRNyOSVRhWFQxBHmoQ90+bEX8a4ZAVR9JlQVBVVYN11ZlyFUV Llpdi1hNROPSVlwZFWSBg8dahDrQE1wB/5j68IOWUS5bQcY/bK4Jim504dbPwgpflVBmsQPWPlJh 8UM2ve6anQOMPhY/3BleUZY4YNUXtcNnhQw7UMQ6ZOtAipbxEti5tRdrERh0JS/yNi+AqZexRJiH nZty0crcCBlz/VZ/Ie9A1hdvVa98Pdhyee+WOVf5Rph5rS/7tq/7vi/8xq/8zi/91q/93i/+yu/2 cq9+QS7z7u+Bie+Zgq+CDBf6qoWCQZhv7deCUZtpNbCBJWsBr1cDO7D0MpAEn9cFp1cG44o4aBhH gDCGgXDQjEOJJRiI7QSHOcSJmZgJo1iOPVIKI24Mn4SNVQw7yNg4iIWR/VYPG4SRmU6BSf/pOJzV TsjDrxhxxTjZOHwOlnXuf6xDlz1xB2dIPHwZt81Yg+3JmRlEmq0ZRpQDnMVZOcwZSphxReiDm10W Xv2RDZjACOyDOwRaCQwaoC0aoinauJ7rfT1apN3DDmAaMNQDPYgSDgDD7HCap4GaqJkAqfWr66Sa QYBIq5la0MRpDPIABbhNMeCarvkHrOSaCRhDPcQDEbgNNDgstbUYssUC2sSDFbiNKNCn/UCBtWEQ GrnNKMwjrDCBXJ7DFpDbgNLjRKxDGrjNKbDVOrSB2zDCGENJvrkNv/mbRK3mwQxBkkgXwincPMQD HDwcRf3DGWCARElwa+iAN9CDNciAN5z/HD18XMiNXMm1M8o5aZi03MsdTBBUwzvkw2s0gTTQA/Jk Azj03M/VQNDdK9Hxg9GB09I13S5BndSRSovRAASkigyjQCng3p+mwrDIwFbiyg3owrDAgDKU07Ds gDOt0I7hytztDAywQnzaQthBYLENHu7NgxNEQthpgeINzxNsgDn9wxAUws5QHmdeXoYUweedQxMs bYZwwSeE3RL8UIKpnuz96u2dgxhkTkW0QxxoACZ08D/wnu8pwiDAAesRn0S0wxjEAe6x8Vi5Q0es QwAkwwy0lDlYHzsIQB+xwwsQwwz00Tp8HzjtyfiVnx/dHz4gdC0aBAcIRAA0RzqQQP0x/wSs5J+Z hks9/F8A7pIJkMo/vIDEZog7OEEspEBpjy8KqEIDGgQI/JoLYOU/4AAF/cMJ7IIMRBOmsmD0esGB KIQ6xJ885IDJdhMphIYOqCy1HcEMFskOVMJjXMs6kkKEEmo66IM8DKHBGYRbGIQWYEJoFIFjZghe OOEKBUZiZMIY/MFjlNQ/VIEhYAElVPEY/kMXhEE8tMM8yEMaluYY+IM9CPH5GgQwCGwM4Ik6vAA6 ALb19IMLBEMMWM85vMBuCmJxHEdyhMMKhAA3XOw/LIcjzsDPtAOJU6IlYiIzGsQnikAougDR1AOM 64Q6wEMMIOBrBXItPUM9lMDXnGAGGf8EfKKQMPRAcKuN4uCeCJgCMOJKV45CZmXHFXQJLxAvMzqj g7BCOjQBNppAL/yINCKB6BnEHrzAN+YRjMgIMKIDFnTJJJjDf+xIj6jyUmoIFJhCHDCJCbjC2KyD FNhCGVhmcx1MFzjMPwzCCyjkTuyoQi1C62rvNNzAMdjDCyg4gzt4a0T4hA+Pha/YSCZHm1yDDEjS PxSK+Zy4if+MU4hDTd6kcLjZwWanjMf4jP8HPLgAjodJtQ7LCkjDCvx4CwT5Pwx5ChT5ke8KPXbl V4alQ+BdEMBgA53CsGQBWyqLW057LxCBIkx7zDpFDoy5qdBDE/jlaY1LuZxLGizCsGj/wbq5C7zQ g7xscbc5wjxYgRrIniHYhRf6wxXMwTNnrWdaRmaPpkSEQ1nRgxjIAVkfQxYgRz9QgF7ztV/DSmAP 9p4YtuvCDHE4BAf8jM3QzJ6QAGVbtnNCp3RKysJmCnaGYmgbxA+UtkO4A64PFnjCdjSogGzTtgvc dm7LwI/HgG8rC96JACNAjvuYYAnIjUGIQLHkSisMV4HeDy4kwdPfD4KS1reX0MVSqMExjuNATlIY RIjODeZoDucAWDmMQen8AxEQzD8UwWI4hD/OQAQUwC2QNY3OjjwI/BbkqBeb4O5kMDwAAw68Qj+o gzrUgB2mQMjlITCoQPRMT/U86fa0/0MQPEOW2kA2oAP5hE85RGKTCgQbiSmZ2sBmm8buClY6rOku jeIAyakFuQOzv5YDQdAOSIMRBCo6DGqPhUMPhAIEgSBZ2n400VYWBLc2iRA6kNA5zEMQ3AIEmc1g GQSnokMQ9MIQHAIExWUJ6ccKDNEQRMKqdnc8DlER1apjKhETORFUKws7aMEbbJE+PEGwooNUm8pl tYOwOEEf/PsKLStAOOvXbs4fdOiwnPlnLh4eNQfFkPkHjmJFixcxZtRY8R+7GglAvEhhThwLEyWy wQOHz4eJFtvq3WvZ4prKjTdv/lvH4tpEfDtM4BgG70aCHz9c4AOnjocJENjckcuyTf9dDxMzrLnD uRXcP69e06H45tVcEBMmktX7V4/JWHcykk3kOrerOiNnudVj1+SssXRem1QzR+UsNL1EziJLR5fx RXPhKP7rB+WsqHD/vvxix+UsKMiN5/57N+QsqnDxnpxNNc8rEF1eqcjy+m7LWVzzQOcGx44cxXh1 zt7q/W/NrHh+zqrqrXvrvzwFBoAwQWvdm7OF9P3zk+jrPzGG5DIH/Q+QBA7SI8lTc9ZSuX9zOpn7 c9ZQOfG54aHrR4/fOHj/0OnPq64CHOerAge8LyN45KknMnH4occr/fijx8F/1InQK3jEUStDCcNT sKIGI+tHQ7nE+UyexUS8SDR++Pn/6h0YE1SHtRljnA3GrlrMKbx/zoHxv6XI+cceIUPsMTJ5YHTH Kyb5cZKifuwDx5zl/oFSSiU3SrAjGP+i6J12vuQnTC4tkkcdCPkhMx4YLwPnnHgsiqdKNHEyZ00Y 1/mnHRiLBEcedv4pB9Ak8cSoO7m64+iryB5NNMGuHl2U0UgHbBTNSTWlFFJJMY3UU007TVQjUicq FU9UOb3U0UlNPVXUTEUFtVFULYI1VhcXpdTLVGvdVdhhiS3W2GORTVbZZZlt1tlnoY1W2mmprdba a7HNVtttue3W22/B1W1WWDvVlUtyk2xVV1VbVBdRdkUs1VxWEbX113WDVZJeRUPN/9fUfXk1d9NL 54VXWIBfrXdXr8QZR5yvGn44VXUcztQcrSRlx8HINM614676GQcdTkM2UGHmOtpYtHFMzvUdlgUW D0iYGWWHRY7OoXnmcXgUNp6Gx8EtS5aHXJLok2U2h2UnF1o6xKbHkXIdoJc7OB6W1frn6nHUynXr MyUtR5+u1mE5TovKoXicO4stlGXW3A76x3JYDtRYeLKxwYQR9nHnHpNKOEale1RwKZuuhkkhH6RR 3seGbVJ1vKfI/LFh8nesAqEYjMF554armuE8XnRY8MarfpA4ixjOO/LirLT0fecuE6S50B4ZlPmR HcJM2OU0xEwwbOF/kiDgrGq0tv/irFhY1FqKs1jB7dxzhDgLlnTWSc2EXD7rKp4qVGMNCA7O+oXx Fu2h4yxZwmmHjbNOkZ6iddpITv5N15ECEz/7OGuSdnJ1hwsE53xcMsd6TBAIcujjDOwZG0XK4Yaz OIJObeuHDrxBD2vIwBsrIAY9sGEDdcSjBh8sRg1YdoIHxAhP/GABAPYxERcC4Bhy6YcKaFioEUjj HPhowTK8oo8RcCNILQBGAefSjxtAABtrYcIq3iGOFBAjVe7YASjoIRMqtusfTqgFPeiBAmN0xAkQ eMalbgCLc5wjCc9wAi7AuANhIFFc7LhBK3J2mSCoAow36MVXvGCLNRJBFHTkilf/pMCIfpyDBqyw wiXWqAPZUMoIk1gjEmTRDiZAchwPXFgVILFIJ7SiDo4A4xQuwSgtNGKNVOBOotbRBw1k4h9boMQa xfDK+SnhlugAoLH+YQcygHELmThDH8CIBTekqgx2WOMdOmFIBblDYusIQDJmYCBzCGAc7BCAhNhh gm9MYRUgiOG51nGEVbhAG35Spwum4ZVw+AAUIohnOXzwDCbVIJ7/IIcPqiEPetQAiPGqRxJ+UYJg TORh8eiHDxbaFXeYgIr/eAHylKQOSr1gF/+AASpUEI1LuSAU8rDHOerxA2h45QSxkCZjvJKDSozD Hl8ZASy8YoPXeKUGrjDpO+7X/6N+pKMc8vBCL4AgCHkYlRTAakJ65MEEVgBhEPyo6Ut1A1R9yIMI o7ACLf9xBEswygqGWOoVKoHV5iwBE0/QxD+u8AeTUokjT+gDPq6KLHu45x9d6AQf5uCVNfQhVVhg w1x/2bavAEMsMVicOl6ADna8wB+SeYFA7PEDZ6j1JvBQRztAMIx/eBa0BeUHCrSRAsjBYxsreMEM uNG9bMDgtcboHsq+oo56iGCLXnGdL6T3D3e44IzDPaO+vHIOH3CDHTvwRg/GCCkWcOAFaHFHD3Rx kBisgrM4+YoRSDADE/ziLz5IhVdUcF6v0KAB1fWF6Hok2Becoh3jUMILXnCLdf9whB9DwK8q2iEF AYhXF7cdWHfu8IJLrIMKkPBKEhxcEXroAb+VMAcso9AKNjTCOwioritu9o82EEA6h6iaYv3UhUzI oQ8HUUIeUmWHDFQXEgYellemcYNj2OMFj43sZCvbD8qK5rLd7dI6fiBasv0AiO1oQSzyEQJjuEMf MIAGPbKxA9H6kwdXdsYO4nkftamlHjjoLYbwAYOxSJS4wm3z9LKwinrI4Bb3EIEumvePEfAijsIo RxHwuwBpGHkjLxsHScDYA1D8w7zoVe8/ZCAIMOaAFYTm1znokQRRbOESYEzCKIClhUOA0QmkIIc6 wHgEW1haI/JgWXaMRI8vhGL/CA4mXoS7soRNgBEKhWB1roQwB39MAQ7zkIIawMgF8FRkHjOihxIc 8Wu6+CkNZyBHOB5hghdMYBCpGgMbwCgGOUj7kMfIgmj7QQFtctOb4BRADIW82VXFI8mpojcQ5+GC GbxgAyaIGgdq+A8CNMMr5OBANrxCAGtwdrRZOAvk0mHmiajjKwHA6Ggp6pUfYDS+8WiC+Txqgh8s gAMEpxQOuOGVGYhiHYs8BwheQW5KKaF8X2lBKPSM03/o9Cs2qIVXRtAKmb8jayjAhRdo4RUUSAJY PjiFV3YgCDJ5ZQWplFQZrGePy/wjCK5QgiK8woSxUkoHYP+HF6K9qToMYAYV/0AAKLYQ7X8UQSED opNXoAAHmXuXHHwgxH9a/o5zSMEOX3kCHryChTLsfSPwAAYOXtEPdaijBt1ARzFSMEIbBAMdwEgB PjBEgRrOWwBh1poAjggOe4zjGgRABpV9AA10HMMG0wBHP9YRe3Q4rqDiYdNf0hGCuLDFF+j4W0T7 MQ8ZiCJALNhiu95RA0k4LB3mQAc9TMALFr0jHD0IxUFWoAwlgGKpKxBpovZDjybw4iCK/gcSbtH+ n59jHlmYxUHSKG1EuuIgQejFEA6h/5pKTsiBCirhILyAFdIgEhDw6UzlSPhBH6pAEQ6CCkZhDxzh IKbgECbiHMrBCjThIIggrf/wpB3EgR6YAA/IoQoI4SC44BOMpE/8YBBcjMOOBTXGQCAIwg2WStwW Ih7Q4A0gQiLaxiNAQiRIAnBSYiVmYhv+I/oqa1V2YnJ0ggXaiVLSwQfkjSmcAiqkIhvM4XOwAr5y Y1HCYiwwJHXQgsyYoBnMwXVMgBk2Jl7+gQgSQORMgOC8ogeQBzAEg3cM4x14RzH+JbkowwSYpyM4 wwQsAzM043lMwDM2ZTRK4zS0ZzVaIxTYAXxMIBTSwR5qwwRuI1a64xzG4CxsIRzW4X1MQDi6Yg0Y 4TiS48SQ6x+qIBC0xjpMADu0gzvsAQz8x5OIhTzMAz3Ugz3cAz7aQYJMoD7/jiU/9qM//gNBUoUa wYFByLBHGGQOt9EiurEuToRDPORE0IREQIYcwSFFJINGyE0dQgZORuRmbORFcoQee4YUg4QfhsRI kIRI+FEf9y5LmuRJBnJK3ENLCDJKGE9R2AFMvKIhzUQu3qFPIBJsEiUexkZr4KQD724dYIQ1kEVP 2KRP/oQfAmVQCuVQkKVXfOVHxoUUnyZdXPJXWnJVZtIla/JcWNJTPgVhhsddetJfuOhecNInD6Zf ilIokQtSaDInj8VScpJWYiZcqLIqrfIqsTIrtXIrubIrvfIrwfIqxyUmifLGKqVXVMVgFMQoHcUm pTJY0FIpByZX3mUnbZIp/+sSXZ7yJvlFLu+jXOpFLY8yYfglWRimYg5TYuoCMTFEZKayXShmZBpz HN4BHZwkZCSTI0rmMcXF0GSEZhjyZuIrZ0ymZKLIwNgBaC6DNO+RFOOhe7TGxkgzioJKX9ZBaJQm ap4mN7dEJ2hxYdoBS7amayyiHdRGGG3TbFJFbBSlbMbhbJ5SH6okbkCSI/Qhse4mb/amb/7mJAQH HAjHcOrBGZrQJkxFHVYgKLTBHT7HBCxgBiQrczanIjwHdLJRzNSwG+rhHdRwdVxEHSBK/2TneOrh Cs7iAATA5CglBwbgLKyBHYBHeO6yK+ThBgqJQnOgFFyyCw6UAlJuVcwhC/9wQWu0ZxSqRms4MRUg oyOYYJJAhSPiYQoEYSJWEX7u5x/GoAHOAufwRB6wzgQioUjyZ38uoh3s4CxMbCXLAQsQYSLaoYFM wBI86R/0YQyW6SkvKIM2qIM+KIRGqITooRhQoBmMIBjoYRlsIAqlsASY4RzyoQWGoWH2AQOUIR1U ABmwjJ+CaIiKKPXapR6OYBfoIR9QIBm+AIqk6Pm6gh2QAAJMJ7666IvCyBj24x0EgBRCjB1kgBXO AR3SIQfgiB7kaO/YYUXPQQs8IOaABFXN5yLegR7eAQcOwcbiJR664AFQoYsiYY20gEe9Ygo4AYyQ TmvW4AF4YSHjoWrsoQ7/FmAWvOILNmGNmoAE56cIDKFT2Sa+0qAR1OEcosAQ2OENZulpquAMwAja FlIj5KMCoknEkIkelEku2OEMIuAR0lUjqMkrrAmb1q2bvqkjBOAY+sEr5sEBEE5SdoIY5OEebKCd RKMG8MEdAM4rQqCJ/AmgBIqgyE1i/kEAqmFgHSpAIUUGasEGqKEdN0pV52EHOA7qTAEdruoFVuof WorcvCILfOFZc6EHdO4LcuEGckEmw0EHFm1gjOAUmCDpdqAS5iq4/mEFVMEreIAR/oEKTMEJXCEg /4ELnDXxZuELOMEruGARlqoIODAyouAP7iGv8OQcyIEc5EEJJAEOJmEJ/94qV5qgXa1g3IDJDhah DtSgNQKLOAirK/BgE9ogsFZysRrLxyRryISssrziGkZATfEEHrRBBl4ABKThMsJhBJ7BHdpB947B BPx0tmqLVsvQUtBh83zLBICLI+wBBYpBBiKqFpVrZncAFuZQavEwL24gu9Bhu8itU13g/uahH8BB BnL19sBhB86LV5BAFVT3L+MhCIShCITOCTCgunpBZf4hB7I2fFUhnV4hCqK2R9EBBmhwbIiuCcAO HOhBDPBrEi4sMrCAAsRLFWqTi/LgBTDBHOQhHKQAEJ5mC85ABCnhXjHCHuZBDBBPO1oMHV5MLuSB HOogDBg4I3BMx3jMcf+BzLIkVxtyABvME39WQBroYRtkoCf4IQZGzxx64AVCgAECjhy6jB6+LMwU RG0WA0BoQBmyRh3SbM2EiwVw4R5moBTmcDSzgLw6wgYG7SLK4QRF1c8A7QUE7de84r4UoL360Aea 19HSJR5W4I8G5ggMIR9koBKGVhHAKAsGMKbGNwdoTRPygQcCoX//sgxegAEs4AV0LqzASgg+AYy0 YEaZzUTogQgmQWsFaghw8R+0IJoughzmQNsiIH6B6R+eAMbAYR6ybdu6DVLWoPAM09zQTd0Wgt3+ 1Zsqax+8oBg4U2bYwQFA7x84YBjcwQeoQSvgwRwWCR8ogJb96eASbuH//hIeHM4EIMcejCDlMKTi Lu4fWOAFfmADCOAKO+7jvqIHakE0yeIrVq7l1gjmyO1VXcAV6AFuxBhY0msmA6l6ZQauAmAGFAAD qOEIhO4flg5YoFZqcYEOBkwDMKBVucQe6AEGOoEeHugfmACscoA7/iELYNDuACnt0MQeimTuCAHv LNlTAu8cqOCjV3ILQLkd+kHwCK9SxACVn/HxIm/yKu/yMi8eNq/zbAAdnMEFRKEfxOE+42UnpAEd siEFsqEeHKAnCiULkmGfluH2ck/2eM/SIMRCxqEEaEEcxGEemKD4jm8i+iEc5AEd8CEAWKGJ1zL6 pq9D/iEE5sgiuK8J/2AB/MSP/OTB/GyW63LWpqLXK1LgNeiTNWKARy/yBFMgE8KhCQIQHYJgAN3W ABGQFkyQHnzAEH6TDqOgayMDCSaZCzIQHTYQSMhEDDBBBKlVX9IgtMfWK4pggSnCHmRwE5ZqCGzw KYUgDrxiDnhQHnzQHNihK7YADDbYYz4iJEaiJE5iCVnCJfxhHlQgAfatBCguVsQhPXFgc9rBCuWC H2CgC92hHLIADMUwK4YyrBIAm03gGNRBDdPCidDwH3ZAmbnIDvGQlrvsUgKjH5ygMPZzEEVTSR4D UpBAQyklCH6OUjKjonGqELsI59jhEuEGCDSRE0MBbupwABOFN3Kl1/8mIh5YUTiII2vPAThMQDkS xR5+FDu64gkWIVW2w0iA0QQmATmHMQ1M+hijNBnbFQ2I8BkpRBoBRECqUUDAIcijZmGuekPMERxB RBwxBB2VRBzeMSIZOUFSJB7RxB3HAR5X5CLmEUdkZEcYD1YGvCLOnCLUoTfMgY8NSGgQ0iAFUiEr gsML8SLsvEzCZEwW1SEl5U344WwwsiLmhGw+srgxYh2msyRPMrjBYR2ws5OR8lXwspbXMlTokiYF E7du5SU/RSc7nVei0i+Xsi3b0tIvHS9PvVZQHVIJkyc3/S89HdZJ/c5VndbDMtd1fdd5vdd9/deB PdiFfdjFUl0ynWD/FlIvTX3ZX70WkV1WbD0td7LV67nT8SXWxQUw+/LZO7nZvf3AuP3YlcUosV0n IwZiEHMxOTYyqX3aPmZRe/fd4d1FNlNAdcYz38VmMuaHSRNWDO00I+M1h2U21XH1/CNECN7N7+Nn 6iYybtNFeJMsnKZtgjPgseZpvqbMnXPrNv5pOl5J38Yr6EZuOGLk7aZY8EZv+MZvAOc7w7MFkpo8 XcIJN8VxIKcrJCdVKmdyuiIfakDJ6FMMQyfVl0INg6Ee4qGZqyHAMURkp0cGBm13zkKIIcVATQBB 0dAeVgAZyvwrSOPqKYAa4mERa8FpORTsPxS5oIB8YJcsvOBYYZQT/3lhHtphDc6iwGzde2SURlkx fiyCfuwnUXz0LCIhHNjhDgj/xIwUSTN7Vw7oLBSIgRyozsngLBbBxkkxSzWIgzwIhESIhExoTI2g G94hG07gnJRkhs5phkbPsnOIIugBhw62K8jhTunhGDT2PsyBzAJ1UAs1CHbhHMQhC+h7URv1UfWF HYwAAqgIBdToHFiA6ysC1d4hAGThL2K0A3Jnwz+jUmdAEsLhsddoChC6c2BVVulZXK6XEXKmSOJh Cx7AsGEDkrz1F5YgEVJt1S5SWZm1a6FVWgGi0j9w4P5paXTuHJVEAwk6fAgxokSC/9I0okePCyM4 gzByMdTw3xI3Cf+tDGo4MaXKlf/skMG4JdOZPhixuBn4D48adefWqEG5MqhQcO7E/fu3LkCyGeP+ mRMwjp0Aev+kHuvn9JgNf0CHpkR6ZJULbf/ahXUx7V85Jq/QHl37SgSwkPo4ZDsaollXrwX/yZj7 zyheZSNWyTv3Lp3DozJq2aC2l2/EozBQ+VD2j0cvefJkQEN5dN4Kbkd7pJKxKrLkyf+y+DoaOkfq FKfk2XsX7uHRcDpAqV69+N+RT/TswU6iysipkP9gJLKdWIaqozki/QZO8R+XWbCxzPrC6SiXRZyL HAppxRDnKwKxrzxH7ugVROb0yT8TcgsizkMaXXevkj3lHNVFJ33/zHFUFX00JE8788hDBxn/ASgR bP8Ag8I3MeTzjzovoMPOC1z1I2JZNvyQTD0URgSPOu2AMMw/Lb64jIzqlANCjeC0qA8OxYREjg/Q oLOPCT+6108+FIiCTj2woaNCMCwQ8IIJzcCzmD0oFCNDMBPyVdUO1vBAWj5MvPBCL/ro9s8KuaRT FQzd5BDNl5Kdg44Ls6Azz1E6yAJnDg1UGY07bCKhSm4rQiRfADOYAEs662SxyxWyMEcFBlX2Us9C 6KCzgit28iUPOjAMgs6a79TThCID0SMGmpOY8xA9eqBZCa2LsvZPPFCAdJSvn6CEThtoGmLPrmAe 1U4XitiB4D9Y/yCYnSYvUPKOsl4dNc0Nx9jzAoceglgiiVzBgw4wMnCobUHr/BCjuz/oWNa8IZUz w5EOsZPDCyFosM2ousHjhQkbDPBCwP+gQ4M09YhQCj34+NANTu6wgMs9M5Si4q5HoWDLPS6gUk8W uWDUA2aLsVMDZm2ags8JvCim7FFKvKDAoNX0KkMsR6ngCkY39AJaPCsQ3a5D5KiDURalSLFJPjtk Mk92OgSCkRe06HPrCxroIrBQ/5TxAgMWvAALbEdkcpQQxNGjhSAhLbEJRlAUEva28VThyJq98r0m RWM8gtESICUdVFlpnEHOGtFOyxw79OzxSN4U/nNMFjH2Q0FTT/9FNVVVAhzzzm4O3NVur/DiFI+9 8upYUDv5MmfOO+fcQwE2lhOkjj8UgEIPnPYYQRo4Rh4VwM59sfDCDxsQQJbH/+xggvMEANMCaf/8 8ApOR90Q6ffVL+DAN7un9A49LgQdzj9BkALnPyX4LP8o3v/jhS2KIs4ObCrgsgZHaQADr+nLCi41 PUm0ox8JQYEkzpcSe9ADBp2gR+D+wQS2/SMHDGnNsGCjA1fhzxEQ/Eo5xvCJvuiDDim8XxM6cRQo wKGEq/kHOfhACHiIJFoKgo05BiStMtCQL/AABg5e0Q91qKMG3UBHMVKgjnjYIBjpUkEzjPANdEwj BVxJXTwEkJb/gnxxLu4SABljFwDd7agf7fACM+RBjxrADjgfA8w4SkALcYhjHjL4BTruwQIvgaMf 4SgVPgLAio4pyxzooEcIQpGOHuTiUyj4zCDbZ4JdNISR9PgBLWimraME4TVHcUHajoIEW3yqB7UY yDv6FINQDJE1UnDFp5DQinaIgx42CETVwAEfKlTiU15gRRpcwRkmLCdpR4kCd0KChECIxxGfmsJ5 ztGOf1hBE58iQnuSxg4tvMEf6iDHOqBwB3KWAxz2WMc/tnCGTynBP4hTSTyeMAZn9KMcfujDp7CA H3PEQyefEoOE6lkhliUABC9IgTnEwQITlCAbWJqYCVqwjXoc/8MHF70GllK3DhZcAychjV5ZWBC9 gpTDB2mxYRa2oY4emGAG1jAUheThJHAcIQHNM8ExzBEEE5ggRf+oBxPMdxQxzTI4mYGMOZogVGPE rwk764EwmLNBlSHOHLlBZSlwwg4uCFUU7fvHF37RmrTV8x/vGIJQUdGnozQBF7ABQijYUQWhQtIe WxAqLn7JP3Lo5m4DiQcbhHqL+KxBVPHwg1BVIVhm5qEAAwCBCUDhCAQQwLK2+IcfGLKOMAh1EoFD 6GQAIQEOWLYQ7ZCDUC0xoDl0whx/EKoh1mlaFqGjH/Tgxzh0iA7fHqUgwW3KUYo73KTBA6cOWa4i nfsQ6O5IHP9OUgc/qELD5IqjH+PgBz/g1I/rand/8gBl0spbkHd4N7nqqJo89ueQ9yI0ueDg6mLO 4V0d8k6w5gAs4v4hD++6AyX9dcg+ASzgowSYHwOeb1fYEdmqeBdO4HhHOwrCjgkvFSLyUIc4vKsP dnjYuxc+Rzzc5d0+5VYi5hgxP9zZDu/GBxzy6F85ZLzhoVgIq6CBTXboy0ygABnIfQlOX4i8oh3f r8dGXiuPjYxkJDuZTfQdrpRD6eMmF9lCP85x4nqc3DBn+b9K3nGRj+xlsZmZy1se84rfDOc4y3nO dK6zne+M5zzrec987rOf/wzoQAt60IROcpWH7OYrL+rQh2b/1F7Y7GAiQzrIPp50l5ecZl49mTWm 5bKSHS1mRZM51I92M6U3zVRTx5nUiBa1k8UxDsEEJtZWVgetQ2IOmzKTHR3r0DjQYWVe60bYuuGu cef7jnEcmyLJXjY40aFsOJ1D2URmB6zHkRtrKxu+a7WHsvvi7d92pVf+TZ05lK3DcL9DHJGlyLnH MWCnKLvBb+6Vsp1k73HkdDHxiHamkbLto6wj4A95dxJxO+d/6AO37FB2EtexmHIoe8Zyhkc2bGCC EezDHYCU6DGwdA8VXJSiBRlGCtiVun3YIGDguAf1cAAMHfrDBiOlSD5qEC+HvOMGM22GrhcdEnZk QajEsGlV/wo2VEXWLDMUEGox2EEFoSpDkdQZgFCt8Q8aWN0E5iNzeqEg1F9ISqwmiIV5AayDVv43 Hl3QKzn0IFQMDKCAYsyrCXgxj3asQai64DaWHWIPOggVUOaog1BP4d91tOGx5VaWPMog1EjMoxx9 iHy7/1FbE1yAA7fItAmxgIijDEKoDXDAJRpSDjcIdRGlrXc/dOANelhDBt5YATHogQ0bRLEGty+G De4BDn6cwAP88DI/WACAfZQlCNWgxzZqsI13+AAAx2gIPVQAANQVhBwqQAY9jiHHpZpDRf9Ixw5i ITGKHaUeOwDePXxAjBxXBQWlwFM6UACLhLAAGUGXASumnf8O7LAD+Ydt9cQOZfUFrSA00fAFpyA0 SFMQ58AFHiAKXnYUSSAJCaEFoXAO9NAPJbAIv3QUVHAJCREFvyAFlZAQQTAd9RQPEVYFkIARVMAL bxAIDNQE32QQCKEQDMFMFuERpvAGhOARh0MQAdYPRnAHCBdntFUBMAQOGaYOUDAGF1YQZfAGGCEG cuB5ElEUAqcUTOEUUCEVVFGG4VADseACyhdK63AWZAEPsqYUV9AWLQUXckEXdoEXegF0OwAY6UAB erE9z7B+JhB///ACyrN0KKAK4mAczbEZnWFJSWUK6PCIK8AIluhqdNQapKQO8VYCpZADrfQPNgA2 fQEFoaD/A7IUZDIwCbbRD3EVDl5AV9nhHNARDkRwCcm0TKmjHc9UYXGFBJggD/OgD/JgHuihHvLA HmkGH/KRCWJwEmZVOcGRDkJghKtmB4tQBz/RF/UwOCEhBHZwFHoABl2oaRiiIeLyISEyIi9wXSiw DS1wDzk2IzByP/6QAtOwTzkyEDziI0AiJERyPIvSD/ggAExSD+nQR3+EIuvnAoToDhG5YUlVPSbg MPhwJmlyQZlxkdxQDzz3AyYADUq3K3iiJ3wCG/bAA7sQBKjwM6mAEu8ADytwir5oBJpyWfhmBIew PyOok7XgDvQgBGjiCid2XqaCKn5zFOyQBHjzD2DwArNS/ytdkytO1itQYAp0AEP/AAWeIGRb8Aet F2f2MA9igAch0QZvgHD/gAZv8ClDQC1yxi3eAi7sSC4j4gLfUAPGcA0kkAwf1YarY3M5UHT1Ajtq MTsPwS/+AjAlNBBHYDAIEzDl4AVVsgG6U1QUOZGEmDTlsEv0sALSQAQnQw8pgxKgiRE7IAz6EJqs uVQ2gzM6cxT24ASQpAIw+Q8qIJPBgQI3iWU9kAgYEQSt0Cs5YD/BcTVZ0wtrUAkY0QS0IH9kYzZo A1ZWkAjx8Q8SFDdzUzf0QFhrtTeOMA9R0JVfCRTtAAUkVGdH8QR5gHpPcBMPMQ+IYAIvMAGAgI6T kTmb0/85Ywg6ZvgCzYADIBACGyAC6iB/rRMv/0APXuAlAuc6sbOYfVE7t5M7Q6QO+SAAwKMY5sBA 4kACzHAU7mCIR/EDiqgt5gAbIBANKaA93OM9LHoUMyAK7nQUIOAb7ZI+60MPfbIOVyBL8kOKprhk v2mB/4AC9rObjPAPTRAJ8HUUB5RUo2AE09Emp5c0EkRBFqRSXSAQ/3AOcZUFH+QnIuQF7MlMJ9RC RDCNX1A5VlYFhECWdLkF8FkQbWAHbVkW/WA7QLAgFWdESKRETOREUCRFVAQMNpAP8jAO2MAB1CCY NfNFYeQMIpAKHuYk62BGIdEOafSPbORGcBR+QPcX68f/BMYgD/3gA17SD+QgA0xyfPGHZU5QCp+y A9JgBJOEDpXkSuHQBLDwKSugDEogrOiwA3Xii6N0FOewAzKoDuGQSqukdu+gnTaQnL6YBJdwS8ZZ Ay3oEME0TOjgBbXQBYlATL2IZc40XOaQBGqQD+W0BpBQTdeUTdvUTd/ULuE0TuqgD09ACJ/CBcPS TgXRBKF3Z/8gBHGAE0AQBgQ2UHLAGWNwUHBWFTWwUA31UBE1URXFUS3gUcHCAk3BTCE1UvMAAwnw Az/gAvXYDih1Lyx1FOTwUjE1UzWlLczFO0ggVCliVNhgDkjHDCa5aOpgBEIFkuwAVSYgVXJVDf3g BEJV/5LvEHUmgAzmtaJlNQQGQAKPQg1hNVYIiFZplWZVsQRv1T5OQArMYVd4pVfhsA5Y4FeNpywQ RhF3kAEU8Cj5tweIpViM5VgmAFn/NVmVZQK0sA5vIFSFYB+fdRRbMCwJmwaEgBN+gB8UIVu0ZVtM +Gbowlu+BVzChRPI1RDL9XPaAl2e21v0oCLSRRDSFYfVJV4VCRrhhV3gIA7tE17FV7bqxbtstV4N 0V7A+7u+WxBTNkjclWJiml/CGzgFtlYL1mDQa2ADIr0KlmAOBnjqEFz8YB8Z9l2udGESFr711GEf xg/ZFA/e1T7AhJTxwLl0tg4Itw5WeIQ2hmN0ZmZolv9qbKK9aCZmjgZlquaLAWxpWEZqA5zAK/Zp kBbAkcYcAsxmBwzBVpZlCzxqlXbBEYxnjabA+1loISzCI0zCJWzCJ4zCKazCK8zCLezCLwzDMSzD M0zDNQzDY5ZoG0zAQNe/WmZpFIzA47bDQIfBPQzEXtdlE7GJ2NHAO8xqdAlmpbbEAMJqQjzFSMy/ VAbCjgZrstbFtXZrywVt6HC6HkNsvgZsQddr3JXGi2FsV1xDzVZlcly202ZcYkptQmbHsGHHx8vA 8aAo24lujxYPdLsodrxu8fFu9KYb6xBZ63Bt7cbA7RBh/aZvQmbJFLZW5fC8DncjjUxw+rtwFCFx 46D/YqQ8cVvcXBeXcRvXcSXwcS0nci2QDeBADiZAAhKloCm3cgPhciYAc4byDzNXc+8gUyBQDLo2 DjI1Az73dwTRDzxriEbHDkiXIrsWtVYbDvFQtVO3MlVrDPWgEFJLtNJDEfJwAxXYK2RndowiD2kn f/8gBnFHAbtwT0I1CpKMYUywtv8ABBwQdv9WNFMgN+xkeCaAeA+heIy3VutgBZhwFGogVBdAAJ3l EO1gB0J1CPpcb+UAegPRDmcgVJuAlFFIBqtXp532erE3e7V3e7m3e71XA+NADyPQDMlWxityfMm3 fM23DTZAFv2AfdVXDiMgDeeADy1QIy5lDOrVAme0/yjjVxBGtQrrlgKHyH7uB3+0qxkJkQTMYASp gBEyYAzecwO6gBHEqgS5YDs+oEn801XnoAUe0D3u44D0MDRFIwUUmGbp0w8t4EtOEAkayIoUsTcP QFfxwAQlOA4pvSsvCHh1sADPtAY3eA45GBJSoAkYQQSTkGbycAcawDY0xg/94AV7uhhVcAYYoQRq 2oR/8IRH0QZxkBBloAk4oRM84ROqTBSCkRRL4TlkGDoh0g0ssAvvIA9wnDhuKBZwKGscECM+AAoi kBYr9QwBVgNhFIdVEUdzRMXTAxi42yusGqH1cKKIqKJABwKwYBvnYN7aIwKp0RdMexQxEAs0uQ7y sP8CyoplrnEUX5ALPXBKLuAb/8ACNylKpEADhe2LsyiTO1AJsAhYR+EEs5AEnecEg8APj0hm29Ed 3xEewXiMyUgRXiBN/2AE2VgzaXAIQnDbfZEOQCBNi/FCR2EFXEiX29iNj9sGsGi/DfIgEcLbFqKO G9Ih7VguLoANODADL4BRk7oo99igR6GP2aAl2pACAQMP27ACLzAD3PCT7nADIWAMfocdB5mQ6KAY R1EwvlA1mymRFIllKcABVRIM8AADvOoCyloaofAp8f3fL8AKjg0gKLkn89AP4CADujmt6JACuRB0 OcANSQCTZMYEhZC2Oskp/OYFvgAFncUFAvAofYf/OKVyKqlSYaziKn0hlVRJEU4A0f8A684YDlyg nxQhn5L8TvGEDkRACbzNTmeZlv/QBxlQJZkASkdhLdiiv//QLd8SLkeel/9gLu1A08uwFfL3Ljn3 D/mQA94QDvOTD2TuDvoAA9BAD9mwA9weGMewA2FExTo1mQkDG+qADzCAVPXAmXK+dCeA1vSAAtxQ DlOAJgsAGRShD0RQ8NJwFLyVA/y3dDeTM4l4FD6gm/ogBWiiAPJ9FDSQCPhQA5Jg5kkWD2f9PYrQ NGvbF0ngCPkAA5AwD0uDEUdg0aFEnWdzSsIx2rUJNwVdELMu6xBNZlcAheDQDlpgCV1BDnNwnxGw /+pQ/J5HIQZtUBPz2ReSQznAjjmaQ+3/+TllKDrOEA+mo32USpgOCqHlx+QvsAEmAG8cUH3/QACC CA4KehQEgHWLsqEdGjx1DxvJU6LnnaK0OwOQgYivsA4MdA4/8NZNqfgz8ArnoEP/oKM51qNBE1cW PxDsoPgnwIoXSAI/kDPFU6uCUFYyYJxK+kCoKEAY8ApjP6Va2i5cWkEXlEEDMaZHUaYWYuJHkeL/ 9gVQ+E6IUFrDlfi2QwWUq793ehRLYAaPewc+BERYIESCekRJtERN9ERRNEVVdEVZtEVdFEqVOhCX mqlN4m3XQADIUO4DqRXTMEjtkAXcQCQ24N3uwf8YgGFUvvBHgUTtsAoQotDxY0HsHziECRUuZNjw 3z8YqNCh2yHNSix58mRAO/guXBNRGWEYUwJr4o5oBxuuZKnwYRBfDx+OSPXwS6qMOWp1JMcOHb0T hcK1JMryoQ1bMp0cmhiE1MFz+uKJo8cC07whkSZ6OaWy6NeED6PMeojwH5JAD9dAmjjl0L9z7f5Z 0TSRSCWvYPX+m0Lp4D8nnrzaW/fPz6aMQxrl1dvYoZA4D/30mYjlzD9z8fComSiGDGPHjv+xq5EA xIsU5sSxMFEiGzxw+HyYaLGt3rHZLa7BDk303zoW1/7Ng5Hgxw8X9x6m8+HsoDoeJkBgc0cuyzb/ dT1MzLDmrjdLefUSqkNiwkSyevWYYDPnxTwz8d+NmnNinlu9d/VNGEv3sEm1fvSDBj8qzEMmHfmI MmcocB5CopSH+oHCPFHCsekXmY4ABbQEzfonCV7+YucJ81KZ5yEgdJFpihDf2cI8XObpsCV2yHEJ ikKg2sO8W8j5Zw1X/onHD/NUsXHGlf5ZYpG/nmDSLD8S+cceMMybRB8kQ/snDUIOakcO8ywp5585 OjHnD/MMKSdLveBBpx96+BkHnn8GGqesOuWUyc6y2EwInvDAcRNOfuiJD9D4/lGn0IfgEaceRRnl UL4+G+xHUnDEsfBSfir18593+On0oVBHRUid/xNLlanUBv10Ka8FzTpHVDpPxRIhc2R0NaFcw5JH VHdU6mdNXG3851d+gt01LMZqNIsdUfsD5512GoSWH2mXRSieW8HhVqFz4mlwHVFP1LaodYj9px1R fQRHHnb+KafdSc9tUCaV8GW2T3215RdfryrtF0+Z7L3334PrnXHggj1M2ENPDRa44XuZPdfTfit2 +GGDF5oYYY4vDjivfyPu+NV98/2L4pNbdvllmGOWeWaaa7b5Zpxz1nlnnnv2+WeggxZ6aKKLNvpo pJNWemmmm3b6aaijlnpqqqu2+mqss9Z6a6679vprsMMWe2yyyzb7bLTTVnttttt2+22445Z7bv+6 67b7brzz1ntvvvv2+2/AAxd8cMILN5xNillmGGSTG/t45IkZyvjkxz0GuEOAVzY548ZFTllyll1d HOPLJ6cccg47/1Rl0y+XuXLLX/9HnHHEkYl22/9Sp3aZdkdHpngfCv670RL1Hc9+xvldxPjCSv5O hT9lB8EG3xkHeoWefwcd6uXTnnu4rsf4HPH/iodBys83y57ra/W1/eiJN+d6ZdehfZwjEWJ/nHfE 8XH+cSirZes6kpCuBymPtaNb/irHrQDYD3UQKyHl2N04JPiyf+hDXeW4nrnCoo9qxQwe2bCBCUaw D3fcgzUlOAZs7qEC2mTDHfyA4QmWUY9rpCD/GO7IITF4IxpnpGAbB7nHDkzggmnQqR/RwQEw6JSP GgwjL++4wXaa4Z1lCUwcPviG8LJgHvR4SD8WCIAUifcPIpjnAAEoBjsKZAJlNG80bzQGpOyxAmTE j1L5kscNREGqCZkgFt0TkhQo1D3ExaML5oGFhbjAAfPE5F50MA8GBrCKc7zIBLpA364EFo8pCOIg 9qiDeU6hK7PE4wpvudg6rICJh6jBPBcgQFLCcocL8EiPnyoHFhDhpTOYZxPiMos+xuCGXSKuHzrw Bj2sIQNvrIAY9MCGDdQRjxpMsxgoiKY1znEMLwyDBgCogT/GeQJ1JDMh97ABAPaxriBU4x3+/2iB DEvwjHPkQzfvUAEAspGvcqgAGfQ4Rg2WoU69mCNR78gBBJrxj3rsIBb0uIcPDDIeevSDALlo3nfU QY93UEAX6UABLM5xDhbk8V430AU96LEDZJyjCR1QBkIbw46hwEULHniFTVrh0hv0YmU6uMVJI2LT ljzEC5E4qQ5IsY4sCIJ8+QPHOTKaAkNgpRAuPYItlxWP/JFyAWT5USBcOoVLDMYPChDlueRxBw1k 4iC/6ocX7HDBdSiBEudARwhfdqYKdOIhbYjDScugCZWw4wwReARSO+SO3K0jAMmYwZ3MIYBxsEMA 9BjNC4jxA2vI4xz2qIc0YhALcphWFIj8yv9vjrAKHGjjH44aTT5sIEMWMEMeL/zGFV4hAmDkax0c +Oc/QvBQ0f1jB8GFqBNiMYJkQNQE3XjIC6oxMnKooIuYG44MDMKDXmRkIyvbz0Na4Asg9AIFq3Cs b/6RhZj84wu56AEsnhOsf5RgFCvLgiwyogP7ri4JjMiIF2phBUfQwx6kCwcTQtQPC/1jBWn15D+4 QNZ/YGEWX+BER070Dy98Il96YAQUINFe36ThEEJA7L3SAYS0hOUJfcDHglHcm3/YYRF1UMNDttAG edijHyH8Bx420YY53BjHMgEGCr4Rg3wo6gXoYMcL/PGPfrigGQEQwAtaYMEmcOMLwNACN6b/gA+E wkMd65iBGf8Rjh2EoBr9ucYOXgACacyjH/rAQTEA6gNooGMfJvCzq/qBDwEIRDzqcEcMmAFRFzza HS54xshUEIuOnlEGtYBUPpjwghf04lYP6UEoJiICX7wDHDbo6bL46oJZoEPP4JABKjQnDx7sxCz3 0AKoeeFXxN1DCqC2RTugEIAZmCAXnXyIEyYhI5mYIwtd2ZU80AGDQaADS++oRxMUoTl2NIGVCHlH OohgCSWz5Bzh4AIg8vUEN1D1H20gAAhMcAiqtswe8xADHh7Shwy8wASZ6J48yFGHMKRbS/+Yxg2O YY8XRFkdU67ylbPcDREwgx7LqME++oHl/3B8XB2ZBouQXuDmTF1DBsdwxwqUQY9tyEA45ZhBoRPC jhy8IAQaGCLiwHEEE2xgAC8Y4j8m/eh6RNrolA6YOUZA3YWxIwWVPksuXNqDmhaTCKBegDRm0urV KeEFCmiAdR/iA1ubRR5OGAWD/KMKl2ZBqKsrQiRcagRekOOj9MjCU8ISDx20Il/m+IIkUIm4MryA ARZ4gX0fcgS5PksJmZD3h2ApsisIFiHt0AK6FzKPUNFDCY5Q+F7+8YQ8PEQMbXApFpDpoTXYofSO O0YWpNgPClgWs5rlbJWJMYN3vNkBx8ic6pJaZSmquSwcGIY7HHDlf3DAz+2oeb7AYY53nP/jHhTA xuzBoY58CAAU9EAQpJE+3Yf84LoFW8ErSL5w8ELKuNxIf6uF14+TzqCn/xgB2F31DnpwAVeghw9D u79Yhy9QEZWJAVaYCcFbHRsQvH9QAUaQi4dAAUnQHLTSlXVRAlMwPvmwB3qAgU6gh1FjgsiTly2Q kpUxCye4vIv5As37hy1AhG4pC3F5CCiAA+9rrS1IPSUxAx+7g4L5BzGQPRECBhx4BQhShxroBnQo hhS4JhsIBnQABhXwhh2wwmlIgSvLktGggGmAp2dAh224LXdgAWVAh2xIAdlqhwDoPkHph3jwAt2i B4PyvoeQAeZqkHp4AWqAKBn4hYEoCJD/OwgBCMSF+QcS4IiH4IFcmAgU4Ihp+YiQkAeUeAgRiIUe vBeYwBeaeAh72AFMoAdx0JVzmIcsiDV0uIEAQ5wPuYSmqAU6YISm8Lt38BEfCJIGkYcgQIR7UId8 A8N/GAt+QYuDMIcmMIN8UAcsiQuz8AJD6MSw6Iu/CIzBKAw/yDZ0UILFiJl/gAzJoAx0sAzMYIcG 2QIwoEajIA3TQA3VWKHXiI3csI2Koo3dSKQaEI7YMCIXAIZggQ4T6LNgKQcfGEN5yYJjyI7t6A5t CRSzqAcZCIaHMIcgeI96cAcm2K4deLRFhIGsw4wmMA/+8A8AEZD++IcbSIlziZV7eZCH/xgCAyCB ZFu/L/gFdjAkEwCFTgJDdlgC80CFdLAHoDQBE0GRUPgHKpAFmaiDDBCAZMMQbXGWsMCRhwCDAqCA ZMuFH+HFucALe1GSJzm9J2mQKJmSKjGBK3kdLvESMDEBMSETwfoHNPiMjik+e4iHc8i+h5CHd7Cx vvxLmfBLwCw+wzxMfBmTaOPLxTyHxMQXeahIxkRMyqzMzFFM4XmH4KtImdAHy/zMDAKYeNBMfDGH cSHNzgRN1URMz3yIeGAHe9DMe2EHOmkH1FxN0CyH29TNzXTNYDGWh1gH2NRMOsFN43yIeSjOcmAH v3yHYFmHlByO4jzOz5wH/BqO61yXCP8Lh9ukTu8MB/mDKOJ8iHLwkTcLT+MEC8i6HvYch9GyB3sg H/eMz/YcLb66HvtEh/bcT/7sT/+8T/yMT/0MUHsYUPc00Pt8TwP1TwZt0AYF0PksUPwcUAh1UAt1 z/u5nr+UUA2lnQ010P65UBG90BDlH/iEz/sJ0Q3N0BEd0RXVUBRlTxXN0A2N0Ra9Uf58hwrqhxO1 Bw+tIP4BUhx1USDV0faEoOvhUXsQ0iFt0iR9nnFQ0h19nn6AUhxdh9aSB9YwDy7tUi/9UjANUzEd UzItUzM9UzRNUzVdUzZtUzd9UziNUzmdUzqtUzu9Uzxl02/7CncYB1H5U0ANVEEdVEJtLVRDPVRE TVRFXVRGbVRHfVRIjVRJnVRKrVRLvVRMzVRN3VRIJabW8k5QDVVRHVVSLVVTPVVUTVVVXVVWbVVX fdXMORxZnVVarVVbvVVczVVd3VVe7VVf/VVgDVZhHVZiLVZjPVZkTVZlxZqAAAA7

Source: Standard & Poor’s.

*Year-end figures.

**Index level as of November 24, 2006.

For notes and full text, see:

http://www.lordabbett.com/us/home.jsp