5493006VM2LKUPSEDU202024-01-012024-12-31iso4217:GBP5493006VM2LKUPSEDU202023-01-012023-12-315493006VM2LKUPSEDU202024-01-012024-12-31informaplc:AdjustedResultsMember5493006VM2LKUPSEDU202024-01-012024-12-31informaplc:AdjustingItemsMember5493006VM2LKUPSEDU202023-01-012023-12-31informaplc:AdjustedResultsMember5493006VM2LKUPSEDU202023-01-012023-12-31informaplc:AdjustingItemsMemberiso4217:GBPxbrli:shares5493006VM2LKUPSEDU202022-12-31ifrs-full:IssuedCapitalMember5493006VM2LKUPSEDU202022-12-31ifrs-full:SharePremiumMember5493006VM2LKUPSEDU202022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006VM2LKUPSEDU202022-12-31ifrs-full:OtherReservesMember5493006VM2LKUPSEDU202022-12-31ifrs-full:RetainedEarningsMember5493006VM2LKUPSEDU202022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493006VM2LKUPSEDU202022-12-31ifrs-full:NoncontrollingInterestsMember5493006VM2LKUPSEDU202022-12-315493006VM2LKUPSEDU202023-01-012023-12-31ifrs-full:IssuedCapitalMember5493006VM2LKUPSEDU202023-01-012023-12-31ifrs-full:SharePremiumMember5493006VM2LKUPSEDU202023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006VM2LKUPSEDU202023-01-012023-12-31ifrs-full:OtherReservesMember5493006VM2LKUPSEDU202023-01-012023-12-31ifrs-full:RetainedEarningsMember5493006VM2LKUPSEDU202023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493006VM2LKUPSEDU202023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember5493006VM2LKUPSEDU202023-12-31ifrs-full:IssuedCapitalMember5493006VM2LKUPSEDU202023-12-31ifrs-full:SharePremiumMember5493006VM2LKUPSEDU202023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006VM2LKUPSEDU202023-12-31ifrs-full:OtherReservesMember5493006VM2LKUPSEDU202023-12-31ifrs-full:RetainedEarningsMember5493006VM2LKUPSEDU202023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493006VM2LKUPSEDU202023-12-31ifrs-full:NoncontrollingInterestsMember5493006VM2LKUPSEDU202023-12-315493006VM2LKUPSEDU202024-01-012024-12-31ifrs-full:IssuedCapitalMember5493006VM2LKUPSEDU202024-01-012024-12-31ifrs-full:SharePremiumMember5493006VM2LKUPSEDU202024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006VM2LKUPSEDU202024-01-012024-12-31ifrs-full:OtherReservesMember5493006VM2LKUPSEDU202024-01-012024-12-31ifrs-full:RetainedEarningsMember5493006VM2LKUPSEDU202024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493006VM2LKUPSEDU202024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember5493006VM2LKUPSEDU202024-12-31ifrs-full:IssuedCapitalMember5493006VM2LKUPSEDU202024-12-31ifrs-full:SharePremiumMember5493006VM2LKUPSEDU202024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5493006VM2LKUPSEDU202024-12-31ifrs-full:OtherReservesMember5493006VM2LKUPSEDU202024-12-31ifrs-full:RetainedEarningsMember5493006VM2LKUPSEDU202024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember5493006VM2LKUPSEDU202024-12-31ifrs-full:NoncontrollingInterestsMember5493006VM2LKUPSEDU202024-12-31

![](data:image/jpeg;base64,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)

Annual Report and Accounts 2024

![](data:image/jpeg;base64,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)

Strategic Report Governance Report

About Informa

Informa at a glance  2

Investment case  4

Market trends  6

Business model  10

Chair’s introduction  12

Review of the year

Group Chief Executive’s review  16

Key performance indicators  22

Informa: 2004-2024  24

Informa in 2024  26

Informa: 2025 and beyond  36

Informa Markets  42

Informa Connect  44

Taylor & Francis  46

Group Finance Director’s review  48

Financial review  50

Risk report

Introduction 60

How we manage risk  62

Principal risks and uncertainties  64

Other Strategic Report information

Viability statement  71

Task Force on Climate-related

Financial Disclosures report  74

Non-financial and sustainability

information statement  79

Informa’s Board

Board of Directors  81

Board review and activity

Chair’s introduction to governance  84

The Board’s year  86

Section 172 statement  92

Compliance with the UK Corporate

Governance Code  96

Committee reports

Nomination Committee report  100

Audit Committee report  105

Directors’ Remuneration

report 115

Other governance information

Directors’ report  133

Statement of Directors’

responsibilities 135

This Annual Report and Accounts is at the

centreofour reporting to shareholders and

otherstakeholders.

We make supplementary information available for

anyonewho would like to explore further. Head to

our Review of 2024 microsite for extra detail and

video content by following the links and QRcodes

in this report. The Informa website is also home to

other reports in our wider suite, including the 2024

Sustainability Report and Climate Impacts Report.

Stay up to date with

more information at

informa.com

See how

Informa has

transformed

Informa: 2004-2024

pages 24 and 25

![](data:image/jpeg;base64,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)

Financial Statements Company Information

Independent auditors’ report  137

Consolidated financial statements

Consolidated income statement  145

Consolidated statement

of comprehensive income  146

Consolidated statement

of changes in equity  147

Consolidated balance sheet  149

Consolidated cash flow statement  150

Notes to the consolidated

financial statements  151

Parent Company

financial statements

Parent Company balance sheet  222

Parent Company statement

of changes in equity  223

Notes to the Parent Company

financial statements  224

Other financial information

Glossary of terms: alternative

performance measures  231

Five-year summary  233

Shareholder information  234

Advisers 236

We include International Financial

Reporting Standards (IFRS) and

alternative performance measures

in this report.

Alternative performance measures are

defined in the glossary onpages 231

and 232 and marked with an asterisk

thefirst time they are used.

This Strategic Report was approved

by the Board on 13 March 2025.

John Rishton

Chair, on behalf of the Board

Get to know

Informa TechTarget

Inside Informa

TechTarget

pages 40 and 41

Introducing

Informa

Festivals

Inside Informa

Festivals

pages 38 and 39

Read our

Group CEO’s

review of 2024

Group Chief

Executive’s review

pages 16 to 21

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

01

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAYzBG4DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3KiiitjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACimySJDG0krqiKMszHAA9Sa5DUvih4W052jW8e7dc5FrHuH/AH0cKfwNXCnOfwq5Mpxj8TsdjRXnf/C5vDv/AD5ap/36j/8Ai6P+FzeHf+fLVP8Av1H/APF1r9Vrfymf1il/MeiUV53/AMLm8O/8+Wqf9+o//i6P+FzeHf8Any1T/v1H/wDF0fVa38ofWKX8x6JRXnf/AAubw7/z5ap/36j/APi6P+FzeHf+fLVP+/Uf/wAXR9Vrfyh9YpfzHolFed/8Lm8O/wDPlqn/AH6j/wDi6P8Ahc3h3/ny1T/v1H/8XR9Vrfyh9YpfzHolFed/8Lm8O/8APlqn/fqP/wCLo/4XN4d/58tU/wC/Uf8A8XR9Vrfyh9YpfzHolFed/wDC5vDv/Plqn/fqP/4uj/hc3h3/AJ8tU/79R/8AxdH1Wt/KH1il/MeiUV53/wALm8O/8+Wqf9+o/wD4uj/hc3h3/ny1T/v1H/8AF0fVa38ofWKX8x6JRXnf/C5vDv8Az5ap/wB+o/8A4uj/AIXN4d/58tU/79R//F0fVa38ofWKX8x6JRXnf/C5vDv/AD5ap/36j/8Ai6P+FzeHf+fLVP8Av1H/APF0fVa38ofWKX8x6JRXnf8Awubw7/z5ap/36j/+Lo/4XN4d/wCfLVP+/Uf/AMXR9Vrfyh9YpfzHolFed/8AC5vDv/Plqn/fqP8A+Lo/4XN4d/58tU/79R//ABdH1Wt/KH1il/MeiUV53/wubw7/AM+Wqf8AfqP/AOLo/wCFzeHf+fLVP+/Uf/xdH1Wt/KH1il/MeiUV53/wubw7/wA+Wqf9+o//AIuj/hc3h3/ny1T/AL9R/wDxdH1Wt/KH1il/MeiUV53/AMLm8O/8+Wqf9+o//i6P+FzeHf8Any1T/v1H/wDF0fVa38ofWKX8x6JRXJ6Z8SfC+qOI11D7NIei3KmP/wAe+7+tdWCGAIIIPIIrKcJQdpKxpGcZaxdxaKKKgoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqtqF/baXp899eSiK3gQu7nsP6ntjvVmvKfjNrTxwWGixSYEuZ51HcA4T8M7j+ArahS9rUUDOrU9nByOG8X+NtQ8V3jBmaHT0b9zbKePq3q38u1cxRRX0MIRguWK0PFlJyd2FFFFUIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACu18EeP7zw3dR2l5I8+lM2GRssYfdP8P61xVFRUpxqR5ZIqE3B3ifWcM0dxBHPC6yRSKHR1OQwIyCKfXnnwh1p9Q8Nz6fNIXksJAEz2jblR+BDfhivQ6+dq03Tm4Poe1TnzxUkFFFFZlhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ2t6lLpWmfaYLdLiZp4YEjeUxqWklWMEsFbABfPQ9K0axPFX/ACCIP+wlYf8ApXFTW4B9q8Uf9AfR/wDway//ACPR9q8Uf9AfR/8Away//I9bdFFwMT7V4o/6A+j/APg1l/8AkevHPio+oSeKoG1K3t4JfsabUt52mXbufncyJznPGPxr36vLPjLojTWdlrcSZ8jME5A52k5U/QHI/wCBCuvBTUayv1ObFRbpOx45RRRXunkhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHqvwT3/bNYx9zy4s/XLY/rXsNef8Awk0R9N8MyX8yFZb+QOuevlqML+pY/QivQK+fxklKtJo9jDRcaSTCiiiuY3CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/IIg/7CVh/6VxVt1ieKv8AkEQf9hKw/wDSuKmtwNuiiikAVBeWdvf2c1pdRLLBMpR0boQanopp2A+dfGXgW/8AC128qI9xpjHMdwoztH91/Q+/Q/oOTr60dFkRkdQyMMFWGQRXI6l8MfC+oyNILJrR26m1fYP++eVH4CvUo5grWqL5nn1MG73gfPNFe5f8KZ8O/wDP7qn/AH9j/wDiKP8AhTPh3/n91T/v7H/8RW/1+iY/U6p4bRXuX/CmfDv/AD+6p/39j/8AiKP+FM+Hf+f3VP8Av7H/APEUfX6IfU6p4bRXuX/CmfDv/P7qn/f2P/4ij/hTPh3/AJ/dU/7+x/8AxFH1+iH1OqeG0V7l/wAKZ8O/8/uqf9/Y/wD4ij/hTPh3/n91T/v7H/8AEUfX6IfU6p4bRXuX/CmfDv8Az+6p/wB/Y/8A4ij/AIUz4d/5/dU/7+x//EUfX6IfU6p4bRXuX/CmfDv/AD+6p/39j/8AiKP+FM+Hf+f3VP8Av7H/APEUfX6IfU6p4bRXuX/CmfDv/P7qn/f2P/4ij/hTPh3/AJ/dU/7+x/8AxFH1+iH1OqeG0V7l/wAKZ8O/8/uqf9/Y/wD4ij/hTPh3/n91T/v7H/8AEUfX6IfU6p4bRXuX/CmfDv8Az+6p/wB/Y/8A4ij/AIUz4d/5/dU/7+x//EUfX6IfU6p4bRXuX/CmfDv/AD+6p/39j/8AiKP+FM+Hf+f3VP8Av7H/APEUfX6IfU6p4bRXuX/CmfDv/P7qn/f2P/4ij/hTPh3/AJ/dU/7+x/8AxFH1+iH1OqeG0V7l/wAKZ8O/8/uqf9/Y/wD4ij/hTPh3/n91T/v7H/8AEUfX6IfU6p4bRXuX/CmfDv8Az+6p/wB/Y/8A4ij/AIUz4d/5/dU/7+x//EUfX6IfU6p4bRXuX/CmfDv/AD+6p/39j/8AiKP+FM+Hf+f3VP8Av7H/APEUfX6IfU6p4bXdeBfh7deILmK/1CJ4dJRg3zZVp/Zf9n1b8uenqWlfDnwxpMglj08XEoOQ9y3mY/A8fpXVVz1swurU18zelg7O8xscaQxJFEipGihVVRgKB0Ap1FFeWd4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKXB9KMH0oASilwfSjB9KAEopcH0owfSgBKKXB9KMH0oASilwfSjB9KAEopcH0owfSgBKKXB9KMH0oASilwfSjB9KAEopcH0owfSgBKKXB9KMH0oASilwfSjB9KAEopcH0owfSgBKKXB9KMH0oASilwfSjB9KAEopcH0owfSgBKKXB9KMH0oASilwfSjB9KAEopcH0owfSgBKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFKqs3QE1KsB/iOPpSbSGk2Q0AE9BmrQiQds/WngAdKnnKUCqInPbH1p4tz3YfhU9FLmZXIiIQL3JNOESD+Gn0UrsdkN2L/dH5UoAHQUtFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUqKKK2MAooooAKKKKACsTxV/yCIP+wlYf+lcVbdYnir/kEQf9hKw/9K4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVKkLHluBUyoqdB+NS5JFKLZAsLN14HvUqwqvbJ96koqHJstRSCiiikUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBSooorYwCiiigAooooAKxPFX/IIg/7CVh/6VxVt1ieKv+QRB/2ErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUoBY4AyanSELy3JpN2Gk2RJEz89B61YSNU6Dn1p1FZuTZoopBRRRSKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigClRRRWxgFFFFABRRRQAVieKv+QRB/2ErD/wBK4q26xPFX/IIg/wCwlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKekZf2HrT44c8t09Kn6VLl2LjHuIqhBgCloorM0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKVFFFbGAUUUUAFFFFABWJ4q/wCQRB/2ErD/ANK4q26xPFX/ACCIP+wlYf8ApXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKnjix8zdfSlii28nr/KpaiUuiNIx6sKKKKgsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKVFFFbGAUUUUAFFFFABWJ4q/5BEH/YSsP/AErirbrE8Vf8giD/ALCVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKsRRbfmPX+VJDHj5m/CpqiUuhpGPVhRRRUFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUqKKK2MAooooAKKKKACsTxV/yCIP+wlYf+lcVbdYnir/AJBEH/YSsP8A0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUsUe47j0FMjTe2O3erYAAwOlTJ20LjG+oUUUVmaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFKiiitjAKKKKACiiigArE8Vf8AIIg/7CVh/wClcVbdYnir/kEQf9hKw/8ASuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUAZOBRU8CfxH8KTdhpXZIiBFx3706iisjYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKVFFFbGAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigByLvYD86tgYGKjhTamT1NSVnJ3ZrFWQUUUVJQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUqKKK2MAooooAKKKKACsTxV/yCIP+wlYf+lcVbdYnir/AJBEH/YSsP8A0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAU+Nd7gdu9MqzCu1M9zSk7IqKuySiiisjUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuf1jxjpOjuYXka4uB1jhwdv1PQfzrnPGfjCRZpNL0yXaFys8y9c/3VPb3Nef16+Ey3nSnV27HzmY537KTpYfVrd/5HcXPxLvmf/RbC3jX/pqWc/pioP8AhZOsf8+1h/37f/4quOor01gcOtOU8N5rjG7+0Z2P/CydY/59rD/v2/8A8VR/wsnWP+faw/79v/8AFVx1FP6lh/5EL+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVH/CydY/59rD/AL9v/wDFVx1FH1LD/wAiD+1MZ/z8Z2P/AAsnWP8An2sP+/b/APxVPi+JWqB8y2dm6eiBlP55NcXRS+pYf+RAs0xi/wCXjPVdL+IOl3rrFdo9lI3GXO5P++u34jFdYjrIiujBlYZDKcgivn6uk8L+K7jQ51gmZpLBj8yHnZn+Jf8ADvXBicrVuaj9x6+Bz6XMoYnbv/mev0UyKWOeFJonV43UMrKcgg96fXiH1Kd9UFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFKiiitjAKKKKACiiigArE8Vf8AIIg/7CVh/wClcVbdYnir/kEQf9hKw/8ASuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADkXc4FW6hgXgt+FTVnJ6msFoFFFFSUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnizV20bQJp4zieQ+VEfRj3/AAn8K2689+Js77tOtwSEw7kep4A/r+ddODpqpXjF7HDmVd0MLOcd/89Dz6iiivqz8+CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD0j4cau01tPpUrZMP7yL/dJ5H4Ej867uvHPBM7QeLLPaSBJuRgO4Kn+uPyr2Ovm8ypKFe666n2+R13VwqUvsuwUUUV557AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBSooorYwCiiigAooooAKxPFX/IIg/7CVh/6VxVt1ieKv8AkEQf9hKw/wDSuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFPiXdIPbmgEWUXagHpS0UVibhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV558TYW8zTp8Hbh0J9Dwf8AH8q9DrB8YaQ2seH5Y4hmeE+dGPUgHI/EE/jiurBVFTrxk9jgzOi62FnCO+/3anjVFFFfVH5+FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHQeCoWm8W2WAcIWdiOwCn+uK9jrgfhxpDRxT6tKuPMHlQ+4B+Y/mAPwNd9XzeZ1FOvZdND7fI6LpYROX2ncKKKK889gKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApUUUVsYBRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKntx1b8Kgq1EMRj86mWxUFqPooorM1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA848ZeD5I5pNT0yItE2WmhXqh7sB6eo7fTpwdfQdc7q/gvSdWcy+Wbac8l4MDd9R0P869jCZlyRUKv3nzeYZH7STqYfRvdf5Hj1Fdxc/DS+V/8ARb+2kX1lDIf0zUH/AArbWP8An5sP+/j/APxNeksdh3rzHiPKsYnb2bOOorsf+Fbax/z82H/fx/8A4mj/AIVtrH/PzYf9/H/+Jp/XcP8AzoX9l4z/AJ9s46iux/4VtrH/AD82H/fx/wD4mj/hW2sf8/Nh/wB/H/8AiaPruH/nQf2XjP8An2zjqK7H/hW2sf8APzYf9/H/APiaP+Fbax/z82H/AH8f/wCJo+u4f+dB/ZeM/wCfbOOorsf+Fbax/wA/Nh/38f8A+Jo/4VtrH/PzYf8Afx//AImj67h/50H9l4z/AJ9s46iux/4VtrH/AD82H/fx/wD4mj/hW2sf8/Nh/wB/H/8AiaPruH/nQf2XjP8An2zjqK7H/hW2sf8APzYf9/H/APiaP+Fbax/z82H/AH8f/wCJo+u4f+dB/ZeM/wCfbOOorsf+Fbax/wA/Nh/38f8A+Jo/4VtrH/PzYf8Afx//AImj67h/50H9l4z/AJ9s46iux/4VtrH/AD82H/fx/wD4mj/hW2sf8/Nh/wB/H/8AiaPruH/nQf2XjP8An2zjqK7H/hW2sf8APzYf9/H/APiaP+Fbax/z82H/AH8f/wCJo+u4f+dB/ZeM/wCfbOOorsf+Fbax/wA/Nh/38f8A+Jo/4VtrH/PzYf8Afx//AImj67h/50H9l4z/AJ9s46iux/4VtrH/AD82H/fx/wD4mnx/DXVC4Et5ZqvqpZj+W0UvruH/AJ0CyvGP/l2zi66Dwz4WudeuVkdWjsUb95KeN3+yvqf5fpXaaZ8PNMs3WS8kkvHH8LDan5Dk/nXWxxpFGscaKiKMKqjAA9hXDic0jblo79z1sFkM+ZTxO3b/ADG29vFa28cECCOKNQqqOgAqSiivDbvqz6lJJWQUUUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKVFFFbGAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAAMnFXQMDFVYxmRatVEzSAUUUVBYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBSooorYwCiiigAooooAKxPFX/IIg/7CVh/6VxVt1ieKv8AkEQf9hKw/wDSuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUASwD959BVioLcfeNT1nLc1jsFFFFSUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUqKKK2MAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFiAfKT71LUUH+r/GpaylubR2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApUUUVsYBRRRQAUUUUAFYnir/kEQf8AYSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAsw/6sVJUcP+rFSVk9zZbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUqKKK2MAooooAKKKKACsTxV/wAgiD/sJWH/AKVxVt1ieKv+QRB/2ErD/wBK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBZh/1dSVFB/q/wAalrJ7m0dgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKVFFFbGAUUUUAFFFFABWJ4q/wCQRB/2ErD/ANK4q26xPFX/ACCIP+wlYf8ApXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALEB+Uj3qWoLc8sKnrKW5rHYKKKKRQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBSooorYwCiiigAooooAKxPFX/IIg/7CVh/6VxVt1ieKv8AkEQf9hKw/wDSuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUASQHEn1FWaqRnEin3q3Wc9zSGwUUUVJYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBSooorYwCiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVwHIB9ap1ZhOYx7cVMy4bklFFFZmgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBSooorYwCiiigAooooAKxPFX/IIg/wCwlYf+lcVbdYnir/kEQf8AYSsP/SuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFTQHkr+NQ06Ntrg0mroadmW6KKKyNgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigClRRRWxgFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAtxtuQGnVBA3JX8anrJqzNou6CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigClRRRWxgFFFFABRRRQAVieKv+QRB/2ErD/wBK4q26xPFX/IIg/wCwlYf+lcVNbgbdFFFIAoopskiQxPJIwVEBZmPQAdTQGwksscETSzOscaDLMxwAK4/VPiBbwOY9Og+0Ef8ALVyVX8B1P6VzXiXxJNrV00cbMlkh/dx/3v8AaPv/ACrBr2sNl0Uuarv2Pl8dnU3Jww+i7/5HRTeN9clfKXEcI/upEpH/AI8DUf8AwmWv/wDP/wD+QY//AImsGiu5YaivsL7jyXjcS3f2j+9m9/wmWv8A/P8A/wDkGP8A+Jo/4TLX/wDn/wD/ACDH/wDE1g0U/q9H+RfchfXMT/z8l97N7/hMtf8A+f8A/wDIMf8A8TR/wmWv/wDP/wD+QY//AImsGij6vR/kX3IPrmJ/5+S+9m9/wmWv/wDP/wD+QY//AImj/hMtf/5//wDyDH/8TWDRR9Xo/wAi+5B9cxP/AD8l97N7/hMtf/5//wDyDH/8TR/wmWv/APP/AP8AkGP/AOJrBoo+r0f5F9yD65if+fkvvZvf8Jlr/wDz/wD/AJBj/wDiaP8AhMtf/wCf/wD8gx//ABNYNFH1ej/IvuQfXMT/AM/Jfeze/wCEy1//AJ//APyDH/8AE0f8Jlr/APz/AP8A5Bj/APiawaKPq9H+Rfcg+uYn/n5L72b3/CZa/wD8/wD/AOQY/wD4mj/hMtf/AOf/AP8AIMf/AMTWDRR9Xo/yL7kH1zE/8/JfezoI/Guuo+5rtZB/daJcfoBW9pvxCV3WPUrUID1lhJIH/ATz+v4VwNFZzwdCas429NDWlmWKpu6m366/me4Wt1Be26z20qyxN0ZTxU1ePaFrtzol4skbFoGP72HPDD+h969btLqG+tIrq3fdFIu5TXi4rCyoPumfU5fmEcXHtJbr9UTUUUVyHohRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAqttYH0q4DkZFUqsQNldvcVM11Lg+hLRRRWZoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBSooorYwCiiigAooooAKxPFX/IIg/7CVh/6VxVt1ieKv8AkEQf9hKw/wDSuKmtwNuiiikAVyXj3U2tdMiso2Ia6J3kf3BjI/EkfrXW15p8QJC2vxJnhLdePQkt/wDWrswMFOur9NTzc2qunhZW66HKUUUV9EfEhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXd/D7U2P2jTJGJAHmxe3Zh+oP51wlb3gyRk8U2gB4bep9xtP/1q58XBToyT9fuO7LarpYqDXV2+/Q9Yooor5k+6CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApyNscGm0UAXaKihfK7T1FS1k1Y2TugooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigClRRRWxgFFFFABRRRQAVieKv8AkEQf9hKw/wDSuKtusTxV/wAgiD/sJWH/AKVxU1uBt0UUUgCvOfiHbsmrWtx/BJDsH1UnP/oQr0asHxbpDatoriIEzwHzYwBy2ByPxH64rqwdRU6yb2ODM6DrYaUY77/ceT0UUV9IfDBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXR+CLZp/E0Mg+7Aju35bf5tXOV6X4F0hrLTGvZQRLdYKg9kHT8+v5Vy42qqdF+eh6OV0HWxUey1fy/wCCdXRRRXzZ9uFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAqsVYEVbBDAEdDVOpYXwdp6HpUyRUXbQsUUUVmahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBSooorYwCiiigAooooAKxPFX/IIg/wCwlYf+lcVbdYnir/kEQf8AYSsP/SuKmtwNuiiikAUUUUAcN4q8IPLLJqOmpuZvmlgUck9yv+FcGQVYqwIIOCD2r3WsvU/Dumas2+6th5uMeYh2t+nX8a9PDZg4Llqao8HHZMqsnUouzfToeO0V6BN8OYGfMGoyIvpJEHP5giov+Fcf9RX/AMl//sq71j8P/N+DPIeT4xP4PxX+ZwlFd3/wrj/qK/8Akv8A/ZUf8K4/6iv/AJL/AP2VP6/h/wCb8H/kL+yMZ/J+K/zOEoru/wDhXH/UV/8AJf8A+yo/4Vx/1Ff/ACX/APsqPr+H/m/B/wCQf2RjP5PxX+ZwlFd3/wAK4/6iv/kv/wDZUf8ACuP+or/5L/8A2VH1/D/zfg/8g/sjGfyfiv8AM4Siu7/4Vx/1Ff8AyX/+yo/4Vx/1Ff8AyX/+yo+v4f8Am/B/5B/ZGM/k/Ff5nCUV3f8Awrj/AKiv/kv/APZUf8K4/wCor/5L/wD2VH1/D/zfg/8AIP7Ixn8n4r/M4Siu7/4Vx/1Ff/Jf/wCyo/4Vx/1Ff/Jf/wCyo+v4f+b8H/kH9kYz+T8V/mcJRXd/8K4/6iv/AJL/AP2VH/CuP+or/wCS/wD9lR9fw/8AN+D/AMg/sjGfyfiv8zhKK76L4cxB8y6m7r6JCFP55Nb+meFtJ0t1kit/MmXpLMdxH07A/QVnPMaMV7uptSyTEzfv2ivv/I5Lwx4PlupI73UYylsDlYWHMn1HYfzr0bpRRXj18ROvLmkfS4TB08LDkh833CiiisDrCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALUT7156jrT6pqxVgRVtWDKCKzkrGsXcWiiipKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKVFFFbGAUUUUAFFFFABWJ4q/wCQRB/2ErD/ANK4q26xPFX/ACCIP+wlYf8ApXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACnxybDz0NMooauCdi71oqvFJt+Vun8qsVk1Y2TuFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFKiiitjAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXFeNPiNZeFJ1sYbc3upFQ5hD7EiU9C7YOCewAJ+mQa7WvlzxJPJc+LNamlYs7X84yfRXKqPwAA/CurCUVWnaWxhiKrpwujtD8aNdLHGmacB2B3n+tH/C6Ne/6Bum/+P8A/wAVXGaVoxv7a51C5nNrpVpzPcbckn+4g6Fug9sjr0rN1bXtL8tbbQ9KWKMH57m9VZ5ZePRgVT/gP6V2VKeHg7KNzmpzrz6nov8AwujXv+gbpv8A4/8A/FVIvxu8QKMf2bph+vmf/FV5/wCH7qwkke28RWDxWxh8xLy2g8t4QejEIMMpz1IPOKs63ocujtBMk6XenXQzbXcfR++1vRv54+oBTpYabs42CdSvDZncf8Lv8Qf9AzTP/In/AMVR/wALv8Qf9AzTP/In/wAVXmRIUEk4A5JrtdB8ERyaa2seIJJLeySMzC3UlWKAZ3ORyOOcDn37VpUwuGgtYmccVXl1Nj/hd/iD/oGaZ/5E/wDiqP8Ahd/iD/oGaZ/5E/8Aiq5xfGfgeFfLj8Jh0HAaSGNmI9ySTn8azL/WPB+pSYtbK90mZj/rFw8QP+0meB/u4Psa51DDX1h+Jv7TEd/wR3tr8ctWSYG70Wzli7iGVo2/M5FeteHfEWn+KNHj1LTZGaJiUdHGHjcdVYdiOPzBHBr5ZvLO4069ls7uPy54zyAcgjsynuD2NepfAqeRdS1y33Hymihk254DAuM/kf0FTjMJSjS9pTKwuJqSqckz2qiiivJPSCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApUUUVsYBRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiioL29tdOtJLu9uI7e3iGXkkYKqj6mgCevlfX93/CR6wEGXOoXAUep81sV9DLf61rv/IKg/s2wP8Ay/XkRMsg9Y4TjH+8+P8AdIr541MtYeItQbfJM1vqEzb3wWcrKxycYGTj2rvwDtOVt7HLjI+5G/c7jx7YwaH8M4dNi37VkjjBX+JuWYt9SCfriuStNN1DwRZ6L4wsLiO/sbtNlwkZKhNw+aJ/1GezL04GfSvFGp6Hc6Y2m3qS3n2qNZFgthl9ucq27gLyOCSM4PXmuc8O3Fho2gapoV5o9/d6XeSbghliZ1BUAnqBuyMgj0BpVadSSvCN0Z4fE0ab5aklF+bOeur25u/CN7qOmLczWkFvHps8stoiJHCpGzkSsd5J9MHd2xXS+D9Lu9a+GE2mX0BjUl/sTMMEj76t/wB9k/UVwFv4TvrzWzpWm3cTxzk4aRjESq8/Oh+YH8COuCQM17rbRxaD4dhjlkzFYWgDvjqETk/pTgn1CvKNkonj3g3Tk1rxJYxSKGgUG4kU9wvIH/fRXPtmvVfGFyLfwpqClSzXERtkUf3pPkH5Zz+FebfDi4S18V2qy4DT28kK8YG7h/8A2Q16rrOnRanpkkEszwBSJFmTGUZTkHngjjoa6K7k5M548qa7f8E89tEWxtYrextLOST7CJ0NvOkhBIG1ZCAMM3Xk+tcBqugXVi9os0omv7skm3QbnBJ46dSSfzHeu8sdet2sYTBbNPO6h5VtkCqGPXJJAB9skiptFvbPTtaudWv9GuJLmRwIp0dZDDHsAwFz1yDyMnBrzKEZ87drI9HE4qhBcrkubtdFrx/oaweH9MvFAM9mEtpH/vIRj8cMB+ZrR+Bn/Ib1n/r2i/8AQmqDxzrljqHgoNZziVLm5SIYBBVlO8gg8gjb39feqXwlttRm1jVJNM1D7JcRQRkLJEJIpRuPyuvBx7qQR79K9CrrhpI48N/Gj8z6CornbTxR5N1FYa/a/wBmXkjbIpN++2uG7BJMD5j/AHWCt6A9a6KvGasewFFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApUUUVsYBRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKx9Y1l7SeLTdOjS51e5UtFCxwsaA4MshHRB+ZPA9gB+r65FpjR20ML3mpTg+RZxEb39WJ6Kg7sePqcA17Hw9JNdx6nr0yXt8h3QwqP9HtT/0zU9W/2zye20cVb0XQ4tIWWV5XutQuTuubyUDfKew/2VHQKOAPfJOrUSl0R0Qp21YV8q68P+Km1kH/AKCFz/6NavqqvEviP8PtSi1q51rR7SS8tbpvMmhhG6SKQ/eIUcspPPGSCT2rsy+rGnV957nNj6UqlP3ehxWgapFZ5s7ohAzfu5j0PGArH2AAHsMdq6muJbSdS5VtKv8A0INrJ/hUkFlrdqoW3ttViUdFWCQqPwIIr3I1oRVk1b1PlsTlsqsnON035HWT20Fwo8+NW2nKk9VPqD2rmtY1eW4X+z7TUb6S1B/e77l3Rv8AZGScj9OKrz2OtXQ23Nrqkq/3Wgk2/kBimDStSAwNMvgP+vV/8KmU6c3rb8DTC4KrQ1bb8tbFQmQYaKV4pVIZJEOGVh0II6V0llqC61EIr66up51A3wXFwzKfcKTgj8Kx/wCy9S/6Bl9/4Cv/AIU1tH1B8btLvuOQfs0mR+lZ1lTqaqSudFSjUnHlV16HXqqooVQAo4AA6VHcXENrC008ixxr1Jrm1t/ECLtWLVse9u7fqVzUL6VqksgkmsNSlcdGkt5GI+nHFc6pq+sl95wRyud/eenoyG8uBfag90I/LQjai4wSP7x9z/ICvTPgl/yGtY9reL/0Jq8+g0LWrqVYrfRtRlkY4AW1f9SRgD3PFe6/DfwZL4T0meS+KnUr0q0yo2VjVc7UB7kZJJ9T7A1ONqU4UPZxd2z3sBQmqidrJHYXNrb3ttJbXUEc8Ei7XjkUMrD0IPWsBI9S8JgG1FxqeiL962JMlxaD/pmesiD+4csOxPC10lFeKnY9pxTHWN9a6lZRXllPHPbSruSSM5DCrFcpdafdaFfTaxocJlSZt97pqnCzeskf92X9Hxg84NdDp2o2mrWEN9YzLNbyjKOv6gjqCDwQeQRg0NdUZ7aMtUUUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKVFFFbGAUUUUAFFFFABWJ4q/5BEH/YSsP/AErirbrE8Vf8giD/ALCVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimu6RRtJIwVFBZmY4AA7mgDP1vVhpNmrRwm4vJ3ENrbKcGaU9BnsBgknsATSaFox0uKWe6lFzqd2wku7nH3m7Kvoi9FXt9SSaHh+F9Yvn8TXSsElQx6bE3/ACytz/Hjs0mAfZQo9a6Wom+hvThbVhTXdI42kkZURQSzMcAAdyadXyv8S/FN/r/jDUYZJ5lsrWdoIbYsdqhDtJx6kgnnnnHanTp87sVUnyK57PN8aPB0Op/Y/tVy8YyDdJATECP/AB4/gpFd1Z3lvqFnDeWkyzW8yB45F6Mp6Gvl6w8FWV7pdpqK6yrQ3FtcSOPL2mGWIKTG3J/vZ91GcV0XhjxRqPge78NWS6sk2k6gqPc21wBi23vhmDdVxycZxkNkVrKgnG8DGNe0uWR9DUUAggEHINFcx0hRRRQBycj63/wsyKJdasBpP2MudOyPOPbdjr97HzZxgEY711leWy2F3/wu5Zfsk2xrhbkS+WdvlC08snd0+/xj1PvXqVVLoPlS2dwoooqRBRRRQAUUUUAFc1fK3hXUZdbtEJ0u4bdqlugyEPT7SoHcfxjuOeq89LSEBgQQCDwQaadhNXLKOksayRsrowDKynIIPQinVy2hu2gau3h2Un7DMrTaWxP3VH34P+A9V/2Tj+CupoasZhRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigClRRRWxgFFFFABRRRQAVieKv+QRB/2ErD/0rirbrE8Vf8giD/sJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK53xDnVr+z8Nxk+Xcgz35Ha2U8r/AMDbC/7u/wBK6InAyelYPhVftqXmvvktqcu6AkdLZMrEB7EZf/toaG7K5UI8zsdAAFUKoAAGAB2paK5bxH4+0Xw5I1s8j3d+OtrbAMy/756J+Jz6A1kouTsjqOpr5w0lrfRvirqmmeKdLhuhqVy8JlliztaRyVkXPZsj3Gc54weru/ixr88mbOw060j/ALsu+dvzBQfpXPa1408Q6qLRrs2Ey206Tj/QwWUqwYFfmz1HIBGRkV1QoVEmmtxVKcrc1tv62Oe8Tabqnw816fTYZBJp07rPAZ4UkVwCcHDKQHXJBIAP4EVLc2Gj+M/iFp9npepXfk36A3Fzc20auJcMzDbGFU9AM+pJya6TX9WvvGekRw38GlXEQPmQT26yQuh74JZ+vQgg/mKyfAl5oXgzxG15rVjdy3EDmNLmFxJFDuX7xXAbO1sZ574GcVs6NWEOacdfkebSxVCvUcKUr+Wuh9HW8C21rFboWKRIEUsckgDHJqWq2n6jZ6tYQ31hcJcW0y7kkQ5B/wAD2I6g1Zrzj0wqjrGsWGg6XNqWpTiC1hxvcgnqcAADknJq9XlXx6vBF4PsLQPhp70MR6qqNn9StVCPNJImcuWLZUf4meHm8bJrI8T3405bfyzp/wBlfaW/ljPzZxuyMZxxXqOja1p/iDS4tS0ycT2sudr7SpyDggg8g5r40yu3GDuz1zX058G7QW3w2sZMEG4lllOf98qP0UVvWpqMboxo1HKTR31FFFcx0BRRRQAUUUUAFFYvizWn0Dw3dX0KhrnCx26sMgyOQq59gTk+wNeQvd69q19IiXms6hdIivL5F59nRASQOA6KM4PAGeK6aGFlWTknZLucWKx9PDyUGm2+iPY/EGmS6npbLausd/bsLizlPRJl5XPseVPqGIq3outRazpFtfpG0fmr88bdY3BwyH3VgQfcV4fcw6/ZW0l1dw6/FbxKXkk/tZm2KOpwsxJx7CqrSfYFbyrzVAZC0pWG9n+Y9Wc4fA9Sx49TXVHL24v3lp6nBUziCkl7OV35L/M+jQwboQaWvnbS9e1ONluNO1bVLedk3qtzO06OM46OWVhngleR0yDXtnhvXDrnh6y1IABpo/3if3JAdrr+DBh+Fc1fCSpJO6aZ1YbHQrtxs01umbtFQicdwRUgkU9GFc1mjsTTHUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFKiiitjAKKKKACiiigArE8Vf8AIIg/7CVh/wClcVbdYnir/kEQf9hKw/8ASuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBh+LZpU8Oz21u5S5vmSyiYdVaVgm4f7oJb/gNbVvbxWlrFbQIEhhQRoo6KoGAPyrD1P/AEvxfoVnn5bdZ79h7qoiXP8A3+Y/8BrE+IPjc6JCdI0uQHVpky0g5Fqh/iPqx/hH4ngYKcXJqKN6SM74g+PZbeaTQtDn2XC8Xd4h5h/6Zp/t+p/h+vTy5EWNcKMZOSepJ9Se5oRAi4BJ7kk5JPck9zTq9GlSVNWR306fLq9wooorU1GIssLM1tcSQbzlgmCCfXBBGfekWFVjZDl9+S5fksT1JqSii7tYxjh6UJupGKUnu7HWfCDWn0zXpdElf/R7zcEBPSZBkH6tH191Fe4V8uW11LpmsC9twTNbvFdxgH7xU8r+IUD8a+nrW5ivbSG6gcPDNGskbD+JSMg/ka83FQtK/c53HldiHVNRh0nS7rULgMYreMyFUGWbHRQO5J4Hua8e+I+ox6ZpEU+vwpqOvX0TLBbyDNvYIw+bYvQsOBuPJIzwBiu98Rala6l4o0vwwsys6sL+7jz/AAR8xqfcvtbHoh9a85+PEDPJoTxozEJcF9q5wo8vk+3NY09akY9zOo7Qcux4zX194Ls/sHgjRLYrtZbKIsvoxUE/qTXzHpXgXxNq91axQaJfpHcFdtxLbukQU/xFiMYxz/KvreNFijWNBhVAUD0ArfESWiRjQT1Y6iiqerajFpGkXmozhjFbQtKyr1bAzge56VynSeY6l8edKtNQmt7TSbm6hjcoJvNVA+DjIGDx6fyqCL4/af56rcaDdxx/xMkyswHsCBn8xXL6En2K0so1h08yTyzLKkVxuniKswLOmz5VyAB83QiuR8QaPdRRy6rqMyRXVzOdlrwzbfqD2GP0+ldEVBy5WvxOdyna6Z9W6bqNtq+mW2oWb77a5jWSNvYjPPofarVcz8PNLn0bwBo9lcq6zLCZHSQYZS7F9pHbG7GPaumrBqzsjdO61OP+JX/IqL/1+Qf+hivKvIgn1Zxc6q2lKIV2TJvUzHJyu5WAwvBwf71eu/EGynvfB90bdDJJbOlz5ajJdUYMwHvtBx715JbSWkl213Lp9rq9q8arGskgxEwJyQCCDnI9xivXwPvYeUVvc+dzT3MZCpLRWauN1GysU0+d4vFUuoSquUtHaaRZiOikbz16cjA61U1Rr+1uftNq7eTLbtbzoIFlwpOTwQeD3x6CtK++wXNlLDZ+F7GyuHXCXMcgVoj/AHhtUE49O9S9q7qNFyhKMlY8vE42NKtCrTala5haWb+5ntRJLJ9is0cR74AhYvjPOATkjJJzk4r2j4bf8iLZ/wDXe6/9KJK8vuLmG1iMk0ioo9TjPsPU1654J02fSvB+n2typScq80iHqjSO0hX8N2Pwrkx8I06cYJ9TvyzETxVepXcbKyWhv0UUV5R7goZh0JFPEzjvn61HRRZDuyYXB7rThOvcGq9FLlQ+ZlkTJ64/Cl81P71VaKXIh87LfmJ/eH50b1/vD86qUUcgc5b3r/eH50b1/vD86qUUcgc5b3r/AHh+dG9f7w/OqlFHIHOW96/3h+dG9f7w/OqlFHIHOW96/wB4fnRvX+8PzqpRRyBzlvev94fnRvX+8PzqpRRyBzlvev8AeH50b1/vD86qUUcgc5b3r/eH50b1/vD86qUUcgc5b3r/AHh+dG9f7w/OqlFHIHOW96/3h+dG9f7w/OqlFHIHOW96/wB4fnRvX+8PzqpRRyBzlvev94fnRvX+8PzqpRRyBzlvev8AeH50b1/vD86qUUcgc5b3r/eH50b1/vD86qUUcgc5b3r/AHh+dG9f7w/OqlFHIHOW96/3h+dG9f7w/OqlFHIHOW96/wB4fnRvX+8PzqpRRyBzlvev94fnRvX+8PzqpRRyBzlvev8AeH50b1/vD86qUUcgc4UUUVRAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDzrxZ4uHhvxPqDRIJr9tPghs42HyqxeVpHY/3QPL47nAHfHljvLNNLcXErTXEzmSWV+rsepP8Ah26Vb1rUjrfiPUdWLB1nmKwkdPJU7Ux9QM/Umqdd9Kmoq/U9LD0+WKb3CiiitjpH29tc317BZWUDT3U5xHGDj6knsB3NelaN8LbOJVl1y5e9l6+RCzRwr+R3N+JA9q4jwbq8OieMxe3e4WYtTDJIoJ8re2QxA7ZjAPpnPQV6pf8Ajvw1Y2pmGr2t02MrDaSCaR/YKp/U4HvXnYudZSUY7M5fawnKUb7aWOa8cw+GPCen2xg8N6NLeXDsI0nt15VRljwMk52qPdhmuAvriO+uYZotL0/ThGpUpYxFBJnH3hnBxjj6mrev63ceI9Zk1G4QxIF8u3gznyox6/7RPJ/Adqzq3w9DkinLcuFJX5mVpvkvbZ/726M/iM/+y16d4Z8eW+h/Ddo5iJtQsZms7a3J5kyN0f0UKcE/7B715jfcW3mf88mWT8Aef0zU+xN/mbV34xuxzj61rUpqpownT5n/AF/XQla4u5L86jJdy/2i0pnN0h2v5h7j0GOMdMcdKv6p4p1bVbmzmv7eC4e2ieIPEfLLbipyVORn5B0P4Cs2kbedqxRtJK7BI416u5OFUe5JAq1GMZKa3RGIwtKtSdOp8L3PXvhG99L4XuZp1MVk124s4Sd2xRw+D6F93HbBrv6y/Dek/wBh+G9O0wlWe3gVJGXoz4yx/FiT+NaleTUlzTcu5z04KEFFdAqhrcenzaLeQarNHDYzRNHM8kgjAUjB+Y9Kdq+pRaPpF3qMyM6W8ZfYn3nI6KPcnAH1rxubxl4bOoST+Ibz7fqqsVf9wzxWx6GOIEYAHTcOW6kmrpUnN9jOvWVNbXZRj1fTba4u4kvDeLHcPFHPFCXaZFOFY7AQenXoevepNK1bToPFcOoXOgXWoz7Y4bBXKoEl3MS21j6EHOONufcUdBs7rVLcw6JPZX9tb4jEssjQug7b0Kk/iODg9DxXaaB4V/s26/tC/nW5vwpWPYuI4AeoUHkk92PbjjnPTHDQTueS8fiXPlcUor5t/wBeZ1cPjm2jIGr6bfaUhx++mCSQg+7xs20e7YFdSCGUMpBBGQR3rj2VXRkdQysMEEZBFHhK4bTdUufD7E/ZTH9qsMn7iZCyRD2VipHoHx0ArOth1Fc0Tuw2LdSXLPc7Gsa98JeHtQunubrRrKSd/vyGIBm+pHX8a2aK5U2tjuaT0Zz3/CC+Fv8AoB2f/fFH/CC+Fv8AoB2f/fFdDRT55dyfZw7I43wf4e0mwa/kj021W7ttQuI1m8sF1QuWRQ3UAKyj8K6+sHQPl1jxPH6amre3NtAa3q1bb1ZzNJOyCiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+YYIJLSIWky7ZrcmCVf7rodrD8walrsPH3h28i8X6jeadaST2zW8N1cJGCzKzF0ZlUDkfuwWxkjdnpnHGxyJKgeN1dT0KnIr0oTUkepQqKcF3HUUySWOJd0jqo9ScV0Wi+CPEWvbXhsvsdq3/Lxegpkeqp94/jgH1pynGKu2aSnGO5gQXH2G/W4ZHaJkMcmwZI5yDgde4/Go4tzvNO6bGmkLlfQdAPyAro/GnhOHwheaOgv5rmS8im8xpMKpZTHjao6D5j1JPvWBTjV54JLY46OFpfWJYqK95qwUUUUzvGyoJYnjboylT+NR2jmSziZvvbQG+vf9amqtZna1xD/clJH0b5v6mkQ9JIs16D8MPCv225XxLex/6PESLBD/G3Qykeg5C/ifQ1y/hXw1L4s1sWXzLYQ4e9lBxhT0QH+836DJ9K+gIYYreCOCGNY4o1CIiDAVQMAAdhXJia1vcRjVnd8qH0UUVwGJzHjhg2m6daH/l61GBceuwmb/2lXy5r9t9j8RanbAYEV1IoHsGOP0r6d8WOJfEGg2vUp9ouvptUR/8AtY14f4l8NXev+KNTv7AxJbNOYx5rEEsmFc4APG5WrtpNQp3ZwVbyruK7EvwgujF4lu7YsAs1qWA9WVhj9C1e0V4fofg7U9O1WO6luYowgOJIJDvRscEcevY8EZr1Hw9rsl/JLp18qLqFuiuzJ92ZDkB1HUcjBHY/WtqdaEnypnLiaE4+/bQ36zdUm/s6ew1kcCwuA0p/6Yv8kmfYBt//AAAVpVHcQR3VtLbzKGilQo6nuCMEVrJXVmcsJOElJdDtKKwPBt7Jd+G4Irhi11ZFrOcseWaM7Qx/3l2t/wACrfryGrOzPootSSaCiiikM57Qfm1vxQ/rqSLj6WsFb1YXhhhNDql0BxPqdz+Ox/K/9p1u1ucj3YUUUUhBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv8AkEQf9hKw/wDSuKtusTxV/wAgiD/sJWH/AKVxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPPtQ8b6RZ+OoZx9qe3t4J7O7mjgLoH3oVxjltpVwcA8mtVNN8CeMJmuYYdMvLk/NI0JCTf8DC4b/vqud8X+BpNPt9S1zSbseWpe7ms5oyw5O6QowOR/E2CG54GK5jUfC+r2qrNfaG88QwyXNl/pC+xXb84+u0VtyQlZqVmcTxWKoyd6XNHy3+49e03wh4e0idZ7HSLWKdfuzFNzj6M2SPzrarwnS/FetWDFNP16WVYzhre8P2gD2O75x9NwrtvD3xFnvdTttO1fT44XuG8uO5tpCUL9gysMrnoOW5rKdCa1ep0YfNMNVlyX5ZdmrFD4pQxXOuaLDPGkkf2W6O1xkZ3Q1xH9iad/wA+5/7+N/jXe/E0Y1zQT6292Cf+BQVyVYSlJWsz7bKqNOeHvOKer3Rn/wBiaf8A88D/AN/G/wAaP7E0/wD54H/v43+NaFFT7SfdnpfVaH8i+5Gf/Ymn/wDPA/8Afxv8as+HvBUOueJZ7OG/+wxfZ1mZVj8x5AGKttJOFxuXqD16VPWp4SuPsnjnS37XCTWpP1XzB+sQ/Orp1Zp7nBmWGprDOUIpNW2Vj0/QdAsPDelpp+nRFY1O53Y5eVz1Zj3J/wDrDAAFadFFDd9WfLhRRRSA4rV5RceOnTg/Y9OTn0MsjEj8olrldT0S/sb64u7CD7Za3EhleBCFkjYjkrkgMCRnGQck9eztS8YadpPxC1+3vxKiPLCqzqu5VCxJwQORyW5x37V0tnf2eowiayuobiM/xROGH6V6UaSlSUZI8arWnCvKcTgm1eyhfy7qU2cv/PO7Uwt/49jP1FM0C8S78fW01qN8JtnhMoBw45Y4PcAheenNdr4g0xtY0O5s4yqzMA8LN0EikMufbIGfbNc14KsLi4vZdVuo1gMCvarblgzI+4by2On3VA9jnuKinho05cyZNbG1KiUFHTq/67ncUUUV1HKR6DN/Z/jC4tjxDqkAmX086LCt+LIU/wC/ZrtK8712RrK0h1dATJpcy3fHUouRIPxjLj8q9EBBAIOQa8/ExtO/c9nBVOanbsFQ3VzHZ2c91MwWKGNpHJ7KBk/yqasDxeTPo8elL9/VLhLPHrG3Mv8A5CWSudK7sdbdlcf4Tt5LbwppizqFuHgE0wHaR/nf/wAeY1s0AAAADAFFbHIFFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUANdFkjaN1DIwIZT0IPasTwi7waZLo0zEzaTKbTLdWiABib3zGVBPqGrdrnNYP8AYuvWevD5bWYLZah6BSf3Uh/3XJU+0hPahq6sXCVmamqeHtH1tQNS022uWAwrvGN6/Ruo/A1kab8PtB0vVIr+GO5d4W3QxzXDSJE2MZAPJPPcnHauporNSklZM2lThJqTSujz/wCJ6YOhz/8ATeWL/vqMt/7JXE16D8ToN/h6yuf+fa/ic/8AAg0f85BXn1RPofU5JK9GUez/AEQVAl5BJeSWqsfNjGWG046A8HofvL+YqeofsoFjPfqBut9SRJD6RzQquf8AvuOMfnSjG9zuxVd0eRrZySfo7k1ILj7FeWN7u2i2u4ZWb0QON/8A47upagvIPtNlPB/z1jZPzGKUXZpmuIp+0pSh3TPfaKztA1D+1fDum6h3ubWOU+xZQTWjVvQ+GCiiqer3q6bot9ft922t5Jj/AMBUn+lAHzBrd0L7xDqt2DlZ72aRT/slzj9MVRjLRTCaJmjlHSSNirD8RzTIl2QovooFPr6yEEoKLPl5zbm5I04PEeuWwxHrF7j/AG5S/wD6FmtHw/4vvNL143l/cPPbXO1LokDIA4D8Dkj9R9BXN0VMqMGrWBVH1PodHSWNZI2V0YBlZTkEHuKdXkXhbxxNoEAsr2KS6sF/1ZQjzIR6DPVfbPH6V1j/ABP8LJCzreSuwXPlrA+4n05AGfxrgnFwdpGqi5fDqbfii7isfC2qTzFdgtnUBjwzEYA/EkD8a8vg+Nfi2CCOFTYlY1CgtAScAY55rK8aeO7jxQy20EbW2nodwjJy0jerf4fz7cfWE1GW520FKmvU9I/4Xh4v/wCof/4Dn/4qu9+GWu67441OXWtZ8n7NpyNDbCKLaplfBZup5VQB9JPevn6CCW6uIreCNpJpXCRooyWYnAAHrmvrfwd4ci8K+F7LSk2mSNN07r/HKeWPuM8D2ArCpGMVojoUpPdm7RRRWBQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/AGErD/0rirbrE8Vf8giD/sJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKhu7WC+s5rS5jWWCdDHIjdGUjBFTUUAeG+JPiN4z8CasdBmjsLiKBB9muZ4nLzRdFZjuGW4weOoP1rI/4Xv4r/wCfXSv+/D//ABdetfELwTD400EwoVj1G2y9pKeme6H/AGWwPoQD2wfly7tZ7G7mtLqJoriFykkbDBVgcEGt4RhJbCc5rqd3rHxg8Q67pkmnXtrp3kSMjN5cThsq4YYJc91FdGCGUMDkEZBrxuvVNCuBdaHZy5JPlhST3K8H+VY4mCSTR9Fw7WbnOm30T+7/AIc0a1NAsH1bSvGGmxjdK1nbzQL6yqZSv/jyJWXXGeL7y90/U4ZbO7uLfzIQrGGUpuwxxnB9z+dY0VeVj086dsK5dmjr7eZbi3inT7siBx9CM1JWH4Tu/tWgRAsS8LGNs/mP0IrcrOceWTR6GGq+2oxqd0mek/De5M3g6KBmLPaTzQHPYByVH/fDLXW18neJ73UNM1uRbS/ureOdVlKRTMgzjbnAPX5ax/8AhIda/wCgxqH/AIEv/jXXGjzLmvufDYqfsa86dtmz7Jrk/iXeGy+HmruuMyxrBg+kjqh/RjXzF/wkOtf9BjUP/Al/8adFqup30yQ3WoXc8WdxSWdmXjpwTWlPDe+tepy1MR7j0L1FFFfRnz41XDO6j+HANOqtaNvM7+shqzUwlzK5U1yuwjHCk+1c9W7ctttpD/skVhVxYx6pHZhFo2FFFdR4E8G3XjPXktEDx2UWHu7hR9xPQHpuPQfiegNcTdtWdh3HwU8Fm6vD4ovov3EBKWasv35Ohf6LyB7k91r3iq9jZW2m2MFlZxLFbQII4416Ko6VYrklLmdzRKwUUUVIwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/wAgiD/sJWH/AKVxVt1ieKv+QRB/2ErD/wBK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV5x8TfhrH4qt21TS0SPWol5GQq3Kj+EnoGHZvwPGCPR6KabTuhNXPiueCW2nkgnieKaNijxupDKw4IIPQ13ngm4MujyQk8xSkAexGf55r1zx/8ADKw8YRteWxS01hVws2Plmx0EmPy3dR7gAV474e0zUfDniC80jVbR7a4aMPtfowBwCp6EcnkelaVWp02elk1T2eMj2d1/XzOrri/Hi4ksW9Q4/Lb/AI12lch48jzb2UmPus65+oH+FctD+Ij6bOVfBT+X5of4EfNndp6SKfzH/wBausrivAbgS3yd2VD+Wf8AGu1orr94wyaXNgofP82cZ47g5s7gD+8jH8iP61xtei+MoPN0Eyf88ZFf8/l/rXnVdmHd6Z81nlPkxjfdJ/p+gVd0xczs3YLVKtPS1+SRvUgf5/Ou3Dq9RHg4h2psv0yV/Lid/QE0+qt++20Yf3iBXpzlyxbPOguaSQ3TRi1Puxq5VXTx/oa+5P8AOrVTRVqaKq/GypqL7bXH94gVkVf1R8vGnoMmui8EfDrVvGVwJVU2umKf3l468H2QfxH9B3PQHz8VNe0d+h34aNqa8zL8KeEtT8X6stjp8ZCLgzzsPkhX1J9euB1P519SeG/Dmn+FtGi0zTotsacu5+9K/dmPcn9OAOBTvD/h3TfDGkx6dpcAihXlmPLyN3Zj3J/+sMAAVq15058x1JWCiiisygooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/ALCVh/6VxVt1ieKv+QRB/wBhKw/9K4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZWu+HdM8R2Yt9Rt9+zJilQ7ZIW/vIw5B6exxzmtWigDyLWPB2u6CWkgR9YsBkh4UAuIxngMg+/xjleevy1534wube80aGSCVX23AVgDyp2ngjqDx3r6hrnvEPgfw74oBbU9NjefGBcR/JKOMD5h1x6HI9qIqKkpHovNK8qEqFT3k+vX/AIJ80+DJxDrwjJ/10bIPr97+leiVZvvgdc6dfR33h/Vll8pw4t7wbCQO29QQc9PuiornT9c08gX/AIf1GLjJeCP7QgH1j3Y/EClXjzS5onp5JjqVKi6VWVnfS5m6xB9p0a8iAyTExA9SBkfqK8or1ddY01yUN5CjdCkjbD9MNg15ZcRCG5liVgwRyoIPXBrTC3V0zHiDkm6dSDT3WhHWxp67bQH+8Sf6Vj1twPHHbRhnUfKM5NerhF77bPksU/dSRPWdqj8Rp9Sa1LSGfUJfKsLa4vJcZ2W0LSH8lBrds/hR4u12ZZTYpYQFeHvZAh/75GWH4itsTWgoNXMcPSlzptHL2IxZx/j/ADq/YWV5qt6LLTbSa8uT/wAs4V3EDOMseijkcnAr1zQ/glptoqHWdRnvtuP3EI8mP3BIJY/UFa9H03StP0a0FpptnBaQDnZCgUE9Mn1Puea5ZY9RiowRssHzScps8t8KfBeFZk1HxS6zynDLYRN+7Tjo7fxH2HHHUg163DDFbwJBBGkUUahUjRQqqB0AA6Cn0V505ym7yO2MVFWQUUUVBQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRVvYv90flRsX+6PyqecvkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpWJ4q/5BEH/YSsP/SuKum2L/dH5UyW2gnQJNBHIoZXCugIDKQynnuCAQexAoUw5CvRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxf7o/KjnDkKlFW9i/3R+VGxf7o/KjnDkKlFW9i/wB0flRsX+6Pyo5w5CpRVvYv90flRsX+6Pyo5w5CpRVvYv8AdH5UbF/uj8qOcOQqUVb2L/dH5UbF/uj8qOcOQqUVb2L/AHR+VGxP7o/KjnDkKlFW/LT+6KTyk/u/rRzoORlWirJgT3pptx2Y0cyFyMgoqUwN2Ippicdqd0LlZaooorI2CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooARmCqWYgKBkk9q4TX/AIhJA722kIsrDg3D8r/wEd/r0+tVPHviV3mbRrR8Rp/x8OD94/3foO/v9K4OvawOXxcVUq9dkfL5rnE4zdHDu1t3+iNC91zVNRYm7vp5Af4d2F/75HFZ9FFezGMYq0VY+anOU3eTuwooopkhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWlY+INW04/6LfzIP7hbcv5HIrNopShGStJXLhUnTd4Oz8j03w/4/hvZEtdURbeZuFmU/Ix9/7v8AL6V21fPlei+AfErzY0a7fcyqTbux5IH8H4dR7D6V4uOy9Ri6lL5o+nyrOJVJKhXer2f6M76iiivGPpQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKqapejTtLurxsfuYmcA9zjgficVbrnfHLEeEL3Hcxg/99rWlGCnUjF9WjDE1HTozmt0m/wADyCSR5ZHkkYs7kszE5JJ6mm0UV9gfm+4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVNa3Mlndw3MLbZInDqfcGoaKGrqzGm07o9+tbhLu0huYv9XMiyL9CM1LWP4VZn8LacXGD5IH4DgfpWxXx1SPLNx7M/SqM+enGb6pMKKKKg0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsvxJZHUPDl/bKCztEWUDuy/MB+YrUoqoScJKS6EVIKpBwezVj58orovGOgto2ru8UeLOc74iOinuv4fyrna+vpVI1IKcdmfnFejKjUdOe6CiiirMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACgAk4HJorq/AugtqWrLezRn7Jandkjhn7D8Ov5etZ1qsaUHOXQ3w1CWIqqlDdnpmk2hsdIs7VvvQwqjfUDn9auUUV8hJuTbZ+jRioxUVsgooopFBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBU1LTbXVrF7S7j3xP6cFT2IPY15Xr3g3UdHd5Yka5sxyJUGSo/2h2+vSvX6K68NjKmHfu6rsefjsto4xXlpLufPlFe43ugaTqDFrrT4Hc9XC7WP4jmqH/CD+HP+gd/5Hk/+Kr1I5tSt70WeBPh2un7sk181+jPHaK9i/4Qfw5/0Dv/ACPJ/wDFUf8ACD+HP+gd/wCR5P8A4qq/taj2f4f5k/6vYr+aP3v/ACPHaK9i/wCEH8Of9A7/AMjyf/FUf8IP4c/6B3/keT/4qj+1qPZ/h/mH+r2K/mj97/yPHaK9i/4Qfw5/0Dv/ACPJ/wDFUf8ACD+HP+gd/wCR5P8A4qj+1qPZ/h/mH+r2K/mj97/yPHaK9i/4Qfw5/wBA7/yPJ/8AFUf8IP4c/wCgd/5Hk/8AiqP7Wo9n+H+Yf6vYr+aP3v8AyPHaK9i/4Qfw5/0Dv/I8n/xVH/CD+HP+gd/5Hk/+Ko/taj2f4f5h/q9iv5o/e/8AI8dor2L/AIQfw5/0Dv8AyPJ/8VR/wg/hz/oHf+R5P/iqP7Wo9n+H+Yf6vYr+aP3v/I8dor2L/hB/Dn/QO/8AI8n/AMVR/wAIP4c/6B3/AJHk/wDiqP7Wo9n+H+Yf6vYr+aP3v/I8dor2L/hB/Dn/AEDv/I8n/wAVWlZaJpenENaWMETD+MJlvzPNTLNqVvdiyocO12/fmkvK7/RHmmgeCL/VXSa7R7Sz6lmGHYf7IP8AM/rXqdlZW+n2kdraxiOGMYVR/nrU9FeVicXUxD97bsfQYLLqODj7mre7CiiiuU7wooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiikyPWgBaKTcPWqs2pWdvIY5Z1Rxzgg0AW6Kprqtg3S7i/FsVNHd20v8Aq7iJ/wDdcGiwE1FFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFISB1IFNMsY/jX86AuPoqPzo/74qs2r2CuUa5QMDgjB607MV0XaKqDU7Ful3D+LgVPHcQy/wCrmjf/AHWBpDJKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKQso6sB+NN82P++PzosK6H0VE9zCiM7OAqjJPoKrDWNPJwLpPxyKdmF0XqKqrqVi3S7g/FwKnSWOT7kit/unNIY+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKQkCmlz2oAfnFNLimUU7CuO3mkyfWkopiCiiigArkdf8A+Qq/+6v8q66uR1//AJCr/wC6v8qcdwZmUUUVZJJHPND/AKqV0/3WIq9DruoQkfvt49HAP69azaKLDOjt/FHQXFv9WjP9D/jWtbavY3WAk6hj/C/yn9etcNRUuKHc9GorhrTVbyzwIpiUH8Dcj/634VvWXiS3mwlyvkv/AHuqn/CpcWh3NuikR1kUMjBlPIIOQaWpGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVVnv4IMjdvb0Ws2bUp5chT5a+i9fzrSNOUjGdeEDYlnihGZHVfqapy6tEvEaM59TwKyCSTknJPc0lbKjFbnNLFSe2hdk1S4b7u1B7DP86rvczyfelc+2aiorRQitkYupKW7Llk2Q4981aqlZnEpHqKu1nPc3pP3Qrkbr/j8n/66N/Ouurkbr/j8n/66N/OoN4ENFFFIsmiu7mDHlTyoB2ViBV+HxDqEX3nSUejr/hisqiiyGdPb+KIm4uIGT3Q5Fa1tqFpd48mdGP8Adzg/ka4KjpUuKHc9Gori7TXL21wDJ5qf3ZOf161v2WvWl1hXPkyHs54P0NS4tDuatFFFSMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoqF7lF4X5jVd5nfqcD0FUotkOaRbaVE6sM+lRNdD+FfzqrRVqCIdRkpuJD3x9BUZdm6sT9TSUU7IhtsKKKKYiG8/wCPG4/65t/KuRrrrz/jxuP+ubfyrkaDSAUUUUiizFqF5CR5dzKMdtxI/Kr8PiS+jwJPLlHfcuD+lY9FKyHc6u38TWsmBPG8R9R8w/x/StWC6guV3QTJIO+08ivP6VHZGDIxVh0IOCKTgh3PRaK5C08RXdvhZsTp/tcN+f8AjXQ2Wr2l9hUfZJ/cfg/h61Di0O5eooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKQtigBScUwt6UhOaSnYVwooopiCiiigAooooAKKKKACuR1/wD5Cr/7q/yrrq5HX/8AkKv/ALq/ypx3BmZRRRVkhRRRQAUUUUAFFFFAFqz1C5sX3QSEDuh5U/hXT6drtve4jk/dTH+Eng/Q1x1FJpMaZ6NRXJ6Zr0tttiucyQ9A38S/411MM0c8SyROHRuhFZtWKTuPooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAoorNu9TC5jg5Pd+w+lVGLk7Iic4wV2XLi6itl+dueyjqayLnUJp8gHYnoP61VZmdizEknqTSV0wpKJw1K8p6LRBRRRWpgFFFFABRRRQBLbHFwvvWjWXGcSofcVqVlU3Oii9Arkbr/AI/J/wDro38666uRuv8Aj8n/AOujfzrM6YENFFFIsKKKKACiiigAooooA0LDWLqxIVW8yL/nmx4/D0rqLDVbbUFxG22THMbdf/r1w9KrMjBlJDA5BB5FJxTGmei0VzmmeIeRDfH2Ev8Aj/jXRAhlDKQQeQR3rNqxdxaKKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUEgDJ6VVluCflTgetNK4nJLcmkmWPjq3pVR5Xk6nj0FMorRRSMZTbCiiiqICiiigAooooAKKKKAIbz/jxuP+ubfyrka668/wCPG4/65t/KuRoNIBRRRSKCiiigAooooAKKKKANew1+4tcJNmaL3PzD6GuntL23vot8DhvUdx9RXA1JDPLbyiSFyjjoRUuNykz0KisbS9eju9sNxiOboD/C3+BrZqGrFBRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqvNPtO1Ovc00ribS3JmbHAplNRw4z37inU7WFe4UUUUAFFFFABRRRQAUUUUAFFIWA6kUnmLRYLodXI6//wAhV/8AdX+VdX5g9DXk3jn4g6doPi2bT7q0unKRoxeIKeoz0JFXCLb0JckbdFcPH8VfD7kBob+P3aJePyY1qWvj3wzdsqpqkcbHtKjJj8SMfrV8kuwuZHSUVBbXlrex+ZaXMM6f3onDD8xU9SMKKKKACiiigAooooAKuafqU+nS7ozuQ/ejJ4P/ANeqdFAzvrO9hvoBLC2R3U9VPoasVwNneTWM4lhbB7r2YehrtbG+iv7YSx8HoynqprOUbFJlmiiipGFFFFABRRRQAUUUUAFFFFABRRRQAUjMEUsxAA5JNDMEUsxAA5JNYd7etcttXIjHQevuauEHJmVWqqaH3moNPlI8rH+rVRoorsjFRVkedKbk7sKKKKZIUUUUAFFFFABRRQSAMk4AoAK1QcqD6iucn1rTbf8A1l7Dn0Vtx/IVoWutWc1pHLC7SIRwQuOnHelUpTsnYqjXp8zjzK5qVyN1/wAfk/8A10b+dbx1eDskh/Af415PqHxT0i21e+t57K+DQzumUVGBIYg9WFZOnLsdlOpFvRnaUVxMPxS8PSthxeQj1eIEf+Ok1sWnjXw3etti1e3B/wCmuYv/AEICpcZLoa8yN6imRTRTxiSGRJI26MjAg/iKfUjCiiigAooooAKKKKACtTStZlsGEcmXtyfu91+n+FZdFDVxnocM0dxEssThkYZBFPridM1SXTpe7QsfnT+o967OGaO4hWWJgyMMgismrFJ3H0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFIzBVJJwBQzBVJJ4FUpZTI3t2FVGNyZSsLLMZDjovpUVFFapWMG77hRRRQIKKKKACiiigAoopCwUZYgD1NAC0VXe9tkPMy/hz/KoW1W3B4Dn6CqUJPoQ6kFuyxef8eNx/1zb+VcjWvrOv29nol/dGKVlht5JGAwCQFJ9a8qj+LOiFf3llqCt6KiEf8AoQpunLsaU6kXszvqK423+J/hudsSSXNuPWWEn/0HNbNn4t8P33+o1a1yeAsj+WT+DYNS4tdDS6NmikBDAEEEHkEUtSMKKKKACiiigAooooAK39I14xlbe8YlOiyHqv19qwKKGrjPRQQQCDkHoRS1yejay1q629w2YDwCf4P/AK1dWCCAQcg9CKyasUncWiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKjml8tePvHpQlcTdhk8235FPPc+lVKCcnJorZKxhKV2KrFTkVaRw65H4iqlKrFTkUNXCMrFyimo4cZFOrM2CiikJAGTQAtIWA6mo2kJ6cUyqUSXLsSGT0FMLE9TSUVViW2wooooEFfM/xn/5KPd/9cIv/QRX0xXzP8Z/+Sj3f/XCL/0EVrS+ImWx5/RRRXSQPimlt5BJDI8cg6MjEEfiK6fS/iH4h03Ctdi8iH8F0N5/76+9+tcrRSaT3BNo9l0b4oaTflYtQjewlPG5jvjP/AhyPxGPeu2hniuYVmglSWJxlXRgysPYivmStTRvEOqaBP5un3TRqTl4jyj/AFX+vWspUl0LVTufRdFcZ4Z+Imn60Utr0LZXpwAGP7uQ/wCyex9j+Zrs6waa3NU09gooopAFFFFABVqwvpbC5EsfI6MvZhVWigZ6Ba3MV3brNEcq36e1TVxej6mdPucOT5DnDj0967MEMoZSCCMgjvWTVik7i0UUUhhRRRQAUUUUAFFFFABR0orN1O72jyEPJ+8fT2qoxcnZETmoRuytqF557+XGf3a/+PGqVFFdsYqKsjzJycndhRRRTJCiiigAooqpqGp2umQ+ZcyAZ+6g5ZvoKcYuTsiZSjFc0nZFus2/12w07Kyzb5R/yzj+Zvx9PxrktT8T3l9ujhJt4DxtU/Mfqf8ACsOvQpYBvWozx8RmyWlFX82dJe+MbuUlbSNIF7Mfmb/D9Kw7i+urs5uLiSX2ZiQPwqvRXfCjCHwo8iriatX45XCuy8NyB9IVR1R2U/z/AK1xtdR4UlzBcxf3WDfmP/rVnilemdGXStXS7nQ18z+Iv+Rn1b/r8m/9DNfTFfM/iL/kZ9W/6/Jv/QzXkyPqsNuzMoooqTrJ7S+u7CXzbO6mt5P70TlT+ldbpXxO12wKpdmK+iHUSja+PZh/UGuLoqXFPcE2tj3LRfiJoerbY5ZTY3B/guCApPs3T88fSutBBAIOQe9fMFdD4f8AGer+HmVIJvOtQebeblfw7r+H61lKl2NFU7nv1Fc74b8ZaX4kQJC/kXmPmtpD83vtP8Q/X1Aroqxaa0ZoncKKKKQBRRRQAVpaRqjafPtck27n5h6e4rNooauM9FVldA6kMpGQR3pa5jw/qnluLOZvkY/uyex9Pxrp6yasUmFFFFIYUUUUAFFFFABRRRQAUEgDJ6UVVuJcnYvQdaaVxSdkRzSmRv8AZHSo6KK2Ssc7dwooooEFFFFABRRVa5vYrYYJ3P8A3RTSbdkJyUVdlmqk+owQ8KfMb0Xp+dZVxezXBIZsJ/dHSq9dEaH8xyzxPSJdl1OeThMRj261Ud3kOXZmPqTmm0VuoqOyOaU5S3YUUUVRJleKP+RS1n/rxn/9FtXzTX0t4o/5FLWf+vGf/wBFtXzTUSOvDbMKKKKk6S7YaxqWltmxvri37kRyEA/UdDXZaT8VdUtiqanbxXkfd1Hlv+nB/IfWuAoqXFPcabR7/onjPRNd2pbXQiuG/wCWE/yPn0HY/gTXQV8wV2Ph34iaroxSC7Y31mONkjfOo/2W/oc/hWUqXYtVO57dRWXoniHTfEFr59hOGI+/E3Dp9R/XpWpWLVjQKKKKQBRRRQAVvaFq/lMtncN+7JxGx/hPp9KwaKGrjPRqKxdB1T7VF9mmbMyD5Sf4l/xFbVZNWLCiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACMwVSx6CqDuXcsaluZNzbB0HX61BWsVbUxnK7sFFFFUZhRRRQA5WKNkVZVg4yKqVXub8WWNuGc/wAOe1HI5OyH7RQV3sabMF+tREljk1DBcJcxCRDnPUdwalpcttGVzc2qCiiigAooooAKKKKACvmf4z/8lHu/+uEX/oIr6Yr5n+M//JR7v/rhF/6CK1pfETLY8/ooorpICiiigAooooAK7vwj8RLnSmjstWZ7ix+6snV4R/7Mvt1Hb0rhKKlxTVmCbWx9NW1zDeW0dxbyrLDIu5HU5BFS14P4Q8ZXXhm58tw02nyNmWHPK/7S+h/n+RHuNnd29/aRXVrKssEq7kdTwRXNODizeMrk9FFFQMKKKKACum8O6lvT7FK3zKMxk9x6VzNPileGVJYzh1OQaTVxo9DoqvZXaXtpHOn8Q5Hoe4qxWRYUUUUAFFFFABRRRQBBd3AtoC/8R4Ue9c+zFmLMcknJNWb+4+0XBwfkXhf8aq12UocqPOr1OeVlsgooorQwCiiigAoormfEXiL7KWsrJh52MSSA/c9h7/y+vTSlSlUlyxMa9eFGHPMsa54ki07db2+JLrv/AHU+vqfauHuLia6maaeRpJG6sxqIkk5JyTRXtUaEaS03PmMTi6mIleW3YKKKK2OUKKKKACt7wtLtvpouzR5/I/8A16wa1PD8hj1mEDo4ZT+Wf6VnWV6bOjCS5a8X5na18z+Iv+Rn1b/r8m/9DNfTFfM/iL/kZ9W/6/Jv/QzXiyPsMNuzMoooqTrCiiigAooooAdHI8UiyRuyOpyrKcEH1Br1Dwf8SBIY9P16QBvux3h4B9A//wAV+frXltFTKKktRptH0/1GRRXkHgXx4+mvFpWqSbrInbFMx5h9Af8AZ/l9K9eBDAEEEHkEVyyi4vU2TuLRRRUjCiiigA6V2ei6j9utNrn99Hw3v6GuMq1p941jeJOvIHDD1HelJXQ0zvKKajrJGrocqwyCO4p1ZFhRRRQAUUUUAFFFBIAJPQUARTyeWmB949KpU+RzI5b8qZW0VZHPKV2FFFFMkKKKKACiise/vzKTFEf3fc/3v/rVcIObsiKlRQV2S3mpYzHbn6v/AIVlEkkknJPeiiu2MFFWR586jm7sKKKKogKKKKACiiigDK8Uf8ilrP8A14z/APotq+aa+lvFH/Ipaz/14z/+i2r5pqJHXhtmFFFFSdIUUUUAFFFFAFixv7rTbtLqzneCdDlXQ4P/ANce1exeD/H1vruyxv8Abb6j0Xsk309D7fl6DxWlBKsCCQRyCO1RKCkOMmj6eorzzwJ48OomPSdWkAuwNsM7H/Xf7Lf7Xv3+vX0OuaUXF2ZsncKKKKkYUUUUAPhmeCZJY22uhyDXdWF4l9aJOnGeGX0PcVwVaug3/wBkvRE5/dS/KfY9jUyVykzsaKKKzKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApkr+XGW79qfVS5fLhR0FOKuyZOyIOtFFFbHOFFFFABRRTXdY0Z2OFAyaAIbu6W1i3dXPCisF3aRy7nLE5JqS5na5mMjdOgHoKhrup0+VeZ51apzvyJ7W6e1l3ryD95fUV0UE8dxEJIzkH9K5arFpdvaS7l5U/eX1qatLm1W5dGtyOz2OloqOGZJ4hJGcqf0qSuPY9BO+qCipEiLcngVOqKnQfjUOSRai2V1idu2PrUgt/Vvyp7TRpnc4BHUelRC7Rj8ilqV5Mfurck8hPeuR8Q/C/wAM+JtSk1HUbe4N1IoQvHOVwAMDjpXVPcFUJwM02Odyw3HIJxQuZapg3HY8yu/gD4ZlRvst/qdvIemXR1H4bQf1rk9W/Z91e3UvpOr2t4AM7J0MLfQY3A/iRX0HURnQNjn61Uas+4OEOp8c674R8QeGnxq+lXFsucCUrujJ9A4yp/OsWvuKSOK4haOVEkidcMrDIYHsR3rzDxh8EtF1oSXWiFdKviMiNR/o7n3X+D/gPA9DW0MQnpIiVLsfNlFa3iHw1q3hbUmsdXtHgl6o3VJB6q3Qj/Jwaya6E77GQUUUUwCuv8DeL38PX32W6Zm02dvnHXym/vj+v/1q5Cik0mrME7H08jrIiujBlYZDA5BHrS15p8MvFJmQaDeSZdAWtXY9VHVPw6j2z6CvS65JR5XY3TurhRRRUjCiiigDb8OXvk3TWzn5JeV9m/8Ar/4V1dedo7RurocMpyD6Gu9s7lbuzinX+Nckeh7j86iS6lInoooqCgooooAKqahceRbEA/O/A/rVusLUZvNuiAflT5R/WtKUeaRjXnywKlFFFdh5oUUUUAFFFUtU1GPTLB7h+WHCL/ebsKcYuTsiZyUIuUtkZviTXP7Ph+zW7f6TIOo/gHr9a4MnJyetSTzyXM7zzMWkc5Ymo692hRVKNlufKYvEyxFTme3QKKKK2OUKKKVVLMFUEknAA70AJUkFvNcyiK3iklkbokalifwFdnoPw+nulW41Zmt4jyIV++fr/d/n9K9BsNMstLg8myto4V77Ry31PU/jXm4jMqdP3Ye8/wAD28Hkdasuap7q/H7v8zzGw8AazdgNOsVoh/56tlvyGf1xXSad8OrazuI55tQmkdDkCNAg/XNdg9xEnVx+FNF0rfdUn3rzKmPxFTrZHu0cowdJp2u/N/5FNdCsh1EjfVq5G/8Agx4P1C5muJLe7SaaRpHdLg8knJ4OR1NdxJcsoGAMmlhmZn2tzXK51N7noxjTTskeVX37PugSp/oOrajbv6y7JV/IBT+tcbrPwE8R2QZ9Lu7TUkB4TPkyH8G+X/x6vo8nAyaiFwhbHI9zTjWminCB8XaromqaHcfZ9U0+5s5T0E0ZXd7g9CPcVQr7cvtPs9TtWtb+1hurd/vRTRh1P4GvHfGXwJgmWS98Ky+TLyxsZ2yjeyOeR9GyPcVtCunpLQzlSa2PBaKs6hp95pV9LZX9tJb3MR2vFIuCD/nvVatzMKKKKYBXpfw58ZGN49C1GTMbfLaysfun+4fb0/L0x5pQCQQQcEVMoqSsxp2Z9P0VyXgLxR/wkGkeRcuDf2oCyZPMi9n/AKH3+tdbXI1Z2ZunfUKKKKQBRRRQB1Hhq98yBrRz80fzJ/u//r/nW9XBWF0bK9inGcKfmHqO9d4CGAIOQeQazktS0LRRRUjCiiigArP1S4MaLEhwzcnHpV8kAEk4ArnbiYzzvIe54+la0Y3lc58RPljZdSSO7I4kGR6jrVtHWQZU5rLpVYqcqSDXQ4J7HJGq1uatFVIrztIPxFWlZXGVIIrJxa3N4yUthaKKp6hdfZ4dqn94/T2HrRFOTshykoq7K2pXuSYIzx/GR39qzKKK74RUVZHmzm5u7CiiiqICiinRxvK4SNSzHoBQG42pIoJZ22xRs5/2RW3ZaCoAe7OT/wA81PH4mthUjgjwiqiDngYArlniYrSOp2U8HKWs9DnodAuXwZXSIen3j/n8auJ4etwP3k0jH2wK0nuYk6uD9KQXG7oh/GsHWqs6o4ejHTczrrwzpt7Yz2dwkjQzxtE43kEqwwensa46f4G+DJRhIr6HjrHc5/8AQga7+S5bcFXA96lgkLghuo71DnU3bNYxpp2SPINQ/Z70qQE6brd5AfS4jWUfptrh9b+CHizS1aS0S31OIZP+jyYcD3VsfkCa+m2YIpJ6UxJlc4GQfenGtNDcI7HxLd2V1p9y9te201tOn3opkKMPqDzUFfaWt+HtI8R2ZtdX0+C7jwQpkX5kz3Vuqn3BFeHeNPgbe6ckl94ZkkvrcZZrSTHnKP8AZPR+/HB6da3hXjLR6GcqbWx49RTnRo3ZHUq6nDKwwQfQ02tzMKKKKAFBIIIJBHQivaPAHjH+3LX+z75/+JjAuQx/5bL6/Ud/z9ceLVPZXk+n3sN5ayGOeFgyMOx/wqJx5kOLsz6YorJ8N67B4i0WG/hwrn5ZY8/ccdR/UexFa1crVjcKKKKQBRRRQB22jXv23T1LHMkfyP7+9aFcdoF39m1ERscJN8h+vb/D8a7GspKzLQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACMQqkntWeSWJJ6mrdy22LHqcVTrSC0Maj1sFFFFWZhRRRQAVlarc5YQKeBy3+FaU0ghheRuijNc47l3Z2OSTk1vQhd3ZzYidlyrqNooorrOIKKKKALNndvay5HzIfvL611UMeVDsCMjOCOn1rL0bTQoF1MvzHmNT2960dQv4dOtWnmJwOijqa4K8lOfLDc9PDxdOnzVHoTTTJBEZJGworJn1WSU4hyiHODjk/Ssee+kvXaaQkgkBQOg/Dufb86v2VhJcsWIKpnBJPP4nv9BTVGNNXkZvEyqy5aewqE/aO7buCPvEH+Q4FaMUUj4JXr3PP/wBarMNnDCBhQSOQSOh9qsVlOpfY6KdBr4iAQHZtJ4NKluqNnJOOlSSSJFG0kjqkaAszMcBQOpJrmP8AhYOg/bPI8yfy/wDn48o7Omen3vbp+nNKnTqVL8iuOrXoUbe0klfa51NVGgcNgDI9az7bxdoF3IY49TiUgZzKDGPzYAfhW3SlGdN2krepUalKsrwkn6O41F2oF9BTXnRGxyT7VJVWSF95IGQTUqzeppJtLQqa74f0vxRpL2GqWyz278qejI3ZlPYivmDx98PtQ8D6iA5a402Y/wCj3YXAJ/ut6N/PqO+PrGJCkYB61U1jSLHXtKn03UYFntZ12ujfoQexHUGrp1HB+QpQ5l5nxRRXS+OfBt54K8QyafPmS2f57W4xxLH/APFDoR/QiuaruTTV0czVgooopgS21xLaXMVzA5SaJg6MOoI5FfQ3h3Wotf0S31CPAZxiRAfuOOo/z2Ir50rvvhbrn2PWZNKlfEN4MxgngSAf1GfyFZVY3VyoOzPYaKKK5jYKKKKACul8MXWUmtWPT51+nQ/0/Ouaq7pFx9m1SB84Uttb6Hik1dDR3NFFFZFhRRRQBFcS+TbvJ6Dj61zhOTk1r6vJiJIx/Ecn8KyK6qKtG5wYmV527BRRRWxzBRRRQAV594l1M6hqRjRv3EGUXHQnuf8APpXWeIdQ/s/SZGRsSyfu0x1BPU/gM15zXpYClvUZ4mbYi1qK9WFFFFekeGFFFKiM7qiKWZjgADJJoAktraa8uY7e3jaSaQ7VRepNeseGPCFtoka3FwFmvyOXxxH7L/jS+EfDCaHZie4VWv5V+c9fLH90f1rR1fWI9OVY1G6Z+Bjov1/z9ffwcZjJV5eypbfn/wAA+uy3LYYWH1jEfF+X/B/IuXV5DaJmRgGxwvrWXLqU07FR+7Xngdce+en4/lWR58k0xdpC7kYBGT7HH+JrWstMeRQ0gCrxgY46dh3+prk9lGmryPQ9vOtK0NiO2LF2UZPcHOevXk++enrWnFA7DJH9f51ajt44iCq/N6nrUlYzqX2OmnR5VqyAwblAY0+OERknOTUd9fW2m2cl3dyeXBHjc20nGSAOBz1IrnrX4g6Dcb/NknttuMebETu+m3d+uOtOFKrUi3CLaFUxGHoyUakkm+7OoZdyEeoqqIHLYIwPWq1l4k0bUMC31GAsz7FR22MzegVsE9a1KhqUNJKxpGVOquaDuvIKi+0Juxzj1qUjIxVQwPuxjj1pRS6lSbWxheM/AukeNtO8m9QRXaLiC8RfniP/ALMvqp/Q818t+J/DGpeEtal0zU4tsi8xyL9yVOzKe4/l0PNfZajaoHoK57xn4O0/xpoT2F4oSZctbXIGWhf1HqD0I7j3AI0pVXF2ewpw5tep8eUVf1rR73QNYudL1CLy7m3fa47H0I9QRgg+hqhXac4UUUUwNTw9rU3h/WrfUIckIcSIDjeh6j/PcCvoa3uIru2iuIHDxSoHRh3BGQa+Za9c+FWt/adMn0iV8yWp8yLPeMnkfg3/AKEKxqx0uXB9D0Oiiiuc1CiiigArstAuvtGmIpPzRHYfp2/T+VcbW14auPLv3hJ4lXj6jn+WamS0GjrKKKKzLCiiigCnqU3lWpUH5n+X8O9YdXtVl33IQdEH6n/IqjXZSjaJ5uIlzTfkFFFFaGIU5HZDlSQabRQBa/tCOKJpLghEQFmbsAKxpLtb1zOjhkb7pByMVkeMNQ8q0jskb5pjuf8A3R0/M/yrk7S+ubGTdBKV9V6g/UV24fB80Odbs83F5nyVfZNXS3PQKKw7DxJBPhLoeTJ/e/hP+FbasrqGUgqeQQeDSnCUHaSNaVaFVXg7i0UVJDC9xMsUYyzHArNuxsld2Q61tZbuYRRDJPU9gPU11VlYQ2Me1Blz95z1NLZWcdlAI05Y8s3djWbq+tpbSG0hb98Rkt2X159f8/ThnOVaXLDY9GEIYeHPU3L93qMVt8oO+Q5wq881lyXkl1ne+FPG0EAD8f8ACsyMs7kYZm287jjr6+g9hW7Z6Y2A8xYEDgfh6dqpwhSWpCqVK7stiC03MuACSDjIGM9+pyT2rRigfAyAPw/xqzHEkWdigZ6n1p9c8ql3odcKPKtSBrffyW5FSRxiNcCqWr63YaJbCa+m2bs+WijLOQM4A/qeORk81kW3j7QJ4y0k8tuQcbJYiSff5cj9aqNGtOPNGLaM54rD0p8k5pPzZ0cqF0wOvWoooXEgJGAKi0/WdN1VQbK8imJBbYGw4AOMlTyOfUVeqGpQ91qxtFwqWnF3XkISFBJ6Co1nRm28j60+Rd6FfWqyQvvGRgA0klbUcm09Dh/iH8LLDxfDJfWKx2mtKMiUDCz4HCv/APFdR718zahp93pV/PY30DwXUDbJI3GCp/z3719uV598UPh3D4x0pryyjRNatkJhfgeco/5Zsf5E9D7E1tSq8uj2JnC+qPluinSRyQyvFKjJIjFWRhgqR1BHY02uwwCiiigDrfh/4iOia+kEz4s7wiOTJ4Vv4W/Pj6E17lXzBXvXgbXDrnhmCSV91zB+5mJPJI6E/UYP1zWFWPU0pvodLRRRWBoFFFFACglWBBwRyCK72yuRd2UU4/jXn2Pf9a4Guo8MXG+2mtyeUbcPof8A9X61MloUjeooorMoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAq3TZdV9BVepJzmZvyqOto7HPJ3YUUUUyQooooAzdWlwiRA9fmNZNWb+TzLyQ9lO0fhVau6nG0UebVlzTbCiiitDMKv6TZfbLrLj91Hy3v6CqFddpdr9ksUUjDt8zfU1hXqckdN2dGGpe0nrsie4uI7S3eeU4jQZOK4e8v31C6eZi+MjYo/gXt+J6D86u+KNR865+xxnMcQzJjPJ9OPy9uaqaRZPqF9tY5VW3Mc4HuRn04ApUKSpw9pInF15VqvsYbL8zT0TRzJJ9okUJDj5Yx0z7f1NdOqqihVUKB2AxSRxpDGscahUUYAFZl/d3EV1sRiigAjjrXLKUq0j0KcIYamachYROUGX2nb9aybCa4a8CszsDncD2rVhZnhRmGGKgkU+s1LlTVjaUOZqSZXv7X7dp11ab9nnxPFuxnbuBGcd+teV3PgHX4JAscEVwCM74pQAPb5sH9K9Ku/EGkWJIuNQgVg2wqr7mB7ggZIquvi7QnJA1BODj7jf4V14ariKCfs43T8mebjsPgsVJe1nZrzX6nlGoeH9W0tS15YSxxgAmQDcgycDLLkDntmjSdf1LRZN1lcssZOWhblG6ZyPfAGRg4717XbXlteRh7aeOVcA/K2cA9M+lYmteDdK1jfL5f2a6bJ86EYyeeWXoeTkngnHWuyGZxl7leP8AXoebUyOdP97hKmv9dUVfDvjiz1dktrwLa3rEKq5JSU47Htz2PqMEmurrwzV9Ev8ARLkQ30Ozdny3U5VwDjIP9DzyMjmu88FeLnv2TStQZnugD5M3XzABnDe4A69+/PXLF4GKj7ahrE6MuzWbqfV8VpLo9vk/Pt3/AD7ZjtUn0FVBO4bJOfarnUYqIQIGzz9K8xNdT3ZJvY5n4heDofGfheayCoL6LMtnK38Mg7Z9G6H8D2FfJEsUkEzwyoySRsVdWGCpHBBr7ir5s+OPhhdH8WR6vbxhbbVFLsFGAJlxv/MFT7kmt8PPXlZFWPU8tooorrMQqa0upbK8huoG2ywuJEPoQcioaKQH0tp97HqOm217F/q54lkAznGRnH4VZrifhdqP2vwsbRj89nKyAf7LfMP1LD8K7auSSs7HQndXCiiipAKOlFFAHoFpN9otIZv76An64qasrw7L5mkqueY2K/1/rWrWT3NAooopAYepyb7xh2UAVTqSZvMndhzuYmo67oqySPKqXcm2FFFFUQFFFNd1jjZ3OFUEk+goA4bxdem41QW6n5Ldcf8AAjyf6Vz9S3M7XN1LO/3pHLn8Tmoq+hpQ5IKJ8dXqurVlPuFFFFWYhXdfD3QBPO2r3CZjiO2AEdW7t+H8/pXF2ltJe3kNrCMyTOEUe5OK900+xi03T4LOAYjhQKPf1P1J5rzczxHs6fJHd/ke5keDVat7WS0j+f8AwP8AIZqeoR6dZvMxXfj5FJ6muKklkuZZGk2mSVsMM5z6rx2HU1JreptfaiSr4hibEeeR0yWx9OfqQO1XfDumm5mE0iERIAACo7HhT9eprgp01Rp80tz161WWKrezhsv6uaGiaQYo/NmJZDgorDk/X29BXQUVjNfXIvSoJwH2hMe/SuJuVWTbPUioYeKijRvWkW0cxZ3eo64qrpUszmQOzMg7nnmtKioUrRtY0cG5qVzG8TaH/wAJBpBtFl8qVHEsTH7u4AjDe3J6fr0PnU/gPxBDMyJaxzKOkkcyhT9NxB/SvR5/FOh28ojk1KAsRn92S4/Nciki8VaHMVCahH82MblZevrkcfjXdh6+KoRtGN15pnlYzCYHFT5pzSl5Nf8ABPIL3SdR07JvLKeFQ+ze6EKW54DdD0PSruj+KNV0TCW0++Af8sJfmTv0HUcnPBGe+a9m/c3duR+7mhkBU9GVh0I9DXJeIPAVrqG640zy7S5+UeXjbEwHXgD5T9OOOnOa66eY06vuV4/5HnVclrYf97hJ3f3P/gmt4f8AE9j4hjYQ7oriMAyQORke4PcZ4z+YGRW3Xgk8F1pl+0UqyW91A/rhlYcggj8CCPrXq3g/xL/btgYrl4xfw8Oo4Lrxh8focd/TIFc2NwPsl7SnrH8juyzNnXl7CurT/P8AyZ0MzlI8jrUMUzmQAnINWWUMuD0piQqhyMk+9ecmrHstO+h5f8avBK63oB16ziH9oachMuBzLB1I+q8sPbd7V83V9yMquhR1DKwwQRkEV8hfEHwz/wAIn4zvtNRSLUt51sT3ibkD3xyufVTXTh53XKzOrHqcxRRRXSZBW34S1Y6L4msrstti3+XNzxsbg5+nX8KxKKTV1YEfT9FY/hTUTqvhbTrtiS7QhXJOcsvyk/mCa2K42rOx0BRRRSAKnsp/s19DNnAVwT9O/wClQUUDPRqKr2MpnsLeQnJaME/XHNWKxLCjpRUN2/l2krZx8pFNK7sJuyuYEr+bM7n+Ik0yiiu88hu+oUUUUAFFFUdYuvsekXUwOGCEKfc8D9TTjFyaSJnJQi5PocDrV79v1aeYHKbtqf7o4H+P41Qoor6KMVFKK6Hxk5ucnJ7sKuWWp3Vg37mT5O6Nyp/CqdFDipKzCM5Qd4uzOysfENrdYSX9xJ/tH5T9DXeaJZCG3+0OP3ko49l/+vXlHhrSv7Z163tWBMIO+X/cHX8+B+NezzSx2ls0r4WONc4HH4CvCzFRhJU4dT63JZzrQdWrstn+Zma9qv2GAQxNi4kGRx0Hrn/P8q5aOM3MgRVZmbBViO/97H8hVe6vHvLp7iUk+Zk7QSMrngD6/wAhXUeHdMAj+1zgM7HKknOSOp/DtUcqw9O73L55YytZbfoX9K0sWVupmw83UkjofX6+9aVNkYrE7KMkAkD1rKsby4luwjtuVs5GOlcD5ql5M9dOFG0EixqkkyRJ5ZYKT8xH6U/TXle1zISeflJ7irlRzTxW0TSzypFGvV3YKB26mlzXjy2HyWm5t6HOeMfDVz4hjtDazRRyQF8rLkAhsdwD/dHbvXCf8IP4j/6B3/keP/4qvSZvFmhQSOj6lESnXYC4/MAg1JB4k0e5lWOK/iLN0zlR+ZFd9HE4qhT5VHTzTPIxWBwGKqucqlpPs16eZ4vc2lzZSCO6t5YJCNwWVCpI9cH6Guj0fx5qum4juT9ugHaVvnHXo/Xqe+emBivVZYbe9tzHNHFPBIAdrqGVh1HB4PY1wHiTwAI45LzRgxCgE2nLHjqVJOT24Pvg9BXXDHUMR+7rxt/X4HBVyrFYL97hZ3/P7tn/AFodppGt2Gt2xmsZt+3HmIwwyEjOCP6jjg4PFaFeFafqF9oWpieAtFcREo6OCM88qw/Dp/IivY9C1qDXtMW8gVkOdkkbfwOACRnv1HPv26Vw43BOg+aOsWeplmaLFrknpNfiXJ5GQALxnvSQSMzFWOeM1K8ayDBpEjWPpXFdWPUs+a54H8c/BIsrxPFNhEBDcsI7xVHCydn/AOBdD7j1avGa+1dc0e21/Q7zSrwZguojGxxyp7MPcHBHuK+NNT0+fSdVu9Oul2z2szQyD3U4OPbiuuhO6s+hlUjZ3KtFFFbmYV3Pwu1Y2XiN7B2xFeptAJ43rkj9Nw/EVw1WLC8fT9RtryL78EqyKPUg5qZK6sCdnc+l6KZDKk8Ec0bbo5FDKfUEZFPrjOgKKKKACtXw9N5WrIvaRSh/n/SsqpbWXyLuGXONjhvyND2Geg0UUViWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUHgUAZzHLsfU0lFFbnKFFFFABSOwRGY9AM0tQXrbLOU/wCzj8+KaV3YUnZXOfJLEk9TzSUUV6J5QUUUUAWtOg+0X8MZGV3ZP0HNdVdXC2tpLO2MRqWwTjJ7DPv0rD8PR5uZZP7qY/M//WpfGNy0GieWj4eaQLtBGSP/ANe3muOqvaVlA76UvY4aVU4d3leYzLKWZ23DzTnJJwvJ5/vGvQfDVkbTSkZ02ySjdjOfl7fn1/GuCsYjcX8UEZAZ3wOOBzsXJ/OvVFVUUKqhVAwABgAVvj52ioI4sop80pVH0/UY00SOEaRQx6AmnMisQWUEjpkdKyLmymlu2ZMFXOck9K2FGFA9BXnSiklZntQk5Npoiu7u3sbSS6upVigjG53bt/n0715P4g8ZX+sTyRW8kltYH5ViU4ZxyPmI65z0zjp1xmjx74gfUdcewhlb7JZts254aQfebGB0+736EjrXYeDPCkelWseoXa7r+VAQGUjyFI6YP8Xqfw9c+pRp08JSVaqryeyPBxNWvj67w1B8sFu/6/BdTldK8D6vexebJGlqvYT5Vm69sEjp3Arc/wCEAuI0Vor6MyHlvl2bTgDggcjr6V3lFc88xrSd9jspZLhYRs02+9zzdtB1bR7o3Ch0VflSWE5GM8kgcgc9+eK6TRvEv2l0tr3AmbJDqMDHuO3+feujIDKVYAgjBB71zepaLFazm5t02o5G4BuQfxo9vGuuWqtejD6pPCPmoP3eqZq63pEOt6VLYzHZuwUkCglGHQjP5fQkd68Wu7a50nU5LeQtHcW8mNy5GCDwyng+hB+le2aZdG5tsM290wC3rXEfEjSURrfVo9qlz5Eo6bjglT054BBJPZa3y6s6dT2Mtn+ZyZ1hY1qKxMN1+X/AOr8L6x/behQXLnM6fupv98dT0A5BB46Zx2rYdtiM3oM15h8ONQFvrM9k5UC6jyvBJLpkge3BY8+g/H1CuTG0VRrOK23R6OWYl4nDRnLdaP1X9XPne5+LfimXVjdw3McFt5gZbQRKybR/CSRuOe5yPbFd/wDEiz/4S/4Q/wBprAUmjgi1KOPOdg25YZ7gIzfkKs3Hwe8N3GsG+3XUcLSeY9qjgRnnOBxkL7A/TFdtPp9tPpUummJUtZIDb+WgwAhXbgDsMVeJrUJcvslaxpQpVo83tHe58SUU+aJ4J5IZBh42KsPcHFMrUAooopgeh/CS8MetX1mSAs0Ak57lWx/JjXrleE/DufyfG9iCcLIJEP4ocfqBXu1c1Ve8aw2CiiisiwooooA6XwtITFcx9gyt+ef8K6GuX8Lvi7nT1jz+R/8Ar11FZy3LWwVHO2y3kf8AuqT+lSVWv222Mp9sfmcUluM56jJxjNFFdJkLk0Z9qSindkunF7odkVm6/P5Gh3bKygsmwZOPvHHf2NaFc540k26PGmeXmHHsAf8A61aUpPnRhVw8JQa2OKAJXcAdvTNJUNO8x8glicdM817ixPdHz08j/kn96JKKYJT82QpJ7+lL5i4HykHuc1axEGck8nxMdrP5/wCdjsfh3Yfadeku2UlLWMkH/abgfpurv/Ed6LHRZ3IyZAYxzjqD/TP44rB+G1uiaJc3K5zLPtye4UDH6k0/xtd7XtLbLADMrjsR1H4/Kfzrxa8vb4y3Rfoe9h6bweXPm0k/zen5HLRpMrbFbzMkht3BIGN3PueOleoWFoLKzjh43AZcju3euD8M2xn1qEMrfu8FiOSCBuyT6EkCvRGOFJNRj5+8oF5RStGVR+gwTxNIYxIpcds07Yu/ftG7pnHNZFvYzLdqTjYrA7s9a15JEhieWV1SNFLM7HAUDqSewrhlFJ2TPUpzck3JWMzXtetNAsDcXB3SNkRQg4aRv6D1Pb64B8q1HWtX8T3io/mSE42WtuG2jAPIXnJxnnk/hUGsavc+KfEXmRrkyOILWPAUhd3yg89STyc9T6V6t4d8N2eg2iFIlN60YWebJbcepAz0GfYZwM8168Y08DTUpK83+B89N1s0rOEHy0o/j/X4HHWHw/1R1je5lggBPzJu3MvPXABU8e9aR8A3EIVYL5HXaAxZSmfqBnP513VFcUswryd7npQyfCwVrP7zzSCz1XQJzKyPAzH7ykYIGMA44PQfn1rtNF1tNRDwSfLcxcN6N9Pf1Fak0Mc8LxSqGjcYYHuK5m40z+yrlDC2IhyjEfd9iacqscQrTVpChh54OSdN3h1RN4u8NpruntJBEv8AaEI/ctnbuGeVJ/PHoe4BNeU6bqE+lahDe2xUTRHI3DIORgg/UEivc7W4W6t1lXv1+teW+P8ASjY6+btVUQ3g3jaAMOMBh/Js/wC1XXlte7eHqbf1dHnZ3hUlHGUtGrXt+D/T7j1CwvYdRsILy3bMUyBl5GR7HHcdD7iqPifV30Hw1f6pHEsslvHuVGOATkAZ9uawPhvqMlxpVzYuMrauDG3H3XycdPUE59/auuvbO31Cyms7uJZbeZCkiN0INedWpqjXcJbJ/h/wx7eFrvE4aNRbtfjs/wATwbQfip4n/wCEhtvtlyLy2mlCNbeWi8McfKQMgjPFbH7QWiCXStL1yNBvglNtKR1KsNy59gVP/fVdZo/wl8P6PrKair3Vz5TbooZ2UqrdicAZx2/rV74n6d/afw31yEKC0dv9oBPbyyHOPwU1vXq0ZVIukrBQp1YwaqO58kUUUVqIKKKKAPYPhPeed4fu7QnLQXG4eysBj9Q1d/Xk/wAIrnbqWpWvaSFJP++Tj/2avWK5KitJm0NgoooqCgooooA7Pw++/R4hnJUsv6//AF606xPDDZ0+VfSU/wAhW3WT3LQVS1RttkR/eYD+v9Ku1nauf3EY9Wz+lVT+JEVnamzIooortPLCiiigArm/GU+zTYYQeZJM/gB/iRXSVxnjWXN1aw/3ULfmcf0rpwkb1kcWYz5cNI5eiiivbPlQooooA9I+GtgEs7vUGX5pHESH2HJ/MkflWr4xuttlDZo7K8z5JRiCB7gdup54+WrnhK1+yeFtPTABaPzD77ju/kRXLeK7g3GuyxhwyxKsYI6LnA7dSCWr55P22MlLt+miPspL6tlsYLdpfjqynpNvPd6hDBGQwYgkkgMoOQM+uFBPUV6aiJFEqKNqIoA56AVx3guAS3M9zhSqjjI5GTgEf8BX9a626QyWzoDgsMA1ljZ81Tl7HRldPkoOfVj45o5c+W6tjrg0oRVJKqAT1IHWs3TrSWKcySAKMY65zU2sanFo2kXOoTDKwpkLz8zdFGcHGSQM9s1yuHvcsdbnoRqe5zz0sZ3ifxPb+HrXaNst9IP3UOen+03t/Pp6keYtPrPie/VHee8m7KB8qA4GcDhR0yeB61FpdtfeLPEIjknZ55yXmnZSQijqSB0HQAcDoOK9m0vS7TR7BLOzj2xrySfvO3dmPc/56V6zdPARSSvNnzyhXzao5SfLSXTv/wAH8uhwln8PL90X7TcwQq68hfnZOOmMY6+hqzP4HvoUkaCaKbacqmcbj24wAP1rvqK4nmFdu7Z6SyfCqNkn9553Yy6t4dYQtvVQfmjflW55IP4da7XS9Vg1WAyRZUg4Kn+nrUt/YQajbGCdeD0I6isC3hbR73Gdqr1+bhl/L0/lROcMRG9rSCnTqYSSineH5Gb488MCaOXW7Xd5yAfaI8E7lGBuHpgYz2wM8Y55TwprzaDq6yOc2s2I5wScBc/ewOpH0PBI717GVjuICroHjkXDI4yCCOhFeH67pv8AZGt3ViG3LE/yHOTtIBXPA5wRn3rvy+qq9N0Kmtvy/wCAeTnFB4WtHF0dLvX1/wCCe51x/wASPFF54V8NLc2Cp9puJhAkjjIjypO7Hc/L39e/StHwZqA1DwvaHK74B5DhQRjbwOv+ztP41b8QeH9P8TaU+najGzRFgyshwyMOjKex5P5mvKUVSrctRXSep9FGo69BTp9UeW/Dj4ia7qnimHSdVmF5FdhtjlFRoiqlsjaBkEDGD7fjyfx30T+z/GsOpxoRFqMAZj2MifK2P+A7Pzr2Lwr8ONG8KXr3tu01zdkFUlnIJjB67QAME9Cf5ZNcr8f9PSfwfYX23MlteBM+iupz+qrW9SrSlXTpKyIpQqRpWqO7PnSiiithBRRRQB7/AOCLxr7wZpkrEFli8o4/2CVH6AV0FcL8KZ/M8LTxE8xXTDHoCqn+ea7quOatJm8dgoooqRhRRRQB6BaSebZQSHq0an9Kmqjo779Itj/sY/I4q9WLNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACkbhD9KWmS58l8ddpoQnsUKKzPNk/wCejfnR5sn/AD0b866/Zs4PbLsadFZnmyf89G/OjzZP+ejfnR7Nh7ZdjTqrqP8Ax4Sfh/MVW82T/no351keJZpk0G4dJpFZSpBVyP4gP61dKk3NLzMq+IUaUpW2THUV5/8A2jff8/lx/wB/W/xo/tG+/wCfy4/7+t/jXr/U5dz5/wDtWH8rPQKK8/8A7Rvv+fy4/wC/rf40f2jff8/lx/39b/Gj6nLuH9qw/lZ7B4dXEM7erAf5/Osnx22F08dy7Y/NTUXw4upbjTr1ZpZJGWUHLsTwR7/Sj4gjI01skYZ+hI67R2+teZGHLjeV/wBaHtVaqqZZzrr/AJmV4S2ya/ahl3Dbk7hn5trN+eSDXo8rBYnJOOK8w8GADxJaDLfdLD5z/wA8yOn4V6Vfp5ljKuSOM8Ejpz1H0pZgv36XkVk8n9Vk/N/kilbThpkHHP8A9b/Gr19dx2Gn3N5KGMdvE0rhRyQoJOPfiuX0woL63w8hOR1kY9k9TW74ijkm8M6rFDG0kr2cyoiDJYlDgADqa56kEppHbQquVOT6o8X8IQprPjOxhvWaUSytLIXO4yFVL/NnOQSOfXJr3qvn74eXUcfjzSzLIiKWkUFjgEmNgB9SSAPc19A11Zq37WK6WOTJoKNGT6t/ogooorzD1wpk0SzQvG4BVhgg0+igGr6FS0RY3KqR07Vn+LrZ7vwpqEcZUFYxJ83ohDH9FNa0cAR92c+lUvEUiR+G9TaR1QG1kXLHHJUgD8SQK2py/exa7o5q8F9XnGW1n+R5L4XuXtPFGmyRhSWnWP5vR/lP6Ma9srwzQf8AkYtM/wCvuL/0MV7Jrl9Lpnh/Ur+FUaW1tZZkDglSyoSM47cV6OaxvVjbdo8bh6VqE77J/ocXqPxj8O2GrSWaQ3d3DFuVrm3ClWYYxtyw3D73zcdBjIOR3tpdQ31lBeWz74J41ljfBG5WGQcHkcGvkKvpv4dRXcPw/wBHW9LmUwll3vuPlliY+c9NhXA7DjjFZ43CU6ME47np4TEzqzakfL3jOFbfxxr8SABF1G4Cgdh5jYrDrf8AHLBvH3iEj/oI3A/KRqwKUdkW9woooqgNvwe/l+L9KbdjNyq5+px/WvoSvnnwmm/xdpIzj/Soz+RzX0NXPW3NaewUUUViWFFFFAG14ZP/ABM3/wCuR/mK6yuS8M/8hN/+uR/mK62s5bloKp6mcWD+5H86uVT1T/jxb6ilHdA9jBooorpICiiigArlPHDYtbRc8F2OPwH+NdXXJ+OF/c2TejOP5VrQ/iIifwnGUUUV6RzhRRRQB7N4EjCeDrIgcsZGPv8AO39MVznjO4aTXZI2HEUOxMZ5yAfz+Yiul8DnPg7Tz7OP/H2rj/GSj/hJrpstkKrY3kdFSuHBq+Klfz/M5s3k44VW7r8mbfgeJnvLu4BG1VKtk85LcfotddeyGO3yDjLBfzrjfh/NGk97b/OXcbwSSRhWIPU/7QrpteIGnqWLACVSSrEfyrLFK+Jt6F4CSWCUl5ktjKZXOSOBn+v9azPHdzLaeCtTlhbaxRYycA/KzqrDn1BIpPDskX2hwsjElAMNIW7L6n2P5GoPiQdvgHUz/wBcv/RqVEYpYiK80bubnhJvyf5HGfCuwF3rlzfuFK2cWF5IId8gEdiNocc+o/D12vJfg3ew/bNXtGf9/JHFIi4PKqWDHPTguv5161V5i28Q7+RGVQjDDK3W9/vCiiiuE9EKguoI54xvVSUOQSOlT0jqHUqe9NOzuKSurEFqAqEA5rkviXBG2i2lwV/epcbFbJ4VlJI/8dX8q7GKIR55yTXJfEn/AJF23/6+1/8AQHrqwb/2mLXc8/Mo/wCxTT7HPfDb/kYrj/r0b/0NK9Mu7qGxsp7y5fZBBG0sj4J2qoyTgcngV5b8PLZJ/FAkYsDbwPIuO5OF5/BjXT/FP/km+rf9sf8A0cldOPgp4tR72OTJZOOBcrbNmbp3xj8O3+rR2bw3dpDLtVbm4ChVY5zuwx2j7vzc9TnAGT2WvwfavDmqW/H720lTnpyhFfJtfW2sSLDol/K+dqW8jHHoFNZ47DQoOPJ1O/CV51VLm6HxPRRRWgwooooA7v4TuF8VXCk43WbgD1O9P/r17JXjPwpjD+LJWJxstHYe/wAyj+tezVy1fiNobBRRRWZQUUUUAdP4Wb/RrhfRwf0rfrn/AAt/qLn/AHh/KugrKW5a2CszWD8sI9Sf6Vp1mawPlhPuf6VdL40ZV/4bMqiiiuw80KKKKACuG8ZMDrEQB6QDP/fTV3NcJ4xXbrKHP3oVP6kf0rswP8U83Nf93+aOfooor2D5oKKKKAPedNj8nS7SLj5IUXj2UV5nrMoGvXpOSq3DZx7Fz/hXp9iwewtnXo0SkfkK8m1tAde1BMtlrmQj5z33D+lfP5er1J3Psc4fLRp2/rQ7zwSgXRXJUB/M2scc8KvH6n8619QmEewZ55P6GsXwIQdBkYZ5nJ5Yn+FfWrHiJAGikZnAKsBtdl6A+h9656kb4lpnZQm44KMl2NWykEiv7H+priPivqT22k2Ngm4Lcys7sHwCEA+UjuCWB/4CPw6nQGHkTRqzFVckbmLHqe557Vw3xkWQQ6PMEYxK0ys4HAJ2EAn1OD+R9KvCxSxaT/rQMXJywUmuv+Ze+FFnAdKvdR25uHn8jJA+VVVW478lufoPSvQ689+EFxHJ4ZvIhIhlS8LMgPzAFEwSPQ4P5H0r0Kssa28RK5tl8VHDQSCiiiuU7Aqpd28cjLKwG5eMkdqt0ySMSLgnFOLsyZK6sJB/qlAORXm/xLtnTVbK6JXy5IDGB3yrEn/0MfrXpUaCNNorz34nSIZNMjDqZFErFc8gHbg498H8jXdlzf1lW8/yPKzqKeBlfpb80Wfhlcu9lqFqQvlxyJID3ywIP/oA/Wup17XtP8N6TLqOozeXCnCqOWkbsqjuT/iTgAmuQ+GH/MV/7Y/+z1kfHK+lj0zR7AKnlTTSTMSDuDIoAx7fvGz9BWmIoqpjnDv/AJXFl1Vwy6M+1/zaOk8L/EzRPFF+NPjS4tb12YQxSpkSqNxyGXIB2rkg45OAW61B8Y4Vm+F2rkjLRmF156HzUH8ia8Z8CRXc3jvRVsi4lF0jNsfafLHMnOemwNkdxxzmvavi8wX4Wa0T/dhH5zIKzxVCFGtFQ6nZhq0qtNuR8o0UUVqAUUUUAer/AAicnT9TTPAlQ49Mg/4V6RXmvwhQC01V+cmSMfkG/wAa9KrkqfEzaGwUUUVBQUUUUAdpoBzo0Htu/wDQjWlWZoH/ACBofq3/AKEa06ye5ogooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABSMMoR6ilooA5einSLsldfQkU2vQPHCiiigArM8RIZNAu1HZQ35EH+ladQ3kJuLK4hHWSNkH4jFXTfLNMzqx56co90zyqiiivoT4wKKKKAO++GVwBcajbH7zokg+gJB/wDQhWp8Q4D/AGbaXQb/AFUpXbjrkZ6/8A/WuP8AA98LLxTbBmwk4MLfj0/8eAr0vxLYf2j4fu4VTdIqeZGNm47l5wB6nkfjXh4r91jYzezt/kfV4D/aMrlSW6v/AJo8y0C8Nnr9nIJBGolCszHhV3YOc9trda9gmj82CSPON6lc+mRXguSMZPT0/I17V4f1NdW0S2uvM3ybQkvTIccNkDpnr9CKeaUmuWovQWQ10+ei/X/P9DhheSW17tSKZXjfbliV28478907dq9JhlWeCOVc7XUMM9cEZrgPGVh9j1L7QqZiuRuGByHHUd+ufTqR6Vp+DNeS5T+zJWHnIC8ZyMMOMj9c/n6VjiaftaKqwOjBVvYYmWHqddv680eLeI9Ou/Bni+SCJnVraZZ7SZhncudyNyAGIxg8YyCK+g/DmvWniTRLfUrR0IkUCWNWyYpMDch4HIz6DIwehFY/jnwNaeMNP3KUg1SFcW9wRwR12Pjqp/ME5HcHw7SNb1/4fa/cxxp5Nyv7u5tbgEo/oSARnGchgeh4OCc6NLG0lZ+/E6Ip4Oo9PdZ9PUV55o3xi8OX1sW1LzdMnXqjI0qtyfusgyeAM5A68ZrsdM8Q6NrW0abqlpdO0Yl8uOUFwvHJX7y9R1AwTivNnQqU/ii0ejCtTn8LNKo5nZEBX1pJpTHjAzmnqd6A461ntqU3fRCRMXQFhzXK/ELUY7Xw99jIzLeOAo54VSGJ6f7ox7+1dbXjfi7XRrustJC7G0hGyEEEZ9WwT3P04AzXdl9H2tdPotf8jy84xKoYVxvrLT/P8CbwJZfbPFMDFY2S3RpmDjPQYGPcMyn8K7n4gX/9neAdZn8vzN1uYNu7GPMIjz+G7OO+Kq/D3SXsdGkvZdyyXpDKp4wi52nGO+Se4xiuQ+OGsKIdM0RChZmN3KCp3KACiYPTBzJkdflHTvvWf1jGqK2X6asxy6k8NgOZ7y1+/RfhqeNV9YeH7aXTvC+l2t2oimtrKKOVSwIVlQA8jjgg818z+FNK/tvxZpenmHzo5rhfNj3bcxA7n5yP4Q3Tn05r6D+IurjRPAGs3e7EjW5hj5wd8nyDH03Z/CqzOV3GCOnL42UpnyZqd22oareXrHLXE7ykn1Zif61VoorI3CiiimB0ngKHz/G2mrxhXZ+Rn7qMf6V73XjPwqtPO8UyzkcQWzEH/aJA/kTXs1c1V+8a09gooorIsKKKKANzwupN/K3YRY/Mj/CuqrnPCqc3T4/ugfrXR1nLctbBVTUx/oEn1H86t1Xvl3WUo/2c/lSjuDOdooorpICiiigArmfG0edLgk/uzY/MH/CumrG8Uw+d4fnOOYyrj8+f0JrSk7TRMtmec0UUV6ZzBRRRQB638OJ/N8MGPPMM7rj2IDf1NZPxDiddUtJiMJJAY1bPUgkkfqtQfDG+CXt7Ysf9aiyrk91OD/6EPyrc+IVi8+jQ3kYJa2k+bkABWxz7/MFH4muGk/Z4zXr+pjmMHUwUrdNfu/4BgeBbzy/EQi2E/aI2Xr93gNn3+6R+Nd9rcZl0a5CqCwTcPbHU/lmvGrC7+xajbXRXcIZVk2A7c4OQM/nXuEUsN5apLGRJDMgZSRwykZ6H2NXmUPZ1Y1F/VjkyWqquHnRe6/U4LRdW2axC5UeU7bSXO3bnn/2ZuuPu12ms6ZHrOi3mnS7QtzC0YZk3hCRw2O5BwR7ivOdbt5NL1aSEhkXeWiZ24Zc8Hr9fzPpXc+GNbj1jTcFmNzbgJMCD17HJ6njn3z7VGLpu0a0Nv6sa5dX96WGq7/1c8B0HWrrwZ4vjmnV1a2maC7hU5yudrrwQCR1HOMgGvpDT9QtNVsIb6xnSe2mXdHInQj+hHQg8gjBrzn4peAJ9aB13SU33sUYWe2VRmZR0ZcclwOMHqAAOQAfOfBnxA1Lwe7QpGl1pzszyWrYQlyANwfBIPyjjkYzxnka1aaxtNVKfxLdf1+BtRk8JN05/Cz6VoriNM+LHhPUdqyXktjI0gjVLuIjOcYYsu5QOepIxg54rrrHUbHU4TNYXlvdxK2wvBKsihsA4yD15H515c6U4fErHpQqQn8LuWahmkZGAUcUSTlJNu3ipqjbcd76IRSSoJGCR0rzz4l6gTJZaapYAAzuMDBzlV568Yf8AMfh3l/ew6dYT3lw2IoULNyMn2Ge56D3NeIatqMmrarc30ow0z5C8fKvQDoM4AAz7V6eV0HOr7R7L8zw8+xSp0PYp6y/I7H4Z2Wbm+vmWQbEWFDj5Tk5b8RtX8/eofjZqCweFrOxWd0luroMY1yBJGindntgM0Zwe+D247Pwvo/8AYmhQWzjE7/vZv989R1I4AA464z3rxj4w68mqeLEsIJt8GnR+WQNpAlY5fBHJ4CKQehU8etQl9YxvOtl+htRpPC4CNOW7/XU4vQ7GLU/EGm2EzOsV1dRQuUIDBWcA4z35r6S8fXy6d4A164Ykf6FJGpHZnGxf1YV498HtLlvfG6Xo3rFYQvIzBCVLMCgUnsTuYj12n6jsPjxrAsfBMOmq+JNQuVBX1jT5j/49s/OlmEuatGHY3wMeWk5dz5tooopGoUUUUAeg/CSItr19NjhLXYfxYH/2WvXq84+EVqU07U7sjiSVIh/wEEn/ANDFej1y1H7xtDYKKKKzKCiiigDqfC4/0GY+smP0FbtZHhxNmlBv77s39P6Vr1lLctbBWdq4/cRn0bH6Vo1T1Rd1mT/dYH+n9aqm7SRFVXg0YdFHGetGRXZzI85UpvoFFJn2ozx0FLmRaoTYtcT40QjUbeTsYsfkT/jXa5OMVynjiJmtLSbPCOyfmM/+y1vhavJVTMcXgHWpODlY5FlZWAYbSf73FIcBtpZR75yP0qGivUeIl0R50ckor4pNku5AxBY49VGaBIoJypI7c4qKiodab6nTDKsLH7N/mz3Xw3ci78NadKDn/R0U/VRtP6g15v4oi+yeJb1C27MglyBjGfmI/JsfhXVfDe++0eHpLQtl7WUgD0VuR+u6sr4jWMkd/b36xoIZU8tnA53jPXjHIIxz/CfSvOwb5MVKD6/8Oa5xT5sIpR+zb/I0Ph3dloLy0aRfkKuiZGe4Y+vZf09a2PFabdOjuCHZYn+YIpPB6nj2GPxrz3wlqg0vxFBLLIUhlzFKTjGD3JPAAYKSfQV61e2qXtnLbP8AdkXGcZwex/OpxkfY4lTez/piyyf1nAukt1p+qOU8J6i5v3tnR1WRcjcQSWH/AOpvzqx8RNBl1/whcRW4drm2YXMKLk7yoIK4AJJKlsAd8VxjTTaTqPI2TW74bgdQfxB6A9eoNeoaVqcOr6fHdwEbWyGXOdrDqP8APYilioSpVI1obFZdWjWpyw891+X/AADwn4ZeK4vD/iQwXkyRWF8ojlkcgLG4yUYnHTkr1A+bJ6V9B14f8SfhvLp81xrmh2yf2cFD3FvGTuibncyrjiMcHgnGTwFHGf4O+K2oeHraDTtRg+3adF8qNuxNEuRwCeGAGcKcdQNwAArXEUFil7ajv1Rth6rw37qrt0Z9AUVyOn/E3wjqLwxrqyQSyrnZcxtGEOMkM5GwEdPvYz0JrqLW7tr62S5s7iK4gfO2WFw6tg4OCODyCK8udOcPiVj0Y1Iy+F3JqgaVxNtA4z0pVnJl2beM4qap23H8WwV4/wCONQF/4onCFSlsBApAI6ZLZz6MWH4V6T4i12DQdMeeR1+0OCIIyM73x6Z6DjJ/qRXjtpbXOranHbxlpLi4kxubJySeWY8n1JP1r18rpWbrS2X9M+dz/Ecyjhoatu7/AEXzPTvh5bPB4XEjFSLid5Fx2AwvP4qa88+ON/5ms6Vp/l48i3efzN33vMbbjHbHl9ff2r2i0tksrKC1jLGOGNY1LdSAMDP5V8u+MNYXXvF2p6lGUaKWYiJkUqGjUBUODzkqoJ9+w6VOD/fYqVX+tTvqw+r4SFHrov8AP8Tc+EtrNcfEOyliTcltHLLKcgbVKFM+/wAzqOPWu/8Ajte/Zvh6sAbBuryOMj1ADP8AzUVnfA/R1EOp624QszC0iIY7lAAd8jpg5jwevynp35/9oPV1l1bSdHRgfs8L3EmD3c4APuAhP/AqzxcufFWXT/hzfCx5aF+54xRRRVFBRRRQB7B8JYdvh28m4y90V6dgq/4139cr8OrX7L4KsiQQ0xeVvxYgfoBXVVxzd5M3jsFFFFSMKKKKAO20Rduj249ifzJNaFVtOTZptsuMERLn8qs1k9zQKKKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAc/fJsvZR6nP581XrQ1ZNtwj9mXH5Vn13Qd4o8uqrTaCiiiqMwooooA8x1e2+yatdQ4wBISo9jyP0NUq6jxnZ7LqC8UcSLsbA7jp+n8q5evfoT56akfIYul7KtKIUUUVqc46OR4ZUljYq6MGVh1BHQ17ppOoJqulW16mMSoCQOzdCPwOa8Jrufh5rgt7l9JnfCTHfCSej9x+I/l7152Z0PaUudbx/I9vI8WqNf2ctpfn0/wAjB8UaT/YuuzWyjED/AL2Hn+A9upPHI564z3rV8Ba6NP1I6fcO3kXZCpwTtkzgfTPQnHZewrsvF3h/+3dK/crm9gy0GX2g5xuU9uQPzA5AzXjuaMPOOMw7hLfZ/oxYynPLcYqlPZ6r9V/Xke5a3pUesaXLaOcMfmjbOMOBxnrx/nrXkNyl1o9+YnVorqFsnk7s9c5H5/qK9C8G+K4tWt49Pu2238SYBZifPUDrk/xeo/H1xo+JPDcGvWuRtjvIx+6m/wDZW9v5fmDwYetLCVHRqrT+tfQ9fGYeOYUViMO/eX9W9Sv4b8XW+uN9lmVYL0DITPEmByV/njnjuecWfEPhHRPE8JTU7JHlC7UuE+WVODjDDsNxODkZ6g15PqukX2jXTQ3kLIckK4B2OB3U9xyPz5xWzpHjzVdNxHcn7dB6Sthx16P16nvnpgYrarl7v7XDP+vJmGGzlR/c42Oq62/Nf5FHU/gdcrufSdZikzIdsV3GU2pzjLrnJ6D7oB5PHStDwR8LNX8O+KrbVr+9sWit1chIGdmZmUrjlRgfMTnnpjHOR1Np8RtHnaNJ47m3LD52ZAyKceoOTzx0/Kr3/CceHP8AoI/+QJP/AImsZzxvK4Si3fy/yPQp1cvbU4zS+dvzOgKhhggGkd0hiaSR1SNAWZmOAoHUk9hXDX3xLtljxYWEryEH5pyFCntwCc/mK5DWPFGq63lLmfZAf+WEXyp26jqeRnknHbFRRy2tN+9ojLE55hqSfs3zPy2+86Dxl4y+1+Zpelyf6P8AdmnU/wCs9VU/3fU9/p1w/C/hyTxDfshfy7WHBncEbsHOAo9Tg89Bj8DJ4a8KXWu3KvIskNgOXnK43jOMJnqeDz0HfsD6tpel2uj2CWdnHtjXkk/edu7Me5/z0rsr16eEp+xo/F/W/medhcJWzGt9ZxPwdv0Xl5i3l5Y6Lpcl1dSRWtlbJ8zEYVFHAAA/AADrwBXyz4g1mbxDr97qtwNr3Mm4JkHYo4VcgDOFAGcc4zXY/Er4gTeIL2bR9PfZpMEhVmRgftTKfvEjgpkZUd+CecBeR8OaBd+Jdct9MtEcmRgZZFXIijyNznkcDPqMnA6kU8Fh/YwdWpu/wR6eKre1kqcNl+Z6h8E/D0saXniGYOiyqbW3ByA65BduRyMhQCD1DA1kfH/xIryaf4bgkB2H7XcgdjghB+RY491r1maXS/A3g8ux8uw023wOgZyPpgF2b8y1fI2u6xc+INcvNWvDme6lMjDOQo7KPYDAHsK89zdas6j2O6MPZU1Az6KKK2JCiigAkgAZJoA9c+EtgYtIvr9hzPMI1+iDr+bH8q9DrK8NaZ/Y/hyxsSMPHEDIP9s8t+pNatccnd3N4qyCiiipGFFFFAHW+Goimms5/jkJH0AA/wAa2ap6VD5Gl26Ywdm4/U8/1q5WT3NEFNkXfGyH+IEU6ikByvSip7yPy7uVf9rP581BXSjMKKKKYBUN1ALqzmgPAkRkz6ZGKmoo2EeQspRyrDDA4I9KStjxNZ/Y9cmwMJN+9X8ev65rHr1Yy5kmczVnYKKKKoRo6FqR0jW7S+Gdsb/OB3U8N+hNe33dtb6pp0lvJh4J48blweD0IzxnoQa+f69W+Huui+0v+zZn/wBItR8mTy0fb8un0xXDjKbsqkd0a02mnCWzPOb+zm06/ns5xiSFypwDg+hGccHqPY133w81xJLV9InkVZYyXtwTjcpyWUcdjk9c8+go+IHh4zxDWLWNmkjAW4RFHKDPznvx0PXjHQCvPbS7uLG6jurWVopozlXXt/n0r0fdxuG8/wAn/X4HyXv5Xjb/AGfzi/6+9Hrfi3QTrFgJoWK3NuCwCrkyDH3eOc+n1I75Hmmnatd6NerPZtsdThkIJVh6EZ5//V3FeqeGtej1/SlnzGtynyzxIT8jdjz2PUflk4NZHifwUmpNLfadtiuyCzRYwsrZ657E8+xOOnJrhwtdUm8PX2/r8D18fhHiFHF4R676dfTz8v1NvRPEFjrlsr28irPjMkBYb06Z47jkc/14rJ8TfDzQPFNz9rvIpYLw7Q1xbOFZwAQAwIKnqOcZ4AzgYry+SO60+62ustvcRENggoynqD6j1rq9P+I+pW6hL23iuwAfmB8tyc9yAR044Aq6mX1KcufDszw+d0px9ni42fe36bo56++B+rxzAWGrWM8W3JadXiYNk8YAbjpzn8K7f4beB77wbDqJv7q3llu2jAWDcVVUDc5IHJ3HjHGOpzxftviHoc8hWQ3NuAM75Ysg+3ykn9Kmn8eeH4YWdLqSZh0jjhYMfpuAH61hVljakfZzi9fI9CnWwEX7SNRaef6HSFVJBIBIqK7u4LG1kurqVYoYxlnbt/n0rhtQ+JaBSum2DEkDElycYOeflU88e4/x4fUdWv8AVphLfXUkzD7oY4VenRRwOg6U6GWVZu9TRfic2Kz2hSVqPvP8P69PvNXxT4ok8Q3KLGskNnFnZEzA7myfnOO+MDHOOcHk1peBPDb3t6mq3UTC1gO6E5xvkB4PuBz+OBzyKPDfgS5vZI7rVUaC1BOYGysj49R/CDz78cdQa9FvLyx0XS5Lq6kjtbK2T5mxhUUcAAD8AAOvAFdGKxUKUPq+H/r/AIJyYDAVcRV+t4v116/8AzPGPiaHwp4dn1GTmY/urZNhYPKQSoOCOOCTyOAcc4FfLs00txNJNNI8ksjF3d2JZmJySSepNdL468YS+MNcFyI3hsoF8u2hZiSFzkswzgMeM47ADnGTZ+HPg/8A4SzX/wDSUzplph7rEm0tnO1B35I5xjgHkHFa4aksLRc579f8jur1HiKqjDboeq/Cbw3/AGJ4UW+mXF1qe2duekWP3Y4JHQls8H58HpXjnxn8SDXfHMlpC+610xfsy4PBkzmQ/n8v/Aa90+Ini6Pwd4TuLxXX7dMDDaITyZCPvY9FHJ+gHevkdmZ3Z3YszHJJOSTXmQbqzdWXU9FxVOCproJRRRW5AUUVc0nT5NV1a0sI8hp5VTIH3QTyfwGT+FID27wDp/8AZ/g2xVlw84M7e+45H/ju2ulpkUSQQpDEoWONQqqOwHAFPrjbu7nQlZBRRRSAKKKdGhllSNerEKPxoA7fSIvK0m2X1Td+fP8AWrtNRQiKg6KABTqxNAqC9TfZyj/Zz+XNT0hAIIPQ0IDlqKc6FJGQ9VJBptdRmFFFFABWT4ltvtOg3AAy0YEg/Dr+ma1qa6LJGyOMqwII9RTi+VpiaurHkVFT3tq1lezWz9Y3K59fQ1BXqp31OUKKKKYHU+AdWGneIkhkbEN2PKOem7+E/nx+Nek+JtI/trQ57ZBmdf3kPP8AGO3UDkZHPTOe1eHAlWDKSCDkEdq9u8La4uu6LFOWH2hPknX0Yd/oev8A+quDFRlCarR6GijGrB0p7M8YzXsPg7Wv7Y0KPzH3XVv+6lyck46N1J5Hc9SGri/H2hjTtTW/gVvs92SX5J2y5yfpnqBns3YVgaJq82iarFfQjftyHjLEB1PUHH5/UA9q9KvTjjcOpQ36f5HymFrTyzFuFTbZ+nRneeOPD7zj+1bVGZlXFwgbqB0b8O/0Bx1Ncp4f8STaDfNIsYlt3Uh48lQe4I9CPoep9a9W0vVLTWLBLyzk3RtwQeGRu6sOx/z0rifFfgmXzTe6NDuRsmW3TA24GcqO49hz6ccDiwmIi08PiPx/I9PMMHNSWMwju99PzXfzO20zU7XV7FLuzk3xtwQeqnuCOx/z0rjvEnwm0DW901iv9lXR/it0BiPQcx8DoD90rycnNcHZ393ptwJ7OeSCUd0PUZzg+oyBx0rtNL+JMkapHqlp5uOGmgOGIx/dPBOevIHPTinPAV6Eueg7/wBfiVh86w9eKhiVZ/h/mv61OQuvghraXLrZ6np8sAxteYvGx45yoVgOc9zXpPw+8K3PhHw69heXEU08tw07eTnauQqgAnBPCg5wOuO2TJbePtAnjLSTy25BxsliJJ9/lyP1oufH2gQRho55bgk42RREEe/zYH61hVeMqr2cov7jup18BTftI1F9/wCm5021d27Az61Q1fW7DRLYTX02zdny0UZZyBnAH9TxyMnmuF1H4k3Uu5NOtI4F+YCSU72x2IHAB9juH9eQubu+1a9ElxLLc3Eh2qDlicnhVHbk8AetaUMrnJ3q6L8TixefUoLlw65n36f5sta9r11r9+bi4O2NciKEH5Y1/qfU9/pgDuPAnhg2Uaaxd7TNNH+4jwDsRud2fUj06AnPXAr+FvAieXFf6wjeZkPHanoB/tj8jt9uc5IHT+KPEVt4W0C41S5XzPLwscIcKZXPAUZ/M9SACcHFXi8VFpYbD+n/AADPLcvnzvGYvfdX/N/ojl/ix4pi0bw1JpcEyf2hqC+XsBBZITkOxGDwcFR06kj7pr5/hhluJo4YY3klkYIiIpLMxOAAB1Jq/r2vah4k1aXUdRm8yZ+FUcLGvZVHYD/EnJJNegfCHwa19fjxFfROLW1b/RFdAVmk5BbnsnYgfe6H5SK6acY4Og3Lf9TpnKWKrWW36Hq3hnSY/CvhKz0+aZcWkJaaVm+UMSXcg4Hygk4yOmM18o+MdfbxP4t1LVzu8ueU+UG6iMfKg+u0D8a90+N3jFdH8PDQLWTF7qS/vdp5jgzz/wB9H5fpur5vry6KbbnLdnpzskoLoFFFFbmYU6ONpZFjRSzuQqgdyabXUfD7S/7U8XWpZcxWv+kP/wAB+7/48VpN2VwSuz23TrMafplpZqQRBCkWR32gDNWqKK4joCiiigApyIZJFRerEAU2r2jw+fq1upGQG3H8OaBnbqoVQo6AYpaKKxLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKOqx77UOOqHP4Vi100iCWJkPRhiuaZSjFW4IODXVQeljhxUbSUhKKKK2OUKKKKAM/W7H+0dKmhAzIBvj/AN4f49PxrzSvW64DxPppsdSMyLiGfLDHZu4/r+NejgKtm6bPFzbD3SrLpozDooprOBwOT+lejOcYbnl4bCVcRK1NfPoO4AyTgU1Z5I5FeJijKQQynkEc5zTCSTkmkrjqVXPTofTYPLqWH97eXf8AyPafCfiSPxBpo3kLewgCZPX/AGh7H9D+Fc7488L9dY0+39Wu1T/0MD8934HHU1wem6ldaTfR3lpJslT8mHcEdxXsvh3xJaeIbMPEQlwg/ewE8qfUeo968tqeFqe1p7Ho16FPGUnSqb9GeKJK8MiyRuySIQyspwVI6EGvSvDnxDt7pUtdYK284AUXP8EhzjkAfJ256denAo8U+Akvj9r0ZIYJgPnt/uI+Bxt7Bu3YHrxznzG5gntZ2guIZIZVxuSRSrDvyDXpfuMdDz/FHzSWKyur5P7mfQF7Y2uo25t7y3jmiP8AC4zg4xkeh5PI5rjtS+G1rLufTruSBvmIjlG9c9gDwQPc7j/XgNK8V6xoirHZ3jeQGB8iQB0wCTgA/dByc7cV2dh8V7QxY1LTpo5Aq/NbEOGPc4YjaPQZP+PF9VxeGf7p3X9dGep9cwGNVq8bPz/zX/AMq6+H2vW+zyo4LndnPlSgbfru2/pnpVf/AIQfxH/0Dv8AyPH/APFV3Z+IfhUf8xT/AMl5f/iasXvjbw1YbPO1i2bfnHkEzYx67Acde9NY7GLRw/BkPKMuldqpp/iX+Rx1p8N9UlaM3V1bQRsMsFJd046YwAeeOv511OleBNH05lkmRryYAcz4KA4IOF6c575xxVO9+KXhe1hDxXM92xbHlwQMCB6/PtGPxzzXHaz8Y7+bfFpFhFbId6iac+Y+P4WCjAUjrg7h+XMuWOr6bL7v+CbU8PluGfMvef3/APAPWNT1Ww0aza71G7itoFz80jYycE4A6k4B4GScV4J46+I934rT7DaxPZ6YrZMZbLzkH5S+OgHB28jPOTgY5nVNTv8AWLxrvUbuW5nOfmkbOBknAHQDJPA4GasaB4X1XxReNbaXb+ZswZZWO1IgTjLH8zgZJwcA4rooYKnh/wB5Ud2vuRVXGTrvkgtPxZl2GnXeq38NjYwPPdTNtjjTqT/QDqSeABk19HeBfBcHgzSXRpfOvrna11KCdmRnCqP7oyeepyTxwBJ4R8DaX4Ogka2LT3kqgTXUoGcADKqP4VyM45PTJOBjyv4q/FgXqzeHvDlxm2IKXd7Gf9b6oh/u+p79Bx15MTiniH7On8J2YfDKiuee5i/GD4gr4l1MaNpk27SbN/mdDxcSjjdnuo6D15PPFeX0UUoxUVZGjd3dhRRRVCCup8AaL/bHimAuube0/fyZHBwflH4nH4A1y1e6+AfD/wDYXh1Gmj23l1iWbI5A/hX8B+pNZ1JWRUFdnVUUUVymwUUUUAFTWkBubuKEfxsAfp3qGtvw1beZevcEfLEuB9T/APWzSbsho6sDAwOlFFFZFhRRRQBj6vFtmSUdGGD9RWbW/qMPm2b4HK/MKwK3g7oiW4UUUVYgooooA5zxhp5udNW6QZe3OT7qev8AT9a4OvXXRZY2jdQyMCrA9wa8v1XT30zUZbZgdoOUY/xKehrtw07rlZjUXUpUVHNNHBGZJXCqO5rAvtbkl3R22UTpv/iP+FdkYOWxzVKsYbmpfarBZ5X/AFkv9wHp9T2rL0/xLqWm61bapbzYmgbKp/AR3Uj0IJFZHU0V0KlFKz1OKdecnfY+rvDviCy8TaNDqVk42uMPHnLRP3U+4/UYPevO/F/hF9Fka9s1Z9Oc8jqYSex9vQ/gecE+b+D/ABffeENV+0237y2kwLi3JwJF/ow5wf6E19G6PrOmeJ9HF3ZSJcWsoKOjjlTjlHX156fzBryWqmBq80dYs6atKlmNLknpJbf127nitnqF3ptyLizuJIJR/EhxkZBwfUcDg8V6r4c8b2GtBLe5ZbW+wAUcgJIxOPkJPJ6cHnnjOCa5nxJ8Pri1Z7rRw1xASWNt/HGMZ4JPz9+OvTrya4EmvQnToY6HNF6/ivU8KlVxWWVOWS07dH6f16n0DqOlWGrQiK+tY5lH3Swwy9OhHI6DpXFX3wz/ANY2n6h6bI7hPpnLj8f4fb3rkNI8ca3osfkxTrcQBcLFcguE6AYOQQABjGcdeK7Kx+Kuly7VvrK4tWZ9uUIlRV4+Yng+vAB6d+lcKoYzDfw3df10/wAj1HiMuxyvWVpfd+K/UwbnwDr8EgWOCK4BGd8UoAHt82D+lQ/8IP4j/wCgd/5Hj/8Aiq72P4geF5ZUjXVVDOwUF4ZFGT6krgD3PFPvPHfhixlEc2sQMxXdmENKMfVARnjp1qljsYtHD8GQ8ny96qpp/iX+Rytt8NL95CLq/too8cNEGkOfoQvv3rrdJ8HaPpEnmxwtPMDlZLghivQjAwAMEZzjPvWHqXxZ8PWe5bRbq+fyyymOPYm7nCktgjtyFPXv0rita+L2t3uxdLhi01Bgs3EzseeMsMAcj+HPHXtUNY7EaS0X3f8ABN6dLLcK7wV39/8AwD1bxB4s0XwzCX1K8RJSu5LdPmlfrjCjsdpGTgZ7ivAPGHjjVPF8yC5CQWcTForWInaDk4ZifvNg4zwOuAMnOFPJJPNJNNI8ksjFndySzE8kknqa6Lwr4A1jxXIJIU+y2IwWu51IVhuwQn98jDcdOMEjIrqpYWlhVzzevf8AyCpiquJfJFadjD0LQb/xHq0WnabDvmflmPCxr3Zj2A/wAySBX0tp+n6N4J8NtHEUtbC1QyTTSHljjl3Pdjj+QAxgUunado3gvw6YoilrYWymSaaU8se7ue5P+AAwAK+ePib8TJ/GF0dP09nh0SF8qp4a4Yfxt7eg/E89ODEYiWKlyx0ijvoUFQV3q2Y3xB8aT+NvEb3h3R2MOY7SFj91M9T/ALTdT+A7VydFFUkkrIbd9QooopgFej/CjRTNfXGsyr8kA8mEkdXI+Yj6Dj/gVefWttNe3cVrboXmlcIijuScCvojQtJi0PRbXT4sERJ8zD+Jjyx/E5rKrKysXBXdzRooormNQooooAK0tCg8/VosjIjy5/Dp+uKza6fwxbbYJrkjlztX6Dr/AJ9qUnoNG/RRRWRYUUUUAYGpR+XesezAMKqVsavFuhSUdVOD9DWPXRB3Rm9woooqgCiiigDivGmn7LmK/QfLINj/AO8Oh/L+VcrXqupWSajYTWr4+dflP909j+deWzQvbzPDKu2RGKsPQiu/Dz5o27GFRWdxlFFFdBmFbXhjX5PD+qrPy1vJ8k8Y7r6j3H/1u9YtIzBVLMQAOSTUyipLlY07O57+6WWs6ZtYJc2dwn4MP6H9Qa8c8R6FcaDqbwSI32dyTbyE53pn1wORxkf0Iqp4T+Jp0HU1s7kNJo7nDHq0RP8AEo9PUfj14PtTR6Z4g0uNmWG8s5l3o3UHIIyD2PJ5HIrkpzqYGfvK8X/X3nLjMLSzCHuu0l/X3HjmheILvw/fi4tzvjbAmhJwsi/0I7Ht9Mg+seH/ABPp/iGEfZ32XSoGlt2+8nOOD/EM9x6jOM4rzjxJ4JvtFZ7i2DXVjkkOgJeNQM/OAOB15HHHOMgVyiSvDKssTskiEMrKcFSOhB7Gu+th6OMjzwevf/M8XDYvE5dP2VRadv8AJ/0j3TWPDGla3lrmDZOf+W8Xyv26noeBjkHHauPvvhpcrJmwv4njJPyzgqVHbkA5/IViaT8R9Z05lW8K38AAXbJ8rgAEcOB16ZLA5x+NddY/E/Qbnat0LizbZuYvHvTdxlQVyT9SB07dK41DG4bSOq+//gnpuWW433prll9z+/Y5STwL4hSRlWxWQKSA6zJhvcZIP5inQeA/EE0yo9rHCp6ySTKVH12kn9K7608ceGb2UxxavArBd2Zg0Qx9XAGeenWoJfiH4UhleJ9WUsjFSUhkYZHoQpBHuOKr69jNuTX0Zmsny/4vaaf4l/kYWn/DRywbUr9QATmO2GcjHHzMOOfY/wCHZaToGm6LHtsrZVkIw0zcu3TOT74BwMDPauQ1T4u6JaealjbXV9IuNjYEcb9M8n5hjn+HqPTmuB174oeIdXRobeVdOtyxwLXIkIyCAXznIx1XbnJyO1Q6WMxPxuy+78DppLL8JrSV39/4/wCR6n4w8f6Z4Tg2ZS81AsALOOUBlGASXPOwYIxkZORgYyR8+69rt/4j1aXUdRl8yZ+FUcLGvZVHYD/EnJJNU2Fd74L+F154g2X2rCWz0t498ZUgSzZzjaDnaO+SORjGc5HXTo0cHDmk9e/+REq1XFS5YrTsY/gbwLd+MNQLMXg0uFsXFwByT12Jnqx/IA5PYH3bXdb0rwJ4U+0z4jtbSJYbeANlpCBhI1zkk8deeASehpdR1PQfAXhpZJzHZafbLsiiQZZz12qOrMTk5+pJ6mvmDxx431DxvrP2u6/dWsWVtbVTlYlP82OBk/0AFebVqyxU7vSKPSpUo4eNurMnX9cvfEmt3Wrag+64uH3EDoo6BR7AYFZtFFaJWEFFFFMAr2X4X6KbDQX1GVcS3zZXI5Ea5A/M5P0xXmHhvRJfEGuW9hGCEY7pXH8CDqf6D3Ir6Ghijt4Y4YkCRxqERR0AAwBWNWWli6a6j6KKK5zUKKKKACug8LwZmnuCOFUIPx5P8h+dc/Xa6HbfZtLiBGGk+c/j0/TFTJ6FI0aKKKzKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsXVIfLuPMA+Vxn8a2qr3sH2i2ZR94cr9aunLlkZVoc8LHP0UUV2nmBRRRQAVS1XTo9TsHt3wG+8jf3W7GrhPpSVKqOLvHc3WFU4tVNn0PJbhJIZnhkQo6EqynsairuvFOhm8i+3WyZnQfOoHLr/AIj+VcLXoQq+0XN1GqUaS5IqyCiiirGFH9qyaKwvoZmimjOUKnBJ9KRmCqWYgADJJrlNUvze3Hyn9ynCD196uEOd2exlVq+zWm57T4Q+LlhqgSz13y7G8PAnHEMn1P8AAfrx79q7fVtA0rX4B9st0kYr8k6HDqMHGGHUck4OR7V8o10Ph7xvr/hkhLC9Y24OTbTDfGfwPT8CK56uX2lz0HZmcMWpR5K6uj1HWfhdcozSaRdrNGFJ8m4O1+AOAwGCSc9duOPrXF6l4e1jShKb3TbmJI8b5dhaMZxj5xle4HXrxXYaP8bdPmVU1jTpraTgGS3PmIT3ODgj9a7Sw8deFtSH+j65Zg9lmfyifwfBqFisXR0qRuv66oynluDra0pcr/rozwJqhavpiSLTdZtgssdpfQBtwDKsqg469xnB/Wq3/CM6B/0A9N/8BI/8KpZtHrEz/sWS2n+B82JFJPMkMMbSSyMFREGSxPQADqa3tP8Ah74o1Pa0elSwRmQIz3JEW3pyVb5iBnqAe+MmverzXtH04kX2rWNqQcET3CJj8zXI6r8ZPBelqdmoSX0gP+rs4i3/AI8cL+tZyzOpL4Ifr/kdMMqpx+Od/wAP8yhofwc062dZtau3vW2jNvEDHGDg5BbO5hkjBG3pyOcV2Oq634f8FaQr3k1rp1oufKhjULuOckIi9Tk54HfJrxTxF8e9YvVeHQrKLTozx50v72X6gH5R+INeVX+o3uq3j3eoXU11cP8Aelmcsx/E1yzVWs71Wd0I0qKtTR3/AI++LmpeKxJp+nB7DSDkMgb95OP9sjoP9kcepNeb0UVrGKirITberCiiiqEFFFaeg6JdeINVisbVeW5kkxkRp3Y/55OBSbsB0Pw88Mf21q3265jzY2jAnI4kk6hfw6n8PWva6p6Vpdto2mw2Fom2GJcAnqx7k+5PNXK5Zy5mbxVkFFFFQMKKKKACu10W0+yabGGGHk+dvx6fpiuY0iy+26giEZjX5n+g7V3FRN9CkFFFFQUFFFFAB1rm7qH7PcvH2ByPpXSVnatb74hMo5Tg/Srg7MUkY1FFFbkBRRSMyoMscCgQtc14wsTeaW81rGJL23Usij+Idx/Uf/XrakuGfheBUNaQbjJSM5yurI+fbm6mu5N8zknsOw+gqGu58eeFzZztq9kh+zytmdAP9Wx/i+h/n9a4avdpTjOKcTxakZRk1IKKKK0ICtbw/wCJNT8M6iLzTJyjcCSNuUkHow7/AMx2rJopSipKz2Gm4u6Po/wl8StH8TLHbyutjqJ4+zytw5/2G6H6dfbvWzrXhPSNdy91b7Lg/wDLxD8r9up6NwMcg4HTFfK9dj4e+JniPw+qQi5F7arwIbrLYHs33h9M49q8upl8oS56ErM7o4uFSPJXjdHZ6p8MtZtmJsXhvo9wAAYRv05JDHAGePvHt+HJ6jo2p6XuN9YXFugfy97xkIW54DdD0PQ16FpHxn0G8CrqVvc6fKerY82MfiPm/wDHa6+y8X+HNQQNba3YtnorTKjf98tg/pQsbiqWlWF/6+4wlleEqa0p2/H/AIJ89NUDV9NXNhpuqpG91aWl4q58tpY1kAz1xkH0H5VDH4e0SCVJotH0+OSNg6utsgKkcgg44NP+1o21iT/Ysk9J6eh81wWtxe3C29rBLPM+dscSFmbAycAc9BXSaX8M/E2qqHNollEVJD3jbCSDjG0AsD1PIAwPpn2u+8U+H9MBN7renwEDO2S5QMfoM5NcbrHxw8I6aCtnJc6lLjgW8RVQfQs+PzANZyzKrLSEbfj/AJHTTyunDWcr/h/mXfD/AMKdD0eaO5vGbU7hVYFZ0XycnofL55A45JHfrjGr4t8faD4OtydRug92VzHZw4aV/Tj+Ee5wPrXhviT43+JdZV4NOEekWzcfuDulI9DIen1UA15tLLJPK8s0jSSOdzO5yWPqSetcsoVKr5qrud0eSkuWmrHV+NviJrHja5xct9n09GzFZRMdgPqx/ib3P4AZrkaKK2SSVkQ23uFFFFMAoorp/BfhSXxLqYaVWXT4SDPJ03f7APqf0H4Um0ldglc6v4X+GCinX7uPBIKWqn06M/8AQfj7V6bTYo0hiSKJFSNFCqqjAUDoAKdXJKXM7m6VlYKKKKkYUUUUAKql2CqMsTgD1rvrO3FpZxQD+BcH3PeuY8O2f2i+85h8kPP1bt/jXXVE30KQUUUVBQUUUUAMmiE0LxnowxXMspRirDBBwa6msXVbfZOJQPlfr9a0pvWxMkZ9FFFbEhRRRQAVyPi/SMj+0oF5GFmA/Rv6flXXUjosiMjqGVhggjIIq6c3CV0TJXVjyGitfX9FfSbslATayHMben+yfesZ3WNC7sFUckntXpxkpK6OZq24rMqKWYgKBkk9q5nVNVa7YxQkrAPwL/X29qTVNUa8YxxkiAH/AL69zWbXTTp21Zw1q/N7sdgrp/CPjrVfCNxi3bz7F2zJaSN8p91P8J9/zBrmKK0nCM48sldGEZyg+aL1PqLwz410XxVADY3IW5Ay9rL8si/h3HuM1V1f4faLqbNJCjWMxU4NvgITgAEp0wMdBjOTXzTHJJDIskTskinKspwQfUGu/wBA+L2v6Uqw34j1O3Xj98dsoHs46/UgmvLlgatKXNh5fI7frFGvHkxEb/1+Bt6r8Oddsd726R30I3HMLYcKOmVOOSOy7v5Z5O9sruwlEV5azW8hXcEmjKEj1we3Br1XS/i/4YvwFupLiwkxyJ4yy59iuf1xXVWniTQ78D7JrFjMT/ClwpP5ZzTWPxFPSrC/4HPLKcNU1pTt+P8Akz5yaoWr6YuNE0i9na4udLsZ5Xxukkt0Zm4wMkjnjFFvpek6W7XFtYWVm23a0scKRnbkcEgDjIFP+1o2+HUSyaSfx6eh82WmlahqXmfYLC6uvLxv8iFn256ZwOOh/Kut0n4S+IL64K6j5WnQL1dmWVm4P3VU46gZyR14zXrGo+NPDOlRGS812wjAONomDt/3yuT+lcNrfx58OWKumlW11qUo+623yYj+LfN/47WU8wry0hGx1Ustow1nK51Hhv4c6F4d8ufyftt8uD9ouADtYYOUXovIyDywz1rP8a/FfQ/CayW0LrqGqDj7NC3yxn/bboPpyfYda8R8T/FnxT4lV4DdCws24MFnlNw/2m+8fcZAPpXDVzOnOo+aq7nanGC5aasbXibxVq3i3UzfatcmRhkRxLxHEvoq9h+p7k1i0UVslbREbhRRRTAKKK9C+HHhA31wmt38Z+zQtm3Rh/rHH8X0B/M/SplJRV2CV3Y674f+GP7B0f7Tcx4v7sBnBHMa9l/qff6V19FFcjd3dnQlZWCiiikAUUUUAWdPtTeX0UAHDH5vYd670AAAAYArA8NWWyF7txy/yp9O/wCv8q36zk9S0FFFFSMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMTUrfyZ96j5H5+h71Sro7iBbiBoz36H0Nc7IrRuyMMMDg11U6l46nDVoPn93ZidKQnNJRTbbNYUowCiiikahXG+JfDhQvf2SfJ1liA6f7Q9vWuyoq4TcHdEyimjyCiuy1/wtvLXenIA3V4B391/wrgNVvfsEBGCJmyqg9j6n6V6VOaqfCc0/cV2Z+uah/wAukTf9dCP5VhUrMWYsxJJOST3pK7ox5VY8uc3OV2FFFFUQFFFFAACQcg4NSo7PIiu5KlhkMeKio6ik1dWGnZnO0UrKVYqwIYHBB7UleKeyFFFFABRRRQAUUVq6D4e1DxFe/Z7GLIXmSVuEjHqT/TrSbsBX0rSrzWdQjsrGIyTP+SjuSewFe7+GPDVp4Z00W8H7yd8NNMRy7f0A7Cl8N+GbHw1Y+RarvmcDzp2HzSH+g9B/+utquac+bRG0Y2CiiisygooooAKKK1ND0/7bd73XMMXLZ7nsKG7DN3QbH7JYh3GJZfmPsOwrVoorF6lhRRRQAUUUUAFIyhlKkZBGCKWigDm7q3NtcNGenVT6ioa3tRtftFvuUZkTkY7+1crJOz5A4X0rog+ZGUnyk0lwq8Lyaqsxc5Y5NJRWqVjJtsKKKKZI2SNJonilRXjcFWVhkEHsa8i8XeEZNCmN1ahpNPc8HqYj6H29D/k+v0yaGO4heGZFkjcFWVhkEelbUazpSutjOrSVRWZ89UV2XirwRNpZkvdOVpbL7zJ1aL/Fff8AP1rja9inUjUV4nlzhKDswoooqyQooooAKKKKAFVmU5UkH2NKzs/3mJx6mm0UAZuqR4aKTd94FcemP/11n1q6mimBZM/MG2geoIP+ArKrysQrVGepQd6aCiiisTYKKKKACiiul8KeDL7xLOJMGCwU/vLhh19l9T+g/QptLVglcreGPDF54m1EQQApbpgzzkcRj+pPYf0r3fS9LtNG06Kxso9kMY49WPck9yaTS9Ks9GsEsrGERQpzjqWPck9zV2uac+Y2jGwUUUVmUFFFFABSgFiAASTwAKSt3w7p/nTm7kH7uM4TPdv/AK1Ddhm7pdkLGxSLHzn5nP8Atf54q5RRWJYUUUUAFFFFABUVzALiBoz1PQ+hqWigDlmUoxVhgg4IpK1dVtf+XhB7P/jWVXRF3VzNqwUUUVQBRRSEhQSTgCgRBfWkF7aSQXK5jYc+o9x714r4ysb7TL/7NKD9kbmGQdJPr6EeleyyymQ+i+lUNS0211aye0vIhJE3PuD2IPY11Yer7KV3sc2Ij7SNkeBUV0HiTwpeeH5i+DNZMfknA6ezeh/Q/wAufr2YzU1eJ5EouLswoooqhBRRRQAUUUUAOV2T7rEZ9DSMzMcsST7mkooAgvE32kgCbiBke2Op/LNYldCyh1ZC20MCpPoDXPV5+MjaaZ34R3i0FFFFch1hRRRQAUUV3fg34fT6u0d/qiNDp/3kjPDzf4L79T29alySV2CVyp4J8Ey+IZxeXgaPTI25PQzEfwr7ep/D6e2RRRwQpFEixxooVUUYCgdABSQQRW0CQQRrHFGoVEUYCgdhUlc05uTN4xsFFFFQMKKKKACp7O2e8uo4E6seT6DuagrrfD+n/Zrb7TIMSyjj2X/69JuyGka0USQwpEgwqAACn0UVkWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVm6paeYnnoPmUfMPUVpUU07O4NXOVoq9qNl5D+ZGP3THt/Cao10J3VzMKKKKYBRRRQAjMFUsegrj/E3hKz8REz5+z3gGFlUZBHow7/XrXTTy722j7o/Woa1pylB80dzColNcr2PCdX0HUdDn8u9gKqThZV5R/of6daza+hJ4IrmFoZ4klicYZHUEH6g1xWsfDe0uS0ulzfZZDz5T5aMn69R+telSxsXpPQ8+phWtYHmFFa2qeGtW0gk3Vm4jH/LVBuT8x0/HFZNdsZKSumcrTTswooopiCiiigDDvGDX1wy/dMjEfnUNT3cZiu5FbGc7uPQ8j+dQV4slZ2PYi7pMKKKkhgmuZVigieWRuAkalifwFSUR0oBJAAJJ6AV2mjfDPWtRKve7dPgPOZPmc/RQf5kV6VoPgzRtACvb2/m3I/5eJvmfPt2X8KiVRIpQbPO/DPw1vtSKXOrb7K16iPH71/wP3fx59u9etafptnpVmlpYwJDAnRV7n1J7n3NWqKwlNy3NVFIKKKKgYUUUUAFFFKAWYKASScACgCS2t5Lq4SGIZdjj6e9dzZWkdjapBH0HU+p7mqejaWLCDfIP9IcfN/sj0rUrOTuWkFFFFSMKKKKACiiigAooooAK5zW9P8AJlN1GP3bn5gP4T/9eujpskayxsjqGVhgg1UJcruTKPMrHDUVc1GwexuNvJjblG9f/r1TrsTuro5mraBRRRQIKKKKACuL8R+AbbUS91phS2uTy0eMRuf/AGU/p/Ou0oq4VJU3eLJnCM1aR4Df6deaZcm3vbd4ZR2YdfcHoR7iqte/32nWep25gvbeOeM9nHT3B6g+4rhNX+Gpy0ukXIx18if+jf4j8a9KljIy0nozhqYWUdY6nndFXtQ0fUdKfbfWcsPOAxGVP0YcGqNdaaaujlaa0YUUUUwCiiigCtfqhs5C3VcFfrkf0zWNW9Pt+zy7hkbG498cfrWDXnYtWnc9DCv3LBRRVmy0+81GbybK1muJP7sSFsfXHSuQ6itUkFvNdTpBbxPLK5wqIpZifYCu+0X4VX9yRJq862kX/PKMh5D+PQfr9K9J0bw7pegw7NPtUjYjDSnl3+rHn8OlZyqpbFKDZwfhf4YHKXevnA6raIev++w/kPz7V6bDDFbwpDDGscSDaqIMBR6AU+isJSctzVJLYKKKKkYUUUUAFFFOjjeaRY41LOxwAO9AE1jZyX10kEfGeWbGdo7mu6ggjtoEhiXaiDAFVdK05dOtQhwZW5kYdz6fQVerOTuWkFFFFSMKKKKACiiigAooooARlDKVYZBGCDXP3tqbWbHVG5U10NRXECXMJjf8D6GqjKzE1c5qipJoXglMbjBH61EzBVJJ4roMwZgoJJwBVOWUyH0UdBRLKZD6DsKjq0jOUrhRRRTIGSxRzxNFKivG4wysMgj3Fee+Ivh2cvdaLyOptWP/AKCT/I/n2r0WitadWVN3iRUpxmrSPnuaCW2maGeN4pUOGR1wQfcVHXu+q6Fp2tRbL62V2Awsg4dfof6dK4DVvhve25MmlzLdR/8APOQhHH49D+n0r0aWLhLSWjOGphpx21OHoqe7srqwl8q7t5YJP7siFc1BXWnfY5mrBRRRQAUUUUAFYl4hS7lDKFyxYAdADyP0NbdZOpKq3QIJJZQTnsen9BXJjI3imdWEfvNFOiitDTND1TWZNmn2M0/OCyrhR9WPA/E15x6Bn1b07S77V7oW1hbSTynsg6D1J6Ae5r0TRPhQcrNrd0Mdfs9uf5sf5AfjXoun6ZY6TbC3sLWO3iHZB1PqT1J9zWcqqWxag3ucd4W+G1rpZS81Ypd3Y5WLGY4z+P3j9ePbvXeUUVg5N6s1SS2CiiipAKKKKACiirVhYyX9yIo+B1ZscKKBlvRNMN7c+bIv7iM8/wC0fSuxqK2t47W3SGJcIo/P3qWsm7lJWCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAR0V0KsMqRgisG9smtXyMmM9D6exrfprosiFHAKnqDVRlYTVzl6KuXtg1sd65aL19PrVOt077EBUFxLtGwHk9akkkEaZ79qpEliSepqooiT6CUUUVZkFFFFABWPf8AhbRdSJa40+IOerxjY2fXIxn8a2KKqMnF3TE4p6M4W7+GNhIc2l/PD7SKJB/Ssib4ZamrHyb20df9vcp/ka9RoreOKqrqZPD030PIX+HuvqcCKB/dZR/WmDwB4hOc2sYx6zLz+tew0Vf12p5EfVKZ4pcfDHX7u8Z2ayhBVR88pPQAdlNW7X4RXDYN5q0Sf7MMRbP4kj+VeszDD59Rmo64Z1ZNs7Y00kji7H4YeH7UhpxcXbDqJZMLn6Lj+ddVZabY6bF5dlaQ26dxEgXP1x1q1RWbk3uaJJBRRRUgFFFFABRRRQAUUUqqzsFUEsTgAd6AEAycCuq0TRhbKt1cL++P3VP8A/xpdH0QWoFxcqGm6qvXZ/8AXrbqJS6IpIKKKKgoKKKKACiiigAooooAKKKKACiiigCG5to7uBopRkHoe4PqK5K8s5LKcxycjqrDowrs6gurWK8hMUq5HY9wfUVpCfKROHMcXRVm9sZbGbZIMqfuuOhqtXUnfVHO1YKKKKBBRRRQAUUUUAIyq6lXUMpGCCMg1g3/AIL0G/JZrJYXP8UB2foOP0rfoqozlH4XYUoqW6OAuvhhbsSbTUpEHZZYw36gj+VZUvw01dMmK5s5AOg3MCf/AB3+teqUVusXVXUxeGpvoeQN8PvEAJAghbHcTDmmjwB4hIybWMexmX/GvYaKv67U8ifqlM8pg+G2sswaSWyQA9GkY5/JajtfhD0N5q/PdIYf6k/0r1qq0mfMbPrmuaviJzs2dFGjGF0jkbD4ceHLFgzW0l0w6G4k3foMA/lXT29tBaQiG2hjhiXokaBVH4CpaK5W29zpSSCiiikAUUUUAFFFFABRRT4onmlWONSzscADvQA1VZ2CqpZicAAZJrr9H0cWCebNhrhh+CD0Hv8A5+ppGjrYL5suHuGHXsg9B/jWtWcpFpBRRRUjCiiigAooooAKKKKACiiigAooooAr3dol1FtPDj7relcndpLFO0cy7Svau0qpf6fHfRYb5ZB91/T/AOtWlOfK9SJxutDj6KluLaW1mMUq4YfkR6ioq6jnCiiigQUUUUAFFFFAEc9vDcxGK4hjljPVJFDA/ga5298BaDeEstu9sx6mB8focj9K6airjOUfhdiZQjLdHndz8L+ptdU+iyxf1B/pWZL8NdaT7k1nIPaRgf1WvV6K3WLqrqZPDU30PHj4A8QgZFrGfYTL/jTl+H3iAkAwQrnuZhxXr9FV9dqeRP1SmeVxfDTV3wZbmzjB6jcxI/8AHf61cb4U28oiN7qcrqpOVhjCHJ9zn09K9IpkoBjPt0rGriak42bNaVCEJXRyWneAvDmmkMunrPIP47g+Z+h4/SujRFjQIihVUYCgYAFOoribb3OxJIKKKKQBRRRQAUUUUAFFFWbKxmv5xHCv+8x6KPegYlnZy3twIYVyT1PYD1NdpYWEWn24ijGW/ifHLGiwsIdPtxFFyTyznqxq1WcpXKSCiiipGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAhAIIIyD2NZV7pm3MluMjqU/wrWopqTQmrnDyuXkOQRjjB7UyusvtKgvct9yX++B1+vrXOXdjPZviVPl7MOQa6oTUjnlBorUUUVZAUUUUAFFFFABRRRQAUUUUAQTH5x7Co6mnHCn61DWMtzeOwUUUVIwooooAKKKKACiitjT9AnusSXGYYvQ/eP4dqG7DM22tZryYRQIWbv6D6112l6PFp6h2xJOer+nsKuW1rDZxCKBAq/qfrU1ZuVykgoooqRhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBHPBHcRGOVAynsa5jUNKlsiXXLw/3u4+tdXQRkYPSrhNxJlFSOEorob/QlkzJaYRu6Hofp6VgyxSQyFJEKMOxFdMZqWxzyi47jKKKKokKKKKACiiigAooooAKKKKACoJgfMye4qeoZwcg9ulRPYuG5FRRRWRqFFFFABRRRQAUUqqWYKoJJ6Ad63dP8OSSYkvCY0/55j7x+vpQ3YdjKsrC4v5dkCZA+8x6L9a6/TtLg05PkG6Qj5pD1P8AgKtwwx28SxxIERegFPrNyuUkFFFFSMKKKKACiiigAooooAKKKKACiiigAooooAKKKKAK93Zw3sXlyr9GHUVy99p81i+HG6Mn5XHQ/wCFdhTXRJEKOoZT1BHWrhUcSJQUjhqK27/QmTMlpll7xnqPp61ispVirAgjqDXVGSlsYOLW4lFFFMkKKKKACiiigAooooAKKKKACgjIIHfiiigZUopXGHIxgZpK5zcKKKKACiiigAoqSC3luZBHDGzuewFdJp3h2OLEl4RI/aMfdH19aTaQ0jK03Rpr8h2Bjg/vnqfpXW21rDaQiKFAqj8z9amAAAAGAOgorNu5SVgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApGRXUq6hlPUEZBpaKAMW80CN8vatsb+43T/wCtWJcWk9q2JomX0PY/jXa0jKrqVZQynqCMg1rGq1uZypp7HC0V1FzodrNkx5ib/Z6flWVPoV3FkxhZV/2Tg/ka2VSLMnCSMyinyQywnEsbof8AaGKZVkhRRRQIKKKKAIZ/4aiqxN/qvxH9ar1jPc2hsFFFABJwBk1JQUVdg0i/uPuWzger/KP1rVtvC54N1OB/sxj+p/wpNpDsc71rTs9CvLrDMvkx/wB5+v4CuotdNtLPBhhUN/ePJ/OrdS59h2M+x0e1scMq+ZL/AH36/h6VoUUVBQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFQ3FrDdJsmQMOx7j8amoovYDnLvQZY8tbN5i/3Tw3/wBesl43jco6lWHUEYNdzUU1vDcLtmjVx7ito1mtzKVJPY4miuhuPD0TZNvKUP8AdbkVmT6RewZ/dbx6pz/9etVUizNwkijRSsrI21lKn0IxSVZIUUUUCCiiigAqOYfKDnocVJTJQDGT6UpbFR3K9FFORGkYKilmPYDJrA2G0Vo2+h39xj9yY1PeQ7f061q23hiNcNczFz/dQYH50nJDsc0qs7BVUsx6ADJNbFn4dup8NORAnoeWP4V01vZ29ouIIVT3A5P41PUufYdipZaba2KjyY/n7u3LGrdFFQUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVS8063vV/eLh+zr1q3RTTa2E1fc5W70a5tssg82Md16j6is4jBwetd3VW5061u+ZIxu/vLwa2jW7mcqXY46itq48PSLk28ocf3W4NZk9lc25/ewuo6ZxkfnWqnF7GTi1uQUUUVRIUUUUAFFFFABRRRQBBMPnznqKjqaYcA4/GmxQSztiKJ5D6KpNYy0ZvHYjorVt/D19NguqxL6uefyFa9t4atYsGd2mb0+6KhyRVjl4YJbiTZDGzt6KM1u2Xhp2w94+0f880PP4muiihjhTZFGqL6KMU+ocirEVvaw2sflwRqi+3epaKKkYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAhAYYIBHoaqyaZZS53W6D/dG3+VW6KabWwmkzLfQLNj8pkT6N/jUDeHIz9y4cfVQa26Kr2ku4uSPYwT4cPa6H/fv/wCvR/wjh/5+h/3x/wDXreop+1l3F7OJgnwyrDDXR/BMf1p6eGLQfelmb8QP6Vt0VLm3uUopbGdHoWnR4Pkbj6sxNXYreGAYihjj/wB1QKkoqbjCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBrxRyjEiK49GGaqSaRYycmAA/wCySKu0U02thNJ7mS/h+1Jyskq+2Qf6VC3hxSfluiB7pn+tblFV7SXcXJHsYP8Awjjf8/Q/74/+vR/wjh/5+h/37/8Ar1vUU/ay7i9nEw18OIPv3LH6Jj+tTDw9Z4+dpW9sgf0rWopOpJ9RqEUUItF0+I5W2Un/AGyW/nVyOKOJdsaKi+ijAp9FRcoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAK8tjazZ8yCMk98YP51Uk0KyckgOn+63+NadFUpNbMTimYjeHIz924cfVQaiPhx+1yp+qY/rXQUU/aS7k+zic/wD8I5J/z8L/AN80o8OP3uV/74/+vW/RT9rIPZxMRfDiD79yx+iY/rU6aBZqcsZH9i3+FalFJ1Jdx8kexUj0yyjHFtGf94bv51aVQowoAHoKWipbb3KtYKKKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRSEgdSBQAtFNMiD+IU0zp7mnZiuiHzn9f0o85/X9KZRWlkZXY/zn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KzNf1K6sdOimt5Ajte2kJO0H5XuI0Yc+qsRWhWJ4q/5BEH/YSsP/SuKmkrhdm95z+v6Uec/r+lMopWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn9f0plFFkF2P85/X9KPOf1/SmUUWQXY/zn9f0o85/X9KZRRZBdj/ADn9f0o85/X9KZRRZBdj/Of1/Sjzn/vfpTKKLILsf5r/AN6k8x/7x/Om0U7ILsUsT1JNJRRQIKKKKACiiigAooooAKKKKACsTxV/yCIP+wlYf+lcVbdYnir/AJBEH/YSsP8A0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigArz3x58R18Pytpmlqk2o4/eSNykOe2O7e3Qe/Suy13Uv7H0G/1HAJt4GdQehYDgfnivl2eeW5uJJ5naSWVi7ux5Zickn8a78Fh1UblLZHJiqzguWO7NC/8Sa1qkpkvdUupSTnBkIUfRRwPwFU/t95/z9z/APfw1Xor2VGK0SPMcm92WPt95/z9z/8Afw0fb7z/AJ+5/wDv4ar0UWQrssfb7z/n7n/7+Gj7fef8/c//AH8NV6KLILsuQ6tqNvIJINQuonH8STMp/MGu+8JfFa+sriO015zdWbHb9ox+8j9z/eHr3+vSvNaKzqUYVFaSLhVnB3TPrSORJoklidXjdQyspyCD0Ip1ed/CDWZL/wAOXGnTOWewkATPaN8kDP1DfhivRK+fq03Tm4PoezTnzxUkFFFFZlhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVV1HTrbVbJrS7V2hZkf5JGjYMrBlIZSCCGUHIParVFAGJ/wiunf8/Osf+Dm7/wDjtH/CK6d/z86x/wCDm7/+O1t0U7sDE/4RXTv+fnWP/Bzd/wDx2j/hFdO/5+dY/wDBzd//AB2tuii7AxP+EV07/n51j/wc3f8A8do/4RXTv+fnWP8Awc3f/wAdrboouwMT/hFdO/5+dY/8HN3/APHaP+EV07/n51j/AMHN3/8AHa26KLsDE/4RXTv+fnWP/Bzd/wDx2j/hFdO/5+dY/wDBzd//AB2tuii7A4jxj4WtU8IapJbzam0scBkAl1S5lUheTlWkIPAPUV4BX1o6LJG0bqGRgQwPQg184+NfCVx4V1iSPYzWErFrabBxt/uk/wB4f/X716mXVVrB7nn42m9Jo5miiivUOAKKKKACiiigAooqzp+n3WqX0VlZQPNcSttRFHX/AAHvQ3bVglc9U+CdvII9ZuSpETGKNW7EjcSPwyPzr1msPwl4dj8MeHoNOUq8vMk8g/jkPU/ToB7AVuV87iaiqVXJHtUYOFNRYUUUVgahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVXvbC01K0e1vbeO4gf70ci5B/8Ar1Yopp21QbnnN/8ABzQ7iRns7u7tAf4MiRR9M8/mapf8KUs/+g1P/wB+B/jXqdFdCxdZacxg8NSfQ8s/4UpZ/wDQan/78D/Gj/hSln/0Gp/+/A/xr1Oin9cr/wAwfVqXY8s/4UpZ/wDQan/78D/Gj/hSln/0Gp/+/A/xr1Oij65X/mD6tS7HmEPwW01XzPq126eiIqn8zmu30Lwto/huJk020WN2GHlY7nb6se3t0rYorOeIq1FaTKhRhB3igooorE1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA//2Q==)

Informa is a leading international

business-to-business events,

digital services and academic

publishing group.

Our purpose is to champion the

specialist: connecting people with

knowledge to help them learn

more, know more and do more.

Our customers are businesses and

professionals who work in one of the

dozens of specialist markets we serve.

These include Technology, Healthcare

& Pharma, Finance, Health & Nutrition,

Education, Physical Sciences, Marketing,

Foodservice and Licensing.

We work in

specialist  markets

Strategic Report

Informa Annual Report and Accounts 2024

02

Informa at a glance

We are an

international

FTSE 100 business

We have more than 14,000

colleagues working in over 30

countries. Our customers are

based in over 150 countries and

around 50% of our revenues

come from North America.

International Divisional Pro-forma

2024  revenues

N

o

r

t

h

A

m

e

r

i

c

a

M

i

d

d

l

e

C

o

n

t

i

n

e

n

t

a

l

E

u

r

o

p

e

U

K

C

h

i

n

a

R

O

W

E

a

s

t

4

9

%

1

1

%

6

%

9

%

1

3

%

1

2

%

I

n

f

o

r

m

a

M

a

r

k

e

t

s

I

n

f

o

r

m

a

C

o

n

n

e

c

t

F

e

s

t

i

v

a

l

s

I

n

f

o

r

m

a

T

e

c

h

T

a

r

g

e

t

I

n

f

o

r

m

a

T

a

y

l

o

r

&

F

r

a

n

c

i

s

4

7

%

1

6

%

1

0

%

1

7

%

1

0

%

I

n

f

o

r

m

a

M

a

r

k

e

t

s

I

n

f

o

r

m

a

C

o

n

n

e

c

t

I

n

f

o

r

m

a

T

e

c

h

T

a

y

l

o

r

&

F

r

a

n

c

i

s

4

8

%

1

8

%

1

2

%

2

%

2

0

%

O

t

h

e

r

![](data:image/jpeg;base64,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)

In 2024, our four operating divisions were Taylor & Francis,

Informa Markets, Informa Connect and Informa Tech.

We are updating our organisational structure in 2025 as follows.

How we are  organised

B2B

Markets

Content-led

B2B events

Experience-led

B2Bevents

Transaction-led

B2Bevents

Academic

Markets

Academic research,

advanced learning

andopen research

B2B

Digital

Services

B2B data and

marketaccess

techtarget

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

03

China

New Zealand

Japan

Australia

Singapore

Malaysia

South Korea

Indonesia

UAE

Türkiye

Egypt

India

Saudi Arabia

Thailand

UK

Canada

Netherlands

Brazil

Mexico

US

![](data:image/jpeg;base64,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)

We are the world’s leading B2B events organiser

and operate leading B2B Digital Services and

Academic Markets businesses.

We operate in the growing knowledge and

information economy, where the volume of data and

information is increasing exponentially and knowing

what to trust and who to connect with is vital.

$358bn

2024 R&D investment

oftop15 spenders

150+

No of customer

countries

We invest in data capabilities,

technology and artificial intelligence

todrive growth and efficiency across

all our businesses. Wepartner with

experts where we see potential

opportunities to benefit eachother.

Our sustainability programme

FasterForward, is embedded across

everything we do.

This is reflected in the number of

events accredited by our Sustainable

Event Fundamentals framework, which

is included as a measure in Directors’

long-term incentive plans.

Talent is key to everything we do.

Ourcolleagues are specialists, deeply

embedded in their chosen markets. Our

agile and flexible culture supports them

in responding quickly to customer

needs as their markets evolve.

Underpinned by

sustainability

$75m+

Revenue from one-off data

access agreements signed

byTaylor & Francis

14,000+

Number of

colleagues

7 years

Inclusion in DJSI

World Index

Data and AI

opportunities

Specialist talent and

supportive culture

We target Informa leverage of 1.5x–2.5x

Investing

in organic

growth

Paying

progressive

dividends

Investing

inorganically

forgrowth

Returning

capital to

shareholders

through

buybacks

We have resilient revenue streams

andstrong margins. Over 60% of our

revenue is visible and recurring. Our

cash generation is high, and our capital

requirements are low.

We take a flexible approach to capital

allocation, balancing reinvestment in

the business with portfolio expansion

and returning cash to shareholders.

Capital allocation framework

Strong financial characteristics and robust balance sheet

Our international businesses connect people with specialist knowledge. We have leading

positions in growing markets. Combined with our investments in products and people,

theseprovide a strong platform for future growth and increasing shareholder returns.

Growing international markets Leading international businesses

Strategic Report

Informa Annual Report and Accounts 2024

04

Investment case

![](data:image/jpeg;base64,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)

Strong

growth

Group

revenues

£3,553m

2023: £3,190m

Underlying

revenue growth\*

11.6%

2023: 30.4%

Adjusted

operating profit\*

£995m

2023: £854m

Adjusted diluted

earnings per share\*

50.1p

2023: 45.3p

Financial

strength

Free

cash flow\*

£812m

2023: £632m

Operating cash

flow conversion\*

104%

2023: 94%

Dividend

per share

20.0p

2023: 18.0p

Informa

leverage\*

2.6x

2023: 1.4x

Expansion

inmajor

B2Bbrands

Continued

growth in

research

content

145,000

new articles on

Taylor & Francis

Online

Continued

progress in

sustainable

events

431

brands accredited

intheSustainable

EventFundamentals

30%

roles filled internally

79

engagement score

Delivering

for colleagues

52

attendee net

promoter score for

top 50 Informa

Markets events

Delivering

forcustomers

Increased

scale in

digital

services

Creation of

techtarget

2024 highlights

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

05

![](data:image/jpeg;base64,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)

We keep a close eye on trends in our main markets – B2B events, digital

services and academic publishing – as well as trends in the customer

markets we serve, acting on opportunities and responding to developments.

Tech  buyers spend

the vast majority of their

time  online

14%

Increase in mega

venuesbetween 2021

and 2023 (UFI)

The  events  market

is  segmenting

64%

Interactive and

immersive experiences

are a priority for 64%

ofevent attendees

(Freeman)

5%

Enterprise IT budgets

forecast to grow 5% a

year between 2023 and

2030 (Omdia)

Live  experiences

are more  valuable

than ever

Strategic Report

Informa Annual Report and Accounts 2024

06

Market trends

![](data:image/jpeg;base64,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)

When businesses upgrade or buy new

enterprise technology, they now spend

a considerable amount of time

researching products and providers

online before contacting a sales team.

Buyers can be nearly 70% of the way

through their purchasing process

before they contact a vendor directly,

and that buying journey is an average

of 12 months long.

This creates a two-fold demand. Buyers

want informed insights on relevant

solutions to hone their decision

making. And technology providers

want to know who is in the market for

their product before they get in

contact, so they can raise their profile

and compete for business as efficiently

as possible.

Our B2B Digital Services business,

Informa TechTarget, supports each part

of this ecosystem. We deliver a variety

of content that helps tech buyers

conduct research, from independent

reports to media, product guides,

whitepapers, videos and webinars.

This gives us first-party data and direct

insights on who is in the market, what

they are looking for and what stage of

procurement they are in.

We use this data to better tailor content

to buyers’ needs and to provide sellers

with opportunities to market their

products to relevant audiences and

connect directly with those who intend

to purchase, helping them to drive more

sales, more effectively.

Our professional and personal lives

are more digital than ever before.

Businesses and individuals are

spending more time connecting,

collaborating and learning online and

through technology. And, as getting

together live and in person with

customers, partners and colleagues

has become less frequent, it has also

become more valuable because of

its scarcity.

Live business-to-business events benefit

from this trend. Companies are putting

more emphasis on key moments during

a year when they can build and nurture

relationships by meeting in person,

showtheir products physically, hear

from experts live, get inspired and take

a break from the digital world.

Larger-scale live events benefit most,

because when whole industries come

together, it creates a network effect

that makes attending particularly

effective. So do events that deliver a

strong customer experience and return

on investment through additional

services and incorporating digital

elements. Scale events, customer

experience and data-driven services

are all focuses for us.

The value of live events is also

increasingly recognised by

governments. Many, including in the

Middle East and US cities, are investing

to increase the capacity of their venues

to cater to demand and capitalise on

the economic and community benefits

that large-scale events bring host

cities. In turn, this will support further

market growth.

Business events first emerged from

Europe in the late 1700s and early

1800s as industrial expositions. As

many markets do when they mature

over time, events have developed,

evolved and, most recently, started to

segment into distinct categories of

product serving different needs.

While there are some features that

most events have in common – for

example, an element of industry-

specific content programming – we see

three specific types of event emerging,

each with a different core purpose and

reason to attend and with different

elements emphasised.

Transaction-led events – sometimes

called exhibitions or trade shows –

create and grow the markets they

serve. They act as a marketplace for

the whole supply chain, attracting

companies that want to do business by

meeting buyers at scale in person.

They are typically part of annual sales

activities and budgets.

Content-led events – sometimes called

conferences or confexes – connect and

educate their markets. They attract

professionals who want to network

and develop their business by meeting

partners and investors and staying up

to date on the latest industry thinking.

These are often a marketing activity

andinvestment.

Experience-led events – sometimes

called festivals – set out to inspire and

celebrate their markets and attract

professionals looking for deep

community connections and high-

impact immersive experiences.

We have organised our B2B Events

portfolio around these three types of

events for 2025, so that each division can

fully focus on developing its distinctive

features and maximising what we offer

each category of customer.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

07

![](data:image/jpeg;base64,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)

Generative  AI:

huge investment,

new   opportunities

120%

Growth in scientific

and medical journal

articles, 1996-2020

(Our World in Data)

There are  many

routes to research

publication

$700m

three-year investment

byIndian Government

inresearch

subscriptions

$200bn

US tech companies’

2024investments

inAI(Citi)

Expert  knowledge

is in demand and

in  growth

Strategic Report

Informa Annual Report and Accounts 2024

08

Market trends

continued

![](data:image/jpeg;base64,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)

While machine learning and AI have

existed in many forms for decades,

generative AI is far newer and its

widespread availability and rapid

development make it an important

trend in every market.

The scale of investment in this area

is also unprecedented. Analysts

estimate that the four largest US

technology companies spent $200bn

on AI research and development

in 2024.

Generative AI has the potential to

influence parts of our market and the

way we work, creating commercial

opportunities and efficiency benefits

as well as changes that we will continue

to monitor and respond to.

We are actively engaged in the

application and deployment of AI, as

we talk to further on pages 29 and 37.

For example, large language models

are being used as primary research

tools and to summarise specialist

content. Trusted, high-quality content

is critical for further advancing these

models, and we have entered several

data-access partnerships with leading

providers that help train large language

models. We are also using AI’s

capabilities to analyse large data sets

and find trends in our data-driven

services and marketing activities.

We serve the growing AI community

through dedicated brands including AI

Summit brand pictured left and a new

journal – the Journal of Psychology and AI

– launched in 2024 to cater to the

emerging study of human interaction

with AI. Industry-specific content on AI

is included in many of our brands to

help our customers keep learning too.

The world is becoming better

educated, with more people entering

higher education, studying at graduate

and post-graduate levels, and pursuing

further qualifications. This trend puts

the market for trusted knowledge and

expert research in structural growth.

Higher educational levels mean there

are more researchers at universities

and institutions working on new

discoveries, and more researchers

submitting their findings for

publication to share their knowledge

and progress in their careers.

Equally, there is consistent demand

from other researchers, institutions

and a range of industries for original

and verified research that they can

build on and apply to innovation and

product development.

Research output and demand have

become more globally spread as

countries expand access to higher

education over time. China and India

are now among the top three countries

for scientific and engineering research

publication, along with the US.

This is the market Taylor & Francis

addresses. We have a long-standing

focus on expanding our depth of

research and supporting researchers

all over the world, with significant hubs

in India, China and the US. Over the last

ten years, we have enhanced our

production capabilities to support

growing research volumes and improve

the ease of publication. We have also

invested in AI, data, technology and

our platforms to make the knowledge

we publish discoverable and to

maximise its impact.

The research world is diverse and there

are several ways that the publication of

research is funded.

In many cases, individual libraries,

consortia of libraries, research

institutions and corporates will have

annual or multi-year subscriptions to

access research. This is often called a

pay-to-read model and, most recently,

the Indian Government launched a One

Nation, One Subscription scheme that

enables more of its institutions and

students to access expert knowledge.

In other cases, universities, institutes

or governments will fund research and

its publication upfront, making it

widely available to read on an open

access or pay-to-publish basis. There

are also read and publish approaches

and transitional models which blend

several elements.

Preferred models can vary depending

on the country as well as the research

subject matter. Scientific and medical

research is more likely to receive open

access funding than humanities

knowledge, for example.

This range is an increasingly embedded

feature of the market. For many years,

our response has been to work flexibly

with partners and support a range of

approaches, all the while maintaining

the continuous investment that

research verification, enrichment,

indexing and discoverability requires.

We have also built out our platforms

and services to support the specific

needs of open research, where, for

example, speed of publication as well

as quality is particularly important.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

09

![](data:image/jpeg;base64,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)

We work in specialist

markets, serving:

Professionals

who want to get smarter

about their subject matter

and remain informed,

networked and relevant

Businesses

who need to discover new

customers and stay closely

connected to their partners,

suppliers and distributors

Researchers

who want their findings

tobe recognised and

reachothers, and

leadtoprogress and

newdiscoveries

What we doOur markets

We connect people

We bring professionals in specialist

markets together to learn, develop,

connect, experience and celebrate in

powerful and effective ways

We advance knowledge

We deliver specialist research, expert

knowledge and unique content that

advances further learning and discovery

We enable

discovery

We enable businesses

to succeed by helping

them assess the market,

find and connect with

investors, meet

distributors, discover

and reach new

customers, and identify

the right suppliers

Major live B2B events

On-demand and online events

Research journals, articles, books and

ebooks, and open research platforms

Specialist media, content and research

Accredited training

Partnering platforms

Buyer discovery services and

intent-to-purchase data

Brand awareness and audience

development products

Digital demand and

lead-generation services

Through

Strategic Report

Informa Annual Report and Accounts 2024

10

Business model

![](data:image/jpeg;base64,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)

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

11

Our difference

•  We own and operate leading and

unique brands and imprints

•  We continuously invest in our

brands and product development

– often in collaboration with

customers – to keep improving

what we deliver and giving value

to the markets we serve

•  We prioritise building strong

relationships with the key partners

who help deliver our products

•  We work hard at our culture. We

celebrate progress, creativity and

collaboration, making sure

everyone can contribute their best

and share in the benefits of

customer and business success

•  Our customer interactions give us

unique, permissioned first-party

data and insight. We use this to

enhance our products and

marketing, and as the basis for

data-driven digital services

•  Sustainability is embedded

throughout the business.

Itaddsvalue to our brands and

customers and helps us make

apositive wider impact

•  We operate at scale in our three

main markets, which provides

commercial, partnership and

efficiency opportunities

•  We are efficient and disciplined in

how we use capital, striking a

balance between reinvestment

and shareholder returns

•  We manage risk dynamically,

empowering teams to act on

market changes and

opportunitiesin real time

•  Annual and multi-

year subscriptions

tojournals

•  Purchases of

specialist books

andebooks

•  Access to specialist

databases

•  Access to archive

content

•  Research article

reprints and other

content services

•  Licensing and

dataaccess

•  Article processing

charges

•  Open book

publishing services

•  Research editing

services

•  Sponsorship and

promotion on

research hubs

Our revenues come from

•  Exhibition stand space

•  Paid event attendance

•  Event sponsorship

•  Brand promotion via

event apps, pre-event

marketing and onsite

•  Content-focused brand

awareness and marketing

campaigns, including

sponsored webinars and

thought leadership

•  Product listing and

promotion on digital

marketplaces

anddirectories

•  Access to lead generation,

buyer intent and data

capture platforms

•  Individual and corporate

training courses

•  Subscriptions to

specialistresearch

•  Consultancy services

•  Purchases of individual

research and reports

B2B Markets

Academic Markets

The value we create

For

shareholders

Long-term capital

andincomegrowth

£675m+

Cash returns to

shareholders in 2024

For

customers

Knowledge and

connections that

drive professional

and business success

52

Average attendee net

promoter score for

top 50 Informa

Markets events

For

colleagues

Professional

development, with

personal support and

financial benefits

79

Colleague

engagement score

For

partners

Committed long-term

relationships that

support commercial

success

34

Suppliers on

preferred partners

programme

For

communities

Making a positive

contribution through

economic and

community activity

$1.8bn

Economic impact of

Fort Lauderdale

International

BoatShow

![](data:image/jpeg;base64,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)

It has been an outstanding year

for Informa, and the Board

and I are delighted with the

way the company continues

todeliver for customers,

colleagues and shareholders.

Closing out GAP 2

2024 was the last year of our 2021-2024

Growth Acceleration Plan – GAP 2 as

we call it. By our own measures,

wehave delivered what we set out to

do, and I believe the company has

more than met the expectations our

shareholders had when we started out.

In financial terms, Informa delivered

record results in 2024, demonstrating

the accelerated growth that was our

keygoal under GAP 2. Those included

double-digit underlying revenue growth

in both our B2B Markets and Academic

Markets businesses, which in turn

translated into double-digit growth

inthe Group’s underlying revenues,

adjusted operating profit and free

cashflow. Atruly standout year.

Operationally, the company also

madesignificant progress. Two key

developments to highlight are the

addition of the Ascential business in

October – which has expanded our

portfolio of scale, marquee B2B event

brands – and the combination of our

Informa Tech digital businesses with

TechTarget – which completed in

December and has created Informa

TechTarget, a leading US-listed

business in which we are the

majorityshareholder.

Each move was closely considered

bythe Board, weighing up the use

ofcapital and resources alongside

alternatives. The focus now turns

tomaking the most of the brands,

capabilities and talent we have added

to the Group, and I have full confidence

in the company’s ability to do so.

In other highlights, we expanded

Informa’s first-party customer data

capabilities under GAP 2. This has

allowed us to grow further in digital

services and was a key part of the

Informa TechTarget combination

inparticular.

We are continuing to invest in our

events, research, and media products

and platforms. This is important for

delivering the high-quality experience

that customers rightly expect and a

product or service that, as set out in

Informa’s purpose, allows them to

learn more, know more or do more

intheir markets, businesses or

professions. I am also proud of our

ongoing work to make B2B events ever

more sustainable, which includes

collaborations with peersand partners

that are driving industry-wide progress.

Our brands play such

an important role in

their markets

Strategic Report

Informa Annual Report and Accounts 2024

12

Chair’s Introduction

Opportunity

Growth

&

![](data:image/jpeg;base64,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)

Long-term success

andSection172

Informa’s Board is committed to

performing all the duties set out

in Section 172 of the Companies

Act 2006. For full information

about how we performed these

duties, see the Board’s year

(pages 86 to 91) and our Section

172 statement (pages 92 to 95).

Investing in Informa

For shareholders, there are many

reasons to consider Informa as an

attractive investment proposition.

Oneis that the company has significant

international reach and diversification.

The US is Informa’s single largest

market and, as I have written about

before, we have a growing business

inthe Middle East as well as in high

growth markets in Asia.

Our business model is highly cash

generative. A high proportion of

revenues come from exhibitor

bookings made in advance and

annualor multi-year subscriptions,

giving usastrong degree of visibility

onourrevenues.

Informa is home to many well-

established, high-quality and

specialistbrands that serve dynamic

international markets such as

Healthcare, Technology and FinTech.

Importantly, the company also has an

engaged and committed leadership

team who has worked together over a

long period and consistently delivered

strong results. We were pleased to

expand that team’s talent and

experience in 2024, appointing new

leaders in Taylor & Francis, Informa

Festivals, Marketing and Talent, who

bring fresh perspectives and energy

notonly to their areas, but to the

management of the company overall.

Sharing the benefits of our growth

with investors, as well as with

colleagues and, through reinvestment,

with customers, continues to be our

approach. We were pleased to

increase the dividend by 11% in 2024,

paying a final dividend of 20p, and to

complete the £1.5bn GAP 2 share

buyback programme.

Impact and energy

When I meet colleagues, partners and

shareholders in different locations

around the world, two particular things

strike me about the company.

The first is that our brands play such an

important role in their markets and

make a real difference. Our B2B

products help companies do business

and trade, within a country and often

across international supply chains.

Standing in the middle of a major event

and speaking to an exhibitor, it is clear

how valuable it is to be there, meeting

new customers and forging deeper

trading connections and relationships.

Speaking to a regional or government

partner, it is clear how much inward

investment and economic activity is

generated by events. And engaging

with colleagues and partners in the

research publishing market, it is

clearhow important the work of

supporting and disseminating

expertknowledge istoday.

The second is Informa’s culture.

Thecompany has maintained an

entrepreneurial spirit as it has grown,

which you feel through its energy and

focus on acting on opportunity. This is

in good measure down to the close

attention we pay to culture; the

considerable investment that goes into

creating professional opportunity for

colleagues as well as providing support

and reward; and an emphasis on

enabling everyone to bring their talent

to the table and make a difference.

Informa has transformed over the

period I have been a Director and Chair.

There is no standing still. It has an

optimism and energy, combined with a

good level of resilience that, I believe,

makes the company well positioned to

act on opportunity and respond to

change over the next period too.

One Informa – which will be the

company’s key programme over the

next four years – is, the Board believes,

the right plan at the right time to

continue to deliver growth, deliver

customer and product excellence,

andmake the most of the platform

created over the last ten years.

Thank you to everyone at Informa,

andto all of our partners, for your

continued contribution and support.

John Rishton

Chair

13 March 2025

John Rishton speaks

tocolleagues as part

ofa Board lunch with

future leaders in our

London office

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

13

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAYzBG4DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwDzuiiivrz5kKKKKACiiigAooooAKKKKACiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRRQAUUUUAFFFFABRRRQAUUUUAFAooFAC0UUUAFFFFAC0UUUCCiiigAooooAKKKKAClpKWgAooopiCgUUCgBaKKKACiiigAooopAFAopCwXrQA6mtIB05NRs5b2FNqebsUo9xWYt1pKKKkoKWkpaACiiigAooooAWiiimIKKKKQBRRRQAUtJS0AR0UUVoUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUgCiiigAooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFLSUtAgooopAFFFFABRRRTAKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigAooooEFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAtFFFAgooooAKKKKACiiigAooooAKKKKACgUUCgBaKKKACiiigBaKKKBBRRRQAUUUUAFFFFABS0lLQAUUUUxBQKKBQAtFFFABRRRQAUE4601nC+5qIsWPNS2NRuPaTsv50zvSUCobuWlYWiiigYUUUUCClpKWgAooooAKKKKAFooopiCiiikAUUUUAFFFFADKKKK0KCiiigAooooAKKKKACiiigAooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQUUUUAFFFFABRRRQAUUUUAFFFFABQKKBQAtFFFABRRRQAtFFFAgooooAKKKKACiiigApaSloAKKKKYgoFFAoAWiimM4XjqaBjiQBk1E0hPA4FNLFjk0lQ2Woi0UUVIwoFFAoAWiiigAooooEFLSUtABRRRQAUUUUALRRRTEFFFFIAooooAKKKKYDKKKKsoKKKKACiiigAooooAKKKKACiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRRQAUUUUAFFFFABRRRQAUUUUAFAooFAC0UUUAFFFFAC0UUUCCiiigAooooAKKKKAClpKWgAooopiCjOOtIzBetQsxbrSbsUlce0meF/Oo6KKhu5aVgooooGLRRRSEFAooFAC0UUUAFFFFAgpaSloAKKKKACiiigBaKKKYgooooAKKKKQBRRRTAZRRRVlBRRRQAUUUUAFFFFABRRRQAUUUUAFFOjjkmkWOJGeRjhVUZJPoBXZ6Z8KvFepRrI1lHZo2MG6kCH8VGWH4is51IQ1m7FQpyn8KucVRXpP/CkvEn/P9pP/AH9k/wDjdH/CkvEn/P8AaT/39k/+N1l9bofzI1+rVv5TzaivSf8AhSXiT/n+0n/v7J/8bo/4Ul4k/wCf7Sf+/sn/AMbo+uUP5kH1at/KebUV6T/wpLxJ/wA/2k/9/ZP/AI3R/wAKS8Sf8/2k/wDf2T/43R9cofzIPq1b+U82or0n/hSXiT/n+0n/AL+yf/G6P+FJeJP+f7Sf+/sn/wAbo+uUP5kH1at/KebUV6T/AMKS8Sf8/wBpP/f2T/43R/wpLxJ/z/aT/wB/ZP8A43R9cofzIPq1b+U82or0n/hSXiT/AJ/tJ/7+yf8Axuj/AIUl4k/5/tJ/7+yf/G6PrlD+ZB9Wrfynm1Fek/8ACkvEn/P9pP8A39k/+N0f8KS8Sf8AP9pP/f2T/wCN0fXKH8yD6tW/lPNqK9J/4Ul4k/5/tJ/7+yf/ABuj/hSXiT/n+0n/AL+yf/G6PrlD+ZB9Wrfynm1Fek/8KS8Sf8/2k/8Af2T/AON0f8KS8Sf8/wBpP/f2T/43R9cofzIPq1b+U82or0n/AIUl4k/5/tJ/7+yf/G6P+FJeJP8An+0n/v7J/wDG6PrlD+ZB9Wrfynm1Fek/8KS8Sf8AP9pP/f2T/wCN0f8ACkvEn/P9pP8A39k/+N0fXKH8yD6tW/lPNqK9J/4Ul4k/5/tJ/wC/sn/xuj/hSXiT/n+0n/v7J/8AG6PrlD+ZB9Wrfynm1Fek/wDCkvEn/P8AaT/39k/+N0f8KS8Sf8/2k/8Af2T/AON0fXKH8yD6tW/lPNqK9J/4Ul4k/wCf7Sf+/sn/AMbpkvwV8TRoWW50yQ/3UmfP6oBR9bofzIPq1b+U85pa2db8Ja74dw2p6dLDGTgSjDof+BLkZ9qxq3jKMleLuYyi4uzQUUUUyQooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKAFooooEFFFFABRRRQAUUUUAFFFFABRRRQAUCigUALRRRQAUUUUALRRRQIKKKKACiiigAooooAKWkpegoAKYz44HWms+eB0plJy7FKPcCcnmiiipLCiiigAooooAWiiikIKBRQKAFooooAKKKKBBS0lLQAUUUUAFFFFAC0UUUxBRRRQAUUUUAFFFFADKKKKsoKKKKACiiigAooooAKKKKACrWnafdarqMFhZRGW5ncIiDuf6DuT2FVa9c+CWhpLcX+tzR5MOLeBj0DEZf8cbR9GNY4ir7Km5mtGn7Said74M8C6d4Rs1Kqs+ouv766Yc+6r6L/PvXVUUV8zOcpy5pO7PfhCMFyxWgUUUVBQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUANkjSaNo5UV42GGVhkEehFeHfEv4dR6Kja3o8ZFiW/0iAf8sSTwV/2STjHb6dPc6hu7WG+s5rS5jEkEyGORD0ZSMEVvh8RKjPmW3Uxr0Y1Y2e58h0Vd1fT30nWb3TpDlraZ4s+uDjP41Sr6ZNNXR8+1Z2YUUUUxBRRRTAKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigAooooEFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAtFFFAgooooAKKKKACiiigAooooAKKKKACgUUCgBaKKKACiiigBaKKKBBRRRQAUUUUAFFFNZwv1oGKSFGTUTMW+lISScmiobuWlYKKKKBhRRRQAUUUUAFFFFAC0UUUhBQKKBQAtFFFABRRRQIKWkpaACiiigAooooAWiiimIKKKKACiiigAooooAZRRRVlBRRRQAUUUUAFX9G0+LU9R+zzTvBEsM0zyJGJGCxxtIcKSMk7cdR1qhWx4Z/5Cs//YPvv/SWWpm2otoqCvJJh9m8N/8AQW1b/wAFkf8A8kUfZvDf/QW1b/wWR/8AyRWPRS5X/M/w/wAg5l2/P/M2Ps3hv/oLat/4LI//AJIr234QpYp4RuBYTzzRfbXy88KxNu2J/CGbtjvXz1XrPwT11Yb2+0KZ8faAJ4ATxuAw4+pGD/wE1x4+nJ0HZ3sdWDmlVWh7VRRRXz57QUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRVe+vYNOsJ726cJBBGZJG9ABk0JX0QN2Pm34jeX/wALA1jyvu+cM9PvbVz+ua5ermq6hJqur3moS/fuZnlI9MnOKp19XTi4wUX0R83UlzTbXUKKKKsgKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKAFooooEFFFFABRRRQAUUUUAFFFFABRRRQAUCigUALRRRQAUUUUALRRRQIKKKKACiio3fsPzobsNK4rvjgdai60UVm3c0SsFLSUtABRRRTAKKKKACiiigAooooAWiiikIKBRQKAFooooAKKKKBBS0lLQAUUUUAFFFFAC0UUUxBRRRQAUUU9YyevFAN2GU5UZvb61KEUdqdTsQ59inRRRVGoUUUUAFFFFABWx4Z/5Cs//AGD77/0llrHrY8M/8hWf/sH33/pLLUVPgfoVD4kY9FFFWSFT2V5cafew3lpK0VxC4eN16gioKKTV1ZgnY+k/BXj/AE/xZaJE7pb6oq4lt2ON57snqPbqP1PYV8fI7RuroxV1OVZTgg12OmfFPxXpkaxm+W7jXoLtN5/764Y/ia8ivlrbvSfyPTpY9WtUR9IUV4L/AMLt8Sf8+Ok/9+pP/jlH/C7fEn/PjpP/AH6k/wDjlc39nV/I3+vUT3qivBf+F2+JP+fHSf8Av1J/8co/4Xb4k/58dJ/79Sf/AByn/Z1fyD69RPeqK8F/4Xb4k/58dJ/79Sf/AByj/hdviT/nx0n/AL9Sf/HKP7Or+QfXqJ71RXgv/C7fEn/PjpP/AH6k/wDjlH/C7fEn/PjpP/fqT/45R/Z1fyD69RPeqK8F/wCF2+JP+fHSf+/Un/xyj/hdviT/AJ8dJ/79Sf8Axyj+zq/kH16ie9UV4L/wu3xJ/wA+Ok/9+pP/AI5R/wALt8Sf8+Ok/wDfqT/45R/Z1fyD69RPeqK8F/4Xb4k/58dJ/wC/Un/xyj/hdviT/nx0n/v1J/8AHKP7Or+QfXqJ71RXgv8Awu3xJ/z46T/36k/+OUf8Lt8Sf8+Ok/8AfqT/AOOUf2dX8g+vUT3qivBf+F2+JP8Anx0n/v1J/wDHKP8AhdviT/nx0n/v1J/8co/s6v5B9eonvVFeC/8AC7fEn/PjpP8A36k/+OUf8Lt8Sf8APjpP/fqT/wCOUf2dX8g+vUT3qivBf+F2+JP+fHSf+/Un/wAco/4Xb4k/58dJ/wC/Un/xyj+zq/kH16ie9UV4L/wu3xJ/z46T/wB+pP8A45R/wu3xJ/z46T/36k/+OUf2dX8g+vUT3qivBf8AhdviT/nx0n/v1J/8co/4Xb4k/wCfHSf+/Un/AMco/s6v5B9eonvVFeC/8Lt8Sf8APjpP/fqT/wCOUyX40+J5E2pb6ZEf7yQvn9XIo/s2v5B9eonvU00VtC808qRRINzu7BVUepJ6V4T8SviIviAHR9IdhpyNmaXp55B4wP7o6+5+lcdrfivXPETf8TTUZZ0ByIuFQH/dGBn3rHruw2AVJ883dnHiMa6i5YaIKKKK9E4AooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKAFooooEFFFFABRRRQAUUUUAFFFFABRRRQAUCigUALRRRQAUUUUALRRRQIKKCcDJqF33cDpSbsNK4rSZ4HSmUgpahu5olYKKKKBhS0lLQIKKKKYBRRRQAUUUUAFFFFAC0UUUhBQKKBQAtFFFABRRRQIKWkpaACiiigAooooAWiilClulMQlOVC3sKkVAPc0+q5SHLsNVAvTrTqKKZLCiiigRTooooOgKKKKACiiigArY8M/8hWf/sH33/pLLWPWx4Z/5Cs//YPvv/SWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApaSloEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKAFooooEFFFFABRRRQAUUUUAFFFFABRRRQAUCigUALRRRQAUUUUALSEgDJoJAGTULMWPtSbsCVwdyx9qbRRUGgClpBS0DCiiigApaSloEFFFFMAooooAKKKKACiiigBaKKKQgoFFAoAWiiigAooooEFLSUtABRRRQAUoBJ4FOWPufyqUADpTUSXIasYHXmn0UVpYzbuFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/wAhWf8A7B99/wCkstY9bHhn/kKz/wDYPvv/AEllqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRRQAUUUUAFFFFABRRRQAUUUUAFAooFAC0UUUAFISAMmgkAZNRMxY+1Juw0rgzFj7U2iioLCiiigYClpBS0AFFFFABS0lLQIKKKKYBRRRQAUUUUAFFFFAC0UUUhBQKKBQAtFFFABRRRQIKWkxnpUqx45b8qEribsNVC30qRVC/WnUVaViG7hRRRTJFooopgFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/wAhWf8A7B99/wCkstY9bHhn/kKz/wDYPvv/AEllqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRRQAUUUUAFFFFABRRRQAUUUUAFAooFAC0E4GTQTgZNQs24+1Juw0rgzbj7U2iioNAooooAKKKKAAUtIKWgAooooAKWkpaBBRRRTAKKKKACiiigAooooAWiiikIKBRQKAFooooAKcqFunT1pyR92/KpapRIcuwiqF6UtFFUQFFFFABRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP8AyFZ/+wfff+kstY9bHhn/AJCs/wD2D77/ANJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQUUUUAFFFFABRRRQAUUUUAFFFFABRRUTvngdKTdhpXB33HA6U2iioNErBRRRQAUUUUAFFFFAAKWkFLQAUUUUAFLSUtAgooopgFFFFABRRRQAUUUUALRRRSEFAopyIWPtQIACx4qVUC/WlAAGBS1aViHK4tFFFMkKKKKACiiigAooooELRRRTAKWkpaACiiigQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/kKz/8AYPvv/SWWsetjwz/yFZ/+wfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUALRRRQIKKKKACiiigAooooAKKKKACiimO+OB1oGlcR37D8ajFFArNu5olYWiiigAooooAKKKKACiiigAFLSCloAKKKKAClpKWgQUUUUwCiiigAooooAKKKKAFooHNSqmOT1oSuS3YRY+7flUgooFUlYzbuLRRRVCFooopAFFFFABRRRQAUUUUCFooopgFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/yFZ/8AsH33/pLLWPWx4Z/5Cs//AGD77/0llqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRRQAUUUUAFFFFABRRSEhRk0AI7bR71D1pSSTk0lQ3c0SsFAooFIYtFFFABRRRQAUUUUAFFFFAAKWkFLQAUUUUAFLSUtAgooopgFFFFIAooooAKUAscChVLHAqdVCjAqkrkt2ERNo96dRRVGbCgUUCgQtFFFMBaKKKQBRRRQAUUUUAFFFFAhaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/8hWf/sH33/pLLWPWx4Z/5Cs//YPvv/SWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApaSloEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKAFooooEFFFFABRRRQAUUUUAHSoWbcfalds8DpTKhsuKCiiikUFAooFAC0UUUAFFFFABRRRQAUUUUAApaQUtABRRRQAUtJS0CCiiigAooooAKciFj7UIhY+1TgADAqkrkt2EAAGBS0UVZmFFFFIAoFFAoELRRRTAWiiikAUUUUAFFFFABRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP/IVn/7B99/6Sy1j1seGf+QrP/2D77/0llqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRRQAUUUUAFMdsDA605m2jNQE5OalsqKCiiipLCiiigAoFFAoAWiiigAooooAKKKKACiiigAFLSCloAKKKKAClpKWgQUUUUAFPRN3J6UIm7k9KlFUkQ5CgADAoooqyAooooAKKKKQBQKKBQIWiiimAtFFFIAooooAKKKKACiiigQtFFFMApaSloAKKKQkDrQAtNLge9NLE/Sm1NxqPchooopmwUUUUAFFFFABWx4Z/wCQrP8A9g++/wDSWWsetjwz/wAhWf8A7B99/wCkstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUALRRRQIKKKKACjoKKikbJwKTdhpXGs245pKKKzNAooooAKKKKYBQKKBQAtFFFABRRRQAUUUUAFFFFAAKWkFLQAUUUUAFLSUtAgp6Ju5PSkRdx56VNVRRMmFAooFWZi0UUUAFFFFABRRRSAKBRQKBC0UUUwFooopAFFFFABRRRQAUUUUCFooopgFL2ppYCmFiaTY0hzP6UyikFTcqwtFFFICGiiirNAooooAKKKKACtjwz/wAhWf8A7B99/wCkstY9bHhn/kKz/wDYPvv/AEllqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRSE4GTQAjttHvUNBO4kmis27miVgooopDCiiigAooopgFAooFAC0UUUAFFFFABRRRQAUUUUAApaQUtABRRRQAU9F3fSmqpY1OBgACnFXIk7CgYGBRRRWhmFAooFAC0UUUAFFFFABRRRSAKBRQKBC0UUUwFooopAFFFFABRRRQAUUUZx1oAWmM/pSM2fpTaGxpBS0lLUjCkFLSCgBaKKKQENFFFWaBRRRQAUUUUAFbHhn/kKz/9g++/9JZax62PDP8AyFZ/+wfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUALRRRQIKhkbJwOgp8jbR7moamT6FxXUBS0gpagsKKKKBBRRRQAUUUUwCgUUCgBaKKKACiiigAooooAKKKKAAUtIKWgApQCTgUgGTgVMq7R700rkt2FA2jFOpKWrRmwooopiCgUUCgBaKKKACiiigAooopAFAooFAhaKKKYC0UUUgCiiigAooprNjp1oAUkCmEk0lFIpIKKKKQBS0lLQAUgpaQUALRRRSAhoooqzQKKKKACiiigArY8M/8AIVn/AOwfff8ApLLWPWx4Z/5Cs/8A2D77/wBJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWgnAyaKilb+EfjSbsCV2MZtxzSUUVBqApaQUtIAooooEFFFFABRRRTAKBRQKAFooooAKKKKACiiigAooooABS0gqWNe5/ChK4m7ComBk9afRRWhm3cKWkpaBBRRRTEFAooFAC0UUUAFFFFABRRRSAKBRQKBC0UUUwFooopAFFFMZs9OlAWBm7Cm0UUigooopAFFFFABS0lLQAUgpaQUALRRRSAhoooqzQKKKKACiiigArY8M/wDIVn/7B99/6Sy1j1seGf8AkKz/APYPvv8A0llqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBGbauagpztub2FNqG7mkVZBRRRSGApaQUtIAooooEFFFFABRRRTAKBRQKAFooooAKKKKACiiigAoopVBY4FAhyLuPtU1IAAMClq0rGbdwooopiClpKWgAooopiCgUUCgBaKKKACiiigAooopAFAooFAhaKKKYC0dKCcVGTmkCQFs/SkooqSgooooAKKKKACiiigApaSloAKQUtIKAFooopAQ0UUVZoFFFFABRRRQAVseGf+QrP/ANg++/8ASWWsetjwz/yFZ/8AsH33/pLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFMkbAx3NP6VAx3HNJsqKuJRRRUFhRRRQAClpBS0gCiiigQUUUUAFFFFMAoFFAoAWiiigAooooAKKKKACp0XaPc9aZGv8R/CpaqKIk+gUUUVRAUUUUAFLSUtABRRRTEFAooFAC0UUUAFFFFABRRRSAKBRQKBC0ZxR0phOaLjSAnJpKKKkYUUUUDCiiigQUUUUAFFFFABS0lLQAUgpaQUALRRRSAhoooqzQKKKKACiiigArY8M/8AIVn/AOwfff8ApLLWPWx4Z/5Cs/8A2D77/wBJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiignAzQBHI3GKjpScnNJWbdzRKwUUUUDCiiigAFLSClpAFFFFAgooooAKKKKYBQKKBQAtFFFABRRRQAU5F3N7U0cnFWFXauKaVyZOwtFFFWZhRRRQAUUUUAFLSUtABRRRTEFAooFAC0UUUAFFFFABRRRSAKOlFNJyaASAnNJRRUlBRRRQIKKKKBhRRRQIKKKKACiiigApaSloAKQUtIKAFooopAQ0UUVZoFFFFABRRRQAVseGf+QrP/wBg++/9JZax62PDP/IVn/7B99/6Sy1FT4H6FQ+JGPRRRVkhRRRQAUUUUgCiiigAooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFLSUtAgooopAFFFFABRRRTAKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigAooooEFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFRyN2p5OBmoCcnNTJlRQUUUVJYUUUUAFFFFAAKWkFLSAKKKKBBRRRQAUUUUwCgUUCgBaKKKACiilVdx9qAJI1x8x/CpKKK0SsZN3CiiigQUUUUAFFFFABS0lLQAUUUUxBQKKBQAtFFFABRRRQAUUU0ntSACc0neijvUlBRRRQAUUUUCCiiigYUUUUCCiiigAooooAKWkpaACkFLSCgBaACelOVc/SngADihITdipRRRVGoUUUUAFFFFABWx4Z/5Cs//YPvv/SWWsetjwz/AMhWf/sH33/pLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRSE4GaAGSN2qOgnJzRWbdzVKwUUUUAFFFFABRRRQAClpBS0gCiiigQUUUUAFFFFMAoFFAoAWiiigAqZV2j3psa9zUlVFESfQWiiiqICiiigAooooAKKKKAClpKWgAooopiCgUUCgBaKKKACiikJwKAAnFNooqWUFHeijvSAKKKKACiiigQUUUUDCiiigQUUUUAFFFFABS0lKKACnKmeTSqnc0+mkS2FFFFMkp0UUUHQFFFFABRRRQAVseGf+QrP/2D77/0llrHrY8M/wDIVn/7B99/6Sy1FT4H6FQ+JGPRRRVkhRRRQAUUUUgCiiigAooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFLSUtAgooopAFFFFABRRRTAKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigAooooEFFFFABRRRQAUUUUAFLSUtABRRRQAVHIe1SE4GagJyc1MmVFCUUUVJYUUUUAFFFFABRRRQAClpBS0gCiiigQUUUUAFFFFMAoFFAoAWlAyQKSpY1wM9zQlcG7DgMDFLRRWhkLRRRQIKKKKACiiigAooooAKWkpaACiiimIKBRQKAFooooADxUZOTSk5pKTKQtFFFSAUd6KO9ABRRRQAUUUUCCiiigYUUUUCCiiigAooooAKlVccnrSKuPrT6qxLYUUUUyQooopAU6KKKDoCiiigAooooAK2PDP8AyFZ/+wfff+kstY9bHhn/AJCs/wD2D77/ANJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAZIcDHrUVKx3MTSVm3c0SsgooooGFFFFABRRRQAUUUUAApaQUtIAooooEFFFFABRRRTAKBRQKAHKNzYqemouF9zTqtKxEncKKKKZItFFFAgooooAKKKKACiiigApaSloAKKKKYgoFFAoAWmse1KTim0mNCUUUUhi0UUUgCjvRR3oAKKKKACiiigQUUUUDCiiigQUUUUAFSKuPrQq4+tOqkiWwpaSlpiCiiigQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/AJCs/wD2D77/ANJZax62PDP/ACFZ/wDsH33/AKSy1FT4H6FQ+JGPRRRVkhRRRQAUUUUgCiiigAooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFLSUtAgooopAFFFFABRRRTAKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigAooooEFFFFABRRRQAUUUUAFLSUtABTXOF+tOqGQ5b6Um9BxV2NoooqDQKKKKACiiigAooooAKKKKAAUtIKWkAUUUUCCiiigAooopgFOjXLewptTRrhfc00hSdkPoooqzMKKKKAFooooEFFFFABRRRQAUUUUAFLSUtABRRRTEFFFIT2oGBOaSiipGJRRRQAtFFFIAo70Ud6ACiiigAooooEFFFFAwooooEFSKuOT1pFXuadTQmxaKKKokKWkpaACiiigQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/kKz/8AYPvv/SWWsetjwz/yFZ/+wfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAjHCk1BUkp6Co6iTLitAooopFBRRRQAUUUUAFFFFABRRRQAClpBS0gCiiigQUUUUAFFFFMByLluegqYU1RtXFOFWlYzbuxaKKKYgooooAWiiigQUUUUAFFFFABRRRQAUtJS0AFFFFMQhOBTaUnJpBSZQtFFFIBKKKKAFooopAFHeijvQAUUUUAFFFFAgooooGFOVe5pFGT7VJTRLYUUUUyRaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/wDIVn/7B99/6Sy1j1seGf8AkKz/APYPvv8A0llqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpHOF+tAETHLE0lFFZmoUUUUAFFFFABRRRQAUUUUAFFFFAAKWkFLSAKKKKBBRRRQAU5Fy3sKbUsYwufWqS1E3ZD6BRQKszFooooAKKKKAFooooEFFFFABRRRQAUUUUAFLSUtABSE0tNPWhghKBRQKQxaKKKAEooooAWiiikAUd6KO9ABRRRQAUUUUCClAyaSpFGBTBsUDAooopkhRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP/ACFZ/wDsH33/AKSy1j1seGf+QrP/ANg++/8ASWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApaSloEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigAqOQ5bHpUnSoCcnNTIqKCiiipLCiiigAooooAKKKKACiiigAooooABS0gpaQBRRRQIKKKKAFUZYCp6ZGOM+tPrSK0Ik9QoFFApki0UUUAFFFFAC0UUUCCiiigAooooAKKKKAClpKXtQAhpppaQ0hhQKKBQAtFFFACUUUUALRRRSAKO9FHegAooooAKKKVRk0CHKO9OooqiQooooAKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/wCQrP8A9g++/wDSWWsetjwz/wAhWf8A7B99/wCkstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFADZDhfrUVOkOWx6U2oe5pFaBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAClpBS0gCiiigQUAZOKKfGOc+lNA3YlAwMUUUVoZBQKKBQAtFFFABRRRQAtFFFAgooooAKKKKACiiigAoNFJQAUhpaQ0hhQKKBQAtFFFACUUUUALRRRSAKO9FHegAooooAKkAwKRR3p1NEthRRRTEFFFFABRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP/IVn/wCwfff+kstY9bHhn/kKz/8AYPvv/SWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKt2mm3V4R5UZCf324FbVt4chTBuZGkP91eB/jTSbOeriaVP4nqc11OBVqLTb2f7ltJg92GB+tdhBaW9sP3MKJ7gc/nU1VynFPMn9iP3nKx+Hr1xljEnsW/wFWE8Mufv3Sj6Jn+tdFRT5Uc7x9Z7Oxgf8IyP+fs/9+//AK9H/CMr/wA/Z/79/wD1636KOVE/Xa/835GB/wAIyv8Az9n/AL9//Xo/4Rlf+fs/9+//AK9b9FHKg+u1/wCb8jA/4Rlf+fs/9+//AK9H/CMr/wA/Z/79/wD1636KOVB9dr/zfkYH/CMr/wA/Z/79/wD16P8AhGV/5+z/AN+//r1v0UcqD67X/m/IwP8AhGV/5+z/AN+//r0f8Iyv/P2f+/f/ANet+ijlQfXa/wDN+Rgf8Iyv/P2f+/f/ANej/hGV/wCfs/8Afv8A+vW/RRyoPrtf+b8jA/4Rlf8An7P/AH7/APr0f8Iyv/P2f+/f/wBet+ijlQfXa/8AN+Rgf8Iyv/P2f+/f/wBej/hGV/5+z/37/wDr1v0UcqD67X/m/IwP+EZX/n7P/fv/AOvR/wAIyP8An7P/AH7/APr1v0UcqD67X/m/IwP+EZH/AD9n/v3/APXo/wCEZH/P2f8Av3/9et+ijlQfXK/835GB/wAIyP8An7P/AH7/APr0f8IyP+fs/wDfv/69b9FHKg+uV/5vyMD/AIRlf+fs/wDfv/69H/CMr/z9n/v3/wDXrfoo5UH1yv8AzfkYH/CMr/z9n/v3/wDXo/4Rlf8An7P/AH7/APr1v0UcqD65X/m/IwP+EZX/AJ+z/wB+/wD69H/CMr/z9n/v3/8AXrfoo5UH1yv/ADfkYH/CMr/z9n/v3/8AXo/4Rlf+fs/9+/8A69b9FHKg+uV/5vyMH/hGR/z9n/v3/wDXo/4Rof8AP0f+/f8A9et6ijlQfXK/835GD/wjQ/5+j/37/wDr0f8ACND/AJ+j/wB+/wD69b1FHKg+uV/5vyMH/hGh/wA/R/79/wD16P8AhGh/z9H/AL9//Xreoo5UH1yv/N+Rg/8ACND/AJ+j/wB+/wD69H/CND/n6P8A37/+vW9RRyoPrlf+b8jB/wCEaH/P0f8Av3/9ej/hGh/z9H/v3/8AXreoo5UH1yv/ADfkYP8AwjS/8/R/79//AF6P+EaX/n6P/fv/AOvW9RRyoX1yv/N+Rg/8I0v/AD9H/v3/APXo/wCEaX/n6P8A37/+vW9RRyoPrlf+b8jB/wCEaX/n6P8A37/+vR/wjS/8/R/79/8A163qKOVB9cr/AM35GD/wjS/8/R/79/8A16P+EaX/AJ+j/wB+/wD69b1FHKg+uV/5vyOePhYE5+2H/v3/APXpP+EWX/n8P/fv/wCvXRUUuSJX17Efzfgjnf8AhFl/5/D/AN+//r0f8Isv/P4f+/f/ANeuioo5Ih9exH834I53/hFl/wCfw/8Afv8A+vR/wiy/8/h/79//AF66KijkiH17EfzfgjnD4W9Lz84//r1C/hi5H3J4j9cj+ldTRRyRGsfXXX8EcZLoOoR5IhDgd0YH/wCvVGWCaA4lieM/7SkV6DSFQwIYAg9Qal010N4ZnNfEkzzuiu0udEsLnJ8ny2/vR8fp0rGu/DdxFlrd1mX+6eG/wqHBo7aWPoz0bs/MxKKdJG8TlJEZGHUMMGm1J2J3AUtIKWkAUUUUCCpkGFFRIMsKnqoomTCiiirICgUUCgBaKKKACiiigBaKKKBBRRRQAUUUUAFFFFACGikpaQwpDS0hoAKBRQKAFooooASiiigBaKKKQBR3oo70AFKBk0lPUYpoTHUUUUyQooooAKKKKACiiigQtFFFMApaSloAKKKKBBRRRSAp0UUUHQFFFFABRRRQAVseGf8AkKz/APYPvv8A0llrHrY8M/8AIVn/AOwfff8ApLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiitjTNEe5xNcZSHqB3b/AVSVzOpVjTjzSZn2llPeybIUJ9WPQfU10VloVvbgNNiaT3Hyj8K04oY4IxHEgRB0Ap9Wo2PHr42dTSOiCiiimcQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEFzaW92myeJXHYnqPoa5zUPDs0GZLUmWP+5/EP8a6qik4pnRRxNSi/denY87wQSCMGiuy1HR4L8FxiOfs4HX61yd1aTWcximTaw6HsR6isJRaPaw+KhWWmj7ENFFFSdJJGOCakpFGFApa0SsjNu7CiiimIKBRQKAFooooAKKKKAFooooEFFFFABRRRQAUhpabQMKWkpaQBSGlpDQAUCigUALRRRQAlFFFAC0UUUgCjvRR3oAVRk0+kAwKWqRLFooooEFFFFABRRRQAUUUUCFooopgFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/AMhWf/sH33/pLLWPWx4Z/wCQrP8A9g++/wDSWWoqfA/QqHxIx6KKKskKKKKACiiikAUUV0WiaTtC3dwvPWNT296aVzGtWjSjzSDSdEChbi7XLdVjPb3P+Fb1FFapWPBq1pVZc0gooooMgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr3lnDfQmKZcjsR1U+oqxRQOMnF3W5w1/YS6fP5cgyp5Rx0YVWQZYV3d3aRXkDQzLlT0PcH1Fcfc2MlhcNFJz/AHWxwwrFwsz3MLi1Vjyy+IiooopnSFFFFABQKKBQAtFFFABRRRQAtFFFAgooooAKKKKAEPSkpT1pKBhS0lLSAKQ0tIaACgUUCgBaKKKAEooooAWiiikAUqjnNJTxTQmLRRRVEi0UUUgCiiigAooooAKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs/8A2D77/wBJZax62PDP/IVn/wCwfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFT2dq95dJCn8R5PoO5pCk1FXZoaJpv2qXz5V/coeAf4j/AIV1NMhhS3hSKMYRRgCn1qlY+exFd1p36dAooopmAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVVv7JL63MbYDjlG9DVqigcZOL5lucLJG8MjRyLtZTgim10Wu2HmR/aox86D58dx6/hXO1m1Y9+hWVWHMgooopGwUCigUALRRRQAUUUUALRRRQIKKKKACiig0ANooooGFLSUtIApDS0hoAKBRQKAFooooASiiigBaKKKQCqKcKBwKBVEsWiiimIWiiikAUUUUAFFFFABRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP/ACFZ/wDsH33/AKSy1j1seGf+QrP/ANg++/8ASWWoqfA/QqHxIx6KKKskKKKKACup0Gy+z2nnuP3koyPZe3+P5Vz+n2pvL2OH+EnLfQda7YAAAAYA6AVUV1PNzCtZKmuotFFFWeQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAhAYEEZB4INcdqNobK8eIfcPzIfauyrK12186z85R88XP4d6UlodeDq8lSz2ZzFFFFZnthQKKBQAtFFFABRRRQAtFFFAgooooAKSlpKBiUUUUAFLSUtIApDS0hoAKBRQKAFooooASiiigBaUDmkpw6UCYtAooFMkWiiimAtFFFIAooooAKKKKACiiigQtFFFMApaSloAKKKKBBRRRSAp0UUUHQFFFFABRRRQAVseGf+QrP/ANg++/8ASWWsetjwz/yFZ/8AsH33/pLLUVPgfoVD4kY9FFFWSFFFFAHR+G7bbFLckcsdi/Tv/n2rdqvYwfZrGGLGCqjP16n9asVqlZHzmIqe0qOQUUUUGIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABSMqujIwyrDBHqKWigDiLmE29zJCeqMR9airX8QQbLxJQOJF5+o/+tisis3ufRUZ89NSCgUUCkaC0UUUAFFFFAC0UUUCCiiigBDRR3opDEooopgFLSUtIApDS0hoAKBRQKAFooooASiiigBRzT6avSnUyWFAooFAhaKKKYC0UUUgCiiigAooooAKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs//AGD77/0llrHrY8M/8hWf/sH33/pLLUVPgfoVD4kY9FFFWSFWLGLz76CMjIZxn6d6r1p6BHv1VW/uKzfpj+tNGVaXLTlLyOtooorQ+bCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDJ8QRb7BZAOUcc+x4/wAK5mux1OPzNMuF9E3flz/SuOqJbnsYCV6bXZhQKKBUncLRRRQAUUUUALRRRQIKD0opDQAgpaQUtIYlFFFMApaSlpAFIaWkNABQKKBQAtFFFACUUUqjJoAeOBRRRTJCgUUCgQtFFFMBaKKKQBRRRQAUUUUAFFFFAhaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/8hWf/sH33/pLLWPWx4Z/5Cs//YPvv/SWWoqfA/QqHxIx6KKKskK2vDS5vJm9I8fqP8Kxa3fDP+uuP90f1prc5sY7UJHR0UUVofPhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBHcLvtpV9UI/SuHruyAwIPQ8VwlTI9TLnpJegUCigVB6QtFFFABRRRQAtFFFAgpD1pabQMBS0gpaQCUUUUwClpKWkAUhpaQ0AFAooFAC0UUUAJTl6U2pBwKaEwooooEFAooFAhaKKKYC0UUUgCiiigAooooAKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs//YPvv/SWWsetjwz/AMhWf/sH33/pLLUVPgfoVD4kY9FFFWSFbnho/wCkTr6oD+tYda/h1wuosp/ijIH5imtznxavRkdTRRRWh88FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADZG2xO2cYUnNcLXa3rbLC4b0jb+VcVUyPVy5e7JhQKKBUHoi0UUUAFFFFAC0UUUCA9KbSmkoGApaQUtIBKKKKYBS0lLSAKQ0tIaACgUUCgBaKKKAAcmn01adTQmFFFFAgoFFAoELRRRTAWiiikAUUUUAFFFFABRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP/IVn/7B99/6Sy1j1seGf+QrP/2D77/0llqKnwP0Kh8SMeiiirJCr2kS+VqsBPQtt/MYqjTkcxyK69VIIoInHmi49zvqKbG4liSRfusoYfQ06tT5l6BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBn63J5elyDu5Cj8//AK1cnW/4jm4ggB9XI/Qf1rAqJbntYGPLSv3CgUUCpOwWiiigAooooAWiiigQhpKD1ooGApaQUtIBKKKKYBS0lLSAKQ0tIaACgUUCgBaKKKAHL0paKKokKKKKQBQKKBQIWiiimAtFFFIAooooAKKKKACiiigQtFFFMApaSloAKKKKBBRRRSAp0UUUHQFFFFABRRRQAVseGf8AkKz/APYPvv8A0llrHrY8M/8AIVn/AOwfff8ApLLUVPgfoVD4kY9FFFWSFFFFAHW6DcedpqoT80R2n6dR/n2rTrlNAuvIv/KY4SYbfx7f4fjXV1pF3R4GMp8lV+eoUUUUzlCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKrahc/ZLKSXPzYwv1PSgcYuTUUczq0/2jUZWByqnYPw/+vmqVFFZH0cIqEVFdAoFFAoKFooooAKKKKAFoooPSgQ2iiigYClpBS0gEooopgFLSUtIApDS0hoAKBRQKAFpR1pKVetMB1FFFMkKKKKQBQKKBQIWiiimAtFFFIAooooAKKKKACiiigQtFFFMApaSloAKKKKBBRRRSAp0UUUHQFFFFABRRRQAVseGf+QrP/wBg++/9JZax62PDP/IVn/7B99/6Sy1FT4H6FQ+JGPRRRVkhRRRQAqsVYMpwQcg121hdC8s45hjJGGHoe9cRWroV99muvJc4il4+jdjTi7M4sbR9pTut0dXRRRWh4YUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXNa9d+bcC3U/JHy3u1beoXi2Vo0n8Z4QeprjmYuxZiSxOST3qZPoejgKN37R9BKKKKg9UKBRQKAFooooAKKKKAFpD0paQ0CEooooGApaQUtIBKKKKYBS0lLSAKQ0tIaACgUUCgBacvSm04dKaExaKKKYgooopAFAooFAhaKKKYC0UUUgCiiigAooooAKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs//YPvv/SWWsetjwz/AMhWf/sH33/pLLUVPgfoVD4kY9FFFWSFFFFABRRRSA6zRdR+2W/lSH99GOc/xD1rUrg4J5LadJojh1ORXZWF7HfW4kThhw691NaRdzxMbhvZy547MtUUUVRwhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABSMwVSzEBQMkntS1zutan5pNrC3yA/Ow/iPp9KG7GtGjKrLlRS1O+N9clh/ql4Qf1qlRRWR78IKEVFbBRRRQUFAooFAC0UUUAFFFFAC0hpaQ9aAEooooABS0gpaQCUUUUwClpKWkAUhpaQ0AFAooFAC0+md6fTQmFFFFMQUUUUgCgUUCgQtFFFMBaKKKQBRRRQAUUUUAFFFFAhaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/8hWf/sH33/pLLWPWx4Z/5Cs//YPvv/SWWoqfA/QqHxIx6KKKskKKKKACiiikAVYs7yWynEsR/wB5T0YVXopilFSVmdxZ3kV7AJYj/vKeqmrFcNa3c1nMJYWwe47EehrrNP1OG/T5TtlA+ZD/AE9RWidzw8ThJUnzR1iXaKKKZxhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUjMqKWYgKOSSeBXPanrRlBhtSQnRn6Fvp7UN2NqNGVWVokur6uMNbWzZPR3Hb2FYFFFZt3Pbo0Y0o8sQooopGoUUUUAFAooFAC0UUUAFFFFAC009adTTQAUUUUAApaQUtIBKKKKYBS0lLSAKQ0tIaACgUUCgBw606mr1p1NCYUUUUxBRRRSAKBRQKBC0UUUwFooopAFFFFABRRRQAUUUUCFooopgFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/yFZ/8AsH33/pLLWPWx4Z/5Cs//AGD77/0llqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABTkdo3DoxVhyCDgim0UwOh0/xADiO84PaQDj8RW8rq6hkYMp6EHINcBVm0v7mybMMhA7qeQfwqlLuedXwEZa09GdvRWNaeIYJcLcKYm9Ryp/wrXjkSVA8bq6nupyKtO55dSjOm7SQ6iiigzCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiql1qdpZ5Esw3j+BeW/KhuxUYSk7RVy3VW81C3sl/ePl+yL1Nc/e+I55gUtl8lP73Vj/hWcSWJLEknqSck1HP2PQpZfLepp5Fy+1Oe+bDHZH2QHj8fWqVFFSelGEYK0VoFFFFBQUUUUAFFFFABQKKBQAtFFFABRRRQAtNNOppoAKKKKAAUtIKWkAlFFFMApaSlpAFIaWkNABQKKBQA5adSLS1SEwooooEFFFFIAoFFAoELRRRTAWiiikAUUUUAFFFFABRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP8AyFZ/+wfff+kstY9bHhn/AJCs/wD2D77/ANJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAqSKeWBt0UjIfVTio6KBNJ6M14PEN3HgSqko9xg/pWhF4jtmx5sUkZ9uRXMUU+ZnNPB0ZdLeh2cer2En3blB/vZX+dTrd2zfduIj9HFcLRT5jneWw6SZ3vmx/wDPRfzo82P/AJ6L+dcFRT5if7NX834He+bH/wA9F/OjzY/+ei/nXBUUcwf2av5vwO982P8A56L+dHmx/wDPRfzrgqKOYP7NX834He+bH/z0X86PNj/56L+dcFRRzB/Zq/m/A73zY/8Anov50ebH/wA9F/OuCoo5g/s1fzfgd75sf/PRfzo82P8A56L+dcFRRzB/Zq/m/A73zY/+ei/nR5sf/PRfzrgqKOYP7NX834He+bH/AM9F/OjzY/8Anov51wVFHMH9mr+b8DvfNj/56L+dHmx/89F/OuCpaXOH9mr+b8DvPNj/AOei/nR5sf8Az0X864OijnD+zV/N+B3nmx/89F/OjzY/+ei/nXB0Uc4f2av5vwO882P/AJ6L+dHmx/8APRfzrg6KfMH9mr+b8DvPNj/56L+dHmx/89F/OuDoo5g/s1fzfgd55sf/AD0X86PNj/56L+dcHRRzB/Zq/m/A7zzY/wDnov50ebH/AM9F/OuDoo5g/s1fzfgd55sf/PRfzo82P/nov51wdLRzB/Zq/m/A7vzY/wDnov50ebH/AM9F/OuEoo5g/s1fzfgd35sf/PRfzo82P/nov51wlFHMH9mr+b8Du/Nj/wCei/nR5sf/AD0X864SijmD+zV/N+B3fmx/89F/OjzY/wDnov51wlFHMH9mr+b8Du/Nj/56L+dHmx/89F/OuEoo5hf2cv5vwO782P8A56L+dHnRf89E/wC+hXBt90/SoKl1LFLLE/tfgeh+dF/z0T/voUedF/z0T/voV55RS9r5Ff2Wv5vwPQ/Oi/56J/30KPOi/wCeif8AfQrzyij2vkH9lr+b8D0Pzov+eif99Cjzov8Anon/AH0K88paPa+Qv7LX834HoXnRf89E/wC+hR50X/PRP++hXntFHtPIP7LX834HoXnRf89E/wC+hR50X/PRP++hXntFHtPIP7LX834HoJuIV+9NGPqwqF9RsoxlruH8HBNcJRR7QayuPWR2MviDT4x8sjSH0RT/AFxVCfxR1EFt9Gkb+g/xrnaKTqM3hl9GO6uXrnWL65yHnKqf4U+UVRooqG7nXCEYK0VYKs1WqzVRFMKKKKogKKKKACiiigAooooAKBRQKAFooooAKKKKAFppp1NNABRRRQAClpBS0gEooopgFLSUtIApDS0hoAKBRQKAHrS0i9KWqEFFFFAgooopAFAooFAhaKKKYC0UUUgCiiigAooooAKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs/8A2D77/wBJZax62PDP/IVn/wCwfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBCN90/SoKnb7p+lQVEjSGwUUUVJQUUUUAFLSUtABRRRTEFFFFABRRRQAUUUUAFFFFABVmq68sB71YqokTCiiiqICiiigAooooAKKKKACgUUCgBaKKKACiiigBaaadTTQAUUUUAApaQUtIBKKKKYBS0lLSAKQ0tJQAUCigUAPXpS0i9KWqEFFFFAgooopAFAooFAhaKKKYC0UUUgCiiigAooooAKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs/8A2D77/wBJZax62PDP/IVn/wCwfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBCN90/SoKnb7p+lQVEjSGwUUUVJQUUUUAFLSUtABRRRTEFFFFABRRRQAUUUUAFFFFACr94fWrFV1+8PrViqiRMKKKKogKKKKACiiigAooooAKBRQKAFooooAKKKKAFppp1NNABRRRQAClpBS0gEooopgFLSUtIApKWkoAKBRQKAHr0paRelLVCCiiigQUUUUgCgUUCgQtFFFMBaKKKQBRRRQAUUUUAFFFFAhaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/8AIVn/AOwfff8ApLLWPWx4Z/5Cs/8A2D77/wBJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCEb7p+lQVO33T9KgqJGkAoooqSgooooAKWkpaACiiimIKKKKACiiigAooooAKKKKAFBwQasVWqzVRImFFFFUQFFFFABRRRQAUUUUAFAooFAC0UUUAFFFFAC0006mmgAooooABS0gpaQCUUUUwClpKWkAUlLSUAFAooFAD16UtIvSlqhBRRRQIKKKKQBQKKBQIWiiimAtFFFIAooooAKKKKACiiigQtFFFMApaSloAKKKKBBRRRSAp0UUUHQFFFFABRRRQAVseGf8AkKz/APYPvv8A0llrHrY8M/8AIVn/AOwfff8ApLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiiimAUUUUAFFOjjkmkWOJGd2OFVRkk+wrqNL8Aazf7XnRbKI95vvY9lHP54qZSjHdglc5WivWNP+G+kWwBu5Jrt+4J2KfwHP610Vnoul2G37LYW8TL0YRjd+fWsZYmK2K5GeIW+l6hef8e1jczD1jiZv5Cr8XhLX5sbdLnH++Av88V7fRWbxT6IfIeMf8IJ4k/6Bv8A5Hj/APiqP+EE8Sf9A3/yPH/8VXs9FT9Zn2Q+RHjH/CCeJP8AoG/+R4//AIqj/hBPEn/QN/8AI8f/AMVXs9FH1mfZByI8Y/4QTxJ/0Df/ACPH/wDFUf8ACCeJP+gb/wCR4/8A4qvZ6KPrM+yDkR4x/wAIJ4k/6Bv/AJHj/wDiqP8AhBPEn/QN/wDI8f8A8VXs9FH1mfZByI8Y/wCEE8Sf9A3/AMjx/wDxVH/CCeJP+gb/AOR4/wD4qvZ6KPrM+yDkR4x/wgniT/oG/wDkeP8A+Ko/4QTxJ/0Df/I8f/xVez0UfWZ9kHIjxj/hBPEn/QN/8jx//FUf8IJ4k/6Bv/keP/4qvZ6KPrM+yDkR4x/wgniT/oG/+R4//iqP+EE8Sf8AQN/8jx//ABVez0UfWZ9kHIjxj/hBPEn/AEDf/I8f/wAVS/8ACC+JP+gb/wCR4/8A4qvZqKPrMxciPGf+EF8Sf9A7/wAjx/8AxVH/AAgviT/oHf8AkeP/AOKr2aij6zMORHjP/CC+JP8AoHf+R4//AIqj/hBfEn/QO/8AI8f/AMVXs1FH1mYciPGf+EF8Sf8AQO/8jx//ABVH/CC+JP8AoHf+R4//AIqvZqKPrM+yDkR4z/wgviT/AKB3/keP/wCKo/4QXxJ/0Dv/ACPH/wDFV7NRR9Zn2QciPGf+EF8Sf9A7/wAjx/8AxVH/AAgviT/oHf8AkeP/AOKr2aij6zPsg5EeM/8ACC+JP+gd/wCR4/8A4qj/AIQXxJ/0Dv8AyPH/APFV7NRR9Zn2QciPGf8AhBfEn/QO/wDI8f8A8VS/8IL4k/6B3/keP/4qvZaKPrM+yDkR41/wgviT/oHf+R4//iqP+EF8Sf8AQO/8jx//ABVey0UfWZ9kHIjxr/hBfEn/AEDv/I8f/wAVR/wgviT/AKB3/keP/wCKr2Wij6zPsg5EeNf8IL4k/wCgd/5Hj/8Aiqry+Etfhzu0uc4/uYb+RNe20U/rMuwciPA7jS9QtBm5sbmEeskTKP1FVK+h6o3ej6bf7vtVhbylurNGN359apYruhch4NRXq9/8OdHudzWrzWjnoFbeo/A8/rXJ6n8P9YsQz26peRD/AJ5HDY/3T/TNbRrwl1JcWjkz0NQValikhkaOVGR14ZWGCD7iqtVIcAoooqSwooooAKWkpaACiiimIKKKKACipIbea4fZDGzt6KM1sW3hq4kwbiRYh/dHzH/Cmot7GVSvTp/G7GHQBk4FdjBoFhDgtG0p9Xb+grQjghhGIokjH+yoFWqb6nFPM4L4Vc4ZLC7kAKWszA9whxU6aLqL9LVvxIH8zXbUU/Zo53mdTpFHF/2FqX/Pt/4+v+NT/wBi6h/z7/8Aj6/411tFUoJEPMar6L8f8zkv7F1D/n3/APH1/wAaP7F1D/n3/wDH1/xrraKOVC/tCr2X9fM5L+xdQ/59/wDx9f8AGj+xdQ/59/8Ax9f8a62ijlQf2hV7L+vmcl/Yuof8+/8A4+v+NH9i6h/z7/8Aj6/411tFHKg/tCr2X9fM5L+xdQ/59/8Ax9f8aP7F1D/n3/8AH1/xrraKOVB/aFXsv6+ZyX9i6h/z7/8Aj6/40f2NqH/Pv/4+v+NdbRRyoP7Qq9l/XzOT/sbUP+ff/wAfX/Gj+xtQ/wCff/x9f8a6yijlQf2hV7L+vmcn/Y2of8+//j6/40f2NqH/AD7/APj6/wCNdZRRyoP7Qq9l/XzOT/sa/wD+ff8A8fX/ABpP7G1D/n3/APH1/wAa62ijlQf2hV7L+vmcl/Yuof8APv8A+Pr/AI0f2LqH/Pv/AOPr/jXW0UcqD+0KvZf18zkv7G1D/n3/APH1/wAaX+xtQ/59/wDx9f8AGusoo5EH9oVey/r5nJf2LqH/AD7/APj6/wCNH9i6h/z7/wDj6/411tFHKg/tCr2X9fM5L+xdQ/59/wDx9f8AGl/sbUP+ff8A8fX/ABrrKKORB/aFXsv6+Zyf9jah/wA+/wD4+v8AjSf2LqH/AD7/APj6/wCNdbRRyIP7Qq9l/XzOS/sXUP8An3/8fX/Gj+xtQ/59/wDx9f8AGutoo5EH9oVey/r5nIHTb1Ots/4DNRPBNF/rInT/AHlIrtKKOUpZhLrE4eiuxls7abPmQIxPfHP51Rm0G3fJid4z6dRRym8MfTfxKxzlFaFxo93ByFEq+qcn8qoEEEgjBHY1LOqE4zV4u4lAooFIoWiiimAtFFFIAooooAKKKKACiiigQtFFFMApaSloAKKKKBBRRRSAp0UUUHQFFFFABRRRQAVseGf+QrP/ANg++/8ASWWsetjwz/yFZ/8AsH33/pLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiitXRPD9/r9z5VpHiNf9ZM/CJ9T6+1DaSuwMxEaR1RFLOxwFUZJNdpofw6vLwLPqjm0hPPlLzIw/kv6n2rt9A8K6foEYaFPNuiMNcOPm/D+6P881uVyVMQ3pEtR7mfpeh6bo0WyxtUjOMGTGXb6sef6VoUUVzNt6ssKKKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBQ1PRdO1iLZfWscuBhXxhl+jDkV51rvw2u7QNPpMhuohyYXwJAPbs36H2NeqUVcako7BY+cpI3hkaORGR1OGVhgg+hFNr3PX/CuneIIiZ4/LuQMJcIPmH19R7H9K8j17w3f+Hrny7pN0TH93On3X/wPtXVCopCMiiiitBBS0lLQAUUVq6Zok19iWTMcHr3b6f400m9jOpUjTjzSdkZ0FvNcyCOGNnc9hXRWXhpFw94+8/881OB+JrZtrSCzi8uCMIvf1P1NTVtGmlueNXzCc9Kei/EZFDHBGEiRUQdlGKfRRVnntt6sKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACq9zZW92P3sYJ/vDgj8asUUDjJxd0c3eaJNBl4CZU9P4h/jWZjBwetdvVG90yG8BbGyX++B1+vrUuPY9CjjntU+85aip7q0mtJNkq49COh+lQVJ6KakroWiiikMKKKKACiiigAooooELRRRTAKWkpaACiiigQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/AJCs/wD2D77/ANJZax62PDP/ACFZ/wDsH33/AKSy1FT4H6FQ+JGPRRRVkhRRRQAUUUUgCiiup8IeE3164+03IZLCM/MehlP90f1NKUlFXYJXG+FfCE+vyC4nLQ2Ctgv3k9Qv+Net2dlbafapbWkKQwoMKqj/ADk+9SQwx28KQwoscaAKqqMAD0p9efUqubNUrBRRRWYwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKgu7O3v7V7a6hWWGQYZGHBqeigDxvxb4Mn0GQ3Vtum09j97+KL2b/GuUr6NlijmieKVFeNwVZWGQQeoIrx/xn4QbQp/tdmrPp8h+phP90+3ofw+vVSq30YrHJUtJXTaHo2wLd3K/P1jQ9vc+9dMVcwr140Y80hmkaFkLcXi+6xH+Z/wrowMDAoordJI+erV51pc0gooopmIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARzwR3ERjlUMp/SuZv8ATpLJ8/eiJ+Vv6GuqpskaSxsjqGVhgg0mrnRQxEqT8ji6Ku6jp7WUuRlom+63p7GqVZnsQmprmiFFFFBYUUUUAFFFFAhaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/wDIVn/7B99/6Sy1j1seGf8AkKz/APYPvv8A0llqKnwP0Kh8SMeiiirJCiiigAooqS3t5bq5jt4ELyyMERR3JpAa3hnw/N4g1MQLlbePDTyD+FfQe57f/Wr2m1tYLK1jtraNY4Y12qq9hVDw9okOg6THaR4aQ/NNIP437/h2FatefVqc78jSKsFFFFZFBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUVzbQ3dtJb3EayQyKVdG6EVLVLVL9dPsml4Ln5UU9zTim3ZEzmoRcpbI8xn8JJpWvzK8iy28ZDQjOTzyA3uP1rSp0kjyyNI7FnY5JPc02vYhHlVj5nEV5Vp8z+QUUUVRgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARzQpPE0ci5VhzXK3lo9ncGNuR1VvUV11VNQsxeWxX/AJaLyh9/Sk1c6sLX9nKz2ZylFKQVYqwIIOCDSVmewFFFFAwooooELRRRTAKWkpaACiiigQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/kKz/9g++/9JZax62PDP8AyFZ/+wfff+kstRU+B+hUPiRj0UUVZIUUUUAFeifDjQc79anX1jtwf/Hm/p+dcJp9jLqWo29lCP3kzhAcdPU/QDmvebKzh0+xhtIFxFCgRfw7/WubETsuVdSoonoooriNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK4fWr/AO33zFTmGP5U9/U/j/hXR6/e/ZNOZUOJJvkX2Hc/59a4uu7CU/ts8fM6+1JfMKKKK7TyAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMDXLPZILlB8r8N9fWsiuxuIFubd4W6MMfSuQdGjkZGGGU4IqJI9fB1eeHK90NoooqTsCiiigQtFFFMApaSloAKKKKBBRRRSAp0UUUHQFFFFABRRRQAVseGf8AkKz/APYPvv8A0llrHrY8M/8AIVn/AOwfff8ApLLUVPgfoVD4kY9FFFWSFFFFAHe/DPS/NvbnVJF+WFfKjJH8R6n8Bx/wKvTKwvB2njTvC9nHjDyr5z+5bn+WB+FbtebVlzTbNYqyCiiisxhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRUV1OLa1lmP8CFsetCV3YTaSuzkPEF39p1NkB+SH5B9e/wCv8qyqVmLsWY5YnJJ70lezCPLFRR8pVqOpNzfUKKKKogKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArndct/LulmA4kHP1H+RXRVQ1iHztPcgfNGd4/r+lJrQ6MLPkqrzOYooorM9sKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/wCQrP8A9g++/wDSWWsetjwz/wAhWf8A7B99/wCkstRU+B+hUPiRj0UUVZIVZ060N9qdraDjzpVjz6ZOKrV0ngS3Fx4utCVysQeQ/gpx+pFTN2i2C3PZAAqhVAAAwAO1LRRXlmwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFY/iWbytKKDrK4X8Ov8AStiuY8VyZltos9AzEfXH+BrbDxvURy42fLQkznaKKK9U+aCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACmugkjZG6MCDTqKAOKZSjsp6g4NJVvUo/L1Gcerbvz5/rVSsj6GEuaKfcKKKKBi0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs//AGD77/0llrHrY8M/8hWf/sH33/pLLUVPgfoVD4kY9FFFWSFdr8Mo92v3UhA+W2I+mWX/AAriq774XgfbtROBkRoM/iayrfw2OO56XRRRXnGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcf4mbdqoH92ID9Sf612FcV4hbOtTD+6FH/AI6K6cIv3h5+Zu1H5mXRRRXpHgBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBzWtpt1En+8gP9P6VnVq69/x+x/8AXMfzNZVZvc9zDu9KIUUUUjYWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP/IVn/7B99/6Sy1j1seGf+QrP/2D77/0llqKnwP0Kh8SMeiiirJCu++F5H27UFzyYkOPxNcDXa/DKTbr9zGTjdbE/Uhl/wAayrfw2OO56pRRRXnGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcV4hXbrUxz94Kf/HRXa1x/iZduqg/3ogf1I/pXThH+8PPzNXo/MxqKKK9I8AKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOe17/j9j/wCuY/mayq0dbfdqJH91AP6/1rOrN7nuYdWpRCiiikbC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs/8A2D77/wBJZax62PDP/IVn/wCwfff+kstRU+B+hUPiRj0UUVZIV0fgW4Fv4us8thZN0Z/FTj9cVzlWdOujY6la3Y6wyrJ9cHNTNXi0CPoCikVgyhlIKkZBHQ0teWbBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVzPiuPEltLjqGUn8v8AE101Y/iSHzdKLjrE4b8On9a2oStURy42HNQkjjqKKK9U+aCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimu4jjZ26KCTQByupP5mozn0bb+XH9Kq0rMXdmPUnJpKyPoYR5YpdgooooGLRRRTAKWkpaACiiigQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/kKz/8AYPvv/SWWsetjwz/yFZ/+wfff+kstRU+B+hUPiRj0UUVZIUUUUAe2eDtQGo+F7OQnLxL5L+xXgfpg/jW7XmXw01Xyr640uRvlmXzYwf7w6j8Rz/wGvTa82rHlm0axd0FFFFZjCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACormEXNrLCejqVz6VLRQnbUTSaszzdlKMVYYYHBB7Ula3iG0+zamzgfJMN4+vf8Ax/GsmvZhLmipI+Vq03Tm4PoFFFFUZhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFUNYm8rT2A6yHaP61frndcuPMu1hB+WMc/U/5FJvQ6MLDnqryMuiiisz2wooooELRRRTAKWkpaACiiigQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/kKz/8AYPvv/SWWsetjwz/yFZ/+wfff+kstRU+B+hUPiRj0UUVZIUUUUAWLC9l06/gvITiSFw498dvxr3qyvIdQsYbuBsxTIHX8e31r59r0P4ca9hn0Wd+DmS3J9erL/X865sRC65l0Kiz0aiiiuI0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDL16y+16czKMyRfOvuO4/L+VcVXpNcRrWn/YL4hRiGT5k9vUfhXdhKn2GePmdDaqvmZtFFFdp5AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAEVzOttbvK3RRnHqfSuQd2kkZ2OWY5JrV1u88yUWyH5U5b61kVEmevg6XJDme7CiiipOwKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/wCQrP8A9g++/wDSWWsetjwz/wAhWf8A7B99/wCkstRU+B+hUPiRj0UUVZIUUUUAFSQTy2txHPC5SWNgyMOxHSo6KQHufh3XIte0mO6TAlHyzJ/dfv8Ah3Fa1eHeG9fm8P6otwmWgf5Z4x/Ev+I7f/Xr2u0u4L60iuraQSQyruRh3FefWp8j8jSLuTUUUVkUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFU9TsF1CzaI4Dj5kb0NXKiubmGztpLm4kWOGNSzu3QCnFtO6JnFTi4y2Z57JG8UjRyKVdTgg9jTazJ/Fy6rr8zyRiG2kIWEkYIx0LfX9K069iEuZXPmcRQlRnyvboFFFFUYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVTUb0WdsWB/eNwg9/Wp5pkt4WlkOFWuUu7p7y4Mr8Doq+gpN2OrC0PaSu9kQkliSTknkk0lFFZnsBRRRQMKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs/8A2D77/wBJZax62PDP/IVn/wCwfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFFIArp/CHit9Buvs9wWbT5W+dRyYz/eH9RXMUUpRUlZgnY+hoZo7iFJoXWSNwGVlOQR60+vG/C3i648Py+TKGmsHOWjzynuv+HevXLK+ttRtUubSZZYX6Mv8AI+h9q8+pScH5GqdyxRRRWYwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKgu7y3sLV7m6mWKFBlnY/5yfagCSWWOCJpZXWONBlmY4AHqTXj/jLxdJr1wbS1JXTom+XsZSP4j7eg/wAh/irxfPr0ht4A0NgrZCfxSe7f4VyTjDGuunR5feluRzXdhtdLomtbgtpdN83SNz39jXNUtdEW0ZV6Ea0eWR6LRXN6Rr2NtveNx0WU/wAj/jXSAgjIOQa3TTPnq1CdGXLIKKKKZiFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTZJEijLyMFVRkk02eeO2iMkrBVH61zF/qEl9J/diU/Kv9T70m7HRQw8qr8h2o37XsvHESn5V/qapUUVmezCCguWIUUUUFBRRRQAUUUUCFooopgFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/yFZ/+wfff+kstY9bHhn/kKz/9g++/9JZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAVqaJr9/oN151nJ8jf6yJuUce4/r1rLooaTVmB7XoHizTteRUjfybvHzW7nn/gJ7j/OK3q+d1ZkcOjFWU5BBwQa7TQ/iJe2IWDUkN5COPMziRR9ejfjz71yVMO94lqXc9UorN0rXtM1mMNZXSO2MmM8Ov1U8/j0rSrmaa0ZYUUUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAorP1TXNO0eLfe3SRnGRHnLt9FHP49K8+1z4iXl4Gh0tDaQnjzW5kYfyX9frWkKUp7Cckjtde8U6doEZWZ/NuiMrbofm/H+6P8815TrfiC/wBeufMupMRqf3cK8Kn4evvWY7tI7O7FmY5LMckmm1206MYepk5NhUco6GpKa4yprR7CT1IaWkpazNQrU0zWprHEb5kg/u91+n+FZdFNNrYzqU41I8sldHfWt3BeReZBIGHcdx9RU9efQzy28gkhkZHHcGugsfEqnCXibT/z0QcfiP8ACto1E9zx6+XzhrT1X4nQ0VHDPFcJvhkV19VOakqzzmmnZhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVWur+2tB+9kG7+4OT+VA4xcnaKLNUL7VYLMFAfMm/uDt9ax7zW57gFIR5KeoPzH8e1ZfU1Dn2PRoYB71PuLFxeTXc3mTNn0A6D6VHUdPU9qlM9LlUVZDqKKKBBRRRQAUUUUAFFFFAhaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/wDIVn/7B99/6Sy1j1seGf8AkKz/APYPvv8A0llqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKAHI7RuHRirA5DKcEV02mePta08BJZVvIh2n5Yf8CHP55rl6KmUVLdBex6tYfEnSrjC3kM1ox6nHmKPxHP6V0Vnr2k34H2bUbaQnovmAN/3yea8HorGWGi9iudn0TRXz/b6he2f/HteXEP/AFzlZf5Gr8XirXovu6rcn/ffd/Os3hX0Y+c9xorxdfHHiNFCjUjgesMZP5laX/hO/En/AEEv/IEf/wATU/Vp9x86PZ6K8Y/4TvxJ/wBBL/yBH/8AE0f8J34k/wCgl/5Aj/8AiaPq0+6DnR7PRXjH/Cd+JP8AoJf+QI//AImj/hO/En/QS/8AIEf/AMTR9Wn3Qc6PZ6K8Y/4TvxJ/0Ev/ACBH/wDE0f8ACd+JP+gl/wCQI/8A4mj6tPug50ez0V4x/wAJ34k/6CX/AJAj/wDiaP8AhO/En/QS/wDIEf8A8TR9Wn3Qc6PZ6K8Y/wCE78Sf9BL/AMgR/wDxNH/Cd+JP+gl/5Aj/APiaPq0+6DnR7PRXjH/Cd+JP+gl/5Aj/APiaP+E78Sf9BL/yBH/8TR9Wn3Qc6PZ6K8Y/4TvxJ/0Ev/IEf/xNH/Cd+JP+gl/5Aj/+Jo+rT7oOdHs9FeMf8J34k/6CX/kCP/4ml/4TrxJ/0Ev/ACBH/wDE0fVpi50ezUV4z/wnXiT/AKCP/kCP/wCJo/4TrxJ/0Ef/ACBH/wDE0fVphzo9morxn/hOvEn/AEEf/IEf/wATR/wnXiT/AKCP/kCP/wCJo+rTDnR7NRXjP/CdeJP+gj/5Aj/+Jo/4TrxJ/wBBH/yBH/8AE0fVp90HOj2aivGf+E68Sf8AQR/8gR//ABNH/CdeJP8AoI/+QI//AImj6tPug50ezUV4z/wnXiT/AKCP/kCP/wCJo/4TrxJ/0Ef/ACBH/wDE0fVp90HOj2aivGf+E68Sf9BH/wAgR/8AxNH/AAnXiT/oI/8AkCP/AOJo+rT7oOdHs1FeM/8ACdeJP+gj/wCQI/8A4ml/4TrxJ/0Ef/IEf/xNH1afdBzo9lorxr/hOvEn/QR/8gR//E0f8J14k/6CP/kCP/4mj6tPug50ey0V41/wnXiT/oI/+QI//iaP+E68Sf8AQR/8gR//ABNH1afdBzo9lorxlvHHiNlKnUjg+kMYP/oNVpPFWuy/e1W5H+6+3+VP6tLuHOj2+s+71zSrAH7TqFtGR1UyAt+Q5rxG41G9u/8Aj5vLib/rpKzfzNVqpYXuxc56rf8AxH0m3ytpFNdv2ONin8Tz+lcnqfj7Wb8MkLrZxHtCPmx/vHn8sVy1FbRowj0Jcmx0kjyyNJI7O7HJZjkk/Wm0UVqSFFFFABRRRQBARhiKKfIOQaZWbVjVO6CiiigAooooAkinlgffDIyN6qcVr23iW5j4njWYeo+U/wCFYlFNNrYyqUadT41c7CDxDYTffdoj6Ov9RWhFcwT/AOqmjk/3WBrz+irVRnFPLKb+F2PRaK4GO8uohiO5mUegcipl1fUF6XT/AI80/aIweWT6SR3FFcX/AG7qX/Pz/wCOL/hR/bupf8/P/ji/4U/aIn+zKvdfj/kdpRXGf27qX/Pz/wCOL/hR/bupf8/P/ji/4Ue0Qv7Nq91+P+R2dFcZ/bupf8/P/ji/4Uf27qX/AD8/+OL/AIUvaIP7Nq91+P8AkdnRXGf27qX/AD8/+OL/AIU5Nd1Etg3H/ji/4U/aIP7Nq91+P+R2NFcl/bWof8/H/ji/4Uf21qH/AD8f+OL/AIU+ZE/2fV7r+vkdbRXJf21qH/Px/wCOL/hR/bOof8/H/ji/4UcyD+z6vdf18jraK5P+2dQ/5+P/ABxf8KP7Z1D/AJ+P/HF/wo5kH9n1e6/r5HWUVyf9s6h/z8f+OL/hR/bOof8APx/44v8AhRzIP7Pq91/XyOsork/7Zv8A/nv/AOOL/hR/bN//AM9//HF/wo5kH9n1e6/r5HWUVyf9s3//AD3/APHF/wAKP7Zv/wDnv/44v+FHMg/s+r3X9fI6yiuT/tm//wCe/wD44v8AhR/bN/8A89//ABxf8KOZB/Z9Xuv6+R1lFcn/AGzf/wDPf/xxf8KP7Zv/APnv/wCOL/hRzIP7Pq91/XyOsork/wC2b/8A57/+OL/hR/bOof8APx/44v8AhRzIP7Pq91/XyOsork/7Z1D/AJ+P/HF/wpP7a1D/AJ+P/HF/wo50H9n1e6/r5HW0VyX9tah/z8f+OL/hQdYv2GDcH8FUf0o50H9n1e6/r5HW0Vxzalet1uZPwOP5VBJNLL/rJHf/AHmJo5y1l0usjsJb+0h/1lxGPYHJ/IVnz+IbdMiGN5D6n5RXN0UuZm8MBTXxamjcazeXHAfyl9E4/XrWeSScnrRRUN3OuFOMFaKsFJ3paTvSLFoBwaKKAJQciimKe1PqiGFFFFABRRRQAUUUUCFooopgFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/wAhWf8A7B99/wCkstY9bHhn/kKz/wDYPvv/AEllqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAa4ytRVPULDDEVMi4sSiiipKCiiigAooooAKKKKACiiigAooooABS0gpaQBRRRQIKOhoooAnByAaWo4z1FSVojNqzCgUUCmIWiiigAooooAWiiigQUUUUAFFFFABRRRQAUGiloAbSUtJSGFAooFAC0UUUAJRRRQAtFFFIApO9LSd6AFooooAKkU5FR0oODmmJklFHWimSFFFFABRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP/IVn/wCwfff+kstY9bHhn/kKz/8AYPvv/SWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApaSloEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApko5Bp9DDKkUnsNOzIKKKKg0CiiigAooooAKKKKACiiigAooooABS0gpaQBRRRQIKKKKAFBwQanqvUsZyuPSriyZIfQKKBVEC0UUUAFFFFAC0UUUCCiiigAooooAKKKKAClpKWgBDTafTSMGhghKBRQKQxaDRQaAEooooAWiiikAUnelpO9AC0UUUAFFFFAhynHFPqKnqc8U0JodRRRTEFFFFAhaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/8hWf/sH33/pLLWPWx4Z/5Cs//YPvv/SWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApaSloEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAhcYY02pZBxn0qKoe5ondBRRRSGFFFFABRRRQAUUUUAFFFFAAKWkFLSAKKKKBBRRRQAUqna2aSimBYoFMjOVx6U8VoZsWiiigQUUUUALRRRQIKKKKACiiigAooooAKWkpaACkIyKWimIZQKUikFSULQaKDQAlFFFAC0UUUgCk70tJ3oAWiiigAooooEFFFFAyQHIpajBwakByKohoKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs/8A2D77/wBJZax62PDP/IVn/wCwfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAEZGKrkYOKsVFIMHPrUyRUWMoooqSwooooAKKKKACiiigAooooABS0gpaQBRRRQIKKKKACiiimAqna2anFV6mjOVx6VUWTJdR9FFFUQFFFFAC0UUUCCiiigAooooAKKKKAClpKWgAooopiCm96dSEUmNCUGig0hiUUUUALRRRSAKTvS0negBaKKKACiiigQUUUUDClU4PtSUUCJaKYrY4PSn1RLFooopiClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/wCQrP8A9g++/wDSWWsetjwz/wAhWf8A7B99/wCkstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAUjDK0tFAFeinOMNTazNQooooAKKKKACiiigAooooABS0gpaQBRRRQIKKKKACiiimAU5DtbNNoFAFmimRtkY9KfWiM2rBRRRQIWiiigQUUUUAFFFFABRRRQAUtJS0AFFFFMQUCigUAIRikNP60w0mUhKKKKQC0UUUgCk70tJ3oAWiiigAooooEFFFFAwooooEFOVuxptFMCaimK3Y0+qIaClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/wCQrP8A9g++/wDSWWsetjwz/wAhWf8A7B99/wCkstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAUUUUANkGVz6VDVioGG1sVMkXF9BKKKKkoKKKKACiiigAooooABS0gpaQBRRRQIKKKKACiiimAUCigUAOU7Tmp+oqvUkbfw04smS6klFFFWQLRRRQIKKKKACiiigAooooAKWkpaACiiimIKBRQKAFpGGRS0UAR0U5h3ptSULRRRSAKTvS0negBaKKKACiiigQUUUUDCiiigQUUUUDCnq3Y0yimJompajVuxqSmQ0FFFFMQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/kKz/wDYPvv/AEllrHrY8M/8hWf/ALB99/6Sy1FT4H6FQ+JGPRRRVkhRRRQAUUUUgCiiigAooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFLSUtAgooopAFFFFABRRRTAKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigAooooEFFFFABRRRQAUUUUAFLSUtABRRRQAUyQZGfSn0UMadivRSsMEikrM0CiiigAooooAKKKKAAUtIKWkAUUUUCCiiigAooopgFAooFAC0A4ORRRQBODuGaWoo2wcdjUtWnczasLRRRTJCiiigAooooAKKKKAClpKWgAooopiCgUUCgBaKKKACmEYp9BGaBjKKMYoqRhSd6Wk70gFooooAKKKKBBRRRQMKKKKBBRRRQMKKKKBBT1bHBplLQBNRUatjr0qTrVXIasFFFFAinRRRQdAUUUUAFFFFABWx4Z/5Cs//YPvv/SWWsetjwz/AMhWf/sH33/pLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAyRcjNRVY61AwwcVMkXF9BKKKKkoKKKKACiiigAFLSClpAFFFFAgooooAKKKKYBQKKBQAtFFFABUyNuHuKhpVO05pp2E1csUUAgjIoqzIKKKKACiiigAooooAKWkpaACiiimIKBRQKAFooooAKKKKAEIzTafSEZpMaY2k70tJ3qRi0UUUAFFFFAgooooGFFFFAgooooGFFFFAgpaSloADSqxH0pDSCgCYEEcUtRAkHipAwNNMhqxUooopm4UUUUAFFFFABWx4Z/5Cs//YPvv/SWWsetjwz/AMhWf/sH33/pLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUyRcjPpT6KGNOxXopWG1sUlZmgUUUUAFFFFAAKWkFLSAKKKKBBRRRQAUUUUwCgUUCgBaKKKACiiigCSNsHaalqtU6NuHuKqL6ESXUdRRRVEBRRRQAUUUUAFLSUtABRRRTEFAooFAC0UUUAFFFFABRRRSAQjvTO9SU0jvSY0xKKKKQwooooEFFFFAwooooEFFFFAwooooEFLSUtAAaQUppBQAtFFFICGiiirNAooooAKKKKACtjwz/yFZ/+wfff+kstY9bHhn/kKz/9g++/9JZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigBki5Ge4qKrFQuu1vapkupcX0G0UUVJQUUUUAApaQUtIAooooEFFFFABRRRTAKBRQKAFooooAKKKKAClVtpzSUUCLIIIyKKhjbacHoamq07mbVgooopiCiiigApaSloAKKKKYgoFFAoAWiiigAooooAKKKKQBQKKBQIRhjmm1JTCMUmikxKKKKQBRRRQMKKKKBBRRRQMKKKKBBS0lLQAGkFKaQUALRRRSAhoooqzQKKKKACiiigArY8M/8hWf/sH33/pLLWPWx4Z/5Cs//YPvv/SWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApaSloEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAKKKKACiiigAooooAKay7h706igCvRT5FwcjoaZWbNU7hRRRQAClpBS0gCiiigQUUUUAFFFFMAoFFAoAWiiigAooooAKKKKACpo2yMHrUNAODkUJ2E1cs0UisGGaWtDIKKKKAClpKWgAooopiCgUUCgBaKKKACiiigAooopAFAooFAhaKKKYDWXHI6U2paYy45FTYaY2iiikUFFFFAgooooGFFFFAgpaSloADSClNIKAFooopAQ0UUVZoFFFFABRRRQAVseGf8AkKz/APYPvv8A0llrHrY8M/8AIVn/AOwfff8ApLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFAARkYNQEYODVio5FyMjtSkhxdiKiiioNAFLSClpAFFFFAgooooAKKKKYBQKKBQAtFFFABRRRQAUUUUAFFFFADkbaanByMiqwqRGwcHoaaZMlcloooqzMKWkpaACiiimIKBRQKAFooooAKKKKACiiikAUCigUCFooopgLRRRSAYy9xTalprL3FKw0xlFFFIYUUUUDCiiigQUtJS0ABpBSmkFAC0UUUgIaKKKs0CiiigAooooAK2PDP/IVn/7B99/6Sy1j1seGf+QrP/2D77/0llqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBEDrtb2ptWGXcuKr9DUNWNYu4ClpBS1IwooooEFFFFABRRRTAKBRQKAFooooAKKKKACiiigAooooABS0gpaAJI27H8KkqvUqPu4PWqTIkuo+lpKWqICiiimIKBRQKAFooooAKKKKACiiikAUCigUCFooopgLRRRSAKKKKAEZc/WoyMVLSEZpWBMjopSCKSkUFFFFABS0lLQAGkFKaQUALRRRSAhoooqzQKKKKACiiigArY8M/8AIVn/AOwfff8ApLLWPWx4Z/5Cs/8A2D77/wBJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQVHIv8AEPxqSihq407FYUtKy7W9qSsmaBRRRQAUUUUAFFFFMAoFFAoAWiiigAooooAKKKKACiiigAFLSCloAKAcHIoooETK24e9PquCQcip1YMOKuLuRJWFoooqiAoFFAoAWiiigAooooAKKKKQBQKKBQIWiiimAtFFFIAooooAKKKKAAjNMK4+lPooBOxFRT2TuKZSKTClpKWkAGkFKaQUALRRRSAhoooqzQKKKKACiiigArY8M/8AIVn/AOwfff8ApLLWPWx4Z/5Cs/8A2D77/wBJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQUUUUAIy7hioCMHFWKZIuRkVMkVFkVFFFQWFFFFABRRRTAKBRQKAFooooAKKKKACiiigAooooABS0gpaACiiigApVYqcikooEWAQwyKWq6sVORU4IYZFaJ3M2rC0CigUyRaKKKACiiigAooopAFAooFAhaKKKYC0UUUgCiiigAooooAKKKKBC0hUGlopgREEdaKlxmmFMdKlopMaaQUppBSGLRRRSAhoooqzQKKKKACiiigArY8M/8AIVn/AOwfff8ApLLWPWx4Z/5Cs/8A2D77/wBJZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQUUUUAFFFFAELrtOR0NNqcjIwahIKnBqJKxpF3EoooqRhRRRTAKBRQKAFooooAKKKKACiiigAooooABS0gpaACiiigAooooAKcjbT7U2igRYBBGRSioEcqfapwQRkVonczasLRRRTJCiiigAooopAFAooFAhaKKKYC0UUUgCiiigAooooAKKKKBC0UUUwClpKWgBrKG+tRlSOtTUdaTQ07ENFPKelMqSk7kNFFFUaBRRRQAUUUUAFbHhn/kKz/9g++/9JZax62PDP8AyFZ/+wfff+kstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUALRRRQIKKKKACiiigAprruHvTqKAK9FSSLn5hUdZ2sap3CiiigAoFFAoAWiiigAooooAKKKKACiiigAFLSCloAKKKKACiiigAooooAKcjFTx+VNoFAmWQQwyKWq6sVORU4IYZFaJ3M2rC0UUUyQooopAFAooFAhaKKKYC0UUUgCiiigAooooAKKKKBC0UUUwClpKWgAooooEFIQD1FLRSAp0UUUHQFFFFABRRRQAVseGf+QrP/ANg++/8ASWWsetjwz/yFZ/8AsH33/pLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFAC0UUUCCiiigAooooAKKKKAConXByOlS0EZGKTVxp2K9FOZdpptQaBQKKBQAtFFFABRRRQAUUUUAFFFFAAKWkFLQAUUUUAFFFFABRRRQAUCigUCFpQxU5FJRQBYVgw4pargkHIqZHDD3q1K5m1YdRRRTJCgUUCgQtFFFMBaKKKQBRRRQAUUUUAFFFFAhaKKKYBS0lLQAUUUUCCiiikBTooooOgKKKKACiiigArY8M/8hWf/ALB99/6Sy1j1seGf+QrP/wBg++/9JZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQUUUUAFFFFABRRRQAUUUUAIQGGDUJBBwanprLuHvSauUnYhoFBGDg0CoLFooooAKKKKACiiigAooooABS0gpaACiiigAooooAKKKKACgUUCgQtFFFABR0oooAmR88HrT6rVIknZvzqk+5m49iWgUUCqIFooopgLRRRSAKKKKACiiigAooooELRRRTAKWkpaACiiigQUUUUgKdFFFB0BRRRQAUUUUAFbHhn/kKz/wDYPvv/AEllrHrY8M/8hWf/ALB99/6Sy1FT4H6FQ+JGPRRRVkhRRRQAUUUUgCiiigAooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFLSUtAgooopAFFFFABRRRTAKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigAooooEFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAtFFFAgooooAKKKKACiiigAooooAKKKKAGOm7kdajqemOmeRUtFRfQjoooqSwooooAKKKKACiiigAFLSCloAKKKKACiiigAooooAKBRQKBC0UUUAFFFFABRRRQA9HK8dRUwIPINVqcrFTxTTsQ43LFFNVw319KdVogWiiigQUUUUAFFFFABRRRQIWiiimAUtJS0AFFFFAgooopAU6KKKDoCiiigAooooAK2PDP/IVn/7B99/6Sy1j1seGf+QrP/2D77/0llqKnwP0Kh8SMeiiirJCiiigAooopAFFFFABRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRRQAUUUUAFFFFABRRRQAUUUUAFAooFADHTuPxqOrFROmOR0qWi4voMoooqSgooooAKKKKAAUtIKWgAooooAKKKKACiiigAoFFAoELRRRQAUUUUAFFFFABQKKBSELnHSpUkzw351FRTTsJq5aoqFZCvB5FSggjIq07mbVhaKKKYgooooAKKKKBC0UUUwClpKWgAooooEFFFFICnRRRQdAUUUUAFFFFABWx4Z/5Cs//YPvv/SWWsetjwz/AMhWf/sH33/pLLUVPgfoVD4kY9FFFWSFFFFABRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFAC0UUUCCiiigAooooAKKKKACiiigAooooAKBRQKAFooooAidMcjpTKsVE6beR0qWi4sZRRRUlBRRRQAClpBS0AFFFFABRRRQAUUUUAFAooFAhaKKKACiiigAooooAKBRQKQhaKKKAFpQSpyKSimBMsgbg8Gn1Wp6yEcHkVSl3M3HsTUUgIIyDS1RIUUUUCFooopgFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/AMhWf/sH33/pLLWPWx4Z/wCQrP8A9g++/wDSWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApaSloEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKAFooooEFFFFABRRRQAUUUUAFFFFABRRRQAUCigUALRRRQAUUUUAROm3kdKZVmoXjxyOlS0UpDKKKKksBS0gpaACiiigAooooAKKKKACgUUCgQtFFFABRRRQAUUUUAFAooFIQtFFFAC0UUUwCiiigQoJHQ1KsgPXg1DRTTsJq5ZoqBXK+4qZWDdKpO5DVh1FFFUSFLSUtABRRRQIKKKKQFOiiig6AooooAKKKKACtjwz/yFZ/+wfff+kstY9bHhn/kKz/9g++/9JZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQUUUUAFFFFABRRRQAUUUUAFFFFABQKKBQAtFFFABRRRQAtFFFAiJ0xyOlR1ZqJ4+6/lUtFqXcjFLSClqSwooooAKKKKACiiigAoFFAoELRRRQAUUUUAFFFFABQKKBSELRRRQAtFFFMAooooEFFFFABQOtFFAEqyn+L86kBBGQar0oJByKpSJcSxS1Eso/iqQHI4qr3M2mhaKKKYgooopAU6KKKDoCiiigAooooAK2PDP/ACFZ/wDsH33/AKSy1j1seGf+QrP/ANg++/8ASWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApaSloEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUAFFFFAgooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKAFooooEFFFFABRRRQAUUUUAFFFFABRRRQAUCigUALRRRQAUUUUALRRRQIKKKKAGPHnkdaiqxTWTdz3qWilLuQ0UEYODRUlhRRRQMKKKKACgUUCgQtFFFABRRRQAUUUUAFAooFIQtFFFAC0UUUwCiiigQUUUUAFFFFAC0UUUAFOVivQ02loEyVZQevFSVWpQxXoapSJcexYoqNZQevFSZz0qrmbTRTooooOgKKKKACiiigArY8M/8hWf/ALB99/6Sy1j1seGf+QrP/wBg++/9JZaip8D9CofEjHoooqyQooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQUUUUAFFFFABRRRQAUUUUAFFFFABQKKBQAtFFFABRRRQAtFFFAgooooAKKKKAGsoYe9REFTg1PSEAjBpNXKTsQUU5lKn2ptQWFFFFAwoFFAoELRRRQAUUUUAFFFFABQKKBSELRRRQAtFFFMAooooEFFFFABRRRQAtFFFABS0lLQAUUUUCClBI6EikooAZRRRWhQUUUUAFFFFABWx4Z/wCQrP8A9g++/wDSWWsetjwz/wAhWf8A7B99/wCkstRU+B+hUPiRj0UUVZIUUUUAFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABS0lLQIKKKKQBRRRQAUUUUwCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAKKKKBBRRRQAUUUUAFFFFABS0lLQAUUUUAFFFFABRRRQAUUUUALRRRQIKKKKACiiigAooooAKKKKACiiigAoFFAoAWiiigAooooAWiiigQUUUUAFFFFABRRRQAVE8eOR0qWloauNOxWoqV488jrURGDg1DVjRO4UCigUgFooooAKKKKACiiigAoFFApCFooooAWiiimAUUUUCCiiigAooooAWiiigApaSloAKKKKBBRRRQAyiiitCgooooAKKKKACtjwz/AMhWf/sH33/pLLWPWx4Z/wCQrP8A9g++/wDSWWoqfA/QqHxIx6KKKskKKKKACiiikAUUUUAFFFFMAr0f4f8AwzbxHEmqaszw6bn93GnDz4757L79TzjHWuJ0DTDrPiDT9NyQLmdI2I6hSeT+AzX1dBBFa28VvBGscMSBERRgKoGAB+Fedj8TKklCG7O3BYdVG5S2Rm6f4Y0PSoRFZaVaRADGRECx+rHk/iavf2fZf8+lv/37H+FWKK8Nyk3ds9hRS0SK/wDZ9l/z6W//AH7H+FH9n2X/AD6W/wD37H+FWKKV2FkV/wCz7L/n0t/+/Y/wo/s+y/59Lf8A79j/AAqxRRdhZFKbSNMuYzHPp1pKh6q8CsPyIrz3xh8I7C+t5bzw+gtLxRu+zZ/dS+w/un07fTrXp9Fa0q9Sk7xZnUowqK0kfH8sUkMrxSoySIxVlYYKkdQRTK9J+M2iR6f4mt9ShQImoREvg9ZEwGOO3BT8c15tX0tGoqtNTXU8GrTdObi+gUUUVoQFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFAC0UUUCCiiigAooooAKKKKACiiigAooooAKBRQKAFooooAKKKKAFooooEFFFFABRRRQAUUUUAFLSUtABTWQN9fWnUUwK7KVODSCrJAIwaiaMjkdKhxLUrjKKKKkoKKKKACiiigAoFFApCFooooAWiiimAUUUUCCiiigAooooAWiiigApaSloAKKKKBBRRRQAyiiitCgooooAKKKKACrNhf3GmXi3VqyLKqsnzxrIpVlKsCrAgggkcjvVaihpNWYJ21Rsf8JNf/8APvpP/gotf/jdH/CTX/8Az76T/wCCi1/+N1j0VHs4dkVzy7mx/wAJNf8A/PvpP/gotf8A43R/wk1//wA++k/+Ci1/+N1j0Uezh2Qc8u5sf8JNf/8APvpP/gotf/jdH/CTX/8Az76T/wCCi1/+N1j0UvZw7IOeXc2P+Emv/wDn30n/AMFFr/8AG6P+Emv/APn30n/wUWv/AMbrHoo9nDsg55dzY/4Sa/8A+ffSf/BRa/8Axuj/AISa/wD+ffSf/BRa/wDxusein7OHZBzy7nb+CfE1wfGmkpcQ6asUlwIyY9Nt42Bb5RhlQEckdDX0ZXx8jtFIsiMVdSGVh1BHevpjwN4wtvFuixyF0XUIVC3MORnd/eA/un9OnavKzKha1SK0PSwFa94Sep1NFFFeQekFFFFABRRRQAUUVV1HUbTSbCa+vp0gtoV3O7Hp/ifbvTSbdkDdtWeS/HS4jMuiWwYGVRNIy9wp2AH8cH8q8gre8YeJJfFXiO41J1ZIjiOCNj9yMdB9TyT7k1g19PhabpUYwe58/iKiqVXJBRRRW5iFFFFABRRRQAUUUUAFFFFABRRRQAUtJS0CCiiikAUUUUAFFFFMAooooAKKKKACiiigApaSloAKKKKACiiigAooooAKKKKACiiigQUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFAC0UUUCCiiigAooooAKKKKACiiigAooooAKBRQKAFooooAKKKKAFooooEFFFFABRRRQAUUUUAFLSUtABRRRTEFAooFADWjB5HBqIgg4NWKRlDDmpcSlIr0U5kK+4ptQWFFFFAwoFFApCFooooAWiiimAUUUUCCiiigAooooAWiiigApaSloAKKKKBBRRRQAyiiitCgooooAKKKKACiiigAooooAKKKKACiiikAUUUUAFFFFMAqzY393pl4l3Y3MtvcJ92SJipH/1vaq1FDSejBO2qPS9P+NWvW0Spe2dneEfx4MbH644/IVe/wCF53v/AEA7f/v+f8K8morleCoN35ToWKrL7R6z/wALzvf+gHb/APf8/wCFH/C873/oB2//AH/P+FeTUUvqOH/l/MPrdb+Y9Z/4Xne/9AO3/wC/5/wo/wCF53v/AEA7f/v+f8K8moo+o4f+X8w+t1v5j1Sf446oyYt9Hs439ZJGcfkMVwviDxXrPiaVX1S8aVEOUhUbY0+ijv7nmsWitKeGpU3eMSJ16k1aTCiiitzIKKKKACiiigAooooAKKKKACiiigAooooAKWkpaBBRRRSAKKKKACiiimAUUUUAFFFFABRRRQAUtJS0AFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigBaKKKBBRRRQAUUUUAFFFFABRRRQAUUUUAFAooFAC0UUUAFFFFAC0UUUCCiiigAooooAKKKKAClpKWgAooopiCgUUCgBaKKKACo2jB5HBqSik1cadisQQcGirBUMOaiaMryORUNWLUrjKBRQKkYtFFFAC0UUUwCiiigQUUUUAFFFFAC0UUUAFLSUtABRRRQIKKKKAGUUUVoUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUgCiiigAooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFLSUtAgooopAFFFFABRRRTAKKKKACiiigAooooAKWkpaACiiigAooooAKKKKACiiigAooooEFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAtFFFAgooooAKKKKACiiigAooooAKKKKACgUUCgBaKKKACiiigBaKKKBBRRRQAUUUUAFFFFABS0lLQAUUUUxBQKKBQAtFFFABRRRQAUUUUgGNGG5HBqIqVPNWKMZ60nG41KxXoqRov7v5VH0NRaxadxaKKKBhRRRQIKKKKACiiigBaKKKAClpKWgAooooEFFFFADKKKK0KCiiigAooooAKKKKACiiigAooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAClpKWgQUUUUgCiiigAooopgFFFFABRRRQAUUUUAFLSUtABRRRQAUUUUAFFFFABRRRQAUUUUCCiiigAooooAKKKKAClpKWgAooooAKKKKACiiigAooooAWiiigQUUUUAFFFFABRRRQAUUUUAFFFFABQKKBQAtFFFABRRRQAtFFFAgooooAKKKKACiiigApaSloAKKKKYgoFFAoAWiiigAooooAKKKKQBQKKBQIWkKhutLRQMiaMjpyKZVmmsgb6+tS49hqXcgopzIV9xTaksKKKKACiiigBaKKKAClpKWgAooooEFFFFADKKKK0KCiiigAooooAKKKKACiiigAooooAKKKKQBRRRQAUUUUwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACloooEFFFFIAooooAKKKKYBRRRQAUUUUAFFFFABS0UUAFFFFABRRRQAUUUUAFFFFABRRRQIKKKKACiiigAooooAKWiigAooooAKKKKACiiigAooooAWiiigQUUUUAFFFFABRRRQAUUUUAFFFFABQKKKAFooooAKKKKAFooooEFFFFABRRRQAUUUUAFLRRQAUUUUxBQKKKAFooooAKKKKACiiikAUCiigQtFFFMBaKKKQBUUoAAIHNFFJ7DjuR0UUVBoFFFFAC0UUUAFLRRQAUUUUCCiiigD//2Q==)

Review

yearof the

Informa Annual Report and Accounts 2024

Strategic Report

14

PageTitleReview of the year

![](data:image/jpeg;base64,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)

In this section

Group Chief Executive’s review  16

Key performance indicators  22

Informa: 2004-2024  24

Informa in 2024  26

Informa: 2025 and beyond  36

Informa Markets  42

Informa Connect  44

Taylor & Francis  46

Group Finance Director’s review  48

Financial review  50

Informa Annual Report and Accounts 2024

Strategic Report Governance Financial Statements Additional Information

15

![](data:image/jpeg;base64,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)

2024 was one of the best years – if not the best year – Informa

has had… so far.

The company and each of our businesses performed strongly.

We expanded our position, portfolio and capabilities in B2B

events and in B2B digital services, and deepened our

relationships with important partners around the world. We

continued to invest in and develop our brands, delivering new

and improved products, platforms and experiences that are

creating more benefits for customers. And, we completed the

2021-2024 Growth Acceleration Plan, meeting our GAP 2

ambitions and even exceeding them in several instances.

All in all, it has been a busy, successful

and important year. But these results

are not only the product of the last

12 months or even the last four years.

Step by step, Informa has transformed

over the last decade. We are in many

ways a different company than when

we embarked on our first Growth

Acceleration Plan in 2014.

We are by degree a higher-quality and

higher-value business, with more major

brands, better quality products, more

advanced data capabilities, a stronger

operational infrastructure and higher

levels of reinvestment.

We have also reshaped our portfolio,

with a clearer focus on the markets

and products in which we see the

greatest opportunities. Taken

together, we believe this gives us an

excellent platform that will enable

Informa to grow further and perform

with strength and consistency into

thefuture.

Equally, these results are not the work

of any individual. One thing that has

not changed about Informa is our

culture. We are fortunate to have an

outstanding community of colleagues

here, and my thanks go to everyone

forthe continued creativity, drive,

collaboration and focus on our

collective success, day in and day out.

A faster growth lane

Informa moved into a faster growth

lane in 2024. Our underlying revenue

growth reached double digits at just

over 11%, with revenues of just over

£3,550m (2023: £3,190m). Adjusted

operating profit also grew 23% on an

underlying basis to finish just under

£1bn at £995m (2023: £854m).

Over the last two years, our underlying

revenue growth was around 30%,

reflecting the impact of live events

returning partially in 2022 before they

returned to a full normal schedule

allover the world in 2023. These

comparison effects are now over and we

are seeing a level of growth in our B2B

events businesses that is consistently

higher than before the pandemic.

Informa Annual Report and Accounts 2024

Strategic Report

16

Performance

Growth &

Group Chief Executive’s review

![](data:image/jpeg;base64,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)

This is in part driven by broader

structural growth trends. Live

experiences and in-person events have

become more impactful and powerful

in an increasingly digital world, and the

B2B events market is evolving into

more distinct categories with a broader

range of services: trends we talk about

in more detail on pages 6 to 9.

This growth is also, however, a direct

product of the decisions we have taken

and the investments we have made over

time. We have established and expanded

our position in the world’s leading and

fastest-growing markets for B2B events:

particularly in the US, the Middle East,

India and Asia more broadly.

We have focused on developing our

marquee B2B brands – which we define

as events with revenues of over $30m

– and are seeing consistent customer

demand here. Our top 100 brands

accounted for over $2.1bn in revenues

in 2024. And we have continuously

invested in customer experience and

our data capabilities and digital

platforms, to increase the value we

deliver to customers.

Strongly-performing

businesses

Informa Markets, which focuses on

transaction-led events, delivered

underlying revenue growth of 14.2%

during 2024 (2023: 65.5%).

Here, we have a uniquely strong

position in the growth markets of the

UAE, India, Turkey, Egypt, the Kingdom

of Bahrain and the Kingdom of Saudi

Arabia, where demand is high for live

events that help businesses connect

and trade. This is supported by

stronggovernment investment and

endorsement for live events and

good-quality infrastructure; albeit, in

newer locations such as Saudi Arabia,

venue capacity and the broader

supplychain are still being built out.

Informa Connect, our content-led

events business, delivered underlying

revenue growth of 4.1% (2023: 14.2%)

with particular strength in our Finance

portfolio, which includes the marquee

brand SuperReturn International. Our

events-focused business within

Informa Tech grew 1.7% on the same

basis, similarly driven by particularly

strong growth in our larger brands and

in fast-growth geographic markets.

In Taylor & Francis, our Academic

Markets business, we saw continued

growth across open research and

ebooks, which benefit from the ongoing

transition from traditional print books.

We also saw a consistent performance

in our pay-to-read and researcher

services business.

In addition, we acted swiftly on several

new opportunities in licensing and data

access. One of the many opportunities

generative AI is creating is demand for

high-quality, expert and verified content

and data, which are used to train large

language models so they can continue

to improve and expand their outputs

forthe benefit of millions of users.

We entered partnerships with several

leading AI companies during 2024 to

provide specified access to data and

content for training these models.

Thisgenerated $75m+ of non-

recurring data access revenue.

Itisalso generating royalties for

authorsand diversifying Taylor

&Francis’s business.

Our plan is to reinvest part of the

profits from these partnerships into

AIand technology initiatives that will

further improve our research

products and make our production

processes more efficient, bringing

additional benefits to our customers

and research community.

The combination of data access

revenue and a consistent trading

performance saw revenues in Taylor &

Francis increase strongly: up 14.5% on

an underlying basis (2023: 3.0%).

In the middle of 2024, we appointed a

new CEO for Taylor & Francis: Penny

Ladkin-Brand. Penny has considerable

experience of driving growth and

digital acceleration in content-rich and

specialist online publishing businesses.

She is already bringing energy and real

focus to our growth ambitions in

Academic Markets.

Returns and reinvestments

With a higher level of performance and

growing free cash flows, we are able to

both reinvest in the business at greater

scale and impact and share the

benefits of growth with shareholders.

These include the 3,000+ colleagues

who are part of our share investment

plans and are more deeply connected

with the company as a result.

Here, our goal for 2025 and beyond

remains the same: to deliver a strong

and sustainable return through capital

growth and consistent dividend growth,

and consider other forms of return

– including share buybacks – based on

shareholder feedback and any other

opportunities arising at the time. We

ended the year with an Informa

leverage ratio of 2.6, and it is also our

aim to bring this back into our target

range of 1.5 to 2.5 times during 2025.

Penny Ladkin-Brand,

who joined the Group

in mid 2024 as CEO

ofTaylor & Francis,

speaks to colleagues

onan Informa

leadership panel

Informa Annual Report and Accounts 2024

Strategic Report Governance Financial Statements Additional Information

17

![](data:image/jpeg;base64,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)

Over the last four years, we have

alsocompleted a much broader

reinvestment programme that has

significantly reshaped Informa

goinginto 2025.

We set out to refocus our portfolio

under GAP 2 and have done so. The

divestment of our intelligence

businesses in 2022, and the sale of our

retained positions in Curinos and

Maritime Intelligence in 2024,

generated over £2.5bn.

We have put these returns to work to

build scale in markets we know well:

where we have expertise and a proven

track record, where we are confident

there is the potential for future growth

and where we believe we are in the

right position to capture it.

Expanding our B2B brands

This reinvestment programme

concluded in 2024 with two

importantcombinations.

In October, in B2B events, we added

the Lions and Money20/20 brands from

Ascential plc. Cannes Lions and

Money20/20 are major, high-quality,

must-attend festivals for their markets

and communities, operating at a scale

that we are familiar with from our own

marquee brands. They serve dynamic,

international and specialist markets –

Marketing and FinTech – where we

already have some presence but little

direct overlap. These brands are also

home to great teams and talent, who

we have already found to be a great

cultural addition and fit with Informa.

Over the last ten years, we have

consciously built our business around

establishing deep positions in

attractive specialist markets. This

combination is a further example of

that focus but it also brings us new

growth opportunities.

For one, Cannes Lions and Money20/20

are standout examples of experience-

led events – essentially, B2B festivals

for their communities. This is a

segment that we believe will only grow

further, and the combination will help

us accelerate our product development

in areas where we too have more

experience-led brands, such as in

Gaming and Cyber Security.

We have already been able to bring the

value of Informa’s international reach

and partnerships to the combination

too. In 2022, we established a joint

venture business in Saudi Arabia,

Tahaluf, and through this partnership,

we will be launching Money20/20 in

Riyadh in 2025. This will bring the

region’s growing community of FinTech

investors and start-ups together with

atruly international range of

businesses and leaders, and provide

new opportunities for connecting

andsharing knowledge.

Building scale in

digitalservices

In December, we combined the digital

businesses in Informa Tech with

Nasdaq-listed TechTarget to create

Informa TechTarget.

This combination is equally promising

and exciting. It gives us a leading

position and platform for connecting

B2B buyers and sellers digitally, at

scale, in the same way that we bring

together B2B buyers and sellers at

scale at our live events.

It is also the direct product of decisions

and investments we have made over

the last five to ten years. We created

Informa Tech as a standalone division

in 2019 to serve the enterprise

technology market across events,

specialist research and digital services.

We have progressively built the

business ever since: growing our

research capabilities under the Omdia

brand, expanding our specialist

content and audience development

products with the addition of Industry

Dive in 2022, and building out our lead

and demand generation services.

TechTarget has long been a reference

point for us, given its brand recognition

in the US and its powerful buyer intent

data that helps technology companies

identify who is in the market for their

product. As a now combined business,

Informa TechTarget has real strengths

across research and industry insights,

more than 220 specialist technology

media brands, an expanded

permissioned first-party audience

forour digital services to draw upon,

and a more international footprint.

Strategic Report

Informa Annual Report and Accounts 2024

18

Group Chief Executive’s review

continued

Jill Dougan

Group Chief Marketing Officer

The calibre of our marketing talent is market-leading. We’re continuing

to focus on using the richness of our data, fully harnessing new

technologies and AI to grow and engage our audiences. We have a real

opportunity to create additional value by putting the strength of the

Informa brand at the heart of what we do. Ultimately, we want to stand

for quality: delivering products and experiences that our customers

and audiences choose to engage with, because they know how much

Informa delivers.

Future  opportunities

from our newest  leaders

![](data:image/jpeg;base64,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)

Competing and growing

We believe that having increased scale

and a broader range of services across

the product lifecycle will help us

compete more effectively. This is

important at a time when the market

backdrop is subdued. Tech product

launches have been restrained by

higher interest rates and a focus on AI

investments, which in turn impacted

growth in our demand generation

businesses in 2024.

More importantly though, it is

beneficial in the long term. Informa

TechTarget will be in a strong position

to capture opportunities from what we

believe are structural growth trends in

enterprise technology. Businesses are

buying more technology and upgrading

more often to get a commercial edge

and make their operations more

efficient. At the same time, technology

providers are continually developing

their products to drive growth and

expand their market share, while

start-ups are launching to exploit

gapsin the market.

The services Informa TechTarget

provides directly meet the needs of

technology vendors – helping them

launch products and find and attract

potential customers – and technology

buyers – helping them research

thelatest product developments

andtechnology.

Our ambition is to double Informa

TechTarget’s revenues to $1bn over the

next five years through a combination

of organic growth and targeted

addition. In the near term, we are

focusing on introducing our now

broader and deeper offering to

customers and growing our profile

inthe market to capture as many of

thegrowth opportunities on offer

aspossible.

Maximising our platform

forgrowth

Over the year, over GAP 2 and over the

last decade, we have strengthened,

focused and invested to create a truly

international, higher-quality and

higher-performing business.

We intend to continue to be a growth

company, and we continue to believe in

the power of major brands that deliver

must-have knowledge and connections

to specialist markets.

The Informa of today has even more

opportunities ahead for growth and

impact if we can maximise the platform

we have built over the last decade, and

this is the principle at the heart of our

2025-2028 programme, One Informa.

One Informa, and making the most of

what we have across the whole

company, is our full focus entering 2025.

It encompasses a number of areas,

including maximising what we have built

to become market leading in data-

driven marketing and in our use of

technology to deliver a first-class

customer experience throughout all our

brands and products.

It also sees us adapt our operating

model. As I have spoken about, we have

changed the focus of our portfolio and

added to our business during GAP2.

Over the next four years, one of the

ways we believe we will drive further

growth is by organising ourselves to

more directly target customer, product

and market opportunities.

From 2025, in B2B events, we are

organising ourselves around three

distinct segments of this market,

allowing teams to more fully focus on

product development and excellence,

and customer value and experience.

Informa Markets will focus on

transaction-led events, Informa

Connect on content-led events and

wehave created Informa Festivals as a

new business to focus on experience-

led events. There is more about this

business and what makes experience-

led events unique on pages 38 and 39.

Informa TechTarget is our B2B digital

services operating division, listed on

Nasdaq, with Informa owning 57% of

its equity. And Taylor & Francis is our

Academic Markets business, with

depth in specialist academic content

and services.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

19

Matthieu Comard

Managing Director, Informa Festivals

With Informa Festivals, we have a super-exciting opportunity to lead

the market in developing unique, premium experiential products and

brands. Informa’s international scale, network and data also offer

ushuge growth potential. We’re already actively engaging with our

colleagues all around the world about how best to bring our newest

brands to more customers in more regions. And we’re also looking

athow we can further expand our offer by extending our technology

and meeting platforms across multiple brands.

Future  opportunities

from our newest  leaders

![](data:image/jpeg;base64,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)

Growth through One Informa

With an updated operating model, and

a clear product, market and customer

focus for each of our divisions, we will

be looking at opportunities to make

more of our technology investments

— particularly in AI — and simplify the

operational infrastructure supporting

our businesses. There is the potential

to reduce duplication and focus our

technology resources and investments

on areas that will deliver the most value.

These include improvements that make

it as easy as possible for customers to

transact with us and deploying AI

across more of what we do. In Taylor &

Francis, we are investing in AI-driven

tools that recommend the most

appropriate journals to researchers

and identify the best-suited peer

reviewers for an article. These improve

customer experience, add value to the

academic community we serve and

speed up the time it takes to go from

submitting research to seeing it

published and making an impact.

We are continuing to evaluate and

experiment with the opportunities

presented by generative AI, as well as

to understand the risks. As described

on page 29, we have also built a

proprietary AI assistant, Elysia, that is

tailored to our business and delivering

real benefits to colleagues: drawing

insights from data, optimising and

iterating content, and helping to get

simple tasks done more quickly.

On data, we built our data capabilities

and a first-party customer data

platform called IIRIS almost from

scratch during GAP 2. Now is the

moment to take full advantage of the

powerful insights IIRIS provides. IIRIS

has become established across our

B2B businesses and has been

embedded into brand and media

websites, customer registration

platforms, event apps, and other

platforms and touchpoints.

It is already generating results, creating

new data-driven digital services for

customers to use such as Lead Insights,

allowing us to recommend relevant

products and content to customers, to

build products and packages that better

suit their needs, and to make our

marketing more effective. Moreover, IIRIS

and our data capabilities were central to

the creationof Informa TechTarget.

But there is also much more we can

doand more areas we can apply our

customer insights and data to. This

willbe a key focus under One Informa,

andwe created the new roles of

ChiefMarketing Officer and Head

ofCommercial Data during 2024 to

help lead these programmes.

Making the most of

ourstrengths

Our international reach is one of

Informa’s strengths today. We operate

in all the major regions for our markets

and are well-diversified, with over 50%

of our revenues coming from the

Americas, nearly 20% from APAC and

around 10% from our IMEA – India,

Middle East and Africa – business.

In our B2B business, this enables us to

drive growth and give our customers

more opportunities, because we can

bring marquee brands and intellectual

property to new locations much more

easily. We did exactly this in 2024 by

bringing CPHI to the Middle East, as we

talk to on page 37, and will be doing so

with Money20/20 in 2025 and further

brands under One Informa too.

Through this work, we have established

close and supportive partnerships in

key locations. These relationships are

something we take seriously and take

pride in. With a larger portfolio of B2B

brands, we have an opportunity to

work more closely with key partners

including the cities that host our

events, bringing them greater value

and benefits while allowing us to create

a more consistent experience across

our portfolio.

Strategic Report

Informa Annual Report and Accounts 2024

20

Group Chief Executive’s review

continued

Patrick Shields

Director of Customer Success

Informa has always emphasised being customer obsessed. As a

Customer Success leader, I see how our teams spend countless hours

building connections and training our customers to get the most out of

our products. We work in competitive markets, and ease of doing

business and customer experience have the potential to be a key

differentiator. We have a great opportunity to present ourselves to

customers as one, speak in a single voice and leverage our technology

more fully to provide a market-leading customer experience.

Future  opportunities

from our future  leaders

![](data:image/jpeg;base64,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)

We have a similar opportunity to work

more closely with significant suppliers.

In late 2024, we established a preferred

partner programme to begin to do so.

This offers key partners the benefits of

working at a greater scale across our

growing business, while giving Informa

and ultimately our customers the

benefits of consistent, collaborative and

knowledgeable services and teams.

Another strength of our business that

we will continue to focus on under

OneInforma is our approach to

sustainability. Sustainability is

embedded into our business and part

of how we work as a result of a decade

of consistent focus, investments and

improvements. That work does not

stand still, and thankfully so, because

with innovation in the supply chain and

technology advances come new

possibilities for making our markets

and products more sustainable.

We are continuing to deliver and

perform with consistency, both against

the measures we set ourselves under

our FasterForward programme and in

independent external rankings. We

successfully expanded our Sustainable

Event Fundamentals programme in 2024

– a key goal because it encompasses the

breadth of areas that make an event

more responsible, sustainable and

impactful for customers and the

communities they take place in. We

werealso delighted to be included in

theDJSI World Index for the seventh

consecutive year in 2024.

Growth in our community

and culture

As Informa has grown, developed and

delivered consistent performances,

amajor area we have reinvested in is

our colleagues and culture.

In everything we do as a leadership

team, we think about what professional

opportunity we can create for colleagues.

How we can share more of the benefits

of our company’s growth with everyone

who is involved in creating it. What

might colleagues need in order to be

attheir best and what environment

willenable that.

In short, what works best for us is

making sure our culture and

environment are as inclusive of all our

talent as possible. That everyone is able

to contribute ideas and perspectives

and be involved in discussions about

what we do as a company. That when

there are new role opportunities and

experiences available, our colleagues

hear about them first, are encouraged

to put their hand up and grow their

careers. That we spend a good amount

time working together and in person,

coaching and learning from one another

and building a true sense of community.

That whenever support is needed,

helpisalways at hand.

It was a true achievement to be ranked

third on Glassdoor’s list of top UK

employers at the start of 2025, up from

19th place in 2024 when we appeared

on the list for the first time, and based

purely on the feedback, surveys and

reviews given to that site. Our talent

and our culture are significant

strengths that we do not take for

granted however. There is much we

have done under GAP 2, including

expanding our benefits and refreshing

our offices, creating a consistent,

high-quality work environment for

colleagues across the world. And as we

look to make the most of everything we

have built under One Informa, we will

also be focused on providing an

outstanding colleague experience and

helping colleagues make the most of

the opportunities our dynamic

business can offer.

I am proud to lead this company and be

part of its community. Thanks again to

all colleagues for everything during

2024 and for everything that has

helped us to successfully deliver GAP 2

over the last four years. Thanks also to

the Chair for his guidance, insights and

support, and to all Board colleagues.

Stephen A. Carter

Group Chief Executive

13 March 2025

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

21

Laura Childerley-Holliday

Marketing Manager

Across Informa, we have an incredible wealth of expertise. Colleagues

are eager to grow, collaborate and apply their knowledge in new ways.

I’m passionate about career mobility and continuous learning, and I’m

excited about the potential to create clearer pathways for career

mobility, increase the visibility of opportunities – for new roles,

short-term projects or cross-team collaboration – and make it easier to

share knowledge across the business. It doesn’t just develop individual

talent; it also drives innovation and success for Informa as a whole.

Future  opportunities

from our future  leaders

![](data:image/jpeg;base64,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)

Our key performance indicators measure

the company’s growth – afundamental

aspect of our strategy – and several

important elements of GAP 2.

Calculations and reconciliations to statutory measures

page 51

Directors’ Remuneration report

pages 115 to 132

Glossary of terms: alternative performance measures

pages 231 and 232

2

024

2

023

2

022

3,189.6

3,553.1

2,262.4

Growth and financial performance

Trends in revenue and operating profit indicate how we are delivering our growth strategy. We delivered double-digit

underlying growth in 2024 following a strong business performance, with additional contributions from newly-added

businesses. Results in 2022 and 2023 reflect the return of live events to normal schedules.

Revenue (£m) Underlying

revenue growth (%)

Adjusted operating

profit (£m)

2

024

2

023

2

022

30.4

11.6

31.4

2

024

2

023

2

022

853.8

995.0

496.3

Free cash flow

(£m)

Informa leverage

(times)

Financial strength and stability

Free cash flow and leverage indicate the strength of Informa’s financial position and our flexibility toinvestand manage

the balance sheet effectively.

Our business model continues to support high cash generation. This, combined with continued revenue growth,

delivered a strong free cash flow performance in 2024. Our year-end leverage position reflects theaddition of new

businesses during the fourth quarter.

2

024

2

023

2

022

631.7

812.1

417.9

2

024

2

023

2

022

1.4

2.6

(0.2)

Adjusted diluted

earnings per share (p)

Dividend per share

(p)

Shareholder returns

Earnings and dividends per share measure the value and returns created for shareholders, whichareanimportant

part of our business model.

We maintained our progressive dividend policy, increasing dividends by 11%. Adjusted diluted earnings pershare

reflect strong earnings growth and the effect of our share buyback programme in lowering theweightedaverage

number of shares.

2

024

2

023

2

022

45.3

50.1

24.4

2

024

2

023

2

022

18.0

20.0

9.8

Strategic Report

Informa Annual Report and Accounts 2024

22

Key performance indicators

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAXZBAMDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCtqN7FpmmXd/PnybWF5pMddqgk/oK+Udf8AiX4p17U5Lo6td2cRJ8u2tJ2jSNew+Ujcfc819X39lDqWnXVjcAmG5ieGQDurAg/oa+VfEHwu8V6FqMlvHpN1fwbj5VxZwtKHXsSFyVPsa6KHLrcyq36GL/wl3ib/AKGLVv8AwNk/+Ko/4S7xN/0MWrf+Bsn/AMVUn/CFeK/+hZ1n/wAAJf8A4mj/AIQrxX/0LOs/+AEv/wATXT7pjqR/8Jd4m/6GLVv/AANk/wDiqP8AhLvE3/Qxat/4Gyf/ABVSf8IV4r/6FnWf/ACX/wCJo/4QrxX/ANCzrP8A4AS//E0e6Gps+Fvih4l8PatFPPqd3f2ZYCe2upmkDJ32lj8rehHfrkV7V8WPHdx4T8OWn9lOovtRYiGYgHy0ABZgD1PzKB9a8b8K/CjxLr2qQx3um3Wm2AYGee5jMTBc8hVYZJ9OMete0fFXwHP4v8OWy6YEF/p7FoI2IUOhADID2PC47cfiMKnJzo0jzcrPALP4g+LbG/W8j8Q6i8gbcVmuGkRvYqxII/CvoaT4hqvwmHjIW4MxhwIAePO3+Xj/AHd3Privn+y+GnjG+1AWa6BeQtuAaSeMxxr77zwR9M19CSfD2FvhV/whi3OGEHE+OPO3+Zu/3d/brinV5NAhzanzpefEDxbe3zXkniHUUkLbgsNw0aL7BVIAH4V778L/AB9L4n8JXdxqzqbzTOLiRQBvTaSHIHAPDA9uK8Ju/hr4xs9RNk2gXsr7iBJDGXib33jgD6kV7z8MvAD+FvCV1a6qEN7qWTcohBCJggJnuQCSe2SevUlbk5dAp81zw3xJ8TvE+v6rJdR6rd2FtuPk21pM0aoueM7SNx9z+GBxXp3wY+IWqa7eT6BrM7XUkcJmt7mQ/PgEBlY/xdQQevByTxjzbxH8KvFOhanJBBpdzqFqXIhuLSMybl7FgvKnHXPGe5616d8HPhzqXh27uNd1qL7PcSQmGC2JBZVJBLNjoeAAM9zmnU9nyaCjzcx7BRRRXGdAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFVNQ06DU4Fhne6RVbcDbXUsDZwRy0bKSOemcflQBborC/4RLTf+fnWf8AwdXn/wAdo/4RLTf+fnWf/B1ef/HaegtTdorC/wCES03/AJ+dZ/8AB1ef/HaP+ES03/n51n/wdXn/AMdo0DU3aKwv+ES03/n51n/wdXn/AMdo/wCES03/AJ+dZ/8AB1ef/HaNA1N2isL/AIRLTf8An51n/wAHV5/8do/4RLTf+fnWf/B1ef8Ax2jQNTdorC/4RLTf+fnWf/B1ef8Ax2j/AIRLTf8An51n/wAHV5/8do0DU3aK5S60qHR9d8PPZ3Wp/v754ZUn1K4mR0+zTtgrI7D7yqenauroaBBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFIWCjJOKSRwi579qqlixyTzVKNyZSsTmdfc0eevoar0VXKiOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DR56+hqvRRyoOdljz19DT1dW6GqlHSjlQ1Nl2ioopN3ynrUtQ1YtO4UUUUhmFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigCrK26Q+g4plK33z9aStkYPcKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAFBKkEdquA5GapVbT7i/SomXAdRRRUGhha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRXOeL/F9n4S01Zpl866lyIIAcFiOpPoB6+9VCDm+WO5MpKKuzo6YZYwcGRQfrXzTrnjDXPEMrm+vpPJbj7PExSID02jr9Tk1hV6MctbXvSOKWOV9EfWfnR/89E/76FHnR/8APRP++hXyZSiq/s3+9+H/AARfXv7v4n1l50f/AD0T/voUedH/AM9E/wC+hXybS0f2b/e/D/gh9e/u/ifWPnR/89E/76FHmx/89E/76FfJwpRR/Zv978P+CL6//d/E+sPNj/56J/30KPNj/wCeif8AfQr5Qpwo/s3+9+H/AAQ+v/3fxPq3zY/+eif99CjzY/8Anon518pinCj+zP734f8ABF/aH938f+AfVXmx/wDPRfzo82P/AJ6L+dfK4pwo/sz+9+H/AASf7R/u/j/wD6m82P8A56L+dHmx/wDPRfzr5bFOHWn/AGZ/e/D/AIIv7T/u/j/wD6i82P8A56L+dHmx/wDPRfzr5gFPFH9mf3vw/wCCT/an9z8f+AfTnmx/31/Ol82P++v518yrTxR/Zn978P8AgkvNv7n4/wDAPpfzI/76/nR5kf8AfX86+bBUgp/2X/f/AA/4JLzj+5+P/APo/wAyP++v50eYn99fzr50WpB1o/sv+/8Ah/wSHnVvsfj/AMA+h/MT++v50odWOAwP0NfPa1KhIIIOCOhFH9l/3/w/4JLz23/Lv8f+AfQFFeSaL4x1PS5FWWV7q2z80crZIH+yeo/lXqVhfW+pWUd3bPuikGR6j1B964sRhZ0N9u56WDx9LFK0dGuhZooorlO4Ktp/q1+lVKtp/q1+lTMuG46iiiszQwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAU2+8frSUrfeP1pK2MAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAr5t8eaxLrXjC/mdiYoZDbwjsEQkfqcn8a+kq+VdXha31q+hf78dxIjfUMRXpZbFOcmcONb5UinRRRXrnnBSikpRQAUtJS0CAUopBSigQtOFNpwoEKKcKaKcKCWOFOFNFOFMhjhTh1popw60EseKeKYKeKZmx608UxaeKDNkgqQVGKkFMzZItSDrUa1IOtMykSLUi1GtSLTMpEq12/w91B476fT2b93KnmKPRh1/MfyriFrqPAsbv4nhZc4SN2bHpjH8yK58XFSoSv2N8BOUcVBx7/meqUUUV8yfcBVtP9Wv0qpVtP8AVr9KmZcNx1FFFZmhha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXiHxX8Ky2GrtrltHmzuyPNI/5Zy+/s2M59c+1e31HcW8N1byW9xEksMilXRxkMD2IrfD1nRnzIyrUlUjys+TaK9m1v4N2dxK02jXzWuefImUug+jdQPrmuePwZ8RZ4vdL/7+yf8AxFexHGUZK9zzJYaqnax51SivQ/8AhTPiL/n90v8A7+yf/EUv/CmvEX/P7pf/AH9k/wDiKr61R/mJ+r1f5Tzulr0P/hTXiL/n90v/AL+yf/EUv/Cm/EX/AD+6X/39k/8AiKPrVH+YPq9X+U87FKK9D/4U34i/5/dL/wC/sn/xFH/Cm/EP/P5pf/f2T/4ij61R/mF9Xq/ynntOFeg/8Kc8Q/8AP5pf/f2T/wCIpf8AhTviH/n80v8A7+yf/EUfWqP8wvq9X+U8+FOFegD4O+If+fzTP+/sn/xFKPg94g/5/NM/7+yf/EU/rVH+YTw1X+U4AU4V3w+D/iD/AJ/NM/7+yf8AxFKPhD4g/wCfzTP+/sn/AMRR9ao/zEvDVv5TghTh1rvR8Itf/wCfzTP+/sn/AMRSj4R6/wD8/em/9/JP/iKPrVH+Yh4Wt/KcIKeK7ofCXXv+fvTf+/kn/wARTh8JteH/AC96b/38f/4in9ao/wAxDwlf+VnDLTxXcD4Ua6P+XvTv+/j/APxFOHwq1wf8venf9/H/APiKPrdH+Yl4Ov8Ays4kVIK7QfCzXB/y9ad/38f/AOIpw+F2tj/l60//AL+P/wDEU/rdH+YzeCxH8jONWpB1rsR8MNaH/L1p/wD38f8A+Ipw+GWtD/l6sP8Av4//AMRR9bofzIzeBxP8jOQWpFrrh8NdZH/LzYf9/H/+JqSP4b6tvAkurIL3KsxP5bRT+t0P5jN5fiX9hnJLXp/gbQ30+ze+uUKz3AART1VOv69fwFP0XwNYaZIs9y5vJ1OV3LhFP+73/GuqrzsZjVUj7Ont3PWy3K5UZ+2rb9EFFFFeWe6FW0/1a/SqlW0/1a/SpmXDcdRRRWZoYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFORC5wPzoAbRVpY1Xtn3NPqOcvkKVFXaKOcOQpUVdoo5w5ClRV2ijnDkKVFXaKOcOQpUVdoo5w5ClRV2ijnDkKVFXaKOcOQpUVdoo5w5ClRV2ijnDkKVFXaKOcOQpUVdoo5w5ClRV2ijnDkKVFW2RW6gVXkjKH1FUpXE4tDKKKKZIVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVqJdqD35qrVxfuj6VMy4C0UUVmaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABSMu5SKWigClRSnlj9aStjAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAU2+8frSUrfeP1pK2MAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqxC+V2nqKr0AkHIpNXGnZl2ioFn/ALw/EU/z096z5WacyJKKj89Pejz096LMfMiSio/PT3o89PeizDmRJRUfnp70eenvRZhzIkoqPz096PPT3osw5kSUVH56e9Hnp70WYcyJKKj89Pejz096LMOZElFR+envR56e9FmHMiSio/PT3o89PeizDmRJRUfnp70eenvRZhzIkoqPz096PPT3osw5kSUVH56e9Hnp70WYcyJKKj89Pejz096LMOZElMlfavuelMaf+6PzqEksck5NUo9yXLsJRRRVmYVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUU5ELnAoAbRVpYkXtk+9OwPQVPOXyFOirmB6CjA9BS5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRgego5w5CnRVzA9BRtB7CjnDkKdFWXhUj5eDVcgg4PWqTuS00JRRRTEFW0/wBWv0qpVtP9Wv0qZlw3HUUUVmaGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVaiXag9+aq1cX7o+lTMuAtFFFZmgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVDOvAb8KmqOb/VmnHcUtitRRRWpiFW0/1a/SqlW0/1a/SpmXDcdRRRWZoYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVYhfK7e4qvSgkHI60mrjTsy5RUKz/AN4flTvOT3/Ks+VmvMiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UecnqfyoswuiSio/OT1P5UeenvRZhdElV5nydo7UPMSMLxUVVGPVkSlfRBRRRVkBVtP9Wv0qpVtP8AVr9KmZcNx1FFFZmhha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYDJjKsEhgRHmCkojuVVmxwCQDgZ74P0NY/2rxR/0B9H/APBrL/8AI9bdFMDE+1eKP+gPo/8A4NZf/kej7V4o/wCgPo//AINZf/ketuii4GJ9q8Uf9AfR/wDway//ACPR9q8Uf9AfR/8Away//I9bdFFwMT7V4o/6A+j/APg1l/8Akej7V4o/6A+j/wDg1l/+R626KLgYn2rxR/0B9H/8Gsv/AMj0favFH/QH0f8A8Gsv/wAj1t0UXAxPtXij/oD6P/4NZf8A5Ho+1eKP+gPo/wD4NZf/AJHrboouBifavFH/AEB9H/8ABrL/API9H2rxR/0B9H/8Gsv/AMj1t0UXAxPtXij/AKA+j/8Ag1l/+R6PtXij/oD6P/4NZf8A5HrboouBifavFH/QH0f/AMGsv/yPR9q8Uf8AQH0f/wAGsv8A8j1t0UXAxPtXij/oD6P/AODWX/5Ho+1eKP8AoD6P/wCDWX/5HrboouBifavFH/QH0f8A8Gsv/wAj0favFH/QH0f/AMGsv/yPW3RRcDE+1eKP+gPo/wD4NZf/AJHo+1eKP+gPo/8A4NZf/ketuii4GJ9q8Uf9AfR//BrL/wDI9H2rxR/0B9H/APBrL/8AI9bdFFwMT7V4o/6A+j/+DWX/AOR6PtXij/oD6P8A+DWX/wCR626KLgYn2rxR/wBAfR//AAay/wDyPR9q8Uf9AfR//BrL/wDI9bdFFwMT7V4o/wCgPo//AINZf/kej7V4o/6A+j/+DWX/AOR626KLgYn2rxR/0B9H/wDBrL/8j0favFH/AEB9H/8ABrL/API9bdFFwMT7V4o/6A+j/wDg1l/+R6PtXij/AKA+j/8Ag1l/+R626KLgYn2rxR/0B9H/APBrL/8AI9H2rxR/0B9H/wDBrL/8j1t0UXAxPtXij/oD6P8A+DWX/wCR6PtXij/oD6P/AODWX/5HrboouBifavFH/QH0f/way/8AyPR9q8Uf9AfR/wDway//ACPW3RRcDE+1eKP+gPo//g1l/wDkej7V4o/6A+j/APg1l/8Aketuii4GJ9q8Uf8AQH0f/wAGsv8A8j0favFH/QH0f/way/8AyPW3RRcDE+1eKP8AoD6P/wCDWX/5Ho+1eKP+gPo//g1l/wDketuii4GJ9q8Uf9AfR/8Away//I9H2rxR/wBAfR//AAay/wDyPW3RRcDE+1eKP+gPo/8A4NZf/kej7V4o/wCgPo//AINZf/ketuii4GJ9q8Uf9AfR/wDway//ACPR9q8Uf9AfR/8Away//I9bdFFwMT7V4o/6A+j/APg1l/8Akej7V4o/6A+j/wDg1l/+R626KLgYn2rxR/0B9H/8Gsv/AMj0favFH/QH0f8A8Gsv/wAj1t0UXAxPtXij/oD6P/4NZf8A5Ho+1eKP+gPo/wD4NZf/AJHrboouBifavFH/AEB9H/8ABrL/API9H2rxR/0B9H/8Gsv/AMj1t0UXAxPtXij/AKA+j/8Ag1l/+R6PtXij/oD6P/4NZf8A5HrboouBifavFH/QH0f/AMGsv/yPR9q8Uf8AQH0f/wAGsv8A8j1t0UXAxPtXij/oD6P/AODWX/5Ho+1eKP8AoD6P/wCDWX/5HrboouBifavFH/QH0f8A8Gsv/wAj0favFH/QH0f/AMGsv/yPW3RRcDE+1eKP+gPo/wD4NZf/AJHo+1eKP+gPo/8A4NZf/ketuii4GJ9q8Uf9AfR//BrL/wDI9H2rxR/0B9H/APBrL/8AI9bdFFwMT7V4o/6A+j/+DWX/AOR6PtXij/oD6P8A+DWX/wCR626KLgYn2rxR/wBAfR//AAay/wDyPR9q8Uf9AfR//BrL/wDI9bdFFwMT7V4o/wCgPo//AINZf/kej7V4o/6A+j/+DWX/AOR626KLgYn2rxR/0B9H/wDBrL/8j0favFH/AEB9H/8ABrL/API9bdFFwMT7V4o/6A+j/wDg1l/+R6PtXij/AKA+j/8Ag1l/+R626KLgYn2rxR/0B9H/APBrL/8AI9H2rxR/0B9H/wDBrL/8j1t0UXAxPtXij/oD6P8A+DWX/wCR6PtXij/oD6P/AODWX/5HrboouBifavFH/QH0f/way/8AyPR9q8Uf9AfR/wDway//ACPW3RRcDE+1eKP+gPo//g1l/wDkej7V4o/6A+j/APg1l/8Aketuii4GJ9q8Uf8AQH0f/wAGsv8A8j0favFH/QH0f/way/8AyPW3RRcDE+1eKP8AoD6P/wCDWX/5Ho+1eKP+gPo//g1l/wDketuii4GJ9q8Uf9AfR/8Away//I9H2rxR/wBAfR//AAay/wDyPW3RRcDE+1eKP+gPo/8A4NZf/kej7V4o/wCgPo//AINZf/ketuii4GJ9q8Uf9AfR/wDway//ACPR9q8Uf9AfR/8Away//I9bdFFwMT7V4o/6A+j/APg1l/8Akej7V4o/6A+j/wDg1l/+R626KLgYn2rxR/0B9H/8Gsv/AMj0favFH/QH0f8A8Gsv/wAj1t0UXAxPtXij/oD6P/4NZf8A5Ho+1eKP+gPo/wD4NZf/AJHrboouBifavFH/AEB9H/8ABrL/API9H2rxR/0B9H/8Gsv/AMj1t0UXAxPtXij/AKA+j/8Ag1l/+R6PtXij/oD6P/4NZf8A5HrboouBifavFH/QH0f/AMGsv/yPR9q8Uf8AQH0f/wAGsv8A8j1t0UXAZCZWgjM6IkxUF0Ryyq2OQCQMjPfA+gp9FFIAq2n+rX6VUq2n+rX6VMy4bjqKKKzNDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAU2+8frSUrfeP1pK2MAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAU2+8frSUrfeP1pK2MAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFNvvH60lK33j9aStjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACraf6tfpVSraf6tfpUzLhuOooorM0MLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFAFNvvH60lK33j9aStjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACraf6tfpVSraf6tfpUzLhuOooorM0MLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBTb7x+tJSt94/WkrYwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq2n+rX6VUq2n+rX6VMy4bjqKKKzNDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQBTb7x+tJSt94/WkrYwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq2n+rX6VUq2n+rX6VMy4bjqKKKzNDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAU2+8frSUrfeP1pK2MAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAU2+8frSUrfeP1pK2MAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFNvvH60lK33j9aStjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACraf6tfpVSraf6tfpUzLhuOooorM0MLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFAFNvvH60lK33j9aStjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACraf6tfpVSraf6tfpUzLhuOooorM0MLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBTb7x+tJSt94/WkrYwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq2n+rX6VUq2n+rX6VMy4bjqKKKzNDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQBTb7x+tJSt94/WkrYwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq2n+rX6VUq2n+rX6VMy4bjqKKKzNDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAU2+8frSUrfeP1pK2MAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAU2+8frSUrfeP1pK2MAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFNvvH60lK33j9aStjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZJIsS7mDEZx8qlv5U+igCD7XH/dm/wC/L/4Ufa4/7s3/AH5f/Cp6KAIPtcf92b/vy/8AhR9rj/uzf9+X/wAKnooAg+1x/wB2b/vy/wDhR9rj/uzf9+X/AMKnooAg+1x/3Zv+/L/4Ufa4/wC7N/35f/Cp6KAIPtcf92b/AL8v/hR9rj/uzf8Afl/8KnooAg+1x/3Zv+/L/wCFH2uP+7N/35f/AAqeigCD7XH/AHZv+/L/AOFH2uP+7N/35f8AwqeigCD7XH/dm/78v/hR9rj/ALs3/fl/8KnooAg+1x/3Zv8Avy/+FH2uP+7N/wB+X/wqeigCD7XH/dm/78v/AIUfa4/7s3/fl/8ACp6KAIPtcf8Adm/78v8A4Ufa4/7s3/fl/wDCp6KAIPtcf92b/vy/+FH2uP8Auzf9+X/wqeigCD7XH/dm/wC/L/4Ufa4/7s3/AH5f/Cp6KAIPtcf92b/vy/8AhR9rj/uzf9+X/wAKnooAg+1x/wB2b/vy/wDhR9rj/uzf9+X/AMKnooAg+1x/3Zv+/L/4Ufa4/wC7N/35f/Cp6KAIPtcf92b/AL8v/hR9rj/uzf8Afl/8KnooAg+1x/3Zv+/L/wCFH2uP+7N/35f/AAqeigCD7XH/AHZv+/L/AOFH2uP+7N/35f8AwqeigCD7XH/dm/78v/hR9rj/ALs3/fl/8KnooAajiRAwDAH+8pB/I06iigAq2n+rX6VUq2n+rX6VMy4bjqKKKzNDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQBTb7x+tJSt94/WkrYwCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiimSIzrhZGjOeq4/qDQA+ioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeimopVAC7OR/E2Mn8qdQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRWXr3iPSvDFil7rF19mt3lESv5bPliCQMKCein8qYGpRXE/8AC3PA3/Qc/wDJSf8A+Io/4W54G/6Dn/kpP/8AEU+WXYV0dtRXE/8AC3PA3/Qc/wDJSf8A+Io/4W54G/6Dn/kpP/8AEUcsuwXR21FcT/wtzwN/0HP/ACUn/wDiKP8Ahbngb/oOf+Sk/wD8RRyy7BdHbUVxP/C3PA3/AEHP/JSf/wCIo/4W54G/6Dn/AJKT/wDxFHLLsF0dtRXE/wDC3PA3/Qc/8lJ//iKP+FueBv8AoOf+Sk//AMRRyy7BdHbUVxP/AAtzwN/0HP8AyUn/APiKP+FueBv+g5/5KT//ABFHLLsF0dtRXE/8Lc8Df9Bz/wAlJ/8A4ij/AIW54G/6Dn/kpP8A/EUcsuwXR21FcT/wtzwN/wBBz/yUn/8AiKP+FueBv+g5/wCSk/8A8RRyy7BdHbUVxP8AwtzwN/0HP/JSf/4ij/hbngb/AKDn/kpP/wDEUcsuwXR21FcT/wALc8Df9Bz/AMlJ/wD4ij/hbngb/oOf+Sk//wARRyy7BdHbUVxP/C3PA3/Qc/8AJSf/AOIo/wCFueBv+g5/5KT/APxFHLLsF0dtRXE/8Lc8Df8AQc/8lJ//AIij/hbngb/oOf8AkpP/APEUcsuwXR21FcT/AMLc8Df9Bz/yUn/+Io/4W54G/wCg5/5KT/8AxFHLLsF0dtRXE/8AC3PA3/Qc/wDJSf8A+Io/4W54G/6Dn/kpP/8AEUcsuwXR21FcT/wtzwN/0HP/ACUn/wDiKP8Ahbngb/oOf+Sk/wD8RRyy7BdHbUVxP/C3PA3/AEHP/JSf/wCIo/4W54G/6Dn/AJKT/wDxFHLLsF0dtRXE/wDC3PA3/Qc/8lJ//iKP+FueBv8AoOf+Sk//AMRRyy7BdHbUVxP/AAtzwN/0HP8AyUn/APiKP+FueBv+g5/5KT//ABFHLLsF0dtRXE/8Lc8Df9Bz/wAlJ/8A4ij/AIW54G/6Dn/kpP8A/EUcsuwXR21FcT/wtzwN/wBBz/yUn/8AiKP+FueBv+g5/wCSk/8A8RRyy7BdHbUVS0jV7HXtLh1LTZ/Ps5t3lybGXOGKnhgD1B7VdqRhVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFSQf6z8KjqSD/WfhSew47lmiiisjYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApUUUVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAjEhSQCxA6DvUPnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8APpN+af8AxVHnyf8APpN+af8AxVT0UAQefJ/z6Tfmn/xVSQ3Eof8A485zx6p/8VT6kg/1n4UnsNbh9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKyNit9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooAy/Pk/wCfSb80/wDiqPPk/wCfSb80/wDiqnorYwIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigBqMWQEoyE/wtjI/KnUUUAFW0/1a/SqlW0/1a/SpmXDcdRRRWZoYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUjZ2naQGxwSM1Dsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPRUGy6/57Q/9+j/8VRsuv+e0P/fo/wDxVAE9FQbLr/ntD/36P/xVGy6/57Q/9+j/APFUAT0VBsuv+e0P/fo//FUbLr/ntD/36P8A8VQBPUkH+s/Cqmy6/wCe0P8A36P/AMVUkKXe/ieDp/zxP/xVJ7DW5oUVW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLrI2LNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6AI6Kg2XX/PaH/v0f/iqNl1/z2h/79H/AOKrYwJ6Kg2XX/PaH/v0f/iqNl1/z2h/79H/AOKoAnoqDZdf89of+/R/+Ko2XX/PaH/v0f8A4qgCeioNl1/z2h/79H/4qjZdf89of+/R/wDiqAJ6Kg2XX/PaH/v0f/iqNl1/z2h/79H/AOKoAnoqDZdf89of+/R/+Ko2XX/PaH/v0f8A4qgCeioNl1/z2h/79H/4qjZdf89of+/R/wDiqAJ6Kg2XX/PaH/v0f/iqNl1/z2h/79H/AOKoAnoqDZdf89of+/R/+Ko2XX/PaH/v0f8A4qgCeioNl1/z2h/79H/4qjZdf89of+/R/wDiqAJ6KagcIA7KzdyowPyyadQAVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUkH+s/Co6kg/wBZ+FJ7DjuWaKKKyNgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigClRRRWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiivMPFfjS5urqWx0yYxWiHaZYz80h74PYfTr+OK3w2GniJcsTkxuNp4Snzz67LuemmWMMFLqGPQE806vCtN0q+1m6aGziMjgFmYnAA9STWr4f8XX2iTrFLI1xZbsPGxyVHqp7fTp/Ou6plbSfJK7XQ8qjn0W06tNxi+u/6I9goqOCeK6t454XDxSKGVh3BoryWraH0Caauiu33j9aSlb7x+tJWxiIwDKVOcEY4OKh+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xqSGziL/en6f8APd/8afUkH+s/Ck9hrcPsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0Vlc2K32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgZf2SP+9N/3+f8Axo+yR/3pv+/z/wCNT0VsYEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FAEH2SP+9N/wB/n/xo+yR/3pv+/wA/+NT0UAQfZI/703/f5/8AGj7JH/em/wC/z/41PRQBB9kj/vTf9/n/AMaPskf96b/v8/8AjU9FAEH2SP8AvTf9/n/xo+yR/wB6b/v8/wDjU9FADUQRoFBYgf3mJP5mnUUUAFW0/wBWv0qpVtP9Wv0qZlw3HUUUVmaGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIzPEMzweHdRkjOHFu+D6cYrxaytxd3sNuZo4RI4XzJDhVz3Ne63lql7ZT2sn3Jo2jbHYEYrw3UtPn0vUJrK4XEkTYz2YdiPYivaymS5ZQW58vxDCSnTqNXjt/XqdR4luD4dtR4e06GSCJlDT3LDDXGfQ+nb9PrxtdRputWepaX/Y+vuRHGCbW8ClmhPoe5H+fQjmo4nlmWKJS7uwVQByxPAr0MPFwTjJa9X38/wCtjx8bJVZRnB+69l/L5W/Xr63On0jxPqGn6XDawxzNHHuwVTI5Yn+tFd1o3hi0sdItre6hjlnVcyNjuSSR+GcfhRXk1MVhnN+5fU+ho5fjVTivaW0WnbyNNvvH60lK33j9aSuA9kRmCqWYgKBkk9qh+22v/PzD/wB/BU9FAEH221/5+Yf+/go+22v/AD8w/wDfwVPRQBB9ttf+fmH/AL+Cj7ba/wDPzD/38FT0UAQfbbX/AJ+Yf+/go+22v/PzD/38FT0UAQfbbX/n5h/7+Cj7ba/8/MP/AH8FT0UAQfbbX/n5h/7+Cj7ba/8APzD/AN/BU9FAEH221/5+Yf8Av4KPttr/AM/MP/fwVPRQBB9ttf8An5h/7+Cj7ba/8/MP/fwVPRQBB9ttf+fmH/v4KPttr/z8w/8AfwVPRQBB9ttf+fmH/v4KPttr/wA/MP8A38FT0UAQfbbX/n5h/wC/go+22v8Az8w/9/BU9FAEH221/wCfmH/v4KPttr/z8w/9/BU9FAEH221/5+Yf+/go+22v/PzD/wB/BU9FAEH221/5+Yf+/go+22v/AD8w/wDfwVPRQBB9ttf+fmH/AL+Cj7ba/wDPzD/38FT0UAQfbbX/AJ+Yf+/go+22v/PzD/38FT0UAQfbbX/n5h/7+Cj7ba/8/MP/AH8FT0UAQfbbX/n5h/7+Cj7ba/8APzD/AN/BU9FAEH221/5+Yf8Av4KPttr/AM/MP/fwVPRQBB9ttf8An5h/7+Cj7ba/8/MP/fwVPRQBB9ttf+fmH/v4KPttr/z8w/8AfwVPRQBB9ttf+fmH/v4KPttr/wA/MP8A38FT0UAQfbbX/n5h/wC/go+22v8Az8w/9/BU9FAEH221/wCfmH/v4KPttr/z8w/9/BU9FAEH221/5+Yf+/go+22v/PzD/wB/BU9FAEH221/5+Yf+/go+22v/AD8w/wDfwVPRQBB9ttf+fmH/AL+Cj7ba/wDPzD/38FT0UAQfbbX/AJ+Yf+/go+22v/PzD/38FT0UAQfbbX/n5h/7+Cj7ba/8/MP/AH8FT0UAQfbbX/n5h/7+Cj7ba/8APzD/AN/BU9FAEH221/5+Yf8Av4KPttr/AM/MP/fwVPRQBB9ttf8An5h/7+Cj7ba/8/MP/fwVPRQBB9ttf+fmH/v4KPttr/z8w/8AfwVPRQBB9ttf+fmH/v4KPttr/wA/MP8A38FT0UAQfbbX/n5h/wC/go+22v8Az8w/9/BU9FAEH221/wCfmH/v4KPttr/z8w/9/BU9FAEH221/5+Yf+/gqSG+tA/N1AOP+egp9SQf6z8KT2Gtw/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0VkbFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAGX9ttf+fmH/v4KPttr/z8w/8AfwVPRWxgQfbbX/n5h/7+Cj7ba/8APzD/AN/BU9FAEH221/5+Yf8Av4KPttr/AM/MP/fwVPRQBB9ttf8An5h/7+Cj7ba/8/MP/fwVPRQBB9ttf+fmH/v4KPttr/z8w/8AfwVPRQBB9ttf+fmH/v4KPttr/wA/MP8A38FT0UAQfbbX/n5h/wC/go+22v8Az8w/9/BU9FAEH221/wCfmH/v4KPttr/z8w/9/BU9FAEH221/5+Yf+/go+22v/PzD/wB/BU9FAEH221/5+Yf+/go+22v/AD8w/wDfwVPRQA1HSRA6MrKehU5FOoooAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFZmsaBp+uQeXeRfOPuSpw6/Q/0PFadBIAJJwB3pwnKD5ouzJqU4VIuM1dM4B/hjGZSY9VZY88K0GTj67h/Kui0PwppuhHzIUM1z/wA9pcEj6elXX17SI5Cj6pZKwOCDOvH61ejkSWMSRurowyGU5B/GumricTOPLNu33HDh8Dgqc+alFXXne346DqKKK5D0Sm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFSQf6z8KjqSD/WfhSew47lmiiisjYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApUUUVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEhCQqlmIAAySe1eU+IfEV/4k1M6dpxkNoz7Ioo+DL7n2788AV6H4kdk8NakyHB+zuOPpXlHhzWxoepGZ4vMhkUxybeHCnup7H/PvXq5dSvGVVK7Wx4GdYhqcMO5csXu/ITXNMstJ8m0S5ae/UH7Vtx5aHso7kjvRoXiG90K6V4JC0BYGSAn5XHf6H3rRlgt/Dl8t6Le31bSr1CInlxnGeRnHyuPXH5dq/iTTLG3hsNS0wMtnfIWETEkxsMZGfx/Q16cZxmlTnqn18+q8jwp050pOtSfK49F0Wyd+qf69j1yyvIb+ziu7d90Uq7lP+e9FeTaXq+r2unRQ2ofyVztxIB3JPH1oryZ5bJSdpKx9DTzum4Jyi727HqjfeP1pKVvvH60lcR6oUUjEKpY5wBngZqH7XH/AHZv+/L/AOFAE9FQfa4/7s3/AH5f/Cj7XH/dm/78v/hQBPRUH2uP+7N/35f/AAo+1x/3Zv8Avy/+FAE9FQfa4/7s3/fl/wDCj7XH/dm/78v/AIUAT0VB9rj/ALs3/fl/8KPtcf8Adm/78v8A4UAT0VB9rj/uzf8Afl/8KPtcf92b/vy/+FAE9FQfa4/7s3/fl/8ACj7XH/dm/wC/L/4UAT0VB9rj/uzf9+X/AMKPtcf92b/vy/8AhQBPRUH2uP8Auzf9+X/wo+1x/wB2b/vy/wDhQBPRUH2uP+7N/wB+X/wo+1x/3Zv+/L/4UAT0VB9rj/uzf9+X/wAKPtcf92b/AL8v/hQBPRUH2uP+7N/35f8Awo+1x/3Zv+/L/wCFAE9FQfa4/wC7N/35f/Cj7XH/AHZv+/L/AOFAE9FQfa4/7s3/AH5f/Cj7XH/dm/78v/hQBPRUH2uP+7N/35f/AAo+1x/3Zv8Avy/+FAE9FQfa4/7s3/fl/wDCj7XH/dm/78v/AIUAT0VB9rj/ALs3/fl/8KPtcf8Adm/78v8A4UAT0VB9rj/uzf8Afl/8KPtcf92b/vy/+FAE9FQfa4/7s3/fl/8ACj7XH/dm/wC/L/4UAT0VB9rj/uzf9+X/AMKPtcf92b/vy/8AhQBPRUH2uP8Auzf9+X/wo+1x/wB2b/vy/wDhQBPRUH2uP+7N/wB+X/wo+1x/3Zv+/L/4UAT0VB9rj/uzf9+X/wAKPtcf92b/AL8v/hQBPRUH2uP+7N/35f8Awo+1x/3Zv+/L/wCFAE9FQfa4/wC7N/35f/Cj7XH/AHZv+/L/AOFAE9FQfa4/7s3/AH5f/Cj7XH/dm/78v/hQBPRUH2uP+7N/35f/AAo+1x/3Zv8Avy/+FAE9FQfa4/7s3/fl/wDCj7XH/dm/78v/AIUAT0VB9rj/ALs3/fl/8KPtcf8Adm/78v8A4UAT0VB9rj/uzf8Afl/8KPtcf92b/vy/+FAE9FQfa4/7s3/fl/8ACj7XH/dm/wC/L/4UAT0VB9rj/uzf9+X/AMKPtcf92b/vy/8AhQBPRUH2uP8Auzf9+X/wo+1x/wB2b/vy/wDhQBPRUH2uP+7N/wB+X/wo+1x/3Zv+/L/4UAT0VB9rj/uzf9+X/wAKPtcf92b/AL8v/hQBPRUH2uP+7N/35f8Awo+1x/3Zv+/L/wCFAE9SQf6z8Kqfa4/7s3/fl/8ACpIbyIP92fp/zwf/AApPYa3NCiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1lY2LNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwEdFQfa4/7s3/AH5f/Cj7XH/dm/78v/hWxgT0VB9rj/uzf9+X/wAKPtcf92b/AL8v/hQBPRUH2uP+7N/35f8Awo+1x/3Zv+/L/wCFAE9FQfa4/wC7N/35f/Cj7XH/AHZv+/L/AOFAE9FQfa4/7s3/AH5f/Cj7XH/dm/78v/hQBPRUH2uP+7N/35f/AAo+1x/3Zv8Avy/+FAE9FQfa4/7s3/fl/wDCj7XH/dm/78v/AIUAT0VB9rj/ALs3/fl/8KPtcf8Adm/78v8A4UAT0VB9rj/uzf8Afl/8KPtcf92b/vy/+FAE9FQfa4/7s3/fl/8ACj7XH/dm/wC/L/4UAT0U1HEiBgGAP95SD+Rp1ABVtP8AVr9KqVbT/Vr9KmZcNx1FFFZmhha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISIrmCO6tpbeUZjlQow9QRg14lrWkXGialLaTgkA5jkxgOvYj/PWvcqqahptnqtsbe9gWWM8gHqD6g9RXZgsW8PJ31TPMzPLljIKztJbf5HjOj2EWpXDQ3Wow2VvGpdnlbr7KM8mtPWrmDV5dM0XQ45JoLVSkbFSDIzHk+w4z26mutf4b6O0hYXF6qn+EOvH5rXQaToWnaLGy2VuEZvvSMcs31J/l0ruq5hSvzxu2tl09TysPk+I5XSnaKe73bXZdER6RoNrpmlW9m0aStGvzOy/eJOT+GTRWrRXjyqSk229z6WFGnCKjFaIpt94/WkpW+8frSVZAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVJB/rPwqOpIP9Z+FJ7DjuWaKKKyNgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigClRRRWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP8AVr9KmZcNx1FFFZmhha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgpk00VvC000iRxqMs7tgD6mlkkSKJ5JGCogLMT2A61414k8RXGvX7ne62at+5hzwB6kep/riurCYSWIlbZI4MxzCGDgm1dvZHpD+NfDySFDqIJHGVicj8wK2LS9tb+HzrS4jmjzjcjZwfSvHL/w/JbaRbarazC6tJUHmMgwYX7qw+vGf/rZqaVq15o94tzaSspBG9M/K49CO9d8sspzhelLXz/rQ8iOeV6VRRxEFZ9u3fd3PdaKp6bqVvqmnQXsDYjlXIB6g9CD9CCKK8ZxcXZn0sZxlFSi9GDfeP1pKVvvH60lamQjZ2naAWxwCcVDvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTRvuv+eMP/AH9P/wATU9FAEG+6/wCeMP8A39P/AMTUkL3e/iCDp/z2P/xNPqSD/WfhSew1uG+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EVZorI2K2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EVZooArb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RVmigCtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFWaKAK2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EVZooArb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RVmigCtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFWaKAK2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EVZooArb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RVmigCtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFWaKAMvfdf88Yf+/p/wDiaN91/wA8Yf8Av6f/AImp6K2MCDfdf88Yf+/p/wDiaN91/wA8Yf8Av6f/AImp6KAIN91/zxh/7+n/AOJo33X/ADxh/wC/p/8AianooAg33X/PGH/v6f8A4mjfdf8APGH/AL+n/wCJqeigCDfdf88Yf+/p/wDiaN91/wA8Yf8Av6f/AImp6KAIN91/zxh/7+n/AOJo33X/ADxh/wC/p/8AianooAg33X/PGH/v6f8A4mjfdf8APGH/AL+n/wCJqeigCDfdf88Yf+/p/wDiaN91/wA8Yf8Av6f/AImp6KAIN91/zxh/7+n/AOJo33X/ADxh/wC/p/8AianooAg33X/PGH/v6f8A4mjfdf8APGH/AL+n/wCJqeigBqFygLqqt3CnI/PAp1FFABVtP9Wv0qpVtP8AVr9KmZcNx1FFFZmhha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEjK8S7v+EZ1LbnP2d+npjn9K8Rr6AliSeF4pFDRupVlPcHgivGPEXh+40HUHjZHa1Zv3MxHDD0z6ivZymrFc1N77nzPEOHm3Gstlo/I0vA5vzfypGEbTCp+2ib/VhMd/f/J4rC1gWA1W4GmFzZ7v3e/+nt6Z5xV2+8QtNottpNlALW1RQZgpyZn7kn0z2/wGKGmaZd6tepa2kRd2PJxwg9Sewr0YRcZyrT0/rd+Z4tWalThh6fvNdfN9F5fmzT019XFhELUDyedvLepz096K9X0zTLfS9NgsoRuSJcbiOWPUn8SSaK8meYxcnaCPoqWTSUEpVGnYVvvH60lK33j9aSuA9gKKRgSpAJUkdR2qHyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCeioPIk/5+5vyT/4mjyJP+fub8k/+JoAnoqDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mgCepIP9Z+FVPIk/wCfub8k/wDiakht5S//AB+Tjj0T/wCJpPYa3NCiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNZGxZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAEdFQeRJ/wA/c35J/wDE0eRJ/wA/c35J/wDE1sYE9FQeRJ/z9zfkn/xNHkSf8/c35J/8TQBPRUHkSf8AP3N+Sf8AxNHkSf8AP3N+Sf8AxNAE9FQeRJ/z9zfkn/xNHkSf8/c35J/8TQBPRUHkSf8AP3N+Sf8AxNHkSf8AP3N+Sf8AxNAE9FQeRJ/z9zfkn/xNHkSf8/c35J/8TQBPRUHkSf8AP3N+Sf8AxNHkSf8AP3N+Sf8AxNAE9FQeRJ/z9zfkn/xNHkSf8/c35J/8TQBPRUHkSf8AP3N+Sf8AxNHkSf8AP3N+Sf8AxNAE9FQeRJ/z9zfkn/xNHkSf8/c35J/8TQBPRTUUqgBdnI/ibGT+VOoAKtp/q1+lVKtp/q1+lTMuG46iiiszQwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQVFcW8N3A0FxEksTcMjrkGparX2oWmm2xuLydIYh/E3c+gHUn2FEU2/d3FNxUW57eZjN4G8PM5b7CRnsJnA/nWzY6dZ6bB5NlbxwR9SEHU+pPU/jXNv8RdEWXYEu3X++sYx+pz+lbul61p+sxM9jcrJt+8uMMv1B5/GumtHEqP729vO5w4aeBc7UOXm8rXNCiiiuU9Apt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUkH+s/Co6kg/1n4UnsOO5ZooorI2CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKVFFFbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/1a/SqlW0/wBWv0qZlw3HUUUVmaGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISI7ieO2t5biVtscSF3PoAMmvILptW8aaxPLbQtLsGUiMgAjTOB1IH1r0/xIrN4a1IJnP2dzx6Y5ryXQ0je4lEmizaqNnEcTupTnr8oNetlsUoTqrdf13X5nzud1HKrToS+F6v+kn+TLn/AAg/iP8A6B3/AJHj/wDiqhm0vXPC8sGoSxNasHwjiVWyeuCATxxWt5Fr/wBCBf8A/f8An/8Aiay9cjhS2jMfhq50o7+ZZZJGDcfd+YAe9ehCrUnLllaz8l/8m/yPIq4ejTg5073W2sv/AJWvzR6ppOtW+qaVb3oZYzKuSjH7pBwR+YNFeXabpmrXGnxS2zMIWztxGD3OefrRXmzwFPmdppHtUs3ruEW6Tei17nq7feP1pKVvvH60lcB7IjKGUqwBUjBB71D9itf+faH/AL9ip6KAIPsVr/z7Q/8AfsUfYrX/AJ9of+/YqeigCD7Fa/8APtD/AN+xR9itf+faH/v2KnooAg+xWv8Az7Q/9+xR9itf+faH/v2KnooAg+xWv/PtD/37FH2K1/59of8Av2KnooAg+xWv/PtD/wB+xR9itf8An2h/79ip6KAIPsVr/wA+0P8A37FH2K1/59of+/YqeigCD7Fa/wDPtD/37FH2K1/59of+/YqeigCD7Fa/8+0P/fsUfYrX/n2h/wC/YqeigCD7Fa/8+0P/AH7FH2K1/wCfaH/v2KnooAg+xWv/AD7Q/wDfsUfYrX/n2h/79ip6KAIPsVr/AM+0P/fsUfYrX/n2h/79ip6KAIPsVr/z7Q/9+xR9itf+faH/AL9ip6KAIPsVr/z7Q/8AfsUfYrX/AJ9of+/YqeigCD7Fa/8APtD/AN+xR9itf+faH/v2KnooAg+xWv8Az7Q/9+xR9itf+faH/v2KnooAg+xWv/PtD/37FH2K1/59of8Av2KnooAg+xWv/PtD/wB+xR9itf8An2h/79ip6KAIPsVr/wA+0P8A37FH2K1/59of+/YqeigCD7Fa/wDPtD/37FH2K1/59of+/YqeigCD7Fa/8+0P/fsUfYrX/n2h/wC/YqeigCD7Fa/8+0P/AH7FH2K1/wCfaH/v2KnooAg+xWv/AD7Q/wDfsUfYrX/n2h/79ip6KAIPsVr/AM+0P/fsUfYrX/n2h/79ip6KAIPsVr/z7Q/9+xR9itf+faH/AL9ip6KAIPsVr/z7Q/8AfsUfYrX/AJ9of+/YqeigCD7Fa/8APtD/AN+xR9itf+faH/v2KnooAg+xWv8Az7Q/9+xR9itf+faH/v2KnooAg+xWv/PtD/37FH2K1/59of8Av2KnooAg+xWv/PtD/wB+xR9itf8An2h/79ip6KAIPsVr/wA+0P8A37FH2K1/59of+/YqeigCD7Fa/wDPtD/37FH2K1/59of+/YqeigCD7Fa/8+0P/fsUfYrX/n2h/wC/YqeigCD7Fa/8+0P/AH7FH2K1/wCfaH/v2KnooAg+xWv/AD7Q/wDfsUfYrX/n2h/79ip6KAIPsVr/AM+0P/fsUfYrX/n2h/79ip6KAIPsVr/z7Q/9+xUkNjaF+bWA8f8APMU+pIP9Z+FJ7DW4f2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZorK5sVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcDL+xWv/PtD/wB+xR9itf8An2h/79ip6K2MCD7Fa/8APtD/AN+xR9itf+faH/v2KnooAg+xWv8Az7Q/9+xR9itf+faH/v2KnooAg+xWv/PtD/37FH2K1/59of8Av2KnooAg+xWv/PtD/wB+xR9itf8An2h/79ip6KAIPsVr/wA+0P8A37FH2K1/59of+/YqeigCD7Fa/wDPtD/37FH2K1/59of+/YqeigCD7Fa/8+0P/fsUfYrX/n2h/wC/YqeigCD7Fa/8+0P/AH7FH2K1/wCfaH/v2KnooAg+xWv/AD7Q/wDfsUfYrX/n2h/79ip6KAGoiRoERVVR0CjAp1FFABVtP9Wv0qpVtP8AVr9KmZcNx1FFFZmhha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEhGVXUqwBUjBB6EV5Pr+h6n4Yv5rnT5LiKxkPyywuV2g/wALY9D69a9ZpGUMpVgCpGCCOtdGGxMqEr2unujix2Bji4JN2ktmeG/29rH/AEFr/wD8CX/xq9ptnrfiq4S3a5up4EYF5JpGZI/fk9cdutepN4c0V5N50u03f9chj8qvwwRW8SxQRJFGvREUKB+ArvnmcLfu4WZ5NLI6rl++qXj2V9SOxsoNOsYbS3XbFEu1R/U+560VYoryG23dn0cYqKSWyKbfeP1pKVvvH60lamIjEKpY5wBngZqH7XH/AHZv+/L/AOFT0UAQfa4/7s3/AH5f/Cj7XH/dm/78v/hU9FAEH2uP+7N/35f/AAo+1x/3Zv8Avy/+FT0UAQfa4/7s3/fl/wDCj7XH/dm/78v/AIVPRQBB9rj/ALs3/fl/8KPtcf8Adm/78v8A4VPRQBB9rj/uzf8Afl/8KPtcf92b/vy/+FT0UAQfa4/7s3/fl/8ACj7XH/dm/wC/L/4VPRQBB9rj/uzf9+X/AMKPtcf92b/vy/8AhU9FAEH2uP8Auzf9+X/wo+1x/wB2b/vy/wDhU9FAEH2uP+7N/wB+X/wo+1x/3Zv+/L/4VPRQBB9rj/uzf9+X/wAKPtcf92b/AL8v/hU9FAEH2uP+7N/35f8Awo+1x/3Zv+/L/wCFT0UAQfa4/wC7N/35f/Cj7XH/AHZv+/L/AOFT0UAQfa4/7s3/AH5f/Cj7XH/dm/78v/hU9FAEH2uP+7N/35f/AAo+1x/3Zv8Avy/+FT0UAQfa4/7s3/fl/wDCj7XH/dm/78v/AIVPRQBB9rj/ALs3/fl/8KPtcf8Adm/78v8A4VPRQBB9rj/uzf8Afl/8KPtcf92b/vy/+FT0UAQfa4/7s3/fl/8ACj7XH/dm/wC/L/4VPRQBB9rj/uzf9+X/AMKPtcf92b/vy/8AhU9FAEH2uP8Auzf9+X/wo+1x/wB2b/vy/wDhU9FAEH2uP+7N/wB+X/wo+1x/3Zv+/L/4VPRQBB9rj/uzf9+X/wAKPtcf92b/AL8v/hU9FAEH2uP+7N/35f8Awo+1x/3Zv+/L/wCFT0UAQfa4/wC7N/35f/Cj7XH/AHZv+/L/AOFT0UAQfa4/7s3/AH5f/Cj7XH/dm/78v/hU9FAEH2uP+7N/35f/AAo+1x/3Zv8Avy/+FT0UAQfa4/7s3/fl/wDCj7XH/dm/78v/AIVPRQBB9rj/ALs3/fl/8KPtcf8Adm/78v8A4VPRQBB9rj/uzf8Afl/8KPtcf92b/vy/+FT0UAQfa4/7s3/fl/8ACj7XH/dm/wC/L/4VPRQBB9rj/uzf9+X/AMKPtcf92b/vy/8AhU9FAEH2uP8Auzf9+X/wo+1x/wB2b/vy/wDhU9FAEH2uP+7N/wB+X/wo+1x/3Zv+/L/4VPRQBB9rj/uzf9+X/wAKPtcf92b/AL8v/hU9FAEH2uP+7N/35f8Awo+1x/3Zv+/L/wCFT0UAQfa4/wC7N/35f/CpIbyIP92fp/zwf/Cn1JB/rPwpPYa3D7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFZGxW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAZf2uP+7N/wB+X/wo+1x/3Zv+/L/4VPRWxgQfa4/7s3/fl/8ACj7XH/dm/wC/L/4VPRQBB9rj/uzf9+X/AMKPtcf92b/vy/8AhU9FAEH2uP8Auzf9+X/wo+1x/wB2b/vy/wDhU9FAEH2uP+7N/wB+X/wo+1x/3Zv+/L/4VPRQBB9rj/uzf9+X/wAKPtcf92b/AL8v/hU9FAEH2uP+7N/35f8Awo+1x/3Zv+/L/wCFT0UAQfa4/wC7N/35f/Cj7XH/AHZv+/L/AOFT0UAQfa4/7s3/AH5f/Cj7XH/dm/78v/hU9FAEH2uP+7N/35f/AAo+1x/3Zv8Avy/+FT0UANRxIgYBgD/eUg/kadRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUjZ2naAWxwCcVDvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9FQb7r/njD/39P8A8TRvuv8AnjD/AN/T/wDE0AT0VBvuv+eMP/f0/wDxNG+6/wCeMP8A39P/AMTQBPRUG+6/54w/9/T/APE0b7r/AJ4w/wDf0/8AxNAE9SQf6z8Kqb7r/njD/wB/T/8AE1JC93v4gg6f89j/APE0nsNbmhRVbfe/8+9v/wB/z/8AEUb73/n3t/8Av+f/AIisjYs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAjoqDfdf88Yf+/p/wDiaN91/wA8Yf8Av6f/AImtjAnoqDfdf88Yf+/p/wDiaN91/wA8Yf8Av6f/AImgCeioN91/zxh/7+n/AOJo33X/ADxh/wC/p/8AiaAJ6Kg33X/PGH/v6f8A4mjfdf8APGH/AL+n/wCJoAnoqDfdf88Yf+/p/wDiaN91/wA8Yf8Av6f/AImgCeioN91/zxh/7+n/AOJo33X/ADxh/wC/p/8AiaAJ6Kg33X/PGH/v6f8A4mjfdf8APGH/AL+n/wCJoAnoqDfdf88Yf+/p/wDiaN91/wA8Yf8Av6f/AImgCeioN91/zxh/7+n/AOJo33X/ADxh/wC/p/8AiaAJ6Kg33X/PGH/v6f8A4mjfdf8APGH/AL+n/wCJoAnopqFygLqqt3CnI/PAp1ABVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFSQf6z8KjqSD/WfhSew47lmiiisjYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApUUUVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVJB/rPwqOpIP9Z+FJ7DjuWaKKKyNgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigClRRRWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP8AVr9KmZcNx1FFFZmhha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYCMwVSzEBQMkntUP221/5+Yf8Av4KnooAg+22v/PzD/wB/BR9ttf8An5h/7+Cp6KAIPttr/wA/MP8A38FH221/5+Yf+/gqeigCD7ba/wDPzD/38FH221/5+Yf+/gqeigCD7ba/8/MP/fwUfbbX/n5h/wC/gqeigCD7ba/8/MP/AH8FH221/wCfmH/v4KnooAg+22v/AD8w/wDfwUfbbX/n5h/7+Cp6KAIPttr/AM/MP/fwUfbbX/n5h/7+Cp6KAIPttr/z8w/9/BR9ttf+fmH/AL+Cp6KAIPttr/z8w/8AfwUfbbX/AJ+Yf+/gqeigCD7ba/8APzD/AN/BR9ttf+fmH/v4KnooAg+22v8Az8w/9/BR9ttf+fmH/v4KnooAg+22v/PzD/38FH221/5+Yf8Av4KnooAg+22v/PzD/wB/BR9ttf8An5h/7+Cp6KAIPttr/wA/MP8A38FH221/5+Yf+/gqeigCD7ba/wDPzD/38FH221/5+Yf+/gqeigCD7ba/8/MP/fwUfbbX/n5h/wC/gqeigCD7ba/8/MP/AH8FH221/wCfmH/v4KnooAg+22v/AD8w/wDfwUfbbX/n5h/7+Cp6KAIPttr/AM/MP/fwUfbbX/n5h/7+Cp6KAIPttr/z8w/9/BR9ttf+fmH/AL+Cp6KAIPttr/z8w/8AfwUfbbX/AJ+Yf+/gqeigCD7ba/8APzD/AN/BR9ttf+fmH/v4KnooAg+22v8Az8w/9/BR9ttf+fmH/v4KnooAg+22v/PzD/38FH221/5+Yf8Av4KnooAg+22v/PzD/wB/BR9ttf8An5h/7+Cp6KAIPttr/wA/MP8A38FH221/5+Yf+/gqeigCD7ba/wDPzD/38FH221/5+Yf+/gqeigCD7ba/8/MP/fwUfbbX/n5h/wC/gqeigCD7ba/8/MP/AH8FH221/wCfmH/v4KnooAg+22v/AD8w/wDfwUfbbX/n5h/7+Cp6KAIPttr/AM/MP/fwUfbbX/n5h/7+Cp6KAIPttr/z8w/9/BR9ttf+fmH/AL+Cp6KAIPttr/z8w/8AfwUfbbX/AJ+Yf+/gqeigCD7ba/8APzD/AN/BR9ttf+fmH/v4KnooAg+22v8Az8w/9/BR9ttf+fmH/v4KnooAg+22v/PzD/38FSQ31oH5uoBx/wA9BT6kg/1n4UnsNbh/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmisjYrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAMv7ba/8/MP/fwUfbbX/n5h/wC/gqeitjAg+22v/PzD/wB/BR9ttf8An5h/7+Cp6KAIPttr/wA/MP8A38FH221/5+Yf+/gqeigCD7ba/wDPzD/38FH221/5+Yf+/gqeigCD7ba/8/MP/fwUfbbX/n5h/wC/gqeigCD7ba/8/MP/AH8FH221/wCfmH/v4KnooAg+22v/AD8w/wDfwUfbbX/n5h/7+Cp6KAIPttr/AM/MP/fwUfbbX/n5h/7+Cp6KAIPttr/z8w/9/BR9ttf+fmH/AL+Cp6KAIPttr/z8w/8AfwUfbbX/AJ+Yf+/gqeigBqOkiB0ZWU9CpyKdRRQAVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRUF5c/Y7G4uvJmn8mJpPKgTdJJgZ2qO7HGAPWuQ/wCFj/8AUmeMP/BX/wDZU0mwO2orif8AhY//AFJnjD/wV/8A2VH/AAsf/qTPGH/gr/8AsqfKxXO2orif+Fj/APUmeMP/AAV//ZUf8LH/AOpM8Yf+Cv8A+yo5WFztqK4n/hY//UmeMP8AwV//AGVH/Cx/+pM8Yf8Agr/+yo5WFztqK4n/AIWP/wBSZ4w/8Ff/ANlR/wALH/6kzxh/4K//ALKjlYXO2orif+Fj/wDUmeMP/BX/APZUf8LH/wCpM8Yf+Cv/AOyo5WFztqK4n/hY/wD1JnjD/wAFf/2VH/Cx/wDqTPGH/gr/APsqOVhc7aiuJ/4WP/1JnjD/AMFf/wBlR/wsf/qTPGH/AIK//sqOVhc7aiuJ/wCFj/8AUmeMP/BX/wDZUf8ACx/+pM8Yf+Cv/wCyo5WFztqK4n/hY/8A1JnjD/wV/wD2VH/Cx/8AqTPGH/gr/wDsqOVhc7aiuJ/4WP8A9SZ4w/8ABX/9lR/wsf8A6kzxh/4K/wD7KjlYXO2orif+Fj/9SZ4w/wDBX/8AZUf8LH/6kzxh/wCCv/7KjlYXO2orif8AhY//AFJnjD/wV/8A2VH/AAsf/qTPGH/gr/8AsqOVhc7aiuJ/4WP/ANSZ4w/8Ff8A9lR/wsf/AKkzxh/4K/8A7KjlYXO2orif+Fj/APUmeMP/AAV//ZUf8LH/AOpM8Yf+Cv8A+yo5WFztqK4n/hY//UmeMP8AwV//AGVH/Cx/+pM8Yf8Agr/+yo5WFztqK4n/AIWP/wBSZ4w/8Ff/ANlR/wALH/6kzxh/4K//ALKjlYXO2orif+Fj/wDUmeMP/BX/APZUf8LH/wCpM8Yf+Cv/AOyo5WFztqK4n/hY/wD1JnjD/wAFf/2VH/Cx/wDqTPGH/gr/APsqOVhc7aiuJ/4WP/1JnjD/AMFf/wBlR/wsf/qTPGH/AIK//sqOVhc7aiuJ/wCFj/8AUmeMP/BX/wDZUf8ACx/+pM8Yf+Cv/wCyo5WFztqK4n/hY/8A1JnjD/wV/wD2VH/Cx/8AqTPGH/gr/wDsqOVhc7aiuJ/4WP8A9SZ4w/8ABX/9lR/wsf8A6kzxh/4K/wD7KjlYXO2orif+Fj/9SZ4w/wDBX/8AZUf8LH/6kzxh/wCCv/7KjlYXO2orif8AhY//AFJnjD/wV/8A2VH/AAsf/qTPGH/gr/8AsqOVhc7aiuJ/4WP/ANSZ4w/8Ff8A9lR/wsf/AKkzxh/4K/8A7KjlYXO2orif+Fj/APUmeMP/AAV//ZUf8LH/AOpM8Yf+Cv8A+yo5WFztqK4n/hY//UmeMP8AwV//AGVH/Cx/+pM8Yf8Agr/+yo5WFztqK4n/AIWP/wBSZ4w/8Ff/ANlR/wALH/6kzxh/4K//ALKjlYXO2orif+Fj/wDUmeMP/BX/APZUf8LH/wCpM8Yf+Cv/AOyo5WFztqK4n/hY/wD1JnjD/wAFf/2VH/Cx/wDqTPGH/gr/APsqOVhc7aiuJ/4WP/1JnjD/AMFf/wBlR/wsf/qTPGH/AIK//sqOVhc7aiuJ/wCFj/8AUmeMP/BX/wDZUf8ACx/+pM8Yf+Cv/wCyo5WFztqK4n/hY/8A1JnjD/wV/wD2VH/Cx/8AqTPGH/gr/wDsqOVhc7aiuJ/4WP8A9SZ4w/8ABX/9lR/wsf8A6kzxh/4K/wD7KjlYXO2orif+Fj/9SZ4w/wDBX/8AZUf8LH/6kzxh/wCCv/7KjlYXO2qSD/WfhXC/8LH/AOpM8Yf+Cv8A+yp8fxJCNk+C/GH/AIK//sqTi7DTVz0CiuE/4Wcv/Ql+Mf8AwV//AGdH/Czl/wChL8Y/+Cv/AOzrP2cuxrzxO7orhP8AhZy/9CX4x/8ABX/9nR/ws5f+hL8Y/wDgr/8As6PZy7BzxO7orhP+FnL/ANCX4x/8Ff8A9nR/ws5f+hL8Y/8Agr/+zo9nLsHPE7uiuE/4Wcv/AEJfjH/wV/8A2dH/AAs5f+hL8Y/+Cv8A+zo9nLsHPE7uiuE/4Wcv/Ql+Mf8AwV//AGdH/Czl/wChL8Y/+Cv/AOzo9nLsHPE7uiuE/wCFnL/0JfjH/wAFf/2dH/Czl/6Evxj/AOCv/wCzo9nLsHPE7uiuE/4Wcv8A0JfjH/wV/wD2dH/Czl/6Evxj/wCCv/7Oj2cuwc8Tu6K4T/hZy/8AQl+Mf/BX/wDZ0f8ACzl/6Evxj/4K/wD7Oj2cuwc8Tu6K4T/hZy/9CX4x/wDBX/8AZ0f8LOX/AKEvxj/4K/8A7Oj2cuwc8Tu6K4T/AIWcv/Ql+Mf/AAV//Z0f8LOX/oS/GP8A4K//ALOj2cuwc8TrqK4n/hY//UmeMP8AwV//AGVH/Cx/+pM8Yf8Agr/+yrXlZjc7aiuJ/wCFj/8AUmeMP/BX/wDZUf8ACx/+pM8Yf+Cv/wCyo5WFztqK4n/hY/8A1JnjD/wV/wD2VH/Cx/8AqTPGH/gr/wDsqOVhc7aiuJ/4WP8A9SZ4w/8ABX/9lR/wsf8A6kzxh/4K/wD7KjlYXO2orif+Fj/9SZ4w/wDBX/8AZUf8LH/6kzxh/wCCv/7KjlYXO2orif8AhY//AFJnjD/wV/8A2VH/AAsf/qTPGH/gr/8AsqOVhc7aiuJ/4WP/ANSZ4w/8Ff8A9lR/wsf/AKkzxh/4K/8A7KjlYXO2orif+Fj/APUmeMP/AAV//ZUf8LH/AOpM8Yf+Cv8A+yo5WFztqK4n/hY//UmeMP8AwV//AGVH/Cx/+pM8Yf8Agr/+yo5WFztqK4n/AIWP/wBSZ4w/8Ff/ANlR/wALH/6kzxh/4K//ALKjlYXO2oqlpGpf2vpcN99ivLLzd3+j3sXlyphiPmXJxnGR7EVdqRhVtP8AVr9KqVbT/Vr9KmZcNx1FFFZmhha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/wBWv0qpVtP9Wv0qZlw3HUUUVmaGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/1a/SqlW0/1a/SpmXDcdRRRWZoYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP8AVr9KqVbT/Vr9KmZcNx1FFFZmhha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/wBWv0qpVtP9Wv0qZlw3HUUUVmaGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/1a/SqlW0/1a/SpmXDcdRRRWZoYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP8AVr9KqVbT/Vr9KmZcNx1FFFZmhha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/wBWv0qpVtP9Wv0qZlw3HUUUVmaGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/1a/SqlW0/1a/SpmXDcdRRRWZoYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP8AVr9KqVbT/Vr9KmZcNx1FFFZmhha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/wBWv0qpVtP9Wv0qZlw3HUUUVmaGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/1a/SqlW0/1a/SpmXDcdRRRWZoYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP8AVr9KqVbT/Vr9KmZcNx1FFFZmhha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP9Wv0qpVtP9Wv0qZlw3HUUUVmaGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/AFa/SqlW0/1a/SpmXDcdRRRWZoYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooApt94/WkpW+8frSVsYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVbT/Vr9KqVbT/Vr9KmZcNx1FFFZmhha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/wBWv0qpVtP9Wv0qZlw3HUUUVmaGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAKbfeP1pKVvvH60lbGAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW0/1a/SqlW0/1a/SpmXDcdRRRWZoYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCm33j9aSlb7x+tJWxgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVtP8AVr9KqVbT/Vr9KmZcNx1FFFZmhha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCo4w7fWm1POn8Q/GoK1TujFqzCiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKuKMKB7VXiTc2ewqzUTZpBdQoooqCzC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABULwZ5X8qmopp2E0mVDG4/hNGxv7p/KrdFVzk8hU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2N/dP5UbG/un8qt0Uc4chU2Of4T+VPWAn73AqxRScmCghAAowBgUtFFSWFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXK6v8AEbwvoszQT6kss68NHbqZCD6EjgH2Jrgvit49uDeS+HNLmMcUY23kqHlyR/qwewHf1PHY58jr1cNl3PFTqPc87EY7klywR9Bf8Lk8K/8AT9/34H+NH/C5PCv/AE/f9+B/jXz7RXV/ZtDzOf6/V8j6C/4XJ4V/6fv+/A/xo/4XJ4V/6fv+/A/xr59oo/s2h5h9fq+R9Bf8Lk8K/wDT9/34H+NOX4xeFGYAteqD3MHA/I1890Uf2bQ8w+v1fI+rtF8S6N4hjZ9K1CK428sgyrr9VOCB74rVr5Dsr25068iu7Od4LiJtySIcFTX0h8P/ABgvi7QjLMFS/tiI7lF6E9nA7A8/iDXn4vAuiuaLujtw2LVV8stGdZRRRXAdgUUUUAFFFFABRRRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApk0ghhklboilj+Ap9IwDKVPQjBoA+Qrm4lvLua6nbfNM7SOx7sTkn8zUVX9b0ubRNbvNNnBD20rJk/xDsfxGD+NUK+ui00mtj5ppp2YUUUUxBRRRQAUUUUAFd58J9ZTSPFcvnfaGhntmRkgt5JmJBBB2oCeMHnHc1wdeo/BPSZZtfvNVKkQW8HlBsdXYjj8AD+YrmxjSoSub4ZN1o2PVf+Et03/n21n/wS3n/xqj/hLdN/59tZ/wDBLef/ABqt2ivmtD3tTC/4S3Tf+fbWf/BLef8Axqj/AIS3Tf8An21n/wAEt5/8ardoo0DUwv8AhLdN/wCfbWf/AAS3n/xqj/hLdN/59tZ/8Et5/wDGq3aKNA1ML/hLdN/59tZ/8Et5/wDGqP8AhLdN/wCfbWf/AAS3n/xqt2ijQNTC/wCEt03/AJ9tZ/8ABLef/GqP+Et03/n21n/wS3n/AMardoo0DU5S61WHWNd8PJZ2up/uL55pXn024hRE+zTrktIij7zKOveurooobBBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBwHxF+Hi+KYxqOnFItViXaQ3CzqOgJ7Edj+B7EeD6lpV/o921rqNpNbTKfuyLjPuD3HuOK+t6xPFX/ACBJPr/Q16OFx06doNXRxYjCRnea0Z8r0V6JRXrfWPI8z2Pmed0V6JRR9Y8g9j5nndFeiVoaH/yGbf6n+RpPEWV7DVC7tc4/wz4H1rxRcILW2eK0JG+7lUiNR7f3j7D9K+ivDvh+y8M6LDptivyJ8zufvSOerH3P8sDtWnH/AKtfoKdXiYnFzr6PRdj1qGGjR1WrCiiiuQ6QooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAP/2Q==)

Greenhouse gas emissions (GHG)

2024 2023

UK ROW UK ROW

Energy consumption (mWh) 2,879 13,143 3,225 20,223

Scope 1 emissions (tCO

2

e) 382 1,784 378 2,908

Scope 2 location-based emissions (tCO

2

e) 239 2,965 260 3,709

Scope 2 market-based emissions (tCO

2

e) 0 159 0 220

Scope 3 emissions from office waste, electricity well-to-tank emissions,

andtransmission and distribution losses (tCO

2

e) 245 3,115 293 3,920

Scope 3 emissions from home working (tCO

2

e) 2,603 5,099 1,774 4,232

Scope 3 emissions from business travel (tCO

2

e) (global) 29,522 29,268

Total Scope 1 & 2 location-based emissions (tCO

2

e) 622 4,748 638 6,617

Intensity ratio total location-based Scope 1 & 2 emissions (tCO

2

e/colleague) 0.17 0.52 0.17 0.75

Total Scope 1 & 2 market-based emissions (tCO

2

e) 382 1,943 378 3,129

Carbon offsets used to compensate for remaining emissions in scope for

CarbonNeutral

®

company certification (tCO

2

e) (global) 42,908 39,357

Residual carbon emissions post renewable energy and offsets (tCO

2

e) 0 0 0 0

As explained on page 35, we have set Science Based Targets and FasterForward goals that include reducing our

carbonimpact. We measure this through the emissions listed here. This table also fulfils the Group’s Streamlined

Energy and Carbon Reporting (SECR) disclosure requirement.

Calculations are based on the GHG Protocol and Defra guidelines. Scope 1 emissions come from natural gas heating,

refrigerant gases, and vehicle and generator fuel use. Scope 2 emissions come from electricity consumption. Location-

based emissions are the average emissions intensity of electricity grids where we have offices. Market-based

emissions consider renewable electricity purchases. Scope 3 emissions arise indirectly from our business activities in

the supply chain. We report here on the emissions – including Scope 3 emissions – that fall into the CarbonNeutral

Protocol boundaries. Electricity well-to-tank emissions are included in our Scope 3 data for the first time, and are

incorporated into both the 2024 and 2023 data.

We are a CarbonNeutral

®

certified company, in accordance with the CarbonNeutral Protocol, and buy carbon offsets to

compensate for emissions that cannot yet be eliminated. This certification covers our Scope 1 and 2 emissions and the

Scope 3 emissions reported above as defined by the Protocol. Bureau Veritas provides limited assurance over our energy

and water consumption data, Scope 1 and 2 data, and limited Scope 3 data. See our Sustainability Report for full details.

Our Scope 1 and 2 emissions further reduced due to our ongoing use of renewable electricity, energy efficiency

programmes and some further office real estate consolidation. Our total Scope 1, 2 and 3 emissions increased as a

result of adding new businesses and having a larger colleague base, and therefore a greater overall level of emissions

from both travel and home working. Rolling out our established programmes to newly acquired businesses will

positively impact data in future years.

Sustainability progress

We track two sustainability-related KPIs: DJSI performance and carbon impact,

as measured by greenhouse gas emissions.

The DJSI scores listed companies against over 20 economic, social and

environmental criteria. We seek to maintain a strong absolute score and

relative position. Our consistent performance continued in 2024 and we

retained a top percentile peer-group ranking.

Colleague engagement

Colleague engagement is a way we measure the success of our GAP 2

leadership and talent programmes. The score comes from our annual

all-colleague Inside Informa Pulse survey. We aim to maintain a high

engagement score – which remained strong and consistent in 2024 –

andahighparticipation rate – which increased from 85% to 91% in 2024.

DJSI performance

(percentile and absolute score)

100th

65

2024

100th

65

2023

Engagement index

2

024

2

023

2

022

80

79

79

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

23

![](data:image/jpeg;base64,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)

Over the last two decades,

Informa has changed,

developed, reshaped

andgrown.

Here are some highlights

and key milestones from

our journey so far.

Building the

foundations

After the creation of Informa

in 1998, we merge with

publisherTaylor & Francis plc

in2004, forming a leader in

specialist information.

Informa acquires events company

IIR in 2005 and the business

information group Datamonitor

in 2007, expanding our portfolio

and our operations in the

MiddleEast.

2004-2007

We establish a position in the US

exhibitions market by adding

the Virgo and Hanley Wood

businesses in 2014, bringing in

talent as well as major brands

including World of Concrete,

shown here.

And we created a ShareMatch

share investment programme

toenable colleagues to more

directly benefit from

ourfuturegrowth.

Change and

investment

Stephen A. Carter starts as

Group CEO in late 2013, and in

mid 2014, we launch the

2014-2017 Growth Acceleration

Plan to step up business growth.

This includes investing around

£90m in our platforms and

intelligence products, expanding

in US exhibitions, creating a new

divisional structure and

appointing new senior leaders.

2014

£1.1bn

Informa revenues

in 2014

COVID response

We launch a COVID Action Plan

to protect our brands, support

colleagues and secure Informa’s

long-term position and strength.

This includes raising £1bn in

equity, operating over 500 virtual

events, creating the AllSecure live

events health and safety standard,

and providing open access to

critical medical research.

2020

Top 600

Taylor & Francis

Online was a top

600 most visited

website in 2020

Digital and data focus

We invest in our digital services and data

capabilities. This includes launching our

Omdia tech research brand and acquiring

the F1000 Research open research business.

We also further invest in our partnership

with Totem, which provides digital services

for live and on-demand events.

IIRIS – a customer data platform for

ourB2Bbusinesses – is developed to

maximise the value of data coming

fromcustomers’increased online

activityanddigital interactions.

12,000

We organised

12,000 events

in2007

Informa Annual Report and Accounts 2024

Strategic Report

24

Informa: 2004-2024

![](data:image/jpeg;base64,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)

1,600

Journals published

on Taylor & Francis

Online in 2011

Focusing our portfolio

In our events business, we beginto

focus on large-scale exhibitions,

reshaping our portfolio by divesting

smaller domestically-focused

European conference businesses

and acquiring larger-scale event

brands in Brazil from BTS and

inCanada from MMPI.

Taylor & Francis Online launches:

adigital home forourthen 1,600

specialist research journals.

2011-2012

Targeted expansion

We establish a position in China’s exhibitions

market, acquiring a stake in the owner of

China Beauty Expo. We also add EBD:

aspecialist inbiotech investment events

andpartneringtechnology.

The shift to digital

Lloyd’s List – then the world’s longest

published newspaper – becomes a fully

digital product. We launch Cogent OA:

adedicated open research brand that

expands our position in the growing

marketfor open access research.

2013

Gathering momentum

We further expand in large-scale

specialist US exhibitions, adding

Penton – owner of Natural Products

Expo, Farm Progress and Aviation

Week – and YPI, owner of the Fort

Lauderdale International Boat Show.

Our open access capabilities and

international reach also grow

further with the addition of Dove

MedicalPress.

In 2017, Dow Jones recognises

Informa as an industry mover for our

sustainability activities.

2016-2017 2018-2019

FTSE 100

Informa enters the

FTSE 100 in 2016

Informa Annual Report and Accounts 2024

Strategic Report Governance Financial Statements Additional Information

25

Growth opportunities

At the end of 2021, we launch

theGrowth Acceleration Plan 2 to

focus Informa on new areas of

opportunity and return from the

period of COVID with strength.

We divest our Intelligence

businesses for a total of nearly

£2.5bn, reinvesting in new

digital products, adding

specialist tech content business

Industry Dive in late 2022 and

the exhibitions businesses

Tarsus and Winsight in 2023.

Tahaluf is formed – a joint

venture partnership in Saudi

Arabia – and we launch LEAP in

Riyadh, now the world’s most

attended tech event.

We achieve carbon neutral

accreditation for Taylor &

Francis print products and

ourfirst events.

2021-2022

Delivering our

ambitions

We complete GAP 2 with new

positions in digital services

andexperience-led events,

ahighergrowth rate and a more

focused, higher-quality portfolio

ofbusinesses.

Informa is named a top 20

bestplace to workin the UK

byGlassdoor in 2024 and a top

three place to work in 2025.

2023-2024

Growth and transformation

Informa combines with UBM. Through this, we

welcome major international brands including

Black Hat and Licensing Expo, and significantly

step up our presence in Asia.

Following our expansion in the US, we establish

a newhub office in central New York, home to

hundreds of colleagues.

Our sustainability programme accelerates.

In2018, we enter the DJSI World Index and,

in2019, we create the Sustainable Event

Fundamentals programme and set our

firstScience Based Targets.

We create Informa Tech as a standalone division

from 1 January 2019.

![](data:image/jpeg;base64,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)

Over the last ten years, our strategy has been

todeliver accelerated growth by focusing on

specialisation: providing specialist knowledge

andconnections to dynamic and growing

specialistmarkets.

Between 2021 and 2024, wedelivered this strategy through the

Growth Acceleration Plan 2. This six-part programme wasdesigned

to make the most out of opportunities emerging after the pandemic,

including to increase our scale in our chosen specialist markets and

accelerate the pace ofdigitisation throughoutInforma.

We successfully completed GAP 2 in 2024. Here’s how.

Strategic Report

Informa Annual Report and Accounts 2024

26

Informa in 2024

growth strategy

Delivering our

![](data:image/jpeg;base64,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)

Delivering on

PortfolioFocus

As part of GAP 2, we took the decision

to focus our portfolio on areas where

we have leadership positions and the

best opportunities for future growth.

This led us to divest our B2B

Intelligence portfolio, including our

Pharma Intelligence and Maritime

Intelligence businesses during 2022,

and launch a reinvestment programme.

This programme completed in 2024

and has seen us reinvest the proceeds

back into areas of our two major

markets – B2B Markets and Academic

Markets – that offer the greater growth

potential. We raised almost £2.5bn from

our 2022 divestments: a total that

reflects the quality of our brands and

teams, and strong interest from buyers.

We retained a small number of equity

interests in the businesses we divested

in 2022. In 2024, following a review of

these retained investments, we sold

our 20% shareholding in Maritime

Intelligence and our majority holding in

the US financial data business Curinos.

In both cases, our existing partners

took on full ownership, ensuring

continuity of the businesses, teams

and products delivered to customers.

The majority of our reinvestment

activity has focused on expanding our

portfolio of major B2B brands. In 2023,

we added the Tarsus and Winsight

portfolios, expanding our reach in the

Middle East and Asia, and deepening

our presence in specialist markets

including Aviation, Packaging,

Aesthetics and Foodservice. We also

added the leading US healthcare

technology brand, HIMSS.

In 2024, our reinvestment programme

continued with the addition of the

Ascential business, home to the

Cannes Lions Festival of Marketing,

andthe Money20/20 brand in FinTech.

These are specialist markets we

already serve – although with little

direct overlap – and know well. We

have already started to bring the

benefits of our international reach

andoperations and our established

partnerships to these brands.

In December, we completed the

programme with the combination of

our Informa Tech digital businesses

with TechTarget. Informa is the

majority shareholder in the combined

business, Informa TechTarget.

Having built up our B2B digital services

businesses since the creation of Informa

Tech in 2019, this investment allows us

to build additional scale in content and

data, broaden our range of products

and services, and expand our customer

relationships in Enterprise Technology,

particularly among US customers.

Informa ended 2024, and the GAP 2

period, as a more focused business,

with stronger positions in the markets

we have chosen to operate in.

Following these developments, we are

adapting our operating model in 2025

to make the most of our expanded

portfolio and market positions.

Our B2B Events divisions are each

focused around a distinct event

category – transaction-led, content-led

or experience-led events – so they can

fully focus on further developing and

growing those products and brands.

FinTech experts speaking on the

Na.i.ture Stage at Money20/20

Europe, specially designed to reflect

the event’s theme: Human x Nature

We took the decision to focus our portfolio

on areas where we have leadership positions

and the best opportunities for future growth.

Strategic Report Governance Financial Statements Additional Information

27

Report and Accounts 2024

![](data:image/jpeg;base64,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)

27m

customer profiles

in IIRIS

Delivering on

digital and

datagrowth

We made good progress on our GAP 2

goal to grow and deliver more to

customers by expanding our digital

services and making the most of our

data. We can, however, see more

opportunities ahead, and so

maximising our data and use of

technology will continue to be focus

areas under our 2025-2028 One

Informa programme.

IIRIS: The power of

customerdata

In 2021, we established a central

customer data platform – IIRIS – and

invested in technology and talent to

capture quality data at scale and

makeit as valuable as possible.

Over the GAP 2 period, we

progressively embedded IIRIS into our

brands and products. We are capturing

more and deeper profile data than

previously, as well as more

sophisticated behavioural data from

when customers register for events,

use event apps, interact onsite, and

consume online content and media

across brands and locations. At the

endof 2024, we had 27 million

engagedB2Baudience profiles

inIIRIS,adoubling since 2021.

Insights from IIRIS are allowing us to

segment our B2B customers and

audiences in a more detailed way,

giving us new insights that we are using

to make our marketing more effective

and grow our audiences. For example,

two online events run by our Light

Reading tech media brand achieved

over 200% more registrations as a

result of using improved segmentation

in email marketing.

These insights are also informing how

we build our products. For the January

2025 edition of WHX Dubai, formerly

Arab Health, we used data-driven

customer insights to develop our

packages to better suit the needs of

different types of attendee and then

target the right professional with the

right product. This will have multiple

benefits: improving attendee

satisfaction, ensuring that our events

attract the highly relevant attendees our

exhibitors and sponsors want to reach,

and growing our revenues as more

customers choose upgraded packages.

Looking forward, we are focused on the

quality and depth of our data, connecting

newly-added brands and businesses to

IIRIS and applying data in even more ways

across product development and

customer engagement. We appointed a

dedicated commercial data leader in late

2024 to bring additional expertise and

focus to this work.

Customers make their

way to WHX Dubai,

which rebranded from

Arab Health to reflect

its international

audience and the global

reach of ourhealthcare

exhibition portfolio

Strategic Report

Informa Annual Report and Accounts 2024

28

Informa in 2024

continued

![](data:image/jpeg;base64,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)

Digital services growth

During GAP 2, we developed new

digital services that help our customers

learn, connect and do business in more

ways, and then expanded what we

offer through combining with

businesses such as TechTarget.

For several of our newly-developed

services, the focus for 2024 was to

grow our customers while continuing

to develop the product. Lead Insights

isone such example: a reporting and

intelligence platform that allows

sponsors and exhibitors to easily

collate, analyse and use the leads

theygenerate through our brands.

Itcaptures data from interactions on

our event app, attendance at event

sessions, registrations, content

downloads and more.

First launched across our Finance

brands in 2023, we introduced Lead

Insights more widely in 2024, including

in our Marketing portfolio. Lead

Insights was in full use at the 2024

edition of TMRE, with all exhibitors

using the service and providing positive

feedback on the platform and its value.

In Taylor & Francis, we launched two

digital hubs in 2024 that use our

content to serve specialist communities

in new ways. The Aesthetic and

Regenerative Medicine hub and the

Medical Devices Zone are new services

in highly specialist categories where

there is a growing demand for up-to-

date knowledge and trusted research.

The Medical Devices Zone collates

knowledge in a variety of formats in

one easy-to-use hub, from journal

editorials to ebook chapters, video

summaries of research, interviews and

information on related events. The

Aesthetic and Regenerative Medicine

hub also serves as a channel for its

community, allowing researchers to

connect directly to other members.

See how Lead Insights

works and hear how

our TMRE customers

used it in this video

We have long used machine learning

and AI technology: frommachine

learning technology that cleanses

and de-duplicates customer data

records, to automated tools that

screen research submissions when

they are first received, index and tag

content with metadata at speed and

volume, convert video and spoken

word into written content, and

analyse large quantities of customer

survey feedback to uncover trends

and inform our response.

With generative AI emerging and

developing at pace over the last two

years, our GAP 2 focus on digital and

data evolved to incorporate how we

can deploy AI more widely to create

more opportunities for our business.

These include new commercial and

product opportunities. In Academic

Markets, in 2024, we formed

partnerships with several leading

technology companies to license

data to train large language models

and developed our own AI-driven

tools: see pages 33 and 37 for

moreinformation.

In our B2B Markets businesses,

AIisenhancing the matchmaking

technology we use in our events

platforms, enabling us to curate

more and better connections

between B2B sellers and buyers.

AIis also being used to curate

andpersonalise content for our

audiences, through automated

content and product

recommendations.

And across many areas of our

business, we are using AI to deliver

a quicker and better first line of

customer service through

websiteagents.

To support this focus on capturing

new opportunities for, and within,

our business, we have developed a

proprietary generative AI tool, called

Elysia. This is designed to help

colleagues work more effectively

and create even better results, using

Informa-specific data.

Elysia is being used to analyse and

interpret large pools of data for new

insights, including customer

feedback; generate first versions of

new code and iterate original

content at speed; optimise content

for search engines; test and

enhance our marketing

performance; research topics and

trends for event programming;

provide prompts and support for

creative work; and summarise

meetings and project tasks.

After large-scale pilots in 2024,

everycolleague will have access to

Elysia in 2025 as a day-to-day work

assistant. We will also be integrating

Elysia with IIRIS so that colleagues

can retrieve customer data insights

even more easily.

AI:  innovation,

insights  and efficiency

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

29

![](data:image/jpeg;base64,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)

Delivering on talent

andleadership

To do what we do well, and to keep

growing, needs colleagues who have

the expertise and energy to spot

opportunities; can come up with ideas

and act on them; have a collaborative

mindset; and are comfortable working

at pace in a dynamic environment.

So, to deliver GAP 2 successfully, we

focused on developing our talent at all

levels – including maintaining a strong

and engaged leadership community –

and making Informa a great place to

join and stay.

We create specific programmes based

on the business’s needs and what

colleagues tell us is important. This

feedback comes from day-to-day

interactions, town hall discussions and

listening sessions, formal surveys such

as our annual Inside Informa Pulse,

aswell as from looking at data on

internal moves, leavers and

participation in programmes.

Consistent themes are that colleagues

value having opportunities to develop

and grow as professionals; being

engaged in business decisions and able

to contribute to the development of

our company and culture; getting

satisfaction from what they do; and

being rewarded for success.

Career opportunity

Based on feedback from our Pulse

survey, our major focus in 2024 was to

increase the career opportunities

available and improve mobility across

the company, enabling us to retain and

better develop the talent we have, and

meeting colleagues’ ongoing desire for

professional growth.

We set a target to increase the

proportion of roles filled internally

from 26% in 2023 to 30% in 2024. This

was achieved by the end of the year

through a mixture of promoting new

roles internally first and more widely,

developing our recruitment platform to

make it easier to use and expanding

the support internal applicants receive.

Colleagues who are ready for a new

opportunity can now speak one-on-

one to our dedicated internal recruiter

and join an internal community for

their function to receive tailored

support and updates.

We introduced a communications

campaign to better embed career

opportunity into our culture. This

included holding a week of careers-

related live events, panels and

workshops in November to share

development tips and career stories.

Ina feedback survey afterwards, over

80% of participants said they would

look inside the company first for their

next role.

In 2024, we developed several new

programmes that help colleagues gain

broader experience and add to their

skills. One was Showmakers, which

allows colleagues in any function to

work onsite at an Informa event and so

learn a new role, expand their network

and experience our products first

hand. In 2024, 30 events welcomed

over 80 showmakers. This will expand

to over 75 events in 2025, offering

opportunities to even more colleagues.

We also ran an application and selection

process in 2024 to enable seven aspiring

leaders to join our 2025 Leadership

Summit, offering a unique development

opportunity to an important cohort.

Our reverse mentoring programme,

first introduced in 2021, has continued.

This matches senior colleagues with a

mentor from a different background or

community, who are often colleagues

from one of our six colleague-run

diversity and inclusion networks.

Theprogramme gives mentors the

opportunity to grow their network

andcontribute their expertise, while

giving mentees first-hand insight into

different perspectives and often

cultures, actively supporting a

cultureofinclusion.

3

Informa ranked third on

Glassdoor’s list of best

places to work in the UK

Our 2024 Hong Kong cohort of

graduates, part of our new Asia

graduate programme, pictured with

Informa Markets CEO Patrick Martell

and HR Director Andy Luk

Strategic Report

Informa Annual Report and Accounts 2024

30

Informa in 2024

continued

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAYzBG4DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3KiiitjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACivP/G/xW03whe/2dDatqGoKAZI1k2JECMjc2DzjBwB07iuQ/wCGgZf+hbT/AMDT/wDEVahJ6iuj2+ivEP8AhoGX/oW0/wDA0/8AxFH/AA0DL/0Laf8Agaf/AIin7OXYXMj2+ivEP+GgZf8AoW0/8DT/APEVPZfH+F7pFvfD7xQE/NJDc72UeoUqM/mKPZy7D5ke0UVRh1jT59FXWI7qM6e0Pn+eThQmMkn0x3FeU33x+tIr9o7HQpLi1U4Eslx5bMPXbtOPz/KpUW9gbSPZKKxPC3inTvF2jrqOnM23dskicYeNvQ/n1riPFPxr07Q9Vm07TtObUXgYpLKZvLQMOoXglvTPH40KLbsF0epUVx3gb4iab43iljiha0v4Ruktnbd8ucblbjcOgPAx+VVPHPxR03wbcrYJbNf6iVDNCsmxY1PTc2Dg98Y/LIo5XewXR3lFeceC/i9p3inU00y6s2068l4hBl8xJDjpuwMH0GOfXPFej0mmtGCdwooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPlD4jWF3YfEDWVuw26a5eeNiPvRucrj2A4/CuWr7C1zwzoviSFYtX06G6CfcZshl+jDBH4Guf/AOFR+Bv+gH/5Nz//ABdbqqrakOJ8u0V9Rf8ACo/A3/QD/wDJuf8A+Lo/4VH4G/6Af/k3P/8AF1Xtohys+XaK+ov+FR+Bv+gH/wCTc/8A8XVmw+GXg3Tbpbm20OHzUIKmWSSUA+uHYil7aIcrOR0/QtVf9nmSwWORbuSFp44sfN5fm+ZjH+0oJx/tV4FX2xXL33w68I6jqBvrrQ7drgncxUsgY+pVSAfxFTGpa9xuJwfwF0+9j0nW7xt0dtcvHHCx7sobcR9Ny/5FeJ31lc6bfT2V5E0VxA5jkRuqsK+y7a2gs7aO2toY4YI12pHGoVVHoAOlY2ueCvDniSZZtW0qG4mAx5oLI5HoWUgkfWhVLSbYOOh4b8ErC8uPHgu4NwtrWBzcMBwQwwqk+pPP/ATWR8U7K6s/iLqpulb9+4miYjhoyBjHsMY/A19M6Vo2m6HZ/ZNLsobSDO4pEuMn1J6k+5qHW/Dmj+I7dYNX0+G7Rc7S4wy567WGCPwNHtPeuHLofLPgqxutQ8a6NBZozSi7jkyo+4qsGZvwAJ/CvrqsfQ/CuheGlcaRpsNqXGGcZZ2HoWYkkfjWxUTnzMaVgoooqBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBHMZVgkMCI8wUlEkcorNjgFgCQPfB+hrI+1eKP+gPo/8A4NZf/ketuimBifavFH/QH0f/AMGsv/yPR9q8Uf8AQH0f/wAGsv8A8j1t0UXAxPtXij/oD6P/AODWX/5Ho+1eKP8AoD6P/wCDWX/5HrboouBifavFH/QH0f8A8Gsv/wAj0favFH/QH0f/AMGsv/yPW3RRcDE+1eKP+gPo/wD4NZf/AJHo+1eKP+gPo/8A4NZf/ketuii4GJ9q8Uf9AfR//BrL/wDI9VdT1nxHpWlXmoz6LpTQ2kDzuqapIWKqpYgZtxzgV0tYnjL/AJEfxB/2Dbj/ANFNTW4jboooqRhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv8AkR/EH/YNuP8A0U1bdYnjL/kR/EH/AGDbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/9FNW3WJ4y/5EfxB/2Dbj/wBFNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP8AsG3H/opq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8AIj+IP+wbcf8Aopqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/yI/iD/ALBtx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8AIj+IP+wbcf8Aopq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/RTVt1ieMv+RH8Qf9g24/8ARTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/ALBtx/6KatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/wCRH8Qf9g24/wDRTVt1ieMv+RH8Qf8AYNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/ACI/iD/sG3H/AKKamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/8ARTVt1ieMv+RH8Qf9g24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8iP4g/wCwbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/AGDbj/0U1bdYnjL/AJEfxB/2Dbj/ANFNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/ACI/iD/sG3H/AKKatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv8AkR/EH/YNuP8A0U1bdYnjL/kR/EH/AGDbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVj674p0Pw1EJNX1GG2LDKxk7nYeyjJP1xTtcDYoryPUvj3pMDFdN0i7u8HG6aRYQfcY3H8wKx3/aAvCx2eH4AvYG5JP/oNV7OXYXMj3SivG7H4/wBo8mL/AECeFP70FwJD+RC/zrvPD3xC8M+JmSKx1FEuW6W1wPLkz6AHhj/uk0nCS3QXR1FFFFSMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRXK33jDzpZLTw/brfzISr3Ttttoj7sOXI/ur9CVqoxcnZEykoq7Ood1jRndgqKMlmOABXOT+ONK3MmmrcatIP+fFN0f/f1iI//AB7NYkmkNqLiXXLuTU5AdwikG23Q/wCzEOPxbcfeuA+J3i42yHw7pr7CVH2p04wpHEY+o6+2B3NbqhbWRz/WOZ8sETeK/jZqknnWGjW1vaYO03Sy+c3/AAHgKD1GfmHoe9eS3NzPeXMlxdTSTzyHc8kjFmY+pJ61FRVqKWxrd9QoooqgCiiigD0vwP8AF7UtAkjstaeXUNM6BmOZofoT94ex/AjGK+hNP1C01SwhvrGdJ7aZd0ciHII/z27V8YV1XgfxVe+HtWjij1SeztZmw5B3xqx43Mh4I6A4wcdCO+U6aew1K259XUVyll4wa2kS28QwJZsx2pexEm2kPbJPMZPo3HoxrqwQQCDkGsJRcXZlRkpK6CiiipKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVzOr/EDw3o8jwy6gLi5TgwWimVwfQ44U/7xFNJvYNzpqK8tvPi9Kxxp+hHb/fu7gKf++UDf+hVkyfFLxQ7HZHpMa9h9nkY/n5g/lWiozfQ1VCo9ke0UV4oPih4qBznST7G0f8A+OVetvi3rEQH2vSLG59TDM8P6EP/ADpuhPsN0Ki6HrtFcJp/xX0G5YJfRXmnMeN00e+PP+8mcD3IFdnZX1pqNstzY3UNzA33ZIXDqfxFZuLW6MmmtGWKKKKkQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFVr+/tNLspb29nSC3iGXkc8D0+pJ4A6k0X9/a6XYTXt5MsVvCu53PYfTuewA5Jriv9J1++TVNTjaOBCHsrBx/qP+mjjvIf/Heg5yTpTpubM6lRU1dhd3F/4p5u1msdHI+WyztluAe8xH3R/sD/AIEe1Xooo4YkiiRY40AVUUYCj0Ap9FdsYqKsjzZ1JTd2Z+uaomi6HeajJgiCIsqk4DN0UfiSB+NfNNzcS3d1LczuXmlcu7HuxOSa9j+L1/5Hh21slfDXU+SPVUGT+pWuG+H/AISt/Fmq3UN7JPHbQQ7y0DANvJAA5B4xu/KoqzUVdnXhaba03ZyFFe4/8Ka8O/8AP7qn/f2P/wCIo/4U14d/5/dU/wC/sf8A8RXN9bpnb9WqHh1Fe4/8Ka8O/wDP7qn/AH9j/wDiKP8AhTXh3/n91T/v7H/8RR9bph9WqHh1Fdr8Q/CWmeE57CHT57mV51dpBO6tgAgLjCj/AGvyriq2hJTXMjGUXF2YUUUVYj3j4ca0Nd8JC1utsktp/o8itg70x8pI9Mce+010VrLf+F/n05JLzShy+n5y8Q9YCf8A0WePQjofKPhDetD4ku7MkCO4ti2PVlIx+havaKrlUlZnFKTpVLxOj07UrTVrGO9sZ1mgk6MOxHBBHUEHgg8g1argXS70e/Oq6SCxY5vLIfduV9R2EoHQ98YPGCO003UbXVtPhvrKXzLeUZVsYI7EEHkEHIIPQiuOpTcGdtKqqiui1RRRWZqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/8ARTVt1ieMv+RH8Qf9g24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArm/FHjbS/DCeVKTc6gy7o7OEjeR2LHoq+598A9KxfHXj7+x2fSNHZH1Mj99KRuW1BHGR3f0HbqewPkh3PJJLLI8s0jbpJZG3O7epJ6mt6VHm1exvRoOpq9jZ17xbrfiQsl7dGCzbOLO1YqmPRz1f8ePYViIixqFRQqjoAMAVVvdTt7EYkYtIeiL1/wDrVjyeJJy37qCNR/tEn/CutcsdEdTqUaOnU2L/AFKGwT5/mkI+VB1P+Arm7nWL24P+tMa/3Y+P161VuLiS6naaU5Zj+XtUVS5NnDWxMpvTREwu7kHIuJQfZzV+0126gYCY+dH3z94fjWVRU3aMo1Zxd0zuba5iu4RLC2VP5g+hq1ZXN1pd39r027msrnvJC2N3+8vRh7EGuM0e9NpeqCf3Uh2sP5GuvrVWktT1KNSNeHvI9N8N/FRGZLTxIiW7HCrfRDERP+2P4Pryv+7XpaOsiK6MGRhlWByCPWvmcjIwa6Twh40uvCcot5vMudGY5aActbk9Wj9vVPxHPB5qlDrEwrYbl96B7rRUNpd29/Zw3drKs1vMgeORDkMp6Gpq5TkCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKK5bxhfSSrBoFo7LNfKTcSKcGK2HDkehbIQfUn+GqjFydkKUlFXZl3F5/wlOqrd5DaPZSH7IvUXEo4Mx9VHIX8W9K0KZFFHBCkMKKkUahURRgKBwAKfXfGKirI8qpNzldhRRRVEHjPxgvTL4gsrMEFYLff/wJmOf0Va6L4L2Qj0XUr7B3TTrFz6Iuf/Z6868d3ov/ABtqkqklUl8kZ/2AFP6g17T8ObE2PgTTVYAPKrTN77mJH/ju2uHGStC3c9nBR1XkjqqKKK8s9MKKKKAPAvixfC78cSwjpawRw/Xjf/7PXD1qeJL7+0vE2p3m/estzIyH/Z3Hb+mKy69qnHlgkeTN80mwoooqyTrvhkXHjyw2jgrLu+nlt/XFe+14l8JLQzeLJbgrlbe2Y7vRiQB+m6vbauOxxYj4wrOjuj4X1RtSTI0u6cf2hGOkTdBOB+Qf2wf4TnRprosiMjqGRhhlYZBHoaJRUlZmcJuEro68EEAg5Bork/B949pJP4duHLG0QSWTseXticBfcoflPsUPeusrglFxdmepGSkroKKKKkoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/ALBtx/6KatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVx3j/xefDmnLaWTr/at2CIeM+SveQj26AHqfYGuqvLuDT7Ke8upBHbwRtJI5/hUDJNfO+p6rc67q1zq13uElw3yRk/6qMfcQfQdfUknvW1GnzvXY1o0/aSt0KirjcSzO7MWd3OWdjyWJ7knvVTU737DZtIMGQ/KgPrVyub8SSE3MMXZU3fmf/rV2vRHfXn7Om3ExndpHZ3YszHJJ702iisjxjoND8Ga34ksZbrR7eO6ET7JYxMiunGQSGI4Pr9fSm3ngrxPYOVn0K/AHVkgZ1/76XIqfwN4rm8JeI4b0FmtJP3d1ED95D3+o6j6Y7mvqK3uIbu2iubeRZYZUDxupyGUjIIrkrVp0pbaHTRowqR31PkGKwu579LGO3kN07BFi2kNk+1W9Y8OavoHl/2nZPbiT7jFlYH8VJGa+i77/S/GsxfBSws0SL2eVmLn64SP8z61m+MtPh1HwnqCSwiXyYjOinPLIN2OOecY47E1003zwUjhrVPZ1eRbHgekaFqevTvDplo9w6Dc2CAFHuSQBSznVtCvHs7jzbeaPhopOcf0/EV7x4N0yy07Q2axhEUVzPJMqgk4UsQgySTwoXrXJfGLTYjYafqgGJllNuxA+8pBYZ+m0/matLS4o12qnKjjdK1cXxMUqhJgMjHRvpWpXGaVu/tS32Hnf+nf9K7OtIu6PcwtSVSHvdDq/AXi0+G9RXT7yX/iUXcmMseLaUn7w9FY9ewPPrXt1fMrKroVYAqRgg9xXsXwz8Rvq2iNpl3IXvtOwhZjkyRH7jH1PBU+6571zV6dveRhiaXK+ZbM7iiiiuU5QooooAKKKKACiiigAooooAKKKKACiiigAooooARmVFLMQFAySegFcBpUranLda7LndqDBoQR9y3XIiHtkEufdzW742nb+wf7OjbbLqcq2YI6hGyZD/37V/xxVRVVECKAqqMADoBXVh4/aOPFT0URaKKK6TiCo55kt7eWeQ4SNC7H0AGTUlc747vfsPgnVZOpeHyQP98hP/ZqBxV3Y+fJZJb29eV/nmnkLHHdmOf5mvqewtEsNOtbOP7lvEkS/RQB/Svm/wAF2R1DxnpNuMY+0LIwPdU+Yj8lNfReq3sljYGWGNZJ3kjhhRjgNJI4RQfbLCvLxjvKMUe/hUknIu0UJ4S1i4H+neIvJB/h0+0VCPbdIZM/XAq2ngTQyS15Hdagx6i9upJEP/bPOz/x2uZUu7NnVXRGUNTsDerZC9tjdMCVgEq7yB1+XOai1y9Om6DqF6PvQW8ki+5CkgfnS6lYafbeMLOy0+ytrWGwsXmaOCFUG6VwqHgekUn51zPxTvhZ+BbqPcVa5kjhUj67j+imhQXOoofO+RyZ8/UUUV7B5gUUUUAeu/Buy2adqd8f+WkqQj22jJ/9DFenVynw3svsXgex3LteffM3vljg/wDfIFdXWi2POqu82FFFFMgzNYMlmLfWbdWM+nP5xVeskXSVPfK5IH95V9K72GWOeGOaJw8cihkYdGBGQa5UgEEEZB7VP4ImKaTPpTk7tLuGt0yf+WRAeL8kZV+qmubER+0duFnvE6aiiiuU7AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP8AsG3H/opq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHnXxa1cw6XZ6LE3zXshlmx/zyjIOPxYr+AavK66Lx/fHUPHeoHqlosdqhz2C72/8AHnI/Cudr0KMbQR6WFhywv3Cue8SwnfBOBwQUJ/Uf1roa5fxDcGS+EOfliXp7nn/CrlsLFtKk7mSqs7hVBZmOAB1JrrU+GPjF7MXQ0SUIVDBWkQPj/c3bs+2M+1anwZsra88d77hFZra1eaEN/fyqg/kxP4V9FV51fEunLlijjoYdTjzNnxrLFJDK8UqNHIjFWRhgqR1BHY17L8GvGeR/wjF9Jz8z2TMfxZP5sPx9qs/GLwULm1PiXToP38Ixeqg++naT6jv7c9q8TgnltriO4gkaOaJg6OhwVYHIIPrWnu4imR71CofTd6DaeNZ1cYS+s45Ij/eaNmVx9cPH+vpVXxIzHQLq2iP+kXi/ZIADgmST5F/InP0BNcqfip4a1vQbSLXIr6DUYsOZbRBmOUcb0JPGRnggjBIOat6J4t0GW6TUyniLWZoMpDI1ihSEkc4CADcR3PODxgGlTqyhS5XHVGNXDxqVudSVmb+gDyLOfTmG2WwuJLdlPZQ2UP0KMh/GuI+MWoRLpun6aGzK8xnIB6KAVGfruP5Guj1TxHpl/eC+t7DxPYXuzY8sGngiRR0DqwIOOcHqM9a8c8ZS+d4oupBNfyq20g38YSYfKOGUAAe2BjGK1p1eaKTWpnPDctRyT0MSOV4ZFkjYq69CK63Sb431pufHmIdre/vXH10nhuFkgmmIwrkBffGf8a2g9TuwcpKpyrY261/CernQvFmn3pbEMj/Zrj/rnIQMn6Ntb6A1kUyaITQSRN0dSp/GrkuZWPRqQ54uJ9OUVzmk+KLH/hD9K1XVL2GBri3TdvbBeXGGVR1Y7geBk0/+19a1PjSNHNvCel3qmYhj1WIfOfo2z615rVtzyEm9joKztQ1/SNLkEd9qVrBK33YnkG9vovU/gKpDw1PejOs6ze3mesNuxtYfyQ7iPZnatPTtG0zSEKadp9raBvveTEFLfUjr+NS5I0VJvczP+EnNwpOm6HrF72z9m+zr+c5TI+mad9r8UTt+60bTrdP71xfsW/75SMj/AMerfoqectUkc+bTxZITnVdHgHYLp8khH4mYfyp/9la633/EQUf9MrFAf/Hi1btFLnZXs4mH/Y+s/wDQyz/+AkP/AMTTW03xKoHl+ILMnv5umlh/47Ktb1FHOw9nHsYGzxbCM+Zol4fTZLbfrmSkOq69bjN34aeX1NheRy/j+88s10FFPnYnSic//wAJfpUJ235udNI6m/tnhQf9tCNh/Bq2La6t7yFZrWeKeJujxOGU/iKsEZGD0rFufCWiXNw1ytkLW6bk3Fk7W8h+rRkE/jmnzoh0n0Zr0VgnT/EWnc2OqRalEP8AlhqSBH+gljHH/AkY+9Iviu2tZBDrdtPo8pO0PdYMDn/ZmXKfgxU+1UtdjNxa3M3X5PtXjOzt85SxsmnYf7crbVP4COT/AL6qSqayC58Va9cDBCSw2ysO6rCr/wA5Wq5XfSVoI8uu71GFFFFaGIV538X73yfD1nZh8NcXG4j1VVOf1Za9Erxn4wXhl8QWNnxtgtt/XuzHP6KKUtjWirzRH8H7H7R4ulumTK2tszBvRmIUfoWr1/xC3k6bFdlWaOzu7a7lCjJEcUyO5A74VSce1eZ/BR0F7q6H/WGOMr9AWz/MV7AQGBBAIPBBryMRK1a/Y96hG9K3c6+ORJY1kjYOjgMrKcgg9CKdXn9jHrGgjyNGvLdtPH3bO9RnEXtG4YFV6cEMB2wOKdfSa/rkJttQu7eysnGJYLDcZJR/dMrYIU99qg+9TzR7i5JbWGWNwNT1bWNXQ5huLnybds53RRDZkexfzCPYivOvjVfFbbSrBSMO7zOPTAAX+bV6nFFHBCkMMaxxRqFRFGAoHQAeleD/ABavhd+NngUki0gSIjtk5f8A9mH5VWH9+rcdb3aVjhaKKK9M4ApQCxAAJJ4AFJV3SPL/ALasPOx5X2iPfkcY3DNAmfSmmWa6fpVnZL0t4UiH/AVA/pVqiitTzAooooAKi0Z/snjaROQmoWOfbfC/8yJv/HalqlMxh8ReH7gHA+2NE/urwyDH/fQT8qzqq8Ga0HaojuqKKK4D1AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP8AsG3H/opq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHzbfzfadY1K4LbvOvZ5Ac54MjY/TFQU1Ojf7zfzNOr047I9emrQXoFcjrsZTVZCejhWH0xj+lddWZrGnG+gDxgedH0/2h6USV0ZYqm507LoYOj6veaFq1vqVhJsuIG3LnkH1B9iMg/WvpjwX40sfGWlmeAeTdxYFxbE5KE9CD3U+tfLTKyMVYEMDggjpW94L1ybw94tsL6Jm2eaI5lB+/Gxww9/Ue4FcVeiqkb9Tz6FV05W6H1Y6LIjI6hlYYKkZBHpXzN8SPBzeE/ELfZ0P9m3ZMls3Xb6p+GfyI96+mqxPFfhu18VeH7jTLnCsw3Qy4yYpB0YfyPqCRXBQq+zl5HbWpe0j5nydXqvwN8U/2T4nk0S4kxa6kMR5PCzL936ZGR7nbXmmo6fdaTqNxYXkRiubdykinsR/MdwarKzIwZSVYHIIPIr1JJTjY8xNxZ9yV88ftBRWi+KdMkjI+1vZ/vVH90Odp/wDQh+ArMsfjl4ustPS0YWNyyIEE9xExkPuSGAJ+o+tcFq+r3+u6nNqOpXDXF1Mcu7fyA6AewrGlSlGV2aTqJqyLek6VbXsPmySOSrYZBxXSIixoERQqgYAA4FYHhonzLgdsKf510Nd0dj0cKo+zUktQoooqjqPWfhNp2nDw416tnF9uS5mia4ZcvgtuABPQYYcDA/GvQ688+D+f+Eb1POcf2k+P+/UX9c16HXkVvjZwWtdBRRRWYBRRRQAUUUUAFFFFABRRRQAUUUUAFNdEljaORFdGGGVhkEehFOooA870a0t7KTVYbSCK3gGoTBYolCqoBC8AdOlalUrEbb7WIzjKajNnH+1hv5MKu160PhR89W/iS9QoooqzMK8J+KiSL42lL52vBGUz6Yx/MGvdq8t+L+ivJFZ61EhIjH2ecjsCcofpksPxFTLY2oO0zifA/iEeGvE9veyk/ZnBhuAP7jd/wIB/CvpCORJoklidXjcBlZTkMD0INfJldt4O+I194ZRbK5Q3enZ4jJw8Weu0+nsf05rhxFBz96O561Csoe7LY9/orjbL4o+FLuNC99JbO3/LOeFsj6lQR+tQaj8WPDNnCWtZpr6TskUTKM+5YDj6Zrh9jUvax2e1ha9zrNW1S10XS59QvJAkEK7j6k9gPcnivmPVdRm1bVbrUJ/9ZcStIRngZPQew6Vr+K/GWpeLLlWuSIbWMkxWyH5V9yf4jjv+WM1zlehh6Ps1d7nFXq87stgooorpMAoBIII6iiigD6T8L63H4g8PWl+rqZGQLMB/DIPvDHbnn6EVsV4d8LvEEmmeIhpsjE2t98m3PCyD7p/Hp+I9K9xrRO6PPqw5ZWCiiimZhWdq7GP+zZBjI1O0HP8AtTIp/RjWjWdq6mT+zUXqdTtD/wB8zIx/QGpl8LLp/GjvqKKK849YKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/ACI/iD/sG3H/AKKamtwNuiiikBn6vrNnotsJrtzluEjUZZz7f41w9z8QdSeQ/Z7e3ij7BgWP55H8qyfE+pSalrtwzt+7icxRr2Cg4/XrV3Q9DtorP+29bzHp6H91F/FcN2AHp/npXtUsLSo01Oqrt/1ZHy+IzDEYmu6dB8sV19OrfY1tL+IJaYR6nAiof+WsIPy/Vef0ruIpY54UlicPG4DKwPBBrxjVL4alqU12sEdurn5YoxgKAMD+Vdn8PtSkkiuNPkbKRASRZ7Ankfnj8zWeMwcY0/awVu6NstzKcq3sKj5k9mdvRRRXkn0QUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAfNl9D9m1bUbfbt8m9njAxjgSMB+mKhrovH1ibDx1qA4CXSx3UePQrtP/jyMfxrna9KDvFM9ai700FFNkkSJC8jhVHUk4FZ8mqFuLeLI/vycD8B1P6Vok27IVWvToq83Ys3Nha3fM0Ks397ofzFQ2nhe1vNRtLOISl7mdIgN3QFhk/gMn8KqNcXTn5rgr7IoA/qf1pIpZ4LhLiG7uo5oySkiTsrKcY4IPHBNW8NOS03PKq5lhntG/wAj6oor5rt/FXiK1fdFr2pZ/wCmlw0g/J8it7T/AIp+J7IqLiS1v0B+bz4gjEegZMAfka8qeU147WZcM0oS3ujpvi34GbWbIa7pkG6/tlxcIvWWId/dl/Mj6AV4HX0Xo3xc0a9KxapBLpkpON7fvIv++gMj8QB71D4i+FWgeKf+JnpF0llLMN/mW4EkEv8AtbQe/qD74NRTnOh7lZWLnCFb36TufPVFdh4j+Hep+Gr+C2ubq1lWdGeN0Lc7SARgjryPzqCy0GC2cSTN5zjoCMKPw712w99XjsZww1ST2HaFZtbWZkcYeUg4PYdq1KKK2SsetCChFRQUUUyaQQwvK3RFLH8KZTdj2n4Uw+X4ISb/AJ+Lqd/ycp/7JXbVkeFtMbR/Cul6fIMSw2yCX/fIy3/jxNa9eNN3k2cKCiiipAKKKKACiiigAooooAKKKKACiiigAooooA4Qp5HizX4SeZJobkD/AGWhVP5xNVum+II/svjKzuMYW+smgY/7cTblH4iSQ/8AAadXqUXemjwsVHlrMKKKK1OcKgvbO31Cyms7qMSQTIUdT3BqeigD558YeD7vwrfcky2ErHyJ/X/Zb0Yfr27gc1XqHxkvA13pdiG5SN5mH+8QB/6C1eX1k9z0KbcopsKKKKDQKKckbyuEjRnY9FUZJrXtfC+p3IDNEsCnvKcfp1osZVK1OkrzkkY1FdhB4KjHNxeM3tGmP1NXI/CGmJjcZ3/3nH9BT5WcMs2w0dm38jg6K79vCelMMBJV9w9VZfBdoy/ubqZD6uA3+FHKxRzfDPe6+Rz/AIYR5PFekKn3vtkJB9MODmvpavFfDGlDwzr66lc25v440IjELBXRjxu2tgHjPfvXq2l+ItM1dzFbXIFwBlreUFJB/wABPJHuMj3qo6Fzr06zvTdzUoooqiAqlMpm8Q+H7ccg3jSv/upDIc/99FPzq7UWjJ9r8bO/VLCxwfTfM4/UCI/99e9Z1XaDNaCvUR2VFFFcB6gUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/AGDbj/0U1bdYnjL/AJEfxB/2Dbj/ANFNTW4G3RRRSA8Z121ks9cvYZAQfNZh7gnIP5Guhsb238WabDo+oyiHUYBizuDwr/7De/A//X16bxL4Zi12NZEcRXcYIVyOGHof89zXntx4b1mzl2tp9wxB4aJC4/Nc17tKtTxFNXdpI+Rr4atg60rR5qct/Nfo10ZRvbO40+8ktbqMxzRnDKf89K6/4d2jG6vL0qQioIgfUk5P8h+dULLwtret3fn3/mxK2N81zkuccYweT+Nei6dYQaZYxWluCI4xjJ6k9yfc1GNxUfZezTu3vY2yvATdf2zTUVtfd9i1RRRXin1AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAec/FvSTLpllrUY5s5PKm/65yEDP4OF/BjXkt1cpaxbmBZicKo6sa+mL6yg1KwuLG6TzLe4jaKRfVSMGvmDXtJu9E8Q3mnXxZpbZtkbkY3x/wuP94cn3yO1d2D998hbxbw9J2V30M92knkEk7bmH3VH3V+n+NLRRXsxioqyPAqVJVJc03dhRRRVEBRRRQAVo6Nr2q+Hp/N0q9kt8nLxfejf/AHkPH48H3rOoqJ041FyzV0VCcoO8XZnX+JPHaeJdO08Xth9nv7WY5liO6N42UhsfxKchDjkcdayo5Y5k3xurr6qc1i0zy1371yj/AN5Dg/mK5Vg4wVqex62HzaUNKiudBRWMt1dx/dnDj0kTP8sVKNSuR1hib33kf0NQ6M10PRhmmGlu7GpWv4U0g674t06xK5hR/tNx7RxkHB9i21f+BGuTbU7gKSYYlAHUuT/SvcvhR4fn03w82rX8YW+1La4XGNkI+4v45Lf8CAPSubEt04a9TT63Sqpxpu539FFFeSSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHN+N4CdAGoxqWl0yZbwYGTsXIk/8hs/44qkrK6B1IZWGQR0IrsHRXRkdQysMEHoRXnulRNpkt1oMpO/T2Cwlv47dsmJvfAyh90NduFnvE83H09po06KKK7DzAoopk00VvE0s8qRRr1d2CgfiaAPB/ideG78cXScbbaOOFSP93cf1Y1x9beo295r+v395awSSxz3Mjq+MLgsccnjpWlY+DOQ99P8A9s4v6k1nZs6KmLoUI2nLXt1OWhgluJRHDG0jnoqjJrptN8Hu+2TUJNg/55Icn8T/AIV1NpY2tjH5dtCsa98dT9T1NWKpRPFxOb1J+7SXKvxK9pYWtimy2gSMdyByfqepqxRRVHkyk5O8ndhRRRQSFFFFABUU1vFcACVA205U9Cp9QeoPuKlooGm4u6NLTPFF9pTLFqBkvrHp5wGZoh6nH3x/49/vV3NtcwXlvHcW0qSwyDcjochh7GvNKl0vVJfDt2Z4w76fIc3FuvOz1kQevqB1+vVHrYXHcz5Ku/f/ADPSyQBk8Cp/BEJfSbjVXB3ancNcJn/nkAEi/Aoob/gRrC1OT+1Le00yxmy+rMI0liOdsJGZJAfZM4Pqy+tegQxRwQxwxIEjjUKijooAwBXPiJfZPoMLDeTH0UUVynYFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1NbgbdFFFIAorI17xDbaDbq0qmSaTPlxKcZx3J7CuMbxJ4nv7a4v7YiK0gx5hRFCrk8DLck8jpXVSwlSrHm2XmcGJzGjQlyO7l2Wp6VRXm+l+PL6CULqIFzCerKoVx9McH/ADzXoVrdQ3trHc27h4pF3Kwqa+GqUX7xeEx1HFL929V0e5NRRRXOdgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcN8SfBJ8UaYl5YIn9r2YPlZ485OpjJ/UZ6H0yTXc0VUZODUluKUVJWZ8k85KsrKykqysMFSOoI7GivbPiH8N/wC2nk1nREVdTxma3yFW5A7+z+/Q9/WvE2DJI8UiPHLGxSSORSrIw6gg8g172HxMa0fM8itQdN+QUUUV0mAUUUUAFFFFABRRRQAUUV1vgnwDfeMJ1uZN9toyviS46NNjqsf8i3Qe5GKyq1oUo80jSlSlVlyxLPw38Et4o1QX97H/AMSezcFgy5FzIOiD/ZHVvy7nH0HXJS6G/hNhf+GrQmyVQLzSoukqgY8yLPSUAcj+MDnnBro9O1G01WwhvrGZZreUZR1/UEdiDwQeQRivncRWlWnzs+gw9KNGPIi1RRRXObhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVwvxK0i8fTo9f0yeeC705W87yCA0lueW6g5K43AH0bua7qiqjJxd0TUgpxcX1PCYPEGuiNWTVknRhkNLbocjt93bUp8ReICOb21BP9216fmxqbxZ4dPhPWB5S40e+kJtjjAgkPJiPseSv4jtWVXqQkpq6PhsXPFYWq6Upemi1X3E0mpazPkTa1dbT/DGscf6qoP61RayglkEs4e4kXo9w7SsPoWJNWKKs4pYmtLeTDoMCiiigwCiiigAooooAKKKKACiiigAooooAKRmCqWYgKBkk9AKWtDwz4ePi3WGgkVv7ItGBvJBwJW6iEH8i2Og44JqZSUVdnRhcNPEVFTidZ8LtCkt9MfWrkOPtQK2MT/8sbcndx6b2+bHoE9K9BpFUKoVQAAMADtS1wSlzO7PuYQUIqK6BRRRUlBRRRQAUUUUAFFFFAGbq/iDSNAhWXVdRt7RXzsErgM+Ou0dT1HT1qCz8W+HdQIW01zTpXPRFuU3f985zXkvxr8Oarf+KdKurWJ54bmEW0Y3cLKpZiOeBlTn/gJ9K881rwdf+H9PS71Ge1QyNtSFHLOT37YwPXPp61oow0TerFaVm0tD62BBAIOQaK8E+CnjFLG/m0DUr+RYbnb9hSQ5RZMnKg/w7sjA6Ej1PPvdTKPK7AncKKKKkYUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgPJNVu49T8VStfzPHbCfyiyjJSMHHA/X8TWp4mDpe2Ol5Wz0L5TBLF86OD1kOPvHn/OcnE8RWMmn69dxSKQGkMiH1VjkH+n4UkOs3K6NLpMiJPbuwaMOMmJs9U9M/19zX0ap3UJw2S/przR8Q63LKrTq6Nvf06PyfkWNY8NzaXbJeQ3MN5YO21Z4Tnn0I7frW/8PL9y91p7MSgUSoCfu84P8xVWC1udK8A6oNQV4Rdyxi3hkBBJBBJx24H/AI7Vv4eWEga61B1whURISPvc5P8AIf5FYV582Hmpu9nZPvsdmEpezxtJ01bmV2u2/wDw6v3O7ooorwz6sKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArk/F3w/0nxYvnODaakowl5Co3HjgOP4x068+hFdZRVRk4u6E0mrM+Z/EXgvXvC7M9/aGS0HS8t8vFjj73dOv8QA9CawAQwBUgg9xX1v1rkNZ+GfhbWWeVrD7FcN1msm8o/Ur90n3INejSzFrSornFUwaesHY+eKK9R1X4MS2sM1xZa/F5Ual9t5Bjao55dT/AOy1gWfws8VXumW19FHY7LiJZVjadlcAjIBBTg47ZrrWOoNXbsc/1Ot0VzjaK7aL4S+L5Cd1vYxY7yXXX/vlTWnafBTXZZMXuq6dbp6wq8x/IhP50PHUF9oawVd/ZPNqnsbK71S8Fnp1rNd3J/5ZwruI9z2Ue5wK9q0r4MaBa7X1O5u9ScDlGfyoz/wFPm/NjXe6dplhpNqLXTrOC0gHPlwxhBn1OOp965KuaLamvvOqllr3qM8u8J/B4K0d74odZGGGXT4Wyg4/5aN/F9Bxx1Ir1mKKOCFIYY0jiRQqIgwqgdAAOgp9FeVVqzqvmm7np06UKatFBXM6jp13oV/NreiQtNFKd+oacn/Lb1liHaUDqOjgeuDXTUVCdjRq5V07UbTVbCG+sZlmt5RlHX9QR2IPBB5BGKj1TWNO0W1+06leQ20ROFMjYLH0UdWPsOa4zxZqJ8H6ulzobxG81MsbjT5AfKYgf8fHH3SDgH+/06jI4WTzrq9a+v53u75+Gnk6geijoq+wrtwuBlX97aJ5OYZtTwfutXl2/wAz0K4+KOmK5Fnpmp3a44kEaRKf+/jK3/jtQ/8AC0E/6AN5/wB/o/8AGuFor1FlVBb3Pn5cRYpvRJfL/gndf8LQT/oA3n/f6P8Axo/4Wgn/AEAbz/v9H/jXC0U/7Loef3k/6w4zy+7/AIJ3X/C0E/6AN5/3+j/xo/4Wgn/QBvP+/wBH/jXC0Uf2XQ8/vD/WHGeX3f8ABO6/4Wgn/QBvP+/0f+NH/C0E/wCgDef9/o/8a4Wij+y6Hn94f6w4zy+7/gndf8LQT/oA3n/f6P8Axo/4Wgn/AEAbz/v9H/jXC0Uf2XQ8/vD/AFhxnl93/BO6/wCFoJ/0Abz/AL/R/wCNA+KEQPzaBfkf7EsRP6sK4Wij+y6HmP8A1hxfZfd/wT0yw+I/h68dY7mWbTZW6LfR7F/77BKf+PV1oIIBByDXgrKGUqwBUjBB71oaB4jvfCcg8gPcaVn97ZZJMY7tF6EddvQ9sHmuPEZW4rmpO/kengeII1JKFdWv16HtVUdV1az0az+03khClgkaIpZ5XPREUcsx9BVK+8T2UFjazWP/ABMLi+XdZW1uwLT8Zzn+FRxljwPrxSaXocy3o1bWZUutUKkIF/1Vqp6pED692PLY7DAHlW7n0d+xRPh6XxQrXHiiHFuykQaWsmVgBGN7sPvS8nkcL2yfmPmmt6He+FtRFlelpbSViLO8PSQdkc9pAPz6juB7rVTUtMstY0+aw1C3S4tphh437+hHcEdQRyDWlOs4PyOLG4Cni6fLLfozwqitTxF4U1HwkTKzSX2j54uwuZIB2EoHUf7Y49QKykdZEDowZWGQQcgivRhNTV0fEYrCVcLPkqL/ACYtFFFUcoUUUUAFFFFABRRRQAUUUUAFFIzKilmICgZJJ4FaXh7wzqPi1hJAXs9I3Ye9Iw8o7iEHr6bzwO2cVMpKKuzow2FqYifLTRV0nSb3xPqR07TmMaIR9rvMZW3X0Hq57D8TXtWlaVZ6LpkGn2EQit4Vwo6k9ySe5JySfU0aVpVjounxWGn26wW8fRV7nuSTySe5PNXK4qlRzZ9hg8HDCw5Y79WFFFFZnWcDruseI9L8XzLDceZb7FmtbF0RY7iIKBKofG4SBuRk4wy8YJx2Gkavaa3psd9ZsxjfKsjrteNhwysOzA8EV47428YX2r+JfL0+TZp2lE3MRMIDXGxHLurHkr8rJxgHd3rtvDMwtPGM9ujERajZ+ft/hMkTKpb6lZFH0QUm7St3L5bw5ux3VFFFMgKKKKACiiud8VeLbfwzDDGITc39zn7PbqdoIHVmb+FRkc8nngGqjFydluTKUYRcpOyRzPj83F14t0e22iWC3hknFt9re2a4ZsodrryCvynjszDvWBP4Ksr2LT5NTmmlNlvdkEjOrbm3bSWyxA6epAFUNb8Wa7rs8ljfXOnwRQ+XcJ5VtyrbiQQzMSCNvUYzmqf/AAk+vXOVsbmK5zx5htgsQ/4Fnn8Aaupha7lyx3MaWaYNJqT/AAdjmdJ0a78deOCdFshZWxmVmkjj/d2yD+I44ydpOO5r6orxDRda8Q6Lo0Gm22oWsMUQ48u0XP0yevpkjPFbVv4/8SW0oaePT76IdYwjQOfo2WH/AI7+NdU8DXtotvM5I5vhHK3P+DPVaKxPDvijT/ElvI1sXiuYTia1mwJI/QkDgg9iMg/mK264WmnZnpRkpK6egUUUUhhRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1NbgbdFFFIDI13w/a67AqykxzR58uVeo9iO4rh/8AhEfEGm30c9pCkjxMGSWN1IBHThv8K9Porqo4ypSjyrVdmefictoYifO7qXdHBw+Fda1q8Fxr92yoP4d4ZvoAPlUfT8q7a1tYbK1jtrdAkUY2qoqaioq4idWyeiXRbG2HwdPD3cdW929WwooorA6gooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5/xV/psFloSk51ScRS4/wCeCjfL+BVdn1cV0YAAAAwBXPWP/Ew8aajd5zFpsCWUfHSR8Sy/+O+T+Rroaib6HRSVlcKKKKg0CiiigAooooAKbJIkUbSSMFRAWYnsBTq57x1MYfA2skEgyWzQgj/b+T/2anFXaQpS5U2zyebUJdb1C51qcESXrB0U/wDLOIDCJ+A5PuTRSAAAADAHSlr7GnBU4qK6H5jXrSrVJVJbsZJLHCheWRUQdWY4FVv7X03/AKCFp/3+X/GuA8R6jNfavOrsfKhcxonYYOM/U1kVxTxtpNRR7dDJFOmpTlZs9W/tfTf+ghaf9/l/xqeG5guV3QTRyqO6MGH6V5FVmxvp9Pu0uIHKsp5GeGHofapjjnfVF1Mijyvknqes0UiMHRWHRhkUteifOBTJJY4YzJK6og6sxwB+NPrz/wAZXMkusiAn93Cg2j3PJP8An0rKvV9lDmOvBYX61V9ne3U7T+19N/6CFp/3+X/Gj+19N/6CFp/3+X/GvKaK4vr0ux7X9hU/52erf2vpv/QQtP8Av8v+NA1bTScDULQn/rsv+NeU0UfXpdg/sKn/ADs9iBBGQciiuU8D3MklrdW7HKRMrL7bs5H6frXV130qntIKR4OKoPD1ZUm72On+GU1vZa9qGnGGPzLmL7TBLj5gAwEkef7u5lYD1ZjXqVeK+HJDD400KUEj/SHjbHcNE4x+e0/hXtVfOZjTUK7t11PuMlrutg4uW60CiiiuE9UOtcBr/wAMrad3u/D0qadcty1sy5tpD/ujmM9OV44+6a7+iqjNxd0Z1aNOtHkqK6PANRgvtDmEOtWMtixO1ZX+aFz/ALMg+X8Dg+1ICCMg5B7177LFHPE8U0aSRuCrI6ghgexB61x+o/DHQLpmksBcaVKxJ/0N8Rk/9c2BQD6AV1wxS+0j57E8PJu9CVvJ/wCZ5lRXUXfw18RWzf6Hf6dfJj/lsr27/pvB/Ssebw14otgTN4duWA/igmikB/ANn9K3VaD6nj1MoxlP7F/TUz6KRIr+SSaNdG1Vngfy5VSykco2AcHaDzgg/Qg1KLPVWIC6DrJycDNhIv8AMDH41fNHuc31LEbcj+4joq/D4c8T3IBh8O3Sgn708sUYHvgtn9K17T4ceI7k/wCl3unWCEf8sw9w4/PYB+tS6sF1N6eV4qf2bepzJIAyeBRYRXmszmDRrKW/kB2s8fESH/akPyj6ZJ9q9J0/4Y6FbMsmoNc6rKCDi7f92D/1zUBSP94GuwgghtoEhgiSKJBhUjUKqj0AHSspYj+U9TD5GlrWlfyX+ZwehfDKBHS68RzR38ynK2kYIt0PuDzIf97A/wBmu/VQqhVAAAwAO1LRXPKTk7s9unShSjywVkFFFFSaBRRRQB5DqHhyK8uNR0l5ZLZ7K6lSOSMDJt513bORjG19vsUHpVvV9Sm0G70nVLWFJpIbgxGF5NgkR42BG7B7hT07VgNquoJ4l1PWUCTNdzvHLbuxUbI2KR7WwcEAemDk9Kbf313rF1BJcQrb29uS8cIfezOQRuY4AGASABnqea6KeX15V43Xu7/fuctbOMLDDTtL31dW81sereG/Flj4kWVIo5ba8hAM1tMBuUHowIJDLweR+OK3q8ISa6sbyDUdPcJe2x3RlvuuO6N/ssOD+B6gV7NoWtWviDSINRtchJBh42+9G44ZG9weK0xeFdCWmzMMux6xdPXSS3NGiiiuM9Epatqlroul3Go3r7YIF3NjksegUDuScADuTXhbX95rniXUdWv+JiqRLGDkQr97YD7Blz6nJ710PivxD/wkur7LdwdJsXIhIPE8o4Mnuo5C/ifSub0kbrH7Qetw7Tfgx+X/AMdwK9nAYbltUlu/yPms3x3MpUYbLR+v/AsWJ7S2uSDPbxS7enmIGx+dTAADA4FFFerZHzrbaswooooENW5udNvINVsf+Py0O9B/z0X+KM+zDj2OD2r2rRtWttd0a01Szbdb3MYkXOMj1Bx3ByD7ivF63vhDrD2t1qXhi4f5I5XuLMei5G9P/HkYD/aavJzOjoqi+Z9JkWIfvUZPzX6nrFFFFeOfSBRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgMDxL4mi0KNY0QS3cgJVCeFHqf89jXA3Wt6/dRfbJLu7WAvsDxkom7rjjAzVbXbqS81y9mkJJ85lGewBwB+Qq94f15NPWTT7+L7Rpdyf3sRHKn+8Pfp+Ve/Swyo0lJRvLr/wAA+PxOOlia7hKbjHZf8H+tB+leMtU0+VfPma7g/iSVsn8G6/zr0vTr+DU7GK7tyTHIM4PUHuD7ivLvEWgNotxFJFJ51jcjfby9yOuD78j6/pW38O7thdXlkWJRkEoX0IOCf1H5CscXQpVKXtqZ1Zbi69HEfVq7v69P+Az0CiiivGPpgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApCQqlicADJNLWL4unkt/CWpmBts8kBghPpJJ8if+PMKaAb4NBk8ORX7Z36jJJfEnriViyD8EKj8K36jt4I7W2it4htjiQIo9ABgVJWLd3c60rKwUUUUhhRRRQAUUUUAFcz8Qf8AkRtS+kf/AKMWumrmfiD/AMiNqX0j/wDRi1pS+OPqjOt/Cl6M8sooor7A/LzyjVP+Qte/9d3/APQjXR+EdFtbq2kvbqNZSH2IjDKjAHJHfrXOap/yFr3/AK7v/wChGtHQPET6OHhkiMtu53YBwVPqK8elKEat57H2WKhWnhOWjvZHQeJdCsjpkt1bwJDNCN37sBQw7gjpXB102u+Kv7StWtLWFo4nPzs+NxHpgdK5mjEyhKd4BllOvTo2rb309D163/49ov8AcH8qkqO3/wCPaL/cH8qkr2FsfHS3YV514uBHiGXjqi4/KvRax9a8PQayUkaRop0XaHAyCPcfn+dYYmnKpC0Tvy3Eww9fmns1Y81orr/+EEb/AKCA/wC/P/16P+EEb/oID/vz/wDXrzvqtbt+R9F/auE/n/B/5HIUV1//AAgjf9BAf9+f/r0o8CNnnUBj/rj/APXo+q1u35B/auE/n/B/5C+BP+X/AP7Z/wDs1djVHStKg0i0MEBZgW3MzHkmr1enQg4U1FnzGOrxr4iVSOz/AMrF3Q/+Rr0T/r8H/oDV7ZXieh/8jXon/X4P/QGr2yvDzX+OvQ+s4e/3R+r/AECiiivMPdCiiigAooooAKKKKAOegH2Lx1ew8CPUbNLlR6yRHy3P/fLQj8K3qwteBt9d8PXygYF1JayN6JJGx/8AQ0jrdrZapHNNWkwooooICiiigAooooAKKKKACiiigDxHWrEaH4nvtLf5Vd2urXJHzROScD/dbcv0A9ar16N8RfCQ8UaAHgj3alYkzWuDgsf4kz23AcdOQprx2z1KeGFHffdWpHDgfvU9mH8WPbn2Ne9gcTzw5ZdD5PNcvcKrqQ+108zcrR8N6+3hfWfPkY/2XdkLeL2ibosw+nRv9nB/hrKguIbqFZYJFkjboymnkBlKsAQRgg9666tKNaDizzMNiJ4Wqprdbr9D3YEMAQQQeQRXB/EHxI8Sf8I9p8pW5uE3XcqdYYTxgHsz8gegyfSsPQPHR8N6JPpV3G9xNCmNKHJ80dBEx7bCev8Ac91559POeSW4upjNd3DmWeU/xuf5AcADsABXkYbBSdVqa0X4n0uOzSEMOpUnrLbyKuon7PpMkcICFlEMQA+6Wwq4/MVbjRYo1jQYVQFA9hVO8/e6hY2/YM0zD2UYH/jzKfwq9XtL4mfLT0hFd7v9P0CiiiqMivJcmO/hgZRslRirf7Q7flk/gasVT1OJ3szLEuZoGE0Y9Svb8RkfjVmKVJoUljO5HUMp9QaSerTNJJcikvQfWQ11Po3iaPU7VczwbLpFBwZNuVkT/gSEL+Na9Zmqrsns7gdpDEx9mH/xQWorQUo2Ztg6rp1U1/XX9D6Cs7uDULG3vLZw8FxGssbj+JWGQfyNT15x8KtYH2W78PSsN9qTcWo9YXPIH+65P4Mtej18xUg6c3F9D7qlUVSCnHZhRRRUGgUUUUAFFFFABWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1NbgbdFFFIDyHxPpsmm67cK6/u5XMsbdipOf06Va8PwaXaWkms6pIk3kvsgsgfmkfGckf3f8+x9E1bRrPWbYQ3cZO3JR14ZD7GuIuPh7qKSkW9zbyx9i5Kn8sH+de1SxcKtJQnLlf5ny+Iy2rQrurShzLp5P062/wCHOe1bVrrWr97u7fLHhVH3UX0HtXZfD7TZIobjUZFwsoEcXuAeT+eB+BqPS/h8VlEmqXCOg/5ZQk/N9W4/T867eKKOCFIokCRoAqqBwAKzxeLp+z9lS2Nsty6sq31jEb/jfux9FFFeSfRBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWF4nAmTSbM/8vOp24x6+WTN/7SrdrD1dfN8SeHI/+edxNPj6Qun/ALU/lQNbo36KKKxOsKKKKACiiigAooooAK5n4g/8iNqX0j/9GLXTVzPxB/5EbUvpH/6MWtKXxx9UZ1v4UvRnllFFFfYH5ecV4h8MXT30l3Yx+akp3MgOGVu/1H+NYX9h6r/z4XH/AHwa9RJA6nFJvX+8Pzrkng4Sle9j16OcV6cFBpOx5f8A2Hqv/Phcf98GtDS/Cl9dXKG7iMFuDlyxwxHoBXoWc9KKUcFBO7ZVTO68otJJB0oorPvNb02wk8u5u0V+6gFiPqBnFdbkoq7Z5MKc6jtBXfkaFFY3/CVaL/z+/wDkJ/8ACtO2ure8i823mSVPVTnFKNSMtIu5U6FWmrzi16pk1FFI7BEZz0UZNUZC0V5fea9qN5cNIbuaNSTtSNyoUenH86g/tTUP+f65/wC/zf41wvHRvoj3I5FVau5I9XormPCOsXF+s9tdSGR4wGRj1x0IJ/L866euunUVSPMjysRQlh6jpy3Rd0P/AJGvRP8Ar8H/AKA1e2V4nof/ACNeif8AX4P/AEBq9srwc1/jr0PsOHv90fq/0CiiivMPdCiiigAooooAKKKKAMHxgMeHjcDg2tzbXOfQJMjN/wCOgj8a26yPGELXHgrXYkGXawn2jOOdhx+tacEont4pR0dAw/EZrWOxhV3JKKKKZkFFFFABRRRQAUUUUAFFFFABXjfxC8P/ANha8NUt1xp+pyfvAOkVz1P4OAT/ALwPqK9kqhrWkWuu6PdaZeKTBcJtJHVT1DD3BAI9xW1Cq6U1JGGIoRr03CR89yQvDIbmzISfqy/wy+zD+vUVsWtwl1bRzoCFdc4PUexqhLa3Wm391pd/j7ZZvskI6OOquPZhg/pTNLvLe206UTzJEYppC6ucbdzsV/MHivooTi7SWzPjsTRmk4yXvRdv6/Cxr1Xu722sYvMuZVjB6A8lvoOprBvfEkkuUsE2L/z2kXn/AICv+P5VhyyAyGaeUtIeskjZP+faqdTsVQy6Utamnl1/4BsN4hcalJdR2ZeMxiNA8m1gMkk4weuR+VW08VQ4/e2Vwp/2CrD+YrmfP3f6tHf3xgfrUilio3AA+gOaiLfRnoTwVFpXj+L/AMzqk8S6aw+d5oz6PC39AasR63pkv3b+AezuFP61x1BAPUZquafcweXUXtf+vkd5FPFMMxSpIPVGBqjosb2tlHaSFjsjWSNm/iRs/wAmDr/wGuNMELHJiTPrivSLewI+GfhrW0X/AI95JrSc/wDTJ53CE/Rwo/4GaxqVnCpBy66FLLl7Coou70e3b/gMjqlq8Rl0q42jLovmIB/eU7h+oq7QRkYPSupq6seJCXJJS7FDTNXbRNVsdciLFLdszKv8cDcOMd+PmHuor6DjkSaJJY3V43UMrKcgg9CK+bbFdlp9nYf6lmhwfRSQP0xXrHwt1k3WhS6NM5M+mMEQk5LQNkxn8MFP+Aj1rx8wpXSqr5n1mVVrOVB9NUd5RRRXlHtBRRRQAUUUUAFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNTW4G3RRRSAKK5bxX4pbR9tpZhGu3XLMeRGO3HrXnN1e3V7IXuriWZic5dicf4V34fATqx5m7I8jGZxSw8/ZxXM1v0Pb6K8e0vxDqWkzK0Nw7xjrDIxKEfTt9RXqWj6rDrGnR3cPG7h0zko3cVnicHOhq9UbYHMqWL91K0uxfooorkPRCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsO9YnxvokfYWd5Jn3BhX/2c1uVhXoI8c6K5Hy/YrxM+5aAj9FP5UdCo/EjoKKKKxOoKKKKACiiigAooooAK5n4g/8AIjal9I//AEYtdNXM/EH/AJEbUvpH/wCjFrSl8cfVGdb+FL0Z5ZRRRX2B+XnmOv3015rFyJHYpHIyImeFA44H4Vl1b1T/AJC17/13f/0I1UrwZtuTbPvaEVGlFLsjo/B9/NFqyWZdmhmVhsJ4UgZzj8D+dd/XmvhX/kZLT/gf/oDV6VXp4Jt09e58znUVHEprqv1YjHCk+gryGWR5pXlkbc7sWY+pPWvXmGUIHpXj5BVirAgjgg9qyx/2fmdWQ2/efL9RK6jwPM41K4gB+Rod5HuCAP5muXrpvBCMdXncKdogIJ7Allx/I1y4b+LE9TMkvqs79jvKjuP+PaX/AHD/ACqSkIDKQRkEYIr2mfFp2dzx6iuivvB+owzt9kRZ4iTtIcAge+cfpVb/AIRXWv8Anz/8ip/jXhuhUTtys+4jjcNJXU196L/gf/kJXP8A1x/qK7qsLw3oT6RHLJcMjTy4Hy8hQO2f89K3a9XDQcKaUj5XMq0K2JlKDutC7of/ACNeif8AX4P/AEBq9srxPQ/+Rr0T/r8H/oDV7ZXi5r/HXofUcPf7o/V/oFFFFeYe6FFFFABRRRQAUUUUAU9XjWbRb6N/uvbyKfoVNQ6HI0vh/TZHOWe1iYn3KCp9UZU0i9diAqwOST2G01W0BWTw5pasCGFpECCOQdgrSGxhW3Ro0UUVRkFFFFABRRRQAUUUUAFFFcd4h+Jnh7w/NJa+bJfXsZ2tBagNsPozHCj3Gcj0qoxcnaKuJtJXZ2NR3FxBaW73FzNHDDGNzySMFVR6kngV4lqnxk1y6BTTbK0sEIxucmaQe46KPyNcRq+tarr7htX1G4vMHISRsIp9Qgwo/KuungKst9Dmni6cdtTrfiX4y0LWdUtpNC3zX1sDFLdhf3bx8/KB1bDcg8Dk4zmvPnee4m86RS8nTfKQMD2A6VKFCjCgAegpa9Sjh/Zx5bnn1KqnPntqReU7fflP0QYH+NOWGNDkIM+p5P50+ituVGfMwoooqhBRRRQAjMFUsegGTX0V4d8NIfhhaaDdq0f2iyIlH8UbyZc/iGY/lXkfw98Jt4o8QLJPHnTLJlkuCRxI3VY/fPU+31FfRNePmFZSkoLoelg6douT6ngluZhGY7kBbmF2hnUdpEJVv1BqWtzxxp39meL2nRcQanF5w9BKmFcfiuw/XdWHXr4ar7WkpHx+Ow/1fESh06ehkXFnex3s72kcTpOQ+XfARsAHIxyOAePerfhjXm0HxJa6lPiMRN9kv17CJyPm+gO1/oDVysvV7Muhuoo97qhSWMD/AFsfcfUdR+I70q1JSg10ZthMW4VIt7rr/n8tD6Korifhn4nh1vwoIZbpZLnTP3Ezlh8yAfI5+qjknurVzXi3xjeS6dd6xbajdWViuI9MjgIVrmTtI2RkqT0XptBJHOB8zJcrsz7eHvq6PW6K5DQ/GVzf6ullqWnw2Cy2rXEZNzudQrKuJBtAUneMAE9CK6+kDTTswooooAKxPGX/ACI/iD/sG3H/AKKatusTxl/yI/iD/sG3H/opqa3A26KKKQHkUsz3Hi6SWQ2xZrpv+Pv/AFWM4Ab/AGcV1P8A4QtYPiPTV0fxIZ7i3+0Wc8hmCbiu8E5Zcjpgn+VM/tfw5/0K3/lQk/wr35x9pGMoJtW6W/Vo+Ppz9hOcKjSd+t/0izW1L/kGXP8AyJ3+rP8Ax6/63/gHvUfw7uHXULy252PEJPYEHH/s1ZFzqmhS20kcHh3yJWUhJftrtsPrgjmup8BaTJa2cuoTDabgARg9do7/AIn+XvWVZKnh5KStfvb9GzfCt1sbCVNp2ve1/wBUjsaKKK8U+pCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsPVWEXifw9ITjzJJ4B75iL/8AtP8AnW5WF4lxFNod2eBb6pF/5EV4f5yigcd0dBRRRWJ1hRRRQAUUUUAFFFFABXM/EH/kRtS+kf8A6MWumrmfiD/yI2pfSP8A9GLWlL44+qM638KXozyyiiivsD8vPKNU/wCQte/9d3/9CNVKt6p/yFr3/ru//oRqpXgS+Jn39L+HH0RseFf+RktP+B/+gNXpVea+Ff8AkZLT/gf/AKA1elV6eB/hv1Pmc8/3iP8Ah/VhWFfeFNOvrhp/3sLuSzeWwwxPfBBrdorqnCM1aSueXSrVKL5qbszmf+EI0/8A5+Ln81/wrZ03SrTSoWjtUI3Y3sxyWx61doqY0YQd4o0q4yvVjyzk2goqlqupxaTYtcygtztRB1ZvSuNk8aamzkolui9hsJ/rU1MRCm7SNMNl9fEx5oLTzO/orz3/AITLVf8Aph/3x/8AXpyeNNTVgWS3YehQj+tZ/XaR0/2LifL7z0CiqGkarFq9iLiNdjA7XQnO0/1q/XTGSkro8ucJU5OElZou6H/yNeif9fg/9AavbK8T0P8A5GvRP+vwf+gNXtlfP5r/AB16H2vD3+6P1f6BRRRXmHuhRRRQAUUUUAFFFFAGP4tn+zeDdbnGCY7CdgD0JEbYrQtYvItIYufkjVefYYrJ8ZkN4XubcjIupIbTHr5sqR/+zVt1rHYwq7hRRRTMgooooAKKKKACiigkAEk4AoA8q+Knji4spj4d0qZopige7uI2wyKekakcgkck+hHrx46qhFCqAAOgFWL6/fVtRutSlzvu5nnIJzjcSQPwGB+FQV9BhaKpU13Z4+Iquc32QUUUV0mAUUhIUEk4A6k1SOJ2Lv8AMuflB6AVE58pcYcxeyPWiqPkx/8APNfyo8qMdEA+gqPavsV7Ndy9RVLy1HQY+hqWzsbnUbkW1hb3N1Of+WVuGdvyFJ1rasapX2LFbfhfwrqPi3UfstiPLgQ/6RdsuUhH9W9F/PArqfDHwX1C6kW48RXD2VuOfssE2+V/95uVUdOmT9K9p0/TrPSrGKysLaO3tohhI4xgD/E+/euKvj9OWnv3Omlg9bzINE0Sx8PaTDpunxbIIh1JyzserMe5JrQoory27noHK/ELS31DwrLcQIWudPYXcYHVgoO9R65QsAPXFeZIyuiupBVhkEdxXuxAYEEAg8EGvDbvTzour3+kc7LSXEOe8LfNH9cA7fqpr1csq2bpv1Pns+w94RrLpo/6/rcZTILOTWb/APs+IskCANdyqcFVPRAf7zfoMn0ptzOLa3eXaXIHyovVmPAA9ycCus0TSxpmkJbSHdO+XuHH8UjfeP07D2ArTNMY6FPkj8T/ACMMgy5Yqs6tRe7H8WcxYefr3inUIrFzb6BbwLYTrGNq3ARt2we2cg4/hOP4q0LO1HiTXV1aUD+y7AmOwjxxI44aX6ZGF+meK6DTtOtNKsY7KyhEUEY+VRz9ST3NWVVUQIihVUYAAwAK+ZlVvt/X/Dn3MaVt/wCv+GOH1Kzt7aeXUNcay/tPU3+zWiXTL5VpF0ySfQHcxHUnA68+1aVFFBpFlDBP9ohjgjWObdu8xQoAbPfI5zXlA028fWTdSCObW75mtrCI/NHaxDq59cDLMe+Qo68+r6Xp8Wk6TZ6dCztFawJAjOckhVAGfyrppu8TkrfEW6KKKsxCsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KamtwNuiiikBWv8AT7XU7Y293CssZ9eoPqD2Ncdc/DoGQm21DCHoskeSPxB5/Ku6oreliatLSDOXEYKhiHepG7OR0vwFZ2kwlvZjdlTkJt2p+Iyc11oAVQqgAAYAHaloqatadV3m7l0MNSw8eWlGwUUUVkbhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWF4yRm8JahMib5LVBdovq0LCUD80rdpksSTQvFIoZHUqwPcHg00BIjrJGroQysAQR3FOrC8HSs3hWygkfdNZhrKUnqXhYxk/jsz+NbtYtWdjsTurhRRRSAKKKKACiiigArmfiD/yI2pfSP8A9GLXTVzPxB/5EbUvpH/6MWtKXxx9UZ1v4UvRnllFFFfYH5eeUap/yFr3/ru//oRqpVvVP+Qte/8AXd//AEI1UrwJfEz7+l/Dj6I2PCv/ACMlp/wP/wBAavSq818K/wDIyWn/AAP/ANAavSq9PA/w36nzOef7xH/D+rKWo6tZ6VGrXUm0tnaoGS30rH/4TfTf+eF3/wB8L/8AFVieM2Y64qk8LCuB6cmudrKti5xm4x6HXg8poVKMZzu2z0vTvEunalMIY3eOVvupKuC30IyK168jtXaK8gkQ4ZZFIPoc165XRha0qqfN0PPzPBQws48mzOT8dMfstmueC7Ej8BXFxxvLIscalnchVUdSTXZ+Ov8Aj3sv95v5CuY0a6is9YtbiYfu0f5ie2eM/hnNcWJSdez8j2ssbjgVKKu9fzZsDwTfm33maAS4z5eT+Wa5yaGS3meGVSsiEqynsa9cEsZi80SIY8bt+7jHrmvMteu4r3W7meA5jYgA+uABn9KrFUIU4pxMcsx1fEVJRqLRfh5HQeBCcX4zx+7/APZq7CuO8Cf8xD/tn/7NXY12YX+Cv66nj5r/AL5P5fki7of/ACNeif8AX4P/AEBq9srxPQ/+Rr0T/r8H/oDV7ZXjZr/HXofT8Pf7o/V/oFFFFeYe6FFFFABRRRQAUUUUAYHiI+dqWgWIAIlv/OceiRRu+f8AvsR/nW5WDn7Z49Y4+TTdP257b53yR9QsK/8AfVb1bLZHNUd5BRRRQQFFFFABRRRQAVjeK9aTw/4X1DUnALRRERqf4pG+VR/30RWzXjPxm14XGo2WgwsClsPtNxg/xkEIPbClj/wJa1o0/aVFEzqz5IOR5Vb/APHug7qNp/DipahH7qcj+GTkezVNX0Udrdjxpb3CiiiqJNfSvAfinxHZw39lpivYy58uQ3MYBwcHI3ZyCDxjtXSQfBXxNJtM13pcIPUea7sPw2AfrV34ReKP7O1aTQLqTFtesXtiTwkwHK/8CA/NfVq9urxcRWrU5uLZ6tKnTnBNI8dg+BTZU3PiLI7rFZ4/Uuf5Vs2/wT8NxMrTXuqT46q0qKp/75QH9a9Jorldeo92bKlBdDkbP4YeDrKRZE0WOVwP+XiR5Qf+AsxH6V09nY2mn24t7K1gtoR0jhjCKPwHFT0Vm5N7stJLYKKKKQwooooAK86+JemmK707W41+U/6HcEDsTujJ+jbl/wC2gr0Ws7XtJj13QrzTJW2C4jKq+M7G6q31DAH8K1o1HTqKa6GOIoqtSlTfVHjMKrJrekROPka6yfqsbsv6qPyru688miusyW8oFvqdlMAw7JKpyD7qevure9dPp/imwuI0S+ljsLvo0M7hQT/sMeGH059QK1zelOc41o6xaObh2tCnSlhp6TTehuVWvr6HT7bzptxywRI0Xc8jnoqjuxPQVl6h4s0u0jYW86Xs4BxFbuGxj+83RB7n9a3vAGlXN5b/APCSa1GpvLgn7FHghbeDsVB6M3J3HkjHTpXl08PJrmkrI92piYRfLF3ZreFtBmsvM1XU1UapcoFMYORbRZyIwe57se59gK6Wiiuo4m23dhRRRQIKxPGX/Ij+IP8AsG3H/opq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGDpJNj4r1nTmJ2XIj1CH05HlyAfRkVj/10roa5zxITp97pOuDhLSfyLk5/wCWE2EJ+gcRMfZTXR1E1rc6KTvGwUUUVBoFFFFABRRRQAVznj2Pf4F1c5x5cHmn6IQx/wDQa6Oobu2ivbOe0nUPDPG0cinurDBH5GnF8rTFKPNFx7nhlFRpb3FhJNp15/x92T+RKf7xAGG+jKQw+tSV9jCSnFSXU/MKtOVKbhLdHlWrxvFrN6rqQfOc4PoTkfpVKvU73RdO1F/MubZWk/vglSfqR1qp/wAIno3/AD6n/v63+NefPBTcm00fRUs6oqCUk7r0/wAzk/CUTyeIYHUZEauzew2kfzIr0aqljplnpyFbSBY89T1J+pPNW67MPSdKHKzx8wxaxVbnirJKxwHjSNl1pXIO1ohg+uCa5yvWL3TrTUYxHdwLKB0J4I+hHIrP/wCET0b/AJ9T/wB/W/xrlq4OcpuUXuenhM3pUqMac07rt/w559ZxPPewRRjLvIoA/GvW6z7LQ9N0+Xzbe1VZOzsSxH0z0rQrfDUHSTv1ODMsdHFSjyKyXc5nxravLpsM6AkQv82OwI6/mB+dcHXsLKrqVYBlIwQRkEVkP4W0eRyxtME9ldgPyzWeIwsqkuaLOnL80hh6Xs6iem1jzbe23buO30zxSV6R/wAIno3/AD6n/v63+NOTwtoyMGFpkjs0jEfzrD6jU7o7/wC28P2f3L/MzfA9rJHZ3NywISZlVc99ucn9f0rqqaiLGioihVUYCgYAFOr0aUPZwUT5zFV3XrSqtWuXvD6mTxjoMY6tdM34LFI39K9rry34dac174iudVZc29jEbeNj0Mz4LY/3VAH/AAM16lXzuZVFOu7dND7bI6LpYOPN11CiiiuA9cKKKKACiiigAoorE8WXc1voUlvaOVvb51s7Yjqrycbv+Aruf6KaaV3YG7K5B4U/0q0vdYOD/ad286Ed4lxHEfxRFb/gRrfqG0tYbGzgtLdAkEEaxRqP4VUYA/IVNWxxhRRRSAKKKKACiiigCvfXsGm6fcX10+yC3jaWRvRVGT/KvlvUtSn1jVbvU7r/AF91KZWGfu56L9AMD8K9s+MV9Ja+Ckt0Hy3t3HA7ZxhQGk/XYB9Ca8Jr1sup6OfyPPxs9oDJE8xCucHqD6GiJ96ZIww4Yehp9TxaRfy6ddazDbs2n28iQ3E3QKzdPrjIB9Ny13zkoNN+hxxi5JpEFFFFaECqzxukkUjRyowdHU4KsDkEe4NfSvgzxJH4p8NW9/8AKtyv7q5jH8Eo6/geCPYivmmuv+HHif8A4RvxMkdxJt0+/Kwz5PCNn5H/AAJwfY57Vw46hzw5lujrwlXllyvZn0PRRRXiHqBRRRQAUUUUAFFFFABRRRQBzviPwbp/iJ0uSz2moRjat3CBuK/3WB4ZfY9OxFchJ8N9dDGMX+mTx/33jdCf+A/N/OvUaK3p4mrTVovQ5a2DoV3zVI3ZwWj/AAzt4LhLjWbsX3ltuS1ii8uAEdCwyS/0Jx7V3tFFZzqSqO8nc2pUoUo8sFZBRRRUGgUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCvf2UGpafc2Nym+C4iaKRfVWGD/OqHha+nutHFvevu1CxkNpdH+86dH/4GpV/+BVr1zt6f7E8U2+pciy1PbZ3Xokw/wBS59M5MZPqY/Sk1dF05WZ0tFFFZHSFFFFABRRRQAUUUUAcT448Iy6my6xpSA6lEuyWHIUXMY6DJ4DjsT7g+o84hnSYNgMroxSSN12vGw6qwPII9K99rA17wdo/iB/PuYWhvAMC7tjslA9CcYYezAivRwePdBcktYni5nk8MW/aQdp/g/U8lorrp/hnqkTN9k1q3mj/AIVubYq/4srY/wDHRVf/AIV34i/5+dL/AO+5P/ia9VZjh2tz5yWRY2Lso3+aOZorpv8AhXfiL/n50v8A77k/+Jo/4V34i/5+dL/77k/+Jqv7Qw/835i/sTHfyfiv8zmaK6b/AIV34i/5+dL/AO+5P/iaP+Fd+Iv+fnS/++5P/iaP7Qw/835h/YmO/k/Ff5nM0VtWfgvX7y61CBJtNVrK4EDkvJhiYkkyPl6YkA/A1c/4V34i/wCfnS/++5P/AImj+0MP/N+Yv7Exv8n4r/M5mium/wCFd+Iv+fnS/wDvuT/4mj/hXfiL/n50v/vuT/4mj+0MP/N+Y/7Ex38n4r/M5mium/4V34i/5+dL/wC+5P8A4mlX4deIGbD3umIPUeY36YH86X9oYf8Am/MP7Ex38n4o5ipdN06+8QagdO0pcuMefckZjtlPc+rei9T3wOa7Ox+F8ZYNq+rzXK55htU+zow9Ccs/5MK7iw06z0uzS0sLWK2t0+7HEgUD347+9ceIzRW5aP3nqYHh6Skp4l6dl+pFo2kWmhaVBp1kpEMQ6scs7E5LMe5JJJ+tXqKK8Ru+rPqkklZBRRRQAUUUUAFFFFABXNqf7X8aO3BtdFj2A+tzIoJ/74jIH/bU+laeu6qujaPPe+X5sqgJDCDzLKx2og9yxA/GotA0s6RpEVtLIJbli0tzNj/WzOdzt+LE49Bgdq0guplVl0NOiiiqMAooooAKKKKACuX1jx7omlSPbxStqF4pKm3s8OVPozZ2r9Cc+1cX4s8Vy67r9/o1leyRafYHyZ0iJRp5cneGPXYMbcDGTuzkYrFiijhjWOJFRFGAqjAFTKajoe1l+TyxMFVnK0X9/wDwBvii41Lxfvnv5VhZBm1tY3JihPuf4mPQtjp0ArgZg1tKYblDBKOqvx+R6Ee4rurnULOzBNzcxR+zMM/l1rNhvb/xRd/2X4ZsXupW/wBZcOuI4Qf4iT079fTgGujCYqrTbsrpmmb5Vl/s17/JKPbVv1X6lDwx4W1LxbfJBp8bLbbsTXrKTFEO/PRm9FH6DJr6ItPDmmWfhsaBHbg6f5JhZD1cEfMSfU5JJ9TTvDuiW/hzQLPSbYlo7dMFz1djyzH6kk/jWnVYjESrSu9j5ulRjSVkfLev6JceHNeu9JuSWMDZjkI/1sZ+634jr7gjtWbXufxZ8L/2toQ1i1jze6cpZwo5kg6sP+A/eH0I714YCCAQcg16+Ere1p67o87E0vZz02YUjKGUqRkEYIpaRmCqWJwAMmupnOj6R+HuqT6x4F0y6uWLThGhdycljGxTcT6nbk+5rpq5n4faVcaN4G0yzu12XGxpXXHKl3Z9p9wGAP0rpq+Ynbmdtj3o3srhRRRUjCiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVXUtPt9V024sLpS0M6FGwcEe4PYjqD2Iq1RQBj+GtSnurSWw1B1Oqae4guiBjzOMpKB6OuG9jkdq265vxBb3Fjdw+IrCN5J7VfLu4E63FtnLADu6H5l/wCBD+Kt+2uYLy1iuraVZYJkDxyIchlIyCKiatqdNOV0S0UUVBYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBiaF/yGPE3/YST/wBJLetusTQv+Qx4m/7CSf8ApJb1t03uJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUVh+IdSuIhBpOmvjVL/KxPt3CCMY3zMPRQRjPVio7mmld2E3ZXZVjP/CQ+KTNgnTdGcpFkcTXZGGb3Eakr/vM392ujqrpunW2k6bBYWibIIE2qCck+pJ7knJJ7kmrVa+Ryt3d2FFFFAgooooAKKKKAPN/E/wgsdc1mbVtO1SfS7q4O6bZHvRmPUgZUgnqeetY6/A65dgLnxhdSxd1FsQT+JkP8q9goqudjUpJWTPOtL+CvhOwYPcpd6g4wcXE2FB+iAfkc13dhptjpVsLbT7OC1gBz5cEYRc+uB3q1RScm9ybBRRRSGFfOni/w/aL4n1AeG1VrOJtskRbCibnesZ/ujjg8A5A6V6t498Sy2Mcei6dMY766QtLKh5t4em4ejMeB9Ce1efQwx28KRRKFjQYVR2FNV5UXeD1PWy7KI41Odb4P1/4BxP9malnH2CbP1X+ecVPaaFcXGu6Tp0x/f3l1Got4zuKx7vmZj04APHsfSt3Wdbi0tBEg868k4igXkkngZx/k16B8NvAM+jyN4h1795rNwuEjbn7Mp7f7xHHsOO5rpeNrVI+9ovzOfG5bgcFLkptyn5vRfd1PSKKK89+IFx4+h1vS18KR7rMj97tRGzJnpIW6LjHIx1PtXMld2OBnoVFAzjnrRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK5iE/8IlqwtyMaFqEx8pu1ncOeUPpG5OR6MSOjDHT1BeWdvqFnNaXcKTW8ylJI3GQwPajyY02ndFqiua0u+uNFv4tB1aZpUkyNOvZDkzqB/q5D/wA9QO/8QGeoNdLWTVmdUZKSugooopDCiiigAooooAKKKqanqljo9i97qN1HbW6dXc9T6AdST2A5NAN2LdV72/s9NtzcX13BawDrJPIEUfia8y1n4j6nqJaHRYf7Ptun2mdA0zD1VD8qf8CyfYVyEkX2i6N3dSS3V0f+W9w5kf8AAnoPYYFdMMNJ6y0PGxWeYei+WHvPy2+89Su/ib4egyLU3l+wOP8ARbc7T9Gfap/A1mTfFNjn7N4fmPp9ouUT/wBBDVwlFdCw0FuePU4gxMvgSX4nT6d8Qr+yvtSuJNBhZb65FwQl+cpiGOPHMYz/AKvOeOvtztQ/FS0yBdaJqMfq0RjkUf8AjwP6V5qdRshJ5X2qEyf3A4LfkKka4VBudJkX1eF1H5kUpUaXUqnm2YbqF1/hf6HsWn+O/DWouIo9VihmJwIroGBifQBwN34ZrowcjI6V87JdWV6pjSaCYHgoGDfpWjpep6poLKdIv5II1/5dpMyQH22E/L/wErWcsL/Kzto5/G/LiIcv9dj3iiuJ8P8AxHstQljs9XiXTbxyFRmfdBKfRX4wT/dbHsTXbVyyi4uzPepVYVY89N3QUUUVJoFFFFABRRRQAUUVBe3ttp1lNeXkyw28KF5JG6KBQBBq+q22i6dJeXO9lUhUjjG55XJwqKO7E8AVQ0DTLiAz6pqm1tWvcGYA5WBB92FD/dXJye7Fj34r6Xa3Os6gmvapC8KID/Z1lIMNApGDI4/56MO38IOOpauirVKyOac+ZhRRRTICiiigAooooAKKKKACiiigAooooAKKKKAPAdX8QWn/AAlevtqE3k3KXroRICCY0+VMD02gfnnvWXDqmqeI7s6f4W0+a5m/inK4WMHuc8Ae7flXuereCfDWuX323UtHt57nGDKcqW6fewRu4AHNa1jp9lplsttYWkFrAvSOGMIv5CnywvzWPSWa4iNBUIWil1W5xHgX4Y2vhqUapqkq6hrb8mU8pCe+zPU/7R59AOc+gE4GT0orn/Guj3mu+FrmwsSnnO0beXI21ZVVwxQntkAj+fFO93qeZJuze7N2OWOVd0bq6+qnIp9eCSeEdTsj5snhW7gdR963jR2/DymJpv8AaOp6Wd76hr1gB2uZLhFH4SfL29K19inszzv7QlH46Ul8rnvtFcP8N9d1TWrS/F7O15awMgt7xlUGQkHcmVADbcLzj+L2ruKykuV2O+nNTipLqYHjTXZvDfhO+1O3jDzxqqxgjIDMwUE+wJzXk3hX4keJP+EosYdQvje2t5cJBJE0SDbvIUMu0DGCRxzxnvzXuF/YWuqWE9jewia2nQpIhJG4H3HI+orldD+GPh/QdXXUoBdTzRsWgFxLuWE4I4AAz16tn8+a2pTpRhJTV29iZxm5Jxeh2VFFFc5qFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqK4uYLWIyXE0cSD+J2Cj9aAJaK5q98daJaPsWaS4fOMRJx+ZwKybr4gTHi0s41GfvSOW/QYpOSQ1Fs7ukJAGSQB715ufFl/eMUa6MWe0YC/r1rN1C5u3bJlkcnnLOW/nU85aps9Rk1GyiOHuoQR2Dgn8qrPr2np0lZz/sqf615E19fRn5ZMY45bFRLfaolwHN0piHUeYKTmx+zR6y/ie1U4EMpPvgf1qu/iv+5aD6mT/61cNFrMdwdqhywHJC0qXl1cMUggZh6yArU87HyI6y/wDFt7bwb4beAn0bJ/kRWM3jrWmX/V2cZ9dpP8zVA2WpTJiWVIl9BIKjbSbJUH2q5dm9gDRzMOVF0+OdXAw9xCvvHAD/AFpU8a627YiIk+sAFVUTTbSMeXbiX3ZcVOt7IP8AURKn0NLmY1FF5PEXiqQgotqAf76gVoQ67rUQzdz2Q9lXP8jWA9xdTcSSsM+hqp9jbeQJTIB/e4o5mHKjsT4vEY+cxuf9mMj+tEXjMu+02Yz/AL+P6Vx0TKkpSRNuOhFWS0Oclvm9qOdhyI64eMoUbE9lInujhv8ACrlr4o066UsPNjA670/wJrh2kikUDg1VkllhYxKSufSj2kg9mj0lPEOjv/zEYE/66Ns/9CxWhHLHMoaKRXU91ORXjMq71KN83uappPdWLrIkjrGPukHBFNVX1RLpnutFeRp4j1hIRJZ6nNu6lZMOP/Hs10Ph3xteahdLaXUUJfHJUFT/AIfpVKomS6bR2OoafbapZSWl3HvifB4JBUg5DKRyGBwQRyCKyrDVrnTL+LRtbfc8ny2eoEALdf7DY4WXHbo3UY5Ua1xfQ2rosxKluhAyKS+srPVrGSzvIUnt5Rhkbv6H1BB5BHINXo9BJuLuXaK5ZNSvPCzrb6zK91pJO2LVG5aH0W4x27eZ06bsdT1CsrqGUgqRkEHgis3Fo6YyUthaKKKQwoorL8Q69a+HNHl1C6y20hIol+9LIfuovuf0GT0FNK7shNpK7K/ifxRZ+GLBZZlM91Llba1Q4aVh/JR3Y9PqQD5BqF9fa3qAv9WnE065EUa8RQA9kXt7seT+lMuLq81LUJtS1GXzbyfrj7sa9o0HZR+pyTyabXo0aKgrvc+MzPNZYiTp0naH5hSEhVJYgAckntQzKiF3YKqjJJ6AVueG/C51fZqOrRYseGt7Rx/rfR5B6ei/ifSlicTDDw55nJl2XVcdV5Ke3V9jN0vR9T17D2SLBZn/AJfJ1JVv9xMgv9cge5rrbLwJo8GGvVk1GXubptyfhGML+hPvXSgAAADAHQClr5rEZjXrPey7I/QMFk+FwiXLG8u73/4BFBbwWsYjt4Y4ox0WNQoH4CpaKK4dz1Cpe6Xp+pJtvrG3uV/6axBv51zV/wCArbBfSLqWzfqIpCZYj+BO5fwOB6V2FFa0sRVpO8JWMK+Fo4iPLVimjyK/tbiwm+xaxaLC0vyoSd8U3+63f6EA+1dF4X8aXXhxo7PUXkutHztEjEtJaD+bp7dVHTI4HZ3tja6lZyWl5Ak0EgwyOMg/4H37V5rrOjXHh28WKR2msJm2287csp/55ufX0Pf69fewmPhif3dVWkfK4zLK2WSeJwbvDrH+v+HR7lBPFcwRzwSJLDIodJEOVZSMgg9xUleQeCvFDeHb9NNvJD/Y9y4WMt0tJCePojE/QHnoTj1+rqU3CVmenhMVDFUlUh/wwUUUVmdIUUVn6vrVnotuslyzNJIdsNvEu+Wd/wC6i9Sf0HU4FCVwbsWL+/tdMsZr29nSC2hXc8jngD/PbvWFZ2tz4hu4dV1SCS3s4iHstPlGGB7Syj+//dX+Hqfm+6tnpF3qd7DquvhPMhbfaaejbo7Y9mY/xyc/e6D+H1PQ1qo2Oec+bRbBRRRTMwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUhIAJJwB3NAC0Viah4r0uxBAl89x2i5H59KTR9cGtRysB5ajoF69KV0UotmzLLHCm6Rwo9TVOTU1EhSGMuQCSxOBUN1b+fZhFJwpBJNUCwhlUA/eBqeYrkLP9oXE8LkMFwwHyjtXOeKwx0xnBZyXH3q6SCGNbeQgYyw7VieJbaa408JDKI13DknHek2NKx5xLa3EzhhtX/gVSi3MJxLKR7JzW0umWkQJvLxyQeigNmpS2mj5orVXPqykVLKRjxx8gwxPIexZTW1bw3DRE3KKp+tC30w4iQRD0BpGluZvvSEikUUp9Mhnc7pmUd8AURWOjWi7mVp2/20q95OBygJ96h8gFm3gAexpMCGbU4rODdY6fCv4kVBbeIby5OwyGMf3QaV1EbEcsKpTpHFmeOMb/AEpMDUzNK37yVnB7HtUnlIvy9W9a52DWJDMRkq3cVrQXQl+ZDwe1IDQDRoMH5j6UplA5TI+grOlSRW82M5HUit3QobG+XzLm5aIf3QBQBSeUsuYxlveoY2kk4bcjegHFdgB4ftT8qmZv9pKp6nqNm9qVsrGEP/eJINAHPzxSS2xVW2tjg1nWbFXNtcHbIP4j3rRguldSkvyyVDe2qXK5JxKv3WFJgMMM0Uhbf8nZc1LHOZT5Uow396s+G+Kv5NwT5q8A9vzqeSc5+boO9NDHzKYWw549arSDzVKsfk7VaMyXSCOQjaOhqlc2c8b53jy+3NDEUTK1nJjOY61dEdH1q2uYm2knBH1NZE8qK5SYEjtxVewuGtNbtNuTG7r057ihAz3bUYopQgkAIHzAn1HSiZmn09QVw3BJql4mW5l8PtJY5EqsMY6mpdGa6m8MWbXn+uMYL8855rYgoX+o3Fm0YMwMEg2lHAYHPHQ1nyy3XhCH7VpiiXTC2ZdNZsLHnqYGP3P9w/L6basazo02pyW/lyhI0YMQSB0Oau39la3Vs1teSkQg9cZobaJW5paD4k0vxJaGfTrgOVx5sLjbJEfRl6j69D2JrWrgLjS/CdjbxyRTz2t5GMRXlqdkqe2ehHsQQe4qG0+Iw0u4FrrRN1b/AMN/bREMB/00iH80zn+6KSs9jVS7noteK+K9cPiPxFJNG+dPsmaC0APDt0eT8SNo9hn+I13Hi3xZar4Le60e/imkvmFrbSwvu2s2dx46FVDHnuBXl0UaQxJFGoVEAVQOwFdeFp68zPBz7GOFNUIPWW/p/wAEfRRSLFcXl3Bp9lg3dwdqEjIRR95z7AfmcDvXXKSjFylsj5ajSnWqKnBXbL/h7Rh4g1U+cobTbNgZgRxNJ1EfuBwW/AdzXp1U9L0230jTYLG1BEcS4yerHqWPqSck/WrhIAyeBXyGMxTxFTm6dD9Ry7AwwVBUo79X3Zn3mrRWl2lolvc3V0yeZ5NtHvYLnGSeABn1Izg+lMW612cfuPDrxehvbuOMf+QzIf0qXwlGbuG712QHdqMgMGe1umRH+fzP/wADro63jhoRS5ldmjqSlqnoc0LHxPOPmn0iz9QI5Ln9cx/yqQeHL+Ug3PiO990toYolP5qzfrXQ1h+JNTntoYdO09salfEpE2M+Sg+/KR6KDx6sVHetVTgtkiW31bOftNMhuPFLTWt3qElpppaN3mvJHWecjBAUtt2oODgcscfwnPT1XsLGDTbGGztl2xRLtXJyT6knuSeSe5NWK86tU9pK/Q6acOSNgqrqWn2+q6fPY3ab4Zl2sO49CPQg8g+oq1RWSbTui2k1ZnkE1pJbzXWl3wEksDGKQkcSKRlWx7qQfrkdq9O+HXiCTUdLk0q9lL32ngKHY/NLCfuMfUjBU+4z3rmPHdiIbyw1VB98m0mwOoILIT9CGH/A6xNK1Q6Dr9jq27bFE/lXPPBhcgNn/dO1/wDgNfV0an1rDKfX9T4a39mZm6S+Cf67fc9D3eisfUfEtjY3RsohLfajjIs7RfMkHoW7IPdiBVE6Xq2u/Nrdx9ksj/zDbOQ/MPSWUYLf7q7R2JYVgotn0MqiRLd+I5Lu4l0/w9Cl9doSktwxItrZv9th95h/cXn129an0rQY7C4e+up3vtUlXbJeSgAgf3UUcImew/Ek81pW1rb2VtHbWsMcEEa7UjjUKqj0AHSpa0SS2MJSctwooooJCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFIzBVLMQABkk9qAFpskiRRtJI6oijJZjgCue1TxUkAMWmwi6m6b2bbGv4/xfh+dcZfyarqVz5mo6iyIOkcTDav0FS5JFKLZ1eqeOLS1JisU+0ydN7Hag/qf881zGoa/NrEZhuJHYg58tQQv5VXW106Jt0jvO3bctEl5CkjeVZKrn+LBqXK5oopFF4LmZlWKNRzjOa7DwdZva3E8ZlG/nuPSudgnJznhj6Vq+HX8rWAWlYlgetIGdgFmhtLt5JCduWA+grG02c6hZreSqEYIcA1viTfcSQOuVZT1+lYbwhw8EZKxxHBApiLFpcSzWTgjncKyPEwZ9NC5/iFbdr5RtyYW4HWsfxGwNgCoI5FJjOTaFEjXcMmp4fLUAcjHoKics69jgVreHrS1ugWu5jFjsMGoYynIU35AY/hSMz8BUKj6V2iroFqnI84juy1laxfWNygW1gVD64xQMwGd8gMzY+lLs3U9iRwxFM37aAuRSQ4qjNFtPzdugFaDSbqoXbSxjzUAZR19aLDRlXlis2ZkxHKPTvVCC8kgl2MxRx1PrWvPJG8H2pSS2OUxzWPLPaX64dSko+6cUrAb1pfLKMqcHuvrUsisG863IUnqAa5BLmSym/eBi/bAyK2rS/mmAWK2kL/7hosBtw34l/dZ2SDqfWpTdbeRz9aZ/wimr3lul1FEsbHH3mxWpb+CdQeMNfXUMQ/2ZVNAGLclHXepAf2NVY9SAPlyZL+3NdinhfQ7EA3OoSSN6Koai7k8H6UhmNr5so9Yj/jTEziLsi54ihkLjodh602yh1WUeXJbSOfVlNdE3jW1kbGnaJbqR0Z9y1RuPGOqzS+X5gt/eJ80CIk0DVZG+ZY417ZfFaB06WOy8m7mjyMbSHBqiNVnmz9pvppT7is+S+kSRjPEGjJ+XHOKAL8thZxBTeyscjAIGantZ9FtpYkitlkZWGGZSD1qCGaO8hWO4iXGPkNUZLAwXQ3OwO4dORQgPZ0cvpkVwGCxkA4zU0brPZM6HIrPs4ReeFraJjg7Bgj8as6Vbva6c0TnOKpCZQuZEVl8zgVm+IZxFoheJd6ZHLcGr9+omlRMdDVLxDC76U0ca5GR8ppsSPPZA90odnOOwqtPDDKPLkUluxIrQh0+5eUo8iRAdkcE/lU0thAgBknYj1wKzZZy8dmqa4TtTMMAJYAZJYkDJ74Cn/vqtKoIxGdQ1CSIkxmcKpI7Kij+YNT169FWpo+FzWp7TFzfbT7gqFrZDc/aVknim2eXvhneM7c5x8pHepqm03S5df1P+z4yyW6ANeSr1RD0QH+836DJ9KdacKcHKeyMcDRr1q8adBtSfVdDX8E6bd3l+dXkvb42MW6OBJLuR1nbozEMxBUcgepyewro/FN0qaYtl53km9YxSS5x5UIBaZ89sRhsH1K1sQwxW0EcEMaxxRqERFGAoHAArl9RT+0ItZ1h132dkY7NOM/ullRrp8d+Btx/0zPrXy8JfWcTztWX9WP0yNL6th1TTbfd7vudNb69aeWkGn6bqs6IoVBFp0yoAOAAzqq+neodS17VtP0q61BvDF5HDbxmQ/abmFC2B0ARnOT0xjuK7lWV0V0YMrDIIOQRXL+LJ1vLzStCQhnnuEurhRzsgiO8E+gMixr75Poa9JQj1Rze0m9EXlY+WGcbTjJBPSuS0DfqSv4huR+/1FFaFT/yxt+safXB3H3Y9gK610WSNkcAqwIIPcVysWh+IdPt107T7uwa0Q7Ibi5DmWGPsCg4cgcAllzgE988VWMpw5YnXFpSuxZ57zVNUfStLl8gQBWvbzaGMWeRGgPBkI55yFGCQcgVYfwo0cZez1vU47rr5k03nIx/2oz8uPZdv4Vq6RpUGjaetpAWf5i8kshy8rscs7HuSf8BwKuSSJDE8kjqkaAszMcBQOpJqoU4wXKl/wRNuTuznNJv5b2GaO6iWK9tZjBcxrnaGABBXP8LKVYezVoVj6HIb641TV1Vlgv7kSW+RgtGsaIHx/tbSR7EVsV5taKjUaidNNtxTZz/jaES+Eb9j1gC3APpsYP8A+y1wEsazRPE4yjqVYeoNei+Lz/xR2sju1nKo+pUgV57XvZK37KS8z4zixJVaUlvZ/oeq/Dw2z+CNOa3t4oXCmOfy0C75UYo7HHclSfxrqK4T4WzMdJ1S2Y8Q3xZB6K0aN/6Furu66Zq0mj0KE/aUoz7pBRRRUGoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACio57iG1haaeRY416sxrjtW8WyTSGCz3Qw4IMv8bfT0/n9KTdhpNmxr3ivTtBjKysZrnHEMfJ/E9q4i68ZXOr/fAjTtEpOPx9azbjY0zsdz5PcdapvCkTmWGMbvQ8VDk2aKKRrefdTD5piV7LmlSBCP3nzPWRa6ujTFJF2P8ATitDzmIDqevpUFFzy4ox8xI+gpj3EYyFG8f7VbOmaZYTwCa8uyCe2Aaszjw7bQsqIZJexKUXA5dXUjKp5Z/2amsTPFqkMqv8pYd/ekfy97E5VCeAooibZMnzcK4/nTQmeoNt89HLcsDWY9ti4vFT5fMJP6VcCC6traRCQQB/OoLslb1s5+6x4qhFKxs2t7TaTnJFY/iyY29ki/w5H863LZpJrQlTgA9+K5zxi+3TEV+uR/OkxnOearoTGecUtpcNyCB+dYUc8sDNtVmB9BmpbS4uZLgrFbSH32GoYzpVuWC8U15t4+9jnNR22j6xdjKrGin+++3+daa+E3WFpbzUEiwOkcitQDMs3C7ijFT7k1G92EOBlx9K2bGy8NJAGubiWWQf3o6sPqvh+0XEGmxSHsWUigVznN9xL/qoZOfRTU8WnanI+DAqjvlsVcl8USxtm3t0hXsEJqnea9f3y5SeRX74oGijqOlzQSkxbEfB3bW61VsLPSnYy3rP5neMp0pJru6aUeY7M47mknjW+y5IW4HOf71K4Gt9p8PRIN1kswHRmQ5zVWbxyunzlLXTIY+wdS1Y4nJBt5Ywko7dj+NVZLV5sq3+rzx60DR11v451O4tlEs5VPZs1Dd6vJdgusrvz/FxXJx20tpKQd7xZ4AGa3rWwmuUDhmRccjpQMll1J4rcylUDKp5zWRA1zqVubmaZ9r/ADDHNbb6Ib63liUrlVPLHHaodHtFjs47KWZYvKGDtINMTKsUZkhAZiSvHzcVA1ltkxtBX1HNdOYdFjbL3Mr+oCA1FJf6Yh221ozL7oRQIxY4QMKqyH/gNOvWewsnupomEaEKRg9TW2upsy7bSyjQ+rZWq2ox32qWzW9y8awk5Ybx1oA5vTdY/tHUI4EJVZFLJnjFdVPa+XEiTzgsPRga5230izsrpWWXDICF2gHitNTaMN7SSu3+0lNAeqaKVXw5AT84WPI/WrOk3X221diCAeeRVLw5IsnhyHapxsHGK0rMYQLGgVcc4poTMnUI5TcRmEgBSM8+9UvErzpp5kgfaxYZOcVoagRGTtZgS4HSsvxPBI2jeWjZYsvemxI87voLiG4+2C6+dzhsMO9XmMDQKrSsfwpw0QyDbKEJBzkmraaQOMlfzqLXKZyun48u4x0+1TD8pGA/QVbqJIhb3l/bj/lndP8A+PYf/wBmqWvYh8KPz/GprE1L93+Y0rPNPDaWiCS7uG2RIeme7H/ZA5NemaHo0Gh6YlnCd7Z3yykYMsh6sf8APAAHasHwHpsX2GTWpAGubpnjQ9fLiVyoUfUrk/gO1dhXzeZ4t1ans47L8z73IcsjhKCqS+OX4LsI+QjFeuOKr+D4438EaQCA4ltEaUMM7nYZfPvuLZqzWNZ348KzS219kaNJI8sF0FJFuzMWZJMDhcklW6AcHGBnnwclrHqz1qy2kalvot9psZt9I1y6tLMn5LZ4o5lhHpGWGVHoCWA7DHFW9O0mLT5J5zNPdXdxt865uGDSPtGAOAAAMnAAA5PHNWbW7tr63W4tLiK4gflZInDqfoRxU1d7nJ6M51CKd0goooqCwrj7gnxXeyCUn+wraQxrD2vJEbBZv+masMAdGIJORjPS6rNJb6PfTxf6yO3kdMeoUkVjaJbxWuhWEEOPLjt41XHcbRzWNeo4Q93dlQipSs9i/wBBgUUUV5h1nM+PJ/L8N/ZwcNdXEUQ9wG3sP++UauJrovHk/manpVmDxGstww9Dwi/oz/lXO19TlMOXD37v/gH59xPW58Yofypfjqdx8LifP1xcnbugOO2drc/oPyr0WvP/AIWxgwa1cY5N0kOf92NW/wDZ69ArSr8bPUwKthoX7IKKKKzOsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/yI/iD/ALBtx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFBIAyTgCgArM1XWY9OQqkbXFwfuxJ/U9hWFq/jm1gm8ixImCnDzA5H0X1+tYw8XsZGMFukRJ5IY5J/GolPsXGPcq6pf6jf3O69Yj+7GOFX6CqvlnuamudRku5DNOd2fU1CZVPSoNA2LjkVWlTccrUrSH1H50wOvTI/OgDOubOOYfMPm7VTjubiwbEuWj9ua2ZkUqeDyOoFZAs9Qa4Mabpof9qgDTt9RjnXKHj0PFWGn9SB+NZyeFtQkkEkTwxrnkGQCti30XTrds6lqbL7JtalYCobhf75oWYmQbY5GweMKTW8k3hW1X93G1yR3kjxn8jSyeKbKJMWmmQxYHbNUhM67TJLibw9bSICrgLkNxT7/wA4zwsowWQ7uag0HU5L3RftM6bVABC1dFwlzbpcLkZHAIxTEQIix23lMSeQfyrnvFkcM1mjTDjcDj8a6F90cZ3KDk9c1y/iybZbRjhlPr9aTAwEv7C1V/KtEYgdwRVH/hKJwh+yBYM+jYpJIfOQtGSvHOKxJrWM7QVf/vmkBtLruqzpiW7Zh/vZpDdM43OzE1Da6ZKFHlIp/wB44q5/Zs8ah7h4lHtIDQAxSpG5c5NSRwPPJ5aYZieFJ4qxHBZJGGa5bPooBqdJrWAiS1VzMp6lMUATN4dlt7V3u3RHxlUVgazLa4kht/KSzXzm7nIq1JeXl1eNdSgyYzhX4xTFvJ55d8jBGHcGgZGmj3lwcyBEY/7Vchrt3e6fqslrHHu8p8CQGu2kuXJ3NcSHHXis29WG6JCQkljkkqcmkxogjhS/0eO4k4ucA5qlBemG5CXNvuwCNxBraRfJtVXyMKox0NQZju4WjcNwcBttIB8eoFvlt7KLj+LJFWrK8l3yG6Mag9MPmsGZrvTHKhmMR6VFHbz3riRnVUIzjdQBsSs3nyMl26xsei4qnLZx7mmt3aSQHL7xjdU8NnBEq75ePbBqwixLdKySNJHg8MMZpoTKsV/bzRN5NrFGw+8uSM0q30hAKEoT2FN1OwS6uPNsoxDJg5HQH86xra7nhvfIu12sp4bt+dMR0Ci/nY5dwMcVPBpd1MhaQgueoJqSOa9e3DIzGP8AvLzW5Z6xpVtaIksRmuQPmLIcH8aTY0YUPhhzc+afuY+6vNaP9jJCqmTzMgd1ratvEccpIstMVSO+1hU073+oEFowox60rjNfwzhdJKL6cZ+laGnrMkcvmAcnPX2qtoULxWBVgM1fhDKdpfOVPeqTEzMu4kkOSTwwNY/ih2XTzsOPmFbd0dpGFB5rE8TMq6ad394UMRykUjOvzMasKx9x9BVKK9tUB3DofSpRrMIb5IwfrxUjRh6jGYPEVzkHbcxJMCR1YfI35AJ+dMqfxJeGYWd6YwotpCrkH/lm+AfyIU/gagr1MPLmpryPjc6ouninLpLUtaXq+qaIrxWMsD2ruX8i4QsFY8kqQRjJ5xzznpmtH/hNNc/54ad/3y//AMVWJRUTwWHnJylHUmlneOpQUI1NF5I2/wDhNNc/54ad/wB8v/8AFUf8Jprn/PDTv++X/wDiqxKinuYbZN88qRqeBuOMn0HrUf2fhf5DVZ9mMnZT/Bf5HWeCb67vfGtw5trWCN7JmuBbAqrvvQIzAnlsbxn0z7V6DfahZ6ZbG5vrqG2gHBkmcIv5mvHNA1zUtOOoS6faJFJdlEW6ugfljQHG2Pg53M55I7cGllR7q7+2X08t5dDpNO24r/ujoo9lAriq04Kdo7I/QMpwGMr4eMq2jerbVvw/4Y7e8+I1kMrpen3V8e0jjyIj+LfN+IU1jzeOPEczZij0y0T+6Y3mYf8AAtyj9KxKKjRbI+gp5TRj8bb/AA/L/M0X8TeJJN27VUAYYKrapj9cn9aq2Gta9pdhBZ213ZSwwRrFGLi2YnaowOVcdvaoKKUkpKzRt/Z2G6R/F/5lmTxx4mt+ZdNsZE/vwB2x+BYH8s0638fardKWhTTX2nDDa4Kn0IzkfjVSql1p8N0wk+aKdR8s0fDD/Eex4pwpYf7cDyMwyXEzi5YOs4vs0mvvtdfiS3l3d6nqkmoXvkiUxJCqxAhQqlj3J5JY/pUdVIriWGcWt6FErf6uVRhZR/Rvb8qsPBNeyQ2FsSLi8kW3jIGdpbgt/wABGWPsDXsUlCMEobI/KMdh8X9cdPFL943/AF8j1P4b2pt/BlvOy4e8kkufqrMdh/74CV1tRWttFZWkNrAgSGGNY41HZQMAfkKlribu7n18IqEVFdAooopFBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiori4jtYWllJCj0GSfYUAFxcQ2lu89xIscSDLOxwBXl3izxZe6vKbOxJh048Ng/NN9fQe35+gu+I21nW2+cRQ2in5IjKOPc+prnW09LSONDMGOPUVnJ30RpGNtzJ2NGG8s457VGt8YpOY3ZmPZSa3Y4rG3YvMGbvjbnNMutTt0RJLeyjQgjnkVFrFktrY6heriK1bBPVgRWzD4S1BxmWaGIf9dR/Wufk8Y6x923vZIV6bUNQtq2pXZxPcu4PvmhAdUdB0y0/4+9QLEdQm1qgln8O2q5SMzEf3krnDC7DO7k+tNjhbOCD+AzTA1LnWbab5be0RF/EVGl3Nsb7PL5ZJ5ANVF06dyWRZNvX7tVUJe6MEQCyA/xcUAW5ppzuRpGL55J71lXduJ2G4YcV0U2nNHBvlmXfn+Bgartb2qxl5Wdn/wB2mBh27TwybSu5RWpE6yLltwIPAUZFW7V4BHkW4b/eBFJdS3GFFtb28AXuJMGgTO80G7afQ4o2jIZQB0rZi+e22hFGPeua8F3EtwJVnmL4BGM57V0yQfZ7WVt7Hn0piI3/ANWFPeuZ8T/Z4oYlniJx2UZHWuiYl7dW7kVy/ir7W1tbCAnBHJ6HrSYGPFPbfZpgkAjz93jGeKyopHeArKFV8joasSxTedFFIzSZHJPapPsEAmwXJP0pAVP34Zt1zIqk9qJvspTMhMp9xWi1qpGNuQar/ZVjwBEpoAqQyqBiGyjx68ircbXjf6sbPxqwFCIMIB9KQyTJ0bj60AAtbuT/AFtwcdxkU9tLLJiMZAoS4BH7w8+ta2nanBbRlHhWUju9JjMcQyRABocjPBqxLb+U0crAL7pzWtd6jHd222OFIv8AdrK8uYghHJRT0pMaC7cOABmQHru4qjHGT5qqAiZ421qRyQzAIEG8DnPWrVlpu9GYKNnvSQ2cY1wUunjucyx9BntVd7Xy5d8HMZ/hFamr2Yjnm8skYPQCsW1vmt32kEkdaYiVyIm4H4VYtLlUdXkJ4q0qQXqGVABLjoaxZVnjndGTgHimhM27i+ikfctVp4rW7UGeNZFPTPasmGWXzNpXir0YQHlyCO3amI6rw3cQ2SfZ5MSW7DGw9hWzLpNjbE3UMSzQf3cf4VxFvcJE/mbsY6gV1ekeJLNUMZztbjGKTQ0KfE1nbD/R4BHj+EA1WuPGU5JEcZIP1qvrdpE5NxZxMxbqAtZMFnqEpVYraTp12miwz0rwlfvqFhKz8c/0rXiCJPkA8qe1YPgqyurSwn+0KVJYcH6VvRyFr4qVCgA85prQLFSXc0pUIOuaxvEiRS2qo5AJI61vTOiSsxmQfVhWRq1pY6jGPPvI4yp/hcGhi5WedXNkttPIrklWORjmodkcfLLn8K7aa18PxbBLeGQgc8A/1qP7d4Rh+8hf/tn/APXpc1ilCT2OQLLcwSQG33RyKUZcHkEYNYFvc3kMktlLYzzS2xCs6sgLL/CxDEdR+ua9O/4SjwpbcRWAJ9fLP+Ncv4w1jTtSa2v9NtfLvbXKsFUjz4j1Q+4PI98+ta0q7hsRUy2jinFYlPlXbdGF9rlxxYXZPptX/wCKoEt/J/q9PZD6zyqo/wDHd1X7a5iu7dJ4XDRuMg/571LVPF1Nj1KXBOV6SvKS9f8AJGaLK/m/194kK91t05/76bP8hVi3061tn8xI90veWQl3/M81aorGdWc92e/gsnwOC/gU0n33f3vUKKKKzPTCiiigAooooAKKKKAIbq1ivLdoZQdp5BHBU9iD2IrpPhbo095eza5egOtmXtbVwMCR+jyD8MLx3LisK1sLvXdUj0fT2KSyDdPP2t4s4Lf7x6KO59ga9o03TrXSdNt9PsohFbW6CONB2A9fU9ye5ropOUYvzPj+IHh6teFlecOva/QtUUUVR4gUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiori4S2hMkh4zgD1NAD5JFjQsx6frXEeMNZvLaOBrWQpvXoD71qx3VzdazcRTY2LkIAeAMVzvi+EOlqJX2gJ2+tQ3c0SsclcahqNw4M0zNn3zUDRs3zgkn3q7DPZLuVnmYg44jzVyN4sfurSJ/98kUrDMv7UwixKCAB2p0Mf2mBZEw8WP4jitG5iWaIhoYYgRg7GzWfBbrAnkxzN5Y7AVLQED6T85kPlIh7bxVyzgsUwJriRAO0a5qG7jjldYtjP/wGnNF9njULAAfWhaAXRqGmx3HlrBJcAdDJGRVsX25GEFhbRH1LkVlCK8kIMb7fXBp5tW83E8jMPzp3AvNqN+ke03ZiXGCI2Bqhiy8xpXZ5JP7xWrMNpbEbQpyTgZFb9p4TMsSuRAsZ9ZADSbCxzMUyTHEVtgj+LBFWxa3E43MNtauq6edJxtaMr/sODWPc39064jYKP96hNDsxZYZo0xu/I1n/AGZZziaVsj1FWopbhELTHdgZPOaSOWG9UyorLz3GKLoTR1HgcQQXzRAsflPb2rs4zKTcKwBQZxk+1cL4RfZrgXsVau8M6NNLbjcpUHnHWqApxFHgUuSrAdqo6lNYRIv2hmcEdCtWXDxpujAYdOtcx4tfy47cbiWx2+tTYehFdXFrLPi2iCJ64xVGSGJdQVkIxg1USRpBtclfSo5WeG5Ubs8Hmk0BrSOuOKrNIvVgKjRhsyzjn3pjzW44LUloDsSjEoIGBULny02tkkcdKj+1wRHKtU0Op21y5iaMZPOSKd0IptvB5J2nmnxtI5+Ukild5XmZBGSi8ZA7VTdr6W6EFjC3JxnBFMaNZBIB97H41dtpFhYO5VifenWngrXbiJZJZQueo3itKLwBIj7rjUGRPqtJorUygLN78zeeY3OcYArpbCN1tivDEj74NZc+keGtOk/0m/eVh/dUN/I1L/wlmi2EfkW/mNGOOYzRaw/ZyZgasm28nQlupycVy91GhO+JWHsq10V9r9tPPJIsOULdwaz21aJX3Q2kYX8aClRkZNubwyL5EUjNnupFby6VqN4MzRop/wB6qy65dRsWi/d/7ppkms6jNz9qkx9aL2H7CTLg8LXBPzXCKP8AfFSr4Yt4j++v1A9mU1iSXtzJ96dyfeq53PzIaOY0jhu7Oxh07w1bAfaLp3PfCA/1q/Ff+CbLkQtIR6wn/GvPcA8D9aAqjoKTkaLDRPRm8c6JB8tpp647ZQiq0vxKmjQi2sIUPqGNcJjj7xFJjHSp5i1QgjqJvH+tTk7X8sezVnyeLNakYkXkn51j/N7U0uR0obK9lHoW5NW1G5kJlupD9TVZpZm+82fxpnI5pQSe9ItRSE2gjkc00CnndRigoBS0nSloAqjzdNne5tkMkLndPbr1J/vL/teo7/Wtm2uYbuBZoJA8bdCKoVWa2khnNzZSCKZvvqRlJf8AeHr7jn61V09zswuMlQ916x/L0/yN2is221iJ5FgukNrcHgLIflc/7LdD/P2rSpNNbnuUq0KseaDuFFFFBqFFFFABRRUc9xDbRGWeVI4x1ZzgUCbSV2SVnahqRgcW1qglvGHC/wAMY/vMew9upqvJqFzffJZK0EB63Ei/Mw/2FP8AM/lS29tFaxlYwck5ZmOWY+pPc1VlHc8nFZjdclH7/wDL/Pb1PUPhlJpUOkyWsORqjt5l3JIfnnP94f7I6BR938cnu6+fra5ns7mO5tpGjmjO5XXqDXr3hXxVB4gtvLk2x30Y/eR9mH95fb+VaQnfRny+JoOL51sdHRRRWhxhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/wCRH8Qf9g24/wDRTVt1ieMv+RH8Qf8AYNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoopGYIpZjgDqaAI57iK2j8yVwq5AGT1J6Cqd8rPG4l+7uG2sfWLEatfQTyXEixwHMcYHGfU+9abXBcOsnIP3ahu5oo2K6IqTMV+/g81ynjJiY7UeWr/L3PvXWQgIrE8uRWHr9oLmGA4wQv9aQzh4YbgvuQrGPY1YCkfflz+NTSW5iyCfzqlNGoGVXFFwLQjt26sT+Fa+laZaXEmSURR6nFcqlxIjhRnk44robezlEe4gkH1qWwN6TT9IiJYTneBxtAPNZ8kEE6bTjdWVLG6MRG2wjmqcepSCcqx59c0rjRpfZHt5yd3yn3pGVYzlhldwzUfnsyhnkH509bqJSyyy5FAD9Turdo4mtQQ6jnA96qDWbgqFaVmX/AGqesMdw261feScYWte28MRPsluiwb+6oyKmUkty4wbMX7SZ3wqMx+lM+zNI4Vo3G3/ZrsLt9P0iFSbNTjuFOajg16xmjEqWqEHruyKh1EV7NnPrEgGHHAHembYEQ7CBXSPd6PeMVkgiUsOCvNZc/hyCWcLFckKe/FCmmJwaI/Dc4j1qIlgeCK9Lby/PYFQGKmuK0vwglpdxTm5YlTntXZPEGvPNBOMHitoshoouBDE3JBY4riPGszQm1iiSRm2c7VJ5zXoFwqspyo/Gs+S6062H+lLubqDjNDdhJXOB0zQtb1KFZFiUKOnmNt4q/L4J1kK0m+Lk9pBXWzeJtOMIEbSKF4wqVm3Hiy1EDJGkpOe6EVPMWqTZlW3gLUpo1eSZenZxVr/hXnOZLtgPwqeDxhIkAVUjHHG5sVWk8V3Dg7pYR/21FCkilRkTp4GsIh882/6gVZh8M6NABmONseornp/FdupPm3bD/c5rNm8baWhOJ7lv+2VHMg9izvvs2lwqFWONR3Aqa1m0i1m3wxorewrypvGqvIPs9u0gPI3KRmiTX9RuT5kdlDD9HNDk/soqNKK+Jnsz67aKpJPOK5vVtXiuYJIkY52npXmEuoavLkm7ZPZWBrS8PLdl5pLi6kl+RuH+lF5dUXy0k9JGdMP3xwATnvS01yHn3bRTqDq6BTKfTKQ0FJ0paRqTGNPWg0ClNILIbRRRRYFpsFNp1NpWGFJS0lML2CiinUDuNpaKKACg0UGgAFOpop1ADJI45oykiK6HqrDINVo7Wa1/48ruSFR0if8AeJ+R5H4EVcopqTQJtPmWjIl1DUYhiazhm/2oJNp/75b/ABqQa0oOJLG9Q/8AXMN/6CTS0U+ZdjqjjcRH7V/VIP7agxxb3h9vs7U06vKw/c6bct7yFEH88/pTqdRddinj8Q+qXy/zuV2n1WfI329qp/uAyN+ZwP0NQx2MQuBLKXuJh0kmbcR9Ow/ACr1R/wDLSjmfQ5qlSdT423/XbYf3pDS96Q1JA01Na3U9ldR3NtI0c0bblZexqE0UBa57R4X8TQeIbLnbHeRj97ED/wCPL7fy/nv14Fp2oXOl30d3aOUljOR6EdwfUGvaNA1221/TluYcLIvEsRPKN/h6Gt4Tvozy8RQ9m+aOxq0UUVocoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/wCRH8Qf9g24/wDRTVt1ieMv+RH8Qf8AYNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArJurz7Q7JH9xTjPqa2ljypJHGOK5o/Jc3KgfdfFZzl0RpCPVkhJ3UmKRX3E/Wn4qEzQTHpUFzGsibHGX9ascetRSE44ouI5LV9JuI8vyy9awmmQgRsrse/wAtekZymGG4dwarx6bp2XkeBASaaFZs4fT7Pz9TjVYD5Y5yQa9ChswMx+WpzRbJZqwjjVFOOtXGubW2Qu8oJqnYFCT6GXceDku3LGby89gRVeL4bWe9jJeSEdsqKhvfFxSciCJGAPUkimReNbws2+ODHvJWd0aKlNk5+G8Acn+0ZhH2AUU9/h/pYt2ja7cu3WTaMmqqeKwzMbq+MSf3YyGpLXxBpuo3Qhtb67kmA5VosL+dHNdaA6UovUW30Sy8OYjslEsh6uwwf0qtrmsXdnaM0RSPaOoeo9a1gWcjhRucZzjpXmurX+p+ILvyIyUgz2NcstXqdMIuxdf4lSTzNa3UZYDjfyaIvEMDeasbEI/Izx2qXTPBERjAmAJPc96ffeClU/INoAxhRRZGjgcw3iCa3uyd58sHAxW1beNXQiOZiyD7rGqUngy8LFY13KT/ABcVbt/h9cSQ/vjhscAEYoexCjY7zwt4r+2yqjyl+eM16BLJObmExHMTKS2DXhmi2zaJqBtJwFcdGHfFeueHdUeaIQu2TjjmtaMjKtDS43xJd3MVjPLa53xn9K8yTxRe38b+dEu8HHU16vqKj7PdjHHltn8q8P8AONrKzryGOcVpy3ZnGq4LQ0f7SvRKFSTyyRng0gudQnbDahOS3fimWRW6lMrpghTgEVbsEZ5nZ41VV4HNKcFBFwrTqOzZSubO6hj86e7mmAIXGAetMltIVgVxGrO3XNW7q6eJZ13koXGAagSOSeFJg3/Ac0UXzImvzRejIPslpAI2kjUNjnFNvhaYzFGoBU9KtXEEjxNI0UbYOPmbms27RlMQCAAxnIrblMebuPt7mOKGyZMjbHzx71bn1gscJCpyOgNZhhL2VtsJBC4PHvVprMweU0QLMy8imtGD12BZWjjWYgMT/DnpXX6OFbS5Jn++w/pXJJaTKMpEWYnniun0nzBYy+YjKoHcY7VMtWXR3MOQnz+O9PpjfNPuHFPrNnpLYO1Mp/amUhhTTTqaaAG96cab3pTQAlFFFIYdqZTjTR1xQFhaPqKeI3YgBTz7VK1hOvv+NAuZdStx6UtOeKRD8wptBSaYUUUUDtYKKKKLCCn0yn0WAKKOtFKw9AoozRSsAU6m0uadw1FqLrIalqJeZDTb7i1HDpRQ3AopXQXCiiimrMYVo6FrdzoOpJdQElekseeHX0/wNZuaSlewnFSVme/aff2+qWEV5avuilGR6j1B9xVmvHvB3iY6Ff8AkzsTYzn94P7h7MP6+30FewKyuoZSGUjIIPBFdMJ8yPHr0XSlboLRRRVmIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKfGm9vYdaaAScDrVlVATAqZSsVGNwfhDjoBXKsGNxO6t95q6S8mEMDe4xXNYKKSD1NYm3QpanqUemxAgZes218Rmdx5i4zTNQja4vGDjK9qz5LV0YYAGKTYHYxSLKgde9EmQeO1ZujysU2N2FaROOfamIblsbq5fxNrE+nXUKQou2RCSCcd60/7X26mbftzzXM+O5FW7tWA3uRxu+tDsVGTjsZ76/emN2LmJgcLtNY+oa1qaqpN0+CPWjULrcFR4wvH8PPNY10JNihmY4I61fJFlPFVNrmnaXM8qN5t5J19qfudjnHmD1NVLe3L2sjgdDWjp5V7QplwMjtQoJIj2029S1HYwGHfLGuSOPrWj4WlW0up92Cy5Xg+1VbyM/Y0EA3ELnnil8HWckuoStcKVVlZsnpwKxitGbS5W0WNXlYySbc4Y46Va8PaNGkHmsvLc0t0n2m8SNFbBPUCuohs1tLfGQAorDlZ0xVhsdsqAAKBgUxx3PNYmoa9LEzeW64U/3qoxeJ5ZpArbcezUrM1R0mWJ4UfnRJMY/l3ZB5qok5eLzN+BioRqVoSVZ1B6c0g5Tk/F8rR3iXcf8Jx+tbngzXxNdQljhiQPzql4ltoptPZkIIPPFZPw1tHvdeVOdinPPTirp7nPX2PZ9YXbDeOGblG4A9q8WgtJrubP2d8IDj5TXvN2m6URGJSCOaZHplqqjyrWJMdcV2LucKPIrWyuRAjfZZN4GAdpq7YaJqfmOfIL7v72RXrC2yp82FC/WpFjPRZSPpRJKSBXi9DyiTwJqt6/3IkGc431pQ+AL3g70QezivQnCIcvISelBMA4LE/QUo2S0BuTepxDfD9XCme5YkemDUzfD/T3cF7iUkg87BXZGSEAbFDVJFLE6OxUELTuFjj4fAOlQhA8kkmB3QVpReFdJiOTZq7e61qx34kVjboDt60RagbjzPLJBT14pNjUbFVND01Dti06FSO5BFZHiq3itdJJjgSPPpWzbat/aBeNWKvGeT+tc74tvWurRomyNtKO5cNGeZscS4Yk59qfQSFl4PaipZ6Udgppp1IaRQ3vQaKDQIaaQ04000CG0dGzQaByQKQ0hQu96tKkFtlp2DEVXuGWCLdkZAzXHavrE0khEJYikYTqWOtuPEMMbMsbBcdKyR4rmWXBkJH1ri3e7mbcQ/5VNFa3kg37DRcwbkz0Sz12G/G1xlu3FT7NxLHGfrXB2NzPYSAvGevvW/8A2m80RdJD9KCoSaepsmMhckCm4HvUOmyyXcHVmIq59nnPWPFJux2KVyLC+9AK+9WBZzHsPzo+xSeq/nRzDIcrSYP4VY+ysOrJ/wB9CkaEBQDKn/fQqXIXMkQghOlHHrUF/fW2nRjcQ5PpzWcfEtpjhD/3yaakHOjY+U9qTlDj7wrFPii37Rk/8BNSWfiCO5n2LDt/A0+awc6NZiD93IpMn0qrPrNlZP8AvywJ9FqJvFGnL/Cf++annDnRobm9KRCQ2cVmHxbp46Ix/wCAmmHxfabflt/0NS5sTma7Elvu0gVh2NY58WxbciAfrUTeMM/dt1/WlzvsL2huEN/dpfLY9j+Vc/8A8JZMeVgT8zVGXxle+eVEagf7xpqUugvaHXiN242CneS/cAVxT+KNR+Yq2OD0aspvFurP/wAt2/76q0pMh17HpPk+rD869G8A+IsoNGu5QWUf6M5PUf3P8Py9K+am8Raq3W4f861dN1fUURLhbyVJIyGVgeQRyDVJyg7mcmq0bM+vqK5TwB4xh8Y+H1uCVW/tyIruMdmxwwH91uo/Edq6uutNNXR5souLswooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRTkXc3t3obsCVySJMDcep6VJ05H406ql7dC3jI6luKwbvqbpWVjO1O633AhU8DrVGTndTFBM7FjknmnE8tUgzMeLLGoZbcMKv45NMkTBoER2EAjq9I21W+hqKBeKklGVP0NAzk0j3ai7f7ean1zwxda7fQTwsuxFI+ZgO9WYYQLhjj+KuktzDHATLkjIAGKaWomcPH8O7h7lpLi5UL2CsDVt/h3asqGSdj+ArtDPaRAEIhVjTxd2imUN5fynjmtGyeU5K38B2EClfNkwf9gVetfCOlwAL5RYD1StSbWreOFSpHUDio38R2wl2LIxwD2pc2hTQLoOn4wLCJgPUGsfxPYNb2Mf9nW6QHcu/accZ5/SrzeLIlhkUZzng4qu2sR6wi25PzbSDms6r903w+k9Rmk2YMYkEayKo6msXWrzUZtQa2t4VWIg/NursNOhWy08W8ePlGGPrWRcmNdQwQdpBBwKyb0R1vWbPNtSsbi0j2gRzMxAO5ulZhs7uKfbEoZRzwc16LqPhq2vmLpcmPPXbiqA0SPTwFhnZ23BTwKC7GJe6q9roEfySrIwHIU1y6XM1xMPNJz15r1bxNZQDw1FGEHmqVGfxriU0y4R0Z7KOTPHmZJNSrdSW3cjjuvM0uRX42jAzx2rqfh9pqQ6cl5FLGHd1LDcKx73RljtCGHmB+Sp7VW0mJ9OjdYbkrHnhcgVUbLYxrJs9xlmiZ2HnxgnvvFUvtywzJatMjFlOX3CvLftM0hP+ltn6ijz5Bgm4yOxyM1XtGc/sz0ptVji1BbCRlaIKSGz6VJZavB9vlhDgBQcE/SvM/tDbt3nAnscjNKLiWPLi4O8nrkUc7H7M9HtrsTXd0s8ibd3y5YelNhvAonjeUJK5+Tn2rzR7m43H9+dxOc5pJtQvJD88xZlPDE80KYvZno1kbrTUkF9K0kkrYQp83XjtRLLqOlOIkt1ufOcbySfl7dq84bxJqyZxfTHHQZ6V0vhTxdd7JX1K7doU6Enk8VfONUm9jtBZXUEo+zpGFflzu5q6LWNCzphG/iHrXFXHxM0xZyINzSf3dpxXPa147vZpka0kKRMpJwcH8qzlOxrHDvqejS6VAytLbSm2YuGYpj5sVheLmt/7NLxD96erAda8/t/HOqPNtMzSQ9NpP8ASu3sLoXuliS+skZONoGSfyoVRluhy+8eeBWZlKx7mP8ABW/p/hPUL23aXIjDc4ZgP511LWWkW0a30duiTY4BGMVyXiDxlcwRPHGWJ6DFNTbNottGReQiwvJLeeWMFDjIYGqxu7UdZh+Yrkbtru/u5LiZ2G854qv9kkPUGndkc7R2R1CzHWYfmKifWbBcgyE/hXJfYCe1L/Z5UAladgU5HUwa1Z3EhiV34/2a0YRFccbzXJ6TZFbtiOBg102kwjzn46VhVqNFxb6l8WUX9+nx2sSsSzZ2A4pWwBjHekLBASR19KyjVb0Y5J2MtdNv9YupvJiJj5ANWtM+HcryD7T0969F8HRRDSWcIQxx29q1ZfvfLxV1G0Ywtuctb/DvTViG9FJ+gq4ngbTIYdqoufpW6shA5YH8aPNL9DipbbRpa+p59r3gyLYfKQflXm2qaXcaPOw52k171eyvyCK4PxdaRT6bLJgBgeM1nGo+YqUbxucbpOqXNpBJ5AJJOeKlk8RaoR8zsPxp/hiECJzIuR7/AErYktLOQYMSj6Crm1fUzinuc22u6kTxdSD8ahOqX7f8vLj8a25tEtXJKsR+FUZfD7kZST9RQpIpqRmteXjdbqSmNPcuuWlJ/GrT6Xcw8bQw+tVXgkTjY35VV02Q0xhhkuQAWJp405uVwBk9q0NLiJJyo/GtMRRhMsoJreNjRQOfGnMpCjkAVoaXYlLgyY7Gul0/wzqGoWD3UES7V5+9zioLCArcvE6lSAeCMUTSsJxSRx/idN0sP0/rWO0fKfSt3xMNt9GnYA/zrLZfnTjtWS0RKWhB5eCfrTglSyjBP1oFSh2IytNxxUjfpRjimQxqDHOM+1V3ltpJGDRhDntVtR8p+lYkv/HzJzu571cI3Im7M0/swkjcxS9fXiqI0i5HQp/31Tkci2Yg4Oe1QLcz/wDPU1qroiXKSNpl0P7n/fVaVvE8NuobbyPWsr7TOTjzDV6csLWAluq1NRN2KhK2x03gjxDc+EfE8OoxuGtX/d3UQYfPGev4jqPcehNfUttcw3lrFc28iyQTIHjdTkMpGQRXxTlizYY9a9y+CHjLfG3ha+l+Zd0tkzHqOrR/hyw/4F6VtSfLozHELm95HtNFFFbnIFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/RTVt1ieMv+RH8Qf9g24/8ARTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKsxrtUeveooly2fSnyyrEpYkVnN9DSC6hPMsSEk81z9zO08hapbm4aaQnPHpVYkAVmaDIzlzmlY4agDBzSN96kJkZGWprjJqRRkmlIoENjGKdJ9xqVRikc/K1AzNiH7w/Wm6jdtAQvm8kfxHFTQj94frXG+N1mbUIRHO6AqeB9aPaKC1Go3NZ73KjzLlRj/bFVptSgyS06f8AfQrjWtCww0rMR6iov7OR8nk/hWP1lGypHUSavZheZhjviq0niHTo/wDVu5JH92sSHTYAh3RKT706OwgY8xDgVP1lXGqZtRX8c8IdC3PqKiuNYbTdsyr82cVTjAjjVE4Aqtqjp5Ss+SMgnjpWnPzFKNnc9P0LVGvdJE7jkjJrD1jWTC8nl8c1B4X1OOfSZViPyoQAR9Kz9RjaVrgntn+VYt6nVT2uZE/iW7eURW7HceODW3o2tR2QVdVO+Zv4jzXDR30elXXnyoWUtjIGcVpalqmn6pCvl4DjuBVjU/I7vW9Ttrmzx5ysu3KjIrntJ8UkR/ZpTgpwM1zVikCyZuLlsAcAgVC6iXUmeLoDjjvRy3BSR3v2gXhZ8/KVOfrXKS2UrzSlJ3HNadq8kdlsB5Yg1GiuWlOMc1zzk09DOTTMlbK6A/4+n6e1RyQXcQyZ25rSw4YZB/Ko5d7NtckfWp52KxSitrxvmWdxmpxaXyrukuXP4ip1LIMKTirKyb48OTRzsOUoxRTOcfaHpxt58n/TH/SrcUMWSQx/KmfZ1OeTTU2KUV1KZt5tp/0x/wBK0NKhM1pdQStuP3vyFQGyXYTuNSWAe1uflbIfg8+vFUpsmNrnMzBoL9WVcYBqxPO/7uTgfIR1q7rdusV5KuVyrY4NQWsMU8i+ft2jtmto6m7tYdoFtJNceYqDrmvTdNvL2OPylATj726uRiurSxAS2CD1PSrK6xcXu23tXfnqwpsSl0J/EmqPBJ5b3O5icEAg1jajDE1lbuOpT+tac3hqG4nDTyF5OpJAqrq8CWxihHRVNXBpEe0u7GBHbKc8U/7KtTxglCR607Z71d7m3Kir9lWk+zrVvZ700x89aB2Qum2qmdvoavWNremeUWkXmgHvxTdKizO3PY13HgxFVbnjBDf0rnmk2c9WTjsYMeharMFZrdEyP71THw7fRt85iClSdpkAP5V6NEu/YW9Otc54mAt7hJ44fOlLBcsOxNKUEtUTRk5OzFt706P4ZilAJcKBg9O9edar431s3DGKXamfuh+K9aWxivdHWGWNc4HA5FcB4g8CymTFpDGFJ6g81V+Y1ja1jP0PxjfXk6xTRgtjqCTmtLWvGcumAYh+Yeuas+FvB66bdrJLh2xnBqp420OTUb9/JAUAnhah72K1sZUHxDvLuQF7RCvQnJp3iK/W+0R5FBUZGBisfTvDF8ZvLLTpg9dtdTdaN5FjHbzkSlcE7z6UpWTEoytY5HTJPI06MHKuwB6VZN4Kk1HYsyjyVjVBtAWqRC+lS1dhrHQsfbBQbxaq4XPSh41xU8qGpMnN8tQyX0B3B+maquo5qlcBQjA9cU0h3Nqye3m3mP1qwYwRtzWP4WQNFOT/AHv6VuMicEZ/KuiKZe51HhfxDJaL9jZvlHTmrviCzhmK6hbxbZD/AK04+8TXFowjmWRSQQa9L01l1HRY4pFwjL97vmnJaESjoeOa1YT6nr0UFvFgyHjbzjmu6m+D5OjRul2TeAAleMH8a6OHw/aaAkt+pWe6IO3djgY56Vy2reMdWh8gwXDJkcqG96nZGaTscprHw/1nS9PkvbmJPLDDHltuJrlxGxwSAoA6GvXIPGV3dMlleIJoGUlgST0rL1/RtP8AEVuBodlBbzRD5+due/epKS0PMm5Vjn5c/dpMcVYureSzmeGVdsiHawqHHFBDRJaRrJMkbHCswBPsaj8Q6Pb6dqjRWztKjZ6inoSqlhwQM1V+2y3MgaRzuHFCb6DsnuUGhMVq5KhcHFUl9a35YVuoijN1Oeao3VgIYsg/lW8JM56sUikByDWhccW8P+7WcDjb9RWhfcW8P+7TluiIvQpg5kq1YajcaZqEF7aSGK6t5BJG47MDkVVt1Zpl+UkfSnXi7btiqkD6VXUJPQ+wvCfiO38V+GrPV7fCmVcSxg/6uQcMv4Hp6jB71tV85fBTxh/ZPiFtEuZMWeokBNzcJMPu/wDfX3fc7a+ja6Iu6OSSswooopkhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACkJCgknAFLWTrV75Aht1+9K2SfQA0m7K44q7sbE06WkDOx5Ck4rDTUH1JFlwFBGeDTb25eeN3LnYEIx+FZ+jcWSlOQBjmud3N12NAncxO4Z9zikO3PPT1HNcV4qvL5dctbW1uHiEinO0+9dVpkMtpaCO4neV/VqSdwcbIshiTg8r70g/wBYSOlOJ454oz1FMQm5VHSlbDL1qC6u4bKLMmCazrfX7WabYAR9RSYGsW+XGaY4+SnfLIAydKUgdKaAqxrhq5PxVbyXGow7Bnah/nXZEAHHGawNVu47bUF3rnKNWOIdoGtH4jjUt5Gk2L98nFWL7SbuwEQcDLD+E5rY0Wx+360XAxGDnnpWjrk9vHfsskiqseQMEVzwptwubSn71jkoLOd1chSecc05NLvAzFRhfrV+bxHZW+VTMmecgVnT+K5XYiIgD0zWtPDtq7IlUK7K0UhjI+asnxNI9rpBC/62Tj+lTx6s8+oHcO/eqmvyfabmEE5GRx+NdKp8quQp3djpfAFjJYeDlknHzSbTj86mvZTmQYGGzV63kNv4ft0/h2dKwGvVkcoWJwa5ZO7ujtXuxsMh0eC60+SKdQA3Irk5/DE1rdE21wRH2wRXpMVvFdWSqkgViO5xXM3eharHdMquDHns1XGTSKi0zAtNBuZpme6nZkHTkVrWlvHGwRRg1faGWysszbSfrWfaXsK3HmSkEe3NJ3ktDOUlFnTQQxiJQRk1aNvGFP7sVVguYZQHiZcHtmrhfKn5q5XF31Ic09iGOGPcn7sdKytWC/amVRjFbEZ+ZDntWVqx3XeQOtFu4Rd9ChuzH7ipYh8hJz7Y5rQ0Gxgvb7yZcbWOM16JH4D0uOMKlxtI9hVRg5FufJucLYeGtSvrdZ4YFKNzljiob3RNQ09X86D92rAbq9MvNUj8OwW9pEBIAnX8fauY8QeMft1m1n5AGSMnms3Ug3yIiTlJXscRKNv8RIIzipNGtjeX4ix8o+ZvwokQGMlWORXQ+HbeOy0a51Bxhm4XPuKqndjinc4jxNbKNan8o/KWJrn5jNGCV5Oeprd1DzJrh2zkk5qhLEWCAcZI4rdSsi3G7NLRNBOpIk9xdmMYyVyOa621Gm6YNkJH5VzsMXlxxRjpinvCS+aiVUXKdKup2wc/NyelY2tP50qH2NVI49zjI6GptR4CHvtrSjK9yoRszOiTBNP201DxUma3ubsbtpCtPzTSaTb6Bp1L2jpmd/of5V2fhm3uvKuGt41fnufauR0QZmf6H+VeneBBizuDjb846fSoSvI467Ej/tZYlDW6jA7MaimW8nG+W3GV4712YLYPU4PekIyGxyG55rRQOZT5Xc4W91YabZLyUfHIrk7nxxcXU5trb7wOCxJFavjARvqMsUnygZArzmCxvrfVJWhHmxs3VjWUtGdtPX3j13StRtUsI5JLhXudvzDINZGrajBbJJqCSKzhxiMHtXnN6l9p140kEkiFs5CjiqgmuoQ9xcSzSknGwrnrUtamqdnc9Y0/xRaX1ksuFDsPmWqF1s1C98okCPaX/KvPtBW5XUHmddsUmSA3GK6O5uZFkDRNjClfzpNC0WpnasElvSifdXNURGeavFPlYH7+etN8sVLRk3dlAJ85oYcVZ2YY1Ew4qGWilIKz7gYV/oa1JBWddDEb/SiL1KaLfhgYtZD7/wBK2TWV4bGLBz7itY11x2LWxEa9F8LanF/ZUEMgGVTFedmtjRDKtvM0bn5G7/SkKp8J2mrQiSItC5GewryfXzNHqeZEOEyAcV2kHiABjFcMuR6mqWsPaaiqj5N/c5oSMlI4+21Q28UlyxO8nAH1rR07VpAqyQggsNzmpZfD8QUFuUPaq2rPDpdgYoAPMk447dql6D1Rz2s3T32p3EpOSz5zVEEhuc1NBBJK2w5LDgmtq00iJVzIzN9RRGLZm5IxPLZo3Iz901jxIV6j5q7mdrO3QosALEY6HNUbPSFupizIUH+0MVXJYzVRX1MEqfIBHBqGT5rdv3hNdDqWkfZQSp3D25rnnaFWZGLAfSlFNMTamYqkCQDGfmFaWpMBFCpzwv8AWmeVZhwfMfOf7tWbpbeVkDs3C+lat3aIjFq4aYVJHz44o1KVU+Xg/jUUK20f3ZH/ACoeO1kOZHY/hQ9x8rsQWcmyRZEOx1IKspwQexFfXPgnxEPE/hSz1BiPtG3y7gDtIOv0zwR7EV8mbbNSNhbP+7Xqvwj8Tf2V4hj0ud8WuoqEGTwsoztP48r7kj0qoz5ZW7mc6TcG+x7/AEUUV0nIFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK5nxCf9OjB7cV1MYy2T0Fcn4hP+nfjWc3rY1prqSH/AI85PdD/ACqtojbdPXk7uBmrP/Lm3vGf5Vjxx3h0HfayEOoz1xWUpWQ7mN4mITxpp6c8oTn/AIEK7onjgV5QdVnu9ftGvtwkiGMt9a9St7yG6Q+U6Pj+6c1nTnzD5rodgsaOjlT0FIM7uDQ/JI74rQDA1UG5u9v8K5rJNoUlyoroTCGdieuahmtx1WhgWdInd4vIbt0q+2QpJA3d6yTONOgWYjkkA1JqOt2thZfaWkGZBkAmhAUW1CRdYO5isQzmsfxHqVs14DERJtBGTWBfeIpb1pFgA65zmsdtQAf548E81XIpblRlbU3YdVv4DIttOYg57NWRqTzT5Fzcs59SQapSajydqj0quZ1dsSOdvqa1hBJEud3cqvJdWrfuZN6+hNNNx543J+5m9Fq49lFKu63uD+lZ00TWsgkwW9S1AnqTWN1K1yyzE7x3qa4uMzozfeBqCOaJ28yIAuetEpD5z19aJR0sOOmp6LplyLzSVyc/Liuav4pba6ZkHFVfDmrtbTG3kb5egya6HUWR49wArgkuWVjvjLmjc5p9dmtjhs5zVuPxhMFOWPHHWsy9ijllOcVWt7OJ5Ch5APpV6EaljWNcneweZmIDcD8aw9CnluIdjeoNXvFflJYw20fGCD+RqjpJ8tiV6EGtqcVY56rZ0i3Zt8eWea2LHWiq4nwQT61zlrAwjaaU4B9aiebdJiNiVzVyhFrUyjJpnoVoY57yECUhHIHHua7g+A7CUmWS+OTxxtNeVeFNTgj1mKG9GY2O0HqBXtk2nWSWzeVqQT5SVAZa4pUuXdHRz3OP1HwzF4ddZra6Lg/Skj1O7MWTcsWA7mqFv9tvb67S5mlmhikwm4e1Wbi3WK0lYLhgp/lWEk7aG3m2RNdzXD755dw7ZNYt/g3THjk9qx11CYwjLNjParqEG3MrMSw7GuCnh2p8xpKrzRsTJGZpltwTh2FdFrw+xaTBYIfuLj9a5K31SSG6ilWLO0Z5zWhqXiOG/wD3twgRvRea9KFJxVxRmjBmRwzMc9e1QBC06mr7X1pIh2ORn+8MUW8SMQwIP0NOSsjXmTZaK/KtSFeKcy4xSZya5JS1GNjXDj60mp/fX6Gnnh1+tM1P/WL9DXVh3owW5nRfdqSo4vu1JXQasKZ2b607NHYk8DPejUl26mpoH+ul/H+VW7nxXqXh2dIrSQbJOcF8VD4eEfmyZZcH39q5fxsCddtkjbChD0+tQ24O5y1VzuyO8t/ixqcfElpBIV4JMhrSj+LfMbT2Uagrk7STXk8dq4jLqzHPWprLSNQv7sRRl0jJyDjAxShi03axnLCtK9z07W5IvFekjWbJCixkBgRjOee9Yemo0atLuP8A1zqxoV9cxzTaJCpa3gB8xuxYDIrN1C+Om3bXKAA/3aJzTehpS91WYXV+JpislsRg/wB01ZiFtJGztABgfeINc3eeOkZ8/ZRuzz1qYeJpdVtxbW9uI09RmlJ6Gqmm7Ie8k17feVEpWNT94VozxCPC+lGleVZIBdybdxAB96tXsP8ApLY6etSnczle9jMdCWzSBeAWHarDgKOOaj+0RB1ViM4p6slyRWKghsDvVZlOa0nEYBKkdarlATwQfpWckzSDRnSoazLwERSfSt6WLPasq+jxDIfas09Te2hJ4dONLH4VpE1n6AMaWPwq8TXZDYfQCa3vD6bracv3Of0rn66Tw+P9DnJ7MB+lOTsZVX7pyWsQF7u7lj6o+Kzbc3TqH3kY963Z/m1DUou3mZ/SqMYiitzvPcVKkZJGhp9/cTq0Jy21SfyrnLqd7m9kMnriuw8NJELxwoBDRP1+lcrfhYdTuI8fdelbmYOdkPtfJs1LyEAdajk8QPLKYrSAyN03AGq6Wk2t3n2aINtDYOBXqnhXwPb6bGrPGrE+vWtXJJGEU5M4/wAP+GdS1KYXVyrAZyAa0tXsJLW6YMh2/SvXba0igQIiACq2p6Na3sT7kG498VHtCvZo8IvH3ZWM4HeuZ1WySRfMiHNd/wCK/DcumM80QO3rxXEi5R8jHX1q1JMzcXF6HLldsihuuRVq8Hzr9Km1G3CTLIBwWFR3n3x9KbepWqRXjHyt9aUiiP7p+tOND3Gr2GqPnH1rXDvb+VLE5SRCGVlOCCDwRWUo+dfrWpN9xR7VFQ0p+Z9VeEtdTxJ4XsNUUjzJYwJVH8Mg4YfmDj2xW1XjnwT1cwi50iV/km/fQg/3gPmH4gA/8Br2OuynPmjc86rDkm0FFFFWZhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoopVG5gPWgCaJcJn1rjvE//AB8kj+9Xa44xXE+KTsuAPU/1rBy1OiOiJIcPpoJ6lCKr6ZmDTXWdhGF4G44B4qqLto4gvKqqE5rA1rUpdT0NkeQIqDduY4Jxz3rGUrJ2M3KxgeJLmJtW2OsZ2EgMpzmtTwzO+jX63UsiLa3IJ2K4IXPFee297bzXOJZ5SDxnbWtbW1w92LOFzNE3K56iuLmlF3MnJnt0c0MvELKw6hwc8U6TvXG+DoL22u5raVnMSHA3cdq7N+4rvpybjc1jLQqAfOc9Ka6KQzFQiDpUoA3mq2pXUNnZSyXL4QKdoPU8VTvYv0MfxFeQR6EZDNhwQQB3ry3ULjUNcaNyWS3jGNoramuH1BxLdZNr/Cnf24qNrlkUrFGAhPSojoaKlcxRBPAq/Zo2xjOcYoWK9ugfMg59ea2heMMq7sgXptqtLrslvhY3JJ9a09oHs0YE9rc2rkyBlHoKhR4518tlJb3FdITPfIHuOe+KxdREccxCoEPqKpVBOBnyW9xaNuicgdcCpY9WEo8u9TIPQ9aWG5eNiJRvU+tLPaQ3KZQ5HarumZtNEJthBIZYZMxt0ApxkYcN0qmyXNiQACyE4xVkguvNUJCykrtaPqDmum0u/F9a+S7YlA+bNcfNfx2gwSG+hqezvlnQy27iKQfe5xmspx5jaE+U6S6s9pyq5Wm2lssbMzYQHnFQ2N5Ld2+PtLBh2zSXv7q3Z5p23jgCs1S1NHW0MLxDMtzfhEAwvGaZYIYpdo+6Kix5lyGZQQw6mrEs0djEBuVmJA4Oa35bHNKXMW768aTEEfbg0Igghx61DEB5zTddxp0rEuV7CgESw3PlSL7HP5V6N4d83ULm1vZsPbhOUY15U0pV91egaXqYs9BtiJJA8idl4rlxK0uXGUk7I9ZttW0Nbr7PDbRqD14rC8b6hYWEJe2CuXU5QVwLa4LZcx8znjJrLvr2YIZppS8jdieK54KUjeCtqyEXjuB5aiNOu3pVqO8kdPNyAo461g+ZNcH7xU57VLJK3lfZ0c89cV0xppCc10NO/wBajghwrAsw7VgRaqXmJn5PvUgsIUQtM5Zl6DFULy0d40lWHBPatLEXuakkzTrtjiXHrmpbe+ktEMQP61kC8mtYQBG2cehqrDfSSXwVzgH1qLJlXaO7sdZSYLHIeRxWkMk5TpXByp5TeYkg4OeDW3peuFkCMck1y1KHU3hW6M6JsllPvUeokb8DcxPqKlEmyESupA68iuf1HWJmvHeNyEBOAeKrDwepo60YbmnFESMfcFSE2yfek3Vzj65LeRldwVh2zyaotfHOGyDXYodzCeKb2OtN9Zpz5akCsu71D7VP+6+WDsKwjds3CsfpUiyEID0HpTskzndSTNq3v2jn2I2xfWqt1KJb4vM5fZkKWrOaYhst07VZjlguYdsg2uvGRTdiVOVza0fzL3UEtQB5R5OD6V6BI0dpHHbqNgIxXG+BrYfbpDvyc/KT9K63XLd32OWClepz71w1tHodUJc25JoxjszfxAcyyhs/hXPa/axTXbBz61FrutPp8cDWxBJGWYH3pi3Q1ezW5GC5GSAeaz9nK3Mawmm+U52fRI5Zsq3Ga3dJ0uOCMtnleBUEcEr3G0DC+tW7m8i0+NVZhuHUUbqyNLKOomu2ZuLKNVP7zzUb8jT73UGt40iLfOBzzUDalHd2z3IONpwBXN3t7JcXJLHn1rWlS7nLVqdjQudTl2BLbPmtxkVVjguom3XMx833NTaJAZb1DtLH1AzWv4g0W5uCbiEFT6Vs5KOhCi2rmE91cRMSxLLTY9Ql6xuVUds1Qll1CyJE8Lso9iaihvLe4+ZAUP8AdIxTspImzizpdP1Jbliknyn1qPVIsWsmfu1jSN5arIvGOeK10mbU9KIVSX9AMmuSpS5XdHoUKqkrMXRFxpiDtgVcaoNOjaCwSNgVYDoRip2Fbr4Ta2g0V0+hjGnyD+8Qf0rmO1dTo3y6Zk/3aUnoZVtjmHJOqX6D++f5VT+x+fasSejCtW3gMl3fTFSMvxkdeKpxo6q6dMmsExE9tL/Z8DShsHYR+Yrj7u7JDSF2aRj1Nb2reZHYYzjkVyWoSH92jcfMM4+tdFLY5qvQ9P8AhtpgEQnk5Zua9WQIg4YbvevKdA1Oaz0u3i0+3LyFOWwRWsup6tCwN5lSfQ5rN7mkYpo7a716208HznyR2HNZcXjGe8lK29kWB9QwFY9zYyXcK3LKZB15rPfVNZjlFvpsKwoeN24qaaG4I6u6ik1aBo7q2SPcMDbk14j418N3WgXzPGCYS3UV7Ro1prMjBru+kcnqCwIo8YaJFqeiyQuAZFUnP50J2kRUSsfPEVwl3HtPrmqV7lZjnvU09pJpl40XocVDqBLBSATn0rbQyRDGMLkGnseMgVc07R5L1QQwXjucVafw5cqDmReP9oVLtc0SZlAbSh9SK05+Cv0rNdXgulicE4YVp3H3qio+hVOPU6zwnfSaXPaX0ed0MivgHqO4/EZFfSUE8dzbxTwsGilQOjDuCMg18yaUMWUf0r3H4dan9u8Ni2dsy2beXz12nlf6j8K0w0rScTnxUbrmOuooortOEKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUsI+Yn0qKp4xhPrzUzdkVFajz0ri/FXF3Bj15z9a7I9K4/xaFaSIEHKqcn15rG5vEzL5Hnu4Y4/L+yiMlgW7ivP/E0M+qasltbGRYEyGUD5evrXRK7zTGKNmCnvXQabpcZ054pxtdujDkmospE1aVtTx/V9PhszHFb2q5X7zAHHWm6Xq1zaaoLmHKCL5Rt7g11et6Nq1zfvplnAkUeT+/DYJA/SuautGvNDuY7WYiQ54IOe/tXNUpytoc0nY7iw1vUL/VrZ4cqkikuCcd67W6lKqWBOR94159p0d5aIlw7BWA4CtnitddWuJoWTcwEh/i4qqLdrMIu5sf23axwyFnJwck4rh9V1eTxBeviQ/ZYchS/HvUWt6nFZTCxihV5GPzGsHUrnkwRARA9RHzXQrLQ6qastRLzUhbzHZJv7AVRfUbqRuuz6GqpgWIl3BOOOlTQbn/5ZIPqcUpRN+YtLcPt+eQn61mXcoe4Qqx4P9amulYcDGfRTmqkEEomzJEwHqRRoLU3f7T8qFVLHpWZc3HnfMabdDcuQBxWc85xiqSuLmsTNOMFQtVjcS27Zjbio/PdTyBilDxuvyU17pEnctLqm9cTLk1nXt5PgpCeKf5TselNNu68CtVqjFmUbeRjuk5NJtlhbelahiYfeOaaELZUCixVxNJ1Oa3vFkkzjPNb+sX0d1IJQMRdlrBaALGCRyKa6z3AAY/L6UrBcbd35mfZCNqCoreF5JgWqdbba2GHHbFXoItgzTEy5HsjiAPWm7t5pow3WnhdpoGitOMMK67TLkz6RGr8JHgAVyswywNWY7+aJBEARGxBrGrG6sbU5WZc1ORoJGmHKE5ArKl1l3iCyx5A7VqSTwyKYpSCFHH1rLWxEkhmYj2WlCPKVOWo+yuZblugijHvitSJY4uXOdx61hTF1YbmKID0FNutTLR+VEeF71ozM3JQi3TtkMM5Fa2hQrql6FkHyLXBRajM77Ubnocmu88Lz/ZbXe4+Y96ynI1hG5t6j4etSzbAMfSuK1rw26OZLYYx2FdzNq0RwNpJI9Kq3V9DHZvJIBvPaufndzo5FY8nuJprd9rgqQa0dPlLuskbgMDu61f1GwF/GZ3XaCeKyI4obZX2swZTjpXWtVqcso2Z3I1i4ubFYp/nyMg5zWDdOJiUYnevSqFlqE6SqgJZQMVavZRsVwg396IxtsKabM2cMH82Nj5y05bk3C5fiXvTpGO7zQAM9earMAW3pwa0sZMuKcYx97vVxGDcCqMDBuv3qkZjA/qPWlpcNi1JEetVyHVjg4q1HMJUBokRW5xRpcNSTTdbu9OkykhH0NS6pruu6hG2NSk8s9FLCs2SFD65+lRNEQQS5wO1JwixqTRC2s6jBbJb3Q3ovcnNXtG8R/YrpXVmWM8OuKrtKJNwljBAOBmmf2akkoK9WPIpSjdWBNp3PTlv7M2K3sbK0ZXIQ+vauJvZ31PUfNlkEeT0BqhI9xBvs7f7i9ecYxUOmQM06vcSMx96iFNLU1nUcjoLyVbO0AVzkjrVTR7aTU5xHuO3PNZ2u3okmSBcBQe31rt/A+ltKu5IyB/exx+dOWiughG71O10LR7DTrNfLH73ucVrOsE7BWUYqukSQLtJUN3OaaXjBID9O9cd23qd6SSsNvNIspydyLtx6V5f4w8Pw6bMbm0QBSewr1VJYHiw0gB965zxJpwvbJws0ZCjpvFUpO5M4Jo8xt5fNteeDWjpF7PZFngbHrzWG7G3mkh9KntLwJFgHr1rptdanCm4y0Owtr6PUgQzfvu+ajuZzBMIyshbpwuV/OuUF4LaTdCx3t3FeieGPEWljSxZaxaI8nAE2CzVMoWjc6IYnoZqxs8eSuM10ulEJYR5HmAY3A1buNKt/soltiHhYZGOv5UmlwKy7T8pXqBXJz30OurZxugv2tniDwwLEMc4GK5uaJC4Yda3tXdSCikhQOlc3AXlnOc4BqbkLYzPE25NPQerD+dcNezg3kSHOQwzx15rtvFtyGVIvQZrzyabfqCEttRWHT61109jkqPU9g0rVLz+z4bfS4khcJzIW2mtzS4r+7AS8medh/G1ReEYLC/0uB2RThRk1u6rqdrpEaRWsY6jJWsnudEY3R0mm2KpYLGTkgYIrM1G30+1uA05kUZ7JkfnXKSeP3huGtrSORn5BO01bsZ9S1mM/wBpSpHbEcB3wfyNPoWoa6nVQapaLCBGyBOgKnJqG5m84MoOV2kHFedanFLo16Ta3AeAnGFYH9BXQaNqEjphsksO9Kb0FZXPMfHOlNbXc1wFbyy/pXMK4NtnYCwrsPiB4qYXVxpAhQkP97J7Vw9sxUfM2Qa3gvd1OWb97QsRapJEoKJzUra1cO3+rX86gaEBuDwajaMcFc1Ohd2Sre+bdAPCuSeuavTKBKRz1qnp1rJPdgJG7nPG1Sa6WTQtSMmfsM//AH7b/Csqj7GsPMt6cgWzi/3a7z4cai1r4kNqwxFdRlDjpuHIP8x+NcxY6ReLaxebbSIuOSyEYq2NTh0S8Q2mGlicOCeOQaKEW5qRliJJRcT3qiorW5jvLSG5hOYpkWRD6gjIqWvTPLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/yI/iD/ALBtx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAAZIFWegxUMQy/0qc1lUetjWmtLjTXI+LwG8ob2BA25A7Zrrj3rkvF7lEiwMhRj9ahbmhxGo30FgY7WD5WI3O3TpV7RPFPm3X2eQeauDiVuwrmriy+16lPcX9xshGSBkHiqT31skJj06RlBYAkjHFOUrGcp9D0u61S3hgMyukkS8MzHvXner6mmo6wGhjCoAQCta9vok2taSLW3kCQAbnyQCWHTiueuLS706N7ZLYb4WA3884965ZttmTH3F7qcO2OKFioIJOD0qtrvjZI4I7a2iMl8Bg8HA/Grd54skt9LC4bziu0hAT1rjrWK6e4a6W2SMk8Oxwa1hTsrjpw1uWLcahNKby/kbzH6ITwM1bnMNjbCZyHkb1pk88rhPtLnnoVOapyxfbb9beZiqjv2p7nckrED6j5kpKqct0wKvWdldXmA+VFbll4ZghKSApIMZ6itBrXyz6fSs5y5TWEFIi03w/bxgGQBjWtd6Zay2rRlFyBxVaGV414zUN3qOyLljurP2ly3TSOK1GJrC5dGxs5xWJcEOcrW/r+LmPcxOetckJijYNb05XOWpGxNvPQ1GGEcjY6E0SNlciqsjnaPWtFuZ9DdgDSRApU4tXb7xxWdpt95FseMmpmurm5+7lRWy2M2WWjt4/vkE1XM0YfMSY/CmC2PWRsmn8oOFoERsQzguO9PkAQnyydpPYVFN82CfWpFeQFiFAT60ATKqOoMf3sc5qRVCr0B+tdn4X8F2Wr6L9smupY2YjG1QetW7z4YXQ/48rpZfaR1WmBwoQMuSxX6Um4dq0ta0DVdDTNzCoTONytkfnWLG/zEULYZOdoIZulTwus8xXGIh0NPNmJLLcSAfeqEkzCwMUQ+YdSKxlubx2F1C1CK0it8vUVWtJZpPLctyByc1VkupXtlt3DZA64qfT8SQGMHDg0IhlnUyjxDBy461lQRqSS/Q1pOYYpWic5bB5rGuXK/Ip6UxMuWVtGbzafuA5rr4NSitIykUO4dsg9K4vTHbduJ5FdTYXURJklbCgbQPXNQ43Z0U3oXhrABDGJUBHOKoXt8bjGRuTPX3q3Lpb3EkLRAMky5x6VpaDoMN7c3mlzEBlf5G9MCs5U4x1Noyb0My0Et5avDJGysD8jAdRWHrWkTWSmTacntivQby0vPDqLbTJHIqjCsHyfrxVS6msbjTne5mLygcAih1tbC9ndO5wGkEeWQ52n3q9dOrRIu35gO1Z8kiGZ2XpnirVmzu4EgycdTWnmcyfQz7iTYDvZuvHFQwt81aeoWczRswh3DPbmseMkSEHgjqKpMicXEvA/NV21njmHkTcemaoRnJ606SEvyhwwqyEy5JG9nL6xnpVtHLR7jj86pW14JU8i46jgE1es9PurmXyreF5f9xSf5UDGkZXOaTYp+9kYrcj8Lau5AFjJ+Kn/AAq1/wAIN4glAKWnB9SR/SgDlzGknQD8asabbk32S2VWNm/Ko9X0m+0e+MF1GVbB4HNUYNRlti3yvnG3oe9DEjTth58d5csOC/8ASooQg4A6Cora/KWr2oU/MwNaVnajyS5HOKhuxojCgsvt/iGCDHDN/UV7PcyJ4b0dLOBhHgAZXrXnfh9I18WWe5RnaevrkV67qnhuHV3LyDGei9qxnI6KUWzzS+1yaRh5epXDN3GBWjod/e3UhiDtLj1rZ/4QHyZmYwQhPXd2rZ8N6BbWF65g2kc9PpWMnqdKi0cTr11dwny2keL2FZEOpRLGRJJMxx1KV6Zruj2V7fkTqobPGaoxeCInkZt6NGfRhSUkhyi2jxnV5IxcGWEsdx5yMVSSYqNoXjFekeNfBSWdoZrQHI5IArze03SO6Ec4NdEJXOOpDlZctipiVgOa0raYllXPOQaz44ZIrQH1q3pNvJLcheSSwWrlKyMeW7PaPBEQfS5nueVZhsz6YrU1OwjhtHmssK/U44rGsJf7P0+3t9w/dLtPPU1b/tMOrKx4INcMpanoQjocrc3pmyrnMq9azRdGPds60/WYXS4eW37tz9Kz1fywzt0waiGrNHojnvE95vfk/NiuKkJLcdSc1ta3cG4vZCDxmsXd8xb04r0ILQ86q9T0nwdr8kWmiGM/MuBXQSamZLhZZiQgHzV5VoOq/wBm3fzfdc816NbXdlcwgS7WRxx3rGcdToo1NLGlb3S6hdsNKgjQ55kJ21vnSmkt1N/fM8gH3AQwFcmCmlW5W1QgMQcoM1LFf6jeMI7eEqSR8/OaXQ6UasPhxLeae685p1J4jbGBUi3ptY2I4IU1rWUL2WnObxwXIznPNc4/+mTOE6YNZyeopnkuvXJvfEN3NJ/fNV4HBYjrzVzWrXydZuoyOd9UYwElC4xmuveKPOb943bXSru+2PboCOh5rcXwZcFS7NtXsARTvA94qTtC8uB2yfaul1LWWtNQS2EYlUtj5Tnv7VhKTudUUrHM2M1z4R1OGVYlkB6ZPvXoA+MFyg2yaXbnnA+dq4XxfI76par5bJGUJ6Y71Wt7Q3dwg+6E5OPas3J3SRajFxbZ6bqvj6a/0MI1rHEzgcKxrzS+m3HdV6+mDuADlIxisS7lyMZrup+6tTz5tN6Hvfwu1f8AtTwVAjNmSzka3bPoOV/RgPwrtK8T+CGp+Vq+p6WzZE8KzoM8AocH8ww/KvbK2Tujne4UUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCWIcE08mkQYQUx5oU4aWNT7sBWEtWbxWg4muR8ZkraoQfmArrVZXGUYMPUHNcr41CrZqXIBP+NCWpaPF9RluL66lt8k/N0qQ29ppWniSeMyS8BVK/dqyZ7XTNSlnf95uyRtGf5Vi6p4gF43lQp8zHLF8rTcLsxlHU0tO8QX0cjQidYkbkEP0rTudcUafJHLfNcSk85IP8q4tdGiuS032kjHUNgVVksIrZiYrhkb/Zxil7JXBIuyarDDOG8pg+OoU0pupNTdNsrqBxg8cVnJdSwv8AOizjpuY1ow3FrFh9vznjAFaS91aGsFqTxQh9R+zrysYIJ96nll0tJTDcmRZezbK1NH04g+cY1LT/ADj2qfVtCF4hd7dGc9xya5XLU6lTdjmjqFzp83+jXPmRE9Cw6VtW2rNcxAscGsUeE7tZNyjauelWrjSbm1gDLnHtWVTU1ppo2f7UgjOJHFVrkW92crOob/eFcjds7ybXLA/Slt4bcnEly6t7gChU9AlPU2LywIjYvKrjBx8wNcTeJsl6Yrqmt/LXIuWcfhXO6uCJCe1aU1Ywq6mbv/2qjZyD17U3jJJpCoKgj0rc59DS0lNyucd61dwXg1naTvWFsA8mtJYwBlyK1Wxmw2nGVqP5s4BpXmxwtQ+Yy8mmISdfL+Y1CGludwjJC5yQeKSdnlIp4EqLlMK3fBpAeveDfFWg2Ph630+6YpOiAE7e4rpLbWdOubjKSW+OgPmD/Gvn1ZkLfvoVJ6E1bt0gHMEzRDORtFDEz1f4n3qwaFFB5glR2U4Q7u/tXm9lawS7WxtA9qme+BiUXF5JKijgMBWTea2BmO2QKPUUlsUW9QnYXPlqSV6UsSwQQvGQN7Gs21upZiS4BPrmrHkvIrSucMDjrWTOhbDb8RwWoO7npUFlDsj8xVyWHWoL2BjNGsrEq3OPxrWt2SArEMbMdaaM2Zc9s0bCXOSwrMniw5IziuluolEw2MMEHqazpY9iFWUE+3NOxLKulwCWTaHIzxXSW+hOsqLJIWiP3X64rk7afyLo4GOa7PS9YCQ7JdrJ6E1jOdmddFJo6SGWPSIDHBunm2n94w/qKy4PEMdsksyxuLuRs5VSaS719I7PyoIkVT/EDzVC31BSyrb24kuDwSwIA/GstZG3ws2457/VoFuL+Qqqrxzk/lXNajAxmke3LeWAeGGK73SrCFLcT6hcFnPJi4Kiud8SXEEi3LWcaxx8/d+lPkSZUvhucPDh3yOGrThmJj5/hIFYlvkhWQ8981sWw38dATmt+hwRXvXN+2nOI4+zDmqOueHREjXlv1Y5bFXrVFUoeu0VshDcWrgn5WB4NJPU7PZKcTziMAYx+NThiG60+8txBcSxDqGquMg8mtjz2rOxNLCkoyevrXqfwSm2apdJcTKFGdpdgP4a8rUhqlhub21LfYrh4c9SpoA+u2vLVNrNqEOQMYEi05NRsh1v4CB6yr/jXyIb7VG+b+0rgnpziq8lzqzZX7bKxHckUgPQfi3qpPikPbMki4YZRs9/avPTLeypu+UEn+9VVl1GQ75J5CelTQ29wRgu2M96b2Ejc0rTpJXWSZx0z1rdk2WkBc/ePC1i6ezB1jbqBVu+ucR4b5towKyZqiLSpdniW3lc5bqT+Ir1yTxUqMRnIHC5rw8XLadJDcSHLOw/AZrsHnF4qyK3yycjFZVUdmHkjpdV8U3NywtoXIZuu09u9XNO8UWOkIsBR/OI+Z2QjmuDF/Jod35r2gnY8A8n+ValwbvXII2WztgXGcmTBFZONzocjpbrxHaajK48kvL91XCk9ayo9cvtHuxDOzGIcA1VtLHVdKhMiRW+FOMCXrWbqOp6jrEjW7WUaCM4LBjUuFgUzrL3W1vrGXc24sp/lXj0Efl63Og6Emu7dYbHSy7Ph9uMVx1nF5l40575rWgmrnLiGm0aBg3WzL361JohNs/nHqOKqNfbLkx568VfiX5cYwDzWtRGEToU1ss3zHrzU66sDwDXLZJOOm3ipI5ShzmudwOhVDpnlecHFc9qUrW0Eqt3q7baiQuApP0FVtZ2yWTO/B96mELMpzujz+5G9iw71Q2EjNaU/wA0m1fSmrb/ALrOK7o7HFPVmaRitDTtQltnVN5KelUZRtkIqW3YLMrMvy+lKUdCYux6NpfiDy1AlQFMdDW9F4shii/cW6o3qM1xNnCJ1VlJx6CtSOwfhfmz9K5Gd8J3SNSTWb3UpcO52k9M1uaXasgI/iPNZul6eIQDLye1dPZ2rMQRx61jJ6mu55N42gEGvSsvDSksTXOAByp9BXrHjrwqdRiNzAD5kQ5wOvevKBDJFKyOjKR2IxXbTfunDUVpG14diEl45zzzj8q6BZZLW4EycyL3rmtFdoLnvzxXVLZXF0wWPgHqc09GUpWRBq+qXOsPArxB2UgZ545q9PEumQJj/WOMNRFbpZTSIH3Oh5NUby7ae4y/OelVGkt2Zzry2RHPIILfDdHGawZpTuIrS1SXykjjbnisZzvbNbbrQ59ep03w61EaX8QNJmJwss3kN7+YCg/Ug/hX1BXx5atJHdxyxMVljcMhHUEHINfXtrcJd2cFzGcpNGsin2IyKcX0JkupNRRRVEBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACkJCgknAHJpazfEV19h8N6lc5wY7aQj67Tj9aAPFdQ+IviS5uZXs7x4omYlY9+No7CuYvfFPiWWVmnv5yc56/wD1qbJ9nebcv7ok/wANOubqOLbFLtkbuc5rOxvzFzTvib4i01BGbqRkA7tVq4+I8+sL5V7PIQf71c7LFZzkhsKe2Ky5tOHmHgfUUWBs6rzonG62ZST74rLu4mnL+aFWYcoynPFZFkJIJyoY4q5cSylwQwJHTJ7UySk011Khiadyy8EH1ohucnyJzk+pps88ctxviyjDhxjqaqXaFsMhwfWgDUk3wrgfOnanWU480FuuRWdb6i0MYVvm9a19N+y3kilSAcjg1L2NIPU7KLVGsYI37EVFc+NGt0xGAZDxwaydfd0t444+w7Vj6RZie6JuNp9ATXK0r6nfGTSPTtD+3apaC4uJV2t2LVZ1q3WC1WLeAe205rj5rrUdJi3RMTD2CnOKqR+MJDOovITJt9QTWTj2Ki1fU2ho0FymQFeYc4asTUPDqzykSW5jb+8ik0s3iOX+0Vu7ePy4icEcjrXWW+vRXNvkkAmmpSghOnGbOHTQp7bIFwzIOzYFZWs237n6V2WpSISXV85rltSffDJ3pwk2xVKaSsccx4xSxqDIoDHZmkC7mYHjmrcEKAZJOPeuxHnNWZ0VqIltFETKGx61FLbSSd6yVl2sFjGOetWmubpekrfnVolknkSRn7tOdXZcHA/GqjXF43JlOPrVdrmXdgMTTbCyLxixjL9KlLx7+AKzVknLfMMD3qOTcW+VzilfQdzTkeHJ3YqnJcxIcx1SZWz80hNRnAGKGDLpmkuB14pUiIALH5DVKN3VgB0NaJR3VFzxSYRLMBSHAj4BNXZY2ZiAxweRVMIsjLFHwfWrFx51s0QMhO0YPNZs2WxnTySTXgRydycVedBlUGciq5/eamZt/XJxUqmbzmkKj86aIZbntY5IRk/MBWeMLJtLk8VOsk7lmwMfWqwUJMSQDzTBmTdoI7hmGeTVi3kYjIbmrGpW5lAZFGMVloxiPGahxuOMrHTafLC4xOAT71qJM0H/AB7KFPsa41Z5DjHFXrfUblHxuJqeSx0Qq6nVW8mp3Um1p2CngjPareqWkFloswZwWNc7Frc8Pas3UtUuL0FGY7feotqbTqKxVtAWOVHFbdiPNBjY8ismwRwdq9hWnaxyKxlGQK0b0OaL1NywDmYJ/CtdFGABn+9WBpRJhaQ9Sa3IuVXnoKhndSXunH65B5eoSD+8SayGFdF4nj23MbjuD/OsErmuiOx5tVWmyHfinLNimuvWoDmmZrUuefS/adtUwTSt60hN2LgvGz7VPHOHYE8AdKz0xjmrESGZ1ReNvWmwvc2PMWKL7QT85GPzqF5ma3Vj3xUFxncFP3QKkkYLZRgdcVk9TYpawvnW6H0FT+Hda8sLaSN8q9KS7XdY5rn0j2SoUOCp5olHQIysz2KyWO+hwQCQOKjkm/s+TZ5LfgpNc1pOtzWqJKASB1rqV8W2ksO6S3R3Prmue1md8ZpoWHUZJWx9mZs+qmtGSAWti0zgJv5Oazo/Fttbje0CAegzXNeIvGc2qSiC3BWM8cVLjdilOyKerXb3ty8cTfuwajhQRRDPpUKIlvGkbH52+Yn6U6SYOj84x0rqirI4ZycmZyA3OtbVGQDXcxpC8CAxjgVy/h23U3LzyEA5710qSgTugPGamR04eMeo8W8DuFMY5IFbc/hywgs0mLnLL0IFZSKPOjOf4h/OtTWbxWEcZP3RUJajxCjH4TMzDZQERxoPeuW13UnmTy88Vd1G5adhGDwOmKzNQsykSM3UitbWONXZjwxBpuB0Bq+sG6D6ClsYQjuWHY0om2Blp3G0c9cRf6UxqS1hMj7sED2FTzLmTJHU1rWMLQgOsYZfQ0SbsCWpd0kiIjaSPqMV2NhFJKASpI965yO5tJY8mLY688L3rptH1+1jsl8/duHoua5Z05NnXGcIrU2ba0zKAU49hXQRQrCgLskansTiuTfxjEgK21uCQOC2RWNd6vqGqNmeVtg9TSjR7kyrLodtq+v6fZReUp8xsfwjIP5V5/qNlHrF2LgwxxE+hqQooAO07vpToMyS7QOFrqhSS2OedW4n9kWGmxb5AGc9OO9TC8+ywFx3U5+tZeo3RnvxBnATrj2pl9KRAi54fDVqo2MnK4+2kLwySN96U7m+tU2Y+dj0qzGwEeRwG5AqncPslcgVW5Bm3spluSvpmqhyMRr989KdLJ+8Z+5p9uhzuIJkb7tKTsikXdIsJLm+jiPMoYFj7d6+oPDbo/h6yVCCI4/K/wC+eP6V4n4R0r7FAby6GZXHQ9eRXrXgiRTpU8SnISckD0BA/rmuSlW5q/L5HRVpctHm8zp6KKK7jhCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcX8Vrz7H8Pb/DYaV4o15/2wT+gNdpXmPxwlYeErKBN37y9BIHcBH6/iRSew1ueGrdBict0qq05e43HpULxkPnkUjttXA61FzWxNNLlsp1pYdSeP5W5qpHIY2wec8VNLYTFd8UbkfSgB0ty4YuhxU0Mi3dvuJ/ejrVIwTsmHikz/ALppkQnhbiKQE9flNMQs8mDkffFS28i3Cnearyht/wB0gnqcVCSY2+U8UgLEsIR229Kn0tkt3DkZI7mmWqSTHCoWJ9BmtuHw/NLbjztsYPoafQpbmysi3diJMhjjAqI6PPJYmeDKyxsNxTkkd6ksbaCwthAj7ieOeK6OynbS7PztvyAgEdjXLJ2O6mlIgtrGebTElguA5x88MrBef51j3URjb/SLKNT6qSa6GT+zNWJlt7n7NctzhcAfmaybrTryPPnanuT/AGXU1G5tKFtmYd/cQLFhW5x0NUrPUXA2nNW59PtHlP7x5GHcrUElqkK7uM1XKjG7iyVr5pDtqOaRY4g8nKFhx7VXTAOe5qtfGSVwv/LNOMU4xVyZ1Ha47Wf7PZ4WsoxvK5fA96zS6jqKl8oqSY1OWpn2KZj0NdEUcbd9RonUHCrUzS7eWqaKzEaEvjIGeaz53M0uFqiWLJOznC5r0Lw98OpNS8KTat5hMijekZx6E/0rira2SIKzYr3nwbeCTwjEkIBIi2tk9eDWVWfKb0aalucb4T+G0XiTRJry+uXglUZCqAcnHvXnOpaJd2Gq3NgqlvKfblea958JTSLJqFnuIxJjHYcVQ0XTrKPxzfw30CSiQsQW+grFVtTeWG00PCRpsxcgEll4w3FTf2esI3TMDXf/ABMsLTRdZD2USxrKGbAGO+K84lkmmxv3AHoSOtdEZcyOScHFg7puxGuavRwzNEhbpVWGMQjJGTXQqwbR1YDnAqmTEzGXyZAVPNWQ3mjEvpWa5dZAzHgGrbObkqUBAx1rNmy2KxjAuy38INX4Z1lnGCQMdKrKv7px1YEVOLZtscoAD47GmiGSPIRK6JGAM9azXyblk3/LV9J9sj+c3r05rKuNpfK5B+lMDTt4t8RjPIFZ9zbIZOF5+lXbCYRptY8460+aMMoKs276UrjsY81tLEASCRSJcmF/nXd71uRxh4QJHLZqtcWPlx/Ku4UbkrRlVdQi/iTdn2oiCXAkUjHPFV2t/wDnnjPoab+8hAI79aXKW5GlZRG3mDk/LtIFa9sJHiII+VqzICLqJI1PzVu2kbwoIX5IqJGtOJbs4iqqgOBWzGu3NUraEGHd3BFXwev1rNnowVonNeKG/wBIh/3T/OsOTgDBJBra8TjN1B9P61kTHy1XaSQR3rqhseViH+8ZXKAMVPRmFdrB8PodS8OLf6betJeADfbnaAfX3rA8NvpsetR/2pGJIX7EZFeojRzot/Hq2gOTp8p/eRJ0QE4wAPaonKxVGHMecXXgDWLXShqTRh4uN0aNllJ9uuK5xoijFSpz3QjpX0vM4ijTU7Ri8EoxJGRjg8cj6Vw3jfwLDeW39taDHgtzIijHX/6wqYTuOpSPI0iDjjp3q/bxKGwtQ+U0cpRlKH+JWGDn6VqWlnIkImaJwh6MVOD+NaN6GKiMktSULegzWeQXZPYVpzSsVYA8YrPMLpAr96zvqUiSeIixf0zmsUwiSLzB1rpZ4T/Y+/PUVh28RkiwtW3oNrU1NDYTQeS9aEmmqvKnFZOjnyr3YeBmuvNt565HSuWbsdVKNzl57Jidu6oY7CO2Yu3BUV1X2CKMFn6jnpXNazNuR2ToTRB3Y6sbIypbkzSNg8ZqaQ/IqHpWfbwuzAHjvzW1DbiS2KsRvHeurocTsQWt6sdyIWGR2rdl1CSCIBIlL+uay7G0hhk8y4XnPGRVq/aQur265T2qWawUvsliy1e8E4M8QK565PFaGp3vnj91hyepqtppa6Bi2YYjBzT18P31tckwyAxt23CpWjNJUqkldkNpDGZw0g+VQTUNw39p3LbSVRTwB/FV57K5INrFE7TscYVSa7nwv8PXtrSO91NMlBlV6miUjKEHexxMXh2/ltHu0tSEA6EEVyjxM1wykEEHnNfQV3Nqt7CbbTrURqVKAElRzWJpPwhZ2kuNZuWUuf8AVx4cVMXc0nDlPFmtZrm7RY4mlQf3FLfyrqbfwzqxtftYhKRY6Pwfyr3XRvBmi6FCEtbOIv8A3yMGrN7ZwOjmbfInaPbkVXPYhQufOphmRWAilJzzhCRVzT7Kdly0T7euMGvZBpLuw+zaZaJCepeQqcfStqz0LTViC/ZocjjcOR+dXGXMRUjy7nhwsX2vNLG8cYYclTzTTKLqQQxr+6U5/KvRPicq2lhb2tqka78Z2t7152W/s+ExADcRnNUkZNosXN7GkByv7wHatRNL9isDcPxIy/rTLG2N6y3DjhByDVDWrr7RqEVun3Opx7GtNiXqVLUPIpmk/wBZO4b8O9Xr1EaVIgeEpYwslyzrwluDGPQ5qk5ZnLZ5zRcLE75VuOnasu/nkiDDj5vQ1oyyDygO+Kx5yZ2AwKTYinAjzThfm59q9C8L6BaQf6XqOGx9xW7VmeHfD73aGY7lx0OK6620aIqpvbyfK9ggNcVerpyo7KFK/vM1PtFnIuQg3dAB6V0/giSJZ72JM/Mqvgj0yP61y8sWkxwg2zTNMOMtFitjwZJt13aT963Zf1B/pWGHVqqZrXd6bR6DRRRXrnlBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/wCRH8Qf9g24/wDRTVt1ieMv+RH8Qf8AYNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKp6hoena5CItQtknVDldwzgmrlSwjIPJFTLYqG5w158I/D10xKIIc9lQVzmofA2wcg2l7JjHIKqOa9hOO/NREKNwBxnk+1YOTRsfOviD4VL4ZtTfXF2ZfmG1Dt/pWTBd/uxHHGFUV13xf8V2z3i6bA254vvemQa8ug1ty+5kbb7A1opXBqx1XnR5+4Caa7RScNCtU4LqO7t98Rw3cHinRuzdQPzpiJf7Mspvvwpg9ap3fhjTnbdB8sY7YxV7ztg7VBPdFYSR909qAG2qWVknlWm3f0JqSZybfBkYsK5uWO7Sf7RbAbc5POK1o7l3i81kA3ds0AV5ZZMB/wC6c112jajbatpn2eWXBA6GuRuDuX5eh6iseeefTZ/MhJCHsKzqR5kbUqnIztLzwwAxezm5z2Iqn/Y95HJiRsr9ax7XxVPHjBNW5vFU0i981hyyR1+0juX7jyLFOcFqwLi6aeTAHSoZbue8fLBqmt7ZyQT3q9jFy5mLGoUGRutM+0oD+8Snag6WyhM81nSSuW+cVpBc2rMJuzNA39sowBz9KRtSVRxVH7PHKuRwapyB4DhwTWqZkXJro3JxuxSwpFCu4nc1UkVX5BxT1WWNvkAI+tUwexPI8lwcDKivZfhrKx0HyB84XHX6V5PaWt5eQl4rd3UDkopIFehfDS/MLy2hyrj+Hv0rkr6o6cMveR2dmDY+JHDrtFzl+Pyp0tiYPG8c7/cZHI/SrV7pV7f31pPCRiMYJJxxmuibSBcXUM7EZhGDz+NcVrHdUai9Dyr4r2S3Go6dIy8MwyD3G6rPi/wppC+CbW8t7VI5VUcqvua6P4j6X/a0VpJBG2YZUU4XtuzS+No0tvh/tXJKgDkY9a6FNpJI5nFO7Pnhn3cJ94Guq07TZLzS1O1lXhun3q5WFlfYcYY+le6aPpMY8F2Ny4+YwZH612xbZwPRni+rxuk8ieWEQN0p0DBbEKPSuh8RW/2iN5GjXeD1HNctE21QpNZNGt7ktureZVsuRLjHFVFugkmF5q3HKCjbxzVXGZ9zsE/B6mpLi3haNTvJNNZUacllJ4ParcFkJ4lZhilzISjcrRxKVAIHtmpUFzDJyoMZHUGtIaSjqNpb8BV6CFI4BE8TYBH8NZuokaqmYqMqOBzVtWDIQON1aF1pttLAZLdirLyRjFU/s+UjlXgY5FUp3JlDS5l32mFMSRfexzWZtYHa9deE87OKzr7TQfnUdPStkzFamJAJLS5DoeM5rqNNu1u5i+QGrAkhcNx2qSGyvIk+2Qbio6qvOKiUbmtKfLLyO8hB29akQYFZmi6lHfWgUnEo6jvWqK52j1otSjocz4k/4/4Pof51j3QO84PFbXiJd1/B9D/OsPUCVl8sGuqHwo8iv/EYWIgku40uDiMsAx9BmvddEEOi6fBLp1y91pzrhlYAY/AV4CigjBNdt4L8XSaNMtldnzLBvlwx6dulZ1YlUZ8uh7lZLY3MTS2u1rd/vRD/AAqeKA2j4tIx5B4MXQCuf0y3RZBfaNP/AKPJyYwQMV2UDfuQ5BUnv3rnSudM9jy34g/D37XKNV0yMCXO6SMccZ5/SjQhZazoK6VPGImgTawYYIPXjNepuWYlR0I5PrXN3Xg+0l1Fb+JjFJnLIo4Y+9W2zOmlfU8Z1Lw/NZ6i9uyYhBJQngFRWTdmMSbI+VFe9eLPDyaroMqqNk0YyHXrgZOK+eJ3NncSwyAhlOOa0gyJpJluSdTYmKse08yPUDFgAEE9aliuFmYrnpzTIXV70yFiMAiqM07mhaWbS3jlRna1dzp9mXhQjpXNeHryygnkE2Tv749q63TtZ0y3Lq0jbVOMba5KiuzvowsiPWLVU095EGCWC/nXK32jD+zmGzlWHNddrGvaTcWvkxM+dwb7vpXLalq88sbpFgIT604RY6hzyWQDszDdT9oj53HlgcVZhukgXDcuwqtOD5iMQMnt6V1JtI4JLUfqZctE2Dgj+tegeGPh/fanpMV60gWN13KCwqj4e8H3muRLPJtMYXKjdn6V6Z4d+0aNpbR6nKqQwDCIGyenpTtc6KV4r3Ty+7s/7G1Ke3fCzK33h3FLFdSS3EflOTIThaXxRqcOr65NPDHhNxwSMGoNDITWYCVHBGB+Nc7VmetGT5NT2PwzoEFtbw6hcRKb0ryT15610zKknWqVhcpOirnDAVfJRe4FUrWPGm5c7EVFQcClJAGVYimNdxJ1ZfzrOvdesbQEySjjtSukSoye5Jqd7FYReaY2dvZSa4q+8dXhmaOysZSPdGFXdQ8f6fGCPLLjt8prnpfiCwcm306LJ75YUk7mnLyrUo6hrXiW9ztSeNfRQf8ACsk614khjZBqc8Cg8Rgj/Ct9fF+qzqWD+WD/AAq1Y1xNHcXLz3R+c846iuiEbHPOal1KMs99cSLcandyzrg4Dc81Rb/TrkRDsetO1G9eV/LiPHTAqxaItpbiU/fI5NaIyZJeXkGmWZjGPM24rmLNiVkuH+8xwPoal1SYXl7tznB5PapLSEXM6ovCRjk9qGyUiWcC3tEQf8tBuP1qmpIBJ71Peyb5mhzwp4quzcAUDWg2dgkJ96k0PSX1K6QKreWp+biqeDNOU7CtXT/Ek2kN5drCjY6kkjNZVZWjYunG7uem20EVpaJDDGuwdc8U53A6KBXCp44unbc9ugX0DGp18bnOHtlH0ya89xZ3ppI68nIJJ7Vf8LPjxBakcZ3A/wDfJriU8X2j/fRlPspra8M+J7GTxDp8SswaSdUGV7k4/rVQi1NETknFo9jooor1jywooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUkd0sdwIGOCwyKWq93bGaEyR8Spzn2qZvQuG5p/wA6p6lIkGnXDmQRnYfmzjnFZL+KbCws995MBKo5XOTXmPi3x++s77O1YxwA5z0yBWL1NdjkNT0y2vNTnuroiSR2ySearfZLJVKJCi/SnNPG5zvwrc/NxUMkKum6J6tKwN3M5ofsdwWizg9cCrSTBvu1WeaWBirncDxTl2/wEUxFrJPWonG5XHY03c3Qmph/q8elAGfAzLugP3RVlR8mKhmYRsCByTU68jigCEL8xqC8tBKgU1dIwabKCy59KcdxS2MB9OMMgJHy1Yis2zkfMK3/ALIt7Y4x8wFUrUNE3lDt68V0zwy0t1JjWtuQIjIeQQKl8wbSckEVowiOVykq9O+KZc2iP9zaD6Z5rhrYecGdlOpGaujmdSt3lQTZOc8VDaSAv5N0vzDoTXSS2rPbCPZ0I5rLubEzFk4WaM9T3rWnSbhc56zXMVJd0JOE75zT42hvF5HPvxV20kWWLy5FBdRgg1N/Z1vL84+T6Ci1hdDn7qzMTZUce1JFM6DJPTg1vtZORiMhh7nFZ91pbj94oO3vQ2I6TwL4kn0y/NpDk2k33x+ld5b6ZbWnihNQtItkc6sz7R+FeV+HGFhenzFOxuntXrvhu7kdBFIBIOxJrixEmmkelhopxOuXVoYMKHbC8DIqZNRk8zfGQUPqahFnbXkBjMSrIv8AOqK2k0R2FyrL2HSuW9zosup0cV5FIcSLn6iqHiexg1rw5dWwxhVJX8Aaqwzyv8kyhQOhBzmrjuBbmNePlINWp2djOVPsfLxtntZ5IZAQYXCivf8AQobq68B6YseCpt8Ek+5rx7xhGlv4hulUcGQmvWfh7r9pceGLbTncieGPAXHpmvSpu6PKq6M4TX4WsZvse1csDkk4rg723MLSZbkHAr1XxnZC91FCYgrqCeOp5rz7XNMlcNcKgVVOMik0Wnc5+J/KmXI+8Dk+9XbSSW6uTEy5C96zJcqMF25GQRXT+FLdpITJIBgjqaiQ4lu3sUyWcbgOnFbNlo4dY3fcEP8ACRxVO4v7a2IjiXdIGGQBWlB4j5RLlB5Y9MmsHdmy0NpNNgjKqFSNcZ4NVrqOM3KiJgcA7t3FWfPtrwCS2fPHRuMVmX0W2VDGSxIO4nis3FhctR6bbSIZQBjHIXmuel8tb6WMLwc7avW97PYXG0PmJv4VOao35K3vnqvDdKpJxKvfQpRtJFctHIPmzwaujEg2j/gVRXkEskYlHL9cioYbjdD8vDD71dUHc56keUgvbJ4z5kX3D1xSWV3JbHEEhwR86njd9a1YJBJHhhlDxisbUbdrSdiq4jY5UjtWl7GdyxPbwqp1LT28m7B+aBeAR3561s6Vq0WoxLk7Zv4lNc5FMCAcfMODJ3NPMKxzC6tTtmB+YDvUOFzalWdPR7GjruP7WiGMKEPFcvfPvvWPvW7eXn2p0nkHziMg/Wuadt8xNWtImdR802yaMVMF7P0HSol4TNSJk/M3Sjck7Dwf40uNEnWGRj5OQBzXu2k69baxbK8Uy59M18ru3PPTtW54f8S3ejTptlby89M1hKnbU6IVb6M+pgAVAVuaXZgda8+0LxvHdxoXOCR3rsLTVIbkcMCfrWaZo6bvcuXA/dkZyCK+afiLpc0fiy7aGMiN5CeBxX0PqWoQ28LEsBx1Neb3VtL4j1JljjV4lb5pM1UHqL2bZ4fiWGQgxlccZAqxawSSSYNeieNNK06zYWdooafPzHHHX1rnLTTjE+TVSep0UcLfUghtnh7VaS33jfINpq+sYJ5HSrNqsZvIlnQujSKMAZ71Glzu9moRuZq2EkpEcEUkp9kNbGneAte1RwEgEceP+WjbT+te46PoOl2lvHPbWqKSM5Iwa2W2ttICsMfezW8UjzK2Ku7JHz0fhRrZ1FkAVgM8lhXO6n4a1LStZe1ucgI33s/exX0Z4m1WfStIe4tgxkyPwrxrVtZvNckWS+PK/dIOamcrF4ShKpLmlsbmjeMrfQ/D4t7e0RbgADPI/GuV1fxFql67Sz3DEE5HPT2qMqzybmAyOlVbyMeUQep5b61nGpc9H2EI6pCSzsbVLx0cA8Z2n5ie9afhWP7XrUZYjIB71FqmoqPCFpD8pcBcYOTjJqp4RuDb6qsx+UEHrRJGMqra1PZrnUhpKLIoPTBwKx77xhIynyyfYninz3sdzbgs6sPTNcv4kktk0uSWIBZsjaq1m4SvscjlBK5NdeKr+X91G2ZMZyTXNahfXk8u6aVyCD1qml1P/Zkc0rbJiByDyadNerdadiQjzFIFHI07Mh1o2JNP1BiClzErovAJrULwugEQwKwIZlRREBnPOauLcFQFXiumFM46k7s0lcQsTnPFUZroTsV2dKYZlVsuwJpnnYIbjn3rQzRNBaxofNIxUGrajGkDRxjqcUy81Dy02D9Ky4v30jvL06gGmhgkYtkUyHPmjgVoQxmysGP8UhBqrYRrfXZeX/Vx52/zqa+u97FccLxQ1cClM25lbuBiovNLKwPbgUZ3Hd60sEfmyLx05NKWiFuxRi1tS5/1klU0wDwKm1BzJPkfdXjFQRkk8elck5XOunGx1eiafbXVqDJGDuI7Vr3Gh2Mek6jcCJd0DYU49s1X0JGXTIWGCSoPFamokp4P1Qk/M0q8+vBrz3OXtGjuVNctzyNNXmOHK/Tmtzwrqrnxhog8teb+Dv8A9NFrlIs4ViSQBjFbPh1jH4n0l1wGW9hIPvvFeokjhktz7CooorrPPCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/ACI/iD/sG3H/AKKamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVDW9YttE0ia8uW2qPl/Ejir9eZ/Fa+SSODSmYfOolYE+5x/I1FTYunueWa7rs+r6nNNChYF/kJz0qiiyg7pQTWuot7VNiKAexX0qGS6hHUt+VStjVlCVoJxtdOfpVCae4sJPkO+L+6TWjNJDJ9x8H34qhcAlTk/N7dKEQK90tzHvXg91FV1nCnA61TLNA+6LknrmnI6yTbh0pgaluZJGy3SrbS/wg1kzXxjG1PpxUls7lNzGgC8dkmVPanwEBdtQJjrUYYifHamBcIGab1DUnO6lWl1GXtIP3kpuqaeUAni++PvUaYcXZWtwxiQFT36169GCqUlc4Kr5ZmBaSC5iGOq9ver8lhHexebGFiuEHzEH71Uri2/s2681P8AVMcYFaOAyI6NtyM5Het4q65Rc/LK5WitZPJ5dguRlay9ch8uaG4Ufc4Y/jXa6dotzqts8sEgDp1XcOaydQsfMt5bd0IkHJBGDxWSlGScVui5OSkpdDkdRtnh2ala/ck5cD3qzbzpcQKyH5fSrWlkMr2co/dgFQD9KyprKTR79l5MPauWtRvHmia0562ZpKQx44qXyyVwxyvpVMShh5q/dqWObI3E/L6VwtW3OhuxS1BzaMGC5XNdp4S1lEiRnbr0Fc3MiXKfOAVqjDdrpdyq5wmflrKrT5onRQq8rPoXTr2CSIM2DIR1qzPskj4ry3R/EEh2/Pz65rr7LWhIQpYfnXncriz0tJI28DZj0qC4lIU+4oN2m3qKyr6+EaNg5wpqXuWloeR+NsHxDNz0Jra+GivNq6FOWHH4VyHiC8N7rdy+f4yBXp3wV00eZc3r4Ow7QPqK9XDuyR4WIV5M6PxNAqa4jY52NGPoa808YWt7ao8UAZrWNgki+9eya9ZC4v4ZgMken1rm/FMUdraywOhdrn52OOAenWqb1BM8dsdJhkik88Kyt/qx6Cn/AGiSwhSxhYbwOGBrsrLw0sOgy3UoDPjKgc4GDXI6fDDLfF5F3CNscis5mkEXrHSZo7UX1wSZnGfrRtfzUeeJUWXkLmtM64sl2bfyVMEWVBGakuoLeeyN7PI21B8gxXOnZnRuQiUWEwK4B9c1IdYhk3RvjL81zfnT3zEqxIJ4rRfSpooI5PKy5HbmiW5C0ZYBjEytHuO0YOBTrwhoFkSVsD1q74fiFtLMLoA7uNp+lGtWKCLZBHhdpPFTzXdjRvUjsM3FsNjdeprJ1K2exu3aNPMikO5yPWrfh8sIJUyRtYD9K6CG2WVCm0NGRtOfU0lLkkEtUczYuGh8wHhuVHoKnmQXNuUeqN9CdG1GS0J+Un5D2Aq1bvlOTXbGfMcb0ZgyBreUoeF7U6O5KDirmsQiRNyDkc1hLNtBq9hXuak8u+xbb949axIxubFW45yp55BFQxrtmOKLgTbcACpD8qYpo5kpsrfMRQIiZ+1SRYYqD13Cq7cvViD5JkJ5+YVL2LhudjLMbKzheH7yrUml+Pr+x+YxIxx1LGqV65W3JHIxjFc8CsiHeCgH90ZrmS1PYcNEzqNV8b6nq6uskjRoeynNavhvxVdafoMtrBwzkZbOO1cbpljPqd4kFshcZxuIxW9d2h0i5ezkb94p528ih6DpqLdmTSSSTTvJM5kduTmkAFVvNOMng+op4kqGd0Wloi0BWjpGox6ZfLM9rHcnOAHz8n5VjiXHOacJgCWU438saE9SpxUlY+gdHc3+mrcPdArIufLDAhaq3Gv6XoxMcl5uCcALg14xbeJNQsbYwW13JHDjBweT+FZcs5mZ3dyXJzW3PZHmLBe87vQ9D8T+PhqCva2SZjY8lsjiuI3CqfmllywHHFHm+9ZOXMehShGmrIubxiop1EsPTkqTUHne9H2gtyewxQkU5aGEjs7vExxsOKtRyOiExM5I9Riq0m1b+THGTmrSNIiPKNzJ0JxxW1KXJK559em6kHFE0Wt3axeX57qR6UHUZpwVkldj6mqkF8sTl2soZP8AeY5qSS8Ep/dWcKBvRjmu36yux5by+b6kep36QWke1t7gY+lZcF5I5wclyagmic30in14Faun2iw4llHOO9YylzO5jZx93saNsAkayT9QKjl1FWk6k1Vur7cWHbtVS3SSV8snHtSEaIu1J6CpFmJ6GqbxxIeSQfpULyOo4OKANBznkmoTI0kohj5du/t3rPN1JnaTknitywtxZ23ny/65/u57CmBK0i2UAii6/wAf1rPkm812Jpt3MTJ8pyT9760yKPcCaENAp2gkVqWFq4s5Ltu5wPxrMYbQqjnJArr7i2+y+H7VMcyIGP4GsMRPljY1o0+aVzjrsKsnI6Cqyv8AMoUYU8VcvNpkY4rOJIYYIxkVzJXidT+LQ9KtLSSLw9bNZsN5UZGcVja/qOrQaBNbz28aoXXo5NP03VHhs441fgD1ql4o1V59IaIvklh3rihBqrc7XJchw6DagPQn0rU8Pj/io9LH/T3F/wChispGZRg4PvWx4XQzeLNKiBwWvIQP++xXrRPOl1Pr+iiiuo84KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8AIj+IP+wbcf8Aopqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeIfGO3B8W2svnSRA2SD5RwTvf/61e31438aQseq6U7qSJIHX2+Vgf/ZqUloVHc82SVlGxJd+P7xprXKvwVGaoygKfMiOM9hVF7lre4DOSQazNLmjcosg4ABqg93LbnEpLpVqSeFoxIG69qpTFXBxyPSgCKW7BGUGFPamW74ZsVVkYxsdw+XsKltDyc0xFuJdzljWjEeKzydq5FWYZMjrQBcD806XjawqFeam/gIPamBaRtyBjR/EKgt28xMelWF60r2Y+hPaNtvQa6RU5JHeuWjO2ZT/ALQrsbdQYVNerg5NxZwYlbMp3VoJoCD1xWVYFkZ7SfgJwma6N4iWrK1SzY7blOsf3sd67TCMubRmhpOoT6RcApnaTk1NqF3/AGlqct5nhif1rOtZ1vLcHjPpT/LaNgFPy9TWfs4uXMiuaSXKzEvYPsupCQDAc1evLFL2zYHll+7T9XQXdnvjGHjIp2jTia0Ac/OowR3qIrlnZ9SubmSfY49kkspfJkB2GiUNGFKn5TXT6npi3CsMfM3IrmjFJE7W79V9a4MXR5ZcyOujU5tCSKYZAJ4rK1mUlxiPcB3q3tIByelRXLSSW7JEAQPeuNM2vZiaZrX2farngdq6yy18MDg4I6VwNlZ+bKgkyDuGc12upaVHZpaSwD5ZI8kgcdayqUludVKqzoIPEcrYVs4p11rO+F1XgMh/lXNQM/GO3HWtGC3a4lMY6CNq43DVHYq2hwcoMt/Lz0bNej/C3W5NO1/7I0n7mdSdufbFcHNbC1vpuNzM+ABXqfw88DbUTWL8lW42LjPWvRSsjypPmZ6k0QeVmJwyNgY9Ky/EUEEsOyaLcrKSvGcGtdB+8LdV96dLAsq5kUMP4Qe1BJwdjZh9Euo2LLIBtQY7YNeS6mr6V54QFZFO2vomKwSK8MkkS7CCMV4v8T7SODxC6wgBWYscfWs5mkGYmgWk9zZLJtIMhBY1c8QXakQaXbNgLw2PrS2XiK3sNAMaJ+9XC8Csa0IknkvZcncfl49awSuzoTsbNtb2loUgACt3bFdBJqlrBGkSEtIi4HFYFhYT3p82YHy+qmtGSytrSMXEu3ee1KW41qyXS4ZLu6mu7gADkrk+1FxfoSVMg39OTWVNqNzdHyLUsoJ7U+TQFS3M95c7Jhz1FQ1ZjaJ7ERReehUB2bdkfSug044tB8oLtgk1yWjXCT3E0ed+zgE/Stq21iS2cQfZ0CqdpbJqZLmZUNUO8RaTFe25kKbpT8w471ythI6HypxiRfvZrvf7StZp2jTG5Ac4rjfFDReat5bY55bb9a0oyadjKcLkdw8bEj+A8VzOoRG2uTj7hrUW4WdQ6n5MfrTrq1FxYk4yyiu16nM1ZmAHw+B0NS2b5lkU+tVFYo5U9Qami4uVPTdTtYGaC5A3D6VDMcVb2BAy1QuDQIjB5qVXxJGf9sfzqsh5qZRuZB/tCpkVHdHWagwjs1Y/xVlfZ4bhQkdwwYjJjOAv51Z1mRhZW6EH7vQ/WsmBljkD7Aw/unpWMVqexKWiPSvDAj0bR45HREmlAOc8Y781zWtXi3WtXLI5JL5453V1NqlvdeFoby4VdkUBVUfgZOcYrnfBVjHfar51zEjRIflLHrVONzGM1F3ZnrK+MlNhHG1uKkEnevQvF2h6VLpT38MaxTggBVHXNeaPHPDCGlikQHoWUjNQ4HVTrKRa80CkM1UHlIQGkM/oanlNufXUvGWgT/IDnB6YrNa4cEDBBJ4zXcaH4PSe3tr3UZ8LMuQowapRuZSrKOrOa87C4LHJ5xTTPXT+MfCkWiW3261lzGSBg4HWuIM49aUoWGq6lG6LxmppuMDIPQVRM/B5qB7g7cA9aEhe0JpZS0yNnrXX+D5bSeW406+QPbtmTJGeVFc5ouiy6lqtvC+5Y2HXHaui8WeHX8JyRTWN1I0UinOQBxnFWloZuabszL8U/wBircKumM0bfxbUxzWVtt2t18mZzMv3iRVWR4Z8srYkc5y3FPTZEoVMl/4jik73sOK6XLsMEYP2mQg8d6iuL7zSVWmXJKwDBJXviq8EJcgjvWsXoeViI2myS3tjcS4b1rWKpZRlVbmiOFbeDccZIrOnkJbcW4qjAWSbzGJYfSqkkpYDPLdqWWRpMBa0tN0wMxnn+6ORmgBulaZ8/wBpu/ujlc+tS3140znmlvNQ35hXhB0xVGMM8mTnFMB0S5cZHU1dWIB2Ujn1pFVV7c0rNI6N2waaEyTTbcXOppbqoc7ga7/VtEvbmOKCGNQFGOtcj4ZsLq81ENp4xKqk5PFdgx8XQfMyq/8A20z/AErixMJyeh00akYbnPt4HvWLM+3k/wB4VA/gORXyFFdIda163H77Tw/vlj/Sk/4Sm+U/vtOcfRWNczhWR0+1p7nNv4QvEXCEgVSuvCd1LH5bl/yrtV8Xw4/eW8q/9szUn/CT6dJ8zFx9UrL95HWxfPFo8yl8GXKDapf8qv8AhjwzdW/jDRZDkKt7Dk+28V341rTJj8shJPbFbegW9rdapayou1klDDK+nNdFKpNyVzOfIos9Gooor1TygooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8AIj+IP+wbcf8Aopq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV5B8dYmFvolyvRWmjP4hCP5GvX68y+N8O7whZTAZ8u+UE+gKP/XFJ7DW54R5ux1H8JFQXi7wD6U+5UIqxggnGeKYr7oTk4PvUGhWj+RDSrLj5qbIQMDPaqxbnbmgaFujn5qdZctVeR9x21LCdj8UCZqSJ8uaihb97UyOHj5I6VWztk4oA14yCKlB3AD1FZsc5zVuJ+/oaYEtufJuHj9atg4FVJhh0kHU9anJ4FIZMTyn1FdbZuRbrXHZ+79a6zT8taKSa9PBbM48VsaQkDYzSNGHUqD97rUQYA1G7vHyD1rttqcSMl0/sjUCQP3bnrWvuQxhh/FVS72XVuYnHzqMg/Sqen3T+X5UhyV7VMNJW7mr96JoyQHadh4PWsaFha6theM5Fa8d2o61j6jt+2pInHzD+dFbRDp6s6JotxDn0rmvE1mIUW7jHJ4P4mt5LnanzsOB61SviNRsZowOCMj8qVWnzwsKm+WdzjHO5QwOVYZNPsyodiR1PSqsBeMSWz/eRsc1PbsElx/FmvDkrM9K/Ut3VrEWVwwjxya3LTU4JLKCCU7rcAc1xWrXckl4I3bCgHgGtHTWSWyTPAx90VEpWRtCN9jt1k0CNSYsufQp3qH+044d/wBntkVmRskZ9K52KJQCQSoz2rQV8RkrwwUjNYOpc1hSkr3ZgW93DNqTO6kSxtk8enNfQXg7U7fWdAt3gfmFArr79a+a4pTDr8yMfvk812PgzxNP4V1lozIxtZXwV9O1dNNXRzz0Z9CqmOhPzcj6VKq1BZTJf2aXcMysj8gqQcCroX8qGQV3QmvEPiHCX8SSxOgydxFe8Bcn6V5N8S7NI9ft5mOC8bHP41E9jWnueRvaPDMqkDngCuisbKK3RBePhQMso55rL1AiHUFZmJVeQRSQXLahdvLJuaPOeRxWL2NVG7OuXV0ijJjGLVB8oPGawriW51i581Uxb56VAfMv5AsZ2W6cYU10FjaskSRROAv8WTisX7upokkJawQafCJTluOmOlZ2o7dZDIJ3Lj+HFaGsTGPFrZx7pCOWA4/OseNV08D52a7YcnH9aajfUG77FTw/E1je3EcjnqRj8K3pJo/sjxqAzFhndxXLLdSW+qyvMQWZuuc4roIYlljEgZXyM8mqehCbK4Xy2Bhcxsww23071HeQIsaQQgtuXnitSG3tpACco4HOBU0VuiyBk+bg9aFMbcmji1t3sZvKYBYya1BIECqOVarOvW0c0G3aDIOcjmszTG3fuZfvJ61vCSZjODSuZmsWBtroTL0aqygeah3EgV0uooLyIxjqornYx5EygqPkOGBrUziXJH2h5cEJ6VmSTBq6y80O8u9EOqQJi34yorjiQegoGSIM1f0m2F1q1tF23gn6Z5rPVWz1+tdZ4G0/+0PEWwfwwSfnik0VFajvF0sY12e2iOYoSUXFc+uMAdxzitHWoJLTWLqKbPmeZ1Pes4kFueH9RWWx6cXodFL4o+2eHodLMAHlKATz2q34WuFeBYkkKelci7hYHJJD9OKqWGqzWMqEOxQdaqMjmraWPXryPUZI1DyJJErhgGcdjVHx1q0V9p9pFtWJwv8ACfeuX1PxWby0his5XjkA+bjHesyXVJbhEW6iS4AH3mbmm5XLp6CsZIFXzP3ikduaVF/5bQKsn/TNjjFQtddBBlBjlcYFRxtiTeD5T/7HOazWhvzE66hunAuIFJB+4c4Feg3d5dLoGmzWo3DYPlQ52c9K89Oy5J81drf3xyTXR+EPEH9jzNa3xMtk5wpPJHYcVrFmU7s3tb1Wz1HRDFf3kxmUZERXIJrzPzx19OK6fxtJAl8k1ssbRyfdKnJxnv6VyUoUswHQ85pVHcmOheZD5QkU8MM1UjJuJ1iXqWFSwSlrUqT04qkkxguRs+8O9RYuUly3PTNIF3bX9mA+RHEeM+9dhcW1v4ptjb3jbXCkrjmvI9E167F27yOTgEDn2rs/C+qSyXzl2zmNtrMe+K1uTCLa5jmfE3hsaLcxQs3mCRSwJ9jWRA+yMjJ444r0aXQD4l5vbmWOSE7VwAeOveuW8RaDFoc/lwSSSLnklcAVMomkZ/eZ8cfnRBF7881cgtlhXJ4rPtnZZQzHAHpVm6vt3yqMZpUzDFrRMju7gkkKeKoZaQ4A49KmWJpGz1rTtdPMJ86XGwdjWpwrYNN0tdvmXJwg5ANJqN+CghgPyCm3+qK/7tOFHHFZsUbSSkjpQDFVDIw29e9aUERCc0QWoVdw61bJAj9KBEWwAc02SRScDII4ockDk4qIAOxG4kn1oQW1PR/hkLe0S6urluFyB/3zXcW+tWU6jYZPm7hOK5PwppsUPhffKIt8qbsM3PQ1Hpd1K0jWiv5CL2U8VhU5kzZRTR2l3qFpaxZeVcYzgHmuZvfF9nHIkccAkJ4ywNYWqAfayjMSeeT3rBuHCS7yOM4wKOZ9RRhc9VgsdN1O0WcWsLBh8wz3qtP4S0t1yLKLHpiqXgqdIoltiwJlG8buOldiY26lcH0HNawakZ1E4HEXngOzkAkslEEgOcKMZrW8OaRqdrrVo8/liFNxba+T904/XFb7Qv1KN+VWdOjAuicNwh6imkrkNto1aKKK0ICiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcT8W7Q3fw21TauWhMco/CRc/pmu2rI8VWJ1LwlrFkoy81nKif7xQ4/XFDBbnyCZuc55FQmfLfOPxHJquXIbFXdL0m/1W6EdjDJJI3B+U7R+NZm9ivLIOudw7Y61ASQGk6Dpiva/DHwjtrKzkvtaO+byy3lgBgOK8m16OFtdu47ZdsKycLjFAGdCm4FscVKvWrkdsUtmft6VVA5oJZZjPFKRTEOBT85oAkR8VPHKQaqd6kDgGmBfExxVqKQGFR6VmLJxU9pJnIz0pMC/v+ZfrXU2MgFqtcZvOR9a6O0mP2dea9HA9TkxWxtpKBQ0gJ61m+f05oM5Dda9Sxwl2VA3NYruttqpbtJmtEXOcDNZesFVkjkH8LAfrWNXRKSN6Wr5TScKRx2FYl3I6yL6g1rJMpj3eozWLMxmveOgoq6xQoaSZcFzJM3zdK0bSbaAp6EVmAYC49KetxwR6cVt0J3MnX7YWmoC4TpN8xrNeQI/mDrW5rw83TVlPJjIWuVdzIoCnrXhYqCjNnoUXeNx+oxmSMXKDJPWtHQTvtyBwR2qvbERoIpeQauJCbBhLEcxkc4rkmtDrpONzUjcFwehHWnXM6xxZD8ntWX9qM5/c8knHFWvs8duPMuW3MOg61ioN7m0p2MhtJmkujdM20dRzUpLNKd/zHuaknu3uZSM4iHQU0yJGoQEc8k120lZHHPVnffDnx22i340u9ObKQ4XPQHoK95RklhEkbBojypBr5Cc5YSIw+Q8c9699+EmvXGseHZILhiz2jLGST14zSmrCR6Coxgj+Lk1wHxY0s3GhLfRDLQkL+ZzXoH8WO1Z2vWS6jod3akZXBb8QDWT1RUX7x8uyTPLGqyD71afFtZJaxIqs2MnPWpbrT0SRkcbTGeQeKqQ3MT3QMoyqnCDFYeZ3wpuWqNvTdPMcKum1SeCufWpbm+g06VrR+h6nHekuNQt7K1EqDdO4+VQM1W0/SpNSk8+/JklfkI3RfxrF6u5LjZ2J0upvL3xNiLoGz8xH0ojsokhlvJWJZgdkeOmRT57L+zCZnIkxwq5yc/hUKtdyg3M8WCBgJz3oT1Bw7HHEMdRkjmHDtnFb9vbuqhIm2gVi3gkTWi1wCruSQK6CxdZDtLjI961lsKMWSMbyJhkFhVmEXr8KxTd15qy07rCFUd+tCxXDt5hlYAetYtlKLZLBp0UJJnIdz+NYes2AExmtk2yL944xWwZXjBlcKcDjJqnLqiXduQExIw+Y4pwbTNYUJVNDJtZ0mG5RlxwaksNDh1DxNBFMwWNjmT/AGjkVmMsumXJlQHy2PNbVow2RX2/5t67cfWuyMro461B0nZnsUek2cNpcadEgW02MqrjrxxXzzrmlPpms3Vnnb5T4Ue1fSOkqb7T7W7cg/KM4Oa8t+L/AIXlj1JNYt0AjlBL49SasxPMwVGORk8n611PhLVItDvvtTDlkb9RXHNug4MYyx61pOW+zxk+lJux0UI3NHxFqy6vqrXGOuayRnkA01jklRjimq2HIGay3Oq9kSsMrk+hqksUbRMSxDDpir8dvJLbO28DHbNZu1w+QvA9auMTDEvVFyz02a5t/MjAaT0J7U9rOWFwH3REdsYFa/hm0kknWX7SIwTjbuFdP4kjtkMFvLaCZlHzSMp55puNiqTvocF5Ux+dpBt6ABqljtZ+2z8GrTkgsTKzRxbY+m0LTkt7cfd3L+FYNnYoFEQuB82fwpyxuNqkZQ+vatMRRj/lpJ9NtDQpng8+hpqRoqSaHt4Unu7PzrOaOU4yUZwMVzV1Yz2j+VNE6H0KnFdBFLNYTCS2maNgckLWm+v22pTFNTtxKmw4cgk5qr3MJUnfQ4SNWByvzD07U+WNch9oAIzXX6X4bXVHc24WK3zxtPzflWhqHhKOx0eSYW6uV4DyDaapGdRJaHB6SN9zI4AAGepx2rWGqzQxrHE5jCuDuXvisuzRVkYE7t3Y9BSvlCUOGX3qbmlN2id/pfjxI7lYruPAAx5oySab4v8AFOnalZpZ6fCGkkIeWUgg5BrgdxIyMOP7rcAVIPkTCkrnjim5mfLZ3LMTbp1RTkFgOa1tR04Q3UZbpj7tYUJ8sptUYjYc9ya2LzVkmAlfmenTMsTK6RNHFFbhpCQATkCqd3qMsp2KeKoPcT3UnzEirlvDj73WtTh6ESWzH5vWtC2ts1LFD78VcURRR5BANAiLZ5PaopnD4I7UPM8jEZ4+tRB1II9KAIWkeWTDfdFW7OIXNzEMAfMB+tVGJcYXgg10PheyS41H96gwAW9cEU4xbYm7HY3UKafZQglWCptHNY2nzk3bgn7xzS6680QaTOYyeBnpWVZXIEyup5zWmISVhULu50mswlooZlH3Fx+tc+qCeYkHJDAfhW0+p+butnwAeMmsOKSOy1OaN87VyAcda4Km52wRqRXMlrqMTRt8kDBR9M17PpF9a3NjHdAhi46+leJKqvCXzyRzXS+CtfFpcDT52zEeFz2opy5SakbnreYiT8+SefpUKy28jskLq7pw5U5xXO3eu2kEt3aQOHnWCRuO2FrJ+FT3F14butQuW3Pc3jlTnPygKP5hq6Y6u5yy2sd3RRRWhmFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoIyMHpRRQB4Lp3wRhS/nOpXbJAsreWvBG0E45PtXYJd+EvANkYUeJJFH+shwzH8Aa4z4u+K9f0nxbNpkFw0Vm8KSx7W6qRg/+PBq8furiW7l82aVpHP8AerPlZ0Jqx6n4j+M0lz5lvpVuoRgVMxJViD7V51D/AKXcPdSfeasjjdkqF9xWlpswJ8s9BQlYTdy5cApbYHeswCtO+ffEFXjFZwFNiQ4DilBxSgcUw8UhDic0q0wGnCmBMpp0D7bgn1qEGkLbZVNJgabnkfWtu1l2w1gOfukVoxSHy8V6WA6nNX2NH7Rg0NPmqBY05Sa9dbnEaCSVBqxZrHnswNRCTHei6kMli4JrGpH3TSA+3u0+wAHriorX+KQ96zrNg1sgJ7VojCRooPas6DUldlTVmyUy45qAyncaR26jNV2kwAfaulW3MtXoPvZ8aa61zcL4q/qVzi32juRWYOK8PGSjKeh30U1HUtNLU9tqDRq0LnMZrNLU0uufauPQ2Ohs76zsY2aFRvPtVae9e6k3t3rJBQEbanacLlRQO5ZaZYwT3xVDzpJScA4HapbeNrqTFW5U8tdixDep5PrWqQmVLdLiaREjXlyAFHqa+nfhl4cfw/4XRpows9yBI49+leF+Bb7T7DxRFNrFqrwZ+X5ScHjB/OvqK2u4L+2juLaUNCRgBTkCpkrCuSgAjJ69qCFdSuPkP3/rTtvy5H8PFAyFzj5T1+tQkJaanz78UNMuNO8SS+SSsVyTIp+nFcTCj2yedN94Divob4j+Gf7d0J7iHie3XKnvgZJr5vnuZ7hVgk+8hANY1FY9fDVFyXLdhJcT3iTOedwHWu6kuhZR7w4Ln+FTmuRsoQibicAcCrYnWOQFS8s4/vDj865qmp2vCKa5jfsoHlma8vDheWANR3WqyXMm9CFiXo2eT+FZcl1rOoMIhbyY6fKCR/KmW+j6hdXX2Z0lWRAcqVIX86lRRj9WV73MTxDdtc6hFIcMQpG4nnrTbSUxssinOK2dR8E6wXE3kxlVB+UPmsIQTWkrQyRbCD0PFaJoqnFR0Z0kWrO8YzGpGR3qW71KeUYhYrH2Gawo5JAQo6Yq9ZyqRiY/LSaOmNOn2LKGeWPE7lk7Vat4FWMnFCGFhhSNoqO71CK3i2rjNCOqMVBXRDfiFoCjVi20z2kmDu+yngD0ParcayX0+Rnb1q5OLdYPKaMH+9x3qoysznxFBVonpHw319HjbSJZNxPzox7BR0roPEVl/bdld2Z5gCmQZ9VGRXiek3FzomoxXcDZiLgcHkLnmvUvF3iuLT/DcFzYsu68TdgHBAJIrqpS5mfP16LpO3Q8YuLEGVoWGJFOc1QuTsJj9K1je+c5kk/1jc5rM1BD/rQOG71vWhoZ4Wdrophs80bmzTB0470hYoea5Wdy3LdvIu4g9TUhhwWMgDAAkVVgTzGzirMshjT5ccjHWt6ekTlr2lJI2vCGhSX7yXzZAVgEHv2rqPE8l1p9vai4LFnTB/OqXw6vwivbTyBUHzjJ9BW3421/TNU05Io1BuomC5A9/Ws29DejF85xUYKHL/MPSrGR/CKgj3A8nLnrUgcf3m/KsD1I2H7pegAHvmmiNCzb3YsPanBgehp3yKAB989TU2HdPQrlAynG7P0pqxCNcgbiwyQav2Vpc6ncG2tVJZQTx7VDcwSWVw8M4Kzg4I9Ku1iOZXsdZ4N0uRdKutXMmxYui59s/wBK5fWfFGqa1I8M928duT9wHiuhk8QW1j4LOl25P2iRlLHHpnNcM8YD/Om8epFVcwdN81zNuYFtiNh+X19aZ5qlOOtWrmNfLJ7Z4Bqvb2TXMMrJ1U5x36U0ZT0YKMAZ+tSoP4s1XhkBRQ3YVK0i7QEB/KiwuaNhwYljgU6KAucsKs2tnK6btpq5DZTE8jArSJw1pXZDHGRwq1oW1q7ncR8vvU8cIgA3FT+NLLPKeIuF9qowJ98KKVES5qu8PnAMTj2pioxOSzA/SiWbDAd/agBlwg4VRjFVywBxUzSsz/OOKZtUjNAgABZcdzXb+A7uxtdba1vVX96CQ34YrjIgrHB4qpc3pttRheNzuRgpP40J2JlY9E8dNaWGpfZ0kzDJkjFceqosqvBdMDnkHAq54rZrnTYbxSGcYGc+prj1mk3bt2GpPUiM3HY9DZIb21TbIomXBJJArQvtIgufD6z7gbvg/Lg15rHfSA/eII9K0bfX7uHAjnfHpWE6d2awxLjudDpk0qBoZx8+P4qikuntbzfEPnU4OP4ak8OXqaxrsME8QcuCC3Uj3qz4s0yLRtcms4pmIySCQOcetTyG6rxcTX8N2Nx5mpaqZDKZYZF3HrllxXo/gDTm0vwJpFs4w5h81vq5L/8As1eeeC7uUaDdw+cvnvIscce4ckjH869kijWGFIl+6ihR9BXTTOeTT2H0UUVoQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/RTVt1ieMv+RH8Qf9g24/8ARTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPDv2gdLxNo2rIn3le2kf6YZB+r14c9fU/wAX9J/tX4dXzKm6WzZbpPbacMf++Wavlh6roVEiqa3bY4qE0+M5IrFs0NeVt8IqqBT1b92BSgU0CACnMmaUCndqGIrsuDRT5OtMoAdTJOlPFNf7ppMC5C263Ue4rSjHFZFk2VANbMQyK9PAdTmr7D1XmplQtSIvNWYwK9U40iI2uearz2z+S2Cc4NaoOO1NmlCIWKDkVMtYtDWjRzenQlwVJO5TitQ2cvZqhsMJJPKy4G7vV2XU4EBCg5+lctDSJpUbckUXt5F6mqsrrEh3GpLjUi2SOBXP39407bVNLEYhQjYunSbY2SYzzkfwjpRtZm4qO2GTjvViOULclcV4zfO7nYlYrMDuINMJ9qvSwh5ciopLSQdCPzo5BlYAHtUqgbcYpUt5e/8AOrkUSJyaagBBAZ4TlM1bS6nP+szS+aOiimklutbJWJZMJz2r1b4R+KnjvG0e6l/cMCyZPcDivIcVpaPfjTtWtLhCR5bjP51LVwPrUMQmW6jilDkYHYcVn6VqEeqadb36EFJk3YFXt275O/Wstgjqij4hvBaaFdOTglSg/EGvly8sZE1GR2bHPPvXvXxB1FligsUb/WDcceoNeM69bTJfwBTwx+bJ965pz1PRwvu7lnStDvdUQNCg8odycV6L4b8G2ltbb9QVZZOozzWJZXAsLKBLeTaGxkL3rtheLDpMc7KCwXH51w1JXZ3e3lLVGfqmqR6DD5llboFHBxkVzE3jQzb5cBWZu1WdZmM+mz7uN/zAfQV59YEXcZicAOGHQ1cIc0bkOuloemaTq010NzZYHpXOeN9Kjuil3AFEg/1pHrmt7QbCe2sN4fjb61Vt4Re6k8Mqb4WyHB9alNplre557BYSycxTLtPQbhwKtLo8j5BnK/iK2fEvhyXS9RCabAoR+VPTArCvotSshGZ2B3DnDZroTudSnEla1+yYY3BbA9qoO8dxORtOc+lOjiurpyBE+OucGr1lYMHJl6+9J2NI+/oPitrpIP3LgA++KalrdEMGZW/4FV6V9ibVHSoYlMlwgRj9KTehpJWVkURbToSr7wPYZrL1W9uWmSKaQtDGNqjNenQIDCIzaRyDGGYk8V514psEttTl8sny2bKg8VrhZXkeJjqilGxitckNtHGRVqS9jfTUgbsKzHJOVb7ymopfmI7YrtmzyoLldydG+bbj5R0oKljSrInlAY5pRIBUKNzodexZhJRaW6tnMSSgqCRnANQrLkgVYu12+RyclDxVT0iRRvOpcitZp4H3IWUng4q6kp3b3zmobczbRuAx6Zq7EQRmRRiuRs9amkKtwc5y1PWSVz8o49TxVq0WGU7miwq85I4NJeM143+iosMfsaDS+pWe5WHhjkn05qSGV5mGfkUEDI9KYLOKEZeQs/vXW+DNDsdbuGjlLAr1UL7U0gleKudh4ftdO0Lw8uq2IMlw0R3krggkGvMb++k1PWLi9kZizsT84xXdeKpRommNpmnT7PmHCEdBXGQ6Te3kLzrH5gXk45xVyRNLq2UGBaVSQPwpwx5jZp8CEElxtI44oCbpCe1Y3Om2hWlhidSSOaqWMpsb9nI+V1KfnxWuY0A5FU54U8wMRkbgQKqLMqtK8bnMXu+31CaNfuq2AKsWmqxW4zLArN68mtbxZpa24sr+Ngy3EZZgDnBzjmucEbOMxrhffit0jxajlGVjoYfFMKjBj/Q1OviJZTjdtrmBEuejZ+lSLbRP1yPwpoybOpW7gmxlwSauo6x9XH4HNcelow/1UlXIEvIlyrlx/tHFMVzqPOjfje35VGYVD5BNYsOptEcTwn6gE1pxapaSJy7A+4oETGEsc7jTVhOWHHWpFubVgMTVL5kC5IbOaAIUUBpCccA1zty4kdmA+YHNdLcpELGSVWOSa5piAjAD5zxmkZzep2VpJBqfhBRtHmxIB/M1xY5IHpW54RuHY3ViSB8rHk+grJmj8q5lU8YPSkTIj6fnS/NvJHSkHIFOyfu+tFyNztfhxGF1t7o/8sgRn8KreNtUa+8V3LqchWYVN4XuTpVhNKyN+8QndjviuWnlee7luGOS7ZppXLnZI7T4awy6h4006IqTHETO59NoyP8Ax7b+dfRNeO/BPTt9zqmpspxGi28bdjk7m/kv517FVRVkEFoFFFFUUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/RTVt1ieMv+RH8Qf9g24/8ARTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAK99Zw6hp9zZXC7obiJopB6qwIP6Gvi/UrKXTtRurGcATW0rwyAf3lJB/UV9sV8xfGnRf7K8fT3CLiHUIluVwMAN91h9crn/gVUmNbnmrCnRDmkanRDmsmbF2McVMgAqKMcVIFOaCWTYBFIOKVFJFKRQIhcZNR4qYioiKAHKaR1BNApwXNIYW4AkrchJUVhxDEo+tb0RDCvVy7ZnLiS1GA3WrCIENVUBBqyj4+8K9FrqcrRbR48fMKgu4zIhCjOTwaepjYcipYhKQ3lxsyn7uAam6tqxK7Im0oLpKGRg0hIqo2mxAZwCT61cu0vYYIo2R1kkdQocEZycV11l8OtTuYUedkjz1w4rlhXipNSOiVN2Vjy7WNPP2f92cewrk3GyQr6V7j4u8GjQbJZGm8zcMcYP8q8X1CPZqEy+jVx4xRkudG1C9+Vjbc4f8KeDibcabGMbfpTwvyZPWuJOx0ctmOafLfLSo7Ho/61TPLHBpASDwTWikFjR8uVuj/rS+TOO+fxqokknZqsCS47Nn8atSE0P2TjtTtknfNIJrvtz+NAuLk/eT9ad7iFxjrmnoQSMdxk/Wk87j5o6hLYbKnGeaTBn0F8ItY+3eH5bNz81syoo9sZr0bcVjMndev0rwb4KagyeIpbXkq6sx+oFe161dfYdKuJvUFfzFYVHYpK7R5j4jv/7R8RXAJ/dRsQprjdYSS8umRGcsmQOK3Lg7oQwPznktUcIjLFvMzIOue9edKXvHo0nyo5+01GSKIQy8SQELzXf2Opi90aIhzkKK841WGSfVZWh43ZLVJpupz2sPkCU4BA60Spp6gp8l/M7LUJRLbyZJOI2/lXnejR3EmtIEXIY84rq7i+KaZKzv8xUgZ+lWvhto+YZtTuUG1Dxn6VVP3YtEJXaaO3MaQaMqKSsm3kYqn4eiUXDMVySe9Z+p69HPqSRwsQCDwK09NDo/mF2UE9q53udkVoU/iDNPBFAYWKnGOPrXBIl5e3arJmVR1zXoXi+P7RbqQ5c54HfrWfoGmSWyC4eMFZOx7ZqubQ35oxhcLHSpyIyGSOELggsBSaroIMTSWuBjnK1rT26tK8TA7c5+UZqMxShiiyypDj+EVnzanJCvKMuY87k3LcOku4EH7xHWtrw9bK10J54wYwpC+9dBc6FbXMCFhvJxywwasR2sOlwBH8srH8qYOauU9Dpni04kLI7zMtuxgjPJUcV538QYHgvIZAx5U/zr0tpozGzT7vOc/JsG4V5x8RfMD2wYsDt7j3qsK37RHmVdY3OHDOzEnNNdsnDc4qxp9rcX18ltGSS7BcD3q3r+iT+HdTezuQSecH1r1mjivYy1yTyflqVSi1ENpGDUiqpqkJliHY0iZ/vCr15tluyo+7FwKz0AUjHWpdxDEk8k81lVZ1YVW1L9tG8hAQZkcjArvvDvw8udRkW4vXSO3Tl0LDPr0NcPo90sGpW87Ywki8H6175NLZ3emi+jmSF5lydjAk5qYxTOypJrYZ/wiPhvULNoLJYwqdQAMk9s815T4r006DqzW6qik52op4r0DS4Us4pJbWZoxnLyN8ua4bxdqVtq2rxmIB44QQZT1POaJxih0W27HPRwNMwebk45XsK19L12Xw9cGSzz5jqUJHvxWZJcKoIhz8x645pYUCht/L54rK/Y7LKWjNEyz3l2Jro7pHbHXPWvV/DOkQWGjTKrjzZomL5wBnBHWuG0Tw5PNbR3s4JD4Kj0rsLlm0/w/LHcyGPK/LIOp4NaKOmpzVXze7E8vu4fJv7iDfnaxxjpVVW+T75APPFT2kJvb2KFn+R2AMh69a1PEui2ej3MVtBcPMApycDHX2rFpnUppWTMcbXDc7ue9Phji835vQjOKjCoMqKcWbAXAx9am1maJvZkHiLTSunxLDMTkA449a5U2tyi7vMY11t2R9nLDJKjAzXMNd3WMmMAfWuiieLj48kiOC9MbbZ48j3q+r2kh+VQF+lZjSmYkMuDUJEsJyD8vsa2ODdHRwJZZJUAEVKktuDuZ8J/dFc/bOZiQpx61ZEUcPJJf0BpkNG41zbOvyoCvuKz57eGUfIgH0qGPzJPvAqnYCrMaY7n8adhbFA2jp91yKQy3sQUK5zj1rQde/H51ACGn74oaK5ixaXU72DpMTnIqB8Y561Ozr90cVFJtIBx1FZWM27shtrlrDUo7lPulgG+mea0tZMMl/JeQ/6mY7lFZEifK2elOilIjEbcxqMKKC76EgIUe4q1p9tNfX8FtFH5jykEegGec+lRRorRliRnr1rS0zWxoqSvaIDdy9HPGwYwQDQQjpfFs8GjadDotrKGnAHmkH7pB6Vxkf3ajklkurhridy1yxy5Pf8AGr+j2Emq6vZ6fFkPczLEDjOMnGfw60CZ9CfDDSv7K8C2RZdst2Tcv77vu/8AjoWuxqOCCO2t4reFQsUSBEUdgBgCpK0NAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/ACI/iD/sG3H/AKKatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXlXx40P7d4Rt9WjXMunTfOf8ApnJhT/49s/WvVapaxpkOs6Ne6Zcf6q6heFjjkbhjI9x1oA+JmqWAcU6+s5tPv7iyuV2T28rRSLnOGUkEfmKdAOKhmyLMYp/OaWIU89elAmSRk4pxpI2FSMoxQIgJqFhU7Dmo3FAEYp2eBTe9Ke1IYsYzOK3YTisSAZnFbMZ5r1cv2Zy4guKc4qYEglWNV0PFTK6sNvcd69Jq6OY6TwZBpt7rgttRRWUg7civWF0zRrFzFb2UQYdCBXi/hdRP4otAeODk/iK93lsljdnVRxxXlY2TjLRnVSSaMHU9Cg1ia2muRkQDKDGcEHIrUDTlQu41NkbfLC4PvSR+Yj5IB/GuFtPU6LHLfESwceGxIGOQy5/Ovm7WkK6gxJ+bNfTnxFuHj8H3L7c4YY/Wvli4uHunMjnk0+e9PlIUWncs2fl7WM/JxxQowpz3OKZBGHj+fqKtxxjcobuRWVjXXqZ0iDzGUcEHihRt+9XS+KPD5022029QfLcwlyR9cVzajd96rSFcesav0pzJLGfk6U5UwflPPpVmKTA2sKtILlYXU0fTNSLet/FUrxgnOKikhDdKewhzXG4HFV+Swo27KepBIouB6b8FIx/wlrf9cn/lXrfjq8WDQvJLne7rge2a8l+Cxx4vP/XN/wCVd98Q7lXvoIwBhEII981zYh2ib4dXmcFJOsLGHnGcL9KVIkicySIuB6c0yUrO6kgAoMGkhPlucuzoVP3uK89nXKPvFSJYpLq6uG4VicZ+lYtxBsdpUHOc1t3cY8pcqUVueBVWa2V4xh5On92rgyJe9oZ7yS3kCxuOrCvVbOAaR4HgxgNIgJHvyK80itwhjbe/BB6V08uuz6ilvp+G8vjHp1pt3NaOm5PpGmQSW8+oXJAZc7c/Sr1nqU/9mi5RSYlxUPiWIado8MSNjIAIH1qaxkdPC1ukcY2ELuOetZyibXFtb5dXke4DbTCcbf1q5LqVwY9tvAvJDNkkdK5KRpNM1hZUIFvO3IB6HpXVXUqQIkiSyMuMEheDWUiJRlIuRXc7RK6JGgfqA1TkTkKvm4X2NZVvIk0BeOPcqjGGGOarve3kYEYiC+4JqLCVGRs/ZS9wSbmXHPRalbS7do8mCOVjzmTisJ7rUkiDLMw+hqaHU7hrc/anbcOPWhsr2K6l9oPKhJCpFs6eWc15v8Q2e5a3lLGQhfnz1zmu7guN0ZC/Nu6ZrkPF8HlSI0gXeQSwByK2w0rVEE6HNGyLXwq8MxzXP9szJuTHyqw9RUvxk0ppBb6kq8INmfqa6/4f3Vvc+GIVgj8oooDYHU0fES2+2eDpQy5Kup/nXuR95Hz0241OVnzlgk9elKOvFKVALfWmg7DUs6VsTw/eOalHzUy2HmNVhkCc5rGod2GWgqHbWtba5fQCPE7GOIbVXNY45pytt+YDJHUVldnTudJdeJtTu7Q27TsYXOSuayxKQMVWjfGWHU9vSnB8mlvuXHRaFuN89TUi3GLqIbd6hgSfoaotLyEHU8VahbyTsXqOM0rWNLu1j1608baJBokQG5Z41xgJ1Ncf4g8WXGvIImRY4F6KDXJjDAoBlick1MFAIAJLH1quZsiFNXuzf8K2i3esIJQZIugBHSvYLnwXYXGmSRm1hWXaT5meeleP6D4httC3nyy03YBT1xUt9468VX77ILh7aPGCEf8AxFNSViKkak53iZ99pz6fqU9oHDeW+Mk0xY+SzAE1XaG8mlZ7m4Z5GOS2cmp47aVQXedsVi9zvpp21EuHX7OQydq512GeQT+Fb91cw+QyeYd2MdO9cu8s8LfOd/0Oa3onlZnrJEkke7+EVXaI5K7cCpftqkYMeD71G9xK3HH51seZexBBE8U57Ka0VaCM5fmqm8uMHrSgRgfNyaYmy618OkS0oeRvvt+tVEkA4VD+VSJFNL3xTuS5InLAd6eqgpv/AIqWPT3I5arS2LbdhOD70NmTmiiFYHc5zQ1TTQSWxxJkjtUJrIL3IiuTTPL+apjim5y1A7kOMMaVOtPx81Kq4oAlQV6X8HNH+3eKZdRdcxWERIP/AE0fKj9N/wCleZg4r6P+FOinSfBME0i4mv2Ny2eynhPw2gH/AIFTW4LVnb0UUVZoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD5r+OPhw6X40j1WJMW+qR7z7SrhWH5bT9Sa87jUKOa+ovit4b/4SPwNdiNN11Zf6XB6kqDuHvlS3HrivmSJVYc1LNE9BYxn7pqTDUggbPyHinbX96QCfNmpwflqDDVIp+WgBD1qNxUnemsKAIcUvXFOxTgoANA0JGdsu6tOOdcdaxbhykeR1qOO7cjvXZh8RyGc43OiW5APWlkuxn7xxWAtw57Gle5kwBtrq+vMy9jqdh4VvC/iu1SNief6ivoyaZi33iPpXzV8NR53jWJWXPDf0r6QunaA4RN5rz8RV52bRjYXJb3+tJNNFZwPJJyARVJxfzj5SIgf9rFSLpctxYtDNcO5yOeDWPQq5ieM5Rqngi9aAHHDfoa+V/wCEeoFfZV1pMFt4XvLViuDCx+Y4/hNfHt9B5GoSxDoCcUikSWfzL+NaKgLweuflrLsJP3uytVF/eKrcsWCj8aaBnr174cPiH4SWE6Lm5tYV2/7uSTXhrx7G5GB6elfWfg2zEXgawtWXk2/ltnvnIr538f6A2g+Kbq3C4hZyY/TFWmSzlkXfypxKOn0pWd42w4yabt2lWX74FTxzJKNso+b1NWIfHIMcmlYZqN7cx/NnI9qRHJ68fWmA1lpmAmKsMMioCvrQFrnovwZlK+NE/wCuT/yrr/GVyX8TXIP8LEVwfwknEPjaPJwPLf8ApXW+KZvM8VaiB2m/oK4sXsdeFVmZEsICtN37U6zjNxa7rhQoHOV5pWHmSLDng1cVEtz9n3lcjp2rz27Ho8qZRv8ALwx/Z2Lj/b4xVKSO62g+YcfWtmeHiKLYo+XOQar3BJGwAChSBxSKRt5PJDbyT6Vf8P2s82qxb1QRjtuqpFP5b+W65zxWijPaBZIABLT5iY2LXjm3laddjkoD90fWrtrJt8IwAoSPlG3H1qlN9ou7Azycyd+a0bS/t20aKzRszBRn2xScivQzJrGCWELJHneMgY6Grul30dtp76beR75E4iYjPFJ83mICxLAYq21orOjADeo4JrNysVqLa/ulDEfJjDD3qwF354yP7tO8ry4yxwQeSPeoBc+WzMv3j61F7hce7RrHsaPI9MdKqTRxkFNnP0q1DOJMuQC/egTpKzALz60bAtdDMEM9umUGRXM+MBJ5McjxgLjn867QyyRttcggn1rkvF1zHJvst565Bx6VrS+IqzT0Nv4X6pE9vNYHgk7gPoK7zUbRL/T7i1f7hQ/99Y4rxrwFciw8QxDttKc+9e3EDnnjPPua9yhK6PncxpqFXmXU+Ydc0uXSdTntpFI2tj61kkYOK9q+KGgRvbjU1UblO18dyTXjc6bWz2q5rW5nSncdaDkjua0tM0i81K9FtCDIT13cKPxrLgJDdK7z4fvIdSeBpdnmKdoz04rnm9UepQ+EbfeBPskKLBctJdH70ZxtH41z2paXd6U489Me45r0+50bVbPUAssg2Mc+YW4A+tZ/ivWNCi01rSUie6XjeBn9RRKKtc2i2eYxl3JCDGTnJ4qR5RGoVR+9PFRvcM+1Yhgnpiu20L4dXd/YLeSuBJLghSwyM1mo3L57HJxL5Q3NzMepqz9yMN/Ea0NY0VtB1SW0uHDuCTnOelUE/fS7sfLUNWNoaksQ/d7z1NSxjad5ycCkC7jgdBRdySwWe9I8buhPFSa7EMN4PtDv5BPPoaujV1HymBh9FNUbU35RdqpyO7VoxwXZOZNn/fVNlQvuAvg4yiyAnp8ppq/apywbzPlPQDIq4u/aQWxx2r0/wVpFpJ4fEtxapKsgH7xxzSirhWm6cbs8eu4P9DkZoYlfPXdzXNLLNH1wfxr0n4h6FZ6Zeu1o77WycFcAV5nkDqxNdFONjx8ZU57MkMyP99Bmm7xj5ajJX1qJmKnIPWtTj5epIJHd9iDLHit3T/Dd9NF5rheeg3VDoViqyCeQZzzzXa28zB8k7QPugUjCrUtoc5Ho7RyiG53I+eoFS3WnNatwdye1dl5a3cWZVBk7MazXsnilImUFOxBzVo5ua5z0FtcSEFQdvpWkLCa5G3A3L71Yc/Z5RskIQnoKim1CS3nPlvyfemBBJaOy+XcqDjgVlXmlzxfvIfmT1zV2W7unn/eMSp96uR3AZPKYkD07VLjcpOxyrfL0yW75pgD7+DxW9daS05LJhB6g1izxS2km1wcepqGrGiY0r83vTqTdtOT3pallGp4b0aTxB4jsdLjz/pEoDkfwoOWP4KCa+sYo0hiSKNQsaKFVR0AHQV478EPD+Te+IJk/6drckfQuR/46M/WvZKqKLiFFFFUUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAr5Y8feGf+EZ8YXlnGm21kPn22Bx5bE4A+hyv4V9T1518YPDR1fwuNTgTNzpuZDgctEfv/lgN9AfWkxpnzyhdT8tW1JZee1QIR6inyPsiJFSWR+aGmI9KRjUSJ8nmdzTic0AKKdnimClFADWpV5HzUrc1Hu2tg800MbcruXioEjYdCalu2IUbKjR5h2H51S0AlCyDoTS7WydzkGk86YdVGPrQ1wJFIEfI7kU7gdl8LFj/wCE0iO5RtjfLMcele9ah4h0jTQXub2IY/uOCf518p2t9JZzedayPDLjaSOOtSM891MXuXE3ux5qWriue76t8X/Dttlbfzbhx2eMgfpXGan8bNTm/d6faR2/ujkV5hMixynbyPSmABTuIxQkNnW3/wAR/E2pRtHPqMwUjBUNkVxd1I7y+Y/U1YQKzE1WnOZMt0pMaEjIR1kXqTXQ6ftl1OzVv45V/mK5wkDBHStzSrlEubSVuqyKf1pIGfXOmwi20q3gXoigV5h8bfD7XWlw6rCuZISEOPQnmvStFvBeaLa3A6ugNN1zTk1TRLy3lAZTGxA98HFNPUlnx8x5GOg6U4GNuHH0NWtRs/sV7LbEYMR2mqXAOHGVrYklQvAcsfMjPQelSlFnGV4NQqSnKcp6Gn9TmPgUDG4aM4bpSMM/KOgp5bdw3Wmfdcj1FAJmn4Z1BtK16C4XoeD+NdxqNy8+pXV2DkSPmvN7Nv8ASo1I5yBXfRsVQwv+dcWL2OmhKzLMDpJLD6gVuvYwzwLK2DIuK5y1XZcE+gNagvWhtQxOc46V50kenFtk0m2O4Vn9CBUNxByGJzVe6vAyo20tx0AzTze5tSSjZ+hpJFtFC5jcyb1HApqXtyyfKFx7mp1llktyQjflWWxmVwyo4T2FWo3Rm1Y6vSr1bq3MErBWxgDNSR6XJa3JYBVL8koc1y0MkyzgxRfieK6KG8u5tiB9jDgnNZy0GmupsQogydxMg45FSxTKJNsgUjH3c1nv50M4Uyq5IJJ3VFtQzea08m/ByNtTa4+eCL93dwxMo85lH90DiqN7ehUVgAwPpUFzJbyLuCM7gHO5cVDb4mjRwsaKOxbFOxLrRWxatb/EuAjKMc8GrAlme4DRKqxehOKrXM8fylZGUjg7Rmq5u2S6UfPIuDwwoaIdfyNK6hkeTzFk8tR12muD1qZZtTnUsWy3ymuq1G8uI7CWTy0RO3zVwMTyTXGQNzNyK2pRNadS6dzU0+P7MyTZKyKwbP0r2vRb1NR0e3uicsyjd9a8W1CcJaQ2+0eeRyRziu/+Heon7DJYSnJUjb+ArvoSs7Hh4yLnHmOg8T2B1Hw9dRnkr8y/gDXzxc25KMpHKmvpyVfMimU9PLZcfhXz1r8AtdYu4AMBXIr0UrqxwU3Y52MlXPsa29L1P7JeQyxA+b1IFZMibTn1q/Y7YTvVQzEdT1rhq6SPewusDoPEXjnWdVH2CNzHGvXDda5H7LJI2+Rjt9+9aJyzO3JkJ5zQzhF/egFc5UZrNyZ1ezS1Og8I6Baywvf3AV2T/Vxnr09Otdzba9No2mm7ubLchX5WYHIPavPbPUpbOCO9tI13qQCpOBzVnWfGOqa1bmwkcrCzBgqtkACr5rIhRbZl6rqUutarLdPyJSWwe1JDEVjzng9qI4PLG0/ebkH2qwqBDz6cCsW9TrjGyG7PuIvBfoBRqV+8bR6bcQEmHg8E8itfwylodVM2okbI4ndM/wB4DI/Ws2bUf7S1i4vWi4lYsMZ4p9CW23Ybb3kG3AgYNnj5TVtXVyc4QUqShk3qhGPlxj1qN4FkHzlgB0wKhnSotLQuWNvJdSqEQrGrAu2Oo717C1ylv4Qt/wCy0HlKF4H1NeLve6jDaeTbSMsfTrjIra8M+ObnR2Wyv4d9njpyauDszlxClNWZo/EVXn8MQ3zY3kDIJ9TXioO6vVviZ4r0zV9Ggt9NQoOCRtI715NnbXTfQ8eqtUhWO2n2kYkkG/pUX32H1q4kWXCLSuYzlZWOj09QFCr0FbEE38BPArI08eXFtbririEbuDzWiOKa5jpLK4V18txwK0o4471BGRhR0rAsmMhABA9ea24HLSBE4x3powtZnOa7pt1b3n7rPl+orK+ySrIGlkJzXpVyYXt/LlA34xk1wWoxSR37JkFB0OaZaIJIGRwXYlOwqvJOS+0IAV4qZnuACThh2AOahFrPKQZFcM3PAoKsWIrhkAWVjg88c1ORbXoCXKBs/dOM4qt/Z94oyqbh05qeDT7mLcJFJUfdpNXC9jH1LTJNPl3Eb0PTHOKrW1rPe3kNpbJ5ks0ixxoD95icAfma6e2lWQSQXgycEAtXX/CnwYr+I31yUFrazUrCD0MpHX8Bn8SKzlAuErux614d0aHw94fstKgxtt4wpYDG5urN+JJP41p0UVR0BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAproksbRyKGRgVZWGQQexp1FAHyf438MS+FPFd5pybhb5822JP3om+79ccqfdTXOtJKyBGNfSPxb8KnXvDBv7aMte6cGlUDq8f8Y/ADd+GO9fOO1jzUNFp3FVgY9h7UCjyCPmzQaBjs0UzNPWgApdi7s0j0iNjOTQBVuJFV8YpqSe9SP5Tuc4pVgi7GrQBuPZqCz93/Wg2y9nH5014Qv8Y/OrAY65z81NhlKNtNGFz1qNj+8zUsCaUgNmomJPIpxXf3qRNo4OKEAIojQsepFUJDuarkmZDtHQVXmUKahlIj6CtDTyGubVCgwJF/nWf1rT0kB7uEEnPmr/ADqUrsJOyPrjw8sMfhuxVWUHywOtaIwQ0RZSpBHWuF095k0+BFlYAJVr7Vchcea2fWtlTOL61fQ8Z+Jul/2X4tudqjbMxfNcOT7V6n8VbeSV7S7ZiWKHJ/GvMJFPersbRfOrjAx9admoSBnvS5pFokzTS2MU3NIecUrlWLFs2LlX9Dmu1sL5L8MGA3A1wkT7Zfauh0KVBdnk4IPauXExvE66Ci077nTpFLuLbhszyM9qvNMkmyOGCIIBj5jisyeXbhUZhxnpT7JUlkBlcsD615rub+0exeJjhiDAqrA87Dmh7hWcbpTtIzVuGzgLuiQR7SepOKr6hFYwkxKqAg4FSkEW5aEX9owKrjznwvHSq39qQPD5XmSYbnlaZJpa7QykEEZ4qm8JdwFjA28cVqloZycloWG1ERZwzlQcdK1YLpJbRWRXZmweVrKQW67IpSAzc81u2g8i2JXB2nA5qGtClGSQOZWXK2qEqepJqCcXyusp2LuU/dfNX1uZmhZ8R4btu5qhczCCITSJhNpwDSQKLbsiNbe5nXBvZFz2GKuQ2MMMQSdA4TjeRzXJw6xcJctMB+7zwK6nT9QS/smaSUgEghaJxNpUXBXLQFtCXCQ7g3IJFRGdYl3ysQMduakEdx5W53AhHQBuT+FYPiLUo44VjiGwgdqUI3ZNOPNIoa5rgnRrVCWUHvxWPp0ixNJKeq8IKoySM+5yAxz3NSW8byuAgO4857V1xjyo6K/LGBpwjzWa5fmZuce3etXw9rZ0/XISpxEflP41lz7bK23ZBnxg4/WqNvFJNICuVH3wTx0q4+67nlTXNGx9Gq6TIskfIYcfSvFPiVY/YteklXpMS1eneDr/AO1+H7d2OXRQrVx3xVsmnkt5UUkBDkge9erB3Vzx37s7HlznNuM9RxUttuB+Zeaq/Mq7CDmpkupVTa2C3rmuOsvePewd1AuyXAiXnrVT57hgTRDDJI2ZTn2q0NqdO1Y2O+9xyyuiCAVLDCYzvH3mpkJBYyEc1ZWT5lfsO1JlKJMAynY3G3gUSSYQYG4jjmr1zbvPHbSwxs7SpuIUZPWqbW8yzC3aN1kY9CpqWnc0UkloViQ8ojZmAbkgCtW0ghhXCNW0vga/t9MGotGHGORnkD6VkLDDyUyMeookXSknsS7ip60m80wjHekD1JuK7Gq8g8xCTwtTlhUMkRdGPmKBnpuFBnJpanO680aQqkZwa54tmtrxH5aTRojAnHOKwiMtXRE8HEO8yzBtFaNrwwNZaxkAEVrWI3Lk1ojiqO5tQ/OoqzAhaXk81VtTtBzxU8TN5u4GtEcpqQbopQWPGa2EkG/ajsAfmzj0rJVWmQdiKmjkkhUPPny+gA5PNCM2aV9fhlRdpcdScVzmpyi7uN0PyRpxjpXTaTbLP5jyM3kjhQRWXqelpHMzIQsbc4oBGbZyxwyBn+YGtlL6EoBvxtFYBh2EgcgcCklUiMkcZNNA1c3ze5RmSY06G4JUPJcsSf4Tiueg3ZVACc+laT2rSxDam1x3FMlqxans/t13EiQfvZXCIE5LMTgD86968PaOmhaHa6emC0a5kYfxOeSfz/TFeefDDQZ5ruTVLw74bb5IM95O5/AH8z7V6vUs6KMbK4UUUUjcKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAEZGDXzP8SPCR8LeJ5BAm3T7vM1tgcLz8yf8BJ/Iivpiuc8beGI/FfhuexwBcp+8tnP8MgHA+h6H6+1Joadj5XYkVCTU10kttcy280bRyxsUdGGCrA4IP41WJqSx6mpQarrmpVyaAJe1QuAqscVMKZcMqxE4oAydx3kgU8GT1p8bR7ckVJviNWgIwG7tSkJ3bNSfuj3FOWO2HU5qxkQC/wigoe9T5iH3RUMtwO1SxDC22o926kyXqeKL2oQAg4qtOPmrQ2ACqdwOahlIg7Vr+HlL6pbKP8Anov8xWRXWeA7T7V4iiXaSFBb8qILUmpK0T3qNdq7P7vFKAS2CeMcUE5yfWlBHlqw6rxXXfQ8jVM5P4gWL3nhxpEUmRGGceleLBgQRgEk9T1r6UlijuI2jlUNE6nIrzjxH8NbfbLe6fIUVATsAApNHRRq9Dyt9wcqvOT3pKWbckjLIdrKccUwNms2dsdUBNNG49akwOtNeQDpUodxpYivRPAGgnVdLu5io8yNgBn6V51gtz3r2z4YR+X4bkkJZXZlJwOvFHLzaEVajpxujldVaSwWSKQESRsBx6U+wcywxzKNwcZ2mun8WeHLvUGNzaKrF1LEFsGuO0mK+sSYpoZQU4+6cVw1aNmzvo14zppvc6SeTyLEuz7cdFBrj7q5kuZjJJ07VqajNcXEiqkExJ5PyHFVns5dhdoJAo7lTWUKTPSw/s2rtkmlaq0cnl3PMZ4ANX503Slkk8tM9BXOSSxHjevHIwacmsxxRbJm3v69aHTJq003dMk1qUG/jMTZYA810nh+/jltPIlAaXHU1wcsxnuvM3YHbFbNk0sQE0bY9cGiUPdKhT54nbLFbo53E7u2BWH4g1BpttqTkLUMniNlh2xxAvjlmyKwZr8ySmSQ5J96zhT11Jp0/ZyvIuAoAMdhUtndm1n3rwhPQVjm8COSCOaYdUCnagJetXE6pzg46ndvrVlHD5kkz7tvC471xOp6mb+5ZsVURbi8djkg+9WoNMcKSSM/WhQUdTl5oR2Ka4APFatpJItuAhCj681TaxlHI9fWpoRJC+6RUceu7mqvczxEk1YuNGkiAonmSf7YxU8VvLHHunl+U8iNDkUQgXakxz4A/hJApRiE8svpwaTfQ5LI67wNqrRXT2u7EUvzBfoK6fxQYn0lxOgIyAteY6dObDU4ruOQuAdpDccGu88VXQu/DaTW7ZLkED8a9HCu+h5WKhyz5keP6tA0V4UiBG4549KS2gTGGX5v4Qav34uI/KMiqZWYKCT6muz0XwvZyXdu2pMobaT2OaiqveZ62EmlSRhXHhe6tfDiatIQu7GBn1rnE+ds17H4uWAaALaNUe3ReMHoecV47ENorBnZCdywDtFami2MuoX8cEMXmeZy2ei1jg5Nex+B7TTNP0OC5Lr9onTLEYyO1KO5U58qLGkrpWjTR2MUIn1BflZmXhR35FYXim5jk8Up9ntgXibbI6An5sipNR8RabY61eRQIBMAw84DknFaPgCFL9JZZ4t0krB2cjvj1rR2M7uMeY7bTZ4pdFVJSfMeBs7h04NeJalFHDqdykbZQPxXqHjTXE0S2jtbaGJ5Zoz8277o6GvImJyzMSWY9axqG2Fi0nJ9Rd4LdOBS5phJAIHrSZx1rM7bg54rMvANhwTnGavuar6hCYdEnvSAPnCr7g1cUcuInyxOKnk82dpCTkmoj1o3F2J24pw61ujxG+Z3LEPTFadmMbayo+CK1LUnetUjnqGy33RVi2QAK2fmPNMKjy1PapLbYZS/OBx0rRHKa1q5kbcT93ii5u1VliK/eYYp1tJEkbOB1Gaz7dpbzVFd1+UHK+1BB29rGIrVFx856/SoLuyNyWR4xs/gqWNztYlgWHTBq4JibVGOcr0oEzgr2JrKYxSxjeOn0quZfOi4iXk561v+JIWvP36Al1HOBXJwyyjL4AAOME00CNGC6KyBY4VDKMVs6Ql3qWpQ6fFHumnfaoPQepPsBk/hWD5pilSRQMsMnmvaPhpoJisjrt3FtnuV224P8Mf97/gX8h70McYczsdrpenQaTpsFjbjEcK4z3Y9yfcnJq3RRUnYtAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB4h8afBZimHiiwj/AHbkJeqo6N0WT8eAffHqa8cK4r7MurWC+tJrW5jWWCZDHIjdGUjBFfLfjjwlP4Q8QyWL73tZP3lrMR99Pf3HQ/n0IqWi4s5kdKkjGKFWpFHNIYpXNZ9+r8Rb+nvWn0HpWRcxtJMW3UhogEB4Bf8AWpBbA/xL+dMa3k27smk8tqpDLAs06ll/OnH7PGOKqGN6Ty/71O4ySSbJ+TpTMZNGMdKmVKZLHRJVlRUajFTKKaEIRVOdeKvEVXnX5DRISM8da9J+E9uW1iWbsFYfpXm6feNes/CWMC3upcchsfpRS+IjEP3D04fLikzTASTzS5rpseW2OzWT4m1aDR9Fkkc/vJUI/PitTOK4T4nQGbTIJM4Xjj8aHsXS3PHppfPnll/vNmkAwc06QorlUHApuflrCW56a2CR8imBd2DQASak+6gqSx0Klpto6nivfPBVmbPwvaK3BZAf514ZpKCXU4FPeRf519FWsYisYYVGBGuK3pnJimWSNrAjsMUxoY5P9ZGtKG4HvQT6iqaucSGC3gX7sS1Be2kd1Yz23lgB0P8AKrWV7CjPGAec5qeXQtVJJ7nzbrFjJpurz2pypibao9qpnPavTfiN4Vup706rbJuDZLBeTXmhU79pBBHY1xThY9qhU50tRFmlToavRardxx7V6fWmw2LSLnNX7OxTG1zWT2OunU5epT+23Eo5P60sUBl5LmtZNOt0Y5OfwqBbZjOyxrxUt2OmElN6spCzMjkDJq9aaeITiRQzetXre3aGI7gMn3oaYW+VyWalcxrVLOyFjt8EnIUfWpk27Nxwx+tZ4jnuXJZ2A9Ke1tMozHIcD3qXqc5buGKWxbAArPtV+0g7ERf73NJPd7rcxylsgelUrKUbh5T4H8WeK0giGy4IxBOWQAJ3FWm8tgGUcGmyIkke5du361Haktui3L8vvUtXH0GXVxNG6qn3a6GTWZI/DSnf+8TC9awGiebILqNvq1PtIRdk2pcbT82c8cV0YedpGNdXRmNqM95dRi4c7VkXv716rpUlhrDpHFLvmiGwFuK8r1WwSzmYB1bnsQan0jULnTJFntpSjnrg1dWVpG2FjeFj0bx0X0ewjtEbBm+ZsH0OK83HFaGra1favMjXkzOQpxk1lM1YuVzvgrFgPV611a+tPlhmZUAxjNZSGpUfIO4cE1I9y/5j3EjzuxZ2711OieJdT0jTjbW07KrD1xXM2q7iqRqMd88VpnamAR0GOKzZ0wpqSJrzULm/l827lLsOOTmqpNBCjPHXmmE0jW3LohSffFNY4HJL+5pOWIA5zwK1YvDOrT2vnRwMI8Z5yKpRI5o31MWR8sijoSARV7x9DHY+GtLVGI82IORj/aqhN/oV2qzKVeNgWBGOlZXjLxG+v3UUaoFgtwUUe2c1pBHn4uaOZzlc9iaVB81A2ck5x2FOQfNWqPN6EqD5q1rX5SoBPSstB81a9mN8i5J6d6pGE9jXhcmIjA61JbHE5ycL6VCi7Q2FFWI0Em0nh6tGD2NA4C4A2iprPHn5UdAaqzMwRVYHHqKs6bu3vmmzFmha3DLKFz1Na13fLCgDLkg81l28KmQOewzVSbU/NupldcgNxSJZuJcI8Ejxpy/B49a4zVbQW15knG/mu30R4ns3yoz2H4VmzeGLnVr7aPnkkb92gI600OJH4C8LP4j1nyriIm0gw88n+z2UH1P8sntX0GiLGioihUUAKqjAA9BWT4Z0CHw5osNjGQ0mN00n99+5+nYe1bFJnXCPKgooopFhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZmva7ZeHNJl1C+fEacKg+9I3ZVHr/APrrTrwr4u6zJe+KV0xWPkWMYG3sXYBifyKj8DXRhqPtqnK9jGvV9nC5m+IPiPr+tzOIrp7G1J+WG2Yqcf7TDkn9PauZOoXrEk3dwSeSTIf8arUV70acIK0UeRKcpO7ZY+33n/P3P/38NH2+8/5+5/8Av4ar0VVkTdlj7fef8/c//fw0fb7z/n7n/wC/hqvRRZBdlj7fef8AP3P/AN/DW1o3jnxFokytb6jLNGOsFyxkQj0wTx+BFc7RSlCMlZopSkndM+lPCPi6y8W6aZ4B5VzFgT25OShPceoPY10VfNvgPWZdF8YWEyMRFNILeZexRyB+hwfwr6SrwsXQVGdlsz1cPVdSOu6CiiiuU6AooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc5428J2/i/QJLJ9qXUfz20x/gf8AwPQ/n1Aro6KAPj68srjTr2azu4miuIHKSI3UEUiBV5Ne7fFXwKdaszremw51C3X99Gg5mjHt3YfqOPSvBTGWJHSoasaJ3C9ZVjyp61mpn0qWUs0uwnIFPQY6CqigGbm/uVFI5A4j/SrhlZR92omuePmShoCg02DyMVGZSxqSdlc9KjQDNIpEiAmp0FMVsDpUi1SEyZakFMXpTxVCBqhkHympjTXGVNKQkZPSQ17F8JlCaRdN6uv8q8df/XEV7V8MoCnh12xjcyn68U6O5jin7h3RYbx9KTOKjxznNDGuo80cTk1xnxL3f2HHjpkD9a7AHJrmPiGA/hp8j7rqKT2NKe6PEpFCcCoi2akIJLMfWm7RiueW56a2AHimMc8Up4NIR81SX0NTw3Hv1q1/3x/MV9FLwK+fPCQB123H+0P5ivoR+DW9PY4MU9QHWlxTTTt1Xc5ugYpc0maTNFw3QOokjZD0YEGvCvFWlix8TXCKmELkg4r3XNee/EWG3jlgmCgPIuc/jWFaOh04So4yscMiCPBzgU2S6jibActVOaZ2cRjODU9vYqZM8AetcKPTbE+2uXyNwH0rTs7zkSLGBuqOSC3jGGkbPsM1GrRRx4RmyPapaNIydrIvXUyRjKn5m9KhhhQRCRydxIplrGZT5snIHrS3EwldvLAAzwKVhN62ZI90iOwC5/CnxXUUw2MuGqp9numVpdg6+tES4lO8c+1NIq1iO+eO3PzruFZw8gvuEe1W9BVy8LNIV6ikgtyqgsFZR2JqkQTxwfuQuFKdeTVeJB9rcBRU8xAGSoUY4AplrFlGlLHJpFIZMo5yBimwSqrnyyQuKLhiIieSfTFUo5W3cLgA1S0dxNXI7jc9y5JIGangIAAIzkZBp1/PC8SKqDdjmrek6Hf6paSTWuNkPbdzjGelaVNbF4Z20IS5MZLMdwOAKYFpGDByGXDjqKcTWVjtuAFTIePpVctipY9xAwCc+lA1qbOn/ON9aDVTs18uAe9TF6zZ2w92IN3qMnCjaSWHr6U4tUbN/tHf/Sl1BvqdJ4Y8O/2sxvJZDDBDIu0evfvXq82oLFax20TAuF45rnPBj2l54YVGhXEACufVuoNVoUu21+afcRbRBhycDpXRGOh51ZucjzLxxdH+3bxpDk7zn61wMkhkPNdP44vFuPEN+sR+9LuzXL8AUI46s29A4xToBzUYGTU0PWrRi9ixH96tKyOTWfGPmNaNkMVSOeexrr92rtqAUXcTnHpWduxitCJtiB9xOKtGL2JpJW5gBOM5q9pcfySZfvVEP58wcZAwe1WrMJyFbqabMWWbiV4VADdfeqdqBPJMSg3q2M0uoo+5QjZ/Gm7jZ2QAUedIQTzSJZq6ZdNBceWFGSeTXrfhPQVth/ak6nz5VxGp/hU9/qf5fWuG+G/hiXU7xtUv4cWcLYQN/wAtX/wHf8vWvYqDejD7TCiiikdAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV87fEuB4PH2pbw2JCjqT3BRf6gj8K+ia87+KXg+bW7KLVdPiMl7aKVkiUZaWPOePUg5OO+T7CuzBVFTq69dDmxUHOnp0PDaKCMHBor3TyQooooAKKKKACiiigC9ots17run2qb90txGgKEhhlhyCOn1r6N/4RXTv+fnWP/Bzd/8Ax2vOfhR4PmN2viK+iKRIpFojDBcngv8ATGQPXOe1ew14uPqqVRRj0PTwdNxhd9TE/wCEV07/AJ+dY/8ABzd//HaP+EV07/n51j/wc3f/AMdrborhuzsMT/hFdO/5+dY/8HN3/wDHaP8AhFdO/wCfnWP/AAc3f/x2tuii7AxP+EV07/n51j/wc3f/AMdo/wCEV07/AJ+dY/8ABzd//Ha26KLsDE/4RXTv+fnWP/Bzd/8Ax2j/AIRXTv8An51j/wAHN3/8drboouwMT/hFdO/5+dY/8HN3/wDHaZN4O0m5gkgnk1WWGRSjxvq92yspGCCDLyCO1b1FF2AUUUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArwv4teBjpXm+INKhP2OVs3MSj/AFLn+If7JP5H2PHulMmhiuYJIJ40kikUo6OMqykYII7igadj4vhRnO4jmriR4rvfiB4Bbwpfm6s0Z9Jnb92epib+4T/I+nuK4ojFWtimyBkqu6bhV09KrvwalgjIuE2NTUFT3uCaiSpRRKoqVVGaYoqYLVITJFAp1MC0+qEFNbkAL948mnU0nBDDqeKlq7Dcs23h99Vhkls1zKjANXsnhOzaw8MWcUi4kCDcK5L4ZKkc14OCWbOPwr0XkjjhD0HpW9OHKjgrVLuw4lA5APBpCc0wIoyp5PWnCtDnYoOK5rx+T/wjEoHeRa6M1i+LofO8M3HGSrA/zpMqHxHhEpYYHrURqaWQZHHbFQmsJHqw2ENITwKU04L8oqGUjY8KH/ie23+8P5ivoRz81fPvhZf+J7bY/vD+Yr6AfrXRHY87Ev3hSeKTFITxSbqs5x2KB0xTd1N3HdQIkAwea8++JqSBbaYKTEFwMdua9ByMVS1TToNVspLWdM54TI6VE43RpSlyzTPCYiPvE5Bq5I6GFVRuaZr+jTaDqslm+SmSQw6cVnRhlIdSSDXBKnys9aMr6miGXGCzFh7VLHCzSI7KACKmsLVpTvKKc+9S6grIqxq2CtZtmoy4JiiKgfKfSksoomKyMpJTjkUsUsbW+JgxII6itCJA9vuhVVzzjNQxkkd15tx5ewBSDVS7iihdynvVhI/LjMkjYYccVmahLthZs8mpW5XQxlmaW7YdgauGQniMYIrOt1YMZOmTWvbr8vmcc1bYIjiieX55TVhiqnaufyp4mQgqRjAz0qGO7jZuSc0LULitGoGSTWZdYVsrV68mZxhScVkyMfN29cVUVdkTY/yiYy/fFegfD29tEsHiB23GNshIx25rz+SchdgrqvBiWt0k8Efy3h6kD2rpa0FSZS8TWL2utzvGq+U7Eoc9RWPkkfMMHPaux8U2ywWdjHcyNujj2s2M5Oa5Gbyo5CUkZs+orGS1PRhLmRPbaddagJDbxb9vJrR0rT7qSVI/JkjYkAsVI4710Xw4+UzO8vVvu57Yrqb3Uba2u7reoVFDBfyotoSpPmsjhbyBbW9uLROVifAaos0SymeSSU8hmzk9aTOBWMmegrpDG61FI2CBjjpmpG6/SoZGZcg/dbkUgkup13g7xXDojtZXq+Zbv0744xWn4k8bWUVnNDZEYYEcV5s7AtsAyQOprL1GRY4uDkmtoSOGtTVuYy7y4a5upJW/iOagpQc9aSnc8y7b1CrNuny1WHUVowqNlXAzmJHwTWnYsCvPWs5epq7aj+IVaMpbGkF+YZrSt8HKdMCs2N/N9sVfteAWzk56VSMnsSh/KXZvbpiprE4l+nFV5W7lF6jqatRJiRMcZ5qjN7F0iJbjaerc1qeG/C03iTXjBh1tIDmebHQeg9z/APX7VHo2iXGva2lrbocgHdIR8qL6mvb9H0i10TTo7O1XCryzn7zt3Y+9JsKdPmd3sWrW2hs7WO2t4xHDGoVFHYVLRRUnWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQByniD4d+H/EEzXEsD2t03LTWxClj7jBB+uM+9cw3wUsSx2azcBewMKk/zr1Kit4YmrBWUjKVCnJ3aPLP+FKWf/Qan/wC/A/xo/wCFKWf/AEGp/wDvwP8AGvU6Kv65X/mJ+rUux5Z/wpSz/wCg1P8A9+B/jR/wpSz/AOg1P/34H+Nep0UfXK/8wfVqXY8s/wCFKWf/AEGp/wDvwP8AGtzRvhX4d0qdZ5klv5VOVFyQUH/AQAD+Oa7eipliq0lZyGsPSTukIAFAAAAHAApaKK5zYKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCvf2NtqdjNZXkKzW8ylHRu4/z3r508b+CrrwlqRADy6dMx+zzn/0FvRh+vUdwPpOqeq6Xaa1ps+n30Qlt5lwy9x6EHsQeaadgPkthVeRRXXeNPBt74S1Ly5My2UpP2e4A4Yeh9GHpXJSLQy0ZV2BupsYxT7tfm61HGealFFgGpFqNRmpRVITJFNLmmZpc0yR2ajduAffFOzUZGTj8aY9jsvAF2tpr2wnHmK38q9X6cV4FpF61trtu4OPnC/mRXvoORureLujzsRHllcCu3mjNG7dxTaowQ7NZ3iB9ugXJ9sfoav1leJyF8NXJJx8wH86TLh8R4HMcOaizVi5XEtQEVhI9WGwbqTcSAtBpM96hjOp8DQfafEcI/ugmvc3f5q8c+GsOdfD4/wCWbfyr1pmO6uiOx5mJfvE7NxTaj3cUbqsxRJTiah3+9Bf3oAkzzTxuZ+vbNVt9OD5YFTjtQB5542lhuLiZGGWRttcNEhimEf8ADXTeK966/eRt0MmRWK1uWUNnmuKuz18OrxRoW0vkOOeKdqDCSIzAqWBz1rNj3yyGMnoKsraqkQy2cjpXIzofYWF5bqJX2Lxx1qVp3tU4XPvVS1llSV404XPrVkyPJ+6ONo75pFIbDcTzMS7Eg1U1Bj/qzyAetXCUiGyM8+tVrhl+yTbxl88Gmldj6FZYBJCArAnHTNPgMoCxD5WI5rDt7i4tpN24kY4Ga1oLxp4vNk+V1OKqUQRZufMWIjBZgeTVIRSM3mLwMdScGtJNUt0jCbdzsOeKpznzAW3bBj7ooitCGyOe+SG2CxnzHxjmqFsJHmG4/MRk0jKFAIAB9qt6dbSTLNdEHahx+laU1dmU2Vpx+8Ze4NXtA1h9D1WO8CBsqVb8aoP88pcnrTeUOAcqea3nogou8rHS+I/EL63crtXbAoPHv2rDJwFOOaYMjac/IwzinHIHzVz3PTirI0dI1SfSdQSaJjtLfNz2rtfEF5FepbTRDiVN/wCtecg4GSa6bT5JLy2ghjLt5S7OlTKVkXSiudMn2EJkY55pBGzFV5YHnHvV5NIvhnEW4DjrSw2V5ZXkU0kLmMOCQATxmsE02drmQWum32p3BtoLdxITlvlI6VBqOm3mmzOl3EV2HCsa9lsdY0u0CajCojeUcqRgjPFYPxAMOq6L9rV4R5bKCFcEnn0rdpWOX27cuU8in+XBXhjyTWFqb72A9K3LiRSpLfcxxXNXD77hueKUUc+KqJaIi70lFFXY88B1FakQ/wBHrLHUVrRj/R6uBlMiiHJrRtflzwKoQ/erVttmD8oFWjOWxMihl75+lXV3KimPAcfewaqrIAMDNTrlGDDA9eapGb2JJHWRlL5wO2O9b+g6Xe6xqkdrbJ5jyHgE8KO5PoBWfpOl3Ou6rFaWUTSSOeFHQe59APWvfvC3ha08M6f5UeJLqQDzpiOWPoPQCm2KMOYtaBoNtoNgIIQGlbmWXHLn/D0FatFFSbpW0QUUUUDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCnqml2Ws6fLY6hbpPbyjDKw6e4PYj1FfOPjvwLe+ELwN80+mysRBc4/8df0b+eMjuB9NVXvrG11Oyls72BJ7eZdrxuMgj/PegEz4uvVxJUCrk16L8T/hte+FJDqNir3OjM2PM6tASeA/t2Dfng4z55GalbmqJ0XAp+aaDxRmtRMkBp2ajBp2aQIdmozxinZqNzyKTExbf/kJ25H/AD0X+dfQ1mwbT4CRhttfP1kANQgdhwJFP6177bXEVzYQzRY27e1dENjhxS2JmYJg96jLUxmywJoqzl6EqvxXJ+O70x6clvuwJBvxn0NdSvHWvPPidBORazxsQgQqfxNJysaUY3kjzm6m3yjHpUOKax5A7inIc1hJ3PWSshp4pccCnMopO4qRHpHwyTF28nYKR+leks2a8++G6YtLiTHRgM/hXdBs11R+E8ur8bJN2KN1RE0ZIpmJLikIFReYaUuTQMkBxSPNHFEZ5OEXqKaGrmfGGsrbwx2SnEkvJx25xUTnyo2w9F1Z2RzviO8h1O/eSNAPm4PtWU6BRtPIBp1zDNGIzkFQMEg0R3cCRsHUsfYZrzZzu7nsRXs1ZEMy+VNHMh69amlIZi6jAqlJqEUk6xhCAParz3MUkDIi4P0rO3UtrUqwgvNIy9zVhnWJcMgJUfNRbw+RbJITy1R3EclwSISf9qh6hcQbZwjRIAp7VQ1ZpIcxdxXR6JpxaUmTPlpGzZ7ZA4rm9Vn867eTtzVpWNKK5ncx1V8571opaMUDs/61UUnaX9+lWIpXDAsTt9KDSVLmJvs43fujhqikhlRS7vlh71aNxCjBk6mqs8wZ25yM0mc7pvYhEW753PzHpXomi6GE8ETNIuZJiJOnoDXH6HY/2xrEMCg7FOTx6V7VHbQx262iL8gUrjFdWHh1Zw4uSjoeIxaYkgYF9hz0ovrFILZShFaniuzWx1OdEJUhuABXO+fNKCjk8etbVI2NKF3JMRSdoYmlJAI3cj3pqK23B7HpWxCLS/SK2EOyc4GVGa4up619LmS5+fBG0dsV3/hGNbfTfNPV8Gs+XwFdxRmWWYlQpIGRVzSibfToom7LzWVZaDhJOWh29pMZcBelbMaAx4Yk/Wua0eb5FIrfMzKv8P51wo6ZamdqlvabW3RLn1xXG6hbb0MaSHYTXRazd4BG6ufzkA44xVwbRnJI4/xBAtlbbY3OSea5jIwM9a6DxTOJLhUVazbPTzdSKSCPrXdB+6ebUV5FE53c0VparZ+QQEBP0FZvfFWmjKSYo+8PrWx0tAaxxwRWqzf6CtWjGqiKL79a0I2jFZduOAe9asPIyatGUidPlYVtaXoV74g1GKz0+EyTtyT0VF7sx7AUvhjwxqPinUha2UeEXBlnYHZEPUn19B3/ADr6F8OeGrDwzpwtbNMu2DLOw+eU+/t6DtTJjG5B4U8JWPhWw8qAeZdOB59ww5c+g9B7V0FFFI1SsFFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBksUc8LwzRrJFIpV0cZDA8EEdxXyJ470+00rx5rFjYwrBbRTkRxqThRgHAz9aKKComGKcKKKspjxTjRRSBCd6Rv60UUmJk6/eX6V6t4PmkfQFVnJAK4FFFdENjkxGx0PVmz61KlFFWcSHNXKePkVtBGQD8y/zooqJG1H4jx+dFDdKrHhqKKxZ6vQk6gUrfw0UUEM9d8AIq6AxAAJI/lXTrRRXTH4TyqvxscacPu0UUzNDO9LRRQMRiQpI6gV5j4hdptbcyEtyetFFcuJ2PVyz4mKwH2HGOKx1YpMxU4oorz0dj6k9tDHJIWdQT6mrMkUakbVAooqn0DqVrh2GBk4qxbEqhxxxRRQtyZbnT6cNnhW6ZeGJGT+BrzS7JMnJoorSRvhtmRRgbqlbpRRUnZAhakiA+aiigxfxHo/w5t4lDyBAGx1/CvQbYBrmPPPNFFehS+A+dxn8U8+8ewRf8JTcHYM7jXEXSjzelFFKex2Udys3WtzwqAdYgJHSiiuNbnq/ZPTJZ5ZNSuo3clAG4/CuTnAWVtoxzRRWdfYVHc6HSCfIXntWm7sE60UVwM7Tn9W+Yrnnms6UkZxRRVwMqmxyt/Gj3xLKDzVi3VVJwMUUV1L4Th+0OkjR3wyg1zutwRQXD+UgTntRRTiRUM2M7lbdzzWmP+PBPwooraJzVCS3/AIa0F+9RRWqOeR9WeG9Ns9L8P2cFlbpDGYlchf4mIBJJ6k1rUUUGiCiiigYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB//9k=)

To maintain a strong and engaged

leadership community, we have focused

on making sure roles are open to

everyone with the experience and

capabilities. As part of this focus, we

have an ambition that more of our

leadership roles are filled by women.

Following the measure used by the FTSE

Women Leaders Review, the proportion

of women in our leadership community

increased from 33% in 2023 to 37% in

2024 as a result of our continued focus

on supporting all colleagues to advance

and embedding inclusion throughout

the hiring process.

Six colleagues enjoying their

experience working as showmakers

at our Decorex interior design event

in London

30%

Roles filled internally

in2024

Attracting great early career talent also

remains important to us. At the start of

GAP 1, we launched a UK graduate

scheme, which continues to bring

motivated and talented colleagues into

the company each year. We recently

widened the scheme to support our

international growth and now operate

graduate programmes in Asia and in

Saudi Arabia. In 2024, we became a

community member of the UK’s 10,000

Interns Foundation, under which we

offer internships for early talent from

abroad range of communities. In a

survey, all of our 2024 interns said

theywould like to return to work for

Informa in the future.

Growing our leadership

To support Informa’s continued

development and specific areas of

growth, we created new leadership

roles in 2024 and made several hires

who bring us more expertise and

freshperspectives.

This included creating the position of

Chief Talent & Inclusion Officer and

appointing a leader who will further

enhance our talent programmes for

2025 onwards. We hired a Group Chief

Marketing Officer to bring executive-

level leadership and expertise to an

area that is increasingly important to

our future growth. We also welcomed

two new divisional leaders in Taylor &

Francis and Informa Festivals, each of

whom brings new insights from other

companies and areas of our market.

Strategic Report Governance Financial Statements Additional Information

31

Report and Accounts 2024

![](data:image/jpeg;base64,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)

Colleagues and gender data

Investing in life at Informa

We have invested significantly in

colleague benefits during GAP 2 to

further reward and retain talent and

provide more comprehensive personal

and wellbeing support. This included

expanding our Colleague Assistance

Programme, or EAP, in 2021 to cover all

the countries we work in; providing

targeted cost of living support in 2022;

As attheendof2024

Female Male

All

colleagues

8,132

58%

5,082

36%

Senior

management

and direct

reports

177

44%

226

56%

Directors 5, 45% 6, 55%

The all colleague total does not equal

100% as information from our most

recent acquisitions is being updated

launching our ShareMatch share

investment programme to 12 more

countries in 2023; and introducing

private medical benefits for all UK

colleagues in 2024. Participation

across our two share investment

programmes has grown 90% over the

past four years, with more than 3,000

colleagues choosing to sign up and

benefit directly from the company’s

financial performance.

We have also invested in upgrading and

redeveloping our workplaces, so that

our offices better suit collaborative

work and incorporate technology that

makes worklife easier and more

productive. This included opening new

spaces in Cairo, Singapore, Shanghai

and New York in 2024, and in Dubai

andIstanbul in early 2025.

Delivering our

investment

programme

We established a dedicated investment

programme at the start ofGAP 2, as we

did under GAP 1. This set out to provide

targeted funding to significant digital

product and platform development

projects that would improve customer

experience or expand what we offer

inspecialist markets.

As we end 2024, our total investment

under the programme stands at £70m.

While this is less than our maximum

ceiling, the projects funded by GAP 2

are delivering well and we have met

our overall goal to grow our digital and

data services, and improve customer

experience through broader

reinvestment and adding new

businesses too.

Projects funded and launched during

GAP 2 include the Smart Connections

Media programme. This has introduced

a new platform for our B2B media and

research websites that delivers a better

reader experience, improves search

engine optimisation to grow our

audiences and enables us to capture

more and better customer data.

Colleagues in New Delhi take part in

Walk the World: our annual charity

event that supports communities

local to each of our offices

Strategic Report

Informa Annual Report and Accounts 2024

32

Review of 2024

continued

![](data:image/jpeg;base64,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)

£1.5bn

completed in share

buybacks since 2022

Delivering

accelerated returns

Delivering sustainable, long-term

returns to shareholders is an

established part of how we operate.

Our GAP 2 focus was to achieve

accelerated business growth and share

the results of growth and financial

performance with shareholders.

Reflecting this focus, a measure of total

shareholder returns relative to our

peer group was included in the 2024

Long-Term Incentive Plan award as a

target measure.

Our performance during GAP 2 allowed

us to both reinvest in growing and

strengthening the business for long

term success and provide capital

returns to shareholders.

We restarted ordinary dividends in the

middle of 2022, having paused them

during the pandemic to prioritise

Informa’s financial stability. These

haveprogressively grown since.

Totaldividends for 2024 were 20.0p,

anincrease of 11% on 2023.

Following shareholder feedback on

the most efficient way to return

capital, we created a share buyback

programme in early 2022 and

gradually expanded it to track

Informa’s improving financial

performance and returns from our

divestments. Initially set at £100m,

Our Game Developer brand, which

migrated to the new media platform at

the start of 2024, saw an immediate

increase in audience and engagement.

Readers spent 30% more time on the

site and visited 50% more pages during

the first three months because of

improvements to user experience and

website performance. Nearly 20%

more readers visited the site overall.

Over 40 brands have migrated to the

platform and this will increase further

as rollout completes in 2025.

Continuing to develop the platform has

become a business-as-usual activity

and new features are continuously

being introduced, such as the addition

of gated premium content capabilities.

In Taylor & Francis, GAP 2 investment

focused on enhancing the publishing

experience for researchers while

enabling us to accept and publish

growing volumes of research.

We redesigned our online platforms

to improve researchers’ access to

essential information. We also

upgraded our AI-driven journal

suggestion tool, which helps authors

efficiently identify the most suitable

journals for their work, and integrated

AI into our workflows so that articles

can be quickly rerouted if their initial

target journal is not relevant. And we

laid the groundwork for a new AI-driven

tool that will help editors and

researchers identify peer reviewers.

GAP 2 investment was directed to

businesses we acquired over the

period, enabling them to grow further

and faster as part of Informa.

Technomic, part of the Winsight

Foodservice business that became

part of the company in 2023, is

developing a subscription data service

that will give US food and drink

manufacturers new insights into how

their products are being sold and their

market share. GAP 2 investment is

funding the platform’s development

and its data analysis and

modellingcapabilities.

thesize of the buyback programme

increased for a fifth time in 2024,

withover £400m of shares acquired in

2024 and a total of £1.5bn since 2022.

During 2024, just over £675m in capital

was returned to shareholders through

ordinary dividends and share buybacks.

Our going-forward capital allocation

framework, shown on page 4, includes

paying progressive dividends and

undertaking buybacks with any excess

capital, balancing the scale of any

commitment of buybacks with any

available investment opportunities.

We continue to engage with

shareholders and the investment

community year-round, regularly

discussing and receiving feedback

onour approach to investment

andcapitalreturns.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

33

![](data:image/jpeg;base64,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)

circa 15%

Increase in accredited

Fundamentals events

The Fundamentals of

sustainableevents

In 2024, we prioritised expanding the

Sustainable Event Fundamentals

programme and making more progress

on reducing the waste associated with

delivering live events.

The Sustainable Event Fundamentals is

our framework for embedding

sustainability into every aspect of an

event brand. It is based on six areas

that contribute most significantly to an

event’s sustainability: carbon and

waste, sustainability-related content,

procurement, stakeholder

engagement, community and

wellbeing, and governance.

Each brand is scored against 16

criteria across these areas and our

Sustainability team gives feedback

on how to keep improving.

During 2024, we focused on increasing

the number of accredited events,

defined as those scoring at least 10

points from the maximum of 16. This

measure was included in the 2024

Leadership LTIP, reflecting the

importance of the Fundamentals to

meeting our sustainability targets.

We brought several newly-acquired

businesses into the programme, such

as Labelexpo from Tarsus and the

National Restaurant Association Show

from Winsight, training teams on the

principles of the Fundamentals and

sharing case studies from already-

successful events. We also continued

our rollout in regions where

sustainable practices are less well

established in the supply chain, such as

in parts of Asia and the Middle East.

The number of Fundamentals

accredited brands reached 431 in 2024,

from 377 in 2023. We also introduced a

new platform to support the

programme’s future expansion. This

tool is already enabling us to record,

analyse and report on higher volumes

of event submissions more efficiently.

Recognition and awards

Member of the DJSI World Index

DISCLOSURE  INSIGHT ACTION

Ranked A- for environmental impacts

onenvironmental disclosures

andperformance

Rated AAA for management ofESGrisk

Delivering on

sustainability

Under GAP 2, we set out to extend our

existing sustainability programmes

and capabilities, aiming to embed

sustainability into all areas of the

business and to keep performing

wellin a field where standards –

andopportunities – are

continuouslyincreasing.

We have a comprehensive sustainability

programme – FasterForward – that is

designed to deliver on this goal. It

includes nine targets that address how

we manage waste and carbon

emissions, the sustainability content

featured in our products and services,

and the value we bring to our

communities: the three areas we believe

are most relevant to Informa and where

we can make a positive impact.

We are making good progress against

the majority of those targets and our

GAP 2 goal. We are also performing

consistently well in industry rankings

and independent analyses. During

2024, we maintained a leading position

in the DJSI World Index and ranked in

the top 1% of the global media sector.

Read more about the

SustainableEvent

Fundamentals on

ourmicrosite

Taking action on waste

A key goal of FasterForward is to

become a zero waste and net zero

carbon business by 2030, andin the

interim, to halve the waste generated

through our products by2025.

The most significant source of waste in

our operations is the waste generated

at our events, and specifically, where

exhibitors and their contractors choose

to use single-use exhibition stands. We

created the Better Stands programme

to address this matter and have been

expanding its rollout each year. Better

Stands encourages companies to

choose reusable stands when they

commission their contractors, which

can be more cost-effective and

fasterto build as well as safer and

more sustainable.

More than 390 of our events are

engaged with the Better Stands

programme, an increase of over 50%

on 2023. Over 40,000 stands were

assessed in 2024 against our bronze,

silver and gold Better Stands

framework. We are also an active

member of a group that is piloting

Better Stands industry-wide, because

making reusable stands common

practice across all venues, suppliers

and exhibitors, no matter who the

event organiser is, will help everyone

to makeprogress.

Strategic Report

Informa Annual Report and Accounts 2024

34

Review of 2024

continued

![](data:image/jpeg;base64,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)

weuse our offices, and encouraging

venues and suppliers to be more

energy efficient. In 2024, we sourced

renewable electricity usage for 96% of

offices by consumption and 87%

of events by attendees.

Informa has been a certified

CarbonNeutral

®

Company since 2020.

This certification assesses our business

operations and takes into account our

energy efficiency measures and use of

carbon offsets. Using an equivalent

assessment, all physical books and

journals from Taylor & Francis were

recertified as CarbonNeutral

®

Publications in 2024 too.

Under GAP 2 and our portfolio focus

programme in particular, the shape

and makeup of Informa business

changed. We first set Science Based

Targets around carbon reduction in

2019 and updated them in 2021, with a

commitment to operate in a way that

aligns with limiting global temperature

rises to a maximum of 1.5ºC. We

remain committed to this target, but

we will be revising the baseline we

used in 2021 to reflect the impact of

divesting and adding businesses over

the last three years. There are often

gaps between our sustainability

practices and performance and those

of smaller businesses, and while

embedding our programmes is an area

of opportunity, it can also take time.

We have faced some challenges with

implementing Better Stands during the

period of GAP 2. Events are typically

annual and it can take a few cycles, or

years, to introduce and embed Better

Stands into exhibitors’ and contractors’

processes in a way customers

welcome. The pandemic interrupted

this cycle and delayed adoption, but we

are now seeing strong progress.

The main area of waste in our

Academic Markets business is where

books or journals are printed and not

sold, or are shipped in wrapping that

cannot be reused. We are a digital-first

publisher: all of our journals and 92%

of our books are available to buy in

digital formats, but we have also put

measures in place to reduce print-

related waste.

Over the last ten years, we have

expanded our use of print-on-demand

facilities to new locations. This means

more printing takes place closer to

customers and is more closely aligned

to demand, which reduces waste and

carbon emissions from printing, storing

and shipping, and reduces the risk of

excess stock. In the UK and US, between

75% and 85% of titles are exclusively

fulfilled by print-on-demand.

Managing our

carbonfootprint

We know that managing our carbon

footprint is important to our

stakeholders, as well as being good

responsible business practice. Our

ambition is to be a net zero business by

2030 and to deliver on the Science

Based Targets we have set. We

recognise net zero definitions and

standards are still evolving, and are

actively monitoring their development

to ensure we remain in line with them.

Our focus is to reduce the emissions

associated with our business

operations, supply chain and the use of

our products as far as practical, and

offset emissions that cannot currently

be avoided by purchasing high-quality

offsets that reduce or remove carbon.

We have reduced our Scope 1 and 2

emissions – that is, the emissions

directly under our control – by 83%

since 2017. These reductions have

come from switching to renewable

electricity in our offices and at event

venues, being more efficient inhow

Read our

Sustainability Report

for more about

FasterForward and

stories from around

the company

We engage with exhibitors and

contractors about sustainability

programmes such as Better Stands

onsite at our events. This is our

ownreusable Informa Better Stand

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

35

![](data:image/jpeg;base64,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)

One Informa 2025-2028

Looking forward, our strategy continues to

be to deliver strong and consistent growth

by focusing on specialisation.

Having completed GAP 2 in 2024, we are launching the

2025-2028 One Informa programme to deliver this goal

overthe next four years.

One Informa is designed to help us grow further and deliver

more for customers by maximising the platform we have

built over the last ten years and more fully leveraging our

strengths across the company.

It will include applying technology and data in ever more

powerful ways to engage and serve our customers and

audiences. It will also include maximising the power of our

brand and international partnerships to unlock more value

and new opportunities for growth.

Our four key One Informa pillars are below and we are

already acting on opportunities in several of these areas:

byextending our major brands to new regions, seizing new

ways to make the most of our data and content, and setting

ourselves up to grow further and faster in newer markets.

for growth

Platform

Market‑leading

brand

Aligning our product brands

more closely and growing the

Informa brand, maximising our

international positions and

partnerships to expand what

we offer and build long-term

brand equity

Market‑leading

colleagueexperience

Making the most of our talent,

using AI to help us work more

effectively, creating more

opportunities for professional

growth, and enabling colleagues

to fully apply their skills and

ideas to our products

and customers

Market‑leading

marketing

Enhancing how we engage with

our customers and audiences,

making full use of our proprietary

data and applying newtechnologies

at scale to create more value

forcustomers and greater

impactfor our brands

Market‑leading

customer experience

Elevating our customer experience,

bringing new and more personalised

products, creating deeper

connections across our brands

and delivering a seamless

digitally-enabled service

Informa Annual Report and Accounts 2024

Strategic Report

36

PageTitleInforma: 2025 and beyond

![](data:image/jpeg;base64,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)

Bringing brands to  new  markets

New  opportunities  for expert content and data

CPHI is one of our marquee B2B

brands. For 35 years, it has served the

global pharma industry, connecting

businesses operating at every point

of the supply chain from ingredient

producers to contract manufacturers

and drug packaging specialists.

We operate CPHI, and its sister

brands P-Mec and Pharmapack,

inIndia, China, the US, Japan, South

Korea, Malaysia and several European

locations. This includes the flagship

CPHI Europe, which attracted 60,000

people from over 100 countries to

Milan in 2024.

In December 2024, we expanded the

portfolio to a new region and ninth

edition with the launch of CPHI

Middle East in Riyadh. In what is a

global industry, entering a new and

dynamic market such as Saudi Arabia

means we can provide customers

with additional growth opportunities.

Bringing CPHI to the region also

creates more opportunities for local

and regional businesses to connect

and trade. Over 400 companies

exhibited, with more than half being

international businesses.

This is one way we are maximising

our international platform, using the

presence and relationships

established in Saudi Arabia through

our Tahaluf partnership to expand an

already leading and successful brand.

Over the last ten years, we have

purposefully focused on expanding

the verified, expert and specialist

research and knowledge published

by Taylor & Francis. The rapid growth

of generative AI is creating new

opportunities and applications for

this content and, in response, we

entered partnerships with leading

AIdevelopers in 2024.

Our partnerships provide them with

non-exclusive access to a range of

specialist content and data. This

high-quality trustworthy knowledge

is used to train and refine large

language models to become more

accurate for the benefit of everyone

who uses them, including students

who use AI tools to support their

study and research.

Our authors share in the benefits

created through royalties, which are

treated in the same way as when

original work is licensed for purposes

such as audio rights. The structure

and scope of the agreements were

carefully considered to protect

intellectual property rights and

author rights.

We will also be collaborating with our

partners on AI tools that serve the

research community. These tools

include specialist expert agents,

based on our content, that could help

authors and librarians with research

and knowledge sharing.

Our AI partnerships generated

$75m+ of non-recurring data access

revenue for Taylor & Francis in 2024,

further diversifying our growth.

We are reinvesting a portion of the

profit into technology and product

development, to continue to enhance

the service researchers receive when

they publish with us and to keep

improving the ease of use,

application and discoverability

ofcontent on our platforms.

Going forward, we see the potential

for additional AI partnerships and

are continuing to explore new

applications for expert research

thatbenefit the community and

maximise the valueandimpact

ofspecialistknowledge.

See inside CPHI

Middle East and

hear from our

team in this video

CPHI Middle East is a

perfect example of our

formula: a really strong

brand, our ability to operate

globally and the proof of the

pudding in local delivery.

Patrick Martell

Informa Markets CEO

Informa Annual Report and Accounts 2024

Strategic Report Governance Financial Statements Additional Information

37

![](data:image/jpeg;base64,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)

As the B2B events market

continues togrow, and events

develop and become more

sophisticated, weareseeing

anew category emerge:

B2BFestivals.

Inside Informa Festivals

What makes a Festival?

B2B Festivals are events that inspire and celebrate

business by delivering unmissable experiences –

oftennot just in one venue but across a city.

We added two leading examples to Informa in 2024 in

the shape of Cannes Lions and Money20/20. To make

the most of our now-expanded position and expertise,

we have created a dedicated division from 2025:

Informa Festivals. Informa Festivals will focus on

further developing our experience-led events and

making the most of the growth opportunities in

thisemerging market.

Strategic Report

38

Informa Annual Report and Accounts 2024

Informa: 2025 and beyond

continued

Inspirational

content

A global platform for

discussions, insights and

thought leadership you will

not find anywhere else

Destination

for innovation

A place to showcase and

discover ground-breaking

developments

Powerful

connections

An event where

transformative

connectionsare waiting

around every corner

Immersive

experiences

Outstanding, distinctive and

engaging experiences that

make people want to return,

over and over again

1

Musician John Legend talks about

AI’simpact on the music industry

atCannes Lions 2024

Get inspired by the businesses using

emerging technology to make new

breakthroughs, at London Tech

Week’s Corporate Innovation stage

Epic networking at Money20/20,

with6 hand-selected 12-minute

meetings in 90 minutes

At Black Hat’s Arsenal, security

developers get hands-on with the

latest open-source tools and

newly-released products

2 3 4

![](data:image/jpeg;base64,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)

Serving five specialist

markets: Marketing,

FinTech, Cyber Security,

Gaming and Tech

Major brands:

£377m

pro-forma 2024

revenues

circa 45%

revenues from

UK and Europe

circa 40%

revenues from

North America

Money20/20 gathers

the sharpest minds

in payments, finance,

banking and technology.

It is the bridge to new

ideas, new people and

new technologies.

They’reall in one place:

anunmatched opportunity

forconnections.

Amanda Gourbault

RO, CompoSecure

Learn more

about Informa

Festivals on

our microsite

Strategic Report Governance Financial Statements Additional Information

39

Informa Annual Report and Accounts 2024

Industry

celebration

The place to discover –

andcelebrate – the best

ofthe best

Professional

growth

The chance to learn from

experts, accelerate careers

and find the next generation

of talent

A city

unlocked

An event that takes place

across venues and spaces

and brings its host city to life

The world’s best creative work is

showcased at Cannes Lions. Winning

a Lion award is career-defining

GDC Summits, curated by industry

leaders, are a gateway to new

knowledge and skills

Brand and networking opportunities

abound with the Money Streetfest

75 6

![](data:image/jpeg;base64,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)

TechTarget

Inside Informa

B2B digital services

connect buyers and

sellers oftechnology

digitally, in the same

way that B2B events

connect buyers and

sellers in person.

B2B digital services in action

Strategic Report

40

Informa Annual Report and Accounts 2024

Informa: 2025 and beyond

continued

Serving tech

companies

end to end

Informing research

and development

We deliver expert research and analysis

and competitor intelligence that help

tech companies decide whatparts of

the market to target, what products

todevelop and how tolaunch.

Helping marketers

target and convert

Our media brands and content

marketing services enable tech

companies to increase their brand

awareness, extend their reach and

target highly-relevant audiences. This

includes through custom content that

engages, influences and drives action.

Making sales

moreeffective

Our data-driven products enable tech

companies to identify prospective

customers at an account and individual

level, understand their stage of

decision making and score their intent

to buy. This means sales teams can

prioritise their outreach, target the

most-likely buyers more effectively

andgenerate revenue more quickly.

![](data:image/jpeg;base64,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)

In December 2024, we combined the digital

businesses in Informa Tech with Nasdaq-listed

TechTarget to create Informa TechTarget. From

2025, Informa TechTarget will be our dedicated

B2B Digital Services business and a separate

reporting division.

In this market, having scale and a leadership

position matters. With more brands, Informa

TechTarget willbe able to reach a greater

audienceandcapture more customer data, in turn

delivering more insight and leads totechnology

companies, andkeep reinvesting in technology

andproduct development.

This combination represents one oftheways

we are looking to grow further by making the

most of the platform we have built: establishing

aleadership position in this specialist market by

maximising our newly-expanded positions,

brands, talent andproducts.

$1bn

five-year revenue ambition

750+

analysts, editors and

subjectmatter experts

circa 50m

first-party permission-based

audience

1,100+

BrightTALK

webinar communities

220+

specialist media brands

andtechnology sites

300+

awards for editorial

excellence, innovation and

workplace

Strategic Report Governance Financial Statements Additional Information

41

Informa Annual Report and Accounts 2024

Informing

and guiding

professional

buyers of

technology

Our opportunities from TechTarget have

a 2.4x larger average deal size than

opportunities we’ve acquired from other

sources. I’m thrilled with the success of

our integrated programme.

Amy Donahue-Kelley

B2B Performance Marketing Lead, Shure

Supporting buyers’

journeys

Our trusted content helps

professionals understand what

technology solutions are available in

their area, compare providers and

analyse tools in detail, discovering the

right fit for their needs and business.

![](data:image/jpeg;base64,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)

Revenue

by region %

A North America – 35%

B Continental Europe – 13%

C UK – 1%

D China – 23%

E Middle East – 13%

F Rest of the world – 15%

Revenue

by type %

A Exhibitor – 81%

B Subscriptions – 2%

C Attendee – 5%

D Marketing Services – 6%

E Sponsorship – 6%

With more of our working lives spent

online, moments when we come

together in person to do business

efficiently are increasingly special and

valuable. Our exhibitions provide these

moments at scale across dozens of

industries, from construction to beauty.

These transaction-led events are so

entwined in the fabric of the communities

and industries they serve, that the date

of an event becomes embedded in the

industry’s calendar as a point in time

where people gather to do business.

We operate globally, with many of our

events serving regional markets. North

America is our largest market, followed

by Asia and then the Middle East, which

was our fastest-growing region in 2024.

Informa Markets generates most of its

revenue from exhibitors, primarily

through selling stand space and

related services.

By improving the data and insights

wegain from events, we are

increasingly finding new ways to better

serve our customers and to generate

more revenue.

Across our portfolio, we have

16 marquee events, whose locations are

broadly aligned with our geographic

revenue split. The standout nature of

these events means they generally grow

faster than other events in the portfolio,

have higher margins and provide more

opportunities for additional revenue,

often by taking brands to new locations

or selling more space at existing events.

We refer to this as volume growth.

Through GAP 2, we have been improving

the overall experience for customers,

finding ways to generate more value for

them and, in turn, generating more

revenue for ourselves from value-based

pricing. Increasingly, we are having more

holistic conversations with exhibitors on

ways we can help them achieve their

objectives through a range of services,

beyond selling space. These are largely

powered by the insights we get from the

first-party permissioned data we collect

through IIRIS. We think of this as an

increase in yield from our events.

Informa Markets runs  transaction-led

liveand on-demand   B2B events where

industries come together to trade,

toinnovate and to grow.

C

D

E

B

A

Informa Annual Report and Accounts 2024

Strategic Report

42

Business and financial review

B

C

A

D

E

F

£1,723m

Revenue

2023: £1,593m

16

Marquee brands

14.2% | 8.1%

Revenue growth

Underlying/reported

2023: 65.5% | 70.7%

£520m | £319m

Operating profit

Adjusted/statutory

2023: £461m | £228m

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAX3A+8DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPJfjN8QNR8NC10XR5fs93dRGaa4H3kjyVAX0JIbntjj28OPi/wATEknxFq5J/wCn2T/4qvdPjH8Pb/xQtrrGjxia9tYzFLBkBpI8kjbnuCW47549/D28E+K1YqfDOs5BxxYykf8AoNdlHk5Tnqc1yL/hLvE3/Qxat/4Gyf8AxVH/AAl3ib/oYtW/8DZP/iqk/wCEK8V/9CzrP/gBL/8AE0f8IV4r/wChZ1n/AMAJf/ia190jUj/4S7xN/wBDFq3/AIGyf/FUq+MPE6sGXxHq4I6H7bJ/8VT/APhCvFf/AELOs/8AgBL/APE06PwP4slkVF8M6uCxwN1lIo/MjAo90NT3n4O+O77xbpd5Zas4lvbAoRPgAyxtnGQO4KnJ75HfNeS+NPilr+va3cGw1O6sdNjkK28VrKY9yg8MxXBJPXngdq9e+EPgK88H6Xd3eqBU1C+KZhBDeUi5wCR/ESxzgkcCvJ/Gvwo8QaLrVw+l6bcX+mSSFoGtYzIyKT91lXkEZxnGD+gwhye0ZpLm5UdT8HfiPq974gj8O6zdy3sVyjG3mmbdIjqCxBY8kEA9e+KZ8X/iRrFr4im8PaNdzWMNqq+fNC215HZQ2Aw5AAIHGOc+1WfhD8M9W0zXk8Ra5bNZi3RhbQOfnZmBUsw7AAkYPOfpzH8Xfhnq+oeIJfEWiW73qXKr9ogj5kRlULlR3BAHTJzntR7ntR+9yHJeBfihr2ia/bJqOp3N9ps0ipcR3Upk2KTjcpbJBGc46H9R6j8ZPHt/4Ws7PTNIkEN7eqzvPgFo4xx8vuSevbB78jzTwL8KNf1fXbWbVtNnsNMhkEkxukKM4B+4EPPOMZxgDn0B9N+MPgC/8W2lnqOkIst9ZhkaAsFMsZ5+UnjIPY9cnvwSfJ7RCjzcrPE9I+I3izR9RS8j1y9udpy0N3O00bjuCGP6jB96+rdE1SPW9CsNUhQpHdwJMEJyV3DOD9OlfLOj/C/xfq+ora/2NdWabsPPdxmJEHc5P3vwzX1Po2lw6LoljpcDForSBIVZurbRjJ9z1qa/LpYqlfqXqKKK5zUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiisabwvp888kz3GrBpGLEJq92igk54VZAAPYAAU1YDZorC/4RLTf+fnWf8AwdXn/wAdo/4RLTf+fnWf/B1ef/HaNBam7RWF/wAIlpv/AD86z/4Orz/47R/wiWm/8/Os/wDg6vP/AI7RoGpu0Vhf8Ilpv/PzrP8A4Orz/wCO0f8ACJab/wA/Os/+Dq8/+O0aBqbtFYX/AAiWm/8APzrP/g6vP/jtH/CJab/z86z/AODq8/8AjtGgam7RWF/wiWm/8/Os/wDg6vP/AI7R/wAIlpv/AD86z/4Orz/47RoGpu0VheES/wDYTo8003lX17CrzytK+xLmVVBZiScKAOT2rdoas7DQUUUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/7Ceof+lk1btYXhL/AJA1x/2E9Q/9LJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/2E9Q/9LJq3awvCX/IGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/ACBrj/sJ6h/6WTVu1heEv+QNcf8AYT1D/wBLJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/wCQNcf9hPUP/Syat2sLwl/yBrj/ALCeof8ApZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/IGuP+wnqH/pZNW7WF4S/5A1x/2E9Q/wDSyat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf8AYT1D/wBLJq3awvCX/IGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/IGuP8AsJ6h/wClk1btYXhL/kDXH/YT1D/0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/kDXH/YT1D/ANLJq3awvCX/ACBrj/sJ6h/6WTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/sJ6h/6WTVu1heEv8AkDXH/YT1D/0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/kDXH/YT1D/0smrdrC8Jf8ga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8AIGuP+wnqH/pZNW7WF4S/5A1x/wBhPUP/AEsmrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/AJA1x/2E9Q/9LJq3awvCX/IGuP8AsJ6h/wClk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/7Ceof+lk1btYXhL/kDXH/YT1D/ANLJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/wBhPUP/AEsmrdrC8Jf8ga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/wCwnqH/AKWTVu1heEv+QNcf9hPUP/Syat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf9hPUP8A0smrdrC8Jf8AIGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/IGuP+wnqH/pZNW7WF4S/wCQNcf9hPUP/Syat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf9hPUP/Syat2sLwl/yBrj/sJ6h/6WTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/wAga4/7Ceof+lk1btYXhL/kDXH/AGE9Q/8ASyat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv8AkDXH/YT1D/0smrdrC8Jf8ga4/wCwnqH/AKWTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/sJ6h/6WTVu1heEv+QNcf9hPUP8A0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/kDXH/AGE9Q/8ASyat2sLwl/yBrj/sJ6h/6WTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/ALCeof8ApZNW7WF4S/5A1x/2E9Q/9LJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/2E9Q/wDSyat2sLwl/wAga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/7Ceof+lk1btYXhL/AJA1x/2E9Q/9LJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/2E9Q/9LJq3awvCX/IGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/ACBrj/sJ6h/6WTVu1heEv+QNcf8AYT1D/wBLJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/wCQNcf9hPUP/Syat2sLwl/yBrj/ALCeof8ApZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/IGuP+wnqH/pZNW7WF4S/5A1x/2E9Q/wDSyat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf8AYT1D/wBLJq3awvCX/IGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/IGuP8AsJ6h/wClk1btYXhL/kDXH/YT1D/0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/kDXH/YT1D/ANLJq3awvCX/ACBrj/sJ6h/6WTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/sJ6h/6WTVu1heEv8AkDXH/YT1D/0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/kDXH/YT1D/0smrdrC8Jf8ga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8AIGuP+wnqH/pZNW7WF4S/5A1x/wBhPUP/AEsmrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/AJA1x/2E9Q/9LJq3awvCX/IGuP8AsJ6h/wClk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/7Ceof+lk1btYXhL/kDXH/YT1D/ANLJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/wBhPUP/AEsmrdrC8Jf8ga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/wCwnqH/AKWTVu1heEv+QNcf9hPUP/Syat2nLdiWwUhIUZJAHvWN4m1+Pw/phmwr3Eh2wxk9T3J9h/gO9eR6lq19q1wZr24eU5yFJ+VfoOgrtwuAnXXNeyPKzDNqeElyW5pdj3RHSQZRlYeoOadXiD2mraClpfEyWpuAWiKvhiBjqPTkda9G8H+KjrsT213sW9iGflGBIvrj19f84eIwEqcPaQfMhYPNo16nsakeSR1NFFFcB64UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/2E9Q/9LJq3awvCX/IGuP+wnqH/pZNW7TluxLY8r+I0zv4ijjJ+SO3XaPqSTTPC+l2qadda9cR/bWs+Us4+SD2Zvbv+BPbFbPxF0WSVItXhXcI1EUwHYZ4b8zj8RXEaTq11ot+l3aPhhwyn7rr6H2r6KherhFGm9f60+Z8Xi7YfMZSrK6eq+ez87dhuqapdaxfPd3cm6RuAB0UdgB2FO0e9l07VIbqAMZE3YCjJ5Uj+tXPEMmkXUkN9pZMTzgme1K8RN7Hpg89P06DT8CaE2pakb2ZAbS3yDkcO5GMfgDn8vWuidSEMO5SVlbb9Dkp0atTFqEJc0r3uvvuerUUUV8ofoAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/2E9Q/9LJq3awvCX/IGuP+wnqH/pZNW7TluxLYRlV1KsoZWGCCMgiuQ1T4eadezNLZzPZsxyUVdyD6DjH54rsKr3V9aWShru6hgB6GWQLn861o1atOX7t6nPicPQrRtWSaX9bnH2Xw1s4Zg95fSXCA52Inlg+xOSfyxXZ29tDaQJBbxJFEgwqIMAVDa6pp965S1vradxyVjlVj+QNW6detWqP96ycLhcNRV6CWvXf8QooorA6wooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/ALCeof8ApZNW7WF4S/5A1x/2E9Q/9LJq3act2JbHO+LvEX9g6cBCVN5PxECM7R3Y/T+def2OmvqqT63rt3NHYqSGlJzJM3ZUz/8AqH8rvxFdm8SopPC26hfzNCSJ4u0i3sVdYNUskIhhztjuFx2HQNx/kdPdw1NUqEZLTm3fZf19258njazxGLnCWvL8Mejf9dOuxygcxy74WZCrZQg4I9OR3r0zwT4qk1Pdp1/IGukG6KQ9ZFHUH3H6j6VgaUul+JYxpM2nxWWpRwkQ3EPyh2UfxKO/c9e/Sub0ye4tNSjltgfPTcAAcHoQefzrorwjiYShJWkv6+44sLVngqkKsJXhLe34q3dXPd6KKK+ZPugooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/sJ6h/6WTVu1heEv8AkDXH/YT1D/0smrdpy3YlscT8QNAkvrZNTtkLywLskQDJKZzkfQk/gfavM1YqwZSQR0I7V9BVzuqeCdH1Sdp2jkt5WOWaBgu4+4IIr1cFmCpR9nU2Pn8zyaVep7ai9Xuv1OO0ltK8MQrqkuoR3mpPCTDbw/MsbMP4mHfsenfrU/gLw+93eHVrpD5EeVjDDiRiME/QZ/P6V0dl8P8ARbSYSuJ7kg5CzONv5ADP411CqqKFVQqqMAAYAFTXx0eWSptty3b7dkXhMrnzQlWSSjslrr3b+QtFFFeWe8FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf8AYT1D/wBLJq3awvCX/IGuP+wnqH/pZNW7TluxLYKzdR8QaVpT7L29jif+4Msw/AZNY/jbxG+jWKW1q+28uBww/wCWadz9ew/H0rzvRtN/t7UZbeW9EVw6M8bS5Pmyf3SffnnmvQw2BVSHtartE8bHZq6VVYehHmn57enqerWPinRNRlEVvqEZkJACuChJ9BuAz+FbFeBXdpPY3UltcxNHNGcMrdq77wH4nlnlOk38zSOQWt5HOTwOVJ+nI/H2rTFZcoQ9pSd0Y4DOnVq+xrxs3p8+2p39FFFeUfQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/kDXH/AGE9Q/8ASyat2sLwl/yBrj/sJ6h/6WTVu05bsS2PKfiLu/4SZd2cfZ02/TLf1zXJoWDqUJDg/KR1zXqvjjw6+r2SXlohe7txjYOsidwPcdR+NefaJqUeiai9zPZCeaNCIlkOBHJnhiPbmvpMFWUsOuVXa6HxGZ4ZwxrdR2jJ3v8A12Oi8RhW8L2b64AuuY/c7PvmPP8Ay0/X8fxrktNNwL+I2v8ArudvX0OentTb29uNQu5Lq6lMk0hyzH+XsK7nwF4akSb+172JkwCLdGGCcjBbHpg4H1PtVSawtBub+XTXovImEZY/FxVNWStr1sur8z0KiiivmD7oKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/7Ceof+lk1btYXhL/AJA1x/2E9Q/9LJq3act2JbBWVqPhvSNVl828skeXu6kqx+pBGfxrVrA1Txjo2lTNDLO0sy/ejhXcR7E9M+2a0oqq5fur38jDEyoKH7+1vMksvCOh2EyzQ2CGReQ0jF8H1wTjNbdczZePdDvJBG0stsxOB56YH5gkD8a6UEMoIIIPII71VdVk/wB7e/mThZYaUf8AZ7W8rC0UUVgdQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/wBhPUP/AEsmrdrC8Jf8ga4/7Ceof+lk1btOW7EtjjPH3iCTT7VNNtXKXFwu53U4Kpnt9SD+RrjYvBniCaFJY7DKOoZT50fIPT+Kr/xFVh4lUtnBt1K/TLUQQWxt4ifAt7KdgzIJ5gH468L3r38Pejh4un132/Vo+PxjWJxlRVr2jot/0jL9Cn/wg/iP/oHf+R4//iq3PA2uT2WoSaHfM23LCPc2fLZc5XPpwfx+tU/Itf8AoQL/AP7/AM//AMTXO2sE0+smG0iaCUu+yMjcUwD8vPXA4rVp4inKNX9P0kzGLjg60KlC977XevlrCP6nulFFFfNH24UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/wCQNcf9hPUP/Syat2sLwl/yBrj/ALCeof8ApZNW7TluxLY5vxh4cOu6er26j7bBzHk43juuf5f/AF68zl1TXLGQ20uoahA8fy+WZ3Xb7YzXuFVbvTbG/A+12kE+OhkQEj6Gu/C472UeScbr8jyMflX1iftaUuWXXszxddd1pmCrqt+WJwALh+f1rvfBXhmeykfVtTRhdyZ8tXOWUHqx9z/j6109ro2mWMgktbC2ikHR1jAb8+tXqrE49VIuFONk9yMFlDpTVSvPma27IKKKK809sKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/wCwnqH/AKWTVu1heEv+QNcf9hPUP/Syat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf9hPUP8A0smrdrC8Jf8AIGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/IGuP+wnqH/pZNW7WF4S/wCQNcf9hPUP/Syat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf9hPUP/Syat2sLwl/yBrj/sJ6h/6WTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/wAga4/7Ceof+lk1btYXhL/kDXH/AGE9Q/8ASyat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv8AkDXH/YT1D/0smrdrC8Jf8ga4/wCwnqH/AKWTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/sJ6h/6WTVu1heEv+QNcf9hPUP8A0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXhL/kDXH/AGE9Q/8ASyat2sLwl/yBrj/sJ6h/6WTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/ALCeof8ApZNW7WF4S/5A1x/2E9Q/9LJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVga3400Hw/ci1v70i6K7vIhieZwPUhAdo+uM00m9EKUlFXbsb9FZmi+INK8Q2rXGl3iXCI211wVdD6MrAMv4jmtOk1bcE01dBRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/7Ceof+lk1btYXhL/AJA1x/2E9Q/9LJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUVDdXVvY20lzdzxQQRjc8srhVUepJ4Fc//wAJPeaoceH9Ke4hP/L9eEwQH3UEF3/BQp/vU0mwOmqKe5gtYzJcTxwxjktI4UD8TXOf2Jqt982r+ILpwetvp6/ZIvzBMn/j/wCFYRn8FWGoypDor31xbuUlu1snumRh1XzWBZiDkEAnB64ofKtWxqMmdRJ428KwuUk8SaQGBwR9tjyD780w+OfCq43+IdNTIyPMuFXI9Rk8j3pdG1rR9WjddLuImaLiSDYY5I/TchAZfxFatGg+V9yCy8QaLqRxY6vYXR6YguUf+RrRrHvNF0rUUKXum2dyp7TQK4/UVn/8IjYW/Olz32lMBgCyuWWMf9smzH/47RoLlZ1FFcx53inSzn/Rdbth2wLa5A/WNz/37FaGl+JdO1Wc2ivJbX6jL2V0nlzKPXafvD/aUke9Fhepr0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKWr6nBo2j3mpXJPk2sTSsB1OBnA9z0H1rwBZLi4eW7vG3Xly5mnb1c9QPYcAewFeh/FbVC0en6FGeJ2+1XP+4hGxT9Xwf+AGvPq78LC0ebufL59ibyjQXTV/odF8PHlj8fQLATiWzl+0KDwUUrgkeoYgD/AHjXtFeffCvR/J0u512ZCJdQYLBuHSBCQpH+8Sze4K16DXNXkpTdj2stoyo4WMZb/wCYUUUVidwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/2E9Q/9LJq3awvCX/IGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACkZlUZYgD1JplxcQ2lvJcXM0cMESl5JJGCqijqSTwBXzh4k8W6PrniLUbjUb1bmNbmSO2jZXkiSJTtUoMFRuA3Ej+9W+Hoe2la9vU5sViPq8OZRcn2R9IedF/wA9U/76FHnRf89U/wC+hXy4mo+FHcKEswScc2uB+ZWrkqeH4SoeHTxuUMMRKflPQnA4Hua7llieqqI8qWdyi7SoyX9eh9L+dF/z1T/voVh6v4nis7kadp0S3+quARAsgVIlP8cr8hF/MnsDXhw0rTGUMthZkEZBEK8/pVK706xuJvsFrY2qyEZllEC/ulP4fePb86KmWqlBznPRGmDzeWMrxoUaTcn5not54j0231tm1aO88RahavybdY1tLWT+7GjuAWHdjuYHjI6Du9B1u38Q6RFqNtHLGjs6GOUAMjKxVgcEjqD0NeMW8EVrbpBCgSNBhVHaqGi3EmkTnVbJmhuY752kKMV85BMco+PvAjI5zjtXFQpPEOSj0Vz6fN6VPK6VKUm25Oz7f5ntXijWL3S47GDT1gFzezmFZLhSyRgIzklQQScKcDI+vrxelahBptkNPWHULt7V2jkmttNmZGfOT90MM5Pr79667x9aPdeD7uSFf9ItCl1FIq5eLYwLMo7ts34HfOOhrnPCWrS2eim7u4vtM+q6jKLeGwy+WRNrYLbR1hkbr0PevOxGHdayl8Pl3/4YilVVPbf9P+HM/V9QsXi+2SJf6beW8Uktrey2jwupUZIG4DcPVDww7GvS9HvJNQ0SwvZRGstxbxyuI2DKGZQSAR1GT1rz/wAZs+u6JqEctne6Ze6PB/aOy48pvNjKSrtyjsBna/XngHFdZ4JhMXheFvJaFJp7ieONk2bY3md0+Xt8rLx2q6FBUYcqbt59CalT2krnQ0UVwnhaw8YweML+fWZpm09lkHzzq0UhLjyzEgOUAXOcge+TzXQldPUylKzSte/4Hd1R1PR7DWbcQ39ssqq25G5V427MjDlT7gg1eoqSjnRe6v4YJ+3NNq2jj/l5VM3NsP8AbUD94o/vAbh3Dda6e2ure9to7m1mjnglUNHJGwZWB7gjrUVc5cWN14cupdU0SB5rWRt97paHhueZYR2k7lej+zcmtzNxtsdbRVexvrXU7GK9splmt5l3I69CP6HsR1BqxUiCiiigAooooAKKKKACiiigAooooAKKKKACiucTxlYyeOH8Ki3uvtSw+Z5vl/J0yR6gYI+bG0njOevR02mgCiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRXO+ONauNB8KXV3Z8XbskELkZEbuwUOc8cZzz1IA704xcmkupMpKMXJ7I5f4l+Hb+fULfXbC1lu1WAW1zFCpaRVDFkZVHLDLsCBzyD2NcZpvh3VfEd2lhbWV5bwSHFxdzQNEsKfxEFgNzY4AGeeuBTFvtYguGvLbXNRW+wSJpLlnBPoUbKFfbGB2xXt3h/VP7b8O6dqnl+Wbq3SUp/dJGSPcZ716FenVwsVGVtTwaFPB5lWdeN7q1137F22t4bO1itreNY4IUEcaKMBVAwAPwqWiivOPoAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/wCwnqH/AKWTVu1heEv+QNcf9hPUP/Syat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUVU1LVLHSLQ3WoXcVtCDt3SNjJ7AepPYDk0AW6yrzxR4f066e1vtd0y2uExvinu40dcjIyCcjg1n/8ACQaxqBzpGhMsB6XOpym3DD1WMBnP0YJXi2v2GtJeajCI5Le/bUpppJFtHZHVpGYFflOQQVI9uDVqPc2oUlUbUnayv6+WrX5n0Bp2taVrHmf2Zqdle+VjzPs1wsmzPTO0nGcH8qvV4r4Jh1lPFL3ulWMZMdg8UzXsckEblnQqobbnPysehwM+tejDxaLFtmv6bcaWP+frImtSf+ui8oPd1Sly9hV6apVHBSul1OkopqOksayRsrowBVlOQR6g06pMgooooAKKKKACiiigDmPiFoN54m8D6jpWnuFupVVkUtgOVYNtJ7Zx+eO1fKcvh/VoLia3ewm8yCV4ZAo3AOpKsMjg4IIr7Tr551G6gtNW1hp5VQHVbwDJ5J89+AOpP0r0MBBVJOMnZbnmZniJ4enGdNXbdrfeeYpoGqu4UWE2T6rgfma67SrO80e0NvJZvcM+GDxMvXAG1snjGOvTFavn3t1/x7QCCM/8tbgc/gg5/Mil/svI3Pe3jS/3xKVH/fI+X9K6KlbC0nZNt+Q6OR5vmVO84KEf7103+pJp9u9rp8EEhBdEAOOg9h7DpTNJG61knI+aeaRyfUbiF/8AHQKQwanGpWO6glBGA0seGX3+Xg/kKtWlutpaQ26ElYkCAnqcDrWOYYunWpxhTZ7XCuQ4vAYurWxcUrqy1Tvd3ZNWPB/yDLn/AK+pf/RxrYqloWjX+uQ3EMGLe1F1NvupFzn94xwi8bj056D3ORWWWyUZTv2OnjOnKdCjy9J3/Bn0EQGBBAIPBBryue80XSPEF54W8tpbCORL61OnvulsZSSSioh38MC3yg4D4Iwa020gztvvNV1e5lPVvt8kQ/BYyqj8BXL2lnHrNkfDJtwILS4lF9My5O0SMUVSeruMEt1Az3IpLCu2rPEeOi9Yo1dZkE3h7VYbGW9jF7EUvdY1rdCCoBGxQ4UkkEqAqhRuJ68HvvD2v2Gv6dHNaTo0qxoZ4Bw8LEZ2sp5Hf8q8yi0PW9SuIm1GcpNosfkaZO5DiZtxJldfdBGh57MetT6fBF4h16/udS054ZLe3htjFJkFHBkZtrDqPmXBHb0pRwrcdXqEsbFS91XR67RXn8dpqOmMZdG1W5ibH/HveSPcwP7YY7l/4Cw+hrptA8Qxa0kkMsLWmo24H2i0c5KZzhlboyHBww/HByKyqUZQ1ex0UcTCrotyzrmt2nh/SpdQvN5RCFWOMZeRycBVHck/4niuDb4l6w7Fk0WyiXsr3TM34kIBWh8Uif7P0Vex1HJH0glrxjxVrl/p95Fb2jeUpTeX2gluSMc/Su7CYei6Lq1VfWx5OYYvFLFRw2HaWl7s9W/4WRrf/QL0/wD7/v8A/E0f8LI1v/oF6f8A9/3/APia8y0i+vNX06S7lvhbND8u1EXbwM7myM4PtjpWYniLUnkW5Mg27sfZwgwecbfXP9a6KdLB1G1GL0/ruZV45xQpwqTnG09tv8j1Cw8aaxpmqXd1a6fYpb3fzy2vnPsEveRfl+UkfeHcgHg5zqf8LO1v/oE6f/4EP/8AE1yFFdf9nYd9PxPD/tvGfzfgjr/+Fna3/wBAnT//AAIf/wCJo/4Wfrf/AECNPPt9ocf+y1yFFL+zsP8Ay/iH9t4z+b8Ees+EvGsPiaSa0mtTZajCvmNB5nmK6ZxuRsDIzgHIBGR6g11VeN+A+PHlmRxm1nB+nyH+g/KvZK8PGUY0azhHY+ry7EyxOGjUnuFFFFcp3BRRRQAUUUUAFFFFAHKa18QPCvh/WTY6hehL0KBKY4Hfy1IyAzKDjrnHvmuohmiuYI54JFkhkUOjochlIyCD3GK8R8X/AAr8RX3i+8vNLSC4tL+cyiSWfaYSQCQ4IzjOQNueMcCvXvDmknQvDenaU0pla0t0iaTn5iByRnoM9B2Fb1YU4wi4Su3uZU5TcmpKy6GnRRRWBqFFFFABRRRQAU2SRIo2kkdURRlmY4AHqTTq8++MGlapq3hCJNOhluEhuVluIIlyzoFbnHfBIOPx7VcIqUlFu1yZy5Yt2O6tL211C2W5srmG5gf7ssMgdW+hHFT1498E9G1exn1S+uLaa0064ijCLNEUMzgkh1B5wAcZxzuHpXsNOrBU5uKdxU5ucVJqwUUUVmWFFFFABRRRQAUUUUAFeXfEHx7YMuo+GI9LkviMRXEpnESRtgMNhwxLKcHpgEd8Yr1Gvnnxh4a1LQvEeoM9ldSWVzcvPBdJG0it5h3bSRnDAsRzgnHGa3w8Yyn7xUIxk7S2NTwf4YHjOK6VtZlt4bchJ4fsyi4ww4w4Yrg4I3bRnB+UV7db28VpbRW0EaxwxII40XoqgYAH4V5r8JvDmo6fJqGr6hbT2guESGCGZSjMoJJdlPI5OBnB6+tenU8TVlOdnK6Rz0sNRoXVFWTCiiiuc2CiiigAooooAKKKKACiiigArC8T+LtI8I2cdxqkrgykiGGJNzykDJAHT05JA5HNbtcL8R/AU/jKCymsbqKC9s96qs+fLkVsZBIyQcqOcHvV0lBzSm7Iibkotx3Om8P+ItN8T6YNQ0ucywbijblKsjDBKkHoeR+dalcn8P8Awe/g3QpbWe5S4uribzpmjBCKdoAVc8kDHU9c11lKaipNR2HFtxXNuFFFFSUFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFcZ8Q/HS+DdOhS2jSfU7rIgjfO1AOrtjsCQMcZJ9jVQg5yUY7kykormex2dFfML/EPxjJcCdvEF0JB0CJGq/wDfIXB/EGvUfhp8SJ/Edy2ja15Q1FU3wToNouAPvAr0DDrxwRngYrqrYKrSjzPYwpYunUlyo9NooorjOkKKKKACiiigAooooAKKKKACiiigDC8Jf8ga4/7Ceof+lk1btYXhL/kDXH/YT1D/ANLJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFRXFxDaWstzcSLHDChkkdjgKoGST+FAGbr2uDSIYoreA3epXRKWlopwXI6sx/hRerN29yQDR03w+I7warq0ov9XIOJmX5LcH+CFf4F7Z+8e5NZ1peJYaVf8AjPWkZZp4t6RY+eC3/wCWcKgn7xJBPTLNjoBXNzfEjW5ZWa202xt4f4UndpH+pK4A+gz9TXRSw9SrdU1c56+LoYZJ1pWvsa/j7xvd+Gp7Ww02CB7ueNpXkuASsaggD5QRknnuMY75ri/+Fo+K/wC9pX/gI/8A8crP8S3eq+JtTivrk2UTxw+SFjRsEZJzyfesj+yr7/nvb/8AfDf416FPASUfejqZxznLre9P8GdP/wALR8V/3tK/8BH/APjleg+BfFcvizTLoXtvFFd20gjlWLJSRWXIYA9M/MMZPTrzXi/9lX3/AD3t/wDvhv8AGug8L6trHhX7Z9mFjN9qKFvNR+NoOMYPvSq4Cbj7kdQlnOXfZn+DPT5NNuvDEhvdAiMlgCWudJX7pHUtAP4H77OFb2PNdLp2oWuq6fDfWMyzW0y7kcd/qOoIPBB5BGK850z4lXS3kUOs6fCsEsix/abVziMsQBuRu2TyQfwrpY/+Kd8Ux7MLpmsyFXXoIbvBIYegkAIP+0B3Y159WjOm+WorM2o4ilXjz0XdHV0UUVgbBRRRQAUUUUAc7461S70fwde3lhIIrkNFEkm0HZ5kqIWAPGQGJGe9eMw2UENxJcbN9zKzPJPIdzuzEkkk+pJNe6eI9Ej8RaDc6XLM8Im2ssqAEo6sHU4PUblHHcV4PeW+sWWr3+mzXNkJ7SYxkG3bLL1V8eZ0ZSD+OO1a0qNSt7lPc78JmWCwEXVxXlZ2vb/IuUVz0EOuDUmZpcfM253O6Er/AAhUDZB6fryaBDrf9q7vM/i5kJ/c7MdNm7Oc/wD662/s2v2O3/W/LP5/P5f5+W50NFc9JDrZ1MMJc/MNsinEIXHIKbsk9f8AEUXUOttfoyybsFdrxHZEoz825C2Tx9fbFH9m1+wf635Z/P5/L/Py3NueOW4aGzt2Kz3UghRh1XP3m/BQx/CvRrS0gsbOG1toxHDCgRFHYCuH8IWt1deIZri7khkSyhwnlxlR5kn1Y8hVP/fdd9W9Ci6SalufN51mcMwrRnRd4JadPmFIFVc4AGTk4HU0tFbnjmba3Ura/qNm7kxxwwSxjA4Dbwf1StKsgYj8YMe89gPx8uQ//Hf1rWJCgkkADkk0DYtUb+zneaC/0+UQala5MMh+6wP3o3HdGxz6HBHIqvJ4o0CKQo+taerKcEG5Tj9adB4l0O6nSCDWLGSWQ7URLhSWPoBmk7NWZUeaL5kUvGmuQ67oWiTojQzxakYrm3f70Mgglyp9eoIPQggiuQubK1vAoubeOULyu9QcVu+NbKFb7Sb5QVme4MT7TgOBFIRuHcjnB7bj61k13YCmo0nHpf8AyPGzmtKeIjNaPlX5sqyabYylC9nAxQbVzGOB6fSl/s+zNz9p+yw+d137BnPr9ferNUm1fTUYq1/bBgcEeaOK7GoLc8yMq0tItv7y7RXM+JtXhfSCthfwly43iOUbivtj3x+FcHXNWxapyslc9HCZTLEU+eUuX5f8MexUV47Wp4ea7GtWwtC4JcbwM4255z7YqI43mklym9XJOSDl7Tby/wCCe2+A/wDkfLP/AK9Z/wD2SvZK8b8B/wDI+Wf/AF6z/wDsleyV5GZ/7w/ke3kn+5R+f5hRRRXAesFFFFABRRRQAUUUUAFFZniHUrrSNBu7+y0+XULiFMpbRfec5A7ZOB1OATxxU+lXc9/pNpd3No9nPNCsklvIctExGSp+lO2lxX1sXKKKKQwooooAKKKKACs/XZDHoGoMv3vs7hfqVIH61oVma6N2nxxf89bmBPwMq5/TNXS+NeplXdqUvRmhFGIokjXoihR+FPooqDVKwUUUUAFFFFABRRRQAUUVDd3UNjZz3dzII4II2kkc9FVRkn8hQB5z8SPEFzLqCeHbK4aGBYhNfPEcO24/JEGHQEAlu5BUdCc8x4bv7vQ/EenNp7sEurmK1uIGYlJEdwpOOzLncCPQjoaofaptRubnU7pStxfSm4dSclAeFT/gKhV/Cui8BaT/AGv4t+1yLm10pRIc9GncEIP+Arub6slO/vW6H0MsNSw2Xt1I+9L77vb7v8z2CiiikfPBRRRQAUUUUAFFFFABRRRQAUUVR1q2ur3QtQtLGf7PeT20kcE24r5cjKQrZHIwSDkc0AXqK5rwTo+taLpNzBrl99rnkuTJGftUlxsj2INu+QBvvBjjpzXS02rOxMW2k2rBRRRSKCiiigAooooAKKKKACiiigAooooA4/xHonie/wDFukXulauLbToCPOh3EAc5Ylekm5flwcbcZHWuwoopt3Eo2bfcKKKKQwrwX43Qzp4ysZ3z5EtgEi9NyyOW/wDQl/SvbL7U0tZFt4Y2ubxxlLeM84/vMeir7n8MmsLXfBFv4r08x67cSNdfehe3batsf9gHr7luvtxjqw0vYzVSWxy1/wB6nShv+C/rsfM9dV8NIppfiRovk5yjyO5A+6gicHP1zj8RXSS/A/XVu1SLVtOkts8yuro4H+4AR/49Xo/gjwBYeDIJJFlN3qM6hZrp12/KOdqD+Fe/UknqeBj0cTjqUqTjB3bOPD4SoqilLRI66iiivEPWCiiigAooooAKKKKACiiigAooooAwvCX/ACBrj/sJ6h/6WTVu1heEv+QNcf8AYT1D/wBLJq3act2JbBRRRSGFFFFABRRRQAUUUUAFc74x/wBKsLLSM8apeR27j1jAMsg+hSNl/wCBV0Vc9rI3+KtAVuVVbmQD/aCKoP5M35047gY3xL58JAdjeQZH/Awa82r0n4lf8iov/X5B/wChivNq9/Kf4T9T5LiT/eIen6hUQurdpzAs8RmHJjDjcPw61LXn8ih55WP3vNdt3fO485r0ZSadkeRhcMq97u1j0Ciud8PajdT3MlrLI08aJuDt1Q56E988+/FdFVRlzK5lXoyoz5JFLVxnRb7/AK95P/QTXtuv2MmpeFrmCE4uRCJbdv7syYeM/gyqa8T1f/kC33/XvJ/6Ca+gof8AUR/7o/lXi5u7Sgz6jhvWnUXmh2l38eq6RZajCCIruBJ0B64ZQw/nVusHwUAvgvSUHCpbqqj0A4A/IVvV470Z9AgooopDCiiigArJ1rQtD1OM3Oraba3JgQsJJYgWVQMnB649q1qw/GczW/gfX5UJDLp1wVI7Hy2xTje+gntqc14Y8E6BP4X0ye90a1e6ntkmlLLn5nG4j8M4/Ctb/hBfC3/QDs/++K3YIhDbxxAYCIFA+gqSqdSV9y1ShbZHPf8ACC+Fv+gHZ/8AfFI3gfwqilm0SyCgZJKdBXRVzvja4ZPDr2MbYm1KRbJMdcP/AKwj3EYc/hTjKcna4pQpxTbSOX8MWtvDpTXNtbrbxX0z3SRquNqMf3Yx6hAmffNbVIiqiKiAKqjAA7Ckkfy4nkKswVScKMk49B3NeolZHz8nzO46obq7trGBp7u4ighXrJK4VR+JrL87XNS/1MEel25/5aT4lnP0QHav4k/SprXw/ZQXC3U3mXt4vS4u28xl/wB0dE/4CBQOyW5gazrlyl1FrWl6fLPBbW8kBlnBiSRpHj27ARublcdADn71dRpvhOW9t4p/FE/224IDNZJ8trGfTaPv4/2yw9BWL44Mw0GLyGVH+1RYZhkAhsrx3+YLWpY/EK0uYo4ZdNvhqRUk2sMYcNjGSrkhdvI5JHXpXLi41nFOC06nfgamHUrVGubpc2vEOoDQPDdzc2sK+cqiO2hReGlY7UUAf7RH4Vx2jW2o+IdBgm1nWr26gnbzPIIhRJEDZTcFTKngEgN14z2rX2X+r6hDf6rHHBHblja2SNv8tiMb3boXxkADgZPJzmsDSrqTQvF2oaLOMWF1ILi0cniN5NxKewLK5HuD6ipw+HUFea1KxWLdRuNJ6Im8b/c0f/r8P/omSuWu9Qt7IqsrMXblURSzEeuB2rqfG4Ih0l/4VvcE+mYpAP1ridRsLl737XbKkm6MI6M2CMEkEdu544r2qEpRpNxV3c+br0qFXGQjiJcsbb/NkWoarDc6dcQRJcB3QqMxMAfb8elEWs2qxKBbXMYAxs8g8flxUX2XUP8AnyP/AH9X/Gj7LqH/AD5H/v6v+NZVFVqO7X4HpfUMn5eX2/4r/Isf23bf88rn/vw3+FH9t23/ADyuf+/Df4VX+y6h/wA+R/7+r/jR9l1D/nyP/f1f8az9lPs/uF/Z2T/8/wD8V/kWP7btv+eVz/34b/Cq89/DfXNpbxRypKZlZZZE2BcHJAJ6kgEYHrR9l1D/AJ8j/wB/V/xp0em3txNEJYlhiSRXYl8sdpyAMe465qoUp8y0M6uDyqlBzp1ryS01T1O+8B/8j5Z/9es//sleyV434CBbx7aAclbOdj7DKDP5kV7JXn5n/vD+R3ZJ/uUfn+YUUUVwHrBRRRQAUUUUAFFFFABRXN694ol03UE0zTrD7bfmNZpBJL5UUMZJALNgnJKsAAD0OcVL4f8AEw1i5uLG7tBZajAqyNB5vmK8Z6OjYGRnIPAIPXqM37OXLzW0I9pHm5b6m/RWZ4j1KXR/DOqalAivLa2skyK3QsqkjPt61wa6FbXCB9Smn1K4YZkmuZmcMT1wudqj2UAVdKi6nUzrV1StdHprOiY3Mq59Tik86L/nqn/fQrzFfCvh5emh6b+Nqh/pTv8AhF/D/wD0AtM/8BI/8K2+qeZz/Xl/KenKwYZUgj1FLXl3/CLaAG3LotgjDkMluqkfQgcVKNCs4wBBJe22On2a+miA/BXFDwj6Max0eqPTKzdT+e/0mL1ui5+ixOf54ri1g1S3A+yeJNVhA6CR45wfr5iMf1o/tbxJDqtuzzaffvFG5RZImtzg7QcspYZ6YIUd+DxhRw007+v5CqYunKNvNfmj0aiuQi8cSw4Gp6DewjHzS2jLcxj8BiQ/98Vs6Z4n0TWJPJsdSt5LjGTbs2yUD3jbDD8RXPKnKO6OyNSMvhZrUUUVBYUUUUAFFFFABXBfFHVDHpVrokTfvNQk3TY7QJgt+bFF9wTXe14b4h1FtZ8W6nfHPlxSGygBHISJirfm+8/THpTvbU7cvw/t8RGD2Wr9F/VjMuJ0traSeTO2NSxx1PsPevZPBWhN4f8ADFvbTqBezZuLs5z+9bkj6KMKPZRXmvhLSTrvi61hdd1pYbby444JB/dL+LAt9Iz617XSSsjszrE+0qqkto/n/X6hRRRQeMFFFFABRRRQAUUUUAFFFFABRWDdaDfT+MrLW49buIrK3hMcmmru8uU4kG4/OFz86nlSfkHIrepsAorl9f8AG1ppEtxa2kJvry3TfOqvsit1xnMsmCF45wAW9sc14L4h+MvivWZmW0ul0y2B+WO0GGPplzk5+mB7VpGjKWpm6kU7H1FRXzB4Y+M3ibRLtRqNw2q2RPzxTkbx7q+Mg/XI+nWvoTw34q0zxRZ+fYO6yKqvJbzLtkjDDKkjuCOjAkHsaU6UobjjNSNuiiisywooooAKKKKACuH8feLdS8P3enWOm/ZopLpJZWnuYy4whUbVAYZPzZPPA+vHcVU1DStP1eAQalY215CrbglxEsig+uCOtNFQcVJOSuu2xQ8Ja1N4g8MWWp3EKwzTBg6oCFJViu5c87TjI9iK2qbHGkMaxxIqRoAqqowFA6ACnUmSFFFQXd5b2MBmuZRGmcDPJY9gB1J9hTSbdkJtRV3sT1kvfz6k5h0ogRDIkvWGVX2Qfxn36D36U0W11rGHvla2sT920zh5B/00I6D/AGR+J7VrIixoqIoVFGFVRgAegrT3Yeb/AA/4P5GN5VdtI/i/8vz9CvZafBYRssIYu53SSudzyH1Y9/8AOKtUUVm227s2jFRVorQKKKKQwooooAKKKa7rGjO7BUUZZmOAB6mgB1FcjcfErwxDMY4rua7C9ZLW3eWP8HAwfwJra0XxHpHiGJ30y9Sdo8eZGQUkj/3kYBh+Ip2ZTjJK7WhqUUUUiQooooAKKKKAMLwl/wAga4/7Ceof+lk1btYXhL/kDXH/AGE9Q/8ASyat2nLdiWwUUUUhhRRRQAUUUUAFFFFABXOeJyba/wDD9/0ji1AQyn0WWN4x/wCRDHXR1Q1vS01rRbvT3cxmZMJIOsbjlXHurAEfSmtwOU+JX/IqL/1+Qf8AoYrzUsB1IH1r0jUI7jxn4CmhVBFq8DASQE4CXUTAlD7EjAP91ga8l1Hw9qX9oyvcaPeCYgK0dxpklyEx/cZMrg+xNexl9dU6co9b97Hzud4OdetGaTtbom9b+Ro71/vD86xT4cs3uXke4lMbMWMQYAcnOMjnFUL6K20yRY7+GytJGG5Vn0eWMkeoBqt9t0j/AJ76T/4LH/xrueI5t0v/AAJHk08JVpX5HJX/ALrOugitrWIRQJHGg/hXAqTev94fnXG/bdI/576T/wCCx/8AGrljaR6ortp9ra3aoQHNvos0m3PTOM4p/WmlsvvRm8vnJ3fN/wCAs29WIOi3xBz/AKPJ/wCgmveL2/i0vQp9QmOIra2aZvoq5/pXhuheD9V1JpbCLT7uKC6kVbiV7VraKCM4DFVfkttz0zzjOK9f1tf7V1Kw8OQjMbst1fdwtvGwIU/77gLjuof0ry8xqxqyjbpufR5Jh54enPmWjel1b8DW8MWEml+FdKsZyTNBaRJKSc5cKNx/PNatFFeW3c9kKKKKACiiigArn/HQJ8A+IcDP/Eun/wDRZroKo61ZDUtC1CxIyLm2khx67lI/rTWjE9h4IIBByD0rE8Y6rLovhO/vLd9lzsEUDYBxK5CIcHrhmB/CregXo1Hw5pl8P+Xi0il/76QH+tcd8Trzc+j6Wp+/K93J/uxjaAf+BSA/8BoWjOqjT9rOMF1aK3w0mvjrWp273t3c2sdvE8n2mdpT5rMwBBYnGQpzj2rb8TMZfFukQk/u4bW4n2nu5aNAR9AXH/Aveo/hnZeV4duL9h81/dPIMjkIn7tfw+Qt/wACqbxogsrnS9cY4gtme1uWPRI5SuHPsHRB7Bie1a0naormWY2l7T2asunoNooor0z5sKKK43xb8QtP8Oh7W223eojjylb5Yz/tn+g5+lFxxi5OyNfxWLSTw/PBcz+U8mPIwpZjKpDIFUcscgcDtms7wnot/DcNqmqQpbztCIordX3GMEgsWPqSF4HTHvXj8njTX5NTl1D7eRcuNoby1Plr/dTIO0fTr3zUE3ivxDcMTJrd/wA9luGUfkDil7RpNdDZ4RNqT3R9J1mNptrq/i23sLlC8U+mXIm2HDKBJCUbPYhgSD2NfNs95dXRzcXM0x/6aOW/nXQeB/F954P8QQ3cMp+ySMqXcRGQ8eeePUZJB9fYkHKo24tI3o0VCak2e06taS6fZyab4mjafT2wE1NAQhAOVMm3/VOODu+7kZBHSsqPwg0sayWmvNLAwyjvCkhI/wB5SAfyr2AEMMjBBrEm8G+HZpml/sm2ikc5Z4AYS31KYz+NY0sbKG5pXyynV7fNHnv/AAhl3/0GR/4Cj/4qo5vCctuhebXo4kHVnt1Ufq1ehjwV4dB+bTVk/wCusrvj6bmNS2/hDw1aSiWDQNMjkHRxapuH44rV5jLpc51k1Pql9x5bp/hnUNcvI49H1L7Rahv3189rthUZ5CHP7xvZePUiuo/4Vhcf9DAf/AMf/FV6H8qL2VQPoAKWsZY6u3pKx1QynCRVnBM8sPgC5HiS20oa5lZbSa5Mn2QZUo8agY3d/MP/AHzWoPhVNnnxC2PazXP/AKFXTWZM/jy9OPltNNhXP+1JJISPyjX8/wA+jpPG4j+Zk/2Zg7/w0c/4Z8Iaf4YWd7eSa5u58CW5nILEDooAACqMngD65roKKK5pScneTuzshCMIqMVZIKKKKkoKKK5TxbrGowX1hpGmTfZJbpJJ5LvYrlI4ygKorAjcS68kEAZ4J6VGLk7ImclCPMzq6z9e1M6L4e1HVBF5ps7aScR7sbtqk4z26Vy+iavqthr9pp1/qD6ja6gXSKSdEWWKRUZ8fIoUqVVuoBBHU5wOxvbO31GxnsruJZbaeNo5Y26MpGCKc4OErSFCoqkeaJ568/iiGJr1fELtdg+abZoYxanvsxt3hccZ3Z78mu90nUE1bRrHUo42jS7t451Ruqh1DYPvzXJjwHfsqWU/iKSXTBgMv2fbcug/gMwbHPQsFB9wea7WGGO3gjghQJFGoRFHRQBgCtK0qbtyGVCNWN/aM43xDpOp2viCXV7Cyk1C3uoUSeKJkEsTJnBXcQGUhjkZyCOM54n8L6TqB1eXWtRtRaZt/s9tbuwaRVLbmZ8cKTtT5QT0554HXUVPtpcnJ0L9jDn9p1GSxRzwvFKivG6lXRhkMDwQRXJL4AjgHlWev6ta2q8JAphkEa/3Qzxs2B2yTXYUVEZyjsy5QjL4lc5RPAsQB8zX9ZlPq0kS4/75jAp3/CD2/wD0GdY/7/J/8RXU0VXtZ9yfY0/5Ucm/gVc5i8Ra1F7boGGf+BRE/rUT+DdURcW3iV2Prd2Ucn/oBT/OPx7Gimq1RdROhTf2ThZPD/iq3X93Jo999TJbHH5SVls+qWuozveaHe5jjVH+yYuAvJIOFO4g54wueDnHGfTqzdM+e/1aX1ugg+ixIP55raniZpO/9ao5quFpuUUl1/RnDwa5ptxcfZlu0juf+fecGKX/AL4cBv0qa906y1KMR3tpDcKOQJEDYPqPQ/Su7vtOsdTgMF/Z291Cf+Wc8Suv5EVzs/gOxjUnR7y80t+oSKTzIfp5b5AHsu361ccUn8SIlgmtYMw7aHVdKIOk6zcJGP8Al2vSbmL6fMd6/gwHtWtbeOHtcJr+mSWgzj7XakzwfU4G9PxXA/vVn3Nj4j0nJubCPU7cdZ9P4kA9TCxz/wB8sx9qjstUstQMi204aSI4kiYFJIz6Mhwyn6irdOlV1RHta9H4tjvrO9tdQtUurK5iuLdxlJYXDq30IqevNG0lIbpr3TLiXTL1uWmtSAJD/wBNEOVf8Rn0IrXs/Glzp5EXiS2VI+g1G0UmE+8ictH9fmX3Fc1TDyjqtTrpYqE9HoztKKjgniuYEnglSWGRQySIwZWB6EEdRUlc50hXl2tfDrV11e6n0WSzmtLmV59l3M0bxO7FmAKo25ckkdCM4561i/FX4rapomu/2F4dmS3ltsNc3JjWQliMhAGBAABBJ6544wc7/wAH/HmqeMLDULbV9kt1YlD9pVQvmK+7AKgAAjb1HUEccZOns5KPM9i6OKnRqXpOzOr8IeF08MabJG8wuL25fzbmYLgFsABVHZQBxn3PeuhoorMmUnJtvdhRRRQIKKKKAOE+IPxBXwsgsbBY5dUkj8xmkyUt4/7zY6k4OF9snjr8/ar4v8QeIZ3P2/UblvvPmQ4xx0jX5VGcdB6VreK76TVLzW9RcmR7ieRgfRAdqfgEA/KqOmaTJbeFYfFWg3Mkl5ZSPHqVuf8AlmjZCsAOShU4P1OOhx3qCpxXdiqJpJLqrieHfG+vaJMHTVr2ELt27mMkRBGQGRsrgjoQAfevofwL43i8W2UkU8aW+qWwHnwqflcHpImf4Sc8dQeD2J+a77Ubi/0CWdrqyzcTwxS2wJ8791GVRsbQAuOCcnnHQcV1Xg7Ub/Q/EOj3MCLNdFxatE0vlrL5nyhWbBwNxQ5wfu06lNTi2t0TR5pRd+h9MUVzH2HxJffNe68lgp/5Y6ZbpkexklDbvqFX6U4eHMj59a1p2PVvtpX9FwP0rgsu5pZnS1zni/WLjT7O3sdPcJqOoOYon258lAMyS4/2RjH+0y0w6RrVsd9j4mumPaK/t4po/wDx0I//AI9XNzXGqXfjOddXitUmsrCJYjbSMyMJXcs2GAKk+Uoxzjb1Oa1owUppGNeTp02zmvHQt9A+HlzaWuY/NKwhics5ZssWPckBsnvV2x0Pwfp9np+nX9vox1Dyo4mWVY/MkkwAeDyST/OsT4r3Rt7LRvMi8y2F55ki/wB7aOB+ILVJqmq6bp3hyWeHW9NntEkmubSG3jUTzTuWKiVtxLBC/oDwM9OdsUm2kjHA6QcmePapLBcateTWsax28k7vEijAVSxIAHYAV7j4WsbuPwbol/ZsItWtYPMt5G6OpJPlv6owIBHbgjkCvA6+mfD81tP4c02S0/49zbRiMegCgY+oxiumKTVmc9eTVmjvtG1WHW9HtdStwypOm4o33kboyn3BBB9xV6uS8COVh1u0z+7t9Sbyx6CSOOU/+PSOfxrra8yceWTR6MJc0VIKKKKkoKK5/wAWeH7/AMQ2lnDYa3c6U8FyszvAMmRR2PI+o6jI5BroBwAM596fQQUUUUhhRSEhQSSABySayTe3OrMY9MbyrXOHvSM7vURA9f8AePHpmqjBy9DOdRQ03b6Fi91MQTC0tojc3rDIiU4CD+85/hH6nsDTbPTCs4vL6UXN7g4bGEiB6hF7fXqfXtViysbewhMVumMnc7E5Z27lieSas1TmkrQJVNyfNU+7ov8AN+f3BRRRWZsFFFFABRRRQAUVQ1fW9N0GyN3qd3HbxZwu7lnP91VHLH2AJrzHXfHura3vt9NEmlWB4MmR9plH1HEY+mW91p26s3oYariJctNXO38R+ONK8PObXLXmpYytnbkFh6Fz0Qe55PYGvMNa1rVfEzn+151FrnKWEGRCvpu7yH3PHoBVCGCO3QrEu3JLMepYnqSepPuakqXPsfS4PKKVH3qvvS/D+vUAABgcCmpqEuh3kWt2rMk1n877P+WsXV4z6ggfgQD2p1JFp02v3seh2gZprv5ZWUZ8mE8PI3oAM4z1OBSh8R2472f1eftNrf8ADH0ArB1DDoRkUtIqhVCjoBgUtUfDBRRRQAUUUUAYXhL/AJA1x/2E9Q/9LJq3awvCX/IGuP8AsJ6h/wClk1btOW7EtgooopDCiiigAooooAKKKKACiiigDmdZsbvS9TPiDSoGn3qE1GyjHzToOFkT/poo7fxLx1C1X8OeNdM8VapqNrpe+SCySJvtJG1ZC+7gA88bcZPfPpk8R8UviLvafw1ok/AzHf3KfkYlPr/ePbp1zjL+EGkX922tXem6mbGaHyEVGj8yGX75IkTgkdMEMCOfoev6s/Y+1np2MFiF7X2cfmHx30LUbm/0zVba1lntkgaGRokLeWQ2Rux0B3cfSvG/sF5/z6T/APfs/wCFfWE/iDVNKtpG1jQbkNGhP2iwzcwsR7AeYv4pgeteN3PxL8VRQJdTa9JEsxyEitISqZ5wMoTge5Jp0XNxslsaypKbckzzP7Bef8+k/wD37P8AhXv3wN0S/wBL8P6jdX1tJbrdzJ5SSoVZlVfvYPY7uPoayvDHxC18eIbBNR1CfUbG5LI0SWStJ9xmUoIkDE5UDuME9MZHpjXPiPVlKafYLpMLcG61DDyAeqQoT/4+y4/umlWcl7rBUlTlqWda1tNKSOCGFrzUrj5bWyjPzyH1P91B3Y8D64Bg03w3eackmoLfBtbuT5l3I2TDMeybeqoo4Ujnuc5OdHR9As9HMsyGW4vZ8faLy4bdLLjoCegUdlACjsK1a51Ll2CcedWZQs9TS4mNrcRtbXqjJhc/eH95D0ZfcfiBV+q95Y29/D5Vwm4A7lYHDI3qpHIPuKofarvSCEvy1xZ9rxV+aMf9NFH/AKEOPUDrVcqn8O/b/L+vvMueVP8Aiarv/n/nt6GvRTY5EljWSN1dGGVZTkEeoNOrI3CiiigAooooA5fwoBbWF5pR4bTb2a3A9ELeZH/5DdKx/GHgy/17V4dQ069t4X+z/Z5BOrHaAxYMuO/zHI4zxzxW1c/8SvxxFIeLbWLfyiewuIssPxaMt/36FblU3rc1pTlBqUXZop6Vp0OkaRZ6dASYrWFIULdSFAGT7nFWZYo54XhmRZIpFKujDIYHggj0p9FSBxEvh7VtCITS0/tPTRwls8gSeAdlVm+V17DcQR6tUAvb0/L/AGBq/mDqhgXj/gW7afwJrvqK6I4maVjkngqUnfY+d/iB428QaffS6ItmdKbYrO3mh5SrDIwy8L1wcE8jrXlpJJJJyTXrXx808w+JdM1AABbm1MX1ZGyT+Tr+VeSV1Qk5RTZi6aptxQUUUVQBRRRQB9h+E75tS8H6PeO26SaziZz/ALW0bv1zWxXA/Bq+W8+G9nEG3NayywNz0O4uB+Tiu+rzZq0mj0Iu8UxksscETyzSLHGg3M7nAUepJ6Vw2sfEu0j3QaDb/wBoy9PtDEpbqf8Ae6v/AMBGPcVF8RdC1vV76xezs5NQsI4yGtUlRQsuch2DkBuOAcnHPHNV9I+Gtxc7ZfEF35cfX7FZOQPo8vBP0Xb9TXVRp0FHnqyv5I8/E1cXKp7LDwt/ee3yRyF7d6p4rv8A7NdPcazdA5FjbpiGL0JXO1f96Qk+9et+DtKvNF8LWdhfuGuI95Kq5cRqWJVAT1Cghfw4rT07TLHSbNbTT7SG1t16RxIFGfU+p96q+ItRk0vQrm5t033RAito/wC/M5CRj8WYfhU18QqtoRikkXhcI6DdSpNyk92/0RF4U/0qXWtVzlbu/eOI/wDTOECH8t6SH/gVdHVHRtMj0bRLLTYmLLbQrFuPViByx9ycn8avVzPc6QooopAFc3rPi0afqTabYafJqF5HGJJQsqxxwhvuhmPOTgnABOOe4z0lcDrFjf6R4h1K9j065vLG/ZJ99qnmNHII1jKlB82CEUgjPfOK1oxjKVpGVaU4wvBanTaB4hh12KZfIltby3Ki4tpRyhPQgjhlODgj07HIqLxF4cGtNbXVvdtZ6ha7hDPs3qVbG5HTI3KdqnqCCoIPrQ8IaXfR3uoaxf272bXaRQxWrkFxHHuIZ8EgMTI3GeABnnIHWUpWhP3GON5w99HL6J4UntNUTVNXvor26hQpbpDAYooc8MwBZiXI4zngZAHJz1FFFTKTk7sqMVFWiFMlljgheaaRI4kUs7u2FUDqST0FRX9/a6XYT317OkFtAheSR+igV8vfEP4mah4zvHtrdntdGjbEduG5lweHk9T3x0H15NU6bmwlNRPTvFXx20nTJHtdBtjqc65BnclIQfbu/P0Hoa8v1T4weNNTdsaoLONv+WdpEqAfRjlv1rhaK640oR6HO5yZ0C+O/FqSmQeJdW3HPBvHI/InFdDpfxo8Z6c486+hv4x/yzuoVP6rtb9a8+oqnCL3QlJrqfSHhj46aFq0i2+swPpM7EASM3mQk9OWABX8RgetepQzRXMCTwSpLFIoZJEYMrA9CCOor4dr0T4S+Nr/AEDxTZaU00sul38ywNb5yEdzhXUdjkjOOoz1IGMKlBWvE0jUezPqGiiiuU3CszQjv0+SX/nrczv+BlbH6YrQlkEUTyN0RSx/CqWhRmLQNPVvvfZ0LfUqCf1rRfA/VfqZP+KvR/oaFFFFZmoVlax4c0rXQjX1orTxjEVxGSk0X+664YfTODWrRTTa1QNX3OCvNC17RQXt2Ot2S/wnbHdoP0ST/wAdP1NQWWo2uoo5t5NzRnbJGylXjb0ZTgqfYivRKxNb8Lafrci3LB7XUEXbFe25CyqPQnoy/wCywIrpp4lrSRx1cHGWsNGchBa3mizvc+H50ti7b5bOTJtpj3O0fcY/3l/ENW4PiDpkOjX11fo1jfWUDTS2UzAM+Onlt0dScAEdyMgHisS6k1Dw/KsGvInkMdsWpQgiF/QSA/6pj75U9jnivPfjDqsQtrHSVVGlZvtDsQCVUZUY+pz/AN81tOnTqLmRjSqVacuSR5bf3s+pajc310++4uZWlkb1Zjk/zr6Q+CPhg6L4POpzoVutVYS89ohkJ+eWb6MPSvn3wzpcOteJNPsLqdbe2mnVZpmbaEQnnnoCegz3Ir7Mhijt4I4YUVIo1CIijAUAYAFZYiVlyo66Su7j6KKK5DcKKKKACiiigD5c8WQz6D4o1PSViAaO4d0Zh8vlOdyYA6/KQPwNUdC1/UPD32sWX2VorxVW4hmtw0cqgMMEDHHzHoe9e/8Aj34f2vjK0SaORbXVrdSsFyVyGXrscd1z+IJyO4PheseC/Euh3kdreaRPI8zlIWtR5yykAk7QvzdATggHHavYw1TD1YctXfzOHFTxSknB6Lsc81vp/wDaCzrbTW8QG4xq/mKGz2ONwX2OTx9413HgO3TXfG2mwwHels/2yY4xtVOV6+rlBVDSvh94r1iUJFpE1ohOGmvh5Kr+B+Y/gDXp1hoUfwr006mkzX1tLsTUQUVZWbdhHi+hbGwk8cg5BDTiJUoLkpO7ZthatbkanFJdz0aivN3+KF8XJg8OR+V/D51/sfHuFjYA/iab/wALP1P/AKFu2/8ABkf/AIzXJ9RxH8pDzXBL/l4j0quL8SAWHi+zvJDtiv7U2pcnAEkbF0X6sHk/74rJHxP1PPPhy2x7akf/AIzTtW1qy+Inh6XQbbS521OUgtHMMLZkciZpACNvXAHLcjA+bAqFWhJTnGyH9aw+Li6dOabMT4mXFj/whd1FM0DzsyeQjMN27cMle+cbuleQ6f4Z1C9wzr9ni/vSdfwHX+Vd1Npcnh3UP7P1Kwgsrz+B40AjuAP4o2xyPbqM8ip661aWp85iMwrYduko2fmcuvgq2CANdyl8ckKAPyruPCetJ4esLXR79EW0QsqXqscBmYn51P3Rk4zkj1xWcSACSQAOpNaXhvwxdeNLtERHj0NW/wBKu+gmA6xxf3iTwWHAGe/FEnGCuzLB4jF4iqofEuvkeoeAYi2hXGpEFRqd3JdID3jwI4z/AMCSNW/4FXU0yKKOCFIYkVI41CoijAUDgACn15cpczbPsIx5YpIKKKKkoKKKKACq97fW9hD5tw+ATtVVBZnbsFA5J9hVa81MpObOxjFze4GUzhIge7t2Ht1PYU6z0wQzm7upTc3rDHmsMBB/dQfwj9T3JrRQSV5mLqOT5af39F/m/L77FcWdzqx8zUlMVpnKWQP3vQykdf8AdHHrmtYAKoVQAAMADtS0VMpuXoVCmoa7vuFFFFSaBRRRQAUUVFc3ENpay3NxIscMKGSR2OAqgZJP4UAPd1jRndgqKMszHAA9TXn2vfEyLL2vhuJLuTob6XP2dP8AdxzIfphf9rtXG634gv8Axc/nXxeHTmw0OnA/IB1Bk/vt0ODwOw7moAAMDgUNpHu4LJnNKdfRduvz7f1sJM095eG+1C6lvb1hgzzEEgeigcIPZQKWimSyxwRNJLIsaLyWY4ArNttn0cKcKMOWCskPqKa4itwpkfBY7UUDLOfRQOSfYVs6J4U1zxGFlt4f7PsG5+2XcZ3MPWOPgn6tgdxmvTPD3gzR/Dh862hae9YYe8uCHlI9AcYUeygCrUO55OLzmnT92j7z/D/g/wBanAaJ4C1rWtk1+W0ixPO0gG5cfQ8R/jk+wr0zRPD+meHrQ2+m2qxBzukcks8p9WY8sfrWnRVX6I+cr4mriJc1R3/IKKKKRgFFFFABRRRQBheEv+QNcf8AYT1D/wBLJq3awvCX/IGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigArkPiHJ4obQ0s/C1o8txduY5p45VR4Ex1XcQAT03Z4+uCOvpGXcpXJGRjIpxdncTV1Y+PJ0NjLPBPsUwStESjblJU4JB7jNe2/AuIDRtZnC8tdIm71wgOP/Hv1qLwd8HrjRfESXusXVndWdru+zRRhiZSQVDSBhgYBzgE89+Oe78I+ELHwbp9zZWE08kU9wZ/3xBK5AUKMDoAo6816WLxcalP2a12OHD4ZwnzvzN2eJbi3khfO2RShx1wRivF5vgvq5Hkrf6ZPBGf3ZmVwSB0JGCAce9e2UVwQqSh8J6CbWx5d4U+GGp6P4mstUv7+0MVmWdI7cMS7FGTBJAwMMT3r1GiilOcpu8gbbd2FFFNdxHGzkEhQSQBk1Ah1VNR1TT9JtvtGpXtvaQZ2+ZPIEXPpk14Y7t4mjXVNYP2uW7USiORi0cSnkIingAA49+p5qF3ni1e1S+up7q3ERhsTO5f7OcklAT6joTzhcZwBT0vYdmewWFxY3Qmu/CupWd3GjfvrSKdWiJPPBGfLY/ke471sWWpQXxdFDRXEfEsEgw6fUdx7jIPrXi8dzc6TqEOsaeD9st/vRq237RH/FE3qCM4z0ODXr8a6f4k0201K1lbbJGJba5iO10BH+cqePUVopqa977/APPuYOlKm/3f3dPl2/L8zVorJTUZ9PdYNWChTwl6gxG/s4/gb9D2PataolBxLhUU9t+wUUUVJZk+JNKl1bRZIbZxHexMtxaSN0SZDuTPsSMH2Jpuj6pHrGlQ3saNGXyskT/eikU4dG91YEH6VsVyeoj/AIRjXW1QYXR9RdVvfS3n+6s3srcK3oQp7sapaqw07M6KiisvXtfsfDumtd30wTOViQKWaR8EhQACSeKSV9EW2krs1KK+bJtatJIBe6xfTzXkh/emZn37+pAU/dAzwBwBil/tHRmgSWOQyB84WMOzcdeByPxr0llt1dzR4rzr3rRoyetttz0P46aV9s8FQ36KC9jcqzN6I/yn/wAe2V8516Zc2dpqmkTfZvnEkbBDk/eHTIPuK8zq5YZ0Ek3e46GOji3JqLTW6YUUUVJ0hRRRQB7x+z/f79J1nTz/AMsZ45x771Kn/wBFivY6+dvgRemDxpd2hfCXNk2F9WVlI/TdX0TXBWVps7aLvA52Tx14dj1k6W2of6QJfJZhE5jWTONhfG0HPHXrx1roq8lufhhrM1/PZrcWn9mTTO32kyt5qxs2SNu3l8HrnB6+1etAYAFKpGCtyu5nh51puXtY2s9PNBXPov8AbvjBR96w0Q7j6PduvA99iNn6yDutWde1SayhhtLBVl1W9YxWkbdAf4pG/wBhByfwHUitLRdJh0TSobGBmfZlpJX+9LIxy7t7sxJP1qVormsn0L9FFNkkSKNpJHVEUZZmOAB6k1JI6vO9TuLzXNf1OGW/vbWysphbR21tO0JYhFYu7JhjneMDOMAHHJr0JHSVFeNldGGVZTkEVz+r+ELfUr57+2vrvTryUASyW5VllAGBuRwVyBxkAHgdQMVrRlGMryMq0ZyhaDsyp4M1G8lutU0m8u5bz7EYnhnlA3bHU/IxAGWBQnJ5wy5zXW1maJodroNpJBbNNK80hlmmnfc8r4AyTwOgAwAAAOladTNpybjsVBNRSluFFFFQWFQ3V3bWNs9zd3EVvBGMvLK4RVHqSeBXN+O/HVh4H0gXNwvn3k2VtrUNgyEdST2Udz9K+X/Evi7WvFt99p1e8aXBPlwr8scQ9FXoPr1PcmtadJz16ESmonovxp8e2utm00TRdQjuLFP3108JyrvnCrnuB144yR6V4/RRXZCKirI55O7uFFGD6UVYgooooAK0NC1ifw/rdpq1rHDJPavvRZlLITjuAR/Os+iluB9RfDn4o23jZpLC6txaarGu/wAtCTHKndlPbGeQfbBPOPQ6+d/gZ4W1ObxKniJ4Hi02CKRUldcCZz8uF9QOcn1GK+iK4KsVGVkdMG2tTO15ynh/UCv3jbuq/UjA/U1fRBHGqDooAFZ2uHdZQxd5bqBPw8xSf0BrTofwL1f6Ex/iy9F+oUUUVmahRRRQAUUUUAR3CQyW0qXKxtAyESLIAVK45yDxjFfGXiO/t9S8QXtxZIY7EysLWMknZED8oGSccdug7V9H/GTxINB8Cz2sTgXepk20YzzsI/eHHpt4/wCBCvm3QdGuPEGvWWk2v+uupRGDjIUd2PsBkn6V14dWTkzCq7ux6b8KPDsX9jXeqXcKSfbMwIrqCDED835njH+zXoula1P4SIt72SSfQP4JmJeSx9m7tF6HqvfK8rbv/BI0i2jufC8SxywRqktkWwl2qqFHJ+7Jgfe79G9RRsL+31S086HdjJjkikXa8bjhkdT0YdCK2i4Vo2OOp7ShU5ujPQ0dJY1kjZXRgGVlOQQehBp1ec6Tqb+DpxDM+fDkjYyx/wCPBj6f9Mie38Gc/dzj0VWDKGUggjII71xVKbg7M76VSNSN0LRRRWZoFFFFABXMyf6b8QHLDKabpyhP9+d23fiFhX/vqumrnNP/AORq8QZ+9ut8Z67fKGPwzu/HNNdRrdGzXCfFMn+x9IXPDamoI9cQyn+YH5V3dcJ8U/8AkE6N/wBhNf8A0RNW2F/jw9UYY/8A3Wp/hf5Hz7rc3/E21H7VPcpMrD7Oq/dxnv7Y9K65oby78LrErMt3JbrkscHdgZz7mufk1q/Hi4W3nZg+0iLyyoxtJxVvWE14+IVa0Nx9mymzYfkxxncOnXPWveg0uZq71sfLVoSn7KDtGy5k29NLabL9TFHh3Xww/cuvPB89f/iq9j+G5li8ZLE8m4tpUnmn+8yyRAH/AMeb86848TaNdapfQPbzxYVNvlu+CDnOR9ePyr0T4cI0fjSGN23OukzBm9SJIOawxFNQo1Ek+n5nTg8S6+JoSbV9dErW09Weqajpljq9o1pqNpDdW7dY5kDDPrz0PvXn3iL4d6Np0Nrc2VxqNpC15BBLHHclwEkkWPI8wNggsD9Aa9LrE8W4/wCEclzj/XQf+jkrxISknoz6atSp1I+/FP1KFj8LfDNpIslzDc6kyncBfTmRM+6DCH8RXZRxpDGscSKkaAKqqMBQOgAp1FKUnLdkQhGCtFWCiiipLCiiqt7fwWEQeYks52xxoNzyH0UdzTSbdkKUlFXk9Cy7rGjO7BVUZLE4AFZBurrWMpYM1vYnhrsj55B/0zB7f7R/AHrTlsJ9TcTaqoWEEGOyByo95D/EfboPfrWtWnuw83+H/B/IxtKrvpH8X/l+foQWlnb2MAhtowiZye5YnqSTyT7mp6KKzbbd2bJKKstgooopDCiimu6xozuwVFGWZjgAepoAdWdrOu6Z4fsTeapeR20PRdxyzn0VRyx9gCa4LxN8WraDfaeGo0vZhwb2QHyE/wB3vIfphfc9K8svbu71S+a+1K7lvLthgyynoPRQOFHsABXTSw0pavRGkKUp+h6nL8ZrIXOLfQ76S2H/AC0eREc/Rcnj6kH2rfm1my8e+BNai0WRmuJbSWAwSrtkjkZDtVh756jIPbNeEV1vwxuZrb4gWscJ+S6glimBJ5UDeDjuQVA+jGtqmHjGPNHoaVaCjG6ZTt51uYElTIDDkHqp7g+hB4qQkAEkgAdSa9R1v4daXqt/Jf21xc6dczNumNuQUlPqUYEA+4xnvmoNM+GGkW0qzancXGqupyI7jasIP/XNQA3/AAIsK8/kXc92Oew9nrF834f18jz/AEfSNV8SPjR7UNb5w19NlYF9cHrIeOi5HqRXpHh/4e6Xo8sd5eM2p6inKzzqAkZ/6Zx9F+py3vXXKqogRFCqowABgAUtVtseNisdWxL996dlsFFFFI4wooooAKKKKACiiigAooooAwvCX/IGuP8AsJ6h/wClk1btYXhL/kDXH/YT1D/0smrdpy3YlsFFFFIYUUUUANd1jRndgqKMszHAA9TXI3HxN8MxSskNzcXe04L21s7ofo+NrfgTXF+OPEEniLWZ9NjdhpFjIYWjBIFzMp+Yt6qpGADxkE88YwAAAABgDtXrYXLfaQ56jtc+fx+dqhUdKkrtbs9j0bxroGvXP2WzvSt3gkW88bRO2Ou0MBu/DNdBXzxNDHOoDg5UhlZSQysOhBHIPuK9T+HniWfWNPn07UJGk1CwwGlbrNE2dj/Xgqfdc96yxmAdBc8XdHRlubRxb5JK0vzO0ooorzj2AooooAKKKKACiiigArJ8S64nh3QrjUTCZ3QqkUIbb5kjMFUZ7DJGT2GTWtXP+NdIn1rwrd21oM3ce2eBf77xsGC/8Cxt/GmtwZ4zFY6jbQfuLuBSGLLbiLESgknYDksFGcDk4AHWpAY9a0143VoZA21hn5oZFPBB9jgg9xj1q5bXEd3bR3ERJSRQwz1/H3qhef8AEuv11BeIJcR3Q9Oyyfh0PsR6VF23ruaWSXkWNNu3urdlmAW6hby50HQMO49iMEexrsPh9rP9m6rJoE74trwtPZZ6JJ1kj/Hlx/wOuI1AGxuU1RAdgAjugO8fZ/qp/QmrtxG80StBL5U8bLLBMvJjkU5Vh+P5jimmk79GJq6t1PdXRJEZJFVkYYZWGQR71lG0utJO/TgZ7TOWs2blB/0yY/8AoJ49CKTwvr0fiPQYL8II5+Y7mHOfKlXhl+meR6gg962K0jJx06GE6anrs+5Wsr+3v4TJbvnadrowwyN6MDyDVmqF7paXEwuoJGtr1RhZ4x1How6MPY/hio7fVHinS01ONbe5biN1P7qY/wCyex/2Tz9etNwUtYfd/W5KqOL5an39P+B/Wpp1HPBFdW8tvcRrLDKpSSNxkMpGCCPTFSUVmbHI2k8nhe9h0bUZXfT532abeOSdvpBIx/iH8LH7w4+8Oc34ieHb7V7ez1DTwsstgJS8Dvt3owGSp6bhtGM44J5rubyzttQs5bS7hSa3mUpJG4yGFcuZb/wifLvmnv8AQgPkvcF5rQf3ZQOXT/poOR/EP4q0jJp8y3IqQjUg6c9mfPOr6Lfa0I9RgjjBZAFi3jJXqDnpnk9/Snad4f1HTITJ5cczyfejRwCuOnJ4PU5/rXtQ+Gul3IFxpWsXMNlKN8UcXlyxqDz8hIzt9OTR/wAKvT/oPXn/AH5j/wAK9RYnCbu9zxqWGzOg0qLjZbb7Hm+lWclnbOJivmSyGRlU5C5wMD8B+ea88161Fnrd3EPu796/Ruf619Fn4Xpj/kPXn/fmP/CvOvi94EtPDdjpmpWBmkEjtBdTTPud3xlCcAAcBhwAOBVVsXRqRjCFxYTAYulWnXrte9vbvc8oooorE9EMcZorp/CdpBrFprGjyxhp3tjd2hA+fzYfmKL/AL0ZkH1A9KnTwOZQskeooYXAZW8rkg/jWcqkYu0jqw+CrYi/sVe3p+pqfBeynufiNazxBvLtYZZJSOmChQZ/Fh+VfTNcT8LdB0vSPBlnc2ER+0XkYe6lc5ZpBkMuf7qtuAH9STXbVyVZc0i6UHGNmFZ2saxb6LZiaZXllkYRwW8QzJPIeiKO5/QDJOAKg1TX47K4FhZQPf6q67ks4Tyo/vSN0RPc9ewJ4pnhrS1m267qE4vNUmUruK7UtR0aKNT93BGGPViOewEKOnM9glUSfKtyxoGjT28s2raqVk1e7UB9pytvHnIhQ+g7n+I8+gG7RRSbuIK4DxbENR8YW+n6gpewjshPBA5Jjmk3kOzL0YoBHgHON+a77cpYqGG4dRnmqGraHpuuQJFqNok4Qkxtkq8ZPdWGGU+4Iq6c1CV2Z1YOcHFOxx3haCPS/GZs9NjSG1uLJ5rqCMbURldQjgDgE7nHvj/Zr0Gs7SNB0vQonTTrOOEyYMsnLSSn1dzlmPJ6k1o0VZqcroKUHCCi3cKKKKzNAqOeaO2t5J5nCRRqXdj0VQMk1JUF7ax39hcWcpYRzxNE+084YYOPzoA+QPGfie58XeJ7vVZ2YRs2y3jJ/wBXED8q/wBT7kmsCtzxd4eTwv4jutJTULe+ELY8yHPy/wCy3GAw7gE49aw69KNraHG731CnxRNNMkSDLuwUD3NSWVnNf3kVrbrulkOFFb1j4V1KHxFBbSIn7spK8itlQmevr2I+tKU1HdjjFvY7rRdCttH0/wCzKBIz8yswzvP+HoKg13w1aavaMI444bocpKqgZPo2Oo/lW4TgZPSq8V2l1K0NjHPfTKcNHZxNMV+u0EL+OK8xSm5cy3O9xjazOH8O+Hp9L1qN9WtI/LkzFCWKsPM6g/kD+NZnjOxhsdfKwRrGksaybVGADyDgfhXot0iatpJNu/MiiSFyMbWHKn8CBxXnfi/UbbU720nhP7wW4Eq4+42Sdp9xk11UZynUuznqRUYWRztFFFdhznvX7PM141jrsUhlNkkkJiznYrkPvx742Z/Cva65/wAD29jB4L0mSw06OwiuLaOcwRjozKCSSeSfc89K6CvOqPmk2dUFZWMzUvn1HSYv+nhpCPZY3/qRWnWbN8/iW0XtFaysfqzIB/Jq0qc9o+n6sin8U35/ogooorM1CiiigAoorO1zWbXw/o8+p3m8wwgfJGMs7EgKqj1JIH400m3ZCbSV2fOnxv1qfUfH8tg2Vg02JIo1z1LKHZvqdwH/AAEV0/wC8L7pL3xNcJwubW1z68F2/LAB92rRm0/wn8TvEoTVdKvtK1R4yY5oZ48XCJjhuD84HbHQHk4GPWdM0yy0bTYNO0+3S3tIF2xxp0A/qSeSTySc101W4R9m1ZmFJxq/vIO6Ldcl4l8MzPdNrmiqF1EKBc2+cJeoOx9JAPut+B46dbRXPGTi7o2lFSVmed2l3b6pYiaMFopAVZJFwVI4ZWU9CDkEGrHhvVH8PX0OiXchbS522afM5yYH7QMT/Cf4D/wH+7U3irR30q6l8RadEzRNg6lbIM71Ax5yj++o6j+JR6gVkatc6W+hSzX8sb2EsYO4HO8H7u3HJJ4xjnOMV33jWgeZaeHqabHptFeOad468VW6WDXMlvLEJY4BbyQfv51Zgo3MGwJSCOgxn17ex157Vj1EFFFFIYVzUv8AoXj5txwmp6euz03wOc/iVmH4IfSulrD8U6fc3enxXlgm7UdOmF1bJnHmEAh4/wDgaMy+xIPamg21NKuF+Kak6NpLY+VNTUsfTMMoH6kD8a7DTdQt9V063v7R98E6B1JGCPYjsQeCOxFN1XS7TWtNm0++i8y3lADDOCCDkEHsQQCD7VdKfs6ik+jFiKXtqMqae6a+8+UpbS4PjYYgkx9rV87T93cDn6YrVttV1iTxU1o4YWokYbPKGAozg5xn05z3r12X4XXayEWviMCH+EXFiJH/ABZXUH8qzpfAGpxa7aaZ/b9sftFtNceZ/Zx+Xy2iXGPN5z5vXPG3349iGLoLVSa1vsfO1cBi5q0qcXaNlr+Ox4pf27m9vY5ba6a+e4zEw6Yyfz7Y/wA59m+GkUx8XI0gJaLSnWU5zhmkixn67G/KtMfDDUsjd4jt9vfbppB/WU/yrr/Dfhey8NW0qW7yzXE5DT3ExG+QjoOAAAMnAHqe5Jrnr4ml7OUYO7fkdmFweJdaFSqklG/W97q3yRt1g+JP9Kn0bS15e61CKRgO0cJ85j9Moq/8CFb1YPh/Ot63deIWX/REQ2enEn76bsySj2dgoHqIwejV5q7ntTeljqKKKKkgKKbJLHDE0srqkajLMxwAPUmsnzrvWuLZpLTTyOZ8YlmH+wD90f7R59MdauMHLXoZzqKOm77E11qbtcNZadGLi7X75JxHD7ufX/ZHJ9hzUllpiWshuZpGub1xh53HOPRR0VfYfjmrFrawWVusFtEscS9FX+Z9T71NTc0lyx2/P+uxMabb5qmr/Bf13/IKKKKzNgooooAKKKZNJ5UMkm0tsUtgdTigDC8Q+N/DnhZ0j1jVIoJnGVhVWkfHrtUEge54rzX4g/EHTfE2n2Wm6BqIntJjJJehVdGIXaFRgwB2ksT6Hb9a8P1TUrvWNUudRvpTLdXEhkkc9yfT0HYDsKTT7t7K8WVV3Z+UqO4Nd1OjGLTZlCqudc2x2oGBgUVbfSNYjuPs76Jqgnzt8v7HIST7EDBHuDj3rtPDvwo1LUStxr0p0+26/ZYWDTuP9phlUH0yfcGuiVWEVds9OVaCWjucJaW1zqF6tlYWs13dt0hhXJx6nso9yQK9m+HvgSXw35mp6m6Pqk8fliOM5W3jzkqD/ExIGT04AHTJ6zR9D0zQLMWml2UVrD1YIOXPqzHlj7kk1oVw1cQ56LY5alWU99gooornMwooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8AIGuP+wnqH/pZNW7WF4S/5A1x/wBhPUP/AEsmrdpy3YlsFFFFIYUUUUAfOtoHEBEv+tEjiTjHz7ju49c5qeui8deHZNA1e41aCJ20m8cyzMoyLaYn5i3ojHnPQEnOMiucBDAEEEHkEV9Zha0atJOJ+fZjhp0MRJSWjbafcWuk+HIb/hPGK52jTJd/p/rYtuf/AB7H41y8syRbQdzO52pGilndvRVHJPsK9V+H3hmbRNOmv9QTZqV/taSP/nhGudkf1G4k+5x2Fc2ZVoxouHVndkWGnPEKrb3YnZUUV5X8SfHd5aag3h/Rbh7aWIA3lygG5dy5WNCRwcEEsOmRjnOPn4Qc3ZH2iTbsj1MkAgEjJ6UtfKkltFNKZpk82YnJlkJZyfXcec10eieNfEXh9wLW/a6t88218zSr/wABYncv4HHsa6JYSSWjNXQmkfRFFcJoHxV0PVSkGo7tJu2423LAxMf9mTp/31tPtXdKwZQykEEZBHeuaUXF2aMdtBaKKKkAoooIyMHpQB4RrNxFD4m1f+xbd7zTzcF1ZGVVEp/1qoSfmG7Jz0ySOgzTIJ7fUrV8KWQ5jkjkXBU45VgfrTNLgksrBLCddlxZE20y+jp8p/A4yD3BBqve/wDEuvV1Ff8AUSYjugOw/hk/DofY+1KWsmupcdFcdpztE0ul3B3tCuY2bnzIjwD7kdD+B70mnMbK4fS5CSqDfbMf4ov7v1U8fQipNTt5JI47q2Gbq2O+MZxvH8SH6j9cHtTLhRqmnw3lkw85P3sDNxz3U+x5B/8ArUt/mGx0nhbWf+Ee8So0jY0/UmWC49I5ekcn452H6qe1ev14HE9vq2mfMhMUyFHjbgjsyn3ByPwr1DwDr8mraO1jey79S04iKZj1lT+CX/gQHP8AtK1UtVZ9CZLW6LXiLxlp/h24itJIbm8vZF3i3tVUsqcjcxYgKMggZOTzgcHFbR/GGjeKJG0q5tpba7kUn7JeKv71R1KMCVbHXAOR1xXF+LbeW08eakZ84vUint2PQoqLGyj6MpJH+2PWsi4t0uECsXVlYOkkbbXjYdGUjkEetHNysOTmiev4vdH+55t9YA/d+9NCPb++P/HvrWja3UF7brPbSrLE3RlP+cH2rifCXjh55otH190S+Y7be7wFjuvQHssnt0PUeg6q50thO15p8otrtvvgjMc3++vr/tDke/StbqfxaPuc/LKn8Oq7dV6f5fc+hpUVn2eqLNP9kuoja3oGfKc5Dj1Rv4h+o7gVoVEouLszWE4zV4nN3Hhd7O4kvPDl0unzyMXltXXdazN3JT+Bj/eTHqQ1QnxP/ZzeX4hsZdKb/n5J821b6SgYX/gYQ11VBAIIIyDSv3KTa2KMM8VzCs0EqSxOMq6MGVh7EVz3j/Qz4i8EapYIhefyvNgAHJkT5gB9cY/GtCbwborTPPaW8mnXDnLS6fK1uWPqwUhW/wCBA1F/Yev2wxZ+JvOHYajYpKcfWIx/1pqyd0xuV1Zo+PqK9j1X4C+ILnUrm4tNQ0dYpZDIE/eRhcnOANrYA6Dk8VTH7P8A4qzzqOjAe00p/wDadd3tYdzk5Jdjz3w1q7aD4m07VFzi2nV3A6lM4YfipI/GvUL60j0HV7vSnIjiicyWhbgPbscoVJ6gA7T7rUll+zzfuAb7xBbQnuILdpP1JWvSofh1YzWFnZ6zqWoarFaRrHFHK6xIoAxx5YVjwB1Y571z1pQn1PQy/FVMJU50rmH4G8Q6fpPhZILm53Sy3E0lraQo0k8kbOWBWNQWIJLEHGMEHOK6QReIte4KnQbBupJWS8ce2MpF9fnPsprd03SNN0eEw6bY29pGxywhjC7j6nHU+5q7WLa6Gc5ubbfUoaVo1hots0NjAIw7b5ZGJaSVv7zuclm9yTVe8RtKu31KBSbaT/j8iUZ/7ageoHX1HuK16KcZ2epjUp8y00a2Go6SxrIjBkYAqwOQQe9c14w1m4tLeHStNl2anf5CyAZ+zxDG+X6jIC/7TDsDVmW4i8MNI1wwj0dsusna2bqVP+weceh47iuTsGn1C5uNcvEZLm+wUjbrBAM+XH7HBLH/AGmatqdG8r9DnqYnlg1tL+vw7Gdf6BpVhplxeW8SWd3bxtMuoKP36OoJ3l/vN6nJ55zXqOmzz3Wl2dxdRCG4lgR5YwchGKgkfga4OHT/APhJdeXTGXOm2ZWa/OOJW6xw/jjc3sAP4q9Gp4qSbSXQMHGSi5S6hRRRXKdgUUUUAFMmEhgkELKspU7GYZAbHBIp9FAHxXrOk6tpOoTRavaXMFz5jbmmUjec8kE/ez6jrWdX19498HxeN/DTaW9x9nlSVZ4Zdu4K4BHIyMghmH457V88eM/hhq/gnTIb+9ubW4hlnMQNvuO3jILZAxnB/Ku6nVUtHuc0oNHI2F7Lp19DdwkeZE24Z7+o/EcV6fHqMF42mavbn91ITbyg9V34wD7h1Uf8Cri/BvgnVfGuqfZbBPLt4yDcXTj5IR/UnsO/sMke9P8AB3QLfTI7W31C/tIBHi4ZXQ+cQc7zuUhW9xjgD0BrOvytruXSckvI5EPY2+qWF3qtol3pkMhF1C8fmLsYEb9v8W04OMHjPGa9ck17w/pOhLfJfWMWmqn7toHXY3HCoF6k9gOteJ/2vbWeoz6Zd31vLJA5jS8jOIbjHdWPG7sR2OcE1aW0sI5Tdpb2yyEZMwRQf++q5XeHuyRurT1ix9oWaF5XjMRmlkn8s9Yw7s4X8A2PwpPBsHgnxbp6aNrukrbX5mlNtfBvLM4ZjIBuGPmCuMK2QQAR6CjPdf2tm0sHJhJxPcp90L3VT3Y9OOnPfFVLmwt/7QubB4l+y3ECOqdBlfkOPoBHXThKftKnI3ZvY5MfXdCj7VK6ja/odRd/ADR7vnSPEdxGFOG86NJ/wypXFP0j9n2yttQSbVdae9tV5NvFB5W/2LbiQPpz7ivKprObRNRCxu8Mg5huImKMy/UYwR3r0zwN8Wru0u49O8UXPnWb4WO/ZcPEewkx1X/a6jvkcjqrYWvCN07/AJmNDF0attN9j26KNIYkijULGihVUdAB0FOpFZXUMrBlPQg5Bpa8w9AzLc+Z4jvm7R28Mf45dj+hWtOszS/nvNVm7NdbQfZY0X+YNadaVPi+S/Iyo/Dfzf5sKKKKzNQooooAK4j4g634ZOnyaBrGpva3EwSVHit3lMBVtyu20HAyvQ4yM/Wu0mmjt4JJ5WCxxqXdj2AGSa+b9YubvxR4tbUra2htk1eeGOJbicnyyVWNCxC8A4XgZwT1Nb0Ic0r7WMqlSlFqFV25tD1Pwd4GNlqVtr11qttfqsTGz+yxFUw4x5mSxySpIAHA3Hk16BWX4b0g6B4c0/SjMZmtYVjaQ/xHvgdhnOB2GBWpUVakqkuaTuFGjCjBQpqyCiiiszUo6xqtroek3GpXrEQQLkhRlmJOAoHckkAD1Irw+O2866e8niEEQleS1slfdHZqxyQvvyeegzgYFd38TbvzLnRtKHKl5LyQZ7RgKoP/AAKTP1SvPddWS5s0sIX2SXj+Vu9FClj+GFx+NO7XurqCSfvPoaek2F/funiC0fy3tHEmmxSfcmI6s/8AssMqPQEt3Fex6Nq0Gt6Rb6jbBlSVeUcYaNgcMje6sCD7ivDPCOvalBq1jptzcvc2d3GAgmwXhYI5I3DqAYyOfUdMHPoWjXn9geJxExxp2sOFPpFdAcH6SKNv+8q/3jXVOlF004dDjhVnGq41Op6BRRRXIdgUUVl3l3Ld3TabYOVkA/0i4HSAHsP9s9h26nsDUYuTInNQV3/w5z1y8+ieILu50e2lvNMcmTU7aFcmCU9ZIx1ZiOWQfUfMcN0Vjf2mp2Ud5ZXEc9tIMpJG2Qf8+lXLS0gsbZLe3QJGvQdST3JPcn1rhfiNpNvpvh+/1XTJZrC9unjgn+zPtS4EjhGLp0LbWY7hhuOtU+WUrIUZypwcp+pzfir4h3d880Oj3RtNMjbZ9riGZbk9P3f91SeARkt2x3xB4avpI0v9Y1yDS5MZQ3tw80yg8/MzSLtPHIBPSqVl5sGqx31sitb6RC1xOhTKj5cKo9HPIHYDJ9K3dGtdXutCu47XRLY6g0Km5uvIMVyZ3kBlXfIFG5VLkYyq/LgnpVVpSi+Sm7W3el/xOPAxeKh9Yr3fNey1SSXpuLaa74m8H28WorqKeIvDzHDuspcqM4yGYsVweOWZex29a9Z03VLPV9Lg1GzmElrMm9X6Y9QfQg5BHYg1wWix3PmXehXsdk9pBaxo8FvEwS3LAjySxJ3nbgk4H3unIrI+FemQ63FfaZqNzcXOnWyw3Mdp5mIZWfcCXAGWGYwdpO0licVz0pyqcynvG33P9T0alqMoqO0r/ev0O5kmk8Zs9lYPJHoQO26vkOPtQ6GKI91PRnHGOFzkkddDFHbwpDDGscUahURRgKBwAB6UqIsaKiKFRRhVUYAHoKdVti82FVL7UYLBUD7nmkOIoYxl5D6Af16DvVe41KWadrPTEWadTtlmb/VQ/Ujq3+yPxxU1jpkVmzTM7T3cg/eXEn3m9h6L7DirUFHWf3GDqOb5af39P+C/w/IrRafPfSpc6ttO07o7RDmOM9i399vfoOw71rUUVMpuW5pCmobbhRRRUlhRRXMeJPHWleHna1Ba91LGRZ25BZfQu3RB9efQGqjGU3aKuyZzjCLlJ2R0rukUbSSMqIoJZmOAAO5NcDq/xRtI5mg0G0/tIqcNdPJ5cGf9lsEv9QMe9cPretar4nkzq86/ZgcpYQEiFfTd3kPu3HoBVQAAYHAr2MNlf2q33HzeNz5L3MMr+b/Q9C0P4mC61GGx1nT0s/PcRxXMM2+LceivkArk4APIye1eg1846mjS6bPDGpaaVfLhVerSNwgHvuIr6MjDCNQ5ywAyfU1y5hhoUJrk6noZRjamKpN1N09z598bfBHVotWnu/DEUd1YzMXW18xY3gz1UbiAV9Oc9scZNjwF8FdVi1q21PxKsVtb20gkW0DiR5WHIyVJAXOD1JOMYGc175RXJ7adrHp+zje4UUUVkWFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf8AYT1D/wBLJq3awvCX/IGuP+wnqH/pZNW7TluxLYKKKKQwooooARlDKVYAgjBB71ylz8NvCtxM0q6e9sWOStpcywp/3wjBR+ArrKKqM5R1i7EyhGatJXMTRvCGhaBMZ9PsFS4I2meV2llx6b3JIHsDituiik227scYqKskFfNvicTL4x10XDFpft8pJP8AdJyg/BNo/CvpKvNviJ4AutXvP7c0VI3vNgW5tidpnA+6ynpvA456jHIxzvh5qE9TWlJRldnkVFEm+G4a2uIpbe5X70E6GORfqpwaK9JO53ppq6EIBBBAIPY1q6F4l1vwyQNJvmS3BybSYeZAfoucr/wEisuilKKkrMmUIy3R7FoPxb0m9Kwa1C2lTngSMd8Df8DA+X/gQA9zXoMUsc8SSwyJJG4DK6MCGB7gjrXy5V/Q9d1TwzcifSLoxLnL2rkmCX1ynY/7Qwa5KmEW8Dmnh2tYn0vRWP4Y8QW/ifQLfVLdfLLgrLCWyYpBwyk+x79xg962K4mrOzOc8t8f6X/ZniWDVI1xbamBDNjoLhFyp/4EgI/7Zj1rnnRZI2jdQyMCGUjIIPavXPE2ir4g8PXenbgkrrugkP8AyzlU7kb8GA/DNeP2szT26vJGYpQSksZ6xupwyn6EEfhUTXUuD6FPTXe2lfTJmLNCN0Dt1eLt+K9D+B701f8AiW6psPFreMSvok3Uj6N1+oPrU+pWsk0STW2Ptdud8Oe/qp9mHH5HtR+41rSuCwjmXr0aNgf0ZSPzFF+o7dCB/wDiW6oJBxa3jBX9El6A/Run1A9a1rPU5PD2sW+txBmSEGO6jXrJAfvcdyuAw+hHesu2YanYT2V8oM8f7q4UcZPZh6AjBH/1qm057g2xiu1bzoWMZkIwJAOjD6gjPvkUXtqK19D1bxbokfinw8k+nvE95B/pNjMGBVjj7uf7rjg/UHsK8wtrhbm3WVVZc5DIwwyMDgqR2IIIP0pbNbjSpTLo97cac5OStuw8tj6tGcofrjPvVK6utUXV7i/uLSGeO5w032MFT5g4L7GPGRjIBOSM45NU7SWgleL1Ls8EVzC0MyB426g10mifER9BtDa+JGnuYEGLe+RN7vzgRyAfxej9D3wevK2uo2l4xSGYGRfvRMCrr9VPIqxJGksbRyIrowwysMgipi+V2Y5LmWh1l98StIv4vKl8O6vLGDlWPkoykdGU+bkH34NR6Z8UYoJjb3+naobYfcuXjjZwPR1Rzn6gfhXncsUmjHBLSad0Vzy0Hs3qvv278c1bBDKGUggjII717+HwuGr07wb/AMj5LG5hjcJXtUivVX1X3/8ADHtGkeMfD+uSCGw1SFrg9LeXMUv/AHw4Dfjityvnee3huU2TxJIvowzitzSfGviDw6qornVrFTzb3Mh85V/2JT1+jZ9iK56+Vzgr03f8zswmfUqr5aq5X+H/AAD2yiud8M+N9C8VoV06723SD97ZzjZNHjrlT1x6jI966KvLaadme6mmroKKKKQwooooAKKKKACiio7ieK1tpbieRY4YkLu7HAVQMkn8KAOP8Z3Zv7608PRMRGcXl8VOD5at+7T/AIE4z9I2HesO51CTSrSSORHuJwAtqo63DEhUTP8Ae3ED8c+tS6S0t4txrFyhW51KT7QVbrHHjEafggXPuW9asaZp7+IPEU+JpYrXSkAWSM4zdMAR9diYODwfMHpXp07Uadpf0zx6qdetePT8jrPDWi/2FosVq7iW6cma6mA/1szcs307D0AA7Vr1Q02+kuA9vdKsd7BgSoOjejr/ALJ/Tkdqv15001J3PVpyjKKcdgoooqSzxLx/8SPEem+MrrTNLuVs7axZBtMKsZiVViW3A8fNgYxXqnhLWZvEHhTTdVuIPJmuYQ0ibSo3dCVB/hOMj2IqDXfBHhzxLcpc6rpkc1wi7RKHZGI7AlSNwHoc1c0JvJs/7MdUSawCwFUUKCgHyMAOACvbsQR2ronKEqS5Y2a3OePNGq1J6PY1KKKK5zoCuV8X+N/Dvhu3e11Rlu55F/48I1EjuD/eB4A92x7ZrlviP8TzpMkmieH5Ua/X5bm6xuFv/sr2L/oPr08QdnkleWV3klkYs8kjFmdj1JJ5J969DC4GVX3p6I4sRjFT92OrO71H4sa5LEbbRLWy0OzByqW0Su4z15I2/kv41xuo6pqOrtu1PULu9wdwFxMzgH2BOB+AqrRXsU8NSp/DE8yeIqT3ZvaAtveaZNYTorCKQkIf7rcgj053dPSrUVlY6ZJ/pmn209tnIufIUvH/AL4xyP8AaH4+tc5a3UljdpdRAkrw6D+NT1H9RXbwTxXVuk0LBo3GVIoq4eFePJLdbM82WJrYGt7WGsZbrpfqakZjaJTEVMZA2lemPasrWytvJZXrFVSOQxyMxwAjj/4oJVGaSTRJYpbNGe3ll2y2y8gcE7kHY8dBwf1rU1JI9U0GfyCkqyxb4j1DEcr+oFeBOjPB14t9HufS08RSzHCyUeqs12KWpWEepWRiJAb70b9drdjXFsjqzwzJtkQ7XU9j/hXTSKLDTzqGny7IPLEv2duY2B5+Xup57ce1Y2qX1rftDcRxyRXf3JYypIK467hxwfx5r6SUle58tgeeN4rWP5PzG6DPZ2l2LS5hjXzD+5uAMNk/wlhz9K7mC71K1YNa6zqkJHQC9kZf++WJX9K84liWaMo3fv6V3Pw9k8Oaqkmj659ptdTRWNvdw3UirKAM7SpJQNgcHHI9+vPVcKS9+F0d0sPVqy5qVRxfXV2OisPGXibTN3kXttcxsxdku7cEknljuQrgk5PcDPAxxXTWHxVUEJq+jTwes1nIJ0HuVIVh9AGqn/wrO9nsYLqy1lVkkiWRoLq33AMRnAZSCAPcMa57UPDXiPSAWvNHkmiHWawb7Qo/4CAH/wDHa5ZRwNZtXs/u/wCAOEs1w0U7c0fv/wAmeu6P4l0bX1J0vUYLhlGWiDbZE/3kOGX8RWrXzkPsl8wkRlaSFuHRiskTD0I5U/ka6fSPHHiHRcRySrq1oP8AlndNtmUf7Mo6/wDAgT7isK2Vziuam+ZHXh89ozfJWXI/wPZqKwPD3jLR/EmYrWZob1Vy9ncDZKo9cdGHupI96368yUXF2aPajJSXNF3QhAYEEAg8EGuO0v4Z6FpOsQ38D3jpbtvt7WWUNFCwHBHG447bicflXnniPxFca5ql9qQ1K7g0+FmWz+z3DRhI048wbSMliCwJzxtFexeHZb6fw1pcup5+3vaRNcZUA+YVBbIHAOc003G9mb4jBuEYTqJa6ruv8jToooqTIKKKqalqdlo9hLfahcx21tEMvJI2APb3PoO9AHlXii7/ALQ8capL1S1WKyQ9jtG9j/31IR/wGucuGVddt2lYKkdrK4JPH3kyT9B/OrFhNJdWv22YYlvHe6kHo0jFyPw3Y/Ci8061vzGbmLf5ZO35iOuMg46g4HB44qW1zalpe6YVhp0E1nJqWporQIrtbqwI2RbmYOf9og/gMe9eh2NhNf8Ag+1s9QkkFxJapvkLZdHwCGz/AHlODn1FYtnp41rXNN0gruiuJg84xkeTH8zg+xwE/wCB10mmQyabLd6HOWMmnSeXGzHJkgPMTe/y/KT/AHkau7Cyu3fqefjotJNdDsfCusPrWhRTXAVb6Fjb3aL0WZeGx7Hhh7MK2q4DR7k6R4yjBOLXWE8l/RbiMFkP/Ak3Kf8AcQV1t/eTtMNP0/abthl5GGVt0P8AER3Povf6CsZ0mp8qNYV06am/6Y2+vZ5bn+ztOI+0kAzTEZW3U9z6sey/ieOt2zs4bG2WCBSFBJJJyzMerE9yfWm2NlFYWwhi3Hks7uctIx6sx7k1ZqZSVuWO35lwg7889/y8v8+4VzPxA02bVPBOoQ2yF54glzGgGS5jcSbR7kKR+NdNRUJ2dy5RUk4vqfNFtrckenXNrY3MstpeFmkhWzD79wwQWK9Mccmuh0zxV4pg0a3smmgiaPINxMDNMy7iVB52ggYGTuziul8SfDm8tbya/wDDKRS28zGSTTXcR7XJ5MTHgA8nacAc4I6Vyb2erxuUk8O60JBxtWxdx/30oK/rVVGpO8YrU9PKcHgqcF7as20rWk7JelrfmQPqHiO2S5ay1VSZ5Glkje3QbmbqQ2OD+f4V23wa04x6Zf6oEdIJzFawK45Kwhsn/vp2X/gFZOk+Ate12Qf2hE+j6cfvszKbmRfRVGQn1bkeleoeZYeH7G102yt/uII7azgGWIH16D1Y/iaIJpOKWrMM0+p+1jUo3tG/V217JmhPPFbQPNPIscSDLO5wAKyw13rX3fNs9P8AXBWace3dF9/vH2qSDTZbmdLvVWWSVDuit05ihPY/7Tf7R/ACtSquobav+v6/q551pVfi0j26v1/y+/sRW9vDaQJBbxLHEgwqKMAVLRRWTd9WbJJKyCiimu6RRtJIyoiglmY4AA7k0DHVn6xrmm6BZG71O7jt4s4Xdyzn+6qjlj7AE1xWvfE6Ml7Xw1Gl3J0a+lB8hP8AcHWQ/TC+56VwExnvL1r7ULmW8vWGDPMckD0UDhR7AAV6GGy+pW1lojycbm9HDe7H3pdv8zpNe8favrm6DTRLpNgeDJkfaZR9RxGPplvcVzEMEVuhWJAoJLE9SxPUk9Sfc1JRbJc6jeGy0y0lvrsY3RQjhM9C7H5UH1I9s17dOjRw0brTzPla2JxWPqcr17JbBU2lafqPiCcw6LaG5Cna9wx2wRn3fufZcn2rt9D+GCNtuPElwLluosbclYV/3m4aT9F9jXoUEENrAkFvEkUMahUjjUKqj0AHQV5+IzRL3aK+Z7GDyD7WJfyX6v8AyOQ8M/D2z0a5j1DUJ/7Q1FOY2ZNsUB9Y055/2iSfTGcV2dFFePOpKpLmk7s+lp0oUoqEFZBRRRUFhRRRQAUUVyXjDXhbbtMjvxp6eUJ7/UCwH2WAttG0/wDPRzlV9MMeoALSuwNC/wDE8EF6+nafbTanqKECSC2wFh/66OSFT6Z3HsDVfzfF9yCwbRbDJ4QpLdED67o+fw/OvONR+I2m21vBp/gq8ihsreKSa6mNsxbORj745JyxLHJNU7Px94kv7VbiDWco2RzaRggj8K3jQk1dI4a+YYehJqo3p2Wn3nqn2jxba4Z49H1Fc/MsXmWrY9smQE+xI+oq3pfiW01C7+wTxT2GpBSxs7pQrsB1ZCCVce6k474rySXx14kgAM2uxxhjgF7eIZPp0q5bePdHvbWfSfGt+sdykiyWd3DC6OmRw4ZAdjKc/MMcHp1ySoSSu19wUMxw+IlyU27+aPaKK5zwprkmoRSWF5PFcXdtGki3UWNl3A+dky46ZwQwHRgccEV0dYNWO4KKKKQBRRRQAUUUUAFFFFAGF4S/5A1x/wBhPUP/AEsmrdrC8Jf8ga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigDP1bQ9L122+z6pYQXcYzt8xMlc91PVT7jBrzvWvg6vzS+H9RMR6i1vSXT6CQfMPxDV6pRVwqSh8LGm07o+Z9Y0TV/Dzkaxp01qmcCfG+FvTEg4GfQ4PtVEEEZByD3r6lZVdSrAMpGCCMgiuI1v4V+HdT3S2Ub6VcnnfZ4EZPvGfl/LB9664Yv+ZG8cQ18R4jRXW6p8MvFOmufs9vDqkOeJLZxG+PdHIx+BamaX8NvFOqXAjnsxpdufvXFy6MQP9lFYkn64HvXR7ana9zb28LXudn8GklXw/qrlcQvqBKE9yIowx+nAH1BrpvEfjXSvDcqW03nXV843LaWqhnC/wB5skKo+pGe2a0tG0ez8PaNBptjGVt4F4zyznqWJ7knJP1rwq3u5NSD6rOS1xft9okYnJ+bov0UYUewrzKkk5OQYHCfW6zi3Zbs9Ht/irp/nAX+lX9nATzP8kqoPVgrbh+ANYPi+ygsfEEWq2ciSaZrYEiSxkFPPC84I4w6AMPUq3rXOV1Pgmxi1/w9r3he4dlgieOe2cdbdpNxBX6SIWx/tY6VCakmmdWY5bHCxVSm7rzMWsqV10jUGmdlSxuj+8ZjhYpf7xPYMBg+4HrWiguILiexvkWO/tH8udFORnqGH+ywwR7H1zUhAIwRkVn8LszzN1dGV/aOi/bftY1O0Evl+W2LhMMM5Gee3OPqatjUrAjIvbbH/XVf8asbE/uL+VM+zQf88I/++BTugsyP+0rH/n9t/wDv6v8AjR/aVj/z+2//AH9X/GpPs1v/AM8Iv++BR9mt/wDnhF/3wKWgalK6fR71QLia0kK/dYyKGX6HOR+FVvO+y82esW8yD/ljdShvyccj8d1a32a3/wCeEX/fAo+zW/8Azwi/74FNSQrMzYvENmWMd2VgboWLh4z/AMDHA/4FioJbdtMH2i0Bm05uWiTkwj+8nqv+z27elasun2U67ZrO3kX0eMH+lU/7BtYWL2Mk9i5OT5D/ACk+6HK/pW9Cu6M+eDt+Rz4nCwxNN06quvxFjkSaNZI2DowyrA5BFOrHmttU0adrhYVurVjmZbdcH/eCdj64OD6DrWnbXMN3As8EgeNhkEV9PhsVDERvHc+Dx+X1MHO0tY9GZesaMbmRb+yJi1CEhldG2lsdOR0b0NdB4V+Mmq6YEt9difUrVTtMoAW5jx2PQP8Ajg+5qCuW8RWAtrpb6MYjmO2UDs3Zvx6fl61OIwtOprJHZlmYVIP2Tfp/l/kfS2g+JtH8TWpuNJvo7gL9+MHEkfsynkfj1rWr5Btrm4sbpLqzuJba5j+5NC5Rh+I/lXqfhf403NvstfE1v58fT7dbJhx7vGOD9Vx/u141fL6lPWGqPp6ONhPSWjPa6KpaVrGna5Ype6ZeQ3Vu3R42zg+hHUH2PNXa8/Y7QooooAK5Px5cebp9poiH5tTm2S47W6fNJ+B+VP8AtpXWV59fTnUvGmo3PJisI0sYcjjdgSSkfUsi/WOtqEOaaMMRPkptjdQvI9O064vJAWSGMvtXq2BwB7noK6rwrpMmjeHra2uCGvHzPdMP4pnO58ewJwPYCuTNt/aniPSNMxmISG+uB6pCQVH4yNH+ANei1rip6qJhgqdoufcz9SsZJjHeWZCX0APlknAkXujex/Q4NT2F9FqFqJ4wynJV43GGjYdVYdiKs1lX0MlhdHVLVC6kAXcKjmRR/GB/eX9Rx6VjH31yvfp/kbzXs5e0W3X/AD/z8vQ1aKZDNHcQpNC4eN1DKynIIPen1lsbp31QVlaspspotXjBxANlyo/ihPU/VT8303etatIQGBBAIPBBqoS5XcipDnjYAQyhlIIIyCO9ebfE74hjQIW0TSJQdXlX97Kpz9kQ9/8AfI6Dt1PbJ4v8cHwJYS6LbKJdRYBrDdyscLZwz/7pBUDv8vvXhEsss80k88ryzSsXkkkbLOx6knua9DCYLnlzS+FficVfF8sLL4vyG+pJJJOSSckn1NFFFe6lY8ncKKKKACtDR9T/ALOuPKlb/RZTyT/yzb1+h7/n61n0EAjBGQaTXYicI1IuMtmdnqJAS2fPS5j5+px/Wljl/se5LE/6BO+X9IXP8X+6T19Dz61yp1KU6Q2nv5jMroYJVPKgMDgnqMY4NOi1fUIUMZmW4jIwUnXdkemRg/nmsa9ONeLhJf8AAZz4SnXws1ODWjendaF7VZPs+jtp/dLswgDsgO9f/HdtYtRl55bomQbYV+4u7djgAc98AY57VJToc3Iubfb7jscIwk+XZtv7wqGaMth0++vocZqaitZJSVmCbTuj3r4XfESPxJZx6PqUirq0MfyPjAuUHcejjuPxHGQPSa+OY5pbC8iu7eVonSQOsiHBjcdGFfSHw88ew+LtPNtdFItYtlHnxDgSr08xB6HuOxOO4z4GMwrpvmjse1hsQqi5Xubet+EdD8QHff2KG4AwtzETHMv0dcHHsePavPNa+H2t6OGm05/7Xs152EBLlB9OFk/DafQGvXqKwo4mrRfuMeJwVDEq1SN/PqfOn7i7II3LNA/BGY5YXH5MjD8DW8/xA1610KfRrk/a5rtDb2t+CEliLdS4HDYXcQwwcqMjnNeleJfBel+JB58im11FVxHewABx6Buzr7H8MHmvGLjT7mz8SXtvfSQSHTiYBLCTsdiAzNg9DjaMc4O4ZNd1bF0a9FucffRyZTlGJp46FKnK9J7+S/rqjV8OaImteItP0gR/6FCBcXIxwIoyNqH/AHm2jHcbq91r5/8ACXiLUdB1CXWYEFxbXm0TWjABmhXOwo3ZsFjg8Hdg44I9x0bWbHXtMi1DT5hLBJ+DI3dWHZh3FcFXD1KSTktz2cRmVHHYibpSuou3yX6Mv0Vma54h0rw3YG81W8jt4uig8tIfRVHLH6V4d4v+K2reIfMtNL8zS9NPBKtieUf7TD7oPHC/mRxRQw9Ss7RRy1a8KSvJnpHjD4paT4aaSzs8ajqi8GGNsJEf+mj9v90ZP0614X4i8Q6t4qujcavdmY8+XEvyxQ5/uL2+pyT3NZaqqKFUAAdhS17mHwVOkrvVnk1sXOpotEeh6Ndi+0e1nAAJQK4AxhhwR+YNX64jwvqYsr82krYguSNhP8MnT9Rx9QPWum1jUTp9ofKUyXUgIijUZJwMk49AOfyHevAr4eVOs6aXoe1RxEZ0vaN+p3nw1sPPv9T1p1+RMWNuSOw+aQj2LbV+sdafjS2+xalpmuIMJuFjdkf3JD+7Y/STA/7aGt7w1Z2Fh4a0630yUTWawK0Uw/5agjJc+7Elj7mq/iZY9S06fQUQy3N9EUwpx5KnjzSe2DyPUgYp0rqat0M67j7N83U4/WA1zALa3XdeIyTxYbHlsjBlYntyo+v0zXbeGJLW58P2d9a7yLuNZ5GkOXZ2HO4+oPHtjFcToMn2jSYrh0K3L5FyCckSqSrqT7MCPwrd8Dz/AGeXV9GYjFvcfaoF9Ipst/6MEv4YrsxavD3TgwN1Nqe/5HYUUUV5x6oUUUUAFFRXNzBZ27z3EqxRIMszHiszy7vWs+cJbPTz/wAs87ZZx/td0X2+8e+OlXGF9XojOdTlfKtX2/z7IfNqM13M9rpQR3Q7ZblxmOI9wP7zew6dyKs2OnQ2Id1LSzynMs8hy7n3Pp6AcCrMMMVvCsUMaxxoMKiDAA9hT6cp6csdEKNN35p6v8F6f5/8MFFFFZmoUVn6xrmm6BZG71O7jt4s4Xdyzn+6qjlj7AE15fr3j7V9c3QaaJdJsDwZMj7TKPqOIx9Mt7it6GGqVnaCOXE4yjho81V2/M7nxJ460rw87WoLXupYyLO3ILL6F26IPrz6A15dretar4nkzq86/ZgcpYQEiFfTd3kPu3HoBVCGCK3QrEgUEliepYnqSepPuaJZ44ApkbBYhVUDJYnoAByT7Cvdw+ApUVzT1Z8pjM4r4l+zpe6n23f9eRIAAMDgUwyFrhLaGOW4upP9XbwIXkf6AdvfoO5rpdE8A61re2a/L6RYnnBANzIPZTkR/wDAsn/ZFemaH4b0nw7A0WmWaRM/+slJLSSH1ZzyfxPHas8RmcIe7T1f4G2DyKpU96u+Vduv/AOB0T4aX1/tn8QTmzg6/YrZwZGHo8g6fRP++q9I03S7HR7JLPTrSK2t06JEuBn1Pqfc8mrdFeLWr1KzvNn0+HwtLDx5aUbBRRRWJ0BRRRQAUUUUAFFFFABXg/xOZ5fh02rElZNW1vzXIP3oVSRYlPsERDj1zXvFeCfEQbfgh4ZjyC0VxDE5B/iWKVW/UGtaXxImWzPOfB7pHd3byEKiw5YnoBnmuoia4uI1jsIFtrcDAlkTHH+yn+OPxridBvLS1muY70ssM8JjJUE4/KuhGvWYGP7euv8AwHX/AOIr1aTpr4z5TMMPUnXcoxvt0bW3kn+JtnTbeGCaRwZ5mjYGWb5mIx0HYD2GK4TxD/x923/XrH/Kt9tdsXUo+u3RVhgjyFGR9Qlc5rt5b3uoB7XPkpGqKSMZxV4ipCaSgrWKy2jWhWvUT+5/qke4/D0m08E+D9YBO6K7ksZT3aGeZkC/QSeUfwNew1474MOfg1oMY+/Jqtuq/X7ep/kDXsVeNU3fzPqo7IKKKKzGFFFFABRRRQAUUUUAYXhL/kDXH/YT1D/0smrdrC8Jf8ga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigArwvxFok3g+/khuEK6S8hNndkfIFPIjc/wsOQM4yAMc5A90oIBBBGQaPJnThcVPDVOeB87LfW8kyQW8gubiTiOC3/eSSH/ZUcmu5X7b8OPhnq2uXMcY1i5KuIiQREWISNM/xbQdx7Z3Y45r0qCztbXd9ntoYdxyfLQLn8q574g+HpvFHgjUdLttv2l1WSHPd0YMB7ZxjPvVQ5UzbHZjVxUeVqyXTzPlnTvEd/Z60+pTTSXEszZuDIxJlz1yT3969UsryDULSO6tnDxSDIP9D714tNDLbTyQTxPFLGxV43UqykcEEHoa6PwTc6v/AG1HYaXayXpnPzWyEc4HLAngEep4rpr0VJcy3PKpVOV2ex6dRUUFwlwrFQyujFJI3Uq8bDqrKeQR6Gpa89qx2bhRRRQAUUUUAFFFFABWTe6WyTG908BJycyw5wk49/RvRvzrWoq6dWVKSlB2ZnWowrQcKiumY9tcx3UAljyB0KsMMpHUEdiKbfWq31jNbPwJFIB9D2P4HBqe80tzcG7sZEiuG/1iuMpL6Zx0PuP1qq93Na8X1nLCB/y1j/eR/mOR+IFfTYfMKNaNpuzPiMZk+Jw1TnpLmitmt/uOIjLFBuGHHDD0I4NOqW8MR1O88iRZImk3qynIO4An9Sairpi7o773V+5b0zVdQ0S9F7pd7NZ3Hd4m4YejDow9iDXrnhf41QSlLXxNbi3c8C9t1JjP+8nLL9RkfQV4xRWFfCU62617nRRxNSls9D69tLu2v7WO6s7iK4t5BlJYnDKw9iKmr5P0LxFq/hm6M+kXr25Y5ki+9HJ/vIeD9evvXsfhf4yaXqWy216NdLujx52c27n/AHjynf73H+0a8avgalLVao9Sji6dTTZno91cxWVnPdTtthhjaR29FAyT+QrznQElXRoJrhdtzdbrqcHtJKxdh+BYj8K6Xx1cLJ4OmgicONReK0UochklcKxBH+wWP4VkTSpbW8krkLHGhZj6ADNGEjo5GOOltEueC4PtOqa1qrDjzEsYTnjbGNzEf8Ddgf8AcrsqwfBVm9n4O0xZl2zzRfaZge0kpMjD/vpiK3q5akuabZ20o8sFEKKKKgsxj/xIrstnGmXD8+lvIT19kY/kfY8bNMliSaJ4pUDxuCrKwyCD1FZljJJp10ul3LFomB+yTMeWUfwMf7wH5j3BrV/vFfqvxOdfupW+y9vJ9vR9Pu7GtXLeOfGlr4O0fzSFm1CcFbW3z95v7zf7I4yfoO9XPFniqw8I6M9/eHe5+WC3VsNM/ZR/U9hXzPrWs33iHV59U1KXzLmXjA+7Go6Io7KP8SeTW+DwrrSu/hROJxCpRstyC+vrrU9Qnv76dp7u4ffLI3c+3oB0A7CoKKK+ijFRVkeI25O7CiiimIKKKKACiiigAooooAKKKKACiiigBGUMpUjIIwRUmlX95pl5BfWU7QXtq+Y5R1B6c+oI6juDTKiTiaUeuD+n/wBaonFS0fUuMmtV0PqDwP40tPGOkecoWG/hwt1bZ5Rv7w9VPY/UdRXUV8l6LrN/4e1eDVNNl8u5i4IP3ZEPVGHdT+nBHIr6X8KeKrDxdoyX9mdjj5Z7dmy0L91P9D3FfP4vCuhK6+Fns4bEKrGz3Lev6vFoOg3uqTDctvEWVP77dFUe5YgfjXiGlaTPrmp2WjyuzzX8rS3so4JTO+ZvbOSo93Fdr8T9V8+90/Qom+WP/TbnB9MrEp9cnc3/AAAVkeFdd0Xwlpt34j1ebNzenybG1jAaZ4UJBYDsGcNycDCrzXNGLbsv67Ht0ZLDYSdZ6OXur06v9PUqeJ/DFz4PnVi73GjSNtiuW+9ASeI5PbsH79Dzgnlbbxrc+HdVe68PSo0ki7LkON0EgxwSARlgehH0JxxR4u+IWteLi0ErfY9MJ4s4W4b/AK6N/H9OB7d65QDAwK+ho06k6PJX/wCCfEzo0aWJ9tQuvyLWpanf6zftfandy3d03BkkPQeijoo9hgVVoorqjFRVorQJScndhRRRTEIyhlIP6V0egXwvJ5vtche/Cgbm/ijHTaO3PX35rnaAWV1kjdkkQ5R16qahwXMp21RFWLqUnSvZM9w+Huv3NrBd+HIYjPOrefYK33UjYnfuPZUbn/gYAr0fT7BbKNizma5lO6edhgyN/QDoB2FeO/CEanrHiVtTkgCWtjBJDJcIfllkcqQmD6AbjgnHHTIr26vn8a4qrKMNj2cvhUdGMq3xLT/g/Nf1ueeSwf2d4s1mxHEczJfxDHAEgKuP++43b/gdPspvsHjTSrjOEvI5bGT0Jx5iE/Ty3A/36u+MYfs/iDQ9QHAl86xf33L5i5+nlMP+BVieIJDbaUb9QS1hLHeDHpE4dh+Khh+Naw/eUbGdT93iLnp1FAIIBByDRXnHqBVG+1OO0dYI0a4vHGY7eP7xHqT0Vfc/r0qu+oT6jI1vpJXYpxJesMoh9EH8bfoO/pVyx0+CwRvL3NJIcyTSHLyH1Y/06DtWvKoaz+7/AD/q5hzyqaU9u/8Al3/L12K1vpkklwt5qTrPcqcxxr/qof8AdHc/7R59MdK06KKiUnLc0hCMFZBRRTfMTzPL3rvxnbnnHripLB3SKNpJGVEUEszHAAHcmvPNe+J0ZL2vhqNLuTo19KD5Cf7g6yH6YX3PSoPivdTyT6TpDMBYXKyzzJ/z1aMptVv9kb847kD0rh+FXsAB+VetgcBGrH2k3p2PAzXNp4afsaS17hMZ7y9a+1C5lvL1hgzzHJA9FA4UewAFNlljhjaSV1RFGSzHAFXNH0jVfEj40a1DwZw17MSsC/Q9XPsufcivSvD/AMO9K0iWO8vSdT1FDuWadQEjPrHHyF+py3vXdWxtHDrkhq+yPKw+VYrGS9pWdk+r3+44HRPCmueIwsttD9gsW/5fLtDlh6xx8Fvqdo9M16b4e8F6P4cInt4TcXxGGvbjDyn1APRR7KAK6GivEr4urXfvPTsfT4TL6GFX7ta9+oUUUVzHaFFFFABRRRQAUUUUAFFIWCqWYgAckntWa2uQSEpYRS37jj/RwNgPu5wv659qqMJS2RE6kYfEzTqvd31rYoHuriOIMcKGblj6AdSfpVP7Pqt5/wAfN0lnGf8Alnajc/4uw/ko+tWLTSrKycyQwDzm+9NIS8jfVjk/rVcsV8T+7/P/AIcjnqS+FW83/l/nYr/2hfXfGn2DKh6T3mY1+oT7x/EL9a4bU/CkesW+qeDNVuFjaeY6pp1zHFgDcxMgVSequzZGfuyrXptZeuaLHrNrGFma2vLd/NtbpBloZPXHcEcFTwQSKOdbJWKjBp3k7niR/Z+vsnGv2+P+vdv/AIquL8ReAZ/D2uSaZJfxzMkaSF1jIHzZ4xn2r6LtvEZs5ksfEcSadfE7ElJP2a4PrHIeMn+42GHv1rnL74U2uoand3763fb7qZpmyqNjJ4GSM4AwB7AVtTrNP33oaRp077Hjvhf4cz+J9VlsI9RigaODztzRlsjcBjGfeuvX9n69LDf4gtwueSLYkj8N1d1o/wANLTQdZttWXWrtmtiThgiqwIIIJA6f4CtqXXp9Zc2fhgJcMW2y6ky5trcdyD/y1f0VeM9SKJ1m5e49AlTpp7GdoOh29lqWk+HrAl7Dw+huLiVh/rLiQMEU++HdyO2U9a72s/RtIt9E05bS3Lucl5ZpDl5pDyzue5J/wHAArQrnk7sEFFFFSAUUUUAFFFFABRRRQBheEv8AkDXH/YT1D/0smrdrC8Jf8ga4/wCwnqH/AKWTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwdc8FeG/Echl1bR7a4mOAZsFJCB0BdSDj8at6N4d0fw9E0Wk6bb2avjeYkwzY6ZPU/jWnRTu7WFZHL+KPBdlr269gZrPVVXCXMQH7zA4WRejr+o7EV4zZeJEMcS6nF9kldSd3JTI4YHupB4IPT1NfR1eTfEjwpZ6bfWniGyV42uboxXcQOYyXRv3mOxLKoOOCTnrydaMIVZKE+vUwxNWpRg6lPW1213MVHWRA6MGUjIIOQadWCLAQOZLGV7RzyRH9xj7oePxGD71Omq3FtgX9sSn/Pe2BZfxX7w/DNa18trUtUrryObCZ1hcRo3yvs/wDM16Kit7mC7iEtvMksZ43I2RUteeeuFFFFABRRRQAUUUUAcH4mjSLxBJsVV3wozYGMnLD+grJrS8RS+b4hu+mIwkf/AI6D/wCzVm19Vgk1h437HzeLd68rBRRRXUc4UUUUAaGna7qelfZ0trlmtrebz0tJWLQ79rLkLnjh26Y5wecV3Z8b6f4i0eXS5Veyvr0ra+WxypEjBCVfpwGJ5weK80pCAwwQCD2Nc9TDxl8OjNY1Xdc2tj7DUBVAUYAGABS18z+F/iJr/hbZDFP9t09ePslyxIUeiN1T6cj2r2vwt8RtB8VFIIZza6gf+XO5wrk/7J6P36HPqBXg18JUo7rTue1RxNOrs9TraKKK5jcKxPFmoaXpfh25vNWlaK3jwUZP9Z5n8Oz/AGs9P14zWjqWo2mkadPqF/OsFrAheSRuw/qewA5Jr5q8a+MrvxlrH2iQNDYQki0tifuj++3bef06epPVhMPKtPTRLqc+JqwpwalrfoUPEPiTU/FWpi/1SXLKuyKFfuRL3wPU4yT3PsABlUUV9HCEYR5Y7Hhyk5O7CiiiqJCiiigAooooAKKKKACiiigAooooAKKKKACoovmeVuxbA/Af45pZXKJ8vLtwo96dGgjjVBzgdfWp3l6FbIdWx4Y8S6h4T1pNRsDuBws9uzYSdP7p9D6HsfYkHHoonCM4uMtghNwlzR3N7W/F15rOo6herCYJb2UszOwYxoBtRVx6KBz65OOawAuMZJYgBcscnAGAPoBxS0VlRw1Oj8KOjEY2tiFGNR6LZdAooorc5QooooAKa7rGpZjgCnVUkbzZf9hOB7n1qJy5UVCPMyVblGYKQy56bhjNbfhzw/eeKNdg0mxIV5MvJKwyIYxjc5HfGQAO5IrnJf8AVPnsM17H8DNLkl1XVNZZWEUUAtEbszMQ7D8Aqf8AfVcuIryhSk+p00aKnUS6Hr2iaNZeH9Ht9L0+PZbwLgZ5LHqWJ7knJP1rQoor51u+rPbOZ8exn/hFnulwGs7iC5yeyrIu/wD8cLj8axrmBLq1mt5PuSoyN9CMGur8SWX9o+F9Wsh1uLOaIfVkI/rXEW2qLcWFpJCvnTXEKSqinsQDknsP88134O7TR5mPtFqTOq8NarH/AMINpN9fSrG32SJZSTn94FCsB6ncDwKs/Z7vWfmvFe1sCOLbOJJR/wBNCOg/2R+J7Vi+ArGE6W8swL3Ftd3ESKz7lhzIWOwds7s+uDjOMV2Vc82qcmo79/8AL/M6oxlWinPRdv8AP/L7xscaRRrHGioijCqowAPQCnUUVgdIUU2RtkbOFZtoJ2r1PsK+em1vVdbmj1e41S+S4kJliENy6LAG52qAQOBgHI5xzmtaVJ1L2OPGY2nhIqU09ex7X4y1G70nwbq9/YozXMFs7RlcfIcff5/uj5vwr5bFzcLd/bhd3Avc7vtQlbzc46785z+NfTfgjVJ/EPgu1uNRUSysJIJXZRibY7IWx0+bGT2yTWQPg94QGpG6+yXBh/59DcN5IPr/AHvw3Y9q6cLXhQ5ozjcK9KVZRlB2RetdLg8d+BNIm123ZLqW2SYSxnbJE5UfOh7Z64PGDgg1XsfhdoVtOst7NeaoF5EV4yGLPuiKob6NkV2qqqKFUBVAwAOgFLXKqs0nGLsmbyo05SUpRTa62EVVRAiKFVRgADAApaKKzNQooooAKKKKACiio5p4baJpZ5UijXq7sFA/E0JXE2krskorL/thrrjTbOW6B6TN+6i/76PJ/wCAg0f2ffXfN/fsif8APCzzGv0L/eP4FfpWns7fE7fn9xl7ZS+BX/L7/wDK5Yu9Us7JxHNMPOYZWFAXkb6KMk/lVf7Tqt5xbWqWcZ/5a3R3P+Ean+bD6VctLC0sEKWtvHEDyxUcsfUnqT7mrFHNFfCr+v8Al/w4clSXxO3kv8/8rGWuhwSsH1CWW/cHOJz8gPsgwv6E+9aaqFUKoAUDAAHApaKmU5S3ZcKcYfCgoooqSwooooAjnghuoHguIo5YnGGjkUMrD3B61hHwRoSE/ZoLqxHUJY309sg+iRuFH5V0NFNNrYLHPp4J0DeHuLSW+KnIF/dS3Sg+u2VmAP4VvRxpFGscaKiKMKqjAA9AKdRQ23uFgooopAFFFFABRRRQAUUUUAFFFFAGF4S/5A1x/wBhPUP/AEsmrdrC8Jf8ga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArC8ZaQ+u+EtQsYRm4MYlg/66oQ6D8WUD6Gt2imm07oUkpKzPne3nS5to54/uSKGH41LWt4x0ceHfFckaLix1ItcWxxwsnWSP8zuHsxHasmvrqFZVqamj87xmGlhq0qb+XoVZbCGSUzxl4Lg/8toTtY/Xs30OaempXVicX6ia3/5+Ylwy/wC+vp7j8hU9FZYjBUq695a9zfB5piMK1yu8ez2/4BoI6SxrJGyujDKspyCPUU6sGKT+xpww406RvnXtAxP3h/sk9R26+tb1fL4nDzw8+SR91g8ZTxdJVIf8MFFFFYHUFNkdYo2kdgqKCzE9gKdXOeLdREVmNPjb97cDL4P3Ywefz6fnV0qbqTUF1IqTVOLk+hyUkxup5blgQZpGkwe2TkD8BgU2iivr4RUYqK6Hy8pOUnJ9QoooqhBRRRQAUUUUAFIyhhgjNLRRuB3fhf4r69oGy3vidVsBgbZnxMg/2X7/AEbP1FeyaD488O+IbKS4tdQjiaFDJPDckRyRKBklgT0H94ZHvXzBTXjSTG9Q2OmRXn18up1NY6M7aWOnDSWqO0+IPjuXxjqAgtS8ejW75gRhgzMOPMYfyHYc9TxxtFFddGlGlHlic1WrKpLmkFFFFamYUUUUAFFFFABRRR1ZVAJZiFUAZJJ6ADuaG7Ba4UU64jltJvJuopbeXAby50MbYPQ4bBx702kpJ6pjaa0YUUjMqjLMAPc0xZ4nbargn+dF1sFnuSUUUsSSXEvlW8TzSd1QZx9T0H40pTjBXk7IqnTnUkowV35CUmWZ/LijeWXGRHGpZvyFbtn4Ylkw99NsX/nlCefxb/D866C1sraxi8u2hSNe+0cn3J6n8a8yvmkI6U1dn02B4Xr1bSxD5F26/wDAPPYRuJlYgv0wP4fapq7G90OyvpvOdGjlP3niO0t9fWoR4Z08Dnzz7+aaUM1pqOqdx1eFMVzvkkmum/8AkcpRXWf8I1p3dZiPTzWo/wCEa0z/AJ5S/wDf9/8AGq/tal2ZK4Txn80fvf8AkcnRXWjw1pfeCQ/Wd/8AGj/hG9K/593/AO/8n/xVL+1qf8rH/qli/wCeP4/5HJUV2A8P6WAB9kH4ux/rSjQdLBz9kU/Vif60v7Wh/Ky1wlif+fkfx/yOJnl8tQFwXbhQf51Xw45Er7vXPH5dK9A/sPS/+fGH/vmlGiaWP+XC3P1jBrKWaRk/hZtHhSsl/EX3M4JrgtAu3iR+PpjqaYqhVCjoK7qXw5pUo/49Qh/vRsVI/I1kXnhKRPms7ksvdZACwHfB4BPscfWrjmNOb97Q5a/DeLoq8LSXluUPD/h2/wDFWsRaTp8ZZ5OZZMfLDH3dvYenc8V9T+HtBsvDWiW+lWCEQwjlm+9Ix+8zH1J/ziuf+G8fhe20M23h0kTJtN4twNtzvx1kH54x8vXFdpXDia7qy8jno0PZKz3CgkAZPAqveXtvYQebcSBFJ2qMZLMegUDkn2FUBaXOr4fUFMFnnK2YPLj1lI/9BHHrmsYwurvRDnUs+WKu/wCt+39WEe9n1YmHTCEtuVkvWXIPqIwfvH/a+6PfpXDeGIli8OWIEaK3lKH2DAJAx+XHA7CvUFVUUKoCqBgADAArzXQxjTMD/nvP/wCjXrrw07tpKyOHF07JSk7v+tjd8CsQ/iGInhNTBX2DW8J/mT+dddXAaNr2leHG8Q3uq3sVrALiI5c8ufJXhQOWOB0HPFeaeNPjfqWreZZeHFk06zOQblv9fIPbHCfhk+46VjOnKVR2OylNKnG/Y9a8Y/EnQfBsbxXM32nUMfLZQEF/bceiDp159Aa8E8Q/FzxZrt07w6hJptsfuQWbFNo93+8T+OPYVw7NJNKzuzPI7ZJJyWJ/ma9K8H/BfXdfMd1qwbSrA4P71f30g9k/h+rY7cGtVThTV2JylPRHq3wf8V6j4q8KzNqsgmubOfyRNjBkXaCC3q3J5+nfNXb74XaFeai92lxqFrHLIZJbeCcCN2JJOMgsuSTwpHtiuh8O+HdO8LaLDpWmRFII+SzHLSMerMe5P/1hgCtWuZztJuOhpKlGcUqiv6lewsbbTLCCxs4hFbW6CONASdqgYHJ5P1NWKKKzNAooooAKKKKACiq93fWtjGJLq4jhU8De2Mn0A7n6VT/tG8u+NPsHCHpPd5iX8F+8fxA+tWqcmr9DOVWEXa+vbdmpWfPrNnDK0EbPc3A6w2y+Yw+uOF/4ERUf9kSXXOpXstyD/wAsY/3UX02g5I/3ia0ILeG1hWK3ijijXokahQPwFO0I76k3qy2XL66v/L8X6GfnWLzoItPiPriWU/8Asqn/AL6qSHRbOOVZ5Ve6uF5E1y29h/ug8L/wECtCih1HstPQaoxveWr8/wDLb8AooorM1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/IGuP+wnqH/pZNW7WF4S/wCQNcf9hPUP/Syat2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRWbr2q/2LotxerF50y7UghBx5srsFRPxZgPbNC1Aq6xr72t2ul6XbfbdWdQ/lklY4EJxvlbB2jg4HVsYA6kUh4cmvz5mvardXznk28Dtb2y+wRTlh/vs1ecfErWNV8DaBp1jYXrjU9UeSfUNQXAeVwFBwcfKPmAGMbQoAryL/AISzxJ/0MGq/+Bsn+NdEKTaumRKai7NH1L/whPhfdu/sDT9+c+Z5C78+u7rn3pp8OT6fiTQdVurJl5FvPI1xbN7FHOVH+4y4/Svlz/hLPEn/AEMGq/8AgZJ/jXQRaprT+E31A6/q/wBpGSG+2ycANjGN1WqEu5hWxlOklzLdpfee+6D8Q9L1PWH0G8ZbbWopXgaJCXikdc52SYweh4ODwRjiuwr4x+13MVpHdx3EqXIfzBMrkOGzndu65969a+CfjjWtS12fQtVvZ72A25lhedt7xspGRuPJBB7k4wMd6eIwvs7NPpcdGvz3TXU90ooorjOkKKKKACiiigAooooAxPFfhu38VaBNpszeVJkSW84GWhlH3XH8j6gkd68KtbqZL250rUYvs+qWbGOeI98fxL6qeD+I9RX0hXmHxa8DPrFoviLSo3/tSyT96sXDzRDuPVl5I9Rkc8Cu7A4p0Z2ezPMzLARxdP8AvLZnF0Vzen+JhsVNQGBj5biNcqf94Dp/L6V0MUsc8YkhkWRG6MpyD+NfSRmpbHxNbD1KLtNf5DmVXQo6hlYYIPQiodNuGsZ106ckxN/x6yE9R/zzPuO3qPpU9RXNvHdQNFJnB5BU4KkdCD2INc+LwscRT5Xv0OrLcfLB1eZfC90a9FZmm38jM1neEC6jGQ/QTJ/eHv6jsfYiqmpeKbO0zHaEXc/+wfkX6t/QZP0r5b6vU9p7O2p9/HEUpU1VUvdZoapqkGlWhnl+ZjxHGDy7eg/x7V59PPNd3MlzcMGmlOWx0HoB7Clubme9uWubqTzJW4z0Cj0A7Co697BYJUFzS+JnjYvF+2fLHYKKKK9A4gooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAJwMnpXtfwh8Era2i+J9ShBubhf9CR1/wBVEf4/Zm7ei/7xrz7wL4PuvFOoy3AgWSwsCJJlcfLcOORCD7jr6DHrX0lZ3MN5ZxXEBzFIoK8Yx7exHSvIzHENr2cdup6WBpJS5pb9Divi54ch1zwPdXQhV7zTVNzC56hRgyDPoUBOPUD0r5q8qI87F/Kvs+SNJY2jkUMjgqykZBB6ivk3U/C9/YeJtR0aCB2FncNGJZflXZ1Qk+6lTgZ61z4KtGKansdVfD1KskqSbb7GF5caDOxRjvirFjZ3V/KrW8Ly7T2GFX/eY8fh1rqLDwnbRFZL5/tMg52YxGPw6n8fyrfSNIkCRoqIowFUYAp1cwS0po9nB8M1J+9ipW8lv9/Q5+z8Lrw1/MZD/wA8oiVX8T1P6VvQQQ20QigiSOMdFRcCpKK86rWqVXebufU4XA4fCR5aMUvz+8KKKKzOwKKKKACiiigAooooAKKKKACiiigAooooASNri1vIr6xuGtb6H/VzJ6d1YfxKe4P8+a9T8PeNf7f01Y4LMnWY/kuLYZCRH++W/uHqOpPTqDjy2ptO1eTw5rNvrUWSkI2XSD/lpAT8w+q/eHuMdzWlOSvZ6niZxl/tqbq09JL8V/n2ParPTPKn+2Xkv2m9II8wjCxg/wAKL/CP1Pc1oU2ORJY1kjYOjgMrKcgg9CKZ9pg+0m28+Pzwu7yt43Y9cdcVUpOTuz5OEIwVoj3dIo2kkdURQSzMcAAdya+ddR+J1tpNg9lpMa3V350pMzf6pQZGIIx97gj256npXpPxptdXu/ADppKTSKtwr3aRDJMIDEkjqQG2E49M9Aa+eND8Jaz4glVbKzYRHrPKCsaj69/oMmurDKybRhiOV2Uuhn6lqd5q97JeX07TTyHLM3HtwBwOnauq8IfC7xF4uMc8cH2LTm5N3cAgMP8AYXq38vcV6b8MPhpokEupXWpwx6ld2V4LeNpV/dr+6jcnZ0JzIRk56DgV7GBgYHSlVrOL5UVTpppPocb4Q+GXh7wgqTQW/wBr1ADm8uAGYH/ZHRPw59Sa7KiiuVtt3ZuklsFFFFIYUUVTu9Us7Jgk8481vuxIC0jfRRkn8qai5OyRMpRirydi5SEhQSSAB1JrM+1arecWtolpGf8Alrd8t+Ean+bD6Uo0SGYhtQmlv364mP7sfSMYX8wT71fIl8T/AFM/ayl8Efv0X+f4A2t28jGOwjlv5Bwfs4ygPu5wo/PPtSfZ9WvP+Pi6jsoj/wAs7Ub3P1dhgfgv41pqqooVVCqBgADAFLRzpfCvv1/4AeylL45fdp/wfxKdppVlZyGWKHM5GDNIS8h+rNk1cooqHJyd2zSMIwVoqwUUUUigoopFdXUMjBlPcHIoAWiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/yBrj/sJ6h/6WTVu1heEv8AkDXH/YT1D/0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAVzviFftGueHbQnKC6kuXX+95cTAZ+jOp+oFdFXOeJnFpqegag5Cwx3jW8rf3RLGyr+biMfiKcdwPJ/wBoP/X+H/8AduP5x147b2pnikfdjb0GOtdt8TvGL+MJ9OmFkttbwiXyP3m5nVtuC3AAPA4Getclp7KLabJAxyfyr1cJTWkZnFi5Si215GzotrBL4P1OWSFGkBfDFeRhARz9TU1v/wAiA/8Aut/6HTNDkRfBmqBnUHL8E+qAD8zRBNGPAUi71yMqRnuXzitqluWPoeDU5nOX/XyP5GHJ/wAglPw/nXd/Ar/kov8A25y/zWuDkYf2SgyOuP1rtfgpLND4/wB8FubhxaSfIHCnGV6E8VnitUkuyPZw7tdvuz6gorN/tlI+Lqyvrc/7UBcfmm4frU1tq2n3bbLe9t5HHVFkG4fh1rynTmtbHaq1Nu19fx+4uUUUVBqFFFFABRRRQAUUUUAeCfFXwKNAun8QabHjTLh/9IiVeLeQn7wx0Rj+RPuAPNYsI3m28jRMf44nK5/LrX2DcW8N3bS21xEksEqFJI3XKspGCCO4r5o+Ivw9k8F6iLmz3to9y5EMgzmFv+ebnv7E9QPUV62Dxl0qc9ex5uKwqd5x+ZhJq+qR8C9Zh6PGp/pTm1nVW/5fAv8AuxL/AFBrIEsy/wB1x78Gni6H8Ubr+Gf5V6inHu/xPLeGhvyr7kTztJdMGuppZyOQJGyB9B0oAAGAMCohcwn/AJaKP97j+dSB1PRgfoauPL0G00rWFoooqhBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVvStLvNb1a10uwQPdXL7Uz0UdSx9gMk/SqUkixIXc4Ar3H4ceCb7w/oieIJIiNZuF3G1fjFucHyjno5wGz64B6GuXFYhUo2T1exvQpOb5mtFud/4c0Cz8M6FbaVZL+7iX5nP3pHP3nb3J/Lp0FJD/AMSzWGtzxa3zGSL0SXqy/wDAh8w9w1aFpdQ3trHcQNujcZHGCPUEdiDxio9Rshf2Twb9knDRyAco4OVYfQ189F2k1PruezNc0VKn01X+XzLVeV/EvTDZ+ILPV0B8m+j+yzHsJUyyH8VLD/gAr0jTL031mHkQRzoTHNH/AHJBwR9O49iKr+ItEh8RaDdaZM2zzVzHIBkxyA5Rx9GANS1ZuLOrCYj2dSNaHQ8TopiieKWa1u4/KvLaQw3Ef91x6eoIwQe4Ip9YtWdj72nUjUipxejCiiigsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACggEEEZB7UUUCPUfhrfm78GQWztul0+R7NvZUOY/8AyGUrzaLwn4hHiKOE6XcjVReidtU8oeX/AKzJm8zpgjJ2Zzj5cV2fwrkIOu2/8PnxTfiybT+kYr0WtubqfD1G8PWqQilbVfIoa5eDTtA1K+Y4FtayzE/7qk/0riNJtvsejWNr08m3jj/JQP6V0Pj2THg+8twMm8eK0xnqJZFRv/HWJ/CsiSRYYnkc4RFLMfQCuzCLRs8PHPVI1PAY36HdXP8Az31C5P4LIYx/6BXUVgeCYGt/BOjiQbZJbZZ5B6PJ87fqxrfrjm7ybO+CtFIKKoXGs2cErQI7XFwvWC3UyOPrj7v44FRZ1i8+6sWnRHu2JZcfQfKp/FqpU3u9PUh1o3tHV+X9WXzNGaaK3iaWaVI41GWd2AA/E1nf2wbk4020lu/+mp/dxf8AfR6j/dBp8Oi2aSrNOHu7heRLctvIPqB0X8AK0aLwj5/1/XYVqst3yr73/l+DMv7Bf3fN9fmND/yws8oPoX+8fw21bs9PtLBCtrbxxZ+8VHLe5PUn3NWaKTqSat0KjShF33fd6sKKKKg0CiiigAoorjfC+jeLLDxXrd5rWsJdabcN/o0IJPf5SB/yzAX5SBnJ5PTJaV09RNnZUUUUhmH4w0y91nwpf6fp0ojuZkAXLbQ4DAshPbcoK596574a+GtU8PrqUl9apYQXJj8qyWRW2su7c52kqNwKjg/w813tFO+lilNqLj0YUUUUiQooooAKKKKAPMH+Jt9YfZ9T1C2t5NMup3hS0tlP2qLG7GSz7WPy4YYXGepxzY/4XNon/QH1r/v3D/8AHa8w8cwxReONdlVBH/po8yRF+YIQm4j8CTVPULCztdPNxb3ExkfH2cecWDE9B7g9854rslCkuW6ep1YbBTqU5Tctte2h6HqXxjmuLoQ6dpl1Z2uPmuZIo5pSfQR+Yqr9SzfSuh8Px6Z4tsGvBruu3xR9kqy3T2pjfAOCkOwdxzyPc14XM0gvF2s20bckZ2pnPDcYJbtkjoetel/CW4ittS1555kiiEFsWZ2CrnMvPNVVoxhC8TJ04q/k7HoB8IaVgbG1KNgPvR6pcqT7kiTk+5pBo2r2PzaX4huSB/yw1JBcxn/gXyyfjvP0q9b69o93L5Vtq1jNJnGyO5Rjn0wD7itCuO76k8sWY9p4neC6isdfs/7NupWCRTB/Mtp29FkwMMf7rhSe2a6KuM8f67BofhljPYRXxvJRapBMAYyxVmy/sApPHU4HHUef+HvilquiJHa31ql9p+8JGFkPnRAkBVDMTvAPHzc46k4q1SlKPMkLkk9tT3Oiud8NeMdP8SRzKivaXULhHtp2XdyMgjBIII9PQ10VZWE04uz3CiiigQUUUUAFFFFABRRRQBheEv8AkDXH/YT1D/0smrdrC8Jf8ga4/wCwnqH/AKWTVu05bsS2CiiikMKKKKACiiigAooooAKz9c0uLWdEu7CbcFlT5WX7yOOVYe4YAj3FaFFC0A+RX05NQ0m0RmKOka7WxnHAyKo/8I1J/wA/K/8AfNfS+ufDLw3rCyyR2a2V47+YJ7fIG7OTlM7SD34zz1B5rnx4L07TP3eq+DvtaAkfbNLmd1I7Fomfep9l3/Wu/wCswfQtunL4o/ieReFvhxc+KNTnsotQjg8mHzWdoiw5OAOvfn8jXW/8M/X/AP0H7b/wHb/GvR9IvvDOgxyRaXo2qWzSEGRU0W73vjOMkx5OMnGTxmtI6lrupny9L0d7OM/8vmp4VQPVYVO9j7Ns+tYzrSb00Rm4UzxTUvgreWFzaWcWtQXN9dvtht0hIO0fedjnhFHU+4HUgV6n8PPhfbeBp7i9kvTe380flbxHsWNMgkAZOckDn2rqdG0CDSWluZJXu9SuAPtF7MBvf0UAcKg7KOB7nJOvWcqsmrXJUIp3QVBcWdreJtubaGZfSRAw/Wp6KzTa1RTSaszM/sKzQ5tjcWpHQW87Io/4Dnb+lH2HU4f9Rq3mD0urdX/VNv8AWtOir9rLrr66mXsKfRW9NPyM37Rq8P8ArbCCdR3t58Mf+AsAP/HqP7ajj/4+rO+tj/t25cf99JuH61pUUc0XvH+vxD2c1tL77f8AAf4lS21XT7xttte28rd1SQEj8OtW6r3NjaXi7bq1hnHpJGG/nVQaFaR/8ez3Nr6CCdlUf8ByV/Si1N9Wv6/roF6q6J/h+Gv5mnRWZ9j1SH/Uaoso9Lq3DfqhX+VH2nV4f9bp0M49be4wx/4C4A/8eo9nfZr+vWwe1t8UWvx/K5p1W1DT7TVbCexvrdLi1nXZJE4yGH+e/aqv9uQx/wDH1a3ttjqZLdmUf8CTcv61ZtdTsL04tryCY9wkgJH4UnTmtbDVanJ2TV/66Hzl8QPh1d+Dbg3dr5lzorkBZ25aAnosmP0boenXrxFfZU9vDdW8lvcRJNDIpR45FDKynqCD1FeCeP8A4TXGh+bqnh6OS50wZaS1GWktx6r3dB+Y9xkj0cNjL+5U+85a+G+1A8wppjQ9UU/hSghhkHINLXo6M4dUM8qMdEA+nFOHmJ9yQ/RuR/jS0UWtsF77k0U4c7WG1/T1+lS1TZdw64I5BHap4JDInzffU4atYTvozKcLaolooorUzCiiigAooooAKKKKACiiigAooooAKKKKACkd1RSzHAHWhmCqWY4A5Jqz4e0G98X+IbXSrMFTIdzOVyIYx96Rvp2HqQO9ZVaqpxuzSlTc3ZHY/CfwS3ifWxreow/8Smwk/dxP0mmHIB9QvBPvgc819FVR0fSbPQtIttMsIvLtbZNiL3PqT6knJJ7kmr1fNVqrqzcme9SpqnHlRj3SnRrp9QiUmymObuNedh/56gf+he3PY511ZXUMpDKRkEHIIpSARg8iseAnRLtLRz/xL52xbMf+WLn/AJZn2P8AD+XpR/EXmvxM/wCFL+6/wf8Ak/z9dHXX/Es1VL4cW10VhufRX6I//sp+q+la1RXNvFd20tvOu+KVSjL6g1S0i4lMctjdMWurQhHY/wDLRf4H/EdfcGk/ejfqvy/rT7hr3J8vR7evX79/vOW8feEZdQA1vSot2owptnhXj7TEOw/216j15HcY82gnjuIVlibcjdD/AJ6GvoSuA8YeAmu5ptX0BI0vnJe4tGO1Lo+oPRH9+h7+oza5j3ctzH6s/Z1Pgf4Hn1FRpLmaWCRJIbiE7ZYJV2vGfQg/z6HtUlZtW3Pq4TjOKlF3TCiiigsKKKKACiiigAooooAKKKKACiiigAooooAKKKinkaOP93G0szkJFEvWR2OFUe5JAoSvoTOShFylsj0b4VQH+ztXvCuBNe+Wjf3lSNR/6EXH4Gu/rI8M6OPD3hqy01nDPDHmZ88NIxLO30LFjUj63bO5jsklvpAcEWwyoPu5wo/PNbqLk/dPz7EYiLqOcna7bMHxrL5+qaDpwP8Ay2lvXHqsabBn/gUqn8KwPEjn+wbq3Ryklyot1YdV3kJu/AEn8KlupbrWPFOoXMp+zG0VLHbEwccDzG2sR1y4BOOq47ZLrLT4p/GOjW0a5MRkvZ2clmZUXaoJP+3Ih/4DXoU4qlSuzxqs5Vq9or7/APL/AIY7OO+uZo1i0zTnESgKs11mJAB6LjcfyA96d/ZMt1zqV9LOD1hi/dRfkDuP4kj2rUorg9pb4Vb8/wCvQ9L2PN8bv+X3f53Ire2gtYRFbwxwxjokahQPwFS0UVm3fVmqSSsgooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAeH+MPC2q6h421q40Sye+gEkXn7XRDHKY1JUbmG4Y2t7b8Y4rn4/APieJtyeG7sHnA8+Ehc8nA8zA/CvZ/Bo83w7Hfk5fUZZL5m9RK5ZfyQqPoBWhreppouhX+pyLuW0gebbnG7aCQPxPFdKxE4+6uhrGclHc+ZtbcaHqv2PVbKWG9iCsY96OVzyM7WIzg5Geec96v6DbwajE2pTQxuXOyJXXdsVc+o6kk/pXDzz3esapJPMzTXd3KXdu7Oxyf1Neo2dqllZw20Y+WNQv19TXsYKLlLml0Pms+x8/Yqknbmf4IzdXWVZ7SOKzt2tSxNxJKg2ogxnr04zVHQviBqXg2+P9n6l/aGnmX/jxk3eWqZJO0n7jc8bcjuc9K3NTsRqWmzWhbb5g4b0IOR+orhz4bigEovNYsoXQEhFbcT+HB/nV4yk5O1ro4cpxMIRu5Wa6Jb+fX0PWfiFcWPjTwbpnijS5Z5IIZfJuYxg/ZlPzMWHOxgyoNw/hbqQc15vbGFnhggnSaVp4jtiUAAKy5OF4HC5J7nJ71v/AAQ8QSaf4vbR3c/ZtRjIC9hKgLA/kGHvkelereMvh+fFF8buHUEtmkgW3njlhMiuqsWUjaykHLNnk549OfH9p7NOB9lhpR5ud/1/X4eZ4XmFZHuJ2njVXdzcWyK8ySB/lI3MuMeoOeBX1No0mpS6NaSavDFDqDRAzxwnKq3cD/8AWfqetcB4T8E2Wh+MbiLU4rHULqa2ju7edrVVMTxuVbYCWI+9Gc5zmvTayrVFJJJE1GnUbQUUUVgSFFFFABRRRQAUUUUAYXhL/kDXH/YT1D/0smrdrC8Jf8ga4/7Ceof+lk1btOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiuY8Q+O9I8OXyWNwl3c3RVXeO1i3GNDnDMSQOx4BJ9qai5OyJnOMFzSdkdPRVTTNTs9Z02HULCYTW0wyj4I6HBBB5BBBBB6EVNFdW800sMU8UksRAkRXBZCemR2pWKvclooooAKr3NhZ3oxdWkE/8A10jDfzqxRTTad0KUVJWauZv9h2qc20t1ant5NwwUf8BJK/pSfZNVh/1GqJKPS6twx/NCv8q06Kv2suuvrqZewh0VvTT8jyDxv8LLnWZZdS0vT7a21F23SLbz/upz3JVguxu+QTnuCTmvGtS0y/0a+ax1OzltLpRkxyjBI6ZB6MODyOK+xKyte8N6T4msDZ6tZx3EfVGPDxn1Vhyp+nXvXTSxsoaNaGU8Ipa31+R8jUV6T4s+DmsaKXutEL6rYjnywB9ojH+6OH7fd55+7XmxBV2RgVdSVZWGCpHUEdjXqU60KivFnDUpSg/eQURnbcL6ONp/mP60Un/LSP8A3q06oz6MuUUUV1HMFFFFABRRRQAUUUUAFFFFABRRRQAUhIAJJwB1NKTgZNU5JPPPH+qH/j3/ANapnLlKjHmBma4ddqsykgIgGS57cfyFfR/gD4d2+geG1OoRn+17rEs0qNh4Dj5URh025OcdST1GK8p+FX/CPw+KBqPiC6jtxAM2PnoRE0vOXLn5VK44z3ORyBX0qrK6B0YMrDIIOQRXh4zEScuVHr4fDxUfeW5ki+udKITVD5ttnC3qLgD/AK6KPu/7w4+laysGUMpBUjII70pAIweRWQdPuNMYy6Tgw9XsXOEPvGf4D7fd+nWuP3Z+T/D/AIH5eht79PzX4r/P8/U16iubaG8tpLe4QPFIMMpqGy1GC/V/LLJLHxJDINrxn0I/r0PardQ04vszVONSOmqZl6fcy29wdLvXLToC0Ezf8t4x3/3h0I/HvSasptJItXiBJtwVuFA5eE/e/FfvD6Ed6tahYrfW4UOYpo23wzL1jcdD7+hHcEimadfNdxyQ3CLHeQHZPEOmezD1U9Qfw6g1rf7a+a/rv+D+RzuL/hSfo/66r8V8y6rK6K6MGVhkEHIIpaydLJsLqXSXz5aDzbQnvETyv/AScfQrWtWU48rsb0588bvfr6mJ4g8J6R4kRTfQFblBiK6hOyaP6N3Hscj2rzzU/h/4h0ws1mYtXtxyNhEM49ipO1uO4I+levVDdzC2s55z0ijZz+AzSWuh1UcXVw15U5W/I+fZbyO2jSS8jms1f7rXUTRK30ZgAfwJoW/s3GVu4GGM5EgPFe96TB9n0Sxt2HKW6Iw+igGvNPiVbwa94m0TwfYwQpLcSefcyJGNyKQQDn2UStj1CetV7OLk0tj0IcQ1o01KcE3ptpr+JxcmradFw99bA+nmjP5UwavauAYhcSg9DHbuwP44xX0RbWdvaRLFbwpGijACrjiuU1z4c6Lf+ZdWJOkXZyzS24AiY+rxn5T7kYPvUKMTeOezcveikvv/AFR5H9vnY4j0y6Yf3mKKP1bP6Uebqbn5bS2Qerzkn8gv9a1rvSNZ02Frm5sJLjT9x8u+tELIyj+Jk++g9yCPeqkU0c8ayQyLIjdGU5BpSi4uzR6+GxFPFR5qVW/3f5XKnlam55urWMeiwMx/Mt/Sj7DcMcyancn2RUUf+g5/Wr1Z00kl/cvaQOUgj4nlU8k/3FPY46ntn16JNs2nCEV1bfm/8yrHALjUFFrNcmOBwZZ3uHKkj+BVzg+5xx9em3TIoo4IliiRUjQYVVGABT6UpXLo0vZp92FFFFI2Ciimu6xozuwVFGSxOABQLYJJEhjaSRgiKMszHAArq/BfhPV5r+PXLu0jtlQH7Cl1klMjBlMYwdxBwASNoJ4yeJPBXgs6u8GuaxEfsK4ks7Rx/rT1Esg9O6r+J7Aep1tD3Nep8nm2YfWP3NJ2j1a6/wDAMsaJFMd2ozy37f3ZjiMfSMYX88n3qxqN7baNpF1fTAJbWkLSuFHRVBPA/Crlcd44uftUmnaChyLmT7Tcj0hiIIH/AAKTYPcBqtOVSSizwnGFKLkl/XqY2iW81vpUX2r/AI+5i1xcf9dZGLv+rEfQVs+C4PtOpaxq7D5TItjAc8FIslyP+2jup/3BWVql41hpk9wieZKo2xR/89JGO1F/FiB+Ndp4f0oaJoFlpobe0EQEkn9+Q8u34sSfxrqxMrRUUceDi5Tc2aVFFFcB6QUVlat4hsNIkS3kaSe9lGYrK2XzJpB6hew/2jhR3NZhXxLrB3T3Eeh2p/5Y222a5b/ekYFE+iq3s1Owb7HQ3d7aafbtcXt1DbQL96SaQIo+pPFYv/Ca6LKQLOS61DPRrGzlnQ/8DVSv60lp4W0e1nW5NoLq7XpdXjGeb8Hckj6DArYo0K5WY58T3jn9x4U1qQdmY20YP/fUwP5ik/4STUxy3hDWMd8TWhP5edWzRRddg5PMyP8AhLYolBvNG1q19c2Rmx9fJL1asfFOhalcC2tdUtmuT/y7u+yX/vhsN+lVte8Sab4ct45b+R90zFYYYkLySEDJwB6epwB60W8mi+LtHjuPIgv7KQkBbiDOCDggqw4IINVy6c1tCdOblT1Ogorhdc0a78PaDfX3hi+vrWW3gaRbPf58LYGcBJN232CEfQ1w/hLxrdWXiW0a71+e70+53G8NxKZEiXacSZ/5ZjftXjC/NzVRpOSbT2MKuIjSqRpyTvL7j3KisDxP4qt/DujRXqRi7luXEdrEj4ErEE53c4UAEk88D6V54fHviyQ7mutOiz/BHaMQPxZyTWfqehh8HXxCbpRukexUV47/AMJ14q/5/wCy/wDAP/7KgePPFakMLzT2x/C9mcH64cH9aV13Oj+ycZ/J+K/zPYqK47wt49tdXtZYtVa3sNStyokj8z5ZQ3R0zzgkEY5II78E7/8AbtmxxEl3N7x2kjD89uP1q1Tm9UjzKk40pOE3Zrp1NKis3+07p/8AVaNesP7ztGg/V8/pR52tOflsrKIer3LMfyCf1p+zfl96M/bR6J/c/wDI0qKzfs+syff1C0jHpFakkfizkfpR/Zdw5/favfOP7q+Wg/8AHVB/Wjkj/Mvx/wAg9pLpB/h/maVV7u4hht5PNmjjyp++wH86qjQbE/637TP/ANdrqRwfwLY/SpIdG0u3bdDp1pG395YVB/PFFqfd/d/wQvVfRff/AMAx/BZB8C+H8HP/ABLbf/0WtZvxPjml+G2trBneIVY/7odS3/joNX/CR+z6ddaU/EmmXcttt9I92+L/AMhulampJZz2E9rfPGtvcRtE4kYAMrAgjn2NK9pXOneNj5ULXnhOS3Y+Q5ljyYwBnPfccc4JwMHt+fS6L4httWjCsVhuRwYi33vdfX+lYHjfSr3T9REV0Q0loot3YfxjJKSD2dTn65HUVz2mwSXWp20MWQ7SDBHbnJP4da9yFdwmlDWLPl6uBhXouVbSavd+h2/i+/ks9LWKJtrXDbCe+3HP9K8+r1HWdJj1ix8hn2OrbkfGcH/CuB1bQrvR9jT7Hjc4V0PGfQ+lVjKc3Lm6GeTV6KpeyvaV/vNn4ZRyyfEjQ1hJDCcscH+EKS36A19X14N8C/C0s2qT+JbmLFvbo0NqWH3pG4Zh9FyP+Bexr3mvFru8j6igrRMR+fiHp2OdulXefbMtvj+R/Kulrm9IP27xfrN6DmG0iisE/wB8Zkk/SSMfVTXSVixvdhRRRSAKKKKACiiigAooooAwvCX/ACBrj/sJ6h/6WTVu1heEv+QNcf8AYT1D/wBLJq3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeZ+L/AWr33iS41XR/s0yXmzzo55jGY3VQu4HacrtC8dRg4zmvTKKuE3B3RjXoU68OSoro5/wv4dm0DwmmlPdA3TeY8k0Q4WR2LHaD2BPHHOMkc15x8PPht4k8PeNY9QvxDb21srq8kcwb7VuUjAA5xnDHcByB9a9noqo1pRUl3K9lH3fLYKKKKyNCkL+U622n/YLkRC3E32zA8ondjy85zu79OlXaKKACiiigAooooAK5rxN4C8PeLFL6jZBLrGBd252TD/gX8X0YEV0tFNNp3Qmk1Znzz4j+DGv6UXm0l01a1HIVcRzqPdTw34HJ9K84uoZ7Sd4LiCWC5iYFoZkKOCOxU8ivs2s7WNA0nX7byNW063vIwDt81AWTPUq3VT7giu2njpx0lqcs8JF6x0PkxGV0DKcg9KWva9W+BelyO8uh6lcWJYk+ROPOj+g5DD6ktXn2t/DXxhopZv7I+3wj/lrYP5mf+AYD/8AjtepSx9Ga1dmefUwVWL0V0crRVWVp0maGbMEinDRlSrg+hzyPyqMxqfvZb/eOa39sn8Jj7Jr4i9RVHyY/wC4o+gpQuPuu4+jGj2r7B7Ndy7RVQNKOkpP1ANKJph18tvwI/xqvarsL2b7lqiq4uJO8Q/B/wD61IbiTtEo+rf/AFqftIi9nIs0ySVIh8x5PQdzVcvM3WQKPRRTVRVOQOT1J5JqHV7IpU+4rs033htT+76/Wuk8E+ELnxpry2MZkjsosPeXCj/Vp6Anjc2MD8TjApvhHwZq3jK/ENhGY7RGxcXrr+7iHGQP7zYPCj1GcDmvpbw34b07wro0WmabEViU7nduXlc9XY9ycfoAOAK87FYpQTjF6nfh8Pze9LY8n1j4S61pcZOkyQ6paqMCI4imA9ME7W475X6VzOneItc8F3TQ21zPYNH8z6feowiI6/6tsYB/vJjPqa+lahuLS2uwoubeKYKdyiRA2D6jNcCxDtaauerzu1nqZSeKNOt9A03U9YuYNLN7BHIIrmUKVZlDFecZxnnj8q2IpY54UmhkWSJ1DI6HIYHkEEdRXNeKvCtxrt7ZX1lfRW1zbRyQ4nhMqMjlSeAy4IKD69D7cbr48eeGNW8M6H4WjmuNJht4opZhbK6SOGIfzDz5a4xjkdTg8cZKEWlZ6mHNJSd1oem32mQ3jLMGeC6jGI7iLh19vcex4qvFqU1nIlvqypGzHbHcoMRSHsDn7jex69ia5mX4oafa63d2N1peoRW9rM0ElyFV9rKcElFJbb0IIBJB6CutstQ0zXtP86zuba+tJBtJRg6n1BHr7GmpaWlqvy/rsFShKL546N/c/wCu5erO1KzlZ0vrID7bAMKCcCVO8bfXsex59ag+z3mjjNmHu7EdbZmzJEP9hj1H+yfwPatG0vLe+h823kDrnB4wVPcEHkH2NFnD3o6r+tyOZVFyT0f9ap/15mdcMNW02HULAH7XbsZIkcbWDDh4m9MjKn0OD2q1/bGnrpS6nNdw29oy7jLO4RV9iTwCOlcZ418ZW3hHVPL06SKXVLuMmS1k/wBWpx8kjkfdPbH8Q9MZrzXS/C/ij4lyRX8zeVaiSQm9uBiI5bJ8qIdTknkYBxy2a6FQUoc0naPT/I51VlGpypXl17eT/R/8A9Q1D4veEbFnSK6uL514ItYCQfozYU/gaxb34x6Fqthc2EOnatHJcQvGHkii2rlTknEhPT2qXRfhF4OWSWC6v5tXu4MLcR/atgjb3SMgr9CTS6X4U+Fmr61faPp1qsmoWW4TxpcXClcHa2CWAOCcHGevvSi8PF3SbsaTjWnFxulc6DTvid4P1AFU1iK3ZVyUulaH8iwAJ9gTWD8MLaTXtW1nxzdxkPfzNDZhh92IEA/+gon1jPrWPq3wa0XV4bv/AIRfXmSeGQxywSyCeNHAB2Fh8yHnnO4+1cvpmveL/hXqMWm38EhtDki0nfdDMM8mKTnaec4HrytCpQmmqT17PcbnKLTqLRdj6NJABJOAO9YvHiF+/wDZSN9PtRH/ALTH/j3060dL1iHxtAHtg0WmoFFzHIQJXcqG8tgCdoAIz69BxnOjcamWMltpgi/c/LNcvxDbgdc/3iB/COncis4wcHb7X5f8H+t9lOpGpv8AD/6V/wAD8/Te3e6hBYLHGVaSeTiK3iGXf6DsPUngV5t488PWVlpkmuTCGz1i5uIY4obRgiPmQbtw/wCWjbCxJI7cYpNV+IdlprtbeG1Op6jcNsbUZkLiRvSNV+aX2C4Uep5rkNa0jXU1bS9S8Qs/2q6MkiLcPvm2IuDkL8ka5kXCL+OCKt0+SDb09d36Lov68jXB1J1cVCMb3uttl6vq/Jf8EbeXS2ds0rAs3REHJdj0A9yabYWxtLGGFjlwuXP95jyx/E5qFh5+uBW5W2hDqP8AackZ/AKf++jV+uF6Kx+hw9+bn20X6/j+QUUUUjcKKKQkKpZiAAMkntQIGZUUszBVUZJJwAK6fwT4QXxEYda1SM/2Urb7W2cf8fJB4kcf3P7q9+p4xngjbz+J7m3sLfckF3OsEJ7yknlz/sKMt77fTr9JWttDZWkNrboI4II1jjQdFVRgD8hXRKk6STluz5PH5xHEuVDDu8Vo33fZeS69yWiiiszyBGYKpZiAAMkntXm1jcnWL+819+VvWCWvH3bZMiP/AL6yz/8AA8dq3PHF8Z4IPDtux83UATclT/q7YEb/AKbuEH+8T2rKvLqDTNOluZfkgt4yxCjsB0A/QCu3C0/ts8/GVNqaHafbf2x4vtbfrbaYovJ/QynKwqfph39iq+teg1geD9Im0rRBJeKBqN65urvvtdgMJ9EUKn/Ac9636560+edzqoU/ZwSCuVn1u+1+d7Tw5IsVojFZ9WZQ65HVYAeHb/aPyj/aOQI7q4l8X3clpaTPFoEDtHdTJlWvXHBjQ9owchmH3j8oOMmuhhhitoI4IIkihjUKkaKFVQOgAHQVGxulco6Voljo0bi1jZppSDPcysXmmb1dzyx/QdsVo0UVN7miVgooooAKzNf12z8O6U9/eFiAQscScvK56Io7k/oMk8A1pMQqknoBnivCdR1u98Watb3/AJLTT3P7vTLFTny1b37EgZdj0Ax0FdOGoe2lq7Jbs48di/q0Fyq8nol3YskmreJfEIYqs+s3gwkYJ8u1iB/RFzyerH3IFexeHdEi8O6JBp0UrTFNzSSsADI7EszYHTknjsMCqPhLwtF4bsGMjLNqNxhrqcDgnsi+iDnA+pPJrflljgheaZ1jijUs7scBQOSSfSqxOIVS0IK0VsZ4HBuinUqu9SW7/ReQ+oIbO1t2laC2hiaU7pCiBd59TjrXNw/Ebw5NcrELi4SFyFW6ktZEhJJx94jgdOTgc9a6sHIyOlctmjvTTPJPiJpMWh32kvpVvJ5MzTMbNZdsKMAvzIp4QnJyBgH0z15P7bf/APQLP/f9a9D+J/8Ax96H9Z/5JXmtqNa+2X/nmDycH7N6Z7dOceue/SvWwuDpVqSnNNs8jFcQY7AVZUcPKKiknqu/Yn+23/8A0Cz/AN/1o+23/wD0Cz/3/WqMK6//AGDMJDF/aG4+WeM7c/lnrj8KddDXzp9l9nMH2oMPtA4x/wDq9cfhW/8AZ2HtflkZf625te3tIb22/H0O++Fs9xL4xvBNbGAGwPHmBt2JF9Pqfzr1+vJfhrn/AITG5z1/s8/+jFr1qvKxdKNKq4R2R34TGVcbSWIrfFLe33BRRRXMdIUUUUAFFFFAHnXjvXpfBviG01Gxgjnl1O3eKeCRyqnyipWTIB5AkK475X+7XlHivxRe+JtXN1cwRRtDAiRwRkyYGJWLDKnA+VS3H3U69K7/AOK2latqWuwNDp9xdwRWyi1KwzvGjFm87PkDcGOIcbuMA45Fefar4T1iwjlv20e+TS3kVUkuY0woHQuJCGRQxfDOB8pGTXZTjDkT6jpVUpOOq31+R0fhjQ7D4heF7zQpx9lvtKdhbX0R3BonlchCvdQVOFzxwR3rDsvh14g8K6nNPf6ZNdRqNkM9khnU56navzj05X1r0b4V+GNU0Q6nfalCIReLGI1MiOz4LsznYSoBL8YPY9OK9HpRxEqNS8dbGWJwtPEQlB6X7HgyR3krbItK1WR842jT5uD7krgfjV658B3t/pFxqHiGFrDS7GN7t4FdWuJgik44JVARnuT7Cva6yfFNtNeeENatbdDJNNYTxxoOrMY2AH5mtqmZVaq5dEjz8PkeGw8/aK7a2v8A8A8FTxt4p0qNLGO5l0WKGMeXam0WGNF5+6GjZyMg8sSSc1qaR8VPEmm3gF9L/bEMgKiJYxv37Ts2kInVtoIweM45rmbKztrt4IIYY9lyrjCjbuxE55x9KteBXuLz4g6RArM/+lRyKmBwFG5j7YUHr1onSik2z1nJR9x79/v/AMj6L8MaeNN8O2kTM7zSKZ55HTY0ksh3uxB6ZZjx26dq16KK85u5IUUUUAFFFFABRRRQAUUUUAYXhL/kDXH/AGE9Q/8ASyat2sLwl/yBrj/sJ6h/6WTVu05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooApajo+mavEItS0+1vEX7q3EKyAfTI4ri9S+DPhC/+a3gutPcnJNrOcH/AIC+4AfQCvQaKqM5R+FkuMZbo8Q1H4C3iBm0vXoZeeI7qApge7KT/wCg1y998IvGlm5CadDeKP47a5TH5OVP6V9L0V0RxlaPW5jLDU30PkW78M+ILAM13oWpwopwXa0fb/31jH61keamcb1B9Ca+0a4zx1oSSrFr8NotzLZoUuoPLDGe3zk4B6shyw9fmH8VdFPHtu0kYVMIkrxZ8x5HqKQyIvV1H4175/wjXhu+tNyaRprxTR5WSO3QEqRwQwGeh4Irc8CLptq0mkSafZW+q2agiaK3SNrqHosvA69Fb356MK6KuJcI3sc9GnGpLlvY8D0jwh4j14qdM0W7mjcZWZk8uIj/AH2wp/A16h4Z+BscbrceJ7xZ8c/Y7RiqH/ek4Y/QAfU17JRXBUxlSei0O+GGhHXc5fULTRfCGiGeO7utMs4cJHFbyFwWJ4VI23DJJ6AVS8O+LG166mtbG/BuIV3m31C08uR04+dWRtpGTg4HHccjNzx54du/EWiQR2DRfa7S5W5jSU4WTCshXPbhyQfUCsDwL4R1iy13+19WtxZLDC8MVv5iyO5YjLEqSAAFGBnJzzjHNQcHRcpS97sc1SNVYiMIQ9xrVptWfpt+B2v23U4R+/0nzPe1nV/0fZ/Wl/t2yTi5E9qR1NxA6KP+BY2/rWlRXNzRe8fu/wCDc6+Sotpfev8AKxBb3lreJutrmGZfWNww/Sp6pXOkaddtvuLG3kf++YxuH49ah/sVIzm1vr63Pos5kH5SbhRaD2dv6/roHNVW6T9H+n/BKWueC9C1+Vri6tPKvCMfa7ZjHL0wMsPvY9GyPauDv/hx4h0S8OoeH783Mg/jjcW1zjsD/wAs5fo20e1eleRrEP8Aq722uF9J4CrH/gSnH/jtJ9u1KH/j40lnHrazq/6NtNNRfRp/152NIYuUFytNLta6/C6PPNL+KGo6Xcpp/ijTpTKP+WiQmKfHqYjw465aMn2WtbxJ4z0C08Pv4l0i+SW9DrAiQttaRz0SVCMjABPzAEAcV0WoXmhanam11m0HknrHf2pCA+uWG3PuDXgnj7SdPXxpHpPhtVkimWGGIvKZAJpGwAkhOcYK8ZI68VtSpy5r2a7+hnWq4erGyaT+/X81+Jr+CPCMXinU77xR4hnaXRLd3lmluTs+0ygZYtj+BO/QcADgECXWPGfiP4i6ufDfgaJ7PSYgEM0f7olBxuZh9xPRRyR2PQXfixdr4b8L6H4A0MNunRfMVAN8iA4UEDu75J9SD613Xh/wwvhLwa3h/RLyzi8QyWzTGWUgl5em8jBJQEgDg4GO55KlTmfO/kuyIp0+Vcq+b7mb4D8BaN8P9VQXWrx3OvX8LJGr4TKAhnEak5PbJ9B0HNR3nj7wJ4Q8Z6nbSafcWmpSMv2u6jtflkJ+bPXJ65J289eaveJ/Fmj+GLzS0vLH+2fFogEcMdrCDKdwwxzj5QSDwBnnpjNYmq+MdfMP2jxF8L2m0xh853rcNGg5JZdp6dedtZJOTu+prdLRHUeFIPDEmn6vf+C7m3ae/ZppXVydkpBK7kPKDJJxgUxdMbUvBEGnfEO4sft08rASCRIysmWKGM4ADqvpngHOea83vdBso9MHxB+GN3LAbbLXdgSflUYLqVJ7dSvII5XoM+jac+h/Fbwlpmo3kLbYJxM0KSkeVOnBU46jB79iOlElbX/hwWuh5E7aj8MPFtzY3LTXHnAGQpP5KXVtu4cnna2QR6g5AzursLTQ/FHxCt4Jr14tI8PbQ8FuiYRk6grGcF/XdJgdwlTfEC50Tx94Hm17SGkuH0O5O5hGVJQkCRQSMEbdr556Dpmrvwnltdf8MSW14JJRp03kx28kzNGsZUMpK9D1Yc5+7xgcV2Oo5U/aPRrR6fj6+Zwujy1OSKun52Xp3t5LTudDoWmeHvDm5NEtJdQviNstymJZG9mlOFUcfdBA9q4vx1d3l34xSK7hii+y2K7EjcvgyOScnA5xGvSvYURI0CIqqoGAqjAFeHa9ci98Ya7dA5U3fkr7CNFjP/jyt+dcM5ppu3ze572S0JPFxu9Fd2Sstv6/yMKdltNXgmYgJcr5BJ/vjLL+eWH5VoV574v1N7jWPs6MRHa8DB/i6k/0/Cui8O+IRqNusN18lyp2hu0nH8/b8vaZUpKCkfQ4fMqMsVPD7a6eb6r7/vOgooorE9cOlZIk/tlyF/5BynBP/Pcjt/uD9fp1dfrcXsMCp8lrcOVTIObhVPztx0jH3c/xMQBwGNXEgkxb2GnQqbmZlgtou249M+wGST2AJr18vwkWnWq7I/PeKuIJ3+oYN+9LRtfkv8zsfhppIvNcudalUfZ7BTbW5OMGVgN7D/dXC/8AA2Fekzazpduds2o2iN/daZc/lmqGl+EtI03Tbe0azguXiTDSzRBi7fxNjoCTk8VsQ28Fuu2GGOMeiKB/KubEVoVajm7/AJf5nn4TD1KFGNKNlb1f+RSOu2R/1QuZvTybWRwfxC4/Wquo+JF03T576fTbxLWBS7yyeWgA+hbdn2xk9Otblefa1qH/AAkut/Z4jnR9Nl+Y9rm5U/qkZ/N/92opxjOVkvx/4Y0qucI80pfcv87lG2/tOe9u9UuYIvtV64Y75CDFGPuRgAfwgnPPJLHvUmn2F54i102zSxLa6Y8c8rrGSrTfeSMgn5scOemPk65qTUruW3ijhtIxNf3TiG1hPR5D3PooALE9gDW1dyR/D7wOzwr9rulZQWf5TcXEjAF2I6DJz7AYHQV2VanKlCC1Zw0KPO3Vqt2Xy/Kxt/2ZdOf3usXrD+6ixoP0TP61zWu6fHqOpR+HrO4vTI6Ca/uDdyN5EBJAUAnbvcggccAMfTPCSfFbX1vPIa/s0c54SwYovODyWPAIIz0GOTUem+JvE0F3frp8i3dzNL9ou3WzDHcwwoJLjgKoAA6AD8ZWGrpN3S+a/QtYvCOSTTd9dU3+Z7PbW0FnaxW1tEkUESBI40GAqjgACuP+I/jz/hB9Kt3gt47i+u3ZYY5CQqhRyxx1wSoxkZz14rmrL4ja7Yans1lLdreN0FzG8BikhRj/AKwEMQQBkkf7J5FdV8QvAkXjnSreFblbW7tXLwzMm4YIwVPI4OF59q5ZUXSkvabM9GliIV4N0t18jzOz+PuqxWEiXmj2s93n93LHI0aAe685/Aisa6+N3jC4cNFJY2w/uxW+R/48Sa5rxX4M1bwdqMNnqQiczpvilgJZH5wQCQORxkY7j1rR0Xwwlva3txrti+yPb5ahyG98YOMcitWqUVexCdRu1z0T4c/FnVvEHiWDRtZjsys6MI5o1KNvAzg84OQDwAOa9lr5/wDCXgKzl+JEcEz3entYBLxbWSP5nZGUkbieB8yHvkE9MV9AVhV5b3idFLmt7wVm2Ph7R9Mvpr2x021t7mbPmSxxgMcnJGewJ5OOprSorK5pZBXknjbXbvVtXvdNtp5XsYpI7OO2Q7Fubgthgx6lQxCkdOD1r1uvFfiT4fgtvFtvNHM1rb3Q+0bGcrHJPlhJg8gMQVPA9T3NVHcmd7CeKdFvdD09FuNatDcXJKRQJZ4UIOXZizn5VX26kDvWn8PdR+zeJYtPsZ3ewuIZA9uXbbC6bWDKp+7kNggYzuU9qyfBnhaHV7yCd0W50+zUGa4I/wCPyUHIQHugI3HsTtHPNa/gTT9S1vxDD4r1BFtopDJcDMqbpHZBGqhVyQioMfNgkgHFC7CfRmr8UI2U6Jcn/VLNJCT6Mygr/wCgH9K8xtItZW8vzcTwmFs/Z8jIB7H6eo/yfobUtNs9X0+axv4FntpRh42785ByOQQcEEcgiuPf4W6YWJj1jWI07IJYmA/FoyT+JNelg8bClDknfTseLmWV1cRVdSk1qknfy7HkkUOvf2DPHJNH9vLHy24ztz69M9cfh+GpYi5WyhF4yNcBfnKDgmvRv+FWaf8A9BzWv++4P/jVZifD+zg8VJpl5rOrfZrqHzLNw8ILOn+sjb931wQwxjjd/dzXXHMaC2ueZVyTFzTvyLW+l/8ALYd8MY2l8VajMvKQWaxufRnfIH5IT+Ir1as7RdC07w/YCy023EURYu5JLNIx6szHkngcn0A7Vo14+Jre2qufc+iweH+r0I0r3sFFFFYHSFFFFABRRRQAUjKGUqwBBGCD3paKAOafwn9hdpfDuoSaVk5NrsEtqT/1yJGz/gDL75oE/ii2YrcaRY3ajpJaXhRj/wAAdQB/32a6WinfuC02OaXVNckJVfCt0jDjM13AFP0Kuxx+GfakFr4r1DiabTtIiJ5+z7rqXHszBFU/8Baumoov5Bd9zkbf4ZeE4kYzaWt1PI5kkuJ3Jkdj1PGAM+gAHtVnQvAeg+HNbudV0y2aGaePywm7KRrkE7R15IHUnGOMDIrpaKfPLuLlQUUUVIwooooAKKKKACiiigAooooAwvCX/IGuP+wnqH/pZNW7WF4S/wCQNcf9hPUP/Syat2nLdiWwUUUUhhRRRQAUUUHkYoA+ffG/xN1fVdXubPR72Wx0yCRo0e3bZJMRwWLjkDOcAY46+2T4f+I3iTw/eRytqFzqFoCPNtruUy7l77WY5U46c49Qa5/VNJuNA1a60i6QrNaSGPn+Jf4WHsRg/jVQB3dY40aSR2CIiDLOx4AA7kmvo6eGoexWitbc8Odet7XfXsfXdhewanp1tf2r77e5iWaJiMZVgCOPoasVzPhvwsum+GdMsrqe9FzBaxpKI72UKHCjcAA2MZzjFan9hWh+9Nft9b6b/wCLrwGqfd/d/wAE9bmq/wAq+/8A4BpUVm/2FZf3r3/wOn/+Lo/sKy/vXv8A4HT/APxdFqfd/d/wQ5qv8q+9/wCRpUVm/wBhWX969/8AA6f/AOLo/sGx7teEehvpj/7PRan3f3f8EOar/Kvvf+RpUVm/2Fp//POX/wACJP8A4qj+wtP/AOecv/gRJ/8AFUrQ7v7v+CO9Xsvv/wCAaVFZv9haf/zzl/8AAiT/AOKo/sLT/wDnnL/4ESf/ABVFod393/BC9Xsvv/4BpUVm/wBgaX/FZo59XJYn8Sc0f2BpX/PjF+VFod393/BC9Xsvv/4BpUVm/wBgaV/z4xflR/YGlf8APjF+VFod393/AAQvV7L7/wDgGlRWafD+kH72nW7ezIG/nR/wj2i/9Aqy/wC/C/4U7U+7+7/gher/ACr73/kaVFZv/CPaL/0CrL/vwv8AhR/wj2i/9Aqy/wC/C/4UWp9393/BFzVf5V97/wAjSpvmJ/fX86z/APhHtF/6BVl/34X/AAp39g6P/wBAmw/8Bk/wotT7v7v+CF6vZfe/8i95if31/OjzE/vr+dUf7B0f/oE2H/gMn+FH9g6P/wBAmw/8Bk/wotT7v7v+CF6vZfe/8i95if31/OmtcQIcNNGp9CwFU/7B0f8A6BNh/wCAyf4U5NG0tBhNNs1HoIFH9KLU+7/r5jvV7L73/kWPtdt/z8Rf99ij7Xbf8/EX/fYqH+ydN/6B9p/35X/Cj+ydN/6B9p/35X/Cl7nmH73yJvtdt/z8Rf8AfYpr31pGu57qBV9WkAFR/wBk6b/0D7T/AL8r/hTk0ywjbcljbK3qsSg/yo9zzD975Df7W03/AKCFp/3+X/Gj+1tN/wCghaf9/l/xqb7Jbf8APvF/3wKPslt/z7xf98Cj3PMP3vkQ/wBrab/0ELT/AL/L/jR/a2m/9BC0/wC/y/41N9ktv+feL/vgUfZLb/n3i/74FHueYfvfIq/29o4ODq1j/wCBCf40f29o/wD0FrD/AMCU/wAavCOMDARQPpR5af3F/Knen2f3/wDAFar3X3P/ADKP9vaP/wBBaw/8CU/xo/t7Rv8AoLWH/gSn+NXvLT+4v5UeWn9xfyovT7P7/wDgBar3X3P/ADPMpXsNC1t7SzvLabSLstLb+VKrfZX6tGcHhDyynoOV/u03ULi3laC7stQtodRtG8y2lZxgHoVb1RhwR+PUCvRdS0uz1bTZ9PvIRJbTrtdeh9iD2IOCD1BANcFCbvS9RbRNVfdcopa2uTwLuIfxD/bHAYdjg9CK7aNWE1yNfj/wDz8RQqwftItfd/wTqNI8Y6VqWmxXM9xDZTnKy288qhkYcEA9GHow4Iq//wAJDov/AEFbL/v+v+NcTNHeWGpJrOk7ftiKEmgY4S6iznYfRhyVbseOhNdxo2s2Wvacl7ZOShJR0cYeJx95HHZh3H9Kwq04U3s7ev8AwDqoValVfEr+n/BG/wDCQ6N21S0J9FmUn8qoa34w07StGub2CRLueNf3UCNgyOThRnsMkZPYZroapavpVprelT6bfIXt5wAwVsEEEEEHsQQCPpWKdO+qf3/8A2ca1tJL7n/mcB4f+I+pT61Da61b2K2tyxVZrbcvkHBIDBidwOMZGOT09O6/t/Sv+f6L865zQfhzaaNrMeoz6jc3zW5Jto5URRGSMbm2j5mAJGeBz0zzXXy3ltBPFBLcQxzTEiON3AZ8eg71tXlQc/3adv69TDDQxSp2rSV/T/gop/2/pX/P9F+dH9vaceksjD1WByD9CFrSorC8Oz+//gHRar3X3f8ABM3+3dP/AOekv/gPJ/8AE0f27p//AD0l/wDAeT/4mtKii8Oz+/8A4AWq9193/BM3+3dP/wCekv8A4Dyf/E14tYiTVfjpEZXP2VtSkkRN2B+7iYp8ucj7g/Gve6+f9Vc+HPj2lww2RNqMb7mOBsnQKzZ9AXb8q6cM42morWz/AK2MK0Z3i5NNXXT/AIJd15V1X9pbTLWfLJa+UVBHAKRmUY/4Ea9J0+/8Nax49vxBETr+lwC3kldWX92TnC9iATjOM88cGvNPiPIfC/xq0HxFLlbSYRmSQ9AFJSTH0Qg/jWhqN2ngf47rqt2wTStetxH55OEQ/KCSenDIpJ7B6za5krdjdOzfqanwhgj1ltc8ZXamTUL++eJHflooVCkIPTqB9FWvUa8itdRk+EvinUbXU4Jm8Larcm6t7yKIsLeVuqsB7DHrhQQOuPQrfxfoF5o13q1pqkFxZ2cZkuHhO4xqATyo5HAPas6ibd1sVFq1ijpWiaB4a8UXVvp1hcQz6xEZ5QkbG3XyzgjPRSfMPHTjtxnifg8y6Tr/AI30ZXK2Nhekxg8hAGkUnP0Rfyrvb3Wf7FstS8R3+oo+i/Zo5baAw+W6HByMnklyVABHB4ryrwfcTaN8NPGPjS/zHcaw7iEHjcxLAEd/vyN/3zVRu4v5CejR32ka74e8Z+EPEUGgwCCErPFMphEQdnQjzOP7w5yefUVw3wTC39xqkGZLdfs8DsbeVkLn5x8xznv2x3p3w8Q6B8DvEOsXDKguxOYCe/yeWv5vkVP8FdOuLm31a6jmazVPJt1kgVCZGAYsGDAjgMvTHU+1dMPdp1LO2xzVlzThdX3PV/7A05v9bFJP7XEzyj8mJrwbTJFm0+O4VFQTlptqjAXexbH617tNFqdrC8x1a3EUalma4tc4A5JJVlr550fWob2W4AXyoZLqU2uQQChYkKMk4IB6E5xjrXLU5pQ+K/3nu5DUpUsS048rastvLTRnA6srDVrpmH3pnb/x45/XIrofApgnur3T7mNZI54g+1umVP8AP5s/hVPxXZmDUZHA4Lbh9GyR/wCPCT9KzdFv/wCzNYtrv+FH+b/dPB/Qmulrnp6djyqqdPESjLdNr8T05rC+s/8Aj1lW5h7RTth1+j85/EZ96t6ZZR6laXep6yJbLQ7BxHcx7gZrqXAIgTaTwdy5OcndgY5ItqwdQykFSMgjvWIrzT311BLMzW1rcl4YMfKrvGhLn1ODgegz6msMHRderyHRj84r4TCSvJtbf09yzNcTXt5NqN2iRSyKFWJMbLeJfuRL2CqPzJJ713nw08Ol8+JryPDSoY7BGHKxHrJz3fHH+yB/eNc34U8NN4s1QiZSNHtHxct/z3cc+UPbux9OO5x7WqhVCqAABgAdq78fiIxj9XpbLc+cynCTnN4yv8Utv8/8vIWiiua8T+JW0510rTAs2sXC5UHlbZOnmyew7L1YjHTJHlRi5OyPflJRV2VfFmuTS3B8PaVMyXciBry5j62kR9D/AM9G6KOw+bsM5SrZ6RpuBst7O2j+iooFFhYx6fblFd5ZXYyTTyHLzOerMe5P6cAcCnaJpv8Awld+l7MM6FaSZiXtezKfve8akcf3mHoOfQio0IXZ5cnLE1LLY0/CGkSzSnxFqMLR3M8eyzgkGGt4Dg8js74BPoAB2OY/if8A8igv/X5B/wChiuzrN1/RLbxDo0+mXTOkcu0h48BkZWDKwz3BArkjV/eqcu53To3ounHqmj5tk0K7LvElw3lMHQSmdtyRsSWTbjBBye+DnJq8LZLjVpwdNutR8qKNQtq7IYs5+8QpznqOfw712GleB9X1O2lni1Sy8lLmaCN3t2BkEcjJuwGwMlSfpU8vwq1KaXzHv9NL4wW8hwSP++q9eeIw3K1F2v6ngUcFj1UUqkbpLuuvr/wDz67jWGy1uFbWW0xDn7NOS0i5TqWIBIOOOvTr2H0Rqms6fotus1/crCHO2NcFnkb0RRksfYA1wGnfDFdPuBeapqduLOB1uJIreAr5mwhhvdifl+XkY6d6nsZTeeb4j1M+XNcqXTzmwLW36qgzwvGC3q2fQVyVnHEOMYvSJ6OGjPCKc5rWT0Xy8h3ii60Pxhp62WpaDrbQKd8d1HCqNE3TIUtv6dipHSuFtrmGz082mpNOqozxeZe27xeZGGIUncMcrjv3ruf+Eo8P/wDQd0z/AMC4/wDGj/hJ/D//AEHdM/8AAuP/ABqJYaDVrmixtRO7iU/hhptncape6xbXCtHbqbOFFl3l8iMs7Ekkj5UVfQKfbHqNeZiHw5r0rPazWU9zGMiezmUTRZ7h0O5fzrpvC2rXctxdaPqUhmurRVkiuSADPCxIBIHG4FSDgeh74rGtQcVzXudeHxMaj5WrM6aiiiuY6wr5n+InxNv/ABPd3Om2Mvk6Ir7VVR804B+8x64JGQBjjrmvevG2p/2P4J1m+37HjtXWNvR2G1f/AB4ivkKunDwT95nPXk1oiae8urnH2i5mlx08xy386hoorqOY3dE8ZeIvD0iHTdWuYo1/5Ys++Mj/AHDkfpXuvw/+LFp4qlTTNTjSz1U/c2n91P8A7ueQ3+yc+x7D5tpyO8UiyRsyOpyrKcEH1BqJ04yRcKkon2zWL4ptJp9HN3ZoWvtPkF5bAHlnTOU/4EpZP+BVyvwt+IS+LNN/s7UHA1i1QbiePtCDjePf1H498D0SuFpwlZnYmpR0H2V5BqNhb3ts++C4iWWNvVWGQfyNT1zng4/ZrG+0nP8AyDL2SBB6RtiWMfQJIq/8Bro6TVmQFFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwl/wAga4/7Ceof+lk1btYXhL/kDXH/AGE9Q/8ASyat2nLdiWwUUUUhhRRRQAUUUUAYmv8AhHQvE6x/2vp6XDx/ckDMjqPQMpBx7ZxVTQfAHhrw3dfa9O04C6AwJ5pGlZf93cTt/DFdNRVc8rct9CeWN721CiiipKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKpanq2n6NbC41G7itoydql25dv7qjqx9hk0AXaK5weJr68J/svw7fSx87Z71ltUb8GzJ+aUn2/wAXHn+x9EHsdUl4/wDJenysDpKK5z/hIdXtF3aj4anK/wAT6fcJchfwbY5/BSa0tL17TNZ3ixu0klj4lgYFJY/9+NgGX8QKLMDRrL17Q7fX9O+zSu0MyN5lvcx43wSDoy5/IjoQSDwa1KKE2ndCaTVmecW1zcQ3smk6mqRanAoZgv3J06CWP/ZPcdVPB7EteO80vUH1jRgv2tlAuLV22x3ajoD/AHXH8L9uhyK7TXtBtteshFKzQ3ER3291HjfA/qPUdiDwRwa4yK4u7K+Gk6zGkOobcxyJnyrpR1aMnuO69V9xgnvp1Y1Vyy3PNrUZUZc8NjttE12y1+yNzZswZG2TQyDbJC46o47H9D1BIOa0q83uLKeO9XU9LuPsmpxgL5mMpMv/ADzkX+Jf1HUGuo0DxVb6vK1jdRGx1aNdz2kjZ3j+/G38ae45HcCuarQcNVsddDERqK3U6CvnzxNbeV4p1WPWrZpL65upDFuhLNPHn92I+MsAm0YGcEHvX0HRinh8Q6EuZK5GMwqxMFBya1voZHhWK/g8KaVFqhY3y2sYm3/eDbRw3qw6E9zmteuW8beJm0PRZF0+e3/tOR1jjDkN5W44Llc9hnA7nArgbDxz4m013ea//tOMjmOeCMMp9VKbB+B49xV0sHVrRc4rQzr5jh8PNU5y1/rc9nrOm1uyjkaGJ2up14MVspkYH3xwv4kVjaDdaR4rtDONTm1Bkx51tKfK8k+jRDHv97cD2Jrp4YYreIRQxpHGvRUUAD8BWLjCDs9X939fgdClUmrxsl9//A/Fmdv1i7+5FBYRnvIfNk/75BCj82ryz4yeG7i3sLbWY7iadW/0a9kcLuwf9WeAMKDkY6ZYV7PVTVLOz1DSrqz1FEezmiZJg5wNuOee317VVOu6ck0v6/MU8NGcbSbb8/8ALb8Dyi6h/wCFvfCxNhRvEelnDKSAWkA5+gkXkdBuH+yaxvC2saX498ML4E8WSNaatZt5djcyDa+4ZAXn+IfdKn7w9+a5Sw1m68D+MHvdBuhfWUchi3uCq3UR5Abjg46H23AbTz6BqXh3wp8Xrc6pol2umeIFX9/C4AYkY/1iDr2w6+vOcYG1SChqvh6PsTCfNo9+pBDq/jn4e2x0jX9D/wCEi0JBsjuIwX2p2BODwB/C49gcU7Tvi94b05JoPDXgq5S7mOZLe3hjiDEcDOzJ7+nf3qjFdfGHwOBbtaSazaJ8seYzdA++VIkA+uKmb4qfEiZfKt/BZE64Dn7BcN2/u54/HNRy36J/M0vYnk0LxX8RrlNT8aMNB8NWpMosy3lsQO7BuQcZyzYx2HNYXiPVJfif4j07wf4UiEOhWONrhCF2r8pkI7Ko4UdTn1OBfPgz4lfEOaM+J706dpw+YRvtAH0iQ8n/AH8EetaeoeJfDfww0mTQvCCRXmrvxcXTEOIyON0jDgsOcIOBznHdxTbSjq/LoKTSV5aIpfFfWLPSdM07wLpBCW1miSXQU5OB/q0PqSfnOf8AZPevS/h54dfw14Ns7SdAl3Lm4uRjkSPzg+6jav8AwGvNvhb4DudW1GPxVrYka3En2i3Eud91KTnzWz/CDyPU4PQc+5Uq8lGKpRd7b+oqScpOpL5ehj+LLeW88Ha5bQLumm0+eNF9WMbAD8zXzL4FkhuPtulXKLJG4EqqRkZBwT9fu/lX1lXybr1m/gT4kXcPlEW0U5KKowGhflceuFI/EVnTXNGUeppJ8sky/wCKtHt7ezhaN5j5r+QBJIzgZBZeSTjlQPoTXnpGDg9a9Z1e5trzRI7yHZdW6yozIH2h1LbWUnBK8MecZFecaxZS2t2xkHzFismOm/1/EYb8fat8NzOnd9DDETSr2b1kvyOt8HeJYmt49LvZAkifLC7Hhh2X6jtXWaZ4fuNe8Zf2dFP9mt7m286eZfvqsbbW2f7R3oM9uvOMHxSu/wDhPrl3B8RdFhmu5Gt3MkG12yMMhwBn/aC8e1HJKnN1KbtuOfJWh7OorrQ+kYPDWjW8EcUWnxKI1Chxnfgdy33ifcnNP/sO2X/VT30X+7eSEfkWIrSritW8Wz6lLJYeG5F2KSs+qFd0cZ6FYh0kf3+6vueKwhKrN2TZU6dCCu4pfITXtXudOvBpekapdXWpkBnSQRNFbKf4pTsyM9lzk+w5GPaaZc2TTyJdRzT3EhknmmiJeVvUnd+AHQDgVasrG3023aOEEZYySyyNueRj1Z2PJJ9TTNPsZ/GLssLyQaCCVlukba92QcFIj2TsX79F9R3JqjG8vyR50ouvLlje3q/8yra2moeLRNBbxo2lwy7LiZZWiW6xndGjgEgZ4YgeoBznHeRXV3aQpCuhyrFGoVFtpYiqqOAACy8fhWhbW0FlaxWtrCkMEShI40XCqo6ACpa4qlfnd3Ffj/md9PDezVoyf4f5Gb/bKJ/rrHUIv+3Zn/8AQN1VNS8X6NpdjJc3V4sBVSUSZGjZ2xwoUgEk+gGa3a8i+JsF1beJk1O7huJNNSzAgnVC6QMCxkBAztJG05PUDGflqLwfT8Trw9GVSqoSmkn1a/4JT0/xxq9roOnafplnDbi3t0WW4vkLvK+PmIjVhtBbJyTn2Fd14K8RXPiHSrh72KNLu0n+zymLOyQ7FYMAemQw4ycEda4fR/B2ua5tklRtJsj/AMtJ0zO4/wBmM/d+r8/7Jr0zQ9DsvD+mpY2CMIwxd3c5eRz1Zj3J/wDrDAFS33PRxUcLCKhQu2t3/X9epk+OZy2jRaSh/eapMLZsHkRYLSn/AL4Vh9WFedfFm5a38HRwocCe6RGA7qAzfzUV2moTf2l40uZMgw6ZCLVP+usmHk/8dEQ/76rzX4y3BFvpFsDwzyyH8AoH/oRrvoR5ad+587iJ8+IS7Hk1FABPQV1dh4D1C6iSW4mitlYZ2kFnH1HT9aJTjD4maxi5bFn4WxSSeN4GRiFjhkZwO4xjB/Ej8q9utWFv420eXp58Nxa/UkLIP/RRrzTwfoQ8KeJoJ3n+0xXaG1LbNhjYkMp6nIJXH4ivRdQcW99o12f+WGowjP8A10zD/wC1Kd1UpPlMJXhiI3O/ooorzT1zzP45akbTwIlmpG69ukjYf7K5cn81X86+cK9g+P2o+brmkaaDxBbtOfq7Y/8Aaf614/XdQVoHFWd5hRRRWxmFFdr4t+Hd94f0211qzL3mjXUSSiYD5odwBAcD6/eHH04riqlSTV0Npp2Za03UrvSNSt9QsZmhurdw8br2P9QehHcGvqnwL4ztPGmhLdxFY7yLCXVuDzG/qP8AZPUH8OoNfJldN4C8Ty+FPFtnfCQrauwiul7NEx5/L7w9xWdWnzrzLpT5X5H05p2YPHOqRcbLmxt51H+2rSIx/Ly66OuaYlfiFp4BwH0q63e+2WDH/oR/OulriZ0PdhRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8AIGuP+wnqH/pZNW7WF4S/5A1x/wBhPUP/AEsmrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFYuueLNF8OvHHqV5smkG5IY42lkK5+9tQE468+1aGnalZavYx3un3KXFtJnbIh4ODgj2IPGKdmFupaoorgdX+J9tpPj2HwydMllVpYoZbkSYKvJjbtTHzD5lycjvgHHLjCUtIomUlHc76iiipKCiiigAoorK8Q6udG0pp4YhNdyusFpATjzZmOFX6dyewBPahK4FbWdcuEvRpGjRxXGqMoeRpP8AVWkZ6PJjk552oOWx2AJHIahrOleFdVKmG417xGEHn3UzAGIHkLuPEYOchEHTkjnJ7DRNIXSLEo8puLyZzNd3LDDTSnq3sOwHYADtXjBYy3l/O3LzXs8jH1Jkb+QwPwrvwOHjXqOL2R5ua4yWDoqcF7zdvQ7D/hZ+p/8AQt23/gyP/wAZo/4Wfqf/AELdt/4Mj/8AGa4aTUrCGRo5b22R1OCrSqCPwzTf7X03/oIWn/f5f8a9T+z8L/TPn1nWYPp+B3f/AAs/U/8AoW7b/wAGR/8AjNLH4p0fxNfWtrrOnT6VqDNstL+3nyUkPAVZQAyk56MNp6HPSuDGq6czBVv7UknAAmXn9adqSB9MulJI/dMQR1BAyCPcHmpnl1BxfJv6mlLPMXGpFVkrPyse06brF9p9/FpGvsjyTHbZ6gi7UuSBnaw6JJjnHRuSMcgdJWHcWMGvaAtvfJuS4iViVOGRsAhlPZgeQexFJ4Z1K5ure40/UXDanp0ghncADzlIykoA6Bl5PowYdq8B66n17VjdqhrGjWOu2DWd/FvjyHRlO143HRlYcqw9RVi6vLWyj8y6uIoU6AyOFz+dUv7VnueNP0+aUf8APWfMMf6jcfwWnGEnqjKdWEXyt69t39xxd4t94ZmEOsMZrBmCwamFwvPRZgOEbtu+6fYnFN1SHT7mJEvGCurB4XRisqN2ZCPmB9xXaS6Xd6hE8epXuYJAVe3tk2KwPUFjlj+GPpXNXvg650OR7rw7Gs9s3MmnSMAwAH/LGQ/+gMcehWu2nXh8M3c86rh6jfNSVvX/AIH+ZWtPGGs6VbGPUoPtVsG2pqUiFWRcdZY0BJx/eAA9QOtdXbWY1a2jup9Wa8t5V3ILR/LhYH0Kklh9WIrk7HUrbUPMWJmSaI7ZoJVKSxH0ZTyP69qijsLjTbl7vQrv7BO53SRbd9vMf9uPI5/2lKn3NOdLrS0FTra2r3f9duvzudxdaBpV5pM2ly2MP2KYYeJF25Ocg5HIIIBB6gjNeV6/4J1bw7vnthLqmmD+NFzcQj/bUffA/vLz6r3rubLxzBEyweILY6XKTgXG7faufaTA2fRwvsTXVo6SIroysjDKspyCPasKdeth53X/AA5018Jh8XT5ZLTpbofPELpLLFf2Vy8Vwn+qurd9rr7ZHb1B4PcV2uj/ABL1GxCw65afboRx9rtFCyj/AHo+h+qkey11PiDwBpGuSyXcQfT9Rfk3Ntgbz/00T7r/AFPPuK8417w3rXhiGW51CBLjT4+WvbXkKPV4z8y/huHvXoqthcXpUVpf11PF+q4/L3eg+eHb/gf5HrOneK9B1a0mubPVbZ44EMkwd9jQqOpdWwVH1Arz6+164+K15LpXhiZotJs2AvZrldqy7j8pC9XUBWOw7cnbnjivHL24n8W6mltZxBLaLkysvIHqT/If5HoPhzVNX8I2gtNGvIRa7izQXNsrqzHqxZdrZ6dWPQVgsBK7lS1tsd0s1pwUY4n3W90tbep6/F4P0OPw4dBksUnsW5kEvLSP3ct13+4xjtjArynxD8GtX0y7F94Yu2uVjbdEhl8m5iP+y/AbvzlT9a6e0+Kl3HxqOg7wB9+yuQxP/AXC4/76NbEPxR8OuoNyuo2hI5WSyd8fjGGH61gqeKot+6/zR1LE4OulyzX32Z5lF4/+IPhe2ddU3SeWVRY9UsiDjB+bepUt06knPrSf8L18SttVLXQ9x4+5Kc/hvr0+z8b+Gm1W8vJdXgiSRIo4fNDIWRQTnDAEfM7Dn0q+PHfhMEka5YgnqQ/WqnKKetL8x0+aSb9p1fb0PHJr74l+PAbdY9QFnKOUhh+yQFTwQXOCwx23H6V2HhH4MWmnPHd+IpIryVDlLOEHyFP+1kAv9MAexrrZviR4Uh/5ihlPT9xbSy5/75U1nXPxU0hOLTTtUuyejLCsS/j5jKf0pc1eS5acLLyX6jcsPB81Sab82julUKoVQAAMADtS15TefE7XLhStjpljZDs88rTt/wB8qEAP4muZ1HU9X1kMuq6td3MTdYFYRRY9CiYDD/ezVU8trz3VjlrZ3hKez5n5HqutePtA0WR4Dcm8vF4NrZjzHB9GP3U/4ERXh/xLvLzxdMusPp9vaG2j8sRxuXkKZJy7cA4JPAHGTyauwmFZVsbKBpZ8fLbWsRd8f7qjge/Sut0n4da5quH1ORdJtT1jQrLcMP1RP/HvoK6nhsNhlepK8v66HFDHY7GTXsYWj5/5/wCR8+Qeb5yxRq7MzAeWM/Mc8DFezeIPhbrM3hu41e5EYukUFrCEb3WIZO7dnDOuc7R23AEkivQNP+EXhLTNVttQgtZzJbOskaPLuUOuMMe55GcZx7dq67UtV0/R7Q3Wo3kNtCDgNI2Mn0A6k+w5rgliZW5YbM9l4WE2pz3Wx8VTQvBKY36jkEdCOxHsa1fCV5/Z/jHRbvbIyw30LssSbmZQ4yAO5IzxXpPi3wanibVpr/QdOktbJ8vsuiIWZyeTEuCVU9SHxznGM1F4Q+G9xp2tQ6lqBCLbNujjLBmdsHB44AGc9STjt36UuZHO6yjo90ehX91qnicldQDWGlHOLCN/3kw/6bOO3+wpx6lulOuLiz0mx8yZ47a2iAUADAHYKAPyAFRPqElxetp2k2zX9+uN6I2I4M95X6IPblj2BrotE8IR2l1HqWrTi/1NeUbbiG29okPQ9txyx9hxUSnCirIUadTEPmlsZOm+G7zxGy3OsxPaaT1j09uJLj0M391f+mfU/wAX92u7REijWONVRFAVVUYAA6ACnUVwzqSm7s9GnTjTVohRRRUFhWD43Qv4C8QqOv8AZtwfyjat6oL22W8sbi1f7s0TRn6EY/rTTs7iZFG4kiSQYwygjBz1qDUL6HTNOub65bbBbRNLIfRVGT/KqPhW5e88J6TPJ/rTaRiUejhQGH4MDWb43kM1pp2lD7l/eKs3/XKMGRh9CUVT7MaqMby5S5zUYORj6JBNDpaPdDF3cM1zcj0kkJZh9ATgewFcD4y0S88b+KLeHS3RrK0i2TXRP7tJCx3KD/EwAXgd+uK9C1LTY9UiSGeadYAcyRRPtEo/usRzj2BGe+atQwxW8KQwRpHEgwqIoAUegAr1baWPBU2nzdTgdR8HaV4X8G3T28RmuA0PnXDjLsnmpuAHYYzwOvfNRtrGnrYm9a7jFuOCxPf0x1z7da72/s4tR0+4sp8+VPG0bYOCARjj3rwPXdN1W/vT9m0+a8hiyi3ltavtuMHG7OORx7j0Nc9egqlnc6cNiZwdrXT6nofhWT/hK737dGTFp9jOCoI+eaQDIz/dUZB9Tx0rq/ErGPw5e3CjLWyC5X6xkSD9VrE+Gmj3ejeFSl7C0M087TeW4wyjCqMjt93OPeug168tbLQ7yW8dVi8l1wWALkqflHqT0ArWFOMI8qMqtWU6vMegKwdQynIIyDS1T0iG4t9FsIbog3MdvGkpHQuFAP65qxcTJbW0s8mdkaF2wMnAGTXlHunyz8U9S/tP4jau6uWjgkFuoP8ADsUKw/76DfnXHVpXNpq+oXc17LZXUklw7Su4gb5ixyTwPeov7I1P/oHXf/fhv8K9GLSVrnG6NVu/K/uKVFXf7I1P/oHXf/fhv8KVdG1NmA/s+5Ge7RFQPqTwKfNHuHsKv8r+5n1H4Ku7Wf4ZaRPdtELRNPVJjNjYFRdrbs8Y+U5zxXzP4rn0W58SXkvh63kg00v+6Rz19SAeVBPIB6e3QX9R8ZXk3gvTfCluxjsbUM05B5ncyM/P+yMjA9Rn0xy9Z06fK2wqT5kkFKqs7qiglmOAB3NJXpfwh8Dz65r0Ot3cRXTLGQSKzDiaUHKqPYHk/THetJSUVdmcYuTsj3NEb/hPdN4/1Wk3IY+hMsGP/QW/Kunrm9OBuPHWqzY+S2sre3B/22aR2H5eXXSV5zOt7hRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8AIGuP+wnqH/pZNW7WF4S/5A1x/wBhPUP/AEsmrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB5D8Qdf1dPF8umpqN1p9tbwRSwpBL5ZlzkmQkckAgrtPHy8jmu78Capfaz4Osr3UG8ydy6+bgDzVV2VXwOBkAGtbUNH0zV1jXUtOtLwRNuQXEKybT6jI4q4qqiBEUKqjAAGABWkppwUUjmp0ZxrSqObafTseT+PNC1aLxVcarDY3l9Z3UUShrePzWhZQRs2r823+LOMZZskV1Hw50XUNH0W8bUYWtpLy7adbZiCY12qozgkZO3J57jvmuxoqLnoSxNSVGNF/Ctf6+8KozaNplxqUWpTadaSX0IxHcvCpkQezYyOp/M1eopGAUUUUAFFFFABXNXWdR8dQxHmHSrTz8djNMWRT9VRH/7+V0tczoxMniLxPIeq30US+oUW0Jx+bMfxprqC3RuV4Gn+suf+vmb/ANGNXvleBp/rLn/r5m/9GNXq5R/El6HhcSfwIev6HmupHSxqVyEiuwBIerAc554Iz19aq7tO/wCed1/32v8AhWxqzamNUuA09kSH4+eIcdhhjn86pbtR/wCe1l/38g/xrWa956fgOlL93HVbL7X/AACsjaZ5i747srnnDrnH5V6Tcbf7Hl2Bgn2c7Q2cgbe+ea4OBtT8+PZcWStuGG8yDg568V313vGlTiQgv5DbiowCdvauvCrSX+R5Wau86ev437eR7zpv/ILtP+uCf+gisXWLeSDxXo93DcTW6Xu+wuWhC5YbWljySDjBVx/20ra03/kF2n/XBP8A0EVl+Lfk0uzmH3otTsWH43Man9GIr5yLtI+znFShZm3a6RY2knmxwBp+80rGSQ/8CbJq7RRUyk5O7ZnGEYK0VYKKKKRRj614a03XSktwjxXkYxFeW7bJox6Bu4/2TkH0rlLyz1zQMm9gbU7Ef8vlnGfNQf8ATSEcn6pn/dFeh0VrTrShsZVKMKm6PPLS9s9StvNtZ4riFuCUYMPcH/Cq8GmSaY5k0O+m0xidxhj+e3Y+8R+UfVdp9667VvCOk6tO12YntL8j/j8s28uU/wC8Rw49mBHtXI68uqeDbBr7ULi11HT1YKJFxDcknoAh+WRvoV9lrrjXhU0kcMsNVpu8Ga9t4w1SyITV9I+0R9Ddaad34tEx3D6KXNcV4hvofjLOmjaLqh01bCZzLDdgj7UpwFdVBzlSrfKcH5h07Z+o6y/iXUNPOh68liY3xJb3BMLhuDu2n/WccbenPX07O40jTbtGS5sLWVXbeweJTlv73TrwOfan9Xje8dw+tTjpURq2Pwv8KWeh2+mtpkcjwrzdjMc7t3bepDcntnA6dKyb34VFTu0rXJox/wA872ITD6BlKkfU7qbFp9zZD/iWazqdkB0QT+cg9gsocAfTFXotb8VWvDTaXqCjoJIXt3P1ZSw/8dFTGOIpu8JDnLCV1arH70cndeBvFlnkjTrW9XsbS6GSPpIEx+ZrKn03WbQ4udB1aM99lo0oH4x7hXpcfjTUolBu/DUzHv8AYruOUf8AkTy6S98cwNplyo03VLa4aJlj823DAMRgZKFh1x3rohjcWmk1f+vI4auVYBxcotr0f+Z5XJL5Q3SRXCL2doHCn6HGDUf2yD+8x+iH/CvXrbxx4dtbWG3U6kixIEVTpN1wAMD/AJZ1L/wn/h7/AJ6aj/4Krr/43VvM6t/g/MyWQ4eyvUf4HkarcyHEWnalKfSOwmb+S1dg0DxFdqDbeHdQYHvKEgx9RIyn9K9P/wCE+0Q/6tNUk9NulXI5+pQCopPHUecW2gaxcf7XlxRj/wAiSKf0qXmOJe0TSOSYKPxTb+aOOtPhz4muiDcSadYRkdS7TuPqoCj/AMerobH4V6UmG1S+vdRbvHv8iL8FTDfgWNWJPFuuzcWuhWsKn+K6vjuH/AUQg/8AfVU5b7xPeZE2tQWiH+GwswrAf70hf+QrCdXF1fidvwOunh8BQ1jFX+/8zs7DTNN0W0MNhZ21lbj5isMYRfqcfzrHu/HehQu0VnPJqlwuQYtOTzsEdi4+RT/vMK5eTQrO6bdqL3GpNnP+nztMoPqEJ2D8AKvM0Fpb5Zo4YYx1JCqo/kKzjhesmbSxvSCJLnX/ABHqeVgS30aA/wARIuLgj/0BD/33VG30i1huvtkplu70jBurpzLJj0BP3R7Lge1Ng1VtSbZotjdamT/y1gTbAP8Atq2EP/AST7Vq23hHVtQw2sakLOI9bTTScn2aZhn/AL5VT71pelS2M+WvW32M271a2tbhbUeZcXrjKWlshklYeu0dB7nAHc1es/C+r6xiTWJ20yzPP2K1kzM49JJRwv0Tn/brq9K0XTdEtzBptnFboxy5UfM59WY8sfckmr9c9TEylpHQ6aWEhHWWrKunabZaTZJZ6faxW1un3Y4lwPc+5Pc9TVqiiuY6wooooAKKKKACiiigDl/Dn+h3es6QRj7JfPLGPWKb96D9NzSL/wAAql41Btn0jVCP3FtcmKdv7iSrtB+m/wAvPoDV/Wh/ZfijTdWziC7X+zrn0BJLQsfoxdPrKK17m2gvLaW2uYklglUpJG4yrKeCCK0jLlkpA4qcHBnKUVE/hnWdJxHpM9vfWK8Jb3kjRyxL6CUBt4HQBgDjqxrjPGninXvDtxFp/wBgtbWeaLzBL53nYGSOBgDPHfP0r0qdSNR2jueNUw1SnrJadyP4heJzaQHRLKTFzOv+kOvWKM9vZm/QfUV5kNyqFWSUAcACRuP1pXZ5JHlkdpJJGLO7nLMT1JNJXp06KitdWcspvaIu5/8AnrL/AN/G/wAadBPcW11FdW9zPFcRHMcqSsGQ+xzTKKt04PohKpJdT6U8BeIJfEvhG0vrkg3a7oZyMfM6nG72yMHHvUnjq6+yeB9XYMVaW3NuhHUNJiMH82Fcb8EbtW0fWLHPzRXSz49nQL/7TNbnxOuCui6fZj/l5vk3D/ZRWkz/AN9Kv518zWgqdWUV0Z9PhL1lBfzWX3nn6qFUKOgGBS0UVyn6AQXlwbS0knEZk2DJUHHHc/gOfwrF8fQa5pWn2omt0jsbscXEEvmLJxkLkAYyOfcfQ10PWgXM8ei3GiT28eoaRMuFt5ZCj257GN8HAHUKRgeoHFaU5KLTaPKzWliqlNqi9Huv619TxqlVSzBVBJJwAO9b9t4L16+1W00+0sJZZLyBLmFgPlMLDIct0A5wc9+Ote+eA/hbpvhJY7282XusY5mI+SE9xGD/AOhHn6ZIrvnVjFHxEKcpM4fwF8GZbvytT8UI8MBw0dh0d/8Arof4R/s9fXHQ+529vDaW8dvbxJDDGoVI41CqoHQADoKkrE8U3M8ekfYrN9t9qLiztmHVWfO5/wDgCBn/AOA1xynKb1OuMVBaDvBv+k6deauR/wAhS8kuEPrEMRxH6GONG/GujqGztIbCygs7ZAkEEaxRoOiqowB+QqapbuyQooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheEv+QNcf9hPUP8A0smrdrC8Jf8AIGuP+wnqH/pZNW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuZsStp4u8QwOdvnC3vsseNpj8o/l5H6101eZ/FnMX9nfZ52imvUls51U432/yu36qF+kjetXCPM+XuZ1aqpQdSWy1MvxF8R7u9eSLQpls9PTIN+ygvL7oGGFXr8xBJ7AdTxFvpEt2vm2+m6rdK5LGVi6hs8lgXIBznPFaWlvo1s7aprk8KWsLmKzt2G7e643PsAJODgDjjk+ldc3jLw8I43XVIZA4yBEGkZR6sqglfxxXpQhGmtDwJKtjLTqN67JdP82eUX3hmxmmMKx3NheEFhHOjLv8AUgN1HuDXN3trb6fctb3Nnchx3FwuGHqPk6V7frOueEtTgFhfajbSLINySIdwiOOG3gEIeeCSK89160nWzuV84G9099vnIcCRCA276FSrfWrEpVKDjzNuL01eq+fVfkcZHJpvmLvtrrbkZxOpOP8AvivSbgINHlEYKoLc7Q2cgbe+ea5OPR/EyyowkAIIOTIpArrrzcNLnDkF/JbcQMAnbXfhoOKldfhY8/MqsKkqfJJPXo79j3nTf+QXaf8AXBP/AEEVmeJcTto1gD89zqkBA9oiZz+kRrT03/kF2n/XBP8A0EVmWB/tjxjcXi82mkRtaxns1w+0yEf7qhVz6s47V80t7n28nodPRRRUkBRRRQAUUVheKfFWn+E9MF1eFpJZDst7aPG+ZvQegHc9B+VNJt2QE/iHxFp3hjS2v9RlKpnbHGgy8r9lUdz+g6nArwq+v9e+IXieKPy1e6fd9ltQ37q0j7sx/Lc3UnAHYVDd3et+N/E0QfFzqNwSttADiK3Tvj0UDlm6n34Fe3eD/B9l4R00xRHz72bDXV2y4aRvQeijsP5kk11WVBXfxGluTff8v+CN8PeCdK0Tw4dImhj1BZm826e5jDCaQgAnacgDAAA7Adzk1FP4D00Etpl3faW3922m3Rj6RyBlA/3QK6qiudTkne5jKMZfErnDzeHPE1r/AMe91pmorngTK9q2PqN4J/AVSkfWbUt9r8Oagqr/AMtLdo51P0Ctv/8AHa9ForWOJmtzCWEpPpY8yfxBp8IJujc2YHU3lrLAB+LqKgl1zSb7yI7bVLKYGZC/lzq20D5hnB4yQBXqlY1zZ2t/4iWKe2hljgtWZ1kjDAmRgBnPsjfnW9PFO92tjlrYKNrJ7tL/AD/A5lLmCTOyeNsddrg07zY/+ei/nXSzeEvDdwQZvD2kyEcAvZRnH5iov+EK8Kf9Czo3/gBF/wDE0vra7FfUX/Mc1Jf2cIJlu4EA67pAMfrVJvE2hLJ5f9r2LSZxsSdWb8gc13kHhzQrXb9n0XTotv3fLtUXH0wK0I4Y4V2xRoi+iqAKTxfZFLArrI84j1ZbhgtpYapdE9DFYS7T/wADZQv61ZjtfE12P9H0AW3+1qF2ifpH5h/PFeg0Vm8VN7GkcFTW+pxkXhDWLnm/11LdD/yz0+2AYf8AA5C2f++RWjZ+CNAtZlnksze3K8ia/ka4ZT6qHJC/8BAroqKylVnLdm8aUIbIQAKAAAAOABS0UVmaBRRRQAUUUUAFFFFABRRRQAUUUUAUtX0yDWdIutOuNwiuIyhZfvIezD0IOCD6gVleHdSnvrF7e/Crqdk/2e8RRgbwOHA/uuCGHs2O1dFXNeIbS40+9TxHp0DzSxII762j+9cW4JOVHd0JLL6gsvcYpa6AnZ3NuvFPjbAU17SbjtLayIP+AsD/AOz17LaXUF9aQ3drKstvMgeORTkMpGQRXmfxusw+jaTfbSWhumhyB0DoT/ONa6MHLlrxM8XHmoSPGKKKK+lPnSOCTzYEfuRz9akqKCFrdBG3IwHU4xwwB/Qkj8KlqKcuaCZdSPLJo9J+Ct55XijUbPnFxZiT8Y3A/wDahroviRcCbxNploCf9GtJJmH/AF0YKp/8hv8AnXAfDK7a0+Iel4OEn82F/oY2I/8AHlWuq8U3Bu/G+ryY4g8q2U+oVA5/8ekYfhXg5hHlrSfdH1XDy9pOC7N/gZlZ95btdTmXfhLMwHAOCXklG3/x2OT8DWhU7W5i8FW14QudR104OOfLiikUf+PRsf8AgVcFPe59XmNS0YU19qSX4/8ADEFRXUogtJpj0jjZj+AzTpJY4Y2kldUReSzHAH41nXWoafdwC2N2my4dInbPCozBWP0AJP4UoRcnojpxOIp0YNykk7Pqe7+HLQ6f4Y0mzb71vZwxH6qgH9KxfEXjmLQtWGnRadNeTLGsspV1QIrEgAZ6ng+3vVweOvCwGBrlnj/frE1c+B/Ft/CTrkMOolRFFNb3IR2GchcMCrck4BB6nFa8st2j4mlUpcyU3p5NXL9l8R/D1yQt1LPpsh7XsRRR/wBtBlP/AB6ruhsviHXpteVlfT7QNaacwOVkOf3sw9iQEB9FY9Grgb3wdqkOvrpOlXsGpyCIzTLMnkm3Tou91yCWOcAKM4J6DNd94C8N3vhrRrmC+eAS3Fy04ht2LRxAqq4BIGc7Sx4HLH60bI1xEaFk6U2/JrX79jqqKKKg5QooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8AIGuP+wnqH/pZNW7WF4S/5A1x/wBhPUP/AEsmrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFZmo+ItI0jULKxv9Qht7q9bZbxueXP9PTJxk8daErgadeX/ABZjcanoE+D5QS5iz2DHymA/EI35V6hXOeNvDr+JPDr21uVW9gcXFqzHjzFzwfZgWU+m7PatKUuWabObF0XWoTprdo+eb/SdQuLG3vLe3muYITNBIIVLmJ/Od8kDJ+ZXU5/+tWhotjqGlWbm80m+jFxJvjZbdnLDAABCglTx0IFaOk6tc6NfzXMNtI6sfLvbJjskV14yAejjpg4yMc8Cuzg8X6BNGGbU4Lc4yUuW8lh+DY/SvTqfvKfs3scGWZjPDVFVpr30rNP/ACPMV0jVbZhbzaRemaVmZQISwfcSckjKg885PFSX9vJZafqVtMQZYLWO3kIOcyCEcD1xuC/8BrudT8aQGJodFH2q4YEecVIhi9ySPm+g/EisvwboCa7rccc2JNNspfOvJZeRPNncEOfvEsdzewwetKUlCN30IxWJqY2cMOrXvr5Le7KKzwhQPOj4H94UkdvLr1x/ZGl4murgbGZPmWBDwZHI6AA556ngV6rdT+B7OTypItGefGRBDAksrfREBY/gKkt01bUIfs+i6augWDfeubiFVmI/6ZwjhT7yYx/dNXPNJSi0o2MaXD1OFRSnO9ulifU9QmR49A0NlOpvGAXI3LZxdPNf3/ur/EfYEjd0rTLfR9MgsLUN5UQxuc5Z2JyzMe7EkknuSaj0jRrPRLQwWiuWdt800rb5Jn7u7Hkn+XQYAxWhXjt9EfQ3uFFFFIAoorC8VeJoPC+mx3MkD3M88vkwQIwUu+0tyT0ACkk80DSbdluReMPF9n4R0xZ5kM93NlbW1U4MrDGST2UZGT2yOpIB8Jnn1fxV4jV5Sb3Vr1tkUa8Kijnao/hRepP4nJNd1qdlP8Uil5p/ladq2mr5NxaXLl43SQhldXUZ/hYfd5xg4wDXaeDPBFn4StpHMgutSnGJrspt+XsijJ2qPTPJ5PbHVTnCnG6+I0/htpr3vyH+DPBlp4SsGwRcajOAbm6I5b/ZX0Udh+J5rp6KK5m3J3ZkFFFFIAooooAKzNM/fX+qXX96cQqf9lFA/wDQi9aTsqIzscKoyT7VnaCrDRLaRxh51M7g9mkJc/8AoVaR0g38v1/QxnrUiu13+n6mlRRRWZsFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHIXtvP4RvJtRs4nm0KdzJeWsa5a0c/emjA6oTyy9QcsO4qj8R4ItZ+G2oT2skcyRol3FIhDKVRgxII/2Q1d7XIat4YntILw6JGstleI63mku22OQOCGaIniNzk8fdbvg/NWkJWkn1QnrFxezPmuilkgntJntLuKSG6hO2WKVSrKfcGkr6qMlJXR83KLi7M1tUtXTQvDl8SNtxaTw8esVxIP/AEF0/KsmuzvrT7R8G9GvFUFrLU5oyR/CkhcnP/AtlcZXNhJXg12bOjFRtJPukX9DuvsPiLSrsnAhvYXY/wCyHGf0zXYR3H22a6vgci7uprhT/ss7Ff8Ax0ivPZV3wuvqpFd5pm3+yrPZ9zyE2/TaK87NlZxZ9RwkrzqeS/P/AIYfeTm2sp5wpYxoWCjuccCut8YaeNH8NeE9J3AtbP8AMe7MsLKzfiWJPuRXJ3KGWJYgcGWWOMfVnAH867X4myH+19ChGMeVcyH14MQH/oRry4/Ce7j3zY2jDtZ/j/wDgb9RJd2EbjKeazFexIU4/wAakvbtLK2MzqzchVVerEnAApl8Ql7YO3C+ay59yhxTr6zW+tjCXKEMGVwOVIOQa9/K7/Vny73Z+e8Zcv8AbEfa35bR+7rYyZ/E6WcTG7tXjkIzGqOGD9OM8YPNQQeIodbtJbQWTm4kBUR7hjBB+bd2xj07jFS3Hhg30LC7vMyDiMxx7VX3IJOenrUNr4cXRLaW8F7ieMFt5T5NoBypGec/XsK3f1nrt8jyKyyxN/V273Vt/wCrfie4fDLV7S+0y5tDDLHq0RWW/klcO1w7gjzA3cfKQBgbQoHTFd1XIeA/CZ8PWL3t3MZdSvo4zN8mxYgASIwMnoWbJzzXX185UtzPl2PrKHtPZr2vxdQoooqDUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvCX/IGuP8AsJ6h/wClk1btYXhL/kDXH/YT1D/0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc5rvgfQvEes2OqalamW4tOAN2FlUEkK4/iAJzj88gkV0dYvi3U7rRvCmpajZReZcwQlk4yF7FyO4UEsR6A04tp6CaT3Od8c+M5dPm/sTRpguokBrmcAN9lQ9Bg5G9uwI4HJ7Zo+D/FN9ZeFdb1XWLqa70+ycC1ml/1kr4w0YOPm+faoP8AeJGeK5DwxoU3izUGtrW6d7Tf5mo6iG3MxbkhW7yN/wCOjn0B2PiDeQrqNl4YsIVg03So0laNBhWkI+Rceirz7lh3FaU4c0uU2zOtQwOGa3ktW/PpFfr/AFbkZrqZvtOo37F7q4czzlecuf4VHoOFA9ABXXQfDPxLLawSyXOmJI8au8T7wYmI5XIyDjpkdar+A9D/ALd8ULcTJmx0srK+RxJOeUX/AID98++z1r2muitWcHyw6HzOXZdCvTdfEq7k7/16nmWn/CiSRw2s6uWi4Jt7GMx59QZCScfQKfeuuj8D+E441QeGdIIUAAtZRsfxJGT9TW/RXLKpOW7Pao4alRXLTjYr2ljaWEQis7WC3jH8EMYQfkKsUUVBuFFFFABRRXm3xM+KNv4RhfS9MKT63In1W2B6M3q3cL+J4wDUYuTshNpK7LvxD+Jlj4JtjbQBLrWJFzFbk/LGD/FJjoPbqfbrXD+DvGF18U76bw54jiRCim8tbuyXY8LqcY53DG1yOR7HOa8bUal4g1gKPPvtRu5Mcku8jGvp74bfDu28EaaZpis2r3KAXEw6IOvlr7A9T3I+gG84Rpxt1M4Tk5XWljd8MeFbLwvbTJbyzXE9wwaa4nI3vgYA+UAADnAA7mt2iiuY2bbd3uFFFFAgooooAKKKKAM3XmYaJcxocPOBAh9DIQg/9CrRVQiKijCqMAe1Zup/vr/TLbqDOZmH+yin/wBmKVp1pLSCXz/T9DGGtST7WX6/qFFFFZmwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGB4l8G6H4sgCapZhpkGI7mM7JY+vRh256HI9q8g8QfBvX9MLS6RLHq1sDkJkRTqOexO1seoIJ9K9+orejialL4WZVKEKnxI8D0zybf4S69oOsZ07UhNJcwWt4DFJNsCSAorY3cqRxn9a84ByMjpX17c2lte27W93bxTwuMNHKgZT9QeK5O++Ffgy/d5DoyW8jd7WV4QPoqkL+ldeHxypuTkt9Tnr4R1FFRe2h83V2Hh+TzNDtv9gGP/vklf6V6PJ8D/DTMSmoaxGP7qzRkD84zVi2+D2kWcPlQa1raJknHmQHk/WKljcTTxEUo7o78kqPL60p1NU1bT1OHsoDd67o9svWTUIW+oRvMP6Ia3/ife21v4k0v7RcRRCOzmPzsB9509f8Ac/nXUWfwu0C2uI55Z9UupYySjSXjJtJGDjy9vYkfQn1rfsfC+g6bcC4tNIs47kc/aPJBlz7ufmP51wKyVj0cRmPtMUq8Y7d/68zxiz0XVfEsflafoktzbSYzPdp5MGM9csMsP90Gu08PfCDTrJTNrlxJfzsciCKR44YuBwOdzficewr0minGbirR0OTGYmeMadZJ28v6Zy//AArrwp/0CR/3/l/+KqW28BeF7S5juI9HgaSM7kMrNIFPYgMSM+9dHRQ6k3u2capU07qK+4KKKKg0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8AIGuP+wnqH/pZNW7WF4S/5A1x/wBhPUP/AEsmrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADUjSJdsaKi5zhRgVxXin4dpr2rNqdlqRsLmVVWfdB5yybRgNjcuGxx1xwOK7eiqjJxd0Z1aUKseSaujK8PaBZ+GtITT7Peyhi8kshBeVz1Zsd/5AAdq1aKKTd3dlpJKyCiiikMKKKKACiivNPi946l8M6AlnpNyq6lduY2dDloExkn/ZY5AGfcjpVRi5OyE3ZXKnxP8AixH4dWXRtCkSXVmBWWYYZbX/ABf27d/SvniKK71TUFjjWa6vLmTAAy7yOx/Mkk0yKKe8ukhhSSaeZwqIoLM7E8ADqSTX0z8L/hnD4Rs01LUo1k1uZOehFsp/gX/a9T+A469fu0Y+ZhrUZN8M/htbeDrBb29RZdbnT94/UQA/wL/U9/pXoNFFccpOTuzdJJWQUUUUhhRRRQAUUUUAFFFMmmit4XmmkSKJBlndgqqPUk9KAM9P3/iWVu1raqgPvIxJ/RF/OtOsfw9d2+pRXuo2txFcQ3F02ySJwylUAQYI7fKT+NbFaVN7dv6/Myo/Dzd23/l+FgooorM1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Jf8AIGuP+wnqH/pZNW7WF4S/5A1x/wBhPUP/AEsmrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRXnfxg1zUtH8L2qabLNb/a7oRS3ML7WRQpbaCDkEkdR2BHerpwc5KK6kzkoRcn0Ol8bTX0HgnWJdOLC5W2YhkOGVf4yuP4gu4j3Ar58vdMsb+wjtrSGF57hljtfLxueRiAAD7nGas/D7XdU0rxjpkNpPcywXd0I7i1EhKSB+Gcjpkfez1+Xk4zX0RbeH9Gs9Qk1C10qyhvJM7544FV2z15Azz39a65xeFbhLW55tSj9dcKkZOPK9jmfB/wt8P+Drr7dbrNdX+CFnuWBMYPUIAAB9evXnBxXb0UVxOTbuz00ktgooopDCiiigAooooAKKKKACvP/i9o2q614Tgj0yGW5EN0ss9vEMtIgVgCB/FgkHH49q9AoqoTcJKS6EzjzRcX1PIvgvoGtaZcapeXtpcWVlPGiJFPGUaVwT8208jAOORzu9q9dooqqtR1Jub6ipwUIqKCiiisywooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiisjxP4gt/DGgXOqXA3+WMRx5wZHPRR/noCacYuTUVuxSairstaprGnaLa/adSvIbWLoGkbG4+gHUn2FcfN8YPCcUhVJruUD+NLcgH88H9K8K1vXdQ8Q6nJf6lOZZm6D+FF7Ko7AVnV7VLLIJfvHqeVUzCTfuLQ+gv+FyeFf+n7/vwP8aP+FyeFf+n7/vwP8a+faK0/s2h5kfX6vkfQX/C5PCv/AE/f9+B/jR/wuTwr/wBP3/fgf418+0Uf2bQ8w+v1fI+gv+FyeFf+n7/vwP8AGr2nfFPwnqEqxf2g1q7HA+0xlB/3190fiRXzfRQ8sotaXBY+r5H2CjrIiujBkYZVlOQRTq+ePhz48uPDmoxadezFtInfawc8QEn749BnqPx619D15GJw0qEuV7HpUK8a0boKKKK5zcKKKKACiiigAooooAKKKKAMLwl/yBrj/sJ6h/6WTVu1heEv+QNcf9hPUP8A0smrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFRzzxW0Ek88qRQxqXeSRgqqo5JJPQUy9vbbTrKa8vJ0gtoVLySOcBQO9eNeKvFNz4unMCq8GiRsDHAww1yRyHkHZe4T8TzgDow+GnXlyxOTGYynhafPUfou5a8T+NrvxHO1tpk09no6NxLG7Ry3fvkYKp6Dqe+BxXNWGn2v9pafYm3aWxu7yOG4sldgkoc7d2AeGXO7cOflPOM0s00dvC8srhI0GST2rv/AAD4OuEni8QazC0UwBNlZtwYQQQXkH98gkBf4QfU8exXjQwtDktq/v8AU+cwdXF4/Fqre0Vv2t287m14c+G/hzwxqH2+zgmlvFLeXNcylzEDwQo4A44zjOO9dbRRXgylKTvJ3PrYxUVZBRRRUjCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvIPjneyCPRrFX/dsZJnX1I2hT+rfnXr9eWfG3SZbnRtP1SMEraStHLjsr4wT+Kgf8CrrwLSxEbnNi03RlY8Pooor6Q8IKKKKACiiigAooooAK+j/CvjC0fwppf2iLVZJltkR3i0q6lViowSGWMg9OoNfOUcbzSpFGjPI7BVVRkknoBX1d4d01tI8N6dp7nMlvbojkf3gOf1zXl5o48kU9z0MvT5pMq/8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0V4uh6uphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYXhEP/YTu8M0Pm317MqTxNE+x7mVlJVgCMqQeR3rdooobu7jQUUUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACqmpalZ6Pp0+oahOkFrCu55G7e3uSeAByTxUesaxY6DpkuoahN5cEfoMs57Ko7sewrxjXdcvvFOopeXymG2iObWx3ZEX+23ZnPr0HQdyerC4WeIlZbdWcOOx9PCQ5pb9F3JPEXiO88W3gknR7fTIyGtrJupI6SS46t6Dovueay5ZUgieWVgiIMsx6AUruscbO7BUUZJJ4Ars/Avg2XUJodd1mApbIQ9lZyLyx7SuP1VT06nnGPdnOlgqVl/w58pSpYjNMRzSenV9EvIl8C+C5biaHXtbtyirh7GykHKHtLIP73ov8PU89PTaKK+drVZVZ88z7PD4enh6ap01ZIKKKKyNgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKr31jbanYz2V5EstvOhSRG7g/y+tWKKE7aoGr6Hzl4v8Ahrq3hu4kmtYpL7TM5WeNcsg9HA6Y9en06VxNfYdVJ9K065ffcWFrK/8AekhVj+or1aWaSStNXPOqZem7wdj5Hor6z/sLR/8AoFWP/gOn+FH9haP/ANAqx/8AAdP8K0/tWP8AL+Jn/Z0v5j5Mor6z/sLR/wDoFWP/AIDp/hR/YWj/APQKsf8AwHT/AAo/tWP8v4h/Z0v5j5MqW2tbi8nWC1glnmbhY4kLMfoBX1d/YWj/APQKsf8AwHT/AAq1b2ltaJstreGFfSNAo/Sh5qraR/Eay59ZHlvw6+GM2m3UWta9Gq3EZ3W9qSDsPZ27Z9B269enrFFFeXWrTrS5pHoUqUaUeWIUUUVkaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZeva/YeHNNa9v5CFztjiTl5n7Ig7k/p1OACa1K8B1HV5vEurSazcOXViy2afwww54AHqQASe5PoAK6sJhniJ8vRbnDmGOjg6XO1dvYfquq3/iPU11LVMKyAi3tUbKWyn09WPdu/QYFVmZUUsxCqBkknAAoJCqWYgADJJ7V1HgrwbJr80WsarEU0lCHtrZxzdkdHcf8APPuB/F1PGM/QVKlLCUtPkj5CjRr5liG2/V9kSeB/BsmsTQ65q0JTTkIe0tJF5nPaRwei91XvwT2FesUUV81WrTrT55n22Gw1PD01TprQKKKKyNwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACvHfEHgjV9H1C4l02z+26XLI0sYjlRZIM8lSHKgqCTggk44I7korehXnRlzQObFYWliYclVaFzw38Pb7ULyO78RW621hEwZLEurtOw5BkKkqE/2QTnvgcH1YDAwOlFFTWrzrS5psrDYalh4clNWQUUUVkbhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAf/2Q==)

2024 performance

We entered 2024 with strong visibility of

revenue for the year ahead, providing

confidence of further strong growth,

which is ultimately what played out.

Our regional growth expectations as we

came into the year included growth of

10% in North America, which the

business there delivered. Marquee

events World of Concrete and Supply

Side West were particular highlights,

each growing around 20%.

In IMEA, where we targeted over 20%

growth for the year, the business grew

more than 30%, despite the

cancellation ofMiddle East Energy in

March due tounprecedented flooding

in Dubai. Ourmarquee events in the

region include WHX (formerly Arab

Health) in Dubai and Cityscape in the

Kingdom ofSaudi Arabia, each of which

grew more than 20%.

We launched a further two events in

the Kingdom of Saudi Arabia in 2024,

including CPHI Middle East. The

growth we have seen since forming

our Tahaluf partnership in 2022 has

been phenomenal, with the business

generating over £140m of revenue

in2024.

Due to limited venue capacity in the

Kingdom of Saudi Arabia to run events,

we use temporary structures, which

reduces margins. We expect this to

change over time, particularly following

the World Expo event in Riyadh in 2030,

for which more venues are being built.

Growth was consistent across Asia,

with business in China less buoyant

than previous years, reflecting a

weaker Chinese economy. Mainland

China grew just over 5%, with Hong

Kong and the rest of Asia growing at

over 10%.

Our marquee brands, including LEAP,

which represent over £640m of revenue

and a higher proportion of profit,

performed particularly well, growing

revenue at 16%.

As is normal in even years, we ran

fewer biennial events in 2024. These

events grew over 20%, reflecting the

comparison with the 2022 events

which were only just emerging from

the pandemic. We expect 2025’s

biennial events to grow at a lower rate,

as the comparable will be the 2023

editions, which were fully recovered

from the pandemic.

It is the enduring strength of our

brands and our commitment to

staying closely aligned with the

specialist markets we serve, adapting

events and listening to our customers,

that is behind this growth. Our

talented teams are embedded within

their markets and know them inside

out. Coupling this with the data and

insights we gather through IIRIS

creates a powerful combination for

ongoing sustainable growth.

Outlook and opportunities

Looking ahead to 2025, we are again

confident of further growth across our

markets and geographies. We entered

2025 with close to half of our revenue

for the year visible, a similar percentage

as 2024. Pacing trends are on track

across the portfolio.

Our pricing has now recovered from

theimpact of inflation following the

pandemic. Going forward, we expect

underlying revenue growth to be

drivenby a mixture of volume growth

– more space at existing events and

new launches – and yield growth –

increased price per square metre and

more additional services, with the latter

expected to account for more than

halfof growth.

The exhibitions market continues to

grow at pace and is expected to reach

$40bn by 2030, growing around 5% a

year. It remains fragmented, with the

top 10 organisers representing less

than 20% of the overall market. While

this provides us with opportunities for

further scale through additions and

partnerships, over the short term, we

are looking to capture more from our

existing brands through One Informa.

Our focus in 2025 is around operating

efficiency, further enhancing

customer experiences at events,

improving our marketing initiatives as

well as aligning our supporting

functions with those of the other B2B

events businesses at Informa.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

43

![](data:image/jpeg;base64,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)

Informa Connect owns and operates

content-led  events that bring

together professionals to connect,

learn and  develop business.

Informa Connect plays a vital role

convening professionals in specialist

markets through content and community,

where they can learn, network and

develop commercial relationships.

Our international businesses operate

in six end markets – Life Sciences,

Finance, Foodservice, Anti-Ageing &

Aesthetics, Lifestyle and Technology

– owning and operating major B2B

brands in each of them.

In addition to our live events

businesses, we also run subscription-

based intelligence businesses including

Technomic in our Foodservices

portfolio and Curinos, Zephyr and IGM

within our Finance portfolio. In 2024,

the largest of these was Curinos, in

which we held a majority stake.

Towards the end of the year, we

divested our interest to our partner in

the business. This increased the focus

on our live events portfolio, while

providing continuity for colleagues.

Informa Connect has seen substantial

change over the last decade. The

business has transitioned towards

large-scale, repeatable B2B brands.

Back in 2014, it focused on small,

volume conferences, operating around

3,000 events across many industries

and generating £246m of revenue.

Around 60% of that revenue came from

attendees, where forward visibility is

low. Our largest event at the time

generated just over £5m revenue, with

the top 20 generating £50m.

In 2024, the portfolio is completely

transformed. We focus on major brands

within our six core markets, operating

around 500 live events annually. Our

revenue is over two and a half times

more than it was in 2014, with over 100

events generating revenue of more than

$1m. Our top 20 events generated

around £185m of revenue in 2024.

Ourlargest event this year generated

the same amount of revenue as the

entire top 10 did in 2014.

D

C

E

A

B

F

Revenue

by type %

A Exhibitor – 21%

B Subscriptions – 24%

C Unit sales – 7%

D Attendee – 28%

E Marketing services – 6%

F Sponsorship – 14%

Informa Annual Report and Accounts 2024

Strategic Report

44

Business and financial review

continued

B

A

C

D

E

Revenue

by region %

A North America – 71%

B Continental Europe – 14%

C UK – 7%

D Middle East – 4%

E Rest of the world – 4%

£631m

Revenue

2023: £581m

2

Marquee brands

4.1% | 8.7%

Revenue growth

Underlying/reported

2023: 14.2% | 40.0%

£114m | £30m

Operating profit

Adjusted/statutory

2023: £103m | £32m

![](data:image/jpeg;base64,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)

The mix of revenue has also improved

substantially. In 2024, attendees

accounted for less than 30% of revenue

– half the proportion of 2014. Exhibitor

and sponsorship revenues, where

visibility is higher, represented around

35%, while almost a quarter of revenue

was from subscriptions.

2024 performance

Informa Connect’s underlying revenues

grew 4.1% in 2024. Excluding Curinos,

growth would have been 5.1%.

Reported revenue growth was higher

at 8.7%, reflecting the full-year benefit

of the Tarsus and Winsight businesses

acquired in 2023. The brands within

these businesses grew strongly

year-on-year. Winsight’s flagship event,

the National Restaurant Association

Show in North America – the largest

event in the Connect portfolio –

increased revenues by 20% and

attendees by 7%.

Our marquee and power brands, which

represent over £100m of revenue, grew

by double digits in 2024. These scale

brands have powerful market presence

as the convening place for their

industries. This creates more revenue

opportunities, meaning they typically

have higher growth rates and higher

margins than smaller events.

The transformation of our business and

our experience through the pandemic

led us to do more digitally. Many of our

events offer a digital complement

through Streamly. Streamly’s digital

library of content includes speakers

from our events as well as expert

content from elsewhere, which can be

viewed on demand either at the event,

after the event or entirely separate

fromthe event.

First-party audience data gathered by

Streamly and the rich attendee

interaction data from events that we

capture through our proprietary

platform ConnectMe, all feed into our

centralised data platform, IIRIS. The

audience insights this data provides

inform product development and

improve our marketing. This in turn

enables us to be more tailored and

bespoke in our approach. We can

provide targeted audience data to event

partners and sponsors, which we now

monetise through our proprietary Lead

Insights platform: 135,000 unique leads

were delivered to 3,300 companies

through Lead Insights in 2024.

Digital and data capabilities are a key

consideration for any potential addition

to our portfolio. A key attraction of the

Winsight business was Technomic, a

specialist data and insights provider to

the foodservices industry. This

complements our live events brands in

the Foodservice market by providing

market insights and broadening

customer relationships. By combining it

with our GAP 2 investments and

expertise, the team is developing a new

data product for food manufacturers

that will provide greater insights into

end customer purchasing decisions.

This is something not typically visible to

manufacturers as they sell products via

third-party distributors.

Our largest end market remains

Finance, which includes marquee event

SuperReturn, serving the private equity

community. It continues to go from

strength to strength, with revenue now

almost eight times the size it was in

2014 and profit ten times greater.

Outlook and opportunities

Following a period of rapid growth and

expansion, we now have scale and

leadership positions in six growth end

markets. Our role is to continue to

attract, engage and retain highly

valuable audiences by providing unique

content and specialist connections they

cannot get elsewhere. Our strength in

first-party data will help us achieve

this, bringing us closer to customers

and supporting the continuing rollout

of complementary digital services that

generate additional revenue.

Our focus over the coming years is

around maximising our potential using

the platform we have created. Whether

that be enhancing customer experience,

making better use of data, streamlining

processes through automation and

better use of AI, or developing colleague

skills at scale, the benefits of the One

Informa programme fuel more

opportunities for further growth.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

45

![](data:image/jpeg;base64,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)

Our academic markets business

Taylor&Francis is a  leading publisher

ofpeer‑reviewed academic research with

a long history of  trust and integrity.

In an increasingly well-educated world,

Taylor & Francis brings together the

creators and curators of knowledge,

supporting each throughout their

careers. From learning and studying, to

lecturing and peer reviewing content,

our business acts as a virtuous

flywheel, where the more value we

create for one party, the greater the

value for the other.

We operate in two key areas –

Researcher Services and Advanced

Learning. Around 60% of our business

is Researcher Services, which publishes

articles and journals through both

pay-to-publish and pay-to-read

models. We also provide flexible

agreements that span both formats

depending on our customers’

preferences. This is almost entirely

digital revenue.

Around 40% of our business is

Advanced Learning. We publish books

that are sold to academic institutions,

libraries, and directly to post-

graduates, professors and career

academics. Around half of this revenue

is digital through the sale of ebooks

and open books.

Back in 2014, the split between

Researcher Services and Advanced

Learning was broadly equal. We

generated less than 25% of Advanced

Learning revenue digitally. The shift

informat and digital mix over the

lastdecade reflects shifts in the

marketaswell as the technology

investmentsmade through our

twoGAP programmes.

Around 60% of revenue from our

specialist publications comes from

humanities and social sciences subjects,

with the remainder from STEM

publications. This has been broadly

consistent over the last ten years.

Revenue

by type %

A Subscriptions – 53%

B Unit sales – 47%

A

B

Informa Annual Report and Accounts 2024

Strategic Report

46

Business and financial review

continued

B

A

E

D

C

F

Revenue

by region %

A North America – 53%

B Continental Europe – 11%

C UK – 14%

D China – 8%

E Middle East – 2%

F Rest of the world – 12%

£698m

Revenue

2023: £619m

80%

Digital revenue

14.5% | 12.8%

Revenue growth

Underlying/reported

2023: 3.0% | 4.3%

£256m | £203m

Operating profit

Adjusted/statutory

2023: £218m | £149m

![](data:image/jpeg;base64,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)

2024 performance

Taylor & Francis delivered strong

underlying revenue growth of 14.5%

in2024. This reflects consistent

underlying growth in the core business,

complemented by new incremental

revenue from AI partnership

agreements. It includes over $75m of

non-recurring data access revenue.

As the opportunities presented by

generative AI continue to expand, there

is increasing demand for high-quality

content. To date, these partnership

agreements have largely focused on

our Advanced Learning content, but

there are opportunities to expand

beyond books in the future.

Overall, pay-to read revenue increased

by double digits in 2024, largely driven

by the data access agreements

described above. Elsewhere, we saw an

increase in ebook revenue that mirrored

a similar decline in print books.

Article submissions increased in our

Researcher Services business, albeit

ata slower rate than 2023, as the

rebound effect of the pandemic

subsided. Around a quarter of the

articles we receive go on to be

published following a rigorous peer

review and vetting process. This helps

maintain the integrity and quality of

our publications. Integrity is key for

the long-term reputation and

relevance of our business and is highly

valued by our customers. Along with

others in the market, we have seen

arecent flight to quality away from

newer participants towards the more

traditional, trusted publishers.

In total, we have now signed 45

transformative agreements, providing

access to around 1,000 institutions.

These are flexible read and publish

contracts that provide institutions

with a combination of pay-to-read

content access and pay-to-publish

research services.

In line with the trends we have seen in

the broader academic market, we are

generating an increasing amount of

revenue from China. In 2014, around

3% of our revenue was from

publications in China. This proportion

has more than doubled in 2024 as

China has moved to become one of the

top countries for research output

globally.

During July, we welcomed our new CEO,

Penny Ladkin-Brand, who joins with

significant experience in specialist

publishing businesses looking to

accelerate their growth and digital

ambitions. The benefits of her

experience are already helping to

further grow our share of research

andrelated content.

Outlook and opportunities

In order to increase the volume of

research we disseminate and, in turn

generate additional revenue, we are

focusing on the ease and speed of

publication for both creators and

curators of knowledge. This is

particularly true in open research.

Thatmeans simplifying the submission

process, improving the process around

peer review and publishing in ways that

best suit an article so that it reaches its

intended audience, all while upholding

the rigorous standards for which we

are known, preserving the integrity of

our brands and publications.

Technology and AI play a crucial role

inthis. The partnerships we have

established with AI providers are

helping us to learn and adapt quickly

astechnology evolves.

It is an exciting time to be in the

knowledge business, with endless

possibilities becoming daily realities.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

47

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAYzBG4DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3KiiitjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACimySJDG0krqiKMszHAA9Sa5DUvih4W052jW8e7dc5FrHuH/AH0cKfwNXCnOfwq5Mpxj8TsdjRXnf/C5vDv/AD5ap/36j/8Ai6P+FzeHf+fLVP8Av1H/APF1r9Vrfymf1il/MeiUV53/AMLm8O/8+Wqf9+o//i6P+FzeHf8Any1T/v1H/wDF0fVa38ofWKX8x6JRXnf/AAubw7/z5ap/36j/APi6P+FzeHf+fLVP+/Uf/wAXR9Vrfyh9YpfzHolFed/8Lm8O/wDPlqn/AH6j/wDi6P8Ahc3h3/ny1T/v1H/8XR9Vrfyh9YpfzHolFed/8Lm8O/8APlqn/fqP/wCLo/4XN4d/58tU/wC/Uf8A8XR9Vrfyh9YpfzHolFed/wDC5vDv/Plqn/fqP/4uj/hc3h3/AJ8tU/79R/8AxdH1Wt/KH1il/MeiUV53/wALm8O/8+Wqf9+o/wD4uj/hc3h3/ny1T/v1H/8AF0fVa38ofWKX8x6JRXnf/C5vDv8Az5ap/wB+o/8A4uj/AIXN4d/58tU/79R//F0fVa38ofWKX8x6JRXnf/C5vDv/AD5ap/36j/8Ai6P+FzeHf+fLVP8Av1H/APF0fVa38ofWKX8x6JRXnf8Awubw7/z5ap/36j/+Lo/4XN4d/wCfLVP+/Uf/AMXR9Vrfyh9YpfzHolFed/8AC5vDv/Plqn/fqP8A+Lo/4XN4d/58tU/79R//ABdH1Wt/KH1il/MeiUV53/wubw7/AM+Wqf8AfqP/AOLo/wCFzeHf+fLVP+/Uf/xdH1Wt/KH1il/MeiUV53/wubw7/wA+Wqf9+o//AIuj/hc3h3/ny1T/AL9R/wDxdH1Wt/KH1il/MeiUV53/AMLm8O/8+Wqf9+o//i6P+FzeHf8Any1T/v1H/wDF0fVa38ofWKX8x6JRXnf/AAubw7/z5ap/36j/APi6P+FzeHf+fLVP+/Uf/wAXR9Vrfyh9YpfzHolFed/8Lm8O/wDPlqn/AH6j/wDi6P8Ahc3h3/ny1T/v1H/8XR9Vrfyh9YpfzHolFed/8Lm8O/8APlqn/fqP/wCLo/4XN4d/58tU/wC/Uf8A8XR9Vrfyh9YpfzHolFed/wDC5vDv/Plqn/fqP/4uj/hc3h3/AJ8tU/79R/8AxdH1Wt/KH1il/MeiUV53/wALm8O/8+Wqf9+o/wD4uj/hc3h3/ny1T/v1H/8AF0fVa38ofWKX8x6JRXnf/C5vDv8Az5ap/wB+o/8A4uj/AIXN4d/58tU/79R//F0fVa38ofWKX8x6JRXnf/C5vDv/AD5ap/36j/8Ai6P+FzeHf+fLVP8Av1H/APF0fVa38ofWKX8x6JRXnf8Awubw7/z5ap/36j/+Lo/4XN4d/wCfLVP+/Uf/AMXR9Vrfyh9YpfzHolFed/8AC5vDv/Plqn/fqP8A+Lo/4XN4d/58tU/79R//ABdH1Wt/KH1il/MeiUV53/wubw7/AM+Wqf8AfqP/AOLqxa/F3wxcOFlN7ajP3pocj/xwsaTwtZfZYe3p/wAx3lFVNP1Sx1a2Fxp93DcxdN0TA4PofQ+xq3WLTTszVO+qCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiqOo6zpmkoG1G/trUN90SyBSx9ADyT9Kzv8AhKBcDOmaNq1/6Mtt5C/XdMUBHuM07Ab9FYRuvFM7fudH023T1ub9mf8A75SMj/x6g2viyQ/8hTRoR6DT5ZCPx84fypXXcrkl2N2isL+z/FPU6/pme2NKfH4/v/8ACj7F4sTka1o8ns2lyD+U9F13H7OXY3aKw2k8VwH/AI8tHu17lbqSA/gCjj9f/rNPiG9tjjUPDmqQqBzLbhLlPwEbF/8Axyglxa6G9RWVYeJdG1Kf7Pb6hF9p/wCfeXMUw/7Zvhv0rVpiCiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVW1C/ttL0+e+vJRFbwIXdz2H9T2x3qzXlPxm1p44LDRYpMCXM86juAcJ+Gdx/AVtQpe1qKBnVqezg5HDeL/G2oeK7xgzNDp6N+5tlPH1b1b+XauYoor6GEIwXLFaHiyk5O7CiiiqEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBf0fWr/AEK/S9064aGVeuPuuPRh3FfQvg3xXb+LNHFyoEd1FhLiEH7reo9j2/Edq+a6674bay+keM7RS+2C8P2aUdju+7/49jn61x4zDqpByW6OnDVnCSXRn0RRRRXhHrBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFZeq69a6XJHbbJbq/mGYbK3AaWT3x0VR3ZiAPWqC6Dfa2RL4juB9nPI0q1YiEf9dX4Mp9uF/2T1odluOMXLYkl8Uwzzva6Hay6vcIdrtbkLBEfR5j8o9wu5vahdH1rUju1fWDbxEf8eml5jH0aY/Ofquyt6GCK2gSCCJIokG1I41Cqo9AB0qSoc+xvGkluZuneH9J0l2ksbCCKZvvzbd0r/wC85yzfia0qKKhu5olYKKKKACiiigAooooAq3+m2OqQGDULO3uoj/BPGHH5GshvDU9kd+h6vdWRH/LvOTc259trnco9kZR7V0NFNSa2E4p7nNtr99pIx4g01ooh1vrLM0H1YY3x/iCo/vVuW11b3tslzazxTwSDKSROGVh6gjg1YrAu/DKJcvfaJcnS71zufy13QTn/AKaRcAn/AGhhverU09zKVLsblFYVl4geO7j03XLYafqEh2xENuguT/0yfAyf9k4b2I5rdqjEKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKztb1KXStM+0wW6XEzTwwJG8pjUtJKsYJYK2AC+eh6Vo1ieKv+QRB/2ErD/0riprcA+1eKP+gPo//g1l/wDkej7V4o/6A+j/APg1l/8Aketuii4GJ9q8Uf8AQH0f/wAGsv8A8j1458VH1CTxVA2pW9vBL9jTalvO0y7dz87mROc54x+Ne/V5Z8ZdEaazstbiTPkZgnIHO0nKn6A5H/AhXXgpqNZX6nNiot0nY8cooor3TyQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArR0Dd/wAJHpezO/7XFtx67xWdXY/DPRH1fxjbSmPdbWR+0St2BH3B9d2PwBrOrJRg2y6cXKaSPoWiiivmj3AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwPGevSeHPDFzfwKrXOVigDDI3sQAT7DOfwrxz/hM/FdtLNeRa5cSTspykqo0Z64wmML+GPfNeqeII5PGTXHhyyISwRl+33+A2xlIYRR9jJkAk9FHueOWh+D15JeNFfa1EdP6FoICssg7jkkJ9fm+granOnFNT3Oiio8r5kd94XsNNh0mHUbHzZn1CKO4ku7g7pp8qCC5+h4AwB2AriPGHifVLrX73S7G+msrK0KxObfCySyFQxO/qoAYAYwcg89K9RjjSKJI41CogCqoHAA6CuJ8VeBJ9V1OXVdKvIYLqVFE0E6ExysowG3LypxgZweAOKnCzpKrerscuYU688O44Z2kcJqPxL8Q6JpMmn/axcXcxX7NeSxKXjQZ35AG1iPkwSP4jnOK4aXxb4lmlaR/EWrbmOTsvZEH4AEAfQCvYpfhHbX2j3EN/qbPqMjI0dzHDhINu75QpOSDvOcnnA6Yrjpfgj4lWVxDf6S8YJ2s8sikj1ICHH0ya7I1cLzSsrHNCjjFSiqju7anF/8ACUeI/wDoYtZ/8D5f/iqP+Eo8R/8AQxaz/wCB8v8A8VXY/wDCk/FP/P3o3/f+X/43R/wpPxT/AM/ejf8Af+X/AON1p7bDeX3B7LE+f3nHf8JR4j/6GLWf/A+X/wCKp8fizxLFKsi+ItX3KcjdeyMPxBJB/Guu/wCFJ+Kf+fvRv+/8v/xunx/BHxM0iiW+0hIyfmZZZGIHsNgz+Ype2w3l9weyxPn9533wt8Y3nirSLuLU3WS/spFDSKgXejD5SccZyrA4x0Fd7XN+C/B9t4N0d7KGdrmaaTzZp2QLubAGAOwAHAyeprpK8mq4ubcNj1KakoJS3Cqmq6hFpOkXmozKzRWsDzOF6kKCSB+VW6jngiureW3nRZIpUKOjDIZSMEH8Kgs4CKLXrmOO8uvEF5BqDIDsgCCCInkqIyCGGeMtk+hFdZ4Y1aXWdBhurhVW6VnguAg+XzY2KPt9iVJHsa5+Pwnr9osdjaaxZtZIoVLie3Zp41HABAYK5x/Fx9DXVaRpcGi6TbadblmjgTbvf7znqzH3JJJ9zXTWlTaXIcmGhWjJ+0ehxnj7xNqFlqdvo2l3RtXaA3FzMqAuFLbUVScgZ2vk4yMDGKyvCHifVLPX7HTb6/mvbG7LQqbjDyRSbSynfjcQdpHOeo6Cut8W+D/+Eje2ura7FpfW6siu0e9JEYg7WGQeo4IPGT1zWf4W8CT6VqkWq6reQz3MKsIYYEIjjLDBbceWOMjoMZPBreFTDLDOLXvHHUo4145TjL93/XQ6+/0+01Syks763juLeQYaOQZB9/Y+h6iueM994SOL2WW+0LPy3bZeazHpJ3dP9vqP4sj5q6qgjIwelcMZWPVlBSIo5EljWSN1dHAZWU5BB6EGnVy8tvL4OkNxZxl/DzMWuLZQS1kTyZIx/wA8+7J/D1HGRXSxSxzxJLE6yRuoZHQ5DA9CD3FaeaOZpp2Y+iiigQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKgvLO3v7Oa0uollgmUo6N0INT0U07AfOvjLwLf+Frt5UR7jTGOY7hRnaP7r+h9+h/QcnX1o6LIjI6hkYYKsMgiuR1L4Y+F9RkaQWTWjt1Nq+wf988qPwFepRzBWtUXzPPqYN3vA+eaK9y/4Uz4d/5/dU/7+x//ABFH/CmfDv8Az+6p/wB/Y/8A4it/r9Ex+p1Tw2ivcv8AhTPh3/n91T/v7H/8RR/wpnw7/wA/uqf9/Y//AIij6/RD6nVPDaK9y/4Uz4d/5/dU/wC/sf8A8RR/wpnw7/z+6p/39j/+Io+v0Q+p1Tw2ivcv+FM+Hf8An91T/v7H/wDEUf8ACmfDv/P7qn/f2P8A+Io+v0Q+p1Tw2ivcv+FM+Hf+f3VP+/sf/wARR/wpnw7/AM/uqf8Af2P/AOIo+v0Q+p1Tw2ivcv8AhTPh3/n91T/v7H/8RR/wpnw7/wA/uqf9/Y//AIij6/RD6nVPDaK9y/4Uz4d/5/dU/wC/sf8A8RR/wpnw7/z+6p/39j/+Io+v0Q+p1Tw2ivcv+FM+Hf8An91T/v7H/wDEUf8ACmfDv/P7qn/f2P8A+Io+v0Q+p1Tw2ivcv+FM+Hf+f3VP+/sf/wARR/wpnw7/AM/uqf8Af2P/AOIo+v0Q+p1Tw2ivcv8AhTPh3/n91T/v7H/8RR/wpnw7/wA/uqf9/Y//AIij6/RD6nVPDaK9y/4Uz4d/5/dU/wC/sf8A8RR/wpnw7/z+6p/39j/+Io+v0Q+p1Tw2ivcv+FM+Hf8An91T/v7H/wDEUf8ACmfDv/P7qn/f2P8A+Io+v0Q+p1Tw2ivcv+FM+Hf+f3VP+/sf/wARR/wpnw7/AM/uqf8Af2P/AOIo+v0Q+p1Tw2ivcv8AhTPh3/n91T/v7H/8RR/wpnw7/wA/uqf9/Y//AIij6/RD6nVPDaK9y/4Uz4d/5/dU/wC/sf8A8RR/wpnw7/z+6p/39j/+Io+v0Q+p1Tw2ivcv+FM+Hf8An91T/v7H/wDEUf8ACmfDv/P7qn/f2P8A+Io+v0Q+p1Tw2ivcv+FM+Hf+f3VP+/sf/wARR/wpnw7/AM/uqf8Af2P/AOIo+v0Q+p1Tw2ivcv8AhTPh3/n91T/v7H/8RR/wpnw7/wA/uqf9/Y//AIij6/RD6nVPDaK9y/4Uz4d/5/dU/wC/sf8A8RR/wpnw7/z+6p/39j/+Io+v0Q+p1Tw2ivcv+FM+Hf8An91T/v7H/wDEUf8ACmfDv/P7qn/f2P8A+Io+v0Q+p1Tw2ivcv+FM+Hf+f3VP+/sf/wARR/wpnw7/AM/uqf8Af2P/AOIo+v0Q+p1Tw2ivcv8AhTPh3/n91T/v7H/8RR/wpnw7/wA/uqf9/Y//AIij6/RD6nVPDaK9y/4Uz4d/5/dU/wC/sf8A8RR/wpnw7/z+6p/39j/+Io+v0Q+p1Tw2ivcv+FM+Hf8An91T/v7H/wDEVZs/hJ4YtZA0q3l0Ac7Z5sD/AMdC0PMKPmNYOoeLaJoWo+IdQSz063aWQn5m6LGPVj2H+Rk19C+EvC1r4U0dbSHElw+GuJ8YMjf4DsP8TWrYadZaXai2sLWK2hHOyJQoz6n1PvVqvPxOLlW91aI7KGHVPV6sKKKK4zpCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiua8Z3E32Gz02CR4jqNz5EsiEhliCM74PYkLtz23etOKu7Ck7K7LN14w0GzneBr4zSxtskS1hkuCh9GEatj8ag/4TrQv7+o/wDgquv/AI3VC2toLO3S3toUhhjGEjRcBR7Cpa6vq8e5xPFvoi1/wnWhf39R/wDBVdf/ABunJ440Bs7rm5iA7zWM8Y/NkFU6KPq8e4fW5djZsfEmh6nII7HWLC4l/wCecdwrP/3znNVNZvrq9vhoGkytFdOge7ukwfskJ7jPHmNghR25Y9MHJu7Czv4/LvLSC4T+7LGHH61SttE/suWSXRL25015GDOkbCSJyBgZjfI6AD5cHgc1Lw7Xws0hi4t+8jvNP0+10uwhsbKFYbeFdqIO31Pck8knkk1Zrj7fxde6cQmvWIMA/wCX+xUsg93j5ZPqNw9SK6u1ure9to7m1njngkG5JYmDKw9QR1rjnCUX7x6dOpCavFktFFFQWeWeNPEmo3mv3OlWd5PZ2NkVSQ27lHmkKhj845CgMBgYyc57VzG66/6Ceq/+DGf/AOLq5rTK/irXCrAj7aRkHuFUGuI1KTxSNQmFsD5G7935aqRt7dec+tfR0KdKnQi3C9/K58Viq2Jr4ypCNXlS82kdXuuv+gnqv/gxn/8Ai6N11/0E9V/8GM//AMXXE+Z4w9Jf++Eo8zxh6S/98JV81H/n1+CI9jiv+glf+Bs7bddf9BPVf/BjP/8AF06O41GBxLbazqsUynKsb2SQZ91dipHsQa4fzPGHpL/3wldJoTam1if7UUCUN8p4DEe4HFXBUZvl9nb5GVZ4qhHn9vf0k2ereHviJp13pcY1aSSC/iYxXBS1lMW5f4t4UqARg4J4ziuvs7211G1S6sriK4t3+7JE4ZT+Iry3wP8A8eurf9f5/wDRMVbtj/xJ/FllNbARwanI1vdxqMKzhGdJP97Klc99wz0FeJiMKouTj0PqcJjpVFBTW6X5HeUUUVwnqBRRRQAUUUUAFFFFAARkYPSuURf+EP1FIQMeH7yTEeOljMx+77ROTx/dY46MMdXUN3aQX1nNaXUSy28yGOSNhkMpGCKqMrEzjzIfRXP6Bc3FldzeHtQleW4tUElrcPybm3zgEnu6nCt/wFv4q6CtDlasFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/AGErD/0rirbrE8Vf8giD/sJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuX8V/8AIU0H/rvL/wCimrqK5fxX/wAhTQf+u8v/AKKatKXxozrfAyKimu6RIzyMqIoyzMcAD3rEfxn4eRyv9qRNjjMas6n6EAg13nmKLlsjdorA/wCE18Pf9BEf9+n/APiaP+E18Pf9BEf9+n/+JoH7KfZm/RWB/wAJr4e/6CI/79P/APE0f8Jr4e/6CI/79P8A/E0B7KfZm/WcLO60m6e+0GRIJnO6a0fPkXJ9wPuP/tj8Q3SqP/Ca+Hv+giP+/T//ABNathqVlqkHnWN1FcRjgmNgcH0PofY1LSkrMa9pSfMtDoNJ8T6fqdjNPI4sprbIu7e5YK0BHc8429ww4IrnrvWr7xPlLGSWx0U8eeuUnux/s940Pr949tvcutK0++mjmu7G2uJYv9W8sSsV+hI4q3WMMNGMrs6qmOnKNloeaNbQWepajb20SxQx3JVEUYAG1a5LVdL1uTUppItTAiY5RfPMe0emP85rsrv/AJDeq/8AX0f/AEFa4PWdJ046tO82tLHI7bijxlyue2Qf8ivWmv3Mf87HztB2xlTX/wAl5vyG/wBk69/0FB/4Fmj+yde/6Cg/8CzVL+ydK/6D0X/fhv8AGj+ydK/6D0X/AH4b/Gue3l/5Mj0eb+9/5TZd/snXv+goP/As102g2t7a2BW9uvtDs2V+bdtHpu71xn9k6V/0Hov+/Df412Hhu0t7TTMW159qRnJLDgA+gHat8Ovf2/G5w5jL9zv1/ka/FnceB/8Aj11b/r/P/omKt25/5Cuif9hBf/QHrC8D/wDHrq3/AF/n/wBExVrate22nXWkXd5MkNvHfoXkc4Cja4ya4sR9v5npYL/l36L8keh0VBZ31pqFstxZXUNzA33ZIZA6n8RxU9eMfSBRRRQAUVl6r4j0bQwP7T1O2tmIyqPIN7fRRyfwFc3P8V/DUZ/c/b7kesdqy/8Aoe2qUJS2QHcUV55/wuHRv+gPrP8A37h/+O0qfGDRC6h9L1hFJ5cxREL74EhP5A1XsanYdn2PQqKz9H1vTdfsftml3SXEG4oSAQVYdmBwQeRwR3rQrNq24jE8SabcXdpFfaegOqae/n2oJx5nGGiJ9HXK+xwe1XtN1CDVdNt7+1JMM6B1yMEexHYg8EdiKu1xKa3Z+GfEuqaVia5hm23sUNpEZWgkcnzEYD7gJAcbsZLtWsLvQwrJL3js6K5u38baW0scV7Feaa8jbVN7AUQnsPMGUBPYFq6Sqaa3MU09gooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/IIg/7CVh/6VxVt1ieKv8AkEQf9hKw/wDSuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcv4r/5Cmg/9d5f/RTV1Fcv4r/5Cmg/9d5f/RTVpS+NGdb4Gcd8QxMfDIK4+zC4jNzn+5nj8N+zPtXnwIKgrjHbFexanqFtplhJdXZPlLhdqruLEnAAHckkCuEebSJXZ08G2yqxyA8iIfxCggfnXZKpGHxM1yt13FxpU3L0OZorpd+lf9Cfaf8Af8f/ABNG/Sv+hPtP+/4/+JqfrFPuepbGf8+JHNUV0u/Sv+hPtP8Av+P/AImjfpX/AEJ9p/3/AB/8TR9Yp9wtjP8AnxI5qt7wL5reK3NuR5a2zC5x06jYD75zj23VPv0r/oT7T/v+P/ia6bw1qmmzq1haad/Z0sS7zb7FAYZxuUrwRn8eeRVKrCbsmcWPeJjRftKLin1Z0NFFFWfPHnN3/wAhvVf+vo/+grXB6snhs6pcGSW8Em47xBt27u/Uetd5d/8AIb1X/r6P/oK1wOsajpA1a4WTRTLIrYZzM0e49zgfz7121GvYxvb5nm4ZSeMqct/k0vzKnl+GP+e2p/kn+FHl+GP+e2p/kn+FR/2jov8A0Af/ACcf/Cum0vRdC1Swjuk09kDZBVpX4I64OeR71jCHtHaPL+J216vsI81TnS9Y/oznfL8Mf89tT/JP8K6zwyNMWwf+zWkYb/3hl+/ntn8PSl/4RXRf+fL/AMiv/jWjZ2VtYQCC1iEcec4HOT7k8muqjRlCV2l8jy8ZjaValyQcr+drHUeB/wDj11b/AK/z/wCiYqZ8Qf8AkA2//X2n8mp/gf8A49dW/wCv8/8AomKmfEH/AJANv/19p/Jq4anxv1PbwG9L/t39DgrSa4067+16fczWdz3lgbaW9mHRh7EEV6X4X+KQZ47LxKI4WOFS/QbY2P8A00H8B9/u/wC7XmNIQGBBAIPBBrGpSjNan1s6Sltoz6Q1XV7DRNOkv9RuUgtk6ueck9AAOST2A5rx/wAQ/EjWNbZodNaTSrA9Cp/0iQe7D7n0Xn/a7Vx53ukKSTTyRwDEMckzOsY/2VJIX8KWsqeGjHWWpEaP8wxYkR2cL87nLueWY+pJ5J+tPopksgiQHaWJIVVXqxJwAK6jZuMI3eiQ+imzJd2qLLc2ypExA3JJu2EnA3Djv6Zp1NxcXZmWHxNHER5qMrryO++EdzLH4g1O0DfuZrZZmX0ZW25H1Dc/QV69XgPgvxGnhrxHLcS2c91HLalGEBXcvzqc4YgHp617HofizRvEJKWN2PtCjL20oMcqj12nkj3GR715mJg+du2hzSq0/aummr9h/inU5tJ8PXNzalRdMUggLDIEkjhFOO+CwOPauHv77TvBWgiaVZZcuFJGDLcStyWYnGWOCST6fhXaeL9Pn1Hw3OlpH5t1C8dzCg6u0bq+0e52kfjXEa3pNn438OQGC58sMRNBNtztOCCCuR2JBHY/StcJazPNx9+aN9iLw34tsPF0dxZyWZimVMyW8pDq6E4OPUdM5A6iur8GTyW/2/Q5JGkTT2RrYscsIJAdqk99pV1B9AK43wf4JHhmee8ubpLi6kj8sFUKrGucnqec4HPHSorLxtPY67qd/p+mwXcFwI4I5Zbkx5WPdyAEbgs7YPcYretHmVkccK0KMuabsj2GisPwv4kh8TabJcpA1vPDJ5U8DMG2NgHg9wQQQcCtyuFqzsz0oyUkpLZhRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoopCyg4LAH3NAC0U3zE/vr+dAdD0ZfzoAdRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcv4r/wCQpoP/AF3l/wDRTV1Fcv4r/wCQpoP/AF3l/wDRTVpS+NGdb4Gc54s0241DTIXtIzLNa3CziEEDzBgqRzxnDEj3ArkPtQUkPb3cbjgq9tICP0rsPF3iNfDGgyX/AJayTFxHDGxIDMfX2ABP4V5JJ8UvFDyMy3FvGCchFgXA9hnJ/Wt61GNR3ZvleaYjB03Cmk031Or+1p/zzuP/AAHk/wDiaPtaf887j/wHk/8Aia5L/haHin/n8h/78J/hR/wtDxT/AM/kP/fhP8Kx+qw7s9T/AFjxf8kfxOt+1p/zzuP/AAHk/wDiaPtaf887j/wHk/8Aia5L/haHin/n8h/78J/hR/wtDxT/AM/kP/fhP8KPqsO7D/WPF/yR/E637Wn/ADzuP/AeT/4mtfwzYXVzrcepPbT29rBC6o0qbGlZiOinnaAO4GTjHSvO/wDhaHin/n8h/wC/Cf4V3PgDx9c+Ir2TTdTjiFyse+OWMbd+OoI9ec8ehrSnh4QlzJnFj86xWJoOlKKSe9rnoNFFFdR84ed6ojWviXUYJRtM0gnhJ/jQqoJH0YEH8PWqklpbTPvlt4nb+8yAmvRL/TLLVIRFfW0c6KcrvHKn1B6g+4rK/wCEK0L/AJ97n/wOn/8Ai666eJUYqLVzzq+Ac6jqRla5xv8AZ9l/z52//fof4VYVVRQqqFUDAAGAK6r/AIQrQv8An3uf/A6f/wCLo/4QrQv+fe5/8Dp//i6tYuK2iYvLJvef9fectSMyohd2CqBkknAArqv+EK0L/n3uf/A6f/4upIfB+hQyB/sJlIIIE80kwB+jsRR9cXYSyp31n+H/AASv4JgZNFmumVlF7cNOgYY+TaqqfoQgP41X+IP/ACAbf/r7T+TV1lcn8Qf+QDb/APX2n8mribu7s93CJRqwS6NHn9FFFM+vCiimOskssNvE215pAgb+6MEk/kDSk1FXYJNuyH0kfOpWAP8Az3P/AKA1WNQ0pLGye6t5py0I3yK77g6jr16HGemKrx/8hKw/67H/ANFvSw9WNSSce6ObOKM6OFqxnvyv8ma+rgHRb7P/AD7uf/HTWQv3R9K2NX/5At9/17yf+gmsdfuj6V24v4kfNcKfw6vqiWw/5Cx/64H/ANCFakkKyFHDOksZ3RyxsVeNvVWHINZdh/yFj/1wP/oQrYriZ5WeyccwlKLs9PyNPUPFXiLVNLTTry/jW3AxNJbxmOW4Ho5BwAe+0DPsMivPZPGE+kXTDw7K1qmcPtAMcnvsII/Hg1u68J30iWG2RnmmZYlVepLMBj8c4/GuU/4QrxL/ANAW7/74rPlUdIo6sBOpif31ed7aJF6fx/q+pP5WrTtNZN9+3iCxg/XAyw9icV1NpPDc2sc1uQYmX5cDGPauI/4QrxL/ANAW7/74re8NWV/phurHULaS3ddsipIMHDZH/stOLZObYeEqXtYvVHrnwu/1Otf9fKf+i1r0CvP/AIXf6nWv+vlP/Ra16BXHV+NnrYH/AHaHogooorM6gooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUVHPcQ20RlnlSJB1Z2AFcnrHxBsLBWFnC93IO/3E/M8/pQ3YaTZ2FVrvULLT033l3BbqehlkC5+ma8c1Px9r+oh1W5FpGeNtsNp/wC+uv5GuX8yWe4aSZ2kkY8s5yT+NZup2LVPue03nxC0G24ikmum6fuY+PzbH6Vj3HxLlfP2TTkT0aWQt+gx/OuAhgJAJHXpV6O1JHAqW5stRgtzem8da3OflnjhHpHEP65qlL4h1ac5fUbn/gMhUfkKzzbkHGKXyGxwKyan3NE4LZDpbu4n/wBbcSv2+ZyahxTvJkHamEFTyKlxdtSlJDgBU0YGKqGUCnpOoHWpHuT+fNAf3U0kfOfkYipYtd1WFgY9SuwB285iPyzWe86k9ai81c9au7BpHV2njHXEb5rwSL6PGp/UDNbdv47ulH+kWcMn/XNin881wMEoz1q35oxVKcu5DhHsek2/jbTJSBMs0B9WXcP05/Stq11Kyvv+Pa6ilP8AdVhkfh1rx5HJPTNbmgaY95dBscA1tCUnuYzglsen0VBZWUkKANO7D0Y5q2YT2Oau6MrEdFKQR1GKSmAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVy/iv/kKaD/13l/8ARTV1Fcv4r/5Cmg/9d5f/AEU1aUvjRnW+BmB4q8PReJ9Dk0+SQRPuDxSld2xh3x9CR+NeUyfCXxEkjKj2TqDwwlIz+Yr1DxhfXNnpMKWsjwvc3CQtMnWNSCSQexO3aD6tXEtpNhIxea1jmkP3pJh5jt9WbJNepTw7q6o8StmCwtovW5h/8Kn8S/8ATn/3+P8AhR/wqfxL/wBOf/f4/wCFbf8AY2mf9A+2/wC/Qo/sbTP+gfbf9+hWv1F9zH+3I9n/AF8zE/4VP4l/6c/+/wAf8KP+FT+Jf+nP/v8AH/Ctv+xtM/6B9t/36FH9jaZ/0D7b/v0KPqL7h/bkez/r5mJ/wqfxL/05/wDf4/4V2/gXwBJ4ZupNQv7iKW7ePy0SMErGCck5PUnA7cc9c1h/2Npn/QPtv+/Qrd8LXU9nr0enJLNLaTwOwidy4hKFcEZ6LzjHrioqYV01zXNKWaRxEvZpWud1RRRWB0GLrPiS30mdbVYZLq8Zd/kx4G1em5mPAHB9z6Vj/wDCZan20S2x735/+NVl3nzeINXkP32uQCfYIgArBu/FWmWly8DNI7ocMUXIB9K7IUaagpTe55tXFYiVZ06Mb2Oy/wCEy1P/AKAlt/4Hn/41R/wmWp/9AS2/8Dz/APGq4f8A4TPSvS4/74H+NH/CZ6V6XH/fA/xp8mH/AJhe0zD/AJ9/gdx/wmWp/wDQEtv/AAPP/wAap8fjW5Rs3ejFYh1Ntc+aw/4CVX9M1wn/AAmelelx/wB8D/GtXTtTtdUtzNbOSAcMrDBU+4pxo0J6RepE8TjKS5qkLL0Z6fZ3cF/ZxXdrIJIJVDI47g/y+lcz8Qf+QDb/APX2n8mqXwO5/s7UIeNkN86oB2DIjn9XNRfEH/kA2/8A19p/Jq4pKzaPbwkuapCS62Z5/TJZBEm4gnJCgAZJJOABT6hjnhk1iygEis4kZigOcYRuv44oZ9Ni6/sKE6q6Jsc7TwbWuLV4kYgBtwbBPABweKlt/wDkL6f/ANdW/wDRb1e1gA6NeZGcRMR7EDINZFhfW11rVgkModhI5IAPTy2rKq/3cvQ4OH8yqYxr2trqUfzR0Gtf8gO+/wCuD/yNY0f/ACErD/rsf/Rb1s61/wAgO+/64P8AyNc9Z39tdatYJDMHYSkkAHpsascu3+aPb4oaVGaf8j/U6DV/+QLff9e8n/oJrHX7o+lbGr/8gW+/695P/QTWHbzxXEQaKRXHseleti/iR8dwo/cqLzRZsP8AkLH/AK4H/wBCFbFY9h/yFj/1wP8A6EK2K4zyc/8A9/n8vyI54zLCVVyj5DI4GSrA5B/AgGuz0TxXZ6hGkF7LHaaioAeGRtoc/wB5CfvA+3I71xs0qwQtIwYhR0UZJPoB3NdNpPgy3eBbjW1+03DgH7OT+6h/2cD7x9Sc+2KRnlrnqvs/r5G1qfiDTNIjzc3SGQ/cgjO6Rz6Ko5P8vWuCeee9vLi/uV2zXDbvLBz5agYVffA6n1Jrrb3wVo88ZNlANPuAPklthtAPun3WHsR+VcgFnhnmtbpQtzbvskA6HuGHsQQR9fag1zFz9n7vw9f67Hf/AAu/1Otf9fKf+i1r0CvP/hd/qda/6+U/9FrXoFcNX42e9gf92h6IKKKKzOoKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFIzBVLMQAOpNZ0+qruKW43H++en4UwL8s0cCF5HCj3rBv/ELhGW0TaR/G/8AQVFO7yOzSMWPqazJx8jUNAjCvp7i8lMlxM8rdixzj6elYOoRfIa35lwxrI1BcIazlojaJgCLrSRw5lFWgh5oiX96BWF9TVrQ1bWAFBkVpwW6+lQWqjYK0rdOa6YbHPMh+yBmPFTJYAjpVyOMbzV6GIHHFaKKMuYxm09QOlZl1ZYJIFdk1uCOlZl1bAK3AqZRRpGTPPb3dC5qj9qYGtzVYB5h4rCaA7ulczijojJjWuWp0UrM1KLZj2q3Z2jFulSojcixaqxrQWJsVPa2mB0q99mwOlaKJDkQWVtvfkV33hW1Rc8c1ydjGFfpXc+HFVVJp2sTudABgUUA5FLQwWg04PBrmNe8RjQbuMSQebC3XacMPp611Brzfx7810gPvRey0Fa7Ou0zWtP1ePdZ3Cu2MmM8Ov1FaFeHxPJBMskLtG6nKspwR+Ndpo/jeaHbFqi+anTzkHzD6jv/AJ60Rqp7hKk+h3lFQ2t3b3tus9tMksTdGU5qatTIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuX8V/8hTQf+u8v/opq6iuX8V/8hTQf+u8v/opq0pfGjOt8DM7VbSyvtNmg1Db9lIDOxcptwcg7gRjBAOa87muvC1vM0S+LLoqp4xbeaP8AvtUwa3/ial0/hBzB/qVnRrkY6x5/o20/hXjgII46V6lJPo7HlSpQmvfVz0H+0fDH/Q13f/gA3/xuj+0fDH/Q13f/AIAN/wDG68+orX3/AOZkfVqH8i+5f5HoP9o+GP8Aoa7v/wAAG/8AjdH9o+GP+hru/wDwAb/43Xn1FHv/AMzD6tQ/kX3L/I9B/tHwx/0Nd3/4AN/8brsPC1noixyXml351CZ1CyTvKGYDqF2jAT6YHvXh1dp8L1uW8UTvAf8AR1tiLj05I2j65B/AGoqKVtZXLjRpx1hFL7j2CiiisAPObv8A5Deq/wDX0f8A0Fa4HWdQ0ddWnWTRjNIrYdzM0e49+B/PvXfXf/Ib1X/r6P8A6CtcRrGuXcOqTR/2TbMFOFaaEszD1znpXbN2ox/yueZh4t4ypZX/AO3uX8jJ/tHRf+gD/wCTj/4Uf2jov/QB/wDJx/8ACrH/AAkF3/0CLD/wGP8AjR/wkF3/ANAiw/8AAY/41zcy7r/wFHp8kv5X/wCDH/mV/wC0dF/6AP8A5OP/AIV2Hhm6s7nTD9jtDbKjkMmS3PruPX/PtXL/APCQXf8A0CLD/wABj/jXWeHrye907fPZpbYYhQi7VYeoHaujDNc+/wCFjgzKLVC7i1r/ADt/gztvA/8Ax66t/wBf5/8ARMVM+IP/ACAbf/r7T+TU/wAD/wDHrq3/AF/n/wBExUz4g/8AIBt/+vtP5NXNU+N+p6OA3pf9u/oeeuSsbMOoBNc14aYt4ktmYkklySe/yNXSS/6l/wDdNc14Y/5GK1/4H/6A1Zy3R7Oc/wACXpL8jt9X/wCQNe/9cH/ka4rwp/yMtp/wP/0Bq7XV/wDkDXv/AFwf+RrivCn/ACMtp/wP/wBAasq3wP0PH4X/AI0f8cfzR32tf8gO+/64P/I15/4Y/wCRjtPq3/oJr0DWv+QHff8AXB/5GvP/AAx/yMdp9W/9BNY5f8S9UfV8XfD/ANus7/V/+QLff9e8n/oJrgPDrsuoMgPyshyPpXf6v/yBb7/r3k/9BNefeH/+Qn/wA/0r1sb8cT43hvr6o66w/wCQsf8Argf/AEIVsVj2H/IWP/XA/wDoQrYrlOPP/wDf5/L8iKZ1jktZZCBFHdwPJnptEik/pXf+JbS9vdBuILBm89ip2q+wuoYFlDdsrkfjXBuiyIyOoZWGCD0IrV0nxPe6TbpaXdvJf28a7YpYmUSqB0DBiA3HfIPqO9JkZbiYU1yydmnfXb+tDU8GaZe6dHeefbvaWjsvkWrsCUIzubAJAByOPbPesXxC6SeLb0xkEJDDHIB/f+Y/+gslaN741nmiMemadLFIePOvNoVfcKrEt9DiudijMatudpJHYvJI3V2JySaUVZWRvmmNjVUtry7bI9B+F3+p1r/r5T/0WtegV5/8Lv8AU61/18p/6LWvQK4qvxs9vA/7tD0QUUUVmdQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf8AYSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACqd9qVvp6ZlbLn7sY6n/AOtUeqag1nDiIAyHoT0WuNZ5JrlpJWLOx5JNNK4GxNqE98+XO2Psg6D/ABp8I5qrCMAVdhHNWSNkHWs+ccGtOTqaoTjg1LKMCZfnasjUV+WtuZfnNZGor8tZVDWBjY4FEK5nFPKnApYFPniud7mxvWqfKK07ZPmqnap8grTtl5rshscsnrYmiXDmr8KZNVA0cZLO6gD3qWPULcch+KpzRHI2XmXaDxmsy6ClWyKml1VFX5cnNZ0upLISMH8qiUlY0jSkcxqiKJDisgRgnpW7qEZlYkAVleQynGK527m/K0MEK4HFaFlAM9KrIB0PatOyUccGnElsvW8IqaRMCnwrxxTpAa0JvcLNPnNdp4fBCGuQs1zJXbaJEUhJPekBrjpS0g6UtJjEPWvNvHB3XqfjXpDV5t4yOb9V7jNHRh9pHJBfmqRl+SlC/NUjD5awNiKy1a90a58+ymKH+JDyrj0Ir0Xw74xstdxbvi3vscxMeH91Pf6df515hcjArMYlJQ6khgcgg4INJVXBlOkpo+hqK888K+O2Oyy1l8jol0f5P/j+frXoQIYAggg8gjvXVCpGaujknTlB2YtFFFWQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVy/iv/kKaD/13l/8ARTV1Fcv4r/5Cmg/9d5f/AEU1aUvjRnW+BmdqupW2k6fJd3W4xqQuxF3M7E4CgdySa4GefTp53lXwXp2GOcy3ARj7kKhAP0JrrPFmmXGpaXC1ohlntZ1nWLcB5gwVI54zhiR7gVx5mkUlXsNRRgcFTZSnH4hSD+FevRhTlfndj5/FVsRTt7GN/vf5BnT/APoS9K/8Cz/8aozp/wD0Jelf+BZ/+NUnnt/z56j/AOAE3/xFHnt/z56j/wCAE3/xFbeyw/8AN+JyfWsf/I/uYudP/wChL0r/AMCz/wDGqM6f/wBCXpX/AIFn/wCNUnnt/wA+eo/+AE3/AMRR57f8+eo/+AE3/wARR7LD/wA34h9ax/8AI/uYudP/AOhL0r/wLP8A8arrfDWsWFyp0630/wDs6aJN/wBnCrsK5wWUrwRnGcgHnpXI+e3/AD56j/4ATf8AxFbPhjTbyfW01Ka1mtraCF1jMq7GlZiP4TyFAXuBkkelZ1adGMbxepvh6+KnPlqxsvRo7aiiiuU7zzm7/wCQ3qv/AF9H/wBBWuQ1KTxSNQmFsD5G7935aqRt7dec+tdfd/8AIb1X/r6P/oK1xuqaXrcmpTSRamBGzZRfPMeB2GK75X9jG1/keRScfrdTm5f+3lcr+Z4w9Jf++Eo8zxh6S/8AfCVH/ZOvf9BQf+BZqQaD4kIBF+xB7/aWrG0/733nc5UVu6f3B5njD0l/74Suk0JtTaxP9qKBKG+U8BiPcDiub/sHxL/z/N/4EtXR6FZ31lZGO/ufOkLZHJbaPTJ61tQUufW/zOLHSpOl7rhf+6tTtPA//Hrq3/X+f/RMVM+IP/IBt/8Ar7T+TU/wP/x66t/1/n/0TFTPiD/yAbf/AK+0/k1cdT436nsYDel/27+h55L/AKl/901yugTx22uWsspwm4qT6ZBH9a60gEYPQ1zM/h24Ep8h0aMnjJwRWck+h9DmGHlWhyrqmvvOv165it9EuS7D95GUUZ6k8Vxfh25jtNftJpThAxUn03Aj+tOOg35ABMZAGBl+lJ/wj99/0y/76qJxclY8zLcDVwLUkrtNPbsd54huorfQbsuw/eRlEGepIxx+dcBoFxHa67aSynagfBPpkEZ/WpDoN+wAJjIAwMv0pP8AhH73/pl/31WdCk6OqPWzWrVzB6wsrW+87rXrqK30O7Z2H7yJkUZ6lhgY/OuF8P8A/IT/AOAH+lKdBv2ABMZAGBl+laekaS1i7SzMpkYbQF7CuytVdWSdrHk5Vlk8I7PXW/Y3dLtru41WQ2llcXRS3LOsCb2A3DnA5P4ZrRinjmLhG+ZDtdCMMh9CDyD7Guh+E/8AyNt5/wBeJ/8ARi16N4g8JaT4jQNdwmO7UYju4MLKntnuPY5HtXFOvyT5WtCM0yeOKqyqxlaX4HjlMRzNdC1toprm5Iz5NvGZHA9SB0HueK7W0+F2oPe+XqOrxGwU/etUKTTD0OchPfGfbFegaXpGnaJZi1060itoByQg5Y+rHqx9zk0p4qK+HU8vC8P1JO9d2XZHi8GjeILu5uLe30C7eS2KrKGlhTaWGQPmcdiD+Iqz/wAIt4q/6Fy4/wDAq3/+OV6X4S/0nTLjViPm1S6ku1PrHwkX/kNErfqfbyOv+xsL2f3nLeBvDt5oGmXJ1Axi7u5vNaOJtyxqFChc4GTwSfrXU0UVi227s9KEIwioR2QUUUUiwooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABUqR92/KhExyfyqTNQ5dDSMerOZ13/WVzaj97XS618z8VzgH76tIkM0IRwKuwjmqkIyBV2Ic1ZA2QcmqNwvymtGTqapXA+U1LKMKVfmNZOor8tbUuA5zWVqI4xWVQ1gYmzgUkKZnFSupHFU7q8jshlj83bHNYM2OojuLe1ty8sgGB0zVKXxG8w8qyiZj0yAawdO03UfEVwCcrbqe5616XpGgWelQLtiVnxyTQ61tEXCl3OastM1PUFL3DMo7DNbkGiLbxje+TW6T6AKPamFMnJ5rP2jZ0KCXQz0s4uAVz+FLJp0APCD8q0gAewGKMEnmjmY7eRgXOmwMuduCPashrFg5wMiuvlhDA7vwrLktxHIWBJFCk0JwTOTuIBGx3KR74q5YEBcKQfxrXuIIrlSjJg9jiuY1K1utKk82E5T61cZGU6Wh08C5B4pZVrM0PXIL8eUzbZV6g8VsSrkZ7V0KSZyOLTEsxiUfWu70vH2cYribZetdfoxJi5oYma4opBS1I0Nboa8y8WNu1Y+1emv8AdJ9q8t8SHdq8nsaOgfaRihec05h8tKo6CnsvGKxNjMul4rJlGDW1dLxWPMOaxmbwHQ9q7Twx4rl0opa3haSyPAPVovp7e35e/GQCryDpWUZuDujSUFONme4RSxzxLLE6vG4yrKcgin15l4b8RSaPKIZiXs3PzL3Q+o/wr0qGaO4hSWFw8bjKsp4Ir0qVVVEebVpOm/IfRVG91nTdOyLq9hjYdU3Zb/vkc1iXHj7SIjiJLmb3VAB+pB/SuqFCrP4Ys4auLoUtJzSOporiX+I0AB8vTpGPbdKB/Q1F/wALH/6hX/kx/wDY1qsDiH9n8Uc7zbBr7f4P/I7uiuE/4WP/ANQr/wAmP/saP+Fj/wDUK/8AJj/7Gn9QxH8v4r/MX9r4P+f8H/kd3RXCf8LH/wCoV/5Mf/Y0f8LH/wCoV/5Mf/Y0fUMR/L+K/wAw/tfB/wA/4P8AyO7orhP+Fj/9Qr/yY/8AsaP+Fj/9Qr/yY/8AsaPqGI/l/Ff5h/a+D/n/AAf+R3dFcJ/wsf8A6hX/AJMf/Y0f8LH/AOoV/wCTH/2NH1DEfy/iv8w/tfB/z/g/8ju6K4T/AIWP/wBQr/yY/wDsaP8AhY//AFCv/Jj/AOxo+oYj+X8V/mH9r4P+f8H/AJHd0Vwn/Cx/+oV/5Mf/AGNH/Cx/+oV/5Mf/AGNH1DEfy/iv8w/tfB/z/g/8ju6K4T/hY/8A1Cv/ACY/+xo/4WP/ANQr/wAmP/saPqGI/l/Ff5h/a+D/AJ/wf+R3dFcJ/wALH/6hX/kx/wDY0f8ACx/+oV/5Mf8A2NH1DEfy/iv8w/tfB/z/AIP/ACO7orhP+Fj/APUK/wDJj/7Gj/hY/wD1Cv8AyY/+xo+oYj+X8V/mH9r4P+f8H/kd3RXCf8LH/wCoV/5Mf/Y0f8LH/wCoV/5Mf/Y0fUMR/L+K/wAw/tfB/wA/4P8AyO7orhP+Fj/9Qr/yY/8AsaP+Fj/9Qr/yY/8AsaPqGI/l/Ff5h/a+D/n/AAf+R3dFcJ/wsf8A6hX/AJMf/Y0f8LH/AOoV/wCTH/2NH1DEfy/iv8w/tfB/z/g/8ju6K4T/AIWP/wBQr/yY/wDsaP8AhY//AFCv/Jj/AOxo+oYj+X8V/mH9r4P+f8H/AJHd0Vwn/Cx/+oV/5Mf/AGNH/Cx/+oV/5Mf/AGNH1DEfy/iv8w/tfB/z/g/8ju6K4T/hY/8A1Cv/ACY/+xo/4WP/ANQr/wAmP/saPqGI/l/Ff5h/a+D/AJ/wf+R3dFcJ/wALH/6hX/kx/wDY0f8ACx/+oV/5Mf8A2NH1DEfy/iv8w/tfB/z/AIP/ACO7orhP+Fj/APUK/wDJj/7Gj/hY/wD1Cv8AyY/+xo+oYj+X8V/mH9r4P+f8H/kd3RXCf8LH/wCoV/5Mf/Y0f8LH/wCoV/5Mf/Y0fUMR/L+K/wAw/tfB/wA/4P8AyO7orhP+Fj/9Qr/yY/8AsaP+Fj/9Qr/yY/8AsaPqGI/l/Ff5h/a+D/n/AAf+R3dFcJ/wsf8A6hX/AJMf/Y0f8LH/AOoV/wCTH/2NH1DEfy/iv8w/tfB/z/g/8ju6K4T/AIWP/wBQr/yY/wDsaP8AhY//AFCv/Jj/AOxo+oYj+X8V/mH9r4P+f8H/AJHd1y/iv/kKaD/13l/9FNWZ/wALH/6hX/kx/wDY1l6t4v8A7UurCf7D5X2R3fHnbt+5Sv8AdGOuaqnga6km4/iiKmbYNwaU/wAH/kW/EesPoumLLCiSXM0iwwo+dpY8knHYKGP4Vxzaxr7sWOtSITztit4go+m5SfzJrR13VE1vTvsxtvJlSRZYpd+7Yw74wMggkHnoTWIUuFXAETt67ioP4YOK6/q1XseLicddr2Mv6+ZZ/tbXv+g9c/8AfiD/AON0f2tr3/Qeuf8AvxB/8bqkq6gzY8mzUerXD/0jNXrfR9Yuv9QulueuBetn8vLzWcqco7ozhUxVT4ZJ/OIn9ra9/wBB65/78Qf/ABuj+1te/wCg9c/9+IP/AI3Vn/hGfEX/AD7ad/4GP/8AG6P+EZ8Rf8+2nf8AgY//AMbqDbkx/wDTiVv7W17/AKD1z/34g/8AjdbnhvxFe3GojTNSeKVniLwzqmwsVxlWHTODnjHQ8Vmf8Iz4i/59tO/8DH/+N1s+HfDVxp98dQ1GWF7jyzHFFCCViBIJO4/eJwOwxz60G2HjilP97t8v0Onooopncec3f/Ic1YdxdHI/4Aprk9Q8HG9v5rlb9lEjbsOm4j2znpXpWu+Gbm51BtR0uSFZpQBPBOSEkIGAwYAlWxgdCCAOmKyv7B1/vY22fa6/+xrtjOjOmo1Oh5c6WLpV5VKHX0/U4D/hBG/6CA/78/8A166bStPGmafHa+a0u3J3N7+g7Ctn+wde/wCfG2/8Cv8A7Gj+wde/58bb/wACv/sauEsPTd4/qZ144+vHlqar5FOirn9g69/z423/AIFf/Y0o8OeIJiEEVlbA9ZHmL7R6hQvJ+pFaPE0u5yrL8Q38P4o0/A4P2PVGxw1+SD64ijH8waTx+kkmh26xRSSubtMJEhdjw3QDk1u6RpkOj6bFZQszhMlpG+87E5Zj7kk0tz/yFtDHrqC/+gPXl1J7yPpcKuScF2t+B44kqOzKrDcpwy9Cp9COop9fQWu+FNG8RxbdRskeUDCXCfLKn0cc/h09RXknibwFq3hvfcQh9R0wZPnxp+9iH+2g6j/aXj1ArCniYz0ejPqo1v5jmKKbE/2iWKK2VriaU4iigG93PsB1r0jw38KpLgLdeJZCiHlbCCT/ANGOP5KfxNa1KsYLUqVWMTzmEPdTmC1hmuZxyYreJpXH4KCa1k8K+JJEDroF/tPTciqfyJBr32x0+z0y1W2sLWG1gXpHCgRR+AqzXI8XLojF1Znz3/wiPib/AKAF7/45/wDFUq+D/FDsFXw/ebjwNzRqPzLcV9B0VP1ufYPaz7nFfD3wfdeGoLy61Iwm/uyi7YmLCONRwuSBzksTjjp1xXa0UVzyk5O7MwrC8W3Eq6IbG2Yrd6lItlCw6qXzucf7qB2/4DW7XN2p/tnxfcXn3rPSVNrAezXDYMrD/dXamfUyCiCuyKkrRN23t4rW2it4ECQxIERB0VQMAflUlFFaHMFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAqWNO5/CoQyhsE81Mrg1Mm+hUUSN2prEKppdw71XnkAB5qLamjZgao25zWEB+9rdvxuyaxMES1tEykX4BV6Ic1Tgq7HwasgZKPmqpOPlNXZRzVOf7pqWUYsuMt61l6gMoB3rWmXBY+lY+sSLDBvPWs57G1NXZh3lyIF255NVtJ0G41q+Dy58kHvUlvp02pXQZh8ma9F0u1js7IRxgDjk1ySkdsKZNp9jbWEKQRIBtHJx1q62S3FQq3AyOnepA/NY7m/LYeeKTNJnJpM1Qh6mnVGrCngg1SC4jjNVZI1PWrnWoZF9apoSKfkqQcDmqlxZpco0cijpV9vkORTSyt14NQyjynXdLutEvftduSEzk4rq/DWvx61bbJTtlQdD3rZ1awivrN43GTjivLJPO0LVg8eVw3QVpBnNVgeuWoY5LDBrrNGH7quN0O/TUrNZkOWwNwrtdIGIjWxy2NMdKWmryKdQAyU4jNeW6/wDNq0v1r1GcExNj0ry/WPm1WUj1pvYS3MwD5qewpQPnpzVizZGbdDg1jzjmtu66GsefGaxmbQGwDmr6jpVOHrVkvxgfnVYbCVMTPkpr/gGWNx1HBUvaVX6Lq/QmaRUHqfSpl1rUY7M2kV3LHb5zsRsfr1x7VQor6zCZZRw6vvLuz4LH53icW+W/LHsv1fUKKKK9E8cKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKAcHI60UUAallr17aEKz+dH/dkPP4HrXTafq9rqA2o2yXvG3X8PWuFpVYqwZSQRyCO1YVMPCe2jO2hjqtLR6o9IormtM8SKqrFfkjsJsf+hf4/n610aOksayRurowyrKcgj1BrzqlOUHZnu0a0K0eaA6iiioNQorPuNUVbv7BZW8t/qJGfs0GMoOxdjwi+7HntmtCDwpqd9h9X1VrZD/y6ab8o+jSsNx/4CErOdWMNzelhqlTVLQbJJHEu6R1RfVjgVT/ALZ0sf8AMSs/+/6/410Nv4M8OWzBxo9rNKP+Wt0vnyf99yZP61pjTLAAAWNsAOgES/4VzvFrojrWXvrI4v8AtrSv+gnZ/wDf9f8AGj+2tK/6Cdn/AN/1/wAa7T+zbD/nytv+/S/4Uf2bYf8APlbf9+l/wo+t+Q/7O/vHESa/o8KF5NWsUUd2uEH9asaFBNr2u2mppE6aVYbpIZZFKm5mZWTKg87FVm+buWGOldiljZxOHjtIEcdGWMAirFRUxLlGyRrRwUacuZu4UUUVynaVLbStOsrmW5tbC1gnm5llihVWf/eIGT+NW6KKACiiigAooooAKKKZLLHBC80zrHFGpZ3Y4Cgckk+lAGX4i1SXTdPVLNVfUbtxb2cZ6GQ/xH/ZUAsfZTU+kaZFo+lW9hCzOsS/NI33pHJyzn3ZiSfc1laJHJrOot4kukKxuhi02JxzHAeTIR2aQgH2UKOua6KtkrKxzTlzMKKKKCAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/5BEH/YSsP/SuKmtwNuoridYI9x6ngD1qRmCKWYgKBkk9q5q61E3FyX5CDhR7VEpWInLlNBJn3lick1bS6CryaxUuQR1NO873qecIzNkXe44zSPJuFZ1vICTVsHIqlqaXuVLsfIaxCP3tbtyMoRWMVPm1ohMtwDpV5BzVSEdKuJ1qiRsgqnOPlNXnqpMPlNSUY0i5c56Vy2rM11eiFfug11N43lxSN7VzNnG094zgZ5rCq9Dqoo3tIsY4kGRzitkLgEDpUNlEFjGfvVcVcda47NncnYaoyop+0gVIigY4qVojsyKEiuYpliKZu560T5Q1VM3PWkxpXLm7FOU571ntMR3pPtZXvQpD5TU5Hemsfes4XrHvTxdgjkmqchKJNJz0qu2c9aGnGMg1GZcmouU42RIPmPNcR4r0wSBnVea7QMeo6Vl6zGJojgdqqLM5K6OT8C6s1hqf2Sdjtc8Zr3PScfZy3Y9K+d7m2ks9QS4Xgqw6V774YnFzolvMDkMtdMdjhmrM2xS0gNGaozGTnELn2ry/Ufm1CQ+9em3ZxbP9K8yvDm8kPvTewluVFX5qGHJp6jn6UrDNYs2Rl3Y4NY045rcuxxWQ6bn56UoUpVqihDdhVrww9J1amyGwrhcmpKKK+ywuGhhqapw/4c/N8djamMrOrU+S7LsFFFFdBxhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWt4eS4+0mDTrpILhzuW2uCfInPcccxuf7wyD3BPNZNKrMjh0YqynIIOCDWVakqkeU6cLiZYeoprVdV3R2Ta/bWreTqkU+nXY4NvcIcsf9gjIk/wCAk1btNM1jxD8xE2j6Yf42XF1MP9lT/qh7t83svWug8L62Nb0lZHI+0xfJMPfs34/41t185WrVINwas0fdYbD0KkVVi7p7GVBb6L4U0shWttPs1OXklkC7mP8AEzscsx9SSTWjBPDcwJPBKksTjckkbBlYeoI614z41aW88d6h9tQE2ojS1VhkLGUDbl+rFsn/AGcdq0/hg8tt4nvrO2TFnJaiadRwqSBwEIHQFgXz67B6Vm6L9nz3IhmUZYt4VR26npt9qVjpcAm1C9t7SInaHnlVFJ9Mk1YR0ljWSN1dGGVZTkEeoNfPnjGW4vPHGsPfpiaGfyY0Y52RADZj0DKQ31Y11/wdmuEudXsY1/4l6LFKB0EcrbgQPqACfTA9aJUOWnz3PW5WoqR6tRRRXOSFVr7UbLTLY3N/dwWsAODJPIEXP1NWa8V8VNJeeONUe9QGW2dIrdWGfLi2Agr/ALxJJ9zjtXRhcP7epyXscePxiwlF1Wrnpf8AwnHhT/oZNK/8C0/xo/4Tjwp/0Mmlf+Baf415LRXqf2Qv5/w/4J4H+sz/AOfX4/8AAPWv+E48Kf8AQyaV/wCBaf40f8Jx4U/6GTSv/AtP8a8loo/shfz/AIf8EP8AWZ/8+vx/4B7Np3iPRNXmMOnavY3cqjcY4LhXYD1wDnFWL3VNP00xC+vra1MrbIxPKqb29Bk8mvCL6KF7Z5JjsMSl1mHDREc7lPUEdarxyT6nNcX+qoH1KaR1ufMTlCDjZjsAAABXLWy/2UkubRnTDiCMqLqOnqmlv387eR9FAggEHINBOBk9K8++FEs403VLML/oNtdAW5zwrMoLoB2AJB+rn0qX4pSTHSdNtCD9iubvbcHPDYRmVCPQkZ/4CB3rglDlk4n0GFn9ZjCUdOa2/mdjZarp+otKtjf2t00TbZBBMrlD6HB4rAumbxbqTWMf/IBtJcXcna8lU/6oesakfMe5G3s1eS3Vrt8l7KNo73ekVuYG8p2LMF2BhyA2ce2c9q97tLS3sLOG0tIUht4UCRxoMBVHQU4WtzI3zDDyws1TbvdXJqKKKo84KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP+wlYf+lcVbdYfizeNCV0QuYr2zlKr12pcxM36AmmtxPYTxBqHlqtnGfmbl8dh2FYStUDyyXVw80hy7nJqZB0rlk23c45T5pXLKN0qbdmoV6Cpe1K5cS3acsa0lFZ1pjOa0lreGx1Q+ErXA+U1kMP3tbNwMg1kMMS81qhsswjmriDmqsParadaZISCqsoypq2/NV5OhoGc3rR2Wkg7mqWg2pSLzXHBq/rig2zDv2p2nyBdNVCMGuWtud1DY0IcM3FXlXAGazrT+8vQ1pA5XmsUzosPBAHApkkzYwKQvjpUTsx6AVLKSKV2xxzWYSd3WtWaKSXrgY96qtbBc+tZs2iU5MtjBqB5GSrLLtbFV5F5xSLIGvSo+anR36uuM0klr5qEEc9qqCyMR70DVjR+0YA5zmpopN1ZqRSGrsQK9aVxSLwf5aq3I38HpUnJXiobptsQ9aqJjN6HL6nbBmcY+lekfDm4Z9CETnmPiuJuYw6Z/irqPAE6o9xETgZGK6onFUPQD96lApqsCBg02Rwo61rYw5rEN9IFt3+lebXYDTu3vXb6ncjyWGT0riJASzfWlLYUHdkQXk0EcVIBxQV+U1ibGXdj5TWQeprYv22RMe/SsavayagryrP0X6ny/EuKaUMOvV/p+oUUUV758mFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBveEdVOl69FuYiG4/dSDtz0P4H9M163Xg1em6R4zia0tv7ZhexEvyxXjnNvMRx9/+Bsj7rYyehavEzWhqqq9GfWcOYr3ZUJPbVfqaOu+E9H8RMst/bH7Si7EuIXMcij03DqOTwcjnpVjRfD+l+H7d4dMtVhDkGRyxZ5COhZjkn8TWmCCAQcg0V4/M7WufTckebmtqc/r3grQvEcy3F/aEXIAXz4ZGjcgdiQeR9c47VoaPomm6BZfY9LtEtod24hcks3TLE8seByT2rQoo5na1yrBRRRSAKw9c8I6P4gkWe8t2W6Vdq3MDmOQD0yOo5PByOa3KKcZOLumKUYyXLJXRxX/AArHSP8An/1T/v8Ar/8AE0f8Kx0j/n/1T/v+v/xNdrRW31mt/M/vOb6jhv8An2vuRxX/AArHSP8An/1T/v8Ar/8AE0f8Kx0j/n/1T/v+v/xNdrRR9ZrfzP7w+o4b/n2vuRyVn8OPD9tcLNOlzfFTlUu5d6A+u0AA/iDVrV/Auga3em8ubWSO5cgySW8zxGUDs20jPGBnr710dY2peJLWyujYWscuoaljIs7XBZfQux+WMe7Ee2ah1KkpXbbZoqNGEOVRSXaxbtbPTPD+lmK3jgsrGAF25Cqo6lmJ/Mk1zt3HJ47hFt5LQeHCwZ5ZUxLe4OR5YPKJkA7+GP8ADgfNVyLQrrVJ0vPEcsc+xt8Onw/8e8J7E55lYerAAdlHWuhppW1e5Mql9I7HOaV4G0HSL1byC2klnQ5ie5meXyv93cTj69feujoopkOTk7thRRRQIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuf8RTGUpaIeB8z/XsK3pHEcbO3RRk1zRDXEzSN1Y5otczqvSxShtOOlPaDZ2rWjhAXpUNzHhTUyhocyiZoOCak3DFV5GwxpBJxXPbUpM1rM5NaaCsewODz3rZjreGx1U37pDOODWRIP3lbVwOKxpWHm1qimWYR0q4gqrAM4q+immySNx1qtIODVyRSATVaVcKTQM5vWvuKPU1BauCFjpfEcjRJGQDyT0FZ2m3cYuPMmkVUXruOK5K2r0O+hojp4I9qDBq4GGzFc3N4v0K3YhrosR2QBv61Tk8e6QOIhdsf+uBrFJnRdHVjIJ5xS8+tcO/xBsFOXjugB6wtQfiZpQXgTZ/2oyKVmUpROynK4B5rPkuUViK5GT4k2Ehxlh+FJH4ps7p8rKKiSZrGSOikny9RDmTJNZY1GOWRQrdelLJfqj7S2DUmnKtzfUpx0qR0iYcYrmBq0YbmVfzrRtNUtZcf6RGP95wKCGzR+z46VE6MrVOuoWXAN1Cfo4p7S20oyk0Z/4EKHFkqSZFHkior6ImPIFWVA/hIP0q40AktSCOSK2ppGczlFO87T2rf8KqYbt8d65wq4upAuOD610XhmTN5tPUda2jozkq7HdQzELyagnuiCaait+FV7hW5Nbo4pso38+6MjNc83U1qXe7BrNIJGaipsXSGKKVh8ppVHFKw+U1gdBg6s2FRfU5rLrS1f8A1sY9jWbX1WVxthY+d/zPgs8m5Y6flZfggooorvPICiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK9H8COl34euLSdUkRJSpRwCCrAcEfXNecV3fw4Y/8TJMnH7s/+hVx5hG9BvtY9TJp8uLiu9/yubX/AAjtzpZL+HdQNlHnP2GdPNtf+ArkNH/wFgP9k07/AISefT/l17SriyA63VuDc2599yjco92UD3rfor51pPc+2jNx2IbHUbHVLcXFheQXUJ6SQSB1/MVZrFvfDGjX9w1zJYpHdnrc27GGb/v4hDfrUA0TVrX/AJB/iS729or6FLhB+I2ufxc1PJ2ZoqvdHQ0Vz/m+LbcAG30W+9WE0tr+m2T+dOOr65GMy+GpJD6W17E3/oZSp5GX7SJvUVz/APb+q/8AQo6r/wCBFp/8epy63rMnCeFryM/9N7qBR/467cUcjD2ke5vUVgC78VTMQul6Var2aS+eVv8AvkRgf+PUw6Z4iuxi88Rpbqeq6bZLGf8AvqUyfoBT5GJ1YnQSSJDG0krqiKMszHAA9zWC3i6xuGMejQ3GsyjI/wBCUGIH3mYiMfTcT7UJ4Q0dnWS+hk1OUHIfUZWuMH1CsSq/8BArcVVRQqqFUDAAGAKagiHVfQ586drusc6tfLp9qetnprnew9HnOD/3wF+prW07TLHSbUW1haxW8OclY1xk+pPUn3PNW6Kozbb3CiiigQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBm6zceXbrEDzIefoP8AIrOgZcVV1e9EupSKD8sfyD8Ov65qpHeAHrTuZy1ZviUAVXuZMqcVXjuFfHJqfy94ptaENGPLnJqHJrXntPl4FZ0sJXpWTgJRL+nNzzW4rDArm7OTawBrYWQkDFNKxrEsTuNprFlbM1Xp3IUmskvmWtEaM2LTnFaca8isu0YYFa0PUUSBISVBjmqcyqm49sVoSAHg1RuUAick9qXRscVdo5PWp0kt5GwTjpgZrzDVFvbmOVl37PSu/srmWe+uraRQwXoCferx02AabMphUOVNcKqXZ606EY2PMvBenaWtm95eWCzuzEAsp4wa7CPUNMU4SxSNR6Kag8HW0R0N1fPEj5wOnNGqfu1Mdpb+YT3INKUgpxsiO/eC6X5UQLXOXel2cgJYJUd7baokchZmiA5AU9a5qKS/MrB5ZGGe9JJ7lSaXQ2Do2nMCpjXJ7gVl6roj2UbT2UhAHPFWo7iWM4Ibn0FWpy66NdSSM20AdapK+5MldXRzUPie+swMHew9TUkvirUr5kRflJ9DW54Y+HNz4gsTfNIYoznb05/OsbUPD1z4c8QLa3Dbhng5yKp8qMf3ncuwade3CB5bxxntkUslgY25uHb8qkluWiAXG0CqUmolWzt3CpuuxrstTUtbWBsAyOD6gVrwWEgI8rUJ4x7AVztrrMORmPB9gTXRWOoRzKMNj61LbHFJ9TXhstZCZstXnZv7rkLms6fx74h8P3os9St4pQxwGMhJrTsrkpOp3596y9Z0xNc8Z2sDtuQZLZq6bM6kXbQ6W3nju3EpIBlGcA9K6rwvaedcM4H3a4XVbSTTL5EshkDA9K7HR9Z/s6zi3bVdsb+a2biYxpymmegRQrszio5YFKniprWdZ7VJV6MOKcQCK0TOWcTmdTtgsZIFYGPlIrsNVUC2Y1yJHU0phTGAYFDD5TT8UjD5TXO9zoOc1kYljPsazK19ZT5Y29CR/n8qyK+qyyV8NHyv+Z8DnkHHHT87fkgooorvPJCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK7r4cKc6k3b92P/AEKuFr0j4fQGPRZ5iuPNnOD6gAf1zXHmErUH52PUyaPNjIvtf8jrqKKK+dPtAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqG8uFtLOe4b7sSFz+AqauX8e3xtPDZjXO64lWPj0+8f/QcfjSbsribsrnIG+aRyzNlmOSfWnLcncOawoZX4q0kjFxWCnqc/MzsNPbeRmt+KPKiub0knAzXUQsNorrjsNO5HKnymsa7+XNbdwcLWBfOCaibsU2FsCXGK2okJArJ04hmxXRwRZApRd0VDUpywlkNYs0Zjkrq5IuDxWJqEQGSBVGw6zfgVsQuOK563fbitaCUHHNDF1L0jZBxVabkbT0NDOfzprHK89aPIE7M49LUWviGaYjCcVrSFWQ/7YIFU/Eebe0edPv03T5nuNPimbqK4ZJRlY9qD54KRzvhofZ7nUrAjlTuA+prdgRI1KKqse+44NZWtaPfR3h1XSHxP/wAtIycB6oSeKIYSDfWktvc9HKRsR+dZtX2HHTcu6tGlw4VslR2xXL3WnRJIdiYH0rXfxDYTJ+7nAP8AtcVj3l/HMT/pcYHs4qfe2NFyFNbb9+I4l3O3A9qdrlnvSz0RDuuJm/eY5x3p8Ou6ZpOZI3luLpvuhUzg/hXTeCtEmubx9e1OIee3MantWsVZGc2m7I67TNPi03R4LSPAVVFef/FDTFMEF8q/NCfmI969KnXIHb2Fc34mtBqWnS2zDKsOal3Dk908su4BJApA+RwMGqK6cAmzqD3rS0mZEjk0vUcxyxkiMkcH8asNZzQkqpR07FWzRdomMVLRmba+H2ByjHB64rQ/sC4QBonbNXrOSSMYG8fhWvbyXL9B8vqxxQ5MfskjHsIb2KZVlUED1NaWjI1x4qnmIH7jAyD6irN1eWdjCWnYPIQQoT5jmpPBtpKkb3Nwm15jk+vtThuTNJG3qVoAySk8gc1yt3JO+qW8ZYhWYcfjXa61LHBZLIw61kLp0epalZyRcKMk1U1qXSaUW2ep6aFi0+JB2UVO0qgdax1meGFV3EgDjNVZ9QwCMmumGiPGnK8ixqtyDCVB61zxHFTSzPMeTUbYwKJFQ3GYpGHymnChvumsGbmLqke+3cdxyK5+unvPumublTZIR27V7mTVviov1X6ny3EmFfuYhej/AE/UZRRRXunygUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXsmgWJ07QrO2YYdY9zg9mPJ/U15r4W0s6prsKMuYYj5svHGB0H4nA/OvXK8jM6uqpr1Ppchw7SlWfov1CiiivIPowooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArzf4m3eb3T7QH7iNKw+pwP/AEE16RXknjmQ3Xi6de0KJGPyz/NjWdT4SKnwmLbEscVoxRfMKgtYNpBxWokfIxXNfUw6G9pa4Aro4sbRXN2GVxW9ExKiu6DuhwJLgjYa52+PNbVw3ymsO75NZzCRNph+eustfuiuU04fOK6u0+6KIbG1LYsMODWJqK/Ka3H6VkaguVNXE1ZiISDWhbyECqQAzircKmmBbMh4p4bIqPHSpAOKAMzWLMXlk8dZ1nEbe0FuOoroHXKnNZDAq7NxmuPER1uejhal48onmFWC5IPqKi1DTIr6LF2izKfXmpA27k9akMypEcHFZReh2NpnIXHgTRpST5SrnsFrPk8CaFGfmUf98itvUtUMJYhv1rkdQ1uQkkManmN1TjudJpGieHLO5UQ2qvMOnyV3duA4UBQgUcKK858DypdXcpc/PxgmvSY2jPRgcdx1qkzGpZbFe9ZVfdgA96zWRJZNzHj0qTVZCjH5yfTNZ0U2fvN+VJvUIJtHNeKdM025cCSEK3Zwtc9b6Y8fyx3UioOm0Cu38RJbzaXIxK7gOD3rhLDU2VxG/IU8UrlqK2NWLTJpfu6lOpHXIAq2mjzniTV7pl9NoqeCWG4wxRQfar8eB34pXB0lcpQaBp8LiRgZ5f4WkXGK3rQhX5xlegFQNAXiyhxTrFDvJOR7irgtTOokloN8Qgz6SfmO4kYH41p+DbH/AEcSSDlemahngSdVjc5A/Wuo0i0S2slAHUVqleRz1Z8tOw+5XDNjpWLcffrbm+6QetYtyp3mtkjyJ6MgAprVIRTGFORrBaDRQ33TSgGhh8prI2Rl3n3TWBcDLVv3nQ1hTfeqVWlRqKpDdDq4eGJpSo1NmVaKleI7N4HHeoq+yw2JhiKaqQ/4Y/Nsbg6mDrOlU6fiu4UUUVucgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUAEkADJPQUV3HgzwyzPHqt6mEHzW8bDr/tn29Pz9Kyr1o0Yc0jpwuFniaipw/4Y6Dwpon9jaUPNXF1Ph5fb0X8P5k1vUUV8zUm6knKW7PuqNKNGmqcNkFFFFQahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXkmrxG58RX0p5zO4H0BwP5V63Xl5XfcSyn+Ny35msK7skZVdiCK3xirKx4Ip6DmpQBuFYLVmXQ0LGM8VuxJxWbYpnGK2Y1wK74LQcClcrwawrvg10dwnBrn77AJrOYSH6acvXWWn3RXJaaf3ldbafdFENjakWj0rLvhwa1TWbeDrVxNWYmz5zVuFcCocfOatRDimBIR0p4HFNIqReRQIicfKaxrklGatl+DWZqKYQtWFdaHXhJqMrFVDmIms/ULryoGOauRt+6xXN+I52jt2ANcN7HqwszldUv5JZG+fgVjLuuZNnWpGzcFuTx1rU0e1hEoOQx9KpJWLdTSxs6BYSWR81WK5FXrbVNRsdQMkkpMJP96rSJL5G1UGMcVl6vHJFYsTnFUjM0Na19JsPFKORzzXM3fin7LEViJZzXOSCeSbaC4X2FWYtJk3hmXOfWk0Nyb0SL1re32oq/2hzsboM1QvIfs8o2VoqTbfKcjFVLk+cCcj86LDi2ty3YXhUD5q3ba7L4Ga5a1jKjI/GtW1dlb2qXozRNM7aBv9C3Grtmg8nIFY1pOJLMAGta2nMds20EnHatoLTQ5qishIlkl1FV7Zrt4lEcCr3xXI6FFcXNz5zx7VQ854rsMAnPatYLucGImm0kVZxWTcx85rZmFZ1wuQcVqcU9TMNMapXBBNRNSkaQ2EXvQ33TSqOtI/3TWRsjJvOhrDm+/W5ecg1hzD5q56p0Uie35Wo7ixYAyRDI7r6VLb8LV6E1eExdTDT5ofNdzHMMvo42nyVV6Pqjn6K3rjTornLL8knqOh+orKuLC4tsl4yV/vLyK+twuY0cQrJ2fZ/wBan5/jsmxODbbXNHuv17Faiiiu88oKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACgAkgAZJ6CtnS/C+qaqVaOAxQn/lrL8q49u5/Cu/0TwnYaPtlI+0XQ/5auPu/wC6O3865K+Np0tL3fY9HCZZXxDva0e7/Tuc/wCGfBjMyXuqx4QcpbsOT7sP6fn6V3wAAAAwBRRXhV6860uaR9bhcJTw0OSmvV9wooorE6gooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooARjhSfavOFQV6LN/qJP8AdP8AKvOVbmsK6ukZVdh5THNRhj5gqZuQKQR7myKxirGKNrTzgCtpWGBWDaZGPatRZPlHNd0XoVEfcMNprnr4ZJrXnlBHWsq4O6pmJ7hpqnzK660HyiuY09cPXU2o+UVC2OikWG71n3YyDWgRVC76GqRrMySPnqzEKgP3qsxDirIHkU9BxTTUidKAIXGTWfqIzFitNhg5NZ9+MLk9KzmtDSk7SuYoyqkVz2vQmWFq6CVtoPvWVqALQsDXBOOp7lJ+7c82mR7dnIrNju9XspDc2sG9R6E10d3B5lz5ewHJruNA0iCKwAaMNuHQ0RsEoK5geGNU1XWLR2lPlOuMgtj+da1/p1+5ZGYOuP71bQ0KCJWa3xGx9KyruW9t5mXzMg8DmnJWKhGXQ4q4kngn2CEZz2zUD6hcpINyEAVvGxvnuzJuTYeuXq2dGSUEzSAH2INStjW0lujj7nV43B87Ix04rNOoQyyYQk12Fz4Ys5Dh/n+orm9V8Nm0fdapj8MVdzGXNcv2Tq0QG0DNbkFuDGT7Vzmlwz8CXt6mupgcbSoPas5DT7jtNkIkCEZFdrokRZixxtriLX5Z+pHPau+0WIx2wLE89K3oHPi5WRvQqFUAAAVZXpVeLpjHSrA6V0M8pakUoyKoTDg1ovyKpTDg0kyZGTKME1XbrVmfhqrEjNNl09hR0pr/AHacKbJ92s2arcyrvoaw5vvVt3ZGDWJLy1c1U6qRPB92r0Iqnbg7avQisomrLMYqwo4qKMVOo4q0Zspz2FtMctCufVeD+lUZNFi52SOv1wa2GFRtXVTxuIpaQmzgrZbhKzvUpq/3fkYv9intOP8Avn/69H9iP/z2X/vmtgUp6V1LNcXb4vwX+RxvIcB/J+L/AMzDbSHX/lqv5VG+msgz5gP4VtSciq0/3Kf9q4r+b8EL+wMB/J+L/wAy7p/gafULCG6W+jQSDO0oTjn61a/4V1cf9BGL/v2f8a6zw5/yL1n/ALh/ma1K645hiGk7/gjjlk2DTa5fxf8Amef/APCurj/oIxf9+z/jR/wrq4/6CMX/AH7P+NegUU/7QxHf8ET/AGPg/wCX8Wef/wDCurj/AKCMX/fs/wCNH/Curj/oIxf9+z/jXoFFH9oYjv8Agg/sfB/y/izz/wD4V1cf9BGL/v2f8aP+FdXH/QRi/wC/Z/xr0Cij+0MR3/BB/Y+D/l/Fnn//AArq4/6CMX/fs/40f8K6uP8AoIxf9+z/AI16BRR/aGI7/gg/sfB/y/izz/8A4V1cf9BGL/v2f8aP+FdXH/QRi/79n/GvQKKP7QxHf8EH9j4P+X8Wef8A/Curj/oIxf8Afs/40f8ACurj/oIxf9+z/jXoFFH9oYjv+CD+x8H/AC/izz//AIV1cf8AQRi/79n/ABo/4V1cf9BGL/v2f8a9Aoo/tDEd/wAEH9j4P+X8Wef/APCurj/oIxf9+z/jR/wrq4/6CMX/AH7P+NegUUf2hiO/4IP7Hwf8v4s8/wD+FdXH/QRi/wC/Z/xo/wCFdXH/AEEYv+/Z/wAa9Aoo/tDEd/wQf2Pg/wCX8Wef/wDCurj/AKCMX/fs/wCNH/Curj/oIxf9+z/jXoFFH9oYjv8Agg/sfB/y/izz/wD4V1cf9BGL/v2f8aP+FdXH/QRi/wC/Z/xr0Cij+0MR3/BB/Y+D/l/Fnn//AArq4/6CMX/fs/40f8K6uP8AoIxf9+z/AI16BRR/aGI7/gg/sfB/y/izz/8A4V1cf9BGL/v2f8aP+FdXH/QRi/79n/GvQKKP7QxHf8EH9j4P+X8Wef8A/Curj/oIxf8Afs/40f8ACurj/oIxf9+z/jXoFFH9oYjv+CD+x8H/AC/izz//AIV1cf8AQRi/79n/ABo/4V1cf9BGL/v2f8a9Aoo/tDEd/wAEH9j4P+X8Wef/APCurj/oIxf9+z/jR/wrq4/6CMX/AH7P+NegUUf2hiO/4IP7Hwf8v4s8/wD+FdXH/QRi/wC/Z/xo/wCFdXH/AEEYv+/Z/wAa9Aoo/tDEd/wQf2Pg/wCX8Wef/wDCurj/AKCMX/fs/wCNH/Curj/oIxf9+z/jXoFFH9oYjv8Agg/sfB/y/izz/wD4V1cf9BGL/v2f8aP+FdXH/QRi/wC/Z/xr0Cij+0MR3/BB/Y+D/l/Fnn//AArq4/6CMX/fs/40f8K6uP8AoIxf9+z/AI16BRR/aGI7/gg/sfB/y/izz/8A4V1cf9BGL/v2f8aevw4fjdqij1xBn/2au9opfX8R/N+CGsnwf8v4v/M4+3+HunoQZ7q4lx2XCg/zrdsfD2k6cQ1vZRhx0dxub8z0rTorKeJqz+KTOmlgcPS1hBBRRRWB1BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFADXAMbA9CDXmy/er0uvNmjMcrIeqkisqqMquxYVcipY4+ajizirKCsTFFiM7KsCbC1UBpSa1U7DQ+WXIqseae3SmjpSlK4y3YjDV0tt9wVzVkfnxXSWx+QVUfhN6ZZPSs68PBrRPSs29PWrRrMyyfnq3DyKobhvq/AeKsglIqRRxTMg1IvSgBkgrN1D/AFZrTfkVn3w/dHNTLYaOddt2V71QuRk+Waty8S8dc026gbakgHJrjqI9XD1Lxsc7/Z/+m5255rrrMCO3VenFVIYl+VyOe9X1QFcjpWSR1XYl1MViwjc1x+o3U7SlQea6uaDecAmsW70xt5YdabbLhKxy9zeXSYGTTINSmZ8FjWpPYuxIYCoodIXfux+lItybLdq7yYJNWLjZJHtKgmiK22deAPSo5Qd/B4pXF01MG8Ty5lCjGfSnLIUTGeauXsGRv7jpWfBA80oAHenFXM3Zam/oUBnuEyMjPJr0KFNgWNRwK46LbpGjtcnAYYzXReHtUj1XTxLG2XHXNdlKCSPPxUmzoIe4qyOlVoCCgbuetWQeKbOSOxG54qpMeDVmU1QnfAIrO4pGdcfeqqetTynJqA9avoOBIvSmy/dNOWmyfdNQzVbmNd9DWPJ1rYu+hrHk61zVTqpFm3+7V+LtVC3Hy1fhHSsomrLcdTr0qOCJ5D8o/Gr8dqqj5juP6V1UcNUq/CtDir4qlR0k9exTYEkAAk+1H2WZuiH8eK0woUYAA+lLXfDLo/aZ5080l9iP3mYLGb0X86DYzY4AP41p0Vr9RpeZj/aNbyMWW0nUf6pj9OaoXAIXBBB966mmSwxzLtkRWHuKzlgF9lmsMzl9uP3G54dBHh+zBGPkz+prUrBsNRFnBHbmPMSDauOoH9a2oZ4p03ROGH8qTpygrMqNaFR3RJRRRUlhRRRQAUVVvtRtNNtzPeTpEnQZ6k+gHU1xGqfECeQtHpkAhXoJZRlvwHQfrXRRw1St8K0OPE46hhl+8evbqd+7rGhd2CqOpY4ArKuPFGi2v+s1GFj/ANM8v/6DmvKbvULu/k33dzLM3+22QPoO1Vq9GGVr7cvuPFq5/L/l1D7z1F/HWiq2A87j1WL/ABpv/CeaN/08/wDfv/69eYUVt/ZtHzOX+3MV5fd/wT0//hPNG/6ef+/f/wBej/hPNG/6ef8Av3/9evMKKP7No+Yf25ivL7j0/wD4TzRv+nn/AL9//Xo/4TzRv+nn/v3/APXrzCij+zaPmH9uYry+49P/AOE80b/p5/79/wD16P8AhPNG/wCnn/v3/wDXrzCij+zaPmH9uYry+49P/wCE80b/AKef+/f/ANej/hPNG/6ef+/f/wBevMKKP7No+Yf25ivL7j0//hPNG/6ef+/f/wBej/hPNG/6ef8Av3/9evMKKP7No+Yf25ivL7j0/wD4TzRv+nn/AL9//Xo/4TzRv+nn/v3/APXrzCij+zaPmH9uYry+49P/AOE80b/p5/79/wD16P8AhPNG/wCnn/v3/wDXrzCij+zaPmH9uYry+49P/wCE80b/AKef+/f/ANej/hPNG/6ef+/f/wBevMKKP7No+Yf25ivL7j0//hPNG/6ef+/f/wBej/hPNG/6ef8Av3/9evMKKP7No+Yf25ivL7j0/wD4TzRv+nn/AL9//Xo/4TzRv+nn/v3/APXrzCij+zaPmH9uYry+49P/AOE80b/p5/79/wD16P8AhPNG/wCnn/v3/wDXrzCij+zaPmH9uYry+49P/wCE80b/AKef+/f/ANej/hPNG/6ef+/f/wBevMKKP7No+Yf25ivL7j0//hPNG/6ef+/f/wBej/hPNG/6ef8Av3/9evMKKP7No+Yf25ivL7j0/wD4TzRv+nn/AL9//Xo/4TzRv+nn/v3/APXrzCij+zaPmH9uYry+49P/AOE80b/p5/79/wD16P8AhPNG/wCnn/v3/wDXrzCij+zaPmH9uYry+49QHjzRSQCbge5j/wDr1ag8X6HOwUXyoT2kRl/UjFeS0UnllF7NlRz3ErdJ/wBep7jb3Vvdpvt545k/vRuGH6VLXhkU0sEgkhkeNx0ZGII/EV0mmeOdTsiqXW27iH9/hx/wIf1zXLVyya1g7noUM+pydqsbee/9fien0VlaR4h0/Wk/0aXbMBloX4cf4/hWrXmzhKD5ZKzPbp1IVI80HdBRRRUlhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcFqEXl6hcDHSRv513tcfrsezU5ePvYYflUTWhnUWhnocCrCtxVVTUysK5zBE4bmnA5qEGpFNBQ4jNNxTxzTWFNAT2f8ArTXS2v3BXNWY/emultfuCto7G9ItkcVlXwPNavas+8XINUjWZg4PmGtG3Hy1WMfz1bi4WrIJehqRelQk81KhoAV6zdQ/1ZrTfkcVm6h/qzSaGjm9he4CjvT4JlmeaDqYwKfEdkkkg/hBNcl4R1V7vX75JG5JwBn3rCpH3Ttw7946hsxuVI4q1C/y1K8ayIcj5qo7jESprmsd7epfkKbAR1FZl5Om3jrTLi5KDgnmsW4usMdxOKL2NIFsmMAMcU5J0c4UCuenvX3jDfL9adHqaJwCc1DdzXY6RzGignFZ1yQ5ytUhetL3NODtiqUTKUiO5l8wLGo571e0y0WLDMBmq0caq29utXEuOw6VV1EhJsh8VO8uivBD99yAAK6DwJo8umaRGszfvGGcGszTrR9S1FGcZiiPOa7VCFdSvDDjFdmGi+W7OHFSV+VGjFyN3rU/aoIyCoqftUyTW5yqxXl6Vm3JrTl6VmzjJOKi6FJGc/Wo6llGDUWKp7DgPFNk+6aeAaZKMKal7Gq3Ma76Gsd/vVr3h61juea5ap1Ui3b/AHa27CxaRRJJlU7Duar6Lp/mqJ5R+7H3Qf4v/rV0FduCwfMvaVNuiPOx+P5G6dPfqxFVUUKoAA7Cloor10raI8Ju+rCiiimAUUUUAFFFFABT4pZIXDxsVYelMoo3BO2x0FlqCXQCPhZfTsfpV2uTBKsGBII5BFb2n332pNj4Eqjn3HrXJVpcuq2O+hX5vdluXq5/xF4pt9EQwxgTXpHEeeE92/wpPFPiNdEtRFAQ17KPkB52D+8f6V5bLLJPK8srs8jnLMxySa6sFgvae/Pb8zzc0zT2H7ql8XV9v+CTX2oXWpXJuLuZpZD69APQDsKrUUV7iSSsj5SUnJ80ndhRRRQIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAckjxSLJG7I6nKspwQfY13vhvxqJmSz1VwrnhLjoG9m9PrXAUVjXw8K0bSOrC4yrhZ81N+q6M92org/B3iht0el38mQflglY9D2U/0/Ku8r52vQlRnyyPtcJioYmn7SH/AAwUUUVidIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcz4nixcQyj+JCv5H/wCvXTVk+IYt+niT/nmwJ+h4/wAKUtiZ7HG5INSxsaCozUiLXOzlJFqVajUVIoqWUh4pcZpBTgaaGT2Y/emujth8grnrTBlrorY/KBW0djekWR0qldDINXTwKq3CkrmqRrIyivzVKi0hHzU8MAKsgCKlTGKhLgnHNIZMcZp2AsORxzVO6i84YpTLwck8U2NzJnnimospFGbTFhs5ypyzLXiWl6j/AGV48Zc4R3wa95bLRSjOeK+cvGdvJp/ipbhQQpfINZ1o2idNB6nu8T7kU9iM1FPEG6Cue8H60NT05Fd8yIOea6gbWJx1FcDdjvZg3MLgniufvonya7SZfbisHUlQKc0FRkzkpIsnk05Ilz0qdwA5xSqyrzgU1E0cySGLqelWxIqLyaoSXmwYPH0qq07TPhT+ZptpErUvPdmRtqGn+bIdsEGWdjyR2rOTf5ojhUtKfTpXbaHoyWFr9onAMzc1VOk5yuZ1KqgmuptaLY/YtPjJHzkcmru4nJ71VsL7zGMTHp0q4FBY56V6ajyqyPKlJyd2XIXxGpzVhZu1UrcgggVJkq1TKKZF7FpzkVSlAwatoVKkHrUMijvWDo3G2ZE5+aoAcmtOe0MnKAVnSwyRNyv5VLg0rFwY4DAqOY/IacGOOQajmICGs2aoxbzvVTT7E394sfIjHzOfarV2etbOj2n2WxDEfvJfmb+gooUfa1LPZE4mu6FK63exfVVRAqgBQMADtS0UV7Z86FFFFABRRRQAUUUUAFFFFABRRRQAU6ORopFkQ4ZTkU2igFocNrhuW1i5e7bdK7bt3Yjtj2xWfXW+JbITWYuVHzw9fdT/AJ/nXJV61CalBWPmsZSdOs0+uoUUUVqcoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXqnhHXTq+m+VO2bu3wrk/wAY7N/j/wDXryutPQNUbSNYhuskR52Sj1Q9f8fwrlxdD21Oy3Wx6GW4t4asm/hej/ryPY6KQEMoYEEEZBFLXzZ9wFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUF7B9psZoR1dCB9e361PRQB50rZ61ZQjFRa0gsdZuIjkKzb1+h5/xH4VAlyuOprnkcdrOxoginAiqSzZ6VYRvesmykTZo3UwsOKQsBVx1C5dsj+9rpLYjAzXN2EbmTODit1H2qORmuqMbo3pvQ0WlVVOapTTBlIFU5rrBIJNQGfcvBqlA1cidgOuaYXAqBnfaP8aiZyOTWnKSi15qgE1Va4+amltwAXvUMoVTg9aaiOxMJi+QO9Rz3PkR+WPvGrEaBIC3ftWUxM9183UGqSA1LJXCb2OQa86+Inh5LqEsifvBk5r0kExQKD0qhrOn/bLTOAXIqKi5kaUpWZ4X4Q1aTSL4RMxxuwRXsdtfpcxLKhHIrxvxRo8uh6yzBCFc5yOlbfh3xC8RWKV/l+teXUi0z1Kcro9OlmDIK5zVSME5q+l8k8O5GBFY+puChbNQzVRMJ5NzkelNZyB1qtJNh/akabIAGWJ/u81cYtiuluLLJuGM496LWGW9kENuhZ88sRW9pHhOW/X7RduqQDsCCT+FdVBpdvp0JSyjC/7Y4NdEMPd6nNUxFtito2gRadaiWXDyt19q1rmQJbbj09KjhLmEBvxPrUd3mRPKHX3rsjBQ0Rxym5O7ILVwr+atbHnmWIbOtYmnFhJJHKvyitmBVUHHTtV3MmWLeV41OealW4y3zVDCeSOtEqgNk1LFYuRTjcQDUzSKRWYoC8rSGZg2KVgsaYYDmlYpJwVqmkp21LHMOho0DUc9jFIuRgGs+50yQoSnNaQYZ5apkmwMdRWUqaZSk0cQbCZr2OOSMlS3J9u9dDV29ZCi4UAk1Srpw1JQTfc87G1XOaj2Ciiiuk4wooooAKKKKACiiigAooooAKKKKACiiigBskayxPG4yrqVI9jXnk8TQXEkLfeRip/CvRa4vxFD5WryHGBIocfy/mK7MHK0nE8vNKd4KfYyqKKK7zxAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD1nwffm/8OW+45eDMLfh0/Qit2uD+HVwd19bE8YWRR+YP9K7yvmsXDkrSSPustqurhYSe9rfdoFFFFcx3BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQByHjmyJgt7+Mcxny5PoeR+ufzrkYpyMV6pqFmmoafPavjEiEZ9D2P4HBryryHimaKRdroxVh6EdaxqLU56is7mjDKGFXYvUmqMEOcVoRwFmCisbXZCJB8xwoya0bPTt+Hl4FWrPTkjTzHHNXXXKDPA9q6acLbmqgMBES7Y16d6rOzM+S1WZPki4rOMgySTXSkbRjZEk4G0EU0EBKfL80CsBVdWyMVZViVW3KaqSynftq1H3FUpl/f0BYtxjhaJY9zg06IfKKkYc1LYEV1J5dvgdao6dGZJi7VPcq0nA6VLaqsUeO9NOwD52zIoB6dqsgqo+bkY59qpAg3CseoNJqsrW9vL5fLMtC3Frc8+8Z39jr12dOt0DTLnkCvNlR7O5Ns4ZXU9SK6rwpBMvjcu8Zdt53ZHSuo8deEopLU6hZRr5y8uBWOIprodlGq0cbp2syQEK7naKuXmqiaMnPXoK5hVYrg8EHmtDSLZr7Ukhb7o61wxhd2O11HymrpejXOokySNshHUE9a3vsNnp6BYLZWc/xEVZeSOKNbeLICjsKgubhwgVJGA716FOkkcU6rZDYaldadqqC4lzDIcBc5xXaiRVU553jIrym8kY3asWYgHqRXodhK1zZQyE9sCtrGBdWZXGB1pro00gPTFSW9mokDnp2qzIFQYH3jQ0JkUUQbgLgr1q6mFTFMjGE6c96cBmp1EJCcSH3qabpVdTiTmp5OVFACRkDg0kqDqKQcdaHbPSgAjdl4FWFK4y1VRmkeQgUrAXN0ZPWgylR8tUk3dT3qwnTmiwA8rSY3dqZT5MZGKZXTT+FHk4n+KwoooqzAKKKKACiiigAooooAKKKKACiiigAooooAK5XxUuLyB/WPH5H/69dVXLeK2H2m3XuEJ/WujC/wARHFmH+7v5HP0UUV6Z86FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAdV4Afb4hcf3rdh+qn+lemV5j4CUnxESO0DE/mK9OrwMy/j/I+wyT/dfmwooorgPYCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArivFWnCHUFu0X5J/vezD/Ef1rtaw/FxYaDiNVMj3dtCpboPMnSMn8mNJq6sRON0cxaoCK29OtN8gJFZVhFIZ/LZSGBwQexrqIQsIC/xVFON3czhEmPy/JTSckA9BQzZbNRTOFjY966LG6GyuGLKOgFZdwfLBNWbeTcTnvVTUshDWkSi5A3mWf0qmTtYiptMkBtyveo7ldrUPcZNCRkVXnX94TSxPginzDJzTAfbNkYqdhzVe3GDVojjNQwKrL8xoztFOk+9xTDzVpaAOi+8fXtTdRxmJ+vOCKeo2kEdaZqCEGLbgknnPSltsBz2qaaPD+sx6tCoEMv8ArPbirMV/Bq01xDayh1dORnpxR4r1KC+tE0mNt88oxgcgVyWi2cvhvxGkZY+XLwx/CnyXV2NSscff2bW2ozR4ONxrX8PWZjDXOOa1PElnGt/IqqueDkd81asrcQWaLjrXPGk4yuzsdX3bET7wxYd6qTu4BOa1Xj3KcVVmst0Z55rov2Ofc5m9kLDaRwT1rv8Aw/un0uExNkDg81yj6RLcMI1XIJ5Nb2kO2gzrZSvhH+7ipbYWOseCe1TEnTtzTYx5jBiasXDyyW6ByGJHUHNRwx7Rz1pp6akPcezfNgUoOBSlec0MM9KdxEZHzg1MckUgjPepAMUgIWzxShSalKgkU/ZhaLgQHgUwruFSP0xTo1+WkMYq4AqTIApDwKjG4n2oC4/qM0lPxlcAe9Mropv3TysXG1S/cKKKK0OYKKKKACiiigAooooAKKKKACiiigAooooAK4/xNIH1UKP4IwD+p/rXYV5/qFx9q1CeYHIZzt+g4H6V1YSN5tnm5nO1JR7srUUUV6J4QUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB2fw7g3aleXH/POIJ/30c/8Asteh1y3gKzNvoLXDD5riQsP90cD9Qa6mvnMbPmry+4+3yql7PCQT66/eFFFFch6IUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/9K4q26xPFX/IIg/7CVh/6VxU1uBYu7RIrn7SF+9976+tUw7NMW7Ct2RFljZGGQRWJcxm3VlPUd/WtKdgSQ9ZctUdy+YmAqtFLlevOaVW37gaprUpEVnJ8+PejVF/dE1WgfbeEe9XtQUtbH6VS3Gyro753CrN4nOaz9KbbKy961rhcikxGcrYYVZblRVR+HFW0+ZRigZJEMVYP3aiUcCpT92pYis/WmjrT3HNM71XQZIo3EDtUGsLIbMmLsKsR9afNmS3dOxFCVgOY0PRbZb037tvk7gjpR4osN8a3ES4kXnNWrM/Z7poyAFJ5xWpeRi4iKgA5FVzagecahm4ntpOSX4b8K3RHCI4xjt6VDDZeVqLJIuVU8VtPb2yRBmK7vQVU9VoVcz1gizyP0ps9sjj5R+laEUaTv8Ad+UVNdeTBENq8n2qLDvYzreFIFyF5qK90gX6eYvEo6GtK2ge6ZflwK0mVbdMYG7tii4rlOygltrKOOZtzD3q2gzTVjdhvY5JqaNcUgFCetGypOtABzSEG3imY5qb+Goxy3FIBypmiTgVJggVBM2OKAIerVYRcLUEYJbNWG+7xTERyLnpRDGSacqk9atwx7VyaLgM8tY4ySOaoHrxVy6kB+UVCYf3O4dRV05WZzYmnzwut0Q0UUV0nmBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGdrd4LPTJCD88nyL9T3/KuHrU13UPtt8VU/uosqvue5rLr1MPT5Ia7s+cx1f2tXTZaBRRRW5xhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFT2drJfXkNrCMySuFH496grvPAWiFQ2rTpjOUgB9O7f0/OscRWVGm5s6sFhniayprbr6HaWltHZ2cNtF9yJAi/QCpqKK+Ybu7s+9SSVkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt1U1C2NxbNsH7wDj39qt0UJ2dwONt3JdlPUGrEZ2yEetX9U0/y5Tdwrw3+sA/nWcGBnWt0+ZXKKwGL78a07sbrX8KoSrtvQe3FaUo3Wv4UxMxdPO27NbcgyPwrDtQVvD9a3uCv4UpAzKmXDD61PAeKbcId1LDQilsW0qRulMWnE8VLEQPTMc1I3emjmmgQq8VIOVIqPgdacjAnigZj3kBWXeO1XbWbMQycmnXce9DVGNjFxVIBby2Bk3qMbutVTpnmycOc1fmbzI1Ofyqqt95N1918f7pqZtpaFxQ1oZ7dQoOPTnrSTrNK0cXl8nvVtmkvNuxTkHvxV9YStwhY8qORUxbauwluJbQfZLUbzljVVQ1xP7VNdSGSQL6VLbxGNdxxVEjHGzC0qgikY75TUhIxQACnCkxSg84oAVjxTIxzStzTl+Uc0gHFsVUlOWqZm5NV2BLVSAkjGKeTmmggAU9BuakxE0EeetWJGEcdKgCpVO6lycA1KAgLGSYVfRAE5qnaqC+TVuVtoJ7U2BQmCrKQp49KZWZqFyROAGI75FT2d+lx8jECQf+PV005XVmefiMO4+9HYuUUUVocYUUUUAFFFFABRRRQAUUUUAFael2O9hcSj5R90HufWksNNMuJZgRH2Xu3/1q2gAAABgDoBXNVq/ZiddChf3pHA+NfDZjd9Ws0zGxzOg/hP8Ae+nr+dcRXurKGUqwBUjBB6GvPPE/g57Uve6Yhe36vCOTH7j1H8v5d+BxqsqdR+jPHzXK2m69FadV+pxtFFFeqfOhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVt6B4autcmDDMVop+eYjr7L6n+VTOcaceaTsjSlSnVmoU1dsPDWgSa5fYYFbSIgyv6/7I9z+lesRRJDEkUSBI0AVVA4AHQVFY2Nvp1olraxhIkHA7n3PqasV87isS68r9FsfaZfgY4SnbeT3YUUUVynoBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAIBBBGQa5+9082s/mRgmFjx/sn0roKRlV1KsAVPUGqjKwI5Sdf3itWgBm1/Cm6jZNA4ZQTF2Pp7U+Mf6PWydxswoxtvTW3GcgVjsNt4a1oDnFEgZDOvJqKLhqtTDPSqyAhqSKLSClbpSx9KR6TERE9aavWnetNAxTQID0pqnaacTUTctxQMlYblrIuflY4rZjwy49Ky72M5JHSriAke4xK2Rx6mpYGaaXGxfrmmWwR4xuBIHtV6GSFGxGnPuKmTuJNosiMJt5Cn2NQsx+0uS2cUNMnmjKZqpJODcSKoxmixV7kkf72UnFTzSbFCim2yhIdzVBK3mScc0gJUHG71p3WlGPLA70KPWgBw6ij+Kgdc0A5agAPU0rHAFIe9Ndxx1pAMZuTUeeaVjyTTAeapATquatwx96ghUnmrq8LUsQ2ZwiYrMdi8lWLqXkc1FAodsihIC1bJtBNR3coVSKsD5U64rI1CXAPNHUEZUsoaY5UMPegWak+YoUfjVKRpN5KYK555q7bEtHwT+Na7IZdgu2+64yB371cVgy5HIqHT7B72by0GAPvuRwBXWwWkMFsIFQFB13DOfc0vbcujOWthoSd46M5mit+XSbaQ5UNGf9k8VUfRXH3JlP+8MVoq0GccsPURl0VfOj3I7xn8aUaPcnvGPqf/rVXtIdyPY1Oxn0Vqporf8ALSYD2UZq3FpdtFyVLn/bP9Kh14IuOGqPfQxIbaa4bESE+/YfjWxaaXHAQ8uJH/QVfACgAAADsKWsJ1pS0Wh1U8PGOr1YUUUVidAUUUUAcxrvgy01MtcWpFtdHk4HyOfcdvqP1rz/AFLRdQ0mTbd27IucCQcofoa9npHRXQo6hlPBBGQa7qGPqUtHqjycXlFGu+aPuy/D7jwqivVr7wZo16SywG2c/wAUB2j8un6VhXHw6kBJttQUjssseP1B/pXpQzChLd2PDq5LioP3Vzej/wAzhqK6p/AGsL0ktG+kh/qKZ/wges/9O/8A38/+tW/1qh/Mjl/s/Ff8+2cxRXT/APCB6z/07/8Afz/61H/CB6z/ANO//fz/AOtR9ao/zIP7PxX/AD7f3HMUV0//AAges/8ATv8A9/P/AK1H/CB6z/07/wDfz/61H1qj/Mg/s/Ff8+39xzFFdP8A8IHrP/Tv/wB/P/rUf8IHrP8A07/9/P8A61H1qj/Mg/s/Ff8APt/ccxRXT/8ACB6z/wBO/wD38/8ArUf8IHrP/Tv/AN/P/rUfWqP8yD+z8V/z7f3HMUV0/wDwges/9O//AH8/+tR/wges/wDTv/38/wDrUfWqP8yD+z8V/wA+39xzFFdP/wAIHrP/AE7/APfz/wCtR/wges/9O/8A38/+tR9ao/zIP7PxX/Pt/ccxRXT/APCB6z/07/8Afz/61H/CB6z/ANO//fz/AOtR9ao/zIP7PxX/AD7f3HMUV0//AAges/8ATv8A9/P/AK1H/CB6z/07/wDfz/61H1qj/Mg/s/Ff8+39xzFFdP8A8IHrP/Tv/wB/P/rUf8IHrP8A07/9/P8A61H1qj/Mg/s/Ff8APt/ccxRXT/8ACB6z/wBO/wD38/8ArUf8IHrP/Tv/AN/P/rUfWqP8yD+z8V/z7f3HMUV0/wDwges/9O//AH8/+tR/wges/wDTv/38/wDrUfWqP8yD+z8V/wA+39xzFFdP/wAIHrP/AE7/APfz/wCtR/wges/9O/8A38/+tR9ao/zIP7PxX/Pt/ccxRXT/APCB6z/07/8Afz/61H/CB6z/ANO//fz/AOtR9ao/zIP7PxX/AD7f3HMUV0//AAges/8ATv8A9/P/AK1H/CB6z/07/wDfz/61H1qj/Mg/s/Ff8+39xzFFdP8A8IHrP/Tv/wB/P/rUf8IHrP8A07/9/P8A61H1qj/Mg/s/Ff8APt/ccxRXUL4B1gnBa1X3Mh/wq3B8O7xv+Pi+gj/65qX/AJ4qXjKC+0VHLcXLaDOMqe1s7m+mENrBJNIf4UXOPr6V6NZeA9JtyGuDNct6O21fyHP610dta29nEIraCOGP+6igCuWrmcF8CuehQyGrJ3qysvLV/wCRxeieAgpWfVmB7i3Q8f8AAj/QfnXbxRRwxLFEipGowqqMAD2FPoryq1epWd5s+hw2EpYaPLTXz6hRRRWJ0hRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/AGErD/0rirbrE8Vf8giD/sJWH/pXFTW4G3RRRSAKKKKAEZVdSrAFTwQaz5rXyFO3lP5Vo0EZGD0pp2A42dcXWa0LY8Cp9S0pt/nwDcP4k7j6VXtz0rZO6KJZBnNVsYarjDNVWGGqUJFiPpSNRGeKRqYyM0lKRSdKaAQ1GeDUhOelQSHaeaBk8Tc1UvF+Rqlif5xTLz/VmmBFZo3lfLV2OLb8zEVWtB+4AyRU7KAMFjmgBfkEnrVBR5l8+OlXI1jD43ZNVrQbruVh0pgW7hgkQUHmo7ZMjJqO4Pm3GAeBVpcRxgDrSYCuegoHSm5JIzTunFIA7GkU80E8U1TQA4k9qiYtnpTy+0E1AZ9xwKLDB2OOadEuaidixAq5bxnAoJLUCYSllk2Ling7VqjdSjOM0AiCVtzVZtU2jNVkG5ge1aC4VBQxkdwRt5Nc/qEi7TuPFa91LgH1rm9Tm+U7sY9qcdwKyhHO6N2GOoAroNI059Rxt3Ki/ecjgf8A16qeHfDk1/i4dnitCc5xgv8AT/Gu+hgjt4ViiQIijAAoqTS0QmxLa2itIRFEuFH5k+pqWiiuckKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/wAgiD/sJWH/AKVxVt1ieKv+QRB/2ErD/wBK4qa3A26KKKQBRRRQAUUUUAFVLixSUl0wr9/Q1bopp2Ax5EaM7XGDVWQc10EkaSrtcZFZl1YuvzR/Ov6irUhlROBQxoWkNUMQmo2NOPFMNMAB61FLzUg4BqNiAKBjI2w4pbgbojUQOHz2qZmBiPvTAZAWW3+UZomlbaCU5qW2XEWM4oYZcc5FMLMjgKsGZlwQPSoLZlSJ3HUmrxkRQeM8Vm2zebEFVehOaALNspeQsatSECnRosanNQMSz5HSkwEDnfUhbLU1V+bNOJBPFIBHNKnSkNISFFAEVwc8A0kEJAyaNpeQelLJcLGwjUndVJAOVCz8jpWhCu0VVgDMeRzVxeBUMQsrYFZsx3PVq4fAFUxlpOKfQCzDH8uammbagpUU7KlWylusY+RP7x/pSv3GYk++aXYgLMeAAMk1o6f4XjLifUVEhHKw9VH19fpW3a2MFmP3a/Oernqas1Dn2JchAAAABgDoBS0UVAgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP+wlYf+lcVbdYnir/kEQf9hKw/9K4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQBBNaRTckYb+8Kzp7KaLkDevqP8K2KKpSaC5zbUw10E1pDP99Of7w4NZ82lSDJicMPQ8GrUkyrmaTUb1NNDLEcSIy/UVEQSKoCs+R0qXIMXNNkQnjvUYYg7e9UhssLIscf3c5qHz2ZsKlWwn7kZwPxqImOLJJIoc0hq9iPbLsYsMDFO06ALHub1p7y+ZaO4Y7RS2zhbZSad7i9SSeVei1Go4qPO+TgVZxtUCpYCDjFIB1pTxtoA4NAEbdqa5zT8cfSkK5PFADBlVLZAxVKfiYS9RV+RVYbWUH60x4U2gDgVUWJk9pcB+NpGfaroGxSTVe0tnJB5YDpitD7BNMMORGv5ms5biRjTSEvVqzsZpsMEwv8AePArXg0y2gIbZvf+8/P6VcqXPsFytDZxxAbvnb36VZooqBBRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/IIg/7CVh/6VxVt1ieKv+QRB/2ErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAIQCMEAj0NVpNOtpM/u9p9U4q1RTuBjy6GScxTfgw/rWbPo99HKGWIOvqrCuqoqlNodzj75biCJGeGUAdflNVXuUnTakbZ9dpruqaURvvKp+oqW7stVLHGrbsmnnceDUm8RQogrqntLeRdrQoR6baiOmWZOTbrkfWtFNJWJcrnPwKW+YipJDW8LC1AwIuP940fYLX/niPzNHOguc6xLYo5xXSCzth0gj/AO+akWKNPuxqv0GKXOK5zKRSup2Ru30GasR6ddvj90VH+0cV0NFHOwuYy6K7NmSZR7KM1ci0u2jxlS5H941doqXJhdiKqoMKoA9AKWiipEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/5BEH/YSsP/SuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/5BEH/YSsP/SuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/5BEH/YSsP/SuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/5BEH/YSsP/SuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/5BEH/YSsP/SuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/5BEH/YSsP/SuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4q/5BEH/YSsP/SuKtusTxV/yCIP+wlYf+lcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/5BEH/YSsP/SuKmtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieKv+QRB/wBhKw/9K4q26xPFX/IIg/7CVh/6VxU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxV/yCIP8AsJWH/pXFW3WJ4q/5BEH/AGErD/0riprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/kEQf9hKw/8ASuKtusTxV/yCIP8AsJWH/pXFTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPFX/ACCIP+wlYf8ApXFW3WJ4q/5BEH/YSsP/AEriprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnir/AJBEH/YSsP8A0rirbrE8Vf8AIIg/7CVh/wClcVNbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Vf8giD/sJWH/pXFW3WJ4q/wCQRB/2ErD/ANK4qa3A26KKKQBRRRQAUUUUAFFFFABRRRQAV5748+I6+H5W0zS1SbUcfvJG5SHPbHdvboPfpXZa7qX9j6Df6jgE28DOoPQsBwPzxXy7PPLc3Ek8ztJLKxd3Y8sxOST+Nd+Cw6qNylsjkxVZwXLHdmhf+JNa1SUyXuqXUpJzgyEKPoo4H4Cqf2+8/wCfuf8A7+Gq9FeyoxWiR5jk3uyx9vvP+fuf/v4aPt95/wA/c/8A38NV6KLIV2WPt95/z9z/APfw0fb7z/n7n/7+Gq9FFkF2XIdW1G3kEkGoXUTj+JJmU/mDXfeEvitfWVxHaa85urNjt+0Y/eR+5/vD17/XpXmtFZ1KMKitJFwqzg7pn1pHIk0SSxOrxuoZWU5BB6EU6vO/hBrMl/4cuNOmcs9hIAme0b5IGfqG/DFeiV8/VpunNwfQ9mnPnipIKKKKzLCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqrqOnW2q2TWl2rtCzI/ySNGwZWDKQykEEMoOQe1WqKAMT/hFdO/5+dY/8HN3/wDHaP8AhFdO/wCfnWP/AAc3f/x2tuindgYn/CK6d/z86x/4Obv/AOO0f8Irp3/PzrH/AIObv/47W3RRdgYn/CK6d/z86x/4Obv/AOO0f8Irp3/PzrH/AIObv/47W3RRdgYn/CK6d/z86x/4Obv/AOO0f8Irp3/PzrH/AIObv/47W3RRdgYn/CK6d/z86x/4Obv/AOO0f8Irp3/PzrH/AIObv/47W3RRdgcR4x8LWqeENUkt5tTaWOAyAS6pcyqQvJyrSEHgHqK8Ar60dFkjaN1DIwIYHoQa+cfGvhK48K6xJHsZrCVi1tNg42/3Sf7w/wDr969TLqq1g9zz8bTek0czRRRXqHAFFFFABRRRQAUUVZ0/T7rVL6KysoHmuJW2oijr/gPehu2rBK56p8E7eQR6zclSImMUat2JG4kfhkfnXrNYfhLw7H4Y8PQacpV5eZJ5B/HIep+nQD2Arcr53E1FUquSPaowcKaiwooorA1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqve2FpqVo9re28dxA/3o5FyD/8AXqxRTTtqg3POb/4OaHcSM9nd3doD/BkSKPpnn8zVL/hSln/0Gp/+/A/xr1OiuhYustOYweGpPoeWf8KUs/8AoNT/APfgf40f8KUs/wDoNT/9+B/jXqdFP65X/mD6tS7Hln/ClLP/AKDU/wD34H+NH/ClLP8A6DU//fgf416nRR9cr/zB9WpdjzCH4Laar5n1a7dPREVT+ZzXb6F4W0fw3EyabaLG7DDysdzt9WPb26VsUVnPEVaitJlQowg7xQUUUViahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAf/9k=)

We are maximising our

international platform across

growth markets to deliver

sustainable revenue growth,

improving margins and

growing returns.

Strong growth in 2024

In a year marked by continuing

macro-economic volatility, escalating

conflict and half the world’s

population heading to the polls, our

international brands and businesses

delivered an exceptional performance.

We delivered double-digit growth in

revenues, adjusted operating profit

and free cash flow.

Alongside our strong operating

performance, we continued to expand

the breadth of the Group within the

parameters of our capital allocation

framework. We maintained a

progressive dividend, invested

organically, focusing on digital and data

initiatives, and balanced shareholder

returns with targeted additions with

growth potential. Allwhile improving

our investment grade credit ratings

across our threecovering agencies.

In live B2B events, we expanded our

portfolio, adding the Ascential business

and its premium brands, Lions and

Money20/20. This led to the creation of

Informa Festivals focusing on

developing our range of experience-

led, high-impact, high-value events.

In B2B Digital Services, we combined our

digital businesses in Informa Tech with

TechTarget, creating Informa TechTarget,

which is listed on the Nasdaq exchange

as TTGT. The business brings together

buyers and sellers digitally in the same

way as we do in B2B events.

In Academic Markets, we secured data

access agreements with key large

language model providers that

expand revenue streams.

Record financial performance

Group revenues of £3,553m marked

anew high for Informa and reflected

strong underlying revenue growth of

11.6%. Our B2B Markets businesses grew

11.1%, with Informa Markets growing

14.2%, Informa Connect 4.1% and

Informa Tech 9.5%.

Twenty-two events generated over

£930m of ourevents revenue. These

are our marquee brands – events with

revenue greater than $30m. They

include CPHI in Pharma, SuperReturn in

Finance and BlackHat in Cyber Security.

Typically they grow faster than smaller

events and their scale means they are

also usually more profitable.

The visibility and strength of our

marquee brands within their industries

enables successful spin-offs in new

geographic locations. An example of

this in 2024 was the launch of CPHI in

the Kingdom of Saudi Arabia by our

Tahaluf partnership. The launch marked

the ninth edition of the powerful CPHI

brand. Brand extension and new

launches have driven rapid growth at

Tahaluf in recent years, with eight

shows run in 2024, delivering year-on-

year revenue growthof over 100%.

Informa Tech remained a standalone

business through 2024, as regulatory

and procedural work to combine its

digital businesses with TechTarget was

completed. Its trading performance

through the year was mixed. The

events businesses performed well,

buoyed by strength in the Middle East.

This was balanced by steady growth in

our digital businesses. These include our

specialist research offering from Omdia

and Canalys, and our demand

generation businesses including Industry

Dive and NetLine, where there was some

softness in the market in 2024 as

businesses focused their investments

onAI over product launches, a trend

alsoseen by TechTarget.

Strategic Report

Informa Annual Report and Accounts 2024

48

Momentum

Growth&

Group Finance Director’s review

![](data:image/jpeg;base64,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)

From 2025, Informa Tech’s events will

be reported within our B2B Markets

businesses and its digital businesses

within Informa TechTarget.

Taylor & Francis’s underlying

revenuegrew strongly in 2024, up

14.5% to £698m. This reflects a solid

performance in the underlying business,

combined with new revenue streams

from the data access agreements

described earlier. These agreements

provide access to archive content

totrain AI models.

Our cash flow performance in 2024

was exceptional, with free cash flow

of£812m. This reflects strong profit

growth and our continuing focus on

operating cash conversion – the rate

atwhich adjusted operating profit

converts into operating cash. The

strong cash dynamics of our business

model are an attractive core

characteristic of the Group.

Disciplined capital allocation

The strength of our free cash flow

provides options for deploying excess

capital. Our approach is to focus on

driving the best long-term value for

shareholders. This means balancing

short-term cash returns with continued

investment. In 2024, we returned £248m

to shareholders in the form of ordinary

dividends and £428m in share buybacks.

At the start of the year, we targeted

£340m of in-year share buybacks which

we increased to £500m after a strong

first quarter, retaining flexibility to

pausefor strategic opportunities.

This arose with Ascential plc and its

unique set of premium brands. We

could clearly see an opportunity to

further expand and extend these

around the world, creating value.

Having largely met our buyback

ambition, we paused additional

purchases to fund the acquisition,

whichcompleted in October.

In the final part of the year, following

completion of both the Ascential and

TechTarget transactions, we accessed

the European bond markets to secure

long-term financing. We converted

ouracquisition finance facility to

bonddebt at attractive rates in three

oversubscribed tranches, highlighting

the credit strength of the Group.

We ended 2024 with leverage of 2.6

times. Our strong cash generation

means we expect to reduce this to our

1.5 to 2.5 times range through 2025,

with capacity forshare buybacks and/or

targeted additions, should we consider

theseagood use of capital.

Delivering on GAP 2

2024 was the culmination of GAP 2,

during which we invested in projects

that have supported growth and

strengthened our digital and data

capabilities. At the core was the

development of our customer data

platform, IIRIS. Many of the follow-on

projects have focused on making

better use of data from IIRIS to improve

customer experience and create new

revenue opportunities. Examples of

these are included in our Informa in

2024 section on pages 26 to 35.

In Taylor & Francis, we set out to expand

our Researcher Services revenue and

build our capabilities in open research.

Researcher Services now accounts for

around 60% of the business’s revenue.

GAP 2 also saw us focus our portfolio.

We divested our Intelligence

businesses, selling around £200m of

revenue at an EV/EBITDA multiple of

around 28 times. We used these

proceeds toreturn around £1.5bn in

cash to shareholders through share

buybacks, as well as reinvesting in our

two leadership businesses. Most

notably, we expanded our B2B events

portfolio, adding around £600m of

revenue at anaverage post-synergy

EV/EBITDA multiple of 11 times. The

culmination of this reinvestment

programme was the addition of

Ascential in October, whose assets

form the cornerstone for our new

Informa Festivals division.

Looking back on GAP 2, we can reflect

on its success. On launching the

programme, we laid out financial

scenarios for the Group. These included

an M&A reinvestment scenario with a

revenue ambition of up to £3,300m

ifwe were to redeploy the capital

generated through divestments. The

results we delivered in 2024 exceeded

this ambitious revenue target by 7.5%.

A platform for growth

Over the last decade, we have built

leading businesses in B2B Markets, B2B

Digital Services and Academic Markets.

We have extended our international

reach and deepened our position in the

markets we serve. We have created a

platform for long-term growth that we

can expand and extend through the

successful delivery of One Informa.

This points towards an exciting future

for the Group, with new opportunities

for growth and expansion.

I look forward to working closely with

colleagues to seize these opportunities

and continue to develop the Group

anddeliver further strong returns

forshareholders.

Gareth Wright

Group Finance Director

13.6%

ULRG of marquee brands

104%

operating cash conversion

£812m

free cash flow

Gareth Wright answers questions

onstage at our half-year

resultspresentation

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

49

![](data:image/jpeg;base64,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)

Income statement

Informa delivered a strong set of results for the year ended 31 December 2024, including 11.6% underlying revenue growth

and 22.9% underlying adjusted operating profit growth, which resulted in a new record high level of revenue and adjusted

operating profit for the Group. This reflected strong trading performances across both B2B and Academic Markets, with

both delivering double-digit underlying revenue and adjusted operating profit growth.

Adjusted results

2024

£m

Adjusted items

2024

£m

Statutory results

2024

£m

Adjusted results

2023

£m

Adjusted items

2023

£m

Statutory results

2023

£m

Revenue 3,553.1 – 3,553.1 3,189.6 – 3,189.6

Operating profit/(loss) 995.0 (452.2) 542.8 853.8 (346.0) 507.8

Fair value (loss)/gain on

investments – (9.2) (9.2) – 1.3 1.3

(Loss)/profit on disposal of

subsidiaries and operations – (24.1) (24.1) – 3.0 3.0

Net finance costs (79.6) (22.6) (102.2) (19.2) (0.8) (20.0)

Profit/(loss) before tax 915.4 (508.1) 407.3 834.6 (342.5) 492.1

Tax (charge)/credit (178.2) 137.3 (40.9) (156.4) 127.0 (29.4)

Profit/(loss) for the year  737.2 (370.8) 366.4 678.2 (215.5) 462.7

Adjusted operating margin 28.0% 26.8%

Adjusted diluted and statutory

diluted EPS 50.1p 22.2p 45.3p 29.9p

Financial results

Our performance includes a 11.4% increase in revenue to £3,553.1m. Every division delivered underlying revenue growth in

the year. The Group reported a statutory operating profit of £542.8m in 2024, compared with a statutory operating profit of

£507.8m for the year ended 31 December 2023. The growth in 2024 reflected strong trading performance across all regions,

supported by strong results in both B2B and Academic Markets. Adjusted operating profit was £995.0m, growing 22.9% year-

on-year on an underlying basis, again with growth delivered in all our divisions.

Statutory net finance costs increased by £82.2m to £102.2m, with adjusted net finance costs increasing by £60.4m to £79.6m.

This was as a result of acquisition activity through 2023 and 2024 that reduced overall cash balances, and therefore lowered

interest income, together with increased interest charges following the €1.75bn issuance of Euro Medium Term Notes to

fund acquisitions.

The combination of all these factors led to a statutory profit before tax of £407.3m in 2024, compared with a statutory profit

before tax of £492.1m in 2023. The profit in the year led to a statutory tax charge of £40.9m in 2024 compared to a tax

charge of £29.4m in the prior year.

This profit outcome translated into a statutory diluted earnings per share of 22.2p compared to 29.9p for the prior year,

withthe £82.2m increase in statutory net finance costs partially offset by the £35.0m increase in statutory operating profit.

Adjusted diluted EPS grew to 50.1p from 45.3p in the prior year, an increase of 10.6%.

Strategic Report

Informa Annual Report and Accounts 2024

50

Financial Review

![](data:image/jpeg;base64,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)

Measurement and adjustments

In addition to statutory results, adjusted results are prepared for the Income Statement. These include adjusted operating

profit, adjusted diluted earnings per share and other underlying measures. A full definition of these metrics can be found

inthe glossary of terms on page 231. The divisional performance table on page 52 provides a reconciliation between

statutory operating profit and adjusted operating profit by division.

Revenue and adjusted operating profit growth on an underlying basis are reconciled to statutory growth in the table below:

Underlying growth

Phasing and

other items

Acquisitions and

disposals Currency change Reported growth

2024

Revenue 11.6% (3.4)% 7.0% (3.8)% 11.4%

Adjusted operating profit 22.9% (7.7)% 6.5% (5.2)% 16.5%

2023

Revenue 30.4% (1.3%) 13.3% (1.4%) 41.0%

Adjusted operating profit 59.1% (4.0%) 16.7% 0.2% 72.0%

Adjusting items

The items below have been excluded from adjusted results. The total adjusting items included in the operating profit in the

year were £452.2m (2023: £346.0m). The increase in adjusting items is primarily due to lower gains on the remeasurement

ofcontingent consideration and increased acquisition and integration costs.

2024

£m

2023

£m

Intangible asset amortisation

1

309.6 312.8

Impairment – acquisition-related and other intangible assets 28.5 25.1

Impairment/(reversal of impairment) – IFRS 16 right-of-use assets 5.0 (0.6)

Acquisition costs 66.0 53.3

Integration costs 42.2 19.7

Restructuring and reorganisation costs 14.1 11.0

Fair value gain on contingent consideration (29.5) (87.6)

Fair value loss on contingent consideration 16.3 12.0

Foreign exchange loss on swap settlement – 5.6

Credit in respect of unallocated cash – (5.3)

Adjusting items in operating profit 452.2 346.0

Fair value loss/(gain) on investments 9.2 (1.3)

Loss/(profit) on disposal of subsidiaries and operations 24.1 (3.0)

Finance costs 22.6 0.8

Adjusting items in profit before tax 508.1 342.5

Tax related to adjusting items (137.3)  (127.0)

Adjusting items in profit for the year 370.8  215.5

1  Excludes intangible product development and software amortisation of £46.1m (2023: £41.1m)

Intangible amortisation of £309.6m (2023: £312.8m) relates to the historical additions of book lists and journal titles,

acquired databases, customer and attendee relationships, and brands related to exhibitions, events and conferences and

product development. As it relates to acquisitions, it is not treated as an ordinary cost. By contrast, intangible asset

amortisation arising from software assets and product development is treated as an ordinary cost in the calculation of

operating profit, sois not treated as an adjusting item.

Acquisition costs of £66.0m (2023: £53.3m) principally relate to the combination with TechTarget and the acquisition of Ascential.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

51

![](data:image/jpeg;base64,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)

Divisional performance

The table below shows the results and adjusting items by Division, highlighting strong growth in the B2B Markets businesses

and in our Academic Markets business, Taylor & Francis.

Informa Markets

£m

Informa Tech

£m

Informa Connect

£m

Taylor & Francis

£m

Other

2

£m

Group

£m

Revenue 1,723.0 423.9 631.0 698.2 77.0 3,553.1

Underlying revenue growth 14.2% 9.5% 4.1% 14.5% – 11.6%

Statutory operating profit/(loss) 318.7 42.3 30.2 202.5 (50.9) 542.8

Add back:

Intangible asset amortisation

1

173.5 37.1 54.1 31.7 13.2 309.6

Impairment – acquisition-related and other

intangibles 11.2 0.9 0.2 16.2 – 28.5

Impairment – IFRS 16 right-of-use assets 0.4 1.5 1.8 0.3 1.0 5.0

Acquisition costs 5.6 0.7 3.6 1.5 54.6 66.0

Integration costs 10.4 17.0 12.5 1.0 1.3 42.2

Restructuring and reorganisation costs 2.0 1.4 4.7 2.5 3.5 14.1

Fair value gain on contingent consideration  (6.2) (18.7) (4.6) – – (29.5)

Fair value loss on contingent consideration 4.4 – 11.9 – – 16.3

Adjusted operating profit 520.0 82.2 114.4 255.7 22.7 995.0

Underlying adjusted operating profit growth 24.1% 29.7% 11.8% 22.6% – 22.9%

1  Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and product development of £46.1m

(2023: £41.1m)

2  Other comprises the post-acquisition results of Ascential and TechTarget, which were acquired during the year ended 31 December 2024

Adjusted net finance costs

Adjusted net finance costs, which consist of interest costs on our corporate bond borrowings and loans, partially offset

byinterest income on bank deposits, increased by £60.4m to £79.6m. This was a result of acquisition activity through 2023

and 2024 that reduced overall cash balances, and therefore lowered interest income, together with increased interest

charges following the €1.75bn issuance of Euro Medium Term Notes to fund acquisitions.

The reconciliation of adjusted net finance costs to the statutory finance costs and finance income is as follows:

2024

£m

2023

£m

Finance income (12.9) (47.4)

Finance costs 115.1 67.4

Statutory net finance costs 102.2 20.0

Add back: adjusting items relating to finance costs (22.6) (0.8)

Adjusted net finance costs 79.6 19.2

Taxation

Approach to tax

The Group continues to recognise that taxes paid are part of the economic benefit created for the societies in which we

operate, and that a fair and effective tax system is in the interests of tax-payers and society at large. We aim to comply with

tax laws and regulations everywhere the Group does business and Informa has open and constructive working relationships

with tax authorities worldwide. Our approach balances the interests of stakeholders including shareholders, governments,

colleagues and the communities in which we operate.

The Group’s adjusted effective tax rate (as defined in the glossary of terms) reflects the blend of tax rates and profits in the

jurisdictions in which we operate. In 2024, the adjusted effective tax rate was 19.5% (2023: 18.7%).

Strategic Report

Informa Annual Report and Accounts 2024

52

Financial Review

continued

![](data:image/jpeg;base64,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)

The calculation of the adjusted effective tax rate is as follows:

2024

£m

2023

£m

Adjusted tax charge 178.2 156.4

Adjusted profit before tax 915.4 834.6

Adjusted effective tax rate 19.5% 18.7%

Tax payments

During 2024, the Group paid £122.3m (2023: £112.4m) of corporation tax and similar taxes.

A breakdown of the main geographies in which the Group paid tax is as follows:

2024

£m

2023

£m

UK 15.8 20.4

Continental Europe 26.2 19.8

US 24.2 37.4

China 33.8 19.0

Rest of world 22.3 15.8

Total 122.3 112.4

The reconciliation of the adjusted tax charge to cash taxes paid is as follows:

2024

£m

2023

£m

Adjusted tax charge 178.2 156.4

Movement in deferred tax including tax losses 19.6 (54.2)

Net current tax charge/(credits) in respect of adjusting items 24.9 (27.9)

Movement in provisions for uncertain tax positions 2.6 11.6

Taxes paid in different year to charged (103.0) 26.5

Taxes paid per statutory cash flow 122.3 112.4

The recognised deferred tax assets relating to US, UK and Luxembourg tax losses were £22.2m (2023: £37.6m), £56.1m

(2023: £9.8m) and £83.5m (2023: £15.9m) respectively. These are expected to be utilised against future taxable profits.

Goodwill is not amortised as it is subject to impairment reviews and, as a result, there is no charge to adjusting items for

goodwill amortisation. However, there can be an allowable tax benefit for certain goodwill amortisation in the US and

elsewhere. Where this benefit arises, it reduces the tax charge on adjusted profits.

The amortisation of intangible assets is considered an adjusting item. The £10.0m (2023: £12.6m) of current tax credits taken

in respect of the amortisation of intangible assets is therefore also treated as an adjusting item and included in the tax

credits in respect of adjusting items.

Tax contribution

The Group’s total tax contribution, which comprises all material taxes paid to, and collected on behalf of, governments

globally was £545.8m in 2024 (2023: £510.3m). The geographic split of taxes paid by our businesses was as follows:

2024 2023

UK

£m

US

£m

Other

£m

Total

£m

Total

£m

Profit taxes borne 15.8 24.2 82.3 122.3 112.4

Employment taxes borne 40.5 28.7 15.5 84.7 75.5

Other taxes 5.3 1.0 0.5 6.8 6.2

Total  61.6 53.9 98.3 213.8 194.1

In addition to the above, in 2024, we collected taxes on behalf of governments (e.g. employee taxes and sales taxes)

amounting to £332.0m (2023: £316.2m).

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

53

![](data:image/jpeg;base64,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)

Dividends

The Group resumed dividend payments in 2022 and, in 2023, the dividend was increased significantly to reflect the strong

growth in Group earnings. Going forward, the Group will look to continue progressively growing dividends to strike a

balance between rewarding shareholders and retaining the financial strength and flexibility to invest in the business and

pursue growth opportunities.

An interim dividend of 6.4p per share (2023: 5.8p per share) was paid on 20 September 2024. The total amount paid in 2024

relating to the final dividend for 2023 and interim dividend for 2024 was £248.2m (2023: £176.6m). The Board has

recommended a final dividend of 13.6p per share for 2024 (2023: 12.2p per share). The final dividend is scheduled to be paid

on 11 July 2025 to ordinary shareholders registered at the close of business on 30 May 2025. This will result in total dividends

for the year of 20.0p per share (2023: 18.0p per share). The Dividend Reinvestment Plan (DRIP) will be available for the final

dividend and the last date for receipt of elections for the DRIP will be 20 June 2025.

Dividend cover (see glossary of terms for definition) was 2.5 times (2023: 2.5 times), being adjusted diluted EPS of 50.1p

(2023: 45.3p) divided by total dividends per share of 20.0p (2023: 18.0p). Our dividend payout ratio was 40%, beingtotal

dividends per share of 20.0p divided by adjusted diluted EPS of 50.1p.

Earnings per share

Adjusted diluted EPS was 10.6% higher at 50.1p (2023: 45.3p), largely reflecting higher adjusted earnings of £673.3m

(2023: £635.1m) together with a 4.2% decrease in the weighted average number of shares following the share buybacks

completed during the year.

An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:

2024

£m

2023

£m

Statutory earnings 297.7 419.0

Add back: Adjusting items in profit/loss for the year 370.8 215.5

Adjusted profit for the year 668.5 634.5

Non-controlling interests relating to adjusted profit 4.8 0.6

Adjusted earnings 673.3 635.1

Weighted average number of shares used in adjusted diluted EPS (m) 1,344.0 1,402.7

Adjusted diluted EPS (p) 50.1p 45.3p

2024

£m

2023

£m

Statutory profit for the year 366.4 462.7

Non-controlling interests (68.7) (43.7)

Statutory earnings 297.7 419.0

Weighted average number of shares used in diluted EPS (m) 1,344.0 1,402.7

Statutory diluted EPS (p) 22.2p 29.9p

Currency movements

One of the Group’s strengths is its international reach and balance, with colleagues and businesses located in most major

economies of the world. This means the Group generates revenues and costs in a mixture of currencies, with particular

exposure to the US dollar, as well as some exposure to the euro and the Chinese renminbi.

In 2024, approximately 66% (2023: 62%) of Group revenue was received in US dollars or currencies pegged to the US dollar,

with 9% (2023: 8%) received in euros and 8% (2023: 9%) in Chinese renminbi.

Similarly, we incurred approximately 55% (2023: 54%) of our costs in US dollars or currencies pegged to the US dollar,

with5% (2023: 4%) ineuros and 7% (2023: 7%) in Chinese renminbi.

In 2024, each one cent ($0.01) movement in the US dollars to UK sterling exchange rate had a circa £19m (2023: circa £16m)

impact on annual revenue and a circa £8m (2023: circa £6m) impact on annual adjusted operating profit.

Strategic Report

Informa Annual Report and Accounts 2024

54

Financial Review

continued

![](data:image/jpeg;base64,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)

The following rates versus UK sterling were applied during the year:

2024 2023

Closing

rate

Average

rate

Closing

rate

Average

rate

US dollar 1.26 1.28 1.27 1.24

Chinese renminbi 9.17 9.20 9.05 8.82

Euro 1.21 1.18 1.15 1.15

Free cash flow

Cash management and cash generation remain a key priority and focus for the Group, providing the funds and flexibility for

paying down debt, future organic and inorganic investment, and returns to shareholders. Our businesses typically convert

adjusted operating profit into cash at a strong rate, reflecting the relatively low capital intensity of the Group. In 2024,

absolute levels of free cash flow continued to grow year-on-year, driven by higher profits and working capital inflows

compared to working capital outflows in the previous year.

The following table reconciles the statutory operating profit to operating cash flow and free cash flow, both of which are

defined in the glossary of terms.

2024

£m

2023

£m

Statutory operating profit 542.8 507.8

Add back: Adjusting items 452.2 346.0

Adjusted operating profit  995.0 853.8

Software and product development amortisation 46.1 41.1

Depreciation of property and equipment 17.5 13.5

Depreciation of right-of-use assets 27.1 26.3

Share-based payments 22.2 20.8

Loss on disposal of other assets 0.1 2.4

Adjusted share of joint venture and associate results (2.8) (5.8)

Net exchange differences 0.9 –

Adjusted EBITDA

1

1,106.1 952.1

Net capital expenditure (100.0) (93.8)

Working capital movement

2

34.2 (55.2)

Pension deficit contributions (1.1) (3.5)

Operating cash flow  1,039.2 799.6

Restructuring and reorganisation (30.6) (15.4)

Onerous contracts associated with COVID-19 – (0.9)

Net interest (74.2) (39.2)

Taxation (122.3) (112.4)

Free cash flow 812.1 631.7

1  Adjusted EBITDA represents adjusted operating profit before interest, tax and non-cash items including depreciation and amortisation

2  Working capital movement excludes movements on restructuring, reorganisation, COVID-19 costs, and acquisition and integration accruals or

provisions as the cash flow relating to these amounts is included in other lines in the free cash flow and reconciliation from free cash flow to net

funds flow. The variance between the working capital in the free cash flow and the Consolidated Cash Flow Statement is driven by the non-cash

movement on these items

Free cash flow was £180.4m higher than 2023 principally due to the £141.2m higher adjusted operating profit and a working

capital inflow of £34.2m in the year (2023: £55.2m outflow), which was partly offset by an increase of £35.0m in net interest

paid, an increase in cash tax of £9.9m and an increase in capex investment of £6.2m.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

55

![](data:image/jpeg;base64,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)

The calculation of operating cash flow conversion and free cash flow conversion is as follows:

Operating cash flow

conversion

Free cash flow

conversion

2024

£m

2023

£m

2024

£m

2023

£m

Operating/Free cash flow 1,039.2 799.6 812.1 631.7

Adjusted operating profit 995.0 853.8 995.0 853.8

Operating/Free cash flow conversion 104.4% 93.7% 81.6% 74.0%

Net capital expenditure increased to £100.0m (2023: £93.8m) reflecting our continuing investments in technology,

realestate and other capital expenditure. This investment was equivalent to 2.8% of 2024 revenue (2023: 2.9%).

Net cash interest payments of £74.2m were £35.0m higher than the prior year, largely reflecting lower interest receivable in

2024. The prior year, particularly in the first half, benefited from higher amounts of cash balances following the divestments

in 2022. These funds were reinvested in acquisitions across 2023 and 2024 as well as in share buybacks and dividends.

The following table reconciles net cash inflow from operating activities, as shown in the Consolidated Cash Flow statement,

to free cash flow:

2024

£m

2023

£m

Net cash inflow from operating activities per statutory cash flow 801.6 620.2

Interest received 13.3 47.9

Purchase of property and equipment (30.6) (27.5)

Purchase of intangible software assets (51.2) (55.1)

Product development cost additions (18.2) (11.2)

Add back: Acquisition and integration costs paid 97.2 57.4

Free cash flow 812.1 631.7

Net cash inflow from operating activities increased by £181.4m to £801.6m, principally driven by the increase in adjusted

profit in the year and a working capital inflow of £34.2m, compared to an outflow of £55.2m in 2023, partly offset by higher

taxes paid. The working capital inflow in 2024 was driven by strong collections as customers paid upfront for future events.

The working capital outflow in 2023 reflected the recognition of revenue for events where the cash collections had been

received prior to 2023, with the events postponed until 2023 because of the pandemic (particularly relevant for events in

China).

The following table reconciles cash generated by operations, as shown in the Consolidated Cash Flow Statement, to operating

cash flow as shown in the free cash flow table above:

2024

£m

2023

£m

Cash generated by operations per statutory cash flow 1,011.4 819.7

Capital expenditure paid (100.0) (93.8)

Add back: Acquisition and integration costs paid 97.2 57.4

Add back: Restructuring and reorganisation costs paid 30.6 15.4

Add back: Onerous contracts associated with COVID-19 – 0.9

Operating cash flow 1,039.2 799.6

Strategic Report

Informa Annual Report and Accounts 2024

56

Financial Review

continued

![](data:image/jpeg;base64,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)

The following table reconciles free cash flow from operations to net funds flow and net debt, with net debt increasing by

£1,745.4m to £3,201.8m during the year.

2024

£m

2023

£m

Free cash flow  812.1 631.7

Acquisitions (1,636.4) (1,125.1)

Disposals 199.2 (16.0)

Repayment of acquired debt 59.2 443.9

Dividends paid to shareholders (248.2) (176.6)

Dividends paid to non-controlling interests (31.0) (16.0)

Dividends received from investments 1.4 1.4

Purchase of own shares through share buyback (428.2) (548.0)

Purchase of shares for Employee Share Trust (5.4) (4.8)

Net funds flow (1,277.3) (809.5)

Non-cash movements excluding acquired debt (99.6) 76.0

Foreign exchange 50.4 2.7

Net lease additions in the year (34.0) (37.1)

Net debt at 1 January (1,456.4) (244.6)

Acquired debt (384.9) (443.9)

Net debt  (3,201.8) (1,456.4)

Financing and leverage

Net debt increased by £1,745.4m in the year to £3,201.8m (2023: £1,456.4m). This was largely due to the consideration paid

for a number of acquisitions during the year, as well as shareholder returns through dividends and share buybacks, which

were partially offset by strong growth in free cash flow.

The Group retains significant available liquidity, with unutilised committed financing facilities available to the Group of

£1,050.0m (31 December 2023: £1,097.1m, of which £47.1m related to Curinos). Combined with £484.3m of cash (31 December

2023: £389.3m), the available Group-level liquidity at 31 December 2024 was £1,534.3m (31 December 2023: £1,486.4m).

The average debt maturity on our drawn borrowings is currently 3.4 years (2023: 2.7 years). There are no significant

maturities until October 2025.

Net debt and committed facilities

2024

£m

2023

£m

Cash and cash equivalents (484.3) (389.3)

Bond borrowings 2,898.3 1,492.6

Bond borrowing fees (16.4) (6.2)

Bank borrowings  – 30.4

Bank borrowing fees (3.8) (2.3)

Derivative liabilities associated with borrowings 204.2 77.9

Acquired debt 329.5 –

Loans received from joint ventures 7.9 –

Net debt before leases  2,935.4 1,203.1

Lease liabilities 278.1 263.8

Finance lease receivables (11.7) (10.5)

Net debt  3,201.8 1,456.4

Borrowings (excluding derivatives, leases, fees and overdrafts) 3,227.8 1,523.0

Unutilised committed facilities (undrawn revolving credit facility) 1,050.0 1,050.0

Unutilised committed facilities (undrawn Curinos facilities) – 47.1

Total committed facilities 4,277.8 2,620.1

The Informa leverage ratio at 31 December 2024 was 2.6 times (31 December 2023: 1.4 times) and the Informa interest cover

ratio was 12.7 times (31 December 2023: 75.2 times). Both are calculated using our historical basis of reporting of financial

covenants, which no longer applied at 31 December 2024. See the glossary of terms for the definition of Informa leverage

ratio and Informa interest cover.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

57

![](data:image/jpeg;base64,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)

The calculation of the Informa leverage ratio is as follows:

2024

£m

2023

£m

Net debt  3,201.8 1,456.4

Adjusted EBITDA 1,106.1 952.1

Adjusted leverage  2.9x 1.5x

Adjustment to EBITDA

1

0.1x 0.1x

Adjustment to net debt

1

(0.4)x (0.2)x

Informa leverage ratio  2.6x 1.4x

1  Refer to the glossary of terms for details of the adjustments to EBITDA and net debt for Informa leverage ratio

The calculation of Informa interest cover is as follows:

2024

£m

2023

£m

Adjusted EBITDA 1,106.1 952.1

Adjusted net finance costs 79.6 19.2

Adjusted interest cover 13.9x 49.6x

Adjustment to EBITDA

1

(1.2)x 25.6x

Informa interest cover  12.7x 75.2x

1  Refer to the glossary of terms for details of the adjustments to EBITDA for Informa interest cover

There are no financial covenants over any of the Group’s borrowings (2023: £30.4m, relating to Curinos).

Corporate development

Informa has a proven track record in creating value through identifying, executing and integrating complementary

businesses effectively into the Group. In 2024, cash invested in acquisitions was £1,636.4m (2023: £1,125.1m). Of this,

£1,450.5m (2023: £596.7m) related to spend on acquisitions net of cash acquired, £8.2m (2023: £22.8m) to cash paid for

business assets, £97.2m (2023: £57.4m) to acquisition and integration spend, £14.6m (2023: £nil) to cash paid to acquire

Tarsus non-controlling interests, £59.2m (2023: £443.9m) to the repayment of acquired debt and £6.7m (2023: £4.3m)

toafurther investment in the Group’s interest in BolognaFiere.

Strategic Report

Informa Annual Report and Accounts 2024

58

Financial Review

continued

![](data:image/jpeg;base64,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)

Acquisitions

Informa completed a number of acquisitions during 2024, the most significant being Solar Media, IMN, TechTarget and Ascential.

On 4 April 2024, the Group acquired 100% of the issued share capital of Solar Media Limited (Solar Media). Solar Media is a

UK-based business specialising in the delivery of B2B events focused on the clean energy sector. Total consideration was

£48.1m, of which £43.6m was paid in cash and £4.5m was deferred cash consideration. The deferred consideration is

payable 12 months after the date of completion.

On 3 September 2024, the Group acquired 100% of the issued share capital of IMN Limited (IMN). IMN is a US-based

organiser of institutional real estate events, focusing primarily on the US real estate market. Total consideration was £95.0m

($125.2m), all of which was paid in cash.

On 9 October 2024, the Group acquired 100% of the issued share capital of Ascential plc, Parent Company of the Ascential

Group, and its subsidiaries (collectively ‘Ascential’). Ascential is a specialist events-led, intelligence and advisory business,

and owner of the Lions and Money20/20 businesses. Total consideration was £1,198.5m, all of which was paid in cash.

On 2 December 2024, the Group completed the transaction contemplated by its definitive agreement with TechTarget, Inc.

tocontribute its Informa Tech digital businesses, along with approximately £275.6m ($350m) in cash to TechTarget

shareholders to create Informa TechTarget, a leading growth accelerator to the B2B technology sector. Upon the closing of

the transaction, Informa beneficially owned a controlling holding of 57% of the outstanding share capital (on a fully diluted

basis) of Informa TechTarget, with the former TechTarget shareholders owning the remainder. Informa TechTarget shares are

traded on Nasdaq under TechTarget’s previous name, TechTarget, Inc.

Disposals

During the year, the Group disposed of its investments in both the Curinos and Maritime businesses for an overall cash

consideration of £202.3m, excluding the impact of any further consideration received upon a subsequent sale of the

Curinosbusiness.

Share buyback

In the year ended 31 December 2024, £428.2m of shares were repurchased, with 51.5 million shares cancelled. Cumulatively,

since the programme started, £1,489.5m of shares had been repurchased, with 217.6 million shares cancelled by

31 December 2024. Theshares acquired during the year ended 31 December 2024 were at an average price of 831p per

share, with prices ranging from 726p to 871p.

Pensions

The Group continues to meet all commitments to its pension schemes, which include five (2023: five) defined benefit

schemes, all of which are closed to future accruals.

At 31 December 2024, the Group had a net pension surplus of £42.7m (31 December 2023: £41.7m), comprising a pension

surplus of £48.5m (31 December 2023: £48.1m) and pension deficits of £5.8m (31 December 2023: £6.4m). Gross liabilities

were £439.9m at 31 December 2024 (31 December 2023: £478.2m).

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

59

![](data:image/jpeg;base64,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)

Our ability to see risk clearly

and manage it effectively has

not only helped us grow; it is

positioning us to make the

most of our strengths in the

coming years.

Businesses such as ours operate in a

complex and fast-moving environment.

We work in many markets and sectors,

each with its own commercial dynamics,

and in many regions with their own laws

and regulations. To thrive amid this

complexity, it is vital to understand risk

as well as opportunity. Doing this has

helped us grow strongly, by giving us

the context for making balanced

decisions about how best to deliver our

strategy. After successfully finishing

GAP 2 in 2024, risk management now

helps us focus on making the most of

what we have, as we begin our four-year

One Informa programme.

How we manage risk  62

Principal risks and uncertainties  65

Informa Annual Report and Accounts 2024

Strategic Report

60

Risk report

risk

approach

to

Our

![](data:image/jpeg;base64,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)

Constantly evolving

ourapproach

Risks evolve over time, and our

business is itself dynamic, with change

and new opportunities emerging

regularly. So, we evolve our approach

constantly to make sure we continue

totake the opportunities while keeping

a clear view of the risks.

Take AI, for example, which as

described on page 29 is a significant

opportunity for our business. We are

applying the technology in a range of

ways to help us work more efficiently

and develop products and services that

improve our customers’ experience.

AI also has associated risks that we

must manage carefully. After careful

consideration and assessment during

the year, we classified AI as an

emerging risk and included it on our

emerging risk watch list. This means

that while we do not believe we need

totake extra action beyond our current

approach to mitigate the risk, we know

that, as a general technology, AI has

many different aspects, it is relevant

toa number of our existing principal

risks and the technology is developing

at high speed.

So, it merits extra monitoring, and

weare paying close attention to the

governance around how we use AI,

aswell as trends in customer use of

AItools. We have also adjusted two

principal risks – market risk and privacy

regulation risk – to make sure they fully

reflect the relevant components of AI

risk we have identified.

We also classify climate change as an

emerging risk. This risk is not currently

at a level where it can affect our ability

to deliver our strategy and is therefore

not a principal risk. But the topic is

important to all our stakeholders.

Shareholders, customers, colleagues

and partners rightly want to know that

sustainability is embedded into our

operations, from the way we run

events and exhibitions, to the paper

weuse in printed academic publications.

Anotable part of bringing acquired

businesses into the Informa fold, for

example, is bringing them up to speed

with our sustainability standards. By

also adding climate change risk to our

emerging risk watch list, we look to

keep abreast of it and be ready to act

quickly to mitigate it if we need to.

Keeping principal risks

undercontrol

Throughout the year, we continued

tomonitor our 12 principal risks.

Noprincipal risks were added, or

indeed removed, during the year.

The profile of one principal risk

increased moderately during the year:

the risk of technology failure. This is

because the quality and resilience of

our customer-facing technology will be

even more important under the One

Informa programme. After undertaking

a deeper review of our infrastructure in

this context, we have assessed this risk

is slightly higher than previously and

are already working on improvements.

The profile of all our other principal

risks has remained consistent. This is

largely down to our continuing work to

keep these risks in check. For instance,

as the emphasis of privacy regulation

has shifted towards data regulation,

wehave kept pace by evolving our

approach to data privacy governance.

Most recently, we introduced a more

consistent approach to how we capture

customer consent to marketing.

Another example is health and safety,

which is particularly important to our

live events. We continue to manage risk

through training and awareness

programmes, but are also taking

advantage of new technology to

manage it more effectively. In 2024, we

released our new digital incident

reporting tool and smartphone app,

which lets colleagues and contractors

report any incidents or near misses

quickly and easily. It also improves our

data and helps us act rapidly to spot

trends or manage specific risks.

As an international business, we face

the challenge of developing and

running a compliance programme for

regulations that are evolving in

different ways around the world. We

must comply, and so we mitigate our

principal risk of inadequate regulatory

compliance. But we also work hard not

to introduce complexity that would

slow the business down.

Economic instability is another principal

risk we are watching and managing

closely. In 2024, there were more

elections around the world than in any

previous year in history, notably for our

business in the UK and US. These can

affect financial markets, currencies,

taxation and trade policies in ways that

ripple into our markets, both positively

and negatively. So, we mitigate such

risks where we can. For example, we

chose to issue bonds under our ongoing

Euro Medium Term Note programme

before the US election, to manage any

risk of financial market instability and to

capitalise on tight credit spreads in the

market. We will keep a watchful eye on

developments in the US in 2025 as the

incoming administration’s policy around

tariffs emerges, together with any

impact on our markets and operations,

and global trade.

Although we do not see any direct

threats from geopolitical risks, we

continue to monitor them closely. Our

diversification across regions, markets

and sectors continues to increase our

overall resilience, by mitigating the risk

of an issue in one market creating a

significant broader issue.

Looking ahead

In 2025, through the four-year One

Informa programme, we set out to

capitalise on the strength and scale

thecompany has built in recent years.

This means more focus on change

management, both as an activity and

as a risk. Our experience of managing

and mitigating risks in delivering GAP 1

and GAP 2 gives me confidence that

wewill succeed.

Gareth Wright

Group Finance Director

Chair, Risk Committee

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

61

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAW3AT4DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAoorM8Q6zF4e0C91WZdy28e4L/eYnCj8SQKcYuTSQm0ldmD43+IFj4Rh8hFFzqci5jtweFH95z2Ht1P614hrXjvxHr0jm61OaOJv+WFuxjjA9MDr+OaxdQv7nVL+e+vJmluJ3LyO3c/0HoO1Vq+jw+Dp0VqrvueHXxU6r0dkKzM7FmJZickk5JNJRRXWcwUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWhp2u6tpLh9P1G6tiO0cpAP1HQ1n0Umk1ZjTa1R7L4N+L5mmisPEuxC3yrfINoz/tgcD6jj271691GRXx5XvHwf8USaro8ujXblriwAMTMclojwB/wE8fQivHx+DjCPtKfzPTweKlJ+zn8jrv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo8Ff8iH4d/wCwZbf+ilrdry3ZOx6KuYX/AAmvhT/oZtG/8D4v/iq4P4teKNJ1HwpBZ6VrNjdyPdqZY7W5SQ7ArHkKTxu2/pXrNcB8YdOkvvAxnj5+x3CTsAMkrgof/QwfwrfCuKrRv3McSn7KVj57ooor6Y8AKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACtnw1r83h3UZLuB5FZ4TESmM4JB/pWNXYfDvwt/wlGr3ULqvkQwbmdlyAxYAD8Ru/Ks60oxg3PYukpOaUdz3bwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2vlZbs+iWwVDd2sN9ZzWlwgkgmQxyIf4lIwRU1FJOwz5c8YeFbvwlrb2U4Z7d8tbT44kT/EdCP6EVz9fWes6Jp+v6e9jqVss8DHIB4Kn1B6g15FrnwTv4pXk0S+iuIeoiuTsce2QMH68V7uGzCEo2qOzPHr4KUXeGqPKaK7JvhV4zViBpAYA/eF1Fg/m1J/wqzxn/ANAb/wAmof8A4uuz6xR/nX3o5vYVf5X9xx1Fdj/wqzxn/wBAb/yah/8Ai6P+FWeM/wDoDf8Ak1D/APF0fWKP86+9B7Cr/K/uOOorsf8AhVnjP/oDf+TUP/xdH/CrPGf/AEBv/JqH/wCLo+sUf5196D2FX+V/ccdRXY/8Ks8Z/wDQG/8AJqH/AOLo/wCFWeM/+gN/5NQ//F0fWKP86+9B7Cr/ACv7jjqK7H/hVnjP/oDf+TUP/wAXR/wqzxn/ANAb/wAmof8A4uj6xR/nX3oPYVf5X9xx1Fdj/wAKs8Z/9Ab/AMmof/i6P+FWeM/+gN/5NQ//ABdH1ij/ADr70HsKv8r+446iux/4VZ4z/wCgN/5NQ/8AxdH/AAqzxn/0Bv8Ayah/+Lo+sUf5196D2FX+V/ccdRXY/wDCrPGf/QG/8mof/i6P+FWeM/8AoDf+TUP/AMXR9Yo/zr70HsKv8r+446iux/4VZ4z/AOgN/wCTUP8A8XR/wqzxn/0Bv/JqH/4uj6xR/nX3oPYVf5X9xx1Fdj/wqzxn/wBAb/yah/8Ai6P+FWeM/wDoDf8Ak1D/APF0fWKP86+9B7Cr/K/uOOorsf8AhVnjP/oDf+TUP/xdH/CrPGf/AEBv/JqH/wCLo+sUf5196D2FX+V/ccdRXY/8Ks8Z/wDQG/8AJqH/AOLo/wCFWeM/+gN/5NQ//F0fWKP86+9B7Cr/ACv7jjqK7H/hVnjP/oDf+TUP/wAXR/wqzxn/ANAb/wAmof8A4uj6xR/nX3oPYVf5X9xx1Fdj/wAKs8Z/9Ab/AMmof/i6P+FWeM/+gN/5NQ//ABdH1ij/ADr70HsKv8r+446iux/4VZ4z/wCgN/5NQ/8AxdH/AAqzxn/0Bv8Ayah/+Lo+sUf5196D2FX+V/ccdRXY/wDCrPGf/QG/8mof/i60dN+Dfia7kX7YbWxj/iLyh2/ALkH8xSeJopX5l94LD1Xpys4GCCW6njggjaWaRgqIgyWJ6ACvpP4feEh4T8PCGYKb+4IluWGDg9kz3AH6k+tHhH4faR4TAniBur8jDXUoGR6hR/CP1966yvIxuN9t7kNvzPTwuF9l70tzC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdrz5bs7VsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAVDdXVvY2slzdTJDBEu55HOAo9zU1eBfFrxZNquuvotvIRY2LbXA/5aTDqT9OmPUGujDYd158qMa9ZUYczOn1r422VvM0Wjac92AcefO3lqfcLjJH1xWJ/wALw1j/AKBVj+b/AONeW0V7kcDQircp5EsZWbvc9S/4XhrH/QKsfzf/ABo/4XhrH/QKsfzf/GvLaKf1Kh/KL61W/mPUv+F4ax/0CrH83/xo/wCF4ax/0CrH83/xry2ij6lQ/lD61W/mPU1+OGrbhu0myK55AZwf511Xhz4waPq0622pwtpkzHCu774ifdsDb+Ix714FRUzwFCSslYqOMrRd27n2H1GRRXlPwc8WTX1vL4evHLvax+ZaseT5ecFSfYkY9ifSvVq8GvRdGbgz2KVVVYKSCiiisjQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDlNFg8V6PoOnaZ/ZWjTfY7WK38z+1JV37FC5x9nOM46Zq99r8V/9AXRv/BtL/8AI1btFVfyFYwvtfiv/oC6N/4Npf8A5Go+1+K/+gLo3/g2l/8Akat2ilddgsYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1btFF12Cxhfa/Ff/AEBdG/8ABtL/API1H2vxX/0BdG/8G0v/AMjVu0UXXYLGF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNW7RRddgsYX2vxX/wBAXRv/AAbS/wDyNXzHqUss2q3ks4xM87s/OfmLEn9a+ua+aviR4fl0Hxjd/IRbXjm5gbHBDHLD8DkY9Meteplc0pyj1Z5+YRfKn2ORooor2jygooooAKKKKACiiigDsPha7p8RtKCE/N5qsB3HlN1/n+FfSdeIfBfw9Jcavca9NHiC2QxQMR1kbqR9FyD/AL1e314GZSUq1l0R7OAi1S16sKKKK887QooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKx/EvhnTvFOlmx1CMkA7opUOHjb1B/p0oopxk4u8dxSipKzPD9d+E/iHSJGe2EN9ag8So6xn8VY8fgTXK/2FqX/Pt/4+v+NFFe3hsZUqR948nEYaEJe6H9hal/z7f+Pr/jR/YWpf8APt/4+v8AjRRXT7eRh7GIf2FqX/Pt/wCPr/jR/YWpf8+3/j6/40UUe3kHsYj4vDuqzSrHHa5djgDzF/xrufDXwc1S+ljn1uRLK06mONw8rj0GMqM+uT9KKK48VjKkElHS51YbC05O8j23T9PtNKsIbGxgWG2hXaka9AP6nuT3qzRRXjttu7PUStogooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB/9k=)

Good risk management, championed

by senior leadership and embedded at

every level of the business, is central to

our ability to assess opportunities and

deliver our strategy.

The environment we operate in today

is changing ever more rapidly, so we

continuously improve how we manage

risk, increasing our maturity to help

thebusiness be ever more resilient

andresponsive.

When we consider risk, we use the same

time horizons as Informa’s strategy and

business planning processes: a

near-term horizon of one year and a

medium-term horizon of three years.

We also look at emerging risk over a

longer-term horizon of five years.

Informa’s commercial and customer-

facing activity is relatively

decentralised, so we have embedded

risk management into our business and

commercial activities. As each division

implements our strategy, develops

plans and runs its business, it must

also identify and manage the

associated risks and put controls in

place to mitigate them.

Our culture gives colleagues a high

degree of ownership and autonomy,

and this is very relevant when it comes

to how we manage risk. Those closest

to our customers and markets can

make decisions and respond to

changes, so it is important for them to

understand good risk practices as well

as our broader policies and

governanceframeworks.

To help everyone with this, we set and

maintain a strong tone from the top.

This is underpinned by Informa’s

guiding principles – which emphasise

how important it is to maintain trust

and strong relationships with

customers and partners – and by

regular communication and training

about relevant policies.

Our three risk categories

We have three categories of risk and

tailor our approach and response to

their nature and scope.

Principal risks are those we believe

could have the biggest impact on our

business – that is, on our ability to

achieve our strategic objectives and

operate successfully. We have 12

principal risks and describe them on

pages 64 to 70.

We break each principal risk down into

subrisks so we can understand and

manage risk more effectively. For

example, inadequate response to

major incidents is broken down into

subrisks that include pandemic.

We have long-term, company-wide

structures and risk management

frameworks to manage principal risks

and their subrisks. A Group leadership

team member is responsible for

overseeing and managing each

principal risk. Subrisks also have a

named risk owner – often a subject

matter expert in that area – who is

responsible for monitoring and

managing them.

Business-level risks are often

market- or product-specific. We create

a response plan for business-level risks

that become significant enough to

record on a divisional risk register.

Divisional managers regularly monitor

and review these response plans.

Emerging risks are ones that are not

yet large enough to challenge us in

delivering our strategy, or that have

ambiguous or uncertain impacts

ortiming.

We monitor and assess emerging risks

in the same way as principal risks. We

assign them to subject matter experts

to make sure they get enough attention.

The Group Risk team, Risk Committee

and senior management team members

hold horizon-scanning reviews to

discuss existing risks, as well as to

identify any new and relevant risks.

We have emerging risk registers and

work to identify the triggers that could

mean an emerging risk needs more

attention and action. In these cases, we

move the risks to a watch list, which

means that, while they remain

emerging risks and are not yet

considered as principal risks, they get

more attention and monitoring than

other emerging risks. In 2024, for

example, the emerging risks of AI and

climate change moved to our watch list,

reflecting the need to monitor them

more closely.

Strategic Report

Informa Annual Report and Accounts 2024

62

How we manage risk

![](data:image/jpeg;base64,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)

Risk management framework

Our enterprise risk management

framework has a five-part structure, as

below, but it is not one size fits all. Each

principal risk has the same overarching

risk management structure, but also has

its own detailed framework, tailored to

the nature of the risk. This gives us a

level of detail and specificity that we

believe makes managing risk and

capturing opportunities more effective.

1. Risk profile and appetite

The Board sets the appetite and

tolerance levels for principal risks

andarticulates this through a set of

statements. Each principal risk also

hasits own statement of appetite and

tolerance, specific to its nature, profile,

connection to business strategy,

opportunity and the Group’s overall

risk profile.

2. Governance

We have a clear governance structure

with defined roles and accountabilities.

This gives us the right expertise to

properly oversee the various types of

risk at each stage. The Risk Committee

meets quarterly and gives the Board

and Audit Committee the information

they need to meet their responsibilities.

The Board’s and Audit Committee’s

responsibilities are on our website.

3. Policies, processes and controls

We identify, assess, manage and monitor

risks using a set of methodologies,

policies, controls and processes.

Thissystem is itself regularly assessed

by the Risk and Compliance teams,

withrotational testing by Internal Audit

and review by the Risk and Audit

Committees. Together, these reviews

and assessments make sure our policies,

controls and processes work effectively.

4. Culture

Culture plays an important part in

managing risk. Through ownership of

risk management at a business level,

we balance risk-taking in the pursuit

ofopportunities and delivery of

ourstrategy.

5. Tools and infrastructure

We use industry-standard risk

management tools and systems to

support risk management activities,

reporting and monitoring, alongside

bespoke tools created for Informa.

Risk management process

We follow a four-stage risk management process to oversee our

principal risks and subrisks.

We identify risk over one- and three-year time horizons by

combining two types of analysis. In bottom-up analysis, each

division and Group function identifies risks and opportunities in its

respective markets, products or areas. And in top-down analysis,

the Group Risk team monitors for any extra risks that could affect

the company more broadly, such as the cumulative risk from

multiple large internal change programmes.

Identify

We assess all the risks we identify against financial and non-financial

criteria. We consider risk likelihood and risk impact – both before and

after implementing any mitigations to manage the risk. We also

consider risk preparedness, which is a measure of how ready we are to

respond to a risk if it happens.

For each principal risk and its subrisks, we also assess whether it could

have a material strategic, commercial or operational impact on its own

or as part of a multiple-risk scenario. Principal risks with material

commercial impacts are part of our viability modelling and testing.

Assess

We have response plans for all risks. We evaluate how effective

they are at mitigating and managing risks to agreed tolerance

levels, and what resources they need to do so.

Business teams and divisional managers mitigate business-level

risks. The Group leadership team member responsible oversees

management of these risks. This includes making sure that

controls are adequate and effective, and that we have an effective

response strategy if the risk crystallises or breaches appetite or

tolerance thresholds.

Respond and mitigate

Each business monitors its own business-level risks and reports

back on them to the Group Risk team and Risk Committee, who give

feedback when necessary. They also assess these risks to see if they

are significant enough to become emerging or principal risks.

We use dashboards to monitor and report on the risk indicators for

principal risks and their subrisks, evaluating them against the

metrics and tolerances set by the Board.

Monitor and report

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

63

![](data:image/jpeg;base64,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)

Impact

9

7

4

8

3

5

6

10

11

12

2

1

Likelihood

Our 12 principal risks fall

into three categories:

growth and strategy,

people, and culture.

Our tolerance for these risks is

categorised in one of three ways:

•  Risk averse: We have a very low

tolerance for taking the risk and it

should generally be avoided

•  Risk cautious: The risk is carefully

considered against the potential

opportunity and reward using

financial and non-financial

measures. The end reward must be

amultiplier of the risk for it to be

considered and taken

•  Risk flexible: We consider taking

therisk on a case-by-case basis,

according to our broader growth

strategy, business plans and

marketcircumstances

A net risk rating is produced for each

principal risk. This assesses how likely

the risk is to occur and the impact on

Informa, taking into account our

current controls and mitigations. These

ratings are mapped below to give more

insight into their relative impacts and

likelihoods. Year-on-year changes are

shown by arrows.

Principal risk

Growth and strategy

1.   Economic instability

2.   Market  risk

3.   Acquisition and

integration risk

4.   Ineffective  change

management

5.   Reliance on key

partnerships

6.  Technology failure

7.   Data loss and cyber

breach

8.  Privacy regulation risk

People

9.   Inability to attract

andretain key talent

10.   Health and safety

incidents

11.   Inadequate response

tomajor incidents

Culture

12. Inadequate regulatory

compliance

The Board confirms that, through

the processes and governance

described above, we have

performed a robust assessment

ofInforma’s emerging and

principal risks, and believe that

ourrisk management framework

and process remain robust.

Strategic Report

Informa Annual Report and Accounts 2024

64

Principal risks and uncertainties

![](data:image/jpeg;base64,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)

1

Economic instability

Owner:

Group Finance Director

Risk appetite:

Risk flexible

Latest movement:

No change

General economic instability, changes in geopolitics or global

trading patterns, or a downturn in a particular marketor region

could change customers’ demand for products and services.

If we fail to navigate these changes, we risk being unable

todeliver our strategy. Market changes and currency

fluctuations can offer opportunities for us to acquire

businesses at lower cost and enter or expand in

differentmarkets.

How we manage it

•  We have regular conversations about the macro-economic

environment at Board, Risk Committee and leadership

team meetings, and stay close to what is happening in our

geographic and customer markets

•  Informa is a well-diversified business, operating in multiple

geographies and specialist customer markets, which gives

us resilience and makes it easier to manage through

anylocalised market- or country-specific downturns

orrecoveries

•  We apply revenue risk mitigation controls around global or

core market downturns, such as maintaining revenue

diversification across products, markets and geographies,

reviewing pricing strategies in higher-than-usual

inflationary environments and monitoring trading in our

markets and economic data in our geographies

•  We have a track record and recent management experience

in responding promptly and proactively in periods of

instability – most recently shown during the pandemic

•  We have a good level of visibility on revenues because

exhibitors book and pay for event space in advance and

our subscription products are typically annual or

multi-year agreements

•  We have a strong balance sheet, as well as the ability to

access liquidity and cash reserves, which gives us

confidence that the Group could withstand any unexpected

shocks. We also monitor our liquidity ratios and conduct

stress testing to stay ahead of any emerging issues

•  To protect against currency movements, we align our

borrowing with the currency of our largest sources of cash

generation and review our hedging arrangements. We also

apply hedging and capital management strategies around

cash flow forecasting and procurement

2

Market risk

Owner:

Divisional CEOs

Risk appetite:

Risk flexible

Latest movement:

No change

We work in a range of specialist markets, each of which could

grow, decline or change for different reasons. Thiscould

support or disrupt our customers’ needs andpreferences,

and change the competitive environment for our products

and services.

We are willing to take market risk because it can create

opportunities for growth, such as by developing new

products, acquiring capabilities, working with new partners

orexpanding in existing or new markets.

How we manage it

•  We continually discuss developments in our geographic

and customer markets, including in quarterly leadership

and divisional planning meetings, Board strategy meetings

and as part of the three-year planning cycle. This helps us

to stay informed about market risk and opportunity and to

act quickly to adapt our plans where needed

•  We have deliberately focused our business on specialist

customer markets that have good long-term growth

characteristics, and markets where our brands and

products are particularly valuable to businesses,

professionals and researchers

•  We continually invest in our products to make sure they

keep pace with customer demand and market trends. This

helps us both manage risk and capture opportunity

•  During 2024, we re-evaluated how generative AI could

impact subrisks within market risk, including in areas such

as intellectual property, reputation, competition and

commercial risk. This allows us to better monitor and

report on the risks, as well as the opportunities, being

created by generative AI

•  Our culture of staying close to customers and building

depth and specialism in our markets gives us good insight

into trends in feedback, product use and behaviour. We use

this information to make sure our products remain valuable

and relevant, and to spot new opportunities for growth

•  Informa is a well-diversified business and works in more

than a dozen customer markets. This make us resilient to

disruption in individual markets, as does the quality of our

brands and customer relationships

•  We consider risk and risk mitigations when we undertake

significant investment programmes and portfolio

changes, to make sure we pursue the right opportunities

in the right way

Growth and strategy

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

65

![](data:image/jpeg;base64,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)

3

Acquisition and

integrationrisk

Owner:

Director of Strategy and

BusinessPlanning

Risk appetite:

Risk flexible

Latest movement:

No change

One of the ways we grow and build a leadership position in our

chosen markets is through acquisitions. When we add businesses

to the Group, their financial performance can exceed or fall short

of expectations if market conditions change or if the integration

process is more or less complex or effective than we expected.

We are prepared to take reasonable risks to add talent,

capabilities, products and brands through acquisitions, and

we invest to make sure our integration processes capture the

full benefits of doing so.

How we manage it

•  We allocate capital to the markets and areas of our

business that have the strongest growth opportunities and

where we can create or extend a leadership position

•  We have developed strong skills in creating and operating

joint ventures, strategic partnerships and business models

where Informa is a majority owner. We apply this approach

and experience to cases where we believe we will be most

successful by combining our international reach and

platform with a partner’s market expertise

•  The Corporate Development team carefully analyses

acquisition targets and assesses their strategic and cultural

fit. We involve functional experts throughout due diligence,

acquisition and integration, supplemented by external

partners where needed

•  All acquisitions follow set due diligence, governance,

leadership and project management processes. We add

checkpoints and increase oversight for significant acquisitions

•  We develop a value creation register for each proposed

acquisition, which assigns individual ownership to all

aspects of implementation

•  We report post-acquisition performance to the Board every

quarter, in which we assess any variation to our expected

return on investment

•  We put a lot of effort into business integration and

improving our processes, practices and outcomes. We have

colleagues dedicated to integration, who oversee and

co-ordinate any dependencies between programmes that

are running at the same time

•  Each integration has a senior sponsor and the integration

team provides progress reports to the Corporate

Development team. These reports include financial and

non-financial performance measures and are reviewed at

least monthly. The Group monitors and oversees divisional

integration plans for at least two years after acquisition and

conducts additional spot checks and assurance reviews

beyond that. We also analyse and report on lessons learnt

in previous acquisitions, divestments and integrations

•  All acquisition and divestment activity undergoes a risk

management review. Risks and how they will be managed

are documented, to build a risk profile that informs

decision making

4

Ineffective change

management

Owner:

Group Chief Operating Officer

Risk appetite:

Risk flexible

Latest movement:

No change

Change is part of and an outcome of our growth strategy.

Ifchange is not managed effectively however, it can create

operational challenges, and those can affect our ability to

deliver strategic, commercial and operational benefits.

How we manage it

•  We have a good track record of successfully implementing

change programmes – for example, as part of large-scale

acquisitions and divestments that have changed our

operating model

•  Members of the Group leadership team oversee and

sponsor key change initiatives. We set up specific

governance structures for significant projects and all

large-scale strategic changes

•  Our funding and investment programmes, and our

acquisitions, include change management disciplines and

have defined governance and reporting structures

•  Considering our stakeholders, particularly our colleagues,

is an embedded part of the way we work at Informa. Our

decisions are informed by our purpose, strategy and

guiding principles. We carefully weigh the impacts and

benefits of any change on stakeholders, identifying issues

and aiming to mitigate these as far as practical

•  We consider the risk of business fatigue from both

individual and simultaneous change and transformation

programmes to ensure the controls and mitigations we

have put in place are effective, consciously sequencing our

change plans accordingly

•  As part of our broader goal to continually enhance how we

manage risk, and to support the delivery of the One

Informa programme from 2025, we are creating a centre of

excellence for change management that will help us further

improve our skills and practices

Strategic Report

Informa Annual Report and Accounts 2024

66

Principal risks and uncertainties

continued

![](data:image/jpeg;base64,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)

5

Reliance on key partnerships

Owner:

Group Finance Director

Risk appetite:

Risk flexible

Latest movement:

No change

We work with a range of business partners, including service

providers, financing providers and strategic partners. If a

significant partnership or service provision were disrupted

orfailed, it could affect the delivery of certain products

andservices and normal business activity.

How we manage it

•  We mitigate this risk by making sure we understand our key

business partners well, identify areas of risk, put in place

controls for those risks and monitor relationships on an

ongoing basis

•  As part of their formal reviews and reporting to the Risk

Committee, each division and Group function identifies key

partnerships and what risk we are exposed to, and

describes the preparedness and resilience plans in place

•  We ensure there is accountability for each key relationship

among our management teams

•  We apply additional due diligence to certain key partners by

assessing the robustness of their business plans, financial

stability, cyber and information security practices, and

business continuity plans

•  We monitor performance levels and have contracts and

service level agreements that enable us to act on any

recurrent issues

•  Our Treasury Policy ensures we are not overreliant on any

single financing partner

6

Technology failure

Owner:

Group Chief Operating Officer

Risk appetite:

Risk averse

Latest movement:

Increased

Technology underpins our products, services and business

operations. A prolonged loss of critical systems, networks or

similar services could disrupt business operations and the

delivery of our products and services, affecting revenues,

customer experience and our reputation.

How we manage it

•  We work to minimise the likelihood and impact of any

business-critical technology failure and increase our

preparedness to handle any disruption. Our framework

includes governance standards, maturity targets and

controls that manage technology risk and continually

improve operational IT resilience

•  To support the growth of our digital services and data

during GAP 2, we purposefully built a deeper view of our

operational and product technology landscape and its

resilience. This has identified areas where, to deliver the

One Informa programme, we will need to continue to

improve service levels and enhance resilience. This is

reflected in a moderately increased overall risk score and

work is underway to address our priority areas

•  Our Group-wide strategy is to deploy cloud computing-

based services because they increase the resilience of our

products and services, and give us more capacity to scale

•  We work to reduce complexity in our technology landscape

by streamlining legacy systems and those from acquired

businesses, making the management and monitoring of our

technology estate easier

•  We assess and select all technology service providers on

their service continuity and resilience to reduce the risk

ofdowntime

•  We have proven capabilities in remote access and remote

working. Colleagues can work securely and productively

from anywhere if one of our hubs were affected by a

technology outage

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

67

![](data:image/jpeg;base64,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)

7

Data loss and cyber breach

Owner:

Group Chief Operating Officer

Risk appetite:

Risk averse

Latest movement:

No change

We use interconnected systems and data in our business

operations and products. Cyber threats are evolving and

cyber attacks are increasing. A cyber breach or loss of

sensitive or valuable data, content or intellectual property

could create losses for our stakeholders, affect our

reputation and disrupt the business.

How we manage it

•  We aim to protect our data robustly and align with privacy

regulations and good security practices. As such, this risk

receives ongoing leadership and Board attention

•  The Risk Committee monitors the performance, progress

and maturity of our cyber security controls. We run internal

and external assurance programmes that assess

compliance with security policies, standards and controls,

with reports provided to the Risk Committee, Audit

Committee and leadership team

•  Our Information Security team determines strategy,

oversees Group-wide security initiatives and sets standards

•  We regularly test our data and cyber security controls and

practices to create a more robust and secure environment,

and take a security-by-design approach to developing

products and implementing new platforms

•  We use a layered defence-in-depth approach to protect the

confidentiality, availability and integrity of key systems.

This comprises multiple administrative, technical and

physical controls, which are continually monitored and

adapted according to developing threats

•  We have a well-defined incident management response

tohelp us act effectively on any issues that arise

•  To support a security-aware culture, we run simulated

events to test security controls and response tactics.

Wealso deliver awareness programmes and training to

colleagues, which include communications and simulated

phishing exercises that reflect emerging cyber issues as

well as the most common forms of attack

8

Privacy regulation risk

Owner:

Group General Counsel and

CompanySecretary

Risk appetite:

Risk averse

Latest movement:

No change

We use data in an increasing number of ways to capture

commercial opportunity and better serve customers. Using

personal information is governed by privacy and data

protection legislation. These are different, evolving and

increasing in many of the jurisdictions we operate in.

More onerous legislation could limit how we access and use

this data, and different legislative approaches could increase

the operational complexity of compliance. Non-compliance can

lead to fines, damage reputation and customer relationships,

and affect our ability to trade in some countries.

How we manage it

•  We respect and value personal information and privacy,

and comply with regulatory requirements

•  We run a comprehensive data privacy programme.

Thisincludes privacy management technologies and

subject matter expertise at multiple levels of the business.

We conduct robust privacy risk and data protection impact

assessments. All colleagues have mandatory training on

their data privacy responsibilities, which is supplemented

by topic-specific training for those in specifically relevant

roles. We apply privacy-by-design principles when starting

new projects

•  The Group Chief Privacy Officer leads the governance of

data privacy. Each division has dedicated privacy managers

who guide product and commercial teams on privacy

compliance and best practices as they develop new

platforms and products

•  During 2024, as part of continuing to assess the impact of

generative AI as the technology evolves, we paid particular

attention to evaluating and monitoring changes in data

regulation and security risk, which are component parts of

privacy regulation risk overall

•  As we capture and use data in our business and products in

more ways, we have invested more in our capabilities so

that our controls environment remains robust

•  We re-evaluate the programme each year to make sure

weaddress any changes to business strategy, priorities or

emerging privacy regulations or risks. We regularly monitor

external factors and changes in privacy and data protection

laws, and consider and communicate any operational impacts

•  Each year, the Privacy team benchmarks the privacy

maturity of Informa’s divisions and functional units to help

identify risks, strengths and opportunities for improvement

Strategic Report

Informa Annual Report and Accounts 2024

68

Principal risks and uncertainties

continued

![](data:image/jpeg;base64,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)

9

Inability to attract and

retainkey talent

Owner:

Group HR Director

Risk appetite:

Risk cautious

Latest movement:

No change

Our colleagues, their capabilities and their engagement are

important to delivering our strategy and serving customers.

The loss of key talent in critical functions and inadequate

succession planning for senior managers could affect our

growth and business success.

How we manage it

•  We put considerable time and investment into creating an

engaging, inclusive and rewarding working environment, to

help retain key talent and make the most of all colleagues’

skills and abilities

•  Colleagues, culture and talent are ongoing points of

discussion for the leadership team and Board. Our leaders

and Directors engage with colleagues directly and on an

ongoing basis to stay close to sentiment. We run an annual

company-wide survey, alongside business-level spot

checks, and monitor leaver data and surveys to understand

trends and act on any opportunities or issues

•  As a key part of GAP 2, leadership and talent received

additional ongoing attention. Over the period, we have

mitigated and reduced this risk by investing more in

colleague benefits, creating new career opportunity

programmes for current colleagues, establishing in-house

recruitment capabilities that target the most in-demand

areas of talent and developing our employer brand. We

added a new talent and inclusion leadership position in

2024 to bring additional expertise and resource to our

future talent programmes

•  We incentivise key talent alongside establishing short and

long-term succession plans. For roles that are particularly

commercially sensitive, we use post-termination

restrictions to reduce the impact of losing talent

•  Colleague engagement, retention and internal mobility

rates are among the data points reported to the Risk

Committee. Where we feel attrition rates are high,

management teams must report on the measures they

aretaking to reduce those rates

10

Health and

safety incidents

Owner:

Group Chief Operating Officer

Risk appetite:

Risk averse

Latest movement:

No change

We want our workplaces, including our live events, to be safe

and secure environments for everyone. Incidents or

mismanagement of this risk can injure our colleagues,

customers or the general public, affect our reputation and

lead to fines and claims for damages.

How we manage it

•  We focus on preventing incidents by establishing good

health and safety operating standards and building

awareness and personal accountability into our culture.

The Risk Committee monitors and regularly reviews health

and safety progress

•  We have a dedicated central Health, Safety and Security

team, which includes regional experts who work with all

our teams to help embed consistent approaches in local

markets, validate standards and provide targeted support

•  Our standards and frameworks are documented and made

available to everyone involved in health and safety,

including contractors

•  We have an approved contractor scheme, which enables us

to work more closely with a set of key partners on health

and safety performance, feedback and improvements

•  Every year, we assess and audit a sample of our events

andfacilities based on risk to ensure they comply with

companystandards, and monitor any required actions

untilthey are completed

•  We have a company-wide travel management system,

which ensures colleague accommodation and travel are

tracked in the case of any issues and booked to acceptable

safety standards. Colleagues have access to anytime

support for any incidents while travelling

•  As part of our focus on ongoing improvement and

increasing maturity, we introduced a new digital health

andsafety incident reporting and management tool to

colleagues and major contractors in 2024. This makes it

easier to report incidents and near misses, particularly on

the ground at live events, giving us better insight into

trends so that we can identify and target future

improvements more effectively

•  We deliver mandatory online health and safety training to

all colleagues and update this regularly – including in 2024

– to reflect developments in the company and the risk

landscape. For colleagues who are most closely involved in

implementing health and safety policies, including senior

operations leaders, we ran more detailed and updated

safety operating model training during the year

People

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

69

![](data:image/jpeg;base64,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)

11

Inadequate response

tomajorincidents

Owner:

Group Chief Operating Officer

Risk appetite:

Risk averse

Latest movement:

No change

Major incidents – such as those caused by extreme weather,

natural disasters, military action, terrorism or major disease

outbreaks such as pandemics – can affect our colleagues and

customers, and disrupt our operations and events.

Responding inadequately to a major incident can exacerbate

or worsen the issue, affecting colleague and customer health

and safety and our reputation, and potentially lead to criminal

and civilinvestigations.

How we manage it

•  Most of the time, businesses cannot control the cause of

major incidents. So, we focus on staying informed about

evolving situations that could become major incidents and

making sure our response to them is effective, so that any

impacts are minimised

•  We partner with a virtual security operations provider, which

advises us on security trends and risks in key locations in

real time. It also provides health and security advice and

assistance to colleagues when they travel for business

•  We have regional crisis response hubs that mobilise in the

event of a major incident in one location and co-ordinate

our response. They receive annual training and follow

documented processes created to help us respond

morequickly and effectively. We also have a crisis council

that would convene to manage any severe circumstances

or global matters, and which similarly follows

documentedprocesses

•  Our central Health, Safety and Security team provides

expertise on incident management, and supports

colleagues and directly affected stakeholders in an

emergency. A cross-company business resilience council

contributes to assessing and managing this risk too

•  Each division considers known extreme weather patterns

when planning event schedules. Terrorism threats and

potential unrest or protests are also considered, and we

conduct enhanced security risk assessments to protect our

people and operations in higher-risk locations

•  Each of our events, whether live or on-demand, has an

incident response plan specific to its location, format and

the operational colleagues who attend our events

•  We continually monitor for new or increasing risks and

prioritise our work accordingly, so that relevant colleagues

and teams are briefed and receive up-to-date guidance to

help us prepare to respond

12

Inadequate regulatory

compliance

Owner:

Group General Counsel and

CompanySecretary

Risk appetite:

Risk averse

Latest movement:

No change

Colleagues and business partners who work with or on behalf of

us are expected to comply with applicable laws and regulations.

If we fail to comply, we could face fines or imprisonment,

damage our reputation or be unable to tradein some countries.

How we manage it

•  Our commitment to ethical and lawful behaviour and our

expectations of others are clearly articulated in our Code of

Conduct, Business Partner Code of Conduct and policies,

and in our guiding principles

•  As part of our ongoing improvements, we created an Event

Code of Conduct in 2024 that is being introduced at all our

events. This makes clear what our expectations are of

everyone who attends an Informa event, and is one part of

ensuring our events deliver a safe, positive and valuable

experience for our customers and partners

•  We run a comprehensive compliance programme to help

us meet our obligations under material legislation. It

includes the use of detailed risk assessments, training and

communications. It incorporates anti-bribery and

sanctions programmes that include internal controls and

risk-based screening and monitoring of vendors, sales

agents and customers

•  Our compliance programme is monitored to make sure we

are continually improving our processes. Following on from

work carried out in 2022 and 2023, we further

strengthened our sanctions controls in 2024 by improving

the technical controls around our payment processes and

upstream systems

•  We train all new colleagues on the Code of Conduct and key

policies, and they are required to accept role-relevant policies

•  We maintain a whistleblowing facility, called Speak Up. This

enables anyone to raise a concern about actions that go

against our policies or the law, and is a key way we can

remedy any issues of non-compliance in our business.

Retaliation for raising genuine concerns is not tolerated.

Wemade changes to this facility in 2024 to improve the

experience for those reporting issues and to deliver better

information to help us analyse and remediate issues

•  All reports of potential breaches of our Code of Conduct and

policies are investigated promptly where appropriate and

actions are taken to remedy substantiated breaches or

implement key learnings

Culture

Strategic Report

Informa Annual Report and Accounts 2024

70

Principal risks and uncertainties

continued

![](data:image/jpeg;base64,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)

Assessing long-term

prospects and viability

Informa’s Directors undertake

aformal and structured

assessment of the company’s

long-term prospects and its

viability over a three-year

period, and continue to have

confidence in Informa’s

businessmodel, long-term

prospects and viability.

How we assess long-term prospects

We use the annual business planning and

strategy process to assess our outlook by

division and consider the company’s

prospects more broadly.

Each division creates a three-year business plan

that sets out a clear ambition, specific business

objectives and what is required to achieve

those. Plans incorporate an assessment of

external factors, such as competition, market

trends and risks, and internal factors, such as

talent, product development and technology

capabilities. Theplans include detailedfinancial

forecasts and clearexplanations of key

assumptions andrisks.

The consolidated divisional plans are

reviewed by the Group Chief Executive, Group

Finance Director, Group Chief Operating

Officer and Director of Strategy and Business

Planning. They are presented to the Board at

the annual Board strategy meeting for review,

constructive challenge and input. Plans are

subsequently updated throughout the year

atkey dates and for significant events.

In this section

Viability statement  71

Task Force on Climate-related

Financial Disclosures report  74

Non-financial and sustainability

informationstatement   79

Informa Annual Report and Accounts 2024

71

Strategic Report Governance Financial Statements Additional Information

Other Strategic Report information Viability statement

![](data:image/jpeg;base64,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)

Divisional financial forecasts are used

to evaluate the Group’s funding

requirements and to assess the

resources and liquidity available for

reinvestment and for shareholder

returns. The forecasts are also used for

the annual impairment review.

When assessing the company’s

prospects more broadly in 2024,

weconsidered the following:

•  Performance and position: the

company’s financial performance is

strong. Our revenue is diversified by

market, location, customer and

product type. We have strong brands

and market positions. Long-term

market trends support the

company’s position and strategy

•  Strategy and business model: we

have a clear strategy and programme

to target growth opportunities and

the ability to invest. We are flexible

in how we serve customers. We have

a flexible cost structure

•  Balance sheet: we take a disciplined

approach to maintaining balance

sheet strength and aim to retain an

investment grade rating, as assessed

by three credit agencies

•  Principal risks and risk

management: our process to

identify, monitor, manage and

mitigate risk continues to

beeffective

How we assess viability

The Directors consider Informa’s

trading prospects, liquidity and the

potential impacts of risk over a

three-year period. We believe this is an

appropriate timeframe because it is

consistent with our visibility of market

trends and the nature of Informa’s

business, and assessments beyond

three years are subject to uncertainty

that increases further out in time.

The Group is considered viable if, after

this assessment, financing facilities

allow for sufficient cash liquidity to

fund operations and repay or refinance

debts as they fall due.

2024 viability assessment

To assess the impact of risk, we

consider severe but plausible scenarios

where each principal risk might occur

or crystallise. If the potential financial

impact is over 5% of average EBITDA

over the three-year period, the

principal risk is modelled against the

Group’s financial plan to test whether

itwould adversely impact the Group’s

viability on a standalone basis.

As shown overleaf, three principal

riskswere modelled for the 2024

viability assessment:

•  Economic instability: revenue

growth in our businesses is lower

than forecast, despite ongoing

investments

•  Market risk: Existing and new

products do not grow as fast

asforecast

•  Inadequate response to a major

incident: A major incident happens

that affects our ability to hold live

events: for example, the emergence

of a new pandemic that creates

global lockdowns

The potential financial impact of these

risks is also modelled as a single

scenario to understand their

combinedfinancial impact.

To assess the Group’s liquidity, the

following factors were considered:

•  As of 28 February 2025, the Group

has a strong liquidity position, with

around £0.4bn of cash, £1.0bn of

undrawn committed credit facilities

and no financial covenants on

Groupborrowings

•  We have Euro Medium Term Note

(EMTN) borrowings that mature in

October 2025 (€700m) and we intend

to refinance these ahead of time. In

both the base case and severe but

plausible scenario, the business has

sufficient liquidity to repay this

EMTN and we are not relying on

refinancing it in order to remain a

going concern

•  The Group has two further relevant

EMTN borrowings. One matures in

July 2026 (£450m) and we have

assumed it will be refinanced at an

interest rate of around 5%. The other

matures in October 2027 (€600m)

and we have assumed it will be

repaid with cash

•  Informa is a well-established

borrower with an investment grade

credit rating from Fitch, Moody’s and

S&P. This provides the Directors with

confidence that the Group could

further increase liquidity by raising

additional borrowings if needed. In

October 2024, the Group successfully

issued €1,750m of EMTN debts

The Group remains viable including

when modelling the three largest

principal risks together, without any

cost mitigations being modelled.

Strategic Report

Informa Annual Report and Accounts 2024

72

Viability statement

continued

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAXZBAMDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCtqN7FpmmXd/PnybWF5pMddqgk/oK+Udf8AiX4p17U5Lo6td2cRJ8u2tJ2jSNew+Ujcfc819X39lDqWnXVjcAmG5ieGQDurAg/oa+VfEHwu8V6FqMlvHpN1fwbj5VxZwtKHXsSFyVPsa6KHLrcyq36GL/wl3ib/AKGLVv8AwNk/+Ko/4S7xN/0MWrf+Bsn/AMVUn/CFeK/+hZ1n/wAAJf8A4mj/AIQrxX/0LOs/+AEv/wATXT7pjqR/8Jd4m/6GLVv/AANk/wDiqP8AhLvE3/Qxat/4Gyf/ABVSf8IV4r/6FnWf/ACX/wCJo/4QrxX/ANCzrP8A4AS//E0e6Gps+Fvih4l8PatFPPqd3f2ZYCe2upmkDJ32lj8rehHfrkV7V8WPHdx4T8OWn9lOovtRYiGYgHy0ABZgD1PzKB9a8b8K/CjxLr2qQx3um3Wm2AYGee5jMTBc8hVYZJ9OMete0fFXwHP4v8OWy6YEF/p7FoI2IUOhADID2PC47cfiMKnJzo0jzcrPALP4g+LbG/W8j8Q6i8gbcVmuGkRvYqxII/CvoaT4hqvwmHjIW4MxhwIAePO3+Xj/AHd3Privn+y+GnjG+1AWa6BeQtuAaSeMxxr77zwR9M19CSfD2FvhV/whi3OGEHE+OPO3+Zu/3d/brinV5NAhzanzpefEDxbe3zXkniHUUkLbgsNw0aL7BVIAH4V778L/AB9L4n8JXdxqzqbzTOLiRQBvTaSHIHAPDA9uK8Ju/hr4xs9RNk2gXsr7iBJDGXib33jgD6kV7z8MvAD+FvCV1a6qEN7qWTcohBCJggJnuQCSe2SevUlbk5dAp81zw3xJ8TvE+v6rJdR6rd2FtuPk21pM0aoueM7SNx9z+GBxXp3wY+IWqa7eT6BrM7XUkcJmt7mQ/PgEBlY/xdQQevByTxjzbxH8KvFOhanJBBpdzqFqXIhuLSMybl7FgvKnHXPGe5616d8HPhzqXh27uNd1qL7PcSQmGC2JBZVJBLNjoeAAM9zmnU9nyaCjzcx7BRRRXGdAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFVNQ06DU4Fhne6RVbcDbXUsDZwRy0bKSOemcflQBborC/4RLTf+fnWf8AwdXn/wAdo/4RLTf+fnWf/B1ef/HaegtTdorC/wCES03/AJ+dZ/8AB1ef/HaP+ES03/n51n/wdXn/AMdo0DU3aKwv+ES03/n51n/wdXn/AMdo/wCES03/AJ+dZ/8AB1ef/HaNA1N2isL/AIRLTf8An51n/wAHV5/8do/4RLTf+fnWf/B1ef8Ax2jQNTdorC/4RLTf+fnWf/B1ef8Ax2j/AIRLTf8An51n/wAHV5/8do0DU3aK5S60qHR9d8PPZ3Wp/v754ZUn1K4mR0+zTtgrI7D7yqenauroaBBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFUbjV7S2cozl3HUIM4pus3LW1idhw0h2Z9B3rla6aFBTXNI48RiXTfLHc6P/hIbX/nlN+Q/wAaP+Ehtf8AnlN+Q/xrnKK6Pq1M5frlU6P/AISG1/55TfkP8aP+Ehtf+eU35D/Gucoo+rUw+uVTo/8AhIbX/nlN+Q/xo/4SG1/55TfkP8a5yij6tTD65VOj/wCEhtf+eU35D/Gj/hIbX/nlN+Q/xrnKKPq1MPrlU6P/AISG1/55TfkP8aP+Ehtf+eU35D/Gucoo+rUw+uVTo/8AhIbX/nlN+Q/xo/4SG1/55TfkP8a5yij6tTD65VOj/wCEhtf+eU35D/GnJr9ozYZZU9yo/oa5qij6tTD65VO3iljnjEkThlPQin1y2jXLQXyx5+SX5SPftXU1x1afs5WPQoVfaxuNd1jQu7BVHUk1mSa/ao2EWR/cDAqnr9yzTpbg/Io3EeprGrejh0480jlr4qUZcsOh0X/CQwf88ZP0o/4SGD/njJ+lc7RW31an2MPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9Klh120lYK2+Mnuw4rmKKTw1MaxlVHcgggEHIPQilrG8P3LPFJAxyEwV+h6/5962a4akOSTielSqKpBSRDc3cNom+Zwo7DufwrObxDbg/LFKR6nArEvrlrq8klJyM4X2Haq9dkMNG3vbnBUxk+b3Njov+Ehg/wCeMn6Uf8JDB/zxk/Sudoq/q1PsZ/W6vc6L/hIYP+eMn6Uf8JDB/wA8ZP0rnaKPq1PsH1ur3Oi/4SGD/njJ+lH/AAkMH/PGT9K52ij6tT7B9bq9zov+Ehg/54yfpR/wkMH/ADxk/Sudoo+rU+wfW6vc6L/hIYP+eMn6Uf8ACQwf88ZP0rnaKPq1PsH1ur3Oi/4SGD/njJ+lH/CQwf8APGT9K52ij6tT7B9bq9zov+Ehg/54yfpVu11W1u22IxVz0VxgmuSpQSCCDgjoRUyw0GtCo4yonrqdzRVXT7g3VjFK33iMN9RxTr+c21lLKv3lHH1PFcPK+blPT51y8/QjutUtbRtrsWf+6gyRVP8A4SGD/njJ+lc8SWYkkknkk0ld0cLBLU8yWMqN6aHRf8JDB/zxk/Sj/hIYP+eMn6VztFV9Wp9ifrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudF/wkMH/PGT9KP+Ehg/54yfpXO0UfVqfYPrdXudGviG3J+aKUD1GDWhbXkF2m6FwcdR3H4VxlT2dy1pdJKpxg/N7jvUTw0be7uaU8ZO/v7HZ0EgDJOAKKx9fuWjgjhQ48zO76DtXHCDnJRR6FSapxcmTTa5aRMVXfIR3QcfnUP/AAkMH/PGT9K52iu5YameY8ZVZ0X/AAkMH/PGT9KP+Ehg/wCeMn6VztFP6tT7C+t1e50X/CQwf88ZP0o/4SGD/njJ+lc7RR9Wp9g+t1e50X/CQwf88ZP0o/4SGD/njJ+lc7RR9Wp9g+t1e50X/CQwf88ZP0o/4SGD/njJ+lc7RR9Wp9g+t1e50X/CQwf88ZP0o/4SGD/njJ+lc7RR9Wp9g+t1e50X/CQwf88ZP0o/4SGD/njJ+lc7RR9Wp9g+t1e50sev2rHDpInuRkVpxyJKgeNgynoQa4etfQLlkumtyfkcEge4/wDrVlVw8VHmib0MXKUlGfU6OiiiuI9AKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGL4i/1MH+8a5+ug8Rf6mD/eNc/XpYf+GjyMX/ABWFFFFbnMFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAT2X/H/AG3/AF1X+Yrs64yy/wCP+2/66r/MV2dcOL+JHpYH4Wctrn/ITf8A3R/Ks6tHXP8AkJv/ALo/lWdXVS+BHFW/iS9QooorQyCiiigAooooAKKKKACiiigAooooAKKKKANjw9/x9Tf7n9a6Kud8Pf8AH1N/uf1roq83E/xGevhP4SOFooor0jyAooooAKKKKACiiigAooooAKKKKACiiigAooooA6nQ/wDkGJ/vH+dO1r/kFS/Vf5im6H/yDE/3j/Ona1/yCpfqv8xXm/8AL75nr/8AMP8AL9DlKKKK9I8gKKKKACiiigAooooAKKKKACiiigAooooAKKKKAO5X7o+lYHiL/XQf7prfX7o+lYHiL/XQf7przcP/ABEeviv4LMWiiivSPICiiigAooooAKKKKACiiigAooooAKKKKACr+jf8hWD/AIF/6CaoVf0b/kKwf8C/9BNRU+B+hpR/iR9UdXRRRXknuBRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMXxF/qYP8AeNc/XQeIv9TB/vGufr0sP/DR5GL/AIrCiiitzmCiiigAooooAKKKKACiiigAooooAKKKKAJ7L/j/ALb/AK6r/MV2dcZZf8f9t/11X+Yrs64cX8SPSwPws5bXP+Qm/wDuj+VZ1aOuf8hN/wDdH8qzq6qXwI4q38SXqFFFFaGQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBseHv+Pqb/c/rXRVzvh7/AI+pv9z+tdFXm4n+Iz18J/CRwtFFFekeQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHU6H/yDE/3j/Ona1/yCpfqv8xTdD/5Bif7x/nTta/5BUv1X+Yrzf8Al98z1/8AmH+X6HKUUUV6R5AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAdyv3R9KwPEX+ug/3TW+v3R9KwPEX+ug/3TXm4f8AiI9fFfwWYtFFFekeQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFX9G/5CsH/Av/QTVCr+jf8AIVg/4F/6Caip8D9DSj/Ej6o6uiiivJPcCiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGL4i/1MH+8a5+ug8Rf6mD/AHjXP16WH/ho8jF/xWFFFFbnMFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAT2X/H/bf9dV/mK7OuMsv+P+2/66r/MV2dcOL+JHpYH4Wctrn/ITf/dH8qzq0dc/5Cb/AO6P5VnV1UvgRxVv4kvUKKKK0MgooooAKKKKACiiigAooooAKKKKACiiigDY8Pf8fU3+5/WuirnfD3/H1N/uf1roq83E/wARnr4T+EjhaKKK9I8gKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOp0P/kGJ/vH+dO1r/kFS/Vf5im6H/yDE/3j/Ona1/yCpfqv8xXm/wDL75nr/wDMP8v0OUooor0jyAooooAKKKKACiiigAooooAKKKKACiiigAooooA7lfuj6VgeIv8AXQf7prfX7o+lYHiL/XQf7przcP8AxEeviv4LMWiiivSPICiiigAooooAKKKKACiiigAooooAKKKKACr+jf8AIVg/4F/6CaoVf0b/AJCsH/Av/QTUVPgfoaUf4kfVHV0UUV5J7gUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMbxEpNtC3YOR+Y/+tXPV2d3bJd2zQv36H0PrXL3Gm3Vs5VomZR/EoyK78NUXLys8zGUpc/OtipRT/Kk/wCebflR5Un/ADzb8q6bo47MZRT/ACpP+ebflR5Un/PNvyougsxlFP8AKk/55t+VHlSf882/Ki6CzGUU/wAqT/nm35UeVJ/zzb8qLoLMZRT/ACpP+ebflR5Un/PNvyougsxlFP8AKk/55t+VHlSf882/Ki6CzGUU/wAqT/nm35UqW88hwkMjH2Umi6CzJdPUvqFuB18wH8jmuxrH0nSmtn+0TgCTHyr/AHfr71sV5+ImpS0PVwlNwh73U5fXVI1Ik91BFZtdVqmm/bo1ZCFmToT3HpXOyWN1E2Ht5B/wHI/OuqhUi4JHFiaUozbtoyvRUv2af/njJ/3yaPs0/wDzxk/75NbXRz8r7EVFS/Zp/wDnjJ/3yaPs0/8Azxk/75NF0HK+xFRUv2af/njJ/wB8mj7NP/zxk/75NF0HK+xFRUv2af8A54yf98mj7NP/AM8ZP++TRdByvsRUVL9mn/54yf8AfJo+zT/88ZP++TRdByvsRUVL9mn/AOeMn/fJo+zT/wDPGT/vk0XQcr7EVFS/Zp/+eMn/AHyalh067nYBYHAP8TDApOSW7GoSeiRoeHVJnnbsFA/X/wCtXQVU0+xWxt9gIZzyzepq3Xm1pqc20exh4OFNRZwzKUdlbqpwaSt3VNId5WuLZd27lk759RWObW4U4MEoPuhr0IVIzV7nlVKMoSs0RUVL9mn/AOeMn/fJo+zT/wDPGT/vk1d0Z8r7EVFS/Zp/+eMn/fJo+zT/APPGT/vk0XQcr7EVFS/Zp/8AnjJ/3yaPs0//ADxk/wC+TRdByvsRUVL9mn/54yf98mj7NP8A88ZP++TRdByvsRUVL9mn/wCeMn/fJo+zT/8APGT/AL5NF0HK+xFRUv2af/njJ/3yaPs0/wDzxk/75NF0HK+xFRUv2af/AJ4yf98mrdppFzcON6NFH3Zhg/gKTnGKu2VGnKTskbWiqRpcee5J/WnawpbS5sdsH9RVyONYo1jQYVRgCh0WRGRxlWGCDXmc/wC85/M9j2f7rk8rHD0Vo3mj3NvITGjSx9ioyfxFU/s0/wDzxk/75NenGcZK6Z48qcouzRFRUv2af/njJ/3yaPs0/wDzxk/75NO6J5X2IqKl+zT/APPGT/vk0fZp/wDnjJ/3yaLoOV9iKipfs0//ADxk/wC+TR9mn/54yf8AfJoug5X2IqKl+zT/APPGT/vk0fZp/wDnjJ/3yaLoOV9iKipfs0//ADxk/wC+TR9mn/54yf8AfJoug5X2IqKl+zT/APPGT/vk0fZp/wDnjJ/3yaLoOV9iKlALEADJPAqQWtwxwIJSfZDWvpejyLMs9yu0LyqHqT6monUjFXbNKdGU5WSN0cACsHxEp327dsMP5Vv1Vv7Nb22MZOGHKt6GvOpTUZps9WvBzpuKOPoq1Np13AxDQOQP4lGQai+zT/8APGT/AL5NempJ7M8dwktGiKipfs0//PGT/vk0fZp/+eMn/fJp3QuV9iKipfs0/wDzxk/75NH2af8A54yf98mi6DlfYioqX7NP/wA8ZP8Avk0fZp/+eMn/AHyaLoOV9iKipfs0/wDzxk/75NH2af8A54yf98mi6DlfYioqX7NP/wA8ZP8Avk0fZp/+eMn/AHyaLoOV9iKipfs0/wDzxk/75NH2af8A54yf98mi6DlfYirQ0VS2qREdFDE/kR/WqyWV1I2Et5D/AMBIFdFpWm/YkLyYMzcHH8I9KxrVIqDXc6MPSlKadtEaNFFFeaeuFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKp3+oxWKgMN0jDKoP61jt4gui3yxxAehBP9a1hRnNXRhUxFODs3qdJRXNf2/d/3If++T/jR/b93/ch/wC+T/jV/VqhH1ykdLRXNf2/d/3If++T/jR/b93/AHIf++T/AI0fVqgfXKR0tFc1/b93/ch/75P+NH9v3f8Ach/75P8AjR9WqB9cpHS0VzX9v3f9yH/vk/40f2/d/wByH/vk/wCNH1aoH1ykdLRXNf2/d/3If++T/jR/b93/AHIf++T/AI0fVqgfXKR0tFc1/b93/ch/75P+NH9v3f8Ach/75P8AjR9WqB9cpHS0VzX9v3f9yH/vk/40f2/d/wByH/vk/wCNH1aoH1ykdLRXNf2/d/3If++T/jR/b93/AHIf++T/AI0fVqgfXKR0tFc1/b93/ch/75P+NH9v3f8Ach/75P8AjR9WqB9cpHS0VzX9v3f9yH/vk/40f2/d/wByH/vk/wCNH1aoH1ykdLRXNf2/d/3If++T/jR/b93/AHIf++T/AI0fVqgfXKR0tFc1/b93/ch/75P+NH9v3f8Ach/75P8AjR9WqB9cpHS0VzsfiG4B/eRRsP8AZyDW3aXcV5D5kROOhB6g1nOlOGrNKdeFR2iyeiiiszYKKhurqCytJrq5lWKCFDJJIxwFUDJJ/CvEfEX7QEiXckPh3TInhU4W5vN3z+pCAjA9Mn8O1XGEpbEyko7nulFfNn/C/PFv/PrpP/fh/wD4uj/hfni3/n10n/vw/wD8XV+wmT7WJ9J0V82f8L88W/8APrpP/fh//i6P+F+eLf8An10n/vw//wAXR7CYe1ifSdFfNn/C/PFv/PrpP/fh/wD4uj/hfni3/n10n/vw/wD8XR7CYe1ifSdFfNn/AAvzxb/z66T/AN+H/wDi6P8Ahfni3/n10n/vw/8A8XR7CYe1ifSdFfNn/C/PFv8Az66T/wB+H/8Ai6P+F+eLf+fXSf8Avw//AMXR7CYe1ifSdFfNn/C/PFv/AD66T/34f/4uj/hfni3/AJ9dJ/78P/8AF0ewmHtYn0nRXzZ/wvzxb/z66T/34f8A+Lo/4X54t/59dJ/78P8A/F0ewmHtYn0nRXzZ/wAL88W/8+uk/wDfh/8A4uj/AIX54t/59dJ/78P/APF0ewmHtYn0nRXzZ/wvzxb/AM+uk/8Afh//AIuj/hfni3/n10n/AL8P/wDF0ewmHtYn0nRXzZ/wvzxb/wA+uk/9+H/+Lo/4X54t/wCfXSf+/D//ABdHsJh7WJ9J0V82f8L88W/8+uk/9+H/APi6P+F+eLf+fXSf+/D/APxdHsJh7WJ9J0V82f8AC/PFv/PrpP8A34f/AOLo/wCF+eLf+fXSf+/D/wDxdHsJh7WJ9J0V82f8L88W/wDPrpP/AH4f/wCLo/4X54t/59dJ/wC/D/8AxdHsJh7WJ9J0V82f8L88W/8APrpP/fh//i6P+F+eLf8An10n/vw//wAXR7CYe1ifSdFfNn/C/PFv/PrpP/fh/wD4uj/hfni3/n10n/vw/wD8XR7CYe1ifSdFfNn/AAvzxb/z66T/AN+H/wDi6P8Ahfni3/n10n/vw/8A8XR7CYe1ifSdFfNn/C/PFv8Az66T/wB+H/8Ai6P+F+eLf+fXSf8Avw//AMXR7CYe1ifSdFfNn/C/PFv/AD66T/34f/4uj/hfni3/AJ9dJ/78P/8AF0ewmHtYn0nRXzZ/wvzxb/z66T/34f8A+Lo/4X54t/59dJ/78P8A/F0ewmHtYn0nRXzZ/wAL88W/8+uk/wDfh/8A4uj/AIX54t/59dJ/78P/APF0ewmHtYn0nRXzZ/wvzxb/AM+uk/8Afh//AIuj/hfni3/n10n/AL8P/wDF0ewmHtYn0nRXzZ/wvzxb/wA+uk/9+H/+Lo/4X54t/wCfXSf+/D//ABdHsJh7WJ9J0V82f8L88W/8+uk/9+H/APi6P+F+eLf+fXSf+/D/APxdHsJh7WJ9J0V82f8AC/PFv/PrpP8A34f/AOLo/wCF+eLf+fXSf+/D/wDxdHsJh7WJ9J0V82f8L88W/wDPrpP/AH4f/wCLo/4X54t/59dJ/wC/D/8AxdHsJh7WJ9J0V82f8L88W/8APrpP/fh//i6P+F+eLf8An10n/vw//wAXR7CYe1ifSdFfNn/C/PFv/PrpP/fh/wD4uj/hfni3/n10n/vw/wD8XR7CYe1ifSdFfNn/AAvzxb/z66T/AN+H/wDi6P8Ahfni3/n10n/vw/8A8XR7CYe1ifSdFfNn/C/PFv8Az66T/wB+H/8Ai6P+F+eLf+fXSf8Avw//AMXR7CYe1ifSdFfNn/C/PFv/AD66T/34f/4uj/hfni3/AJ9dJ/78P/8AF0ewmHtYn0nRXzZ/wvzxb/z66T/34f8A+Lo/4X54t/59dJ/78P8A/F0ewmHtYn0nRXzZ/wAL88W/8+uk/wDfh/8A4uj/AIX54t/59dJ/78P/APF0ewmHtYn0nRXzZ/wvzxb/AM+uk/8Afh//AIuj/hfni3/n10n/AL8P/wDF0ewmHtYn0nRXzZ/wvzxb/wA+uk/9+H/+Lo/4X54t/wCfXSf+/D//ABdHsJh7WJ9J0V82f8L88W/8+uk/9+H/APi6P+F+eLf+fXSf+/D/APxdHsJh7WJ9J0V82f8AC/PFv/PrpP8A34f/AOLo/wCF+eLf+fXSf+/D/wDxdHsJh7WJ9J0V82f8L88W/wDPrpP/AH4f/wCLo/4X54t/59dJ/wC/D/8AxdHsJh7WJ9J0V82f8L88W/8APrpP/fh//i6P+F+eLf8An10n/vw//wAXR7CYe1ifSdFfNn/C/PFv/PrpP/fh/wD4uj/hfni3/n10n/vw/wD8XR7CYe1ifSdFfNn/AAvzxb/z66T/AN+H/wDi6P8Ahfni3/n10n/vw/8A8XR7CYe1ifSdFfNn/C/PFv8Az66T/wB+H/8Ai6P+F+eLf+fXSf8Avw//AMXR7CYe1ifSdFfNn/C/PFv/AD66T/34f/4uj/hfni3/AJ9dJ/78P/8AF0ewmHtYn0nRXzxYftBa9FNnUNK0+4iz0h3xN+ZLD9K9r8KeLNL8Y6QNR0uRtobZLFIMPE3XDD+o4qZU5R1ZUZqWxuUUUVmUFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooA47UJTNfzOTn5yB9BwKrVLc/8fUv++f51FXrxVkkeDN3k2FFFFUSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVp6FMU1Dy8nEikY9xz/jWZV/Rv+QrB/wL/wBBNZ1VeDNaLtUj6nV0UUV5R7Z5T8e9Vks/BtpYRSMhvboCQD+KNFJIP/Ath/CvnCvff2h/+QVoX/XeX/0Fa8CruofAc1T4gooorYgKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAr034F6tJY+PxYeYwi1C3eMoDwWQbwT7gK35n1rzKu5+Dv/ACVXRf8Atv8A+iJKiorwY4/Ej6sooorzjrCiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQBxVz/x9S/75/nUVS3P/AB9S/wC+f51FXsLY8CW7CiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq/o3/IVg/4F/wCgmqFX9G/5CsH/AAL/ANBNRU+B+hpR/iR9UdXRRRXknuHi/wC0P/yCtC/67y/+grXgVe+/tD/8grQv+u8v/oK14FXdQ+BHNU+IKKKK2ICiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK7n4O/8lV0X/tv/AOiJK4au5+Dv/JVdF/7b/wDoiSon8LHH4kfVlFFFecdYUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKAOKuf+PqX/AHz/ADqKpbn/AI+pf98/zqKvYWx4Et2FFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV/Rv+QrB/wAC/wDQTVCr+jf8hWD/AIF/6Caip8D9DSj/ABI+qOroooryT3Dxf9of/kFaF/13l/8AQVrwKvff2h/+QVoX/XeX/wBBWvAq7qHwI5qnxBRRRWxAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXc/B3/kqui/8Abf8A9ESVw1dz8Hf+Sq6L/wBt/wD0RJUT+Fjj8SPqyiiivOOsKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFAHFXP/AB9Tf75/nUVaGsWjW9674/dyksD79xWfXrwalFNHhVIuMmmFFFFUQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVf0b/kKw/wDAv/QTVCtvQLR/Ma6YYTBVc9z61lWklB3NqEXKorG/RRRXlntHi/7Qyn+yNDbBwJ5QT/wEV4FX1X8WfC1z4q8EyQ2Sl7yzlF1FGBzJgEFR7kMSPUgCvlVlZHKOpVlOCCMEGu2g04WOeqveEooorczCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK7r4OAn4qaMQCceeT7fuZK4Wva/gL4Uuv7QuPE9xHstVia3ttw5kYkbmHsACPck+hrOq0oMqCvJHvVFFFeedQUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigBskaSoUkUMp6giqLaLYk58oj2DGr7MqKWZgqjqTVU6naA4838lNXBz+zczmqb+OxD/Ydj/cb/AL6NH9h2P9xv++jUv9qWf/PU/wDfJo/tSz/56n/vk1d63mZ8tDyIv7Dsf7jf99Gj+w7H+43/AH0al/tSz/56n/vk0f2pZ/8APU/98mi9bzDloeRF/Ydj/cb/AL6NH9h2P9xv++jUv9qWf/PU/wDfJo/tSz/56n/vk0XreYctDyIv7Dsf7jf99Gj+w7H+43/fRqX+1LP/AJ6n/vk0f2pZ/wDPU/8AfJovW8w5aHkRf2HY/wBxv++jR/Ydj/cb/vo1L/aln/z1P/fJo/tSz/56n/vk0XreYctDyIv7Dsf7jf8AfRo/sOx/uN/30al/tSz/AOep/wC+TR/aln/z1P8A3yaL1vMOWh5EX9h2P9xv++jR/Ydj/cb/AL6NS/2pZ/8APU/98mj+1LP/AJ6n/vk0XreYctDyIv7Dsf7jf99Gj+w7H+43/fRqX+1LP/nqf++TR/aln/z1P/fJovW8w5aHkRf2HY/3G/76NH9h2P8Acb/vo1L/AGpZ/wDPU/8AfJo/tSz/AOep/wC+TRet5hy0PIi/sOx/uN/30aP7Dsf7jf8AfRqX+1LP/nqf++TR/aln/wA9T/3yaL1vMOWh5EX9h2P9xv8Avo0f2HY/3G/76NS/2pZ/89T/AN8mj+1LP/nqf++TRet5hy0PIi/sOx/uN/30aP7Dsf7jf99Gpf7Us/8Anqf++TR/aln/AM9T/wB8mi9bzDloeQxNHsUYN5O4j+8xNXgAAABgDoBVZdStHOBMAfcEVa61E3P7RrBQXwW+QUUUVBYVy2vfDnwp4kumu9R0mNrp/vTxO0bN7naRuPuc11Nc3rvj7wv4auDb6rq8MNwOsKK0jr9QoJH41Uea/uidupgf8KT8E/8APlc/+BT/AONH/Ck/BP8Az5XP/gU/+NTf8Ll8C/8AQYf/AMBJv/iaP+Fy+Bf+gw//AICTf/E1p+98yPcIf+FJ+Cf+fK5/8Cn/AMaP+FJ+Cf8Anyuf/Ap/8am/4XL4F/6DD/8AgJN/8TR/wuXwL/0GH/8AASb/AOJo/e+Ye4Q/8KT8E/8APlc/+BT/AONH/Ck/BP8Az5XP/gU/+NTf8Ll8C/8AQYf/AMBJv/iaP+Fy+Bf+gw//AICTf/E0fvfMPcIf+FJ+Cf8Anyuf/Ap/8aP+FJ+Cf+fK5/8AAp/8am/4XL4F/wCgw/8A4CTf/E0f8Ll8C/8AQYf/AMBJv/iaP3vmHuEP/Ck/BP8Az5XP/gU/+NH/AApPwT/z5XP/AIFP/jU3/C5fAv8A0GH/APASb/4mj/hcvgX/AKDD/wDgJN/8TR+98w9wh/4Un4J/58rn/wACn/xo/wCFJ+Cf+fK5/wDAp/8AGpv+Fy+Bf+gw/wD4CTf/ABNH/C5fAv8A0GH/APASb/4mj975h7hD/wAKT8E/8+Vz/wCBT/40f8KT8E/8+Vz/AOBT/wCNTf8AC5fAv/QYf/wEm/8AiaP+Fy+Bf+gw/wD4CTf/ABNH73zD3CH/AIUn4J/58rn/AMCn/wAaP+FJ+Cf+fK5/8Cn/AMam/wCFy+Bf+gw//gJN/wDE0f8AC5fAv/QYf/wEm/8AiaP3vmHuEP8AwpPwT/z5XP8A4FP/AI0f8KT8E/8APlc/+BT/AONTf8Ll8C/9Bh//AAEm/wDiaP8AhcvgX/oMP/4CTf8AxNH73zD3CH/hSfgn/nyuf/Ap/wDGj/hSfgn/AJ8rn/wKf/Gpv+Fy+Bf+gw//AICTf/E0f8Ll8C/9Bh//AAEm/wDiaP3vmHuEP/Ck/BP/AD5XP/gU/wDjR/wpPwT/AM+Vz/4FP/jU3/C5fAv/AEGH/wDASb/4mj/hcvgX/oMP/wCAk3/xNH73zD3CH/hSfgn/AJ8rn/wKf/Gj/hSfgn/nyuf/AAKf/Gpv+Fy+Bf8AoMP/AOAk3/xNH/C5fAv/AEGH/wDASb/4mj975h7hD/wpPwT/AM+Vz/4FP/jR/wAKT8E/8+Vz/wCBT/41N/wuXwL/ANBh/wDwEm/+Jo/4XL4F/wCgw/8A4CTf/E0fvfMPcIf+FJ+Cf+fK5/8AAp/8aP8AhSfgn/nyuf8AwKf/ABqb/hcvgX/oMP8A+Ak3/wATR/wuXwL/ANBh/wDwEm/+Jo/e+Ye4Q/8ACk/BP/Plc/8AgU/+NH/Ck/BP/Plc/wDgU/8AjU3/AAuXwL/0GH/8BJv/AImj/hcvgX/oMP8A+Ak3/wATR+98w9wh/wCFJ+Cf+fK5/wDAp/8AGj/hSfgn/nyuf/Ap/wDGpv8AhcvgX/oMP/4CTf8AxNH/AAuXwL/0GH/8BJv/AImj975h7hD/AMKT8E/8+Vz/AOBT/wCNH/Ck/BP/AD5XP/gU/wDjU3/C5fAv/QYf/wABJv8A4mj/AIXL4F/6DD/+Ak3/AMTR+98w9wh/4Un4J/58rn/wKf8Axo/4Un4J/wCfK5/8Cn/xqb/hcvgX/oMP/wCAk3/xNH/C5fAv/QYf/wABJv8A4mj975h7hD/wpPwT/wA+Vz/4FP8A40f8KT8E/wDPlc/+BT/41N/wuXwL/wBBh/8AwEm/+Jo/4XL4F/6DD/8AgJN/8TR+98w9wh/4Un4J/wCfK5/8Cn/xo/4Un4J/58rn/wACn/xqb/hcvgX/AKDD/wDgJN/8TR/wuXwL/wBBh/8AwEm/+Jo/e+Ye4Q/8KT8E/wDPlc/+BT/40f8ACk/BP/Plc/8AgU/+NTf8Ll8C/wDQYf8A8BJv/iaP+Fy+Bf8AoMP/AOAk3/xNH73zD3CH/hSfgn/nyuf/AAKf/Gj/AIUn4J/58rn/AMCn/wAam/4XL4F/6DD/APgJN/8AE0f8Ll8C/wDQYf8A8BJv/iaP3vmHuEP/AApPwT/z5XP/AIFP/jR/wpPwT/z5XP8A4FP/AI1N/wALl8C/9Bh//ASb/wCJo/4XL4F/6DD/APgJN/8AE0fvfMPcIf8AhSfgn/nyuf8AwKf/ABo/4Un4J/58rn/wKf8Axqb/AIXL4F/6DD/+Ak3/AMTR/wALl8C/9Bh//ASb/wCJo/e+Ye4Q/wDCk/BP/Plc/wDgU/8AjR/wpPwT/wA+Vz/4FP8A41N/wuXwL/0GH/8AASb/AOJo/wCFy+Bf+gw//gJN/wDE0fvfMPcIf+FJ+Cf+fK5/8Cn/AMaP+FJ+Cf8Anyuf/Ap/8am/4XL4F/6DD/8AgJN/8TR/wuXwL/0GH/8AASb/AOJo/e+Ye4Q/8KT8E/8APlc/+BT/AONH/Ck/BP8Az5XP/gU/+NTf8Ll8C/8AQYf/AMBJv/iaP+Fy+Bf+gw//AICTf/E0fvfMPcIf+FJ+Cf8Anyuf/Ap/8aP+FJ+Cf+fK5/8AAp/8am/4XL4F/wCgw/8A4CTf/E0f8Ll8C/8AQYf/AMBJv/iaP3vmHuEP/Ck/BP8Az5XP/gU/+NH/AApPwT/z5XP/AIFP/jU3/C5fAv8A0GH/APASb/4mj/hcvgX/AKDD/wDgJN/8TR+98w9wh/4Un4J/58rn/wACn/xo/wCFJ+Cf+fK5/wDAp/8AGpv+Fy+Bf+gw/wD4CTf/ABNH/C5fAv8A0GH/APASb/4mj975h7hD/wAKT8E/8+Vz/wCBT/40f8KT8E/8+Vz/AOBT/wCNTf8AC5fAv/QYf/wEm/8AiaP+Fy+Bf+gw/wD4CTf/ABNH73zD3CH/AIUn4J/58rn/AMCn/wAaP+FJ+Cf+fK5/8Cn/AMam/wCFy+Bf+gw//gJN/wDE0f8AC5fAv/QYf/wEm/8AiaP3vmHuEP8AwpPwT/z5XP8A4FP/AI0f8KT8E/8APlc/+BT/AONTf8Ll8C/9Bh//AAEm/wDiaP8AhcvgX/oMP/4CTf8AxNH73zD3CH/hSfgn/nyuf/Ap/wDGj/hSfgn/AJ8rn/wKf/Gpv+Fy+Bf+gw//AICTf/E0f8Ll8C/9Bh//AAEm/wDiaP3vmHuEP/Ck/BP/AD5XP/gU/wDjR/wpPwT/AM+Vz/4FP/jU3/C5fAv/AEGH/wDASb/4mj/hcvgX/oMP/wCAk3/xNH73zD3CH/hSfgn/AJ8rn/wKf/Gj/hSfgn/nyuf/AAKf/Gpv+Fy+Bf8AoMP/AOAk3/xNH/C5fAv/AEGH/wDASb/4mj975h7hD/wpPwT/AM+Vz/4FP/jR/wAKT8E/8+Vz/wCBT/41N/wuXwL/ANBh/wDwEm/+Jo/4XL4F/wCgw/8A4CTf/E0fvfMPcIf+FJ+Cf+fK5/8AAp/8aP8AhSfgn/nyuf8AwKf/ABqb/hcvgX/oMP8A+Ak3/wATR/wuXwL/ANBh/wDwEm/+Jo/e+Ye4Q/8ACk/BP/Plc/8AgU/+NH/Ck/BP/Plc/wDgU/8AjU3/AAuXwL/0GH/8BJv/AImj/hcvgX/oMP8A+Ak3/wATR+98w9wh/wCFJ+Cf+fK5/wDAp/8AGj/hSfgn/nyuf/Ap/wDGpv8AhcvgX/oMP/4CTf8AxNH/AAuXwL/0GH/8BJv/AImj975h7hD/AMKT8E/8+Vz/AOBT/wCNH/Ck/BP/AD5XP/gU/wDjU3/C5fAv/QYf/wABJv8A4mj/AIXL4F/6DD/+Ak3/AMTR+98w9wh/4Un4J/58rn/wKf8Axo/4Un4J/wCfK5/8Cn/xqb/hcvgX/oMP/wCAk3/xNH/C5fAv/QYf/wABJv8A4mj975h7g+y+D/giynWYaQZ3U5UTzu6/iucH8Qa7iONIo1jjRUjQBVVRgADoAK42y+LPgi+nEMeuxxuehnikiX/vplAH512asrqGUhlIyCDkEVnLm+0UrdBaKKKkoKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAHP6nctNctHn5IzgD39apVJP/AMfEn++f51HXpRSUUkeTOTlJthRRRVEhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFa2j3LF2t2OVxlc9vasmremf8AIRi/H+RrOqk4M0oyamrHRUUUV556hxHxV8VXHhPwVLcWZ23l1ILWF/8AnmWBJf6gKce5FfKckjyyNJI7PI5LMzHJYnqSa98/aGZhpGhrk7TPKSM8E7R/ia8BrtoJKFznqv3gooorczCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK9u+A/i27e9uPDF1I0tv5RntS7ZMZBAZB7EHOO2D614jXdfBxiPipo4BIBE4OD1HkvWdVJwZUHaSPquiiivPOoKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUActP/wAfEn+8f51HUk//AB8Sf7x/nUdemtjyHuFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVvTP+QjF+P8jVSremf8hGL8f5Gon8LLp/GvU6KiiivOPVPF/2h/8AkFaF/wBd5f8A0Fa8Cr339of/AJBWhf8AXeX/ANBWvAq7qHwI5qnxBRRRWxAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXc/B3/AJKrov8A23/9ESVw1dz8Hf8Akqui/wDbf/0RJUT+Fjj8SPqyiiivOOsKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUActP/wAfEn+8f51HUk//AB8Sf7x/nUdemtjyHuFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVvTP+QjF+P8jVSremf8hGL8f5Gon8LLp/GvU6KiiivOPVPF/2h/8AkFaF/wBd5f8A0Fa8Cr339of/AJBWhf8AXeX/ANBWvAq7qHwI5qnxBRRRWxAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXc/B3/AJKrov8A23/9ESVw1dz8Hf8Akqui/wDbf/0RJUT+Fjj8SPqyiiivOOsKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUActP/wAfEn+8f51HUk//AB8Sf7x/nUdemtjyHuFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVvTP+QjF+P8jVSremf8hGL8f5Gon8LLp/GvU6KiiivOPVPF/2h/8AkFaF/wBd5f8A0Fa8Cr339of/AJBWhf8AXeX/ANBWvAq7qHwI5qnxBRRRWxAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXc/B3/AJKrov8A23/9ESVw1dz8Hf8Akqui/wDbf/0RJUT+Fjj8SPqyiiivOOsKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUActP/wAfEn+8f51HVi+iMN5IpGATuH0NV69KLukeTJWbQUUUVRIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVvTP8AkIxfj/I1UrQ0iIvdGTHyoOvuf8moqO0GaUleaN2iiivOPUPF/wBof/kFaF/13l/9BWvAq+lfjros+peCIr22hMj6fcCWTAyViKkMfz2k+wJ7V81V3UH7hzVPiCiiitiAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACu5+Dv/JVdF/7b/wDoiSuGr1P4EaJLe+NZNVMTfZ7CBv3nYSONoH12l/yqKjtBjh8SPpKiiivOOsKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBBc2kV0mHHI6MOorOOiNn5Zxj3WtikLKvVgPqauNSUdEzOdKEndoyP7Ff/AJ7L/wB80f2K/wDz2X/vmtbzE/vr+dHmJ/fX86v21Qj2FPsZP9iv/wA9l/75o/sV/wDnsv8A3zWt5if31/OjzE/vr+dHtqgewp9jJ/sV/wDnsv8A3zR/Yr/89l/75rW8xP76/nR5if31/Oj21QPYU+xk/wBiv/z2X/vmj+xX/wCey/8AfNa3mJ/fX86PMT++v50e2qB7Cn2Mn+xX/wCey/8AfNH9iv8A89l/75rW8xP76/nR5if31/Oj21QPYU+xk/2K/wDz2X/vmj+xX/57L/3zWt5if31/OjzE/vr+dHtqgewp9jJ/sV/+ey/980f2K/8Az2X/AL5rW8xP76/nR5if31/Oj21QPYU+xk/2K/8Az2X/AL5o/sV/+ey/981reYn99fzo8xP76/nR7aoHsKfYyf7Ff/nsv/fNH9iv/wA9l/75rW8xP76/nR5if31/Oj21QPYU+xk/2K//AD2X/vmj+xX/AOey/wDfNa3mJ/fX86PMT++v50e2qB7Cn2Mn+xX/AOey/wDfNH9iv/z2X/vmtbzE/vr+dHmJ/fX86PbVA9hT7GT/AGK//PZf++aP7Ff/AJ7L/wB81reYn99fzo8xP76/nR7aoHsKfYyk0Tn55+PQLWnDDHBGEjXC/wA6eCG6EH6UtRKpKW7LhThD4UFFFFQaDZI45onilRXjdSrIwyGB6gjuK8h8QfAPS7+8kudF1J9OV+fs7xeagP8AsncCB+dewUE461UZyjsJxT3PAv8Ahni//wChhtv/AAHb/Gj/AIZ4v/8AoYbb/wAB2/xr3vzE/vr+dHmJ/fX8609tUI9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAaP+GeL/8A6GG2/wDAdv8AGve/MT++v50eYn99fzo9tUD2cDwT/hni/wD+hhtv/Adv8aP+GeL/AP6GG2/8B2/xr3vzE/vr+dHmJ/fX86PbVA9nA8E/4Z4v/wDoYbb/AMB2/wAa5zxf8Hdd8L6cdRhlj1K0jGZzAhDxD+8V7r7jp3wOa+nvMT++v50eYn99fzpqtO+oOnE+HKK9/wDiL8HbfUfM1bwusUN3y0tiCFSX3Tsre3Q+3fwOaGW2nkgnieKWNirxupVlI6gg9DXVCakrowlFpjKKK9M+HfwnuvE7RanrBaz0fhlHSS5H+z6L/tfl6hykoq7ElfRHN+DfAes+Nr0x2EYjtYzia7lBEcft7t7D8cDmvQP+GeL/AP6GG2/8B2/xr3HTrHT9I0+Gw0+GG2tYV2pFHwB/ifU96teYn99fzrklXm3obqnG2p4J/wAM8X//AEMNt/4Dt/jR/wAM8X//AEMNt/4Dt/jXvfmJ/fX86PMT++v50vbVB+zgeCf8M8X/AP0MNt/4Dt/jR/wzxf8A/Qw23/gO3+Ne9+Yn99fzo8xP76/nR7aoHs4Hgn/DPF//ANDDbf8AgO3+NH/DPF//ANDDbf8AgO3+Ne9+Yn99fzo8xP76/nR7aoHs4Hgn/DPF/wD9DDbf+A7f40f8M8X/AP0MNt/4Dt/jXvfmJ/fX86PMT++v50e2qB7OB4J/wzxf/wDQw23/AIDt/jR/wzxf/wDQw23/AIDt/jXvfmJ/fX86PMT++v50e2qB7OB4J/wzxf8A/Qw23/gO3+NH/DPF/wD9DDbf+A7f41735if31/OjzE/vr+dHtqgezgeCf8M8X/8A0MNt/wCA7f40f8M8X/8A0MNt/wCA7f41735if31/OjzE/vr+dHtqgezgeCf8M8X/AP0MNt/4Dt/jR/wzxf8A/Qw23/gO3+Ne9+Yn99fzo8xP76/nR7aoHs4Hgn/DPF//ANDDbf8AgO3+NH/DPF//ANDDbf8AgO3+Ne9+Yn99fzo8xP76/nR7aoHs4Hgn/DPF/wD9DDbf+A7f40f8M8X/AP0MNt/4Dt/jXvfmJ/fX86PMT++v50e2qB7OB4J/wzxf/wDQw23/AIDt/jR/wzxf/wDQw23/AIDt/jXvfmJ/fX86PMT++v50e2qB7OB4J/wzxf8A/Qw23/gO3+NH/DPF/wD9DDbf+A7f41735if31/OjzE/vr+dHtqgezgeCf8M8X/8A0MNt/wCA7f40f8M8X/8A0MNt/wCA7f41735if31/OjzE/vr+dHtqgezgeCf8M8X/AP0MNt/4Dt/jR/wzxf8A/Qw23/gO3+Ne9+Yn99fzo8xP76/nR7aoHs4Hgn/DPF//ANDDbf8AgO3+NH/DPF//ANDDbf8AgO3+Ne9+Yn99fzo8xP76/nR7aoHs4Hgn/DPF/wD9DDbf+A7f40f8M8X/AP0MNt/4Dt/jXvfmJ/fX86PMT++v50e2qB7OB4J/wzxf/wDQw23/AIDt/jR/wzxf/wDQw23/AIDt/jXvfmJ/fX86PMT++v50e2qB7OB4J/wzxf8A/Qw23/gO3+NH/DPF/wD9DDbf+A7f41735if31/OjzE/vr+dHtqgezgeCf8M8X/8A0MNt/wCA7f40f8M8X/8A0MNt/wCA7f41735if31/OjzE/vr+dHtqgezgeHWP7PGJla/8Q5iB5SC2wzD/AHi3H5GvYNB8P6Z4Z0tNO0m1WC3U7iAcl2PVmJ5J4rSDA9CD9KWolUlLcqMUtgoooqCgooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAY+p37iQwQsVA+8w6k+lZROTk1JcEm5lJ6lz/Oo69GEVGNkeVUm5SbYUUUVZAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACqzI2VYqfUHFbmmXzXAMcpzIoyD6isKrmlsRqEYHcEH8qyqxTizajNxmkdDSMwRSzEBQMkmlrI1i5O5bdTx95vf0FccIc0rHfUnyRuR3erO5KQfIn97uf8ACs5nZ23OxY+pOajmmjt4JJpnWOKNS7uxwFAGSSa8u1r4zW8Fy8Oj6f8AaY14FxM5QMfZcZx9SPpXdGCjsec5TqPU9UorxT/hdWrf9Auy/N/8aP8AhdWrf9Auy/N/8asXs5HtdFeKf8Lq1b/oF2X5v/jR/wALq1b/AKBdl+b/AONAezke10V4p/wurVv+gXZfm/8AjR/wurVv+gXZfm/+NAezke10V4p/wurVv+gXZfm/+NH/AAurVv8AoF2X5v8A40B7OR7XRXin/C6tW/6Bdl+b/wCNH/C6tW/6Bdl+b/40B7OR7XRXin/C6tW/6Bdl+b/40f8AC6tW/wCgXZfm/wDjQHs5HtdFeKf8Lq1b/oF2X5v/AI0f8Lq1b/oF2X5v/jQHs5HtdFeKf8Lq1b/oF2X5v/jR/wALq1b/AKBdl+b/AONAezke10V4p/wurVv+gXZfm/8AjR/wurVv+gXZfm/+NAezke10V4p/wurVv+gXZfm/+NH/AAurVv8AoF2X5v8A40B7OR7XRXin/C6tW/6Bdl+b/wCNH/C6tW/6Bdl+b/40B7OR7XRXin/C6tW/6Bdl+b/40f8AC6tW/wCgXZfm/wDjQHs5HtdFeKf8Lq1b/oF2X5v/AI1asvjXcCVRf6PE0ZYZaCUgqO/Bzk/iKA9nI9hoqho2s2Ov6bHf6dN5sD8dMFSOoI7Gr9BAUVzvivxnpvhO1VrotLdSKTDbR/ef3J/hHv8AlmvOZvjXqLSEw6RaonYPIzH8xj+VBSg3se0UV4p/wurVv+gXZfm/+NH/AAurVv8AoF2X5v8A40D9nI9rorxT/hdWrf8AQLsvzf8Axo/4XVq3/QLsvzf/ABoD2cj2uivFP+F1at/0C7L83/xo/wCF1at/0C7L83/xoD2cj2uivFP+F1at/wBAuy/N/wDGj/hdWrf9Auy/N/8AGgPZyPa6K8U/4XVq3/QLsvzf/Gj/AIXVq3/QLsvzf/GgPZyPa65Dxn4BsPFULTptttTUfJcAcPj+Fx3Hv1H6Hg/+F1at/wBAuy/N/wDGj/hdWrf9Auy/N/8AGgahJao2PBvwoWzmF94iWOaVG/dWincgwfvMf4vp09fQepgADAGBXin/AAurVv8AoF2X5v8A40f8Lq1b/oF2X5v/AI0DcZvc9rorxT/hdWrf9Auy/N/8aP8AhdWrf9Auy/N/8aCfZyPa6K8U/wCF1at/0C7L83/xo/4XVq3/AEC7L83/AMaA9nI9rorxT/hdWrf9Auy/N/8AGj/hdWrf9Auy/N/8aA9nI9rorxT/AIXVq3/QLsvzf/Gj/hdWrf8AQLsvzf8AxoD2cj2uivFP+F1at/0C7L83/wAaP+F1at/0C7L83/xoD2cj2uivFB8atWyM6XZY/wB5/wDGus8KfFPT9fvUsL23NhdyMFh+fekh9M4GD7H888UA4SR39FFIzKiF3YKqjJJOABQQLRXl+u/GS0tLp7fR7H7Yq8faJHKKT7LjJHvx/WsT/hdWrf8AQLsvzf8AxoLVOR7XRXin/C6tW/6Bdl+b/wCNH/C6tW/6Bdl+b/40B7OR7XRXin/C6tW/6Bdl+b/40f8AC6tW/wCgXZfm/wDjQHs5HtdFeKf8Lq1b/oF2X5v/AI0f8Lq1b/oF2X5v/jQHs5HtdFeKf8Lq1b/oF2X5v/jR/wALq1b/AKBdl+b/AONAezke10V4p/wurVv+gXZfm/8AjR/wurVv+gXZfm/+NAezke10V4p/wurVv+gXZfm/+NH/AAurVv8AoF2X5v8A40B7OR7XRXin/C6tW/6Bdl+b/wCNH/C6tW/6Bdl+b/40B7OR7XRXin/C6tW/6Bdl+b/40f8AC6tW/wCgXZfm/wDjQHs5HtdFeKf8Lq1b/oF2X5v/AI0f8Lq1b/oF2X5v/jQHs5HtdFeKf8Lq1b/oF2X5v/jR/wALq1b/AKBdl+b/AONAezke10V4p/wurVv+gXZfm/8AjR/wurVv+gXZfm/+NAezke10V4p/wurVv+gXZfm/+NH/AAurVv8AoF2X5v8A40B7OR7XVu31G4gI+Yuv91jmvEbT413ayj7Zo8Lxk8+TKVIH4g5/SvUNC1/T/EemrfadN5kRO1lYYZG7qw9ealxT0Ye/DVHdW1zHdRb4z9Qeoqaubsbk21yrZ+Q8MPaukriq0+RnfRqe0jruFFFFZGxha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAOWn/4+JP8AeP8AOo6kn/4+JP8AeP8AOo69NbHkPcKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACremf8hGL8f5GqlW9M/wCQjF+P8jUT+Fl0/jXqdFXNXzb76Y/7RH5cV0tcxdf8fk//AF0b+dc2H3Z14r4Ueb/GDU5bPwpDaQyFDeXAV8fxIoJI/PbXhNeyfGz/AJB2kf8AXWT+Qrxuuwxp/CFFFFBoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAemfBnUpYtfvNNMjeRPbmUJnjepAz+RP5CvbK8E+EP/I7/wDbrJ/MV73Qc9T4j5l8aalLqvjHVLiRyyrO0UeT0RTtAHp0z+JrBq/rn/If1L/r6l/9CNUKDdbBRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApVZkYMpIYHIIPINJRQB9Q+FtQfVfCumXsrl5ZbdDIxGNzgYY/mDXPfFfU5NP8FSRxOyteTLbkqcfKQWb8CFx+NaXw9/5ELSP+uR/9CNc78aP+RVsf+v1f/QHoOZL3jw+iiig6QooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAr0D4Qam9p4vaxMjCK9hZdnYuo3A/gA3515/XXfDD/komlf9tv/AEU9BMvhZ9FV1Fsxa1hY9Sgz+VcvXT2n/HnD/uD+Vc2J2QYXdk1FFFch3GFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooA5af/j4k/wB4/wA6jqSf/j4k/wB4/wA6jr01seQ9wooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKt6Z/yEYvx/kaqVb0z/AJCMX4/yNRP4WXT+Nep0Vcxdf8fk/wD10b+ddPXMXX/H5P8A9dG/nXPht2dWK2R5L8bP+QdpH/XWT+QrxuvZPjZ/yDtI/wCusn8hXjddZlT+EKKKKDQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA734Q/8jv/ANusn8xXvdeCfCH/AJHf/t1k/mK97oOep8R8ra5/yH9S/wCvqX/0I1Qq/rn/ACH9S/6+pf8A0I1QoN1sFFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD6S+Hv/ACIWkf8AXI/+hGud+NH/ACKtj/1+r/6A9dF8Pf8AkQtI/wCuR/8AQjXO/Gj/AJFWx/6/V/8AQHoOZfGeH0UUUHSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFdd8MP+SiaV/22/8ART1yNdd8MP8Akomlf9tv/RT0Ey2Z9FV09p/x5w/7g/lXMV09p/x5w/7g/lXNidkGF+Jk1FFFch3GFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAOWn/AOPiT/eP86jqSf8A4+JP94/zqOvTWx5D3CiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq3pn/IRi/H+RqpVvTP+QjF+P8AI1E/hZdP416nRVzF1/x+T/8AXRv5109cxdf8fk//AF0b+dc+G3Z1YrZHkvxs/wCQdpH/AF1k/kK8br2T42f8g7SP+usn8hXjddZlT+EKKKKDQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA734Q/8AI7/9usn8xXvdeCfCH/kd/wDt1k/mK97oOep8R8ra5/yH9S/6+pf/AEI1Qq/rn/If1L/r6l/9CNUKDdbBRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+kvh7/yIWkf9cj/AOhGud+NH/Iq2P8A1+r/AOgPXRfD3/kQtI/65H/0I1zvxo/5FWx/6/V/9Aeg5l8Z4fRRRQdIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV13ww/5KJpX/AG2/9FPXI113ww/5KJpX/bb/ANFPQTLZn0VXT2n/AB5w/wC4P5VzFdPaf8ecP+4P5VzYnZBhfiZNRRRXIdxha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAOWn/4+JP8AeP8AOo6kn/4+JP8AeP8AOo69NbHkPcKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACremf8hGL8f5GqlW9M/wCQjF+P8jUT+Fl0/jXqdFXMXX/H5P8A9dG/nXT1zF1/x+T/APXRv51z4bdnVitkeS/Gz/kHaR/11k/kK8br2T42f8g7SP8ArrJ/IV43XWZU/hCiiig0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAO9+EP/I7/wDbrJ/MV73Xgnwh/wCR3/7dZP5ive6DnqfEfK2uf8h/Uv8Ar6l/9CNUKv65/wAh/Uv+vqX/ANDNUKDdbBRRRQMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA+kvh7/wAiFpH/AFyP/oRrnfjR/wAirY/9fq/+gPXRfD3/AJELSP8Arkf/AEI1zvxo/wCRVsf+v1f/AEB6DmXxnh9FFFB0hRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABXXfDD/komlf9tv/AEU9cjXXfDD/AJKJpX/bb/0U9BMtmfRVdPaf8ecP+4P5VzFdPaf8ecP+4P5VzYnZBhfiZNRRRXIdxha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigDlp/wDj4k/3j/Oo6kn/AOPiT/eP86jr01seQ9wooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKt6Z/yEYvx/kaqVb0z/kIxfj/ACNRP4WXT+Nep0Vcxdf8fk//AF0b+ddPXMXX/H5P/wBdG/nXPht2dWK2Rw/xM0CfXvCTi0TfcWkguFQDlwAQwHvg5/CvnmvriuX1r4e+HNduJLm5sjFcyfelt3KEn1I6E++M11nNCdtGfN9Fe5/8KY8O/wDP7qn/AH9j/wDiKP8AhTHh3/n91T/v7H/8RQae0ieGUV7n/wAKY8O/8/uqf9/Y/wD4ij/hTHh3/n91T/v7H/8AEUB7SJ4ZRXuf/CmPDv8Az+6p/wB/Y/8A4ij/AIUx4d/5/dU/7+x//EUB7SJ4ZRXuf/CmPDv/AD+6p/39j/8AiKP+FMeHf+f3VP8Av7H/APEUB7SJ4ZRXuf8Awpjw7/z+6p/39j/+Io/4Ux4d/wCf3VP+/sf/AMRQHtInhlFdT4v8Daj4TuN7g3Gnu2I7lRx9GH8J/n2rlqC009gooooGFFaehaBqPiPUFstOgMjnl3PCRj1Y9h/kZr1u2+C+iLbRi61DUHn2/O0TIqk+wKkgfjQS5JbniNFe5/8ACmPDv/P7qn/f2P8A+Io/4Ux4d/5/dU/7+x//ABFBPtInhlFe5/8ACmPDv/P7qn/f2P8A+Io/4Ux4d/5/dU/7+x//ABFAe0ieGUV7n/wpjw7/AM/uqf8Af2P/AOIo/wCFMeHf+f3VP+/sf/xFAe0ieGUV7n/wpjw7/wA/uqf9/Y//AIij/hTHh3/n91T/AL+x/wDxFAe0ieGUV7n/AMKY8O/8/uqf9/Y//iKv6f8ACnwtYuryW894ynI+0y5H4hQAfxFAe0icx8G/D9xHLda9MpSF4zbwAj7/ACCzD2GAPz9K9dpscaRRrHGioigBVUYAHoBTqDCTu7nzt8SPD8+i+LbqZk/0W+driFx0JJyy/UE/kRXIV9W6jpllq9k9nqFtHcW79UcfqO4PuOa4y6+D/hi4k3RtfWw/uRTAj/x5Sf1oNY1FbU8For3P/hTHh3/n91T/AL+x/wDxFH/CmPDv/P7qn/f2P/4igr2kTwyivc/+FMeHf+f3VP8Av7H/APEUf8KY8O/8/uqf9/Y//iKA9pE8Mor3P/hTHh3/AJ/dU/7+x/8AxFH/AApjw7/z+6p/39j/APiKA9pE8Mor3P8A4Ux4d/5/dU/7+x//ABFH/CmPDv8Az+6p/wB/Y/8A4igPaRPDKK9z/wCFMeHf+f3VP+/sf/xFZmu/Bq3TTmk0K8uHu058q6dSJB6AhRg/Xj6daA9pE8foqW5tp7O5ktrmF4ZozteN1wVPuKioLCiiigYUV6J4M+F1zrkK32sNNZ2LjMaJgSyeh5B2j6jn9a6//hTHh3/n91T/AL+x/wDxFBDnFHhlFe5/8KY8O/8AP7qn/f2P/wCIo/4Ux4d/5/dU/wC/sf8A8RQL2kTwyivc/wDhTHh3/n91T/v7H/8AEUf8KY8O/wDP7qn/AH9j/wDiKA9pE8Mor3P/AIUx4d/5/dU/7+x//EUf8KY8O/8AP7qn/f2P/wCIoD2kTwyivc/+FMeHf+f3VP8Av7H/APEUf8KY8O/8/uqf9/Y//iKA9pE8MqxYWNzqd/BZWkRluJ3CIg7k/wBO5PavbU+DXhxXDG61NwP4WlTB/JM11WheFNF8OB/7Mslidxh5GYu5Hpkk4HsOKBOquhb0bTxpOiWOnhg32aBIiwGAxAAJ/E81i/EHQJvEXhK4tbZQ91EwnhU/xMucge5BIHvXUUUGKetz5IIKsVYEEHBB7UlfSmt+A/D2v3DXN5Y7blhhpoXKMfc44J9yK57/AIUx4d/5/dU/7+x//EUGyqo8Mor3P/hTHh3/AJ/dU/7+x/8AxFH/AApjw7/z+6p/39j/APiKB+0ieGUV7n/wpjw7/wA/uqf9/Y//AIij/hTHh3/n91T/AL+x/wDxFAe0ieGUV7n/AMKY8O/8/uqf9/Y//iKP+FMeHf8An91T/v7H/wDEUB7SJ4ZRXuf/AApjw7/z+6p/39j/APiKP+FMeHf+f3VP+/sf/wARQHtInhlFe5/8KY8O/wDP7qn/AH9j/wDiK878Z+Ab/wAKzNPHuudMY/JcAcpnorjsffofbpQNTT0OQooooLCiir+j6Lf69qKWOnW7TTNycdFHdmPYUCKFFe12PwX0hbKIX+oXr3WP3hgZFTPsCpP68+3SrH/CmPDv/P7qn/f2P/4igj2kTwyivc/+FMeHf+f3VP8Av7H/APEUf8KY8O/8/uqf9/Y//iKA9pE8Mor3P/hTHh3/AJ/dU/7+x/8AxFH/AApjw7/z+6p/39j/APiKA9pE8Mor3P8A4Ux4d/5/dU/7+x//ABFH/CmPDv8Az+6p/wB/Y/8A4igPaRPDKK9z/wCFMeHf+f3VP+/sf/xFH/CmPDv/AD+6p/39j/8AiKA9pE8Mr1L4OaBO+pXGuyptto42ghJHLOcZI9gOPx9jXW2Pwm8L2bhpYrm8IOR9om4/JQufxrtoYYreFIYY0jiQBURFAVQOwA6UESqJqyH109p/x5w/7g/lXMV09p/x5w/7g/lXNidka4X4mTUUUVyHcYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKAOWn/4+JP94/zqOpJ/+PiT/eP86jr01seQ9wooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKt6Z/yEYvx/kaqVb0z/kIxfj/I1E/hZdP416nRVzF1/wAfk/8A10b+ddPXMXX/AB+T/wDXRv51z4bdnVitkQ0UUV1nEFFFFABRRRQAUUUUAFFFFABRRRQBFcW0F5byW9zEksMi7Xjdchh6EV4r44+GE+k+bqWiI89iMtJb9XhHt/eX9R79a9vooKjJx2Pkeur8HeBdQ8V3AkANvpyH95csOv8AsoO5/QfofWNU+GGgaprkepMjwoSWnt4vlSY+v+z746+x5rsYIIbW3jgt4kihjUKkaLhVA7ACg0lV00KOiaFp/h7TkstOgEUQ5ZurO395j3NaVFFBiFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAcx4v8Ead4stt0oEF+gxFdIvP0YfxL/Lt3z4Drvh/UfDmotZajAY3HKOOUkHqp7j9fXFfUtZ2t6Hp/iHTnsdRgEsTcqejI395T2P+elBcJtHy5BBLczpBBE8ssjBURFJZj6ACvaPA/wvi00xalryJNeDDR23VIj6t2Zv0Hv1HR+E/Aml+FA8sObm8ckG5lA3Bf7qjt7+v5AdTQVOpfRBRRRQZBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMlijnheGaNZInUq6OMhgeoIPUU+igDxjxx8LZLLzNS8PRvLbcmS0HLx+6d2Ht1Hv28ur64rjNd+Geh65rMWour27F91zHDws/1/uknGSOvPc5oNY1O5494S8F6l4susQL5NkjYlunHyr7D+83t+eK9+8P8AhzTfDWni006HaDgySNy8h9WPf+Q7VoWlnb2FpHa2kKQwRDakaDAAqagmU3IKKKKCAooooAKKKKACiiigAooooAKKKKACuntP+POH/cH8q5iuntP+POH/AHB/KubE7I6sL8TJqKKK5DuMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBy0/8Ax8Sf7x/nUdST/wDHxJ/vH+dR16a2PIe4UUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW9M/wCQjF+P8jVSremf8hGL8f5Gon8LLp/GvU6KuYuv+Pyf/ro3866euYuv+Pyf/ro38658NuzqxWyIa5DW/iX4c0S5ktnnluriM4dLVA2D6biQP1qH4oa7caJ4SYWj7J7yQW+8HBVSCWI98DH418+V1nNCF9We4f8AC6NB/wCfDUv++E/+Ko/4XRoP/PhqX/fCf/FV4fRQaezie4f8Lo0H/nw1L/vhP/iqP+F0aD/z4al/3wn/AMVXh9FAezie4f8AC6NB/wCfDUv++E/+Ko/4XRoP/PhqX/fCf/FV4fRQHs4nuH/C6NB/58NS/wC+E/8AiqP+F0aD/wA+Gpf98J/8VXh9FAezie4f8Lo0H/nw1L/vhP8A4qj/AIXRoP8Az4al/wB8J/8AFV4fRQHs4nuH/C6NB/58NS/74T/4qj/hdGg/8+Gpf98J/wDFV4fRQHs4nuH/AAujQf8Anw1L/vhP/iqP+F0aD/z4al/3wn/xVeH0UB7OJ7h/wujQf+fDUv8AvhP/AIqj/hdGg/8APhqX/fCf/FV4fRQHs4nuH/C6NB/58NS/74T/AOKo/wCF0aD/AM+Gpf8AfCf/ABVeH0UB7OJ7h/wujQf+fDUv++E/+Ko/4XRoP/PhqX/fCf8AxVeH0UB7OJ7h/wALo0H/AJ8NS/74T/4qj/hdGg/8+Gpf98J/8VXh9FAezie4f8Lo0H/nw1L/AL4T/wCKo/4XRoP/AD4al/3wn/xVeH0UB7OJ7h/wujQf+fDUv++E/wDiqP8AhdGg/wDPhqX/AHwn/wAVXh9FAezie4f8Lo0H/nw1L/vhP/iqP+F0aD/z4al/3wn/AMVXh9FAezie4f8AC6NB/wCfDUv++E/+Ko/4XRoP/PhqX/fCf/FV4fRQHs4nuH/C6NB/58NS/wC+E/8AiqP+F0aD/wA+Gpf98J/8VXh9FAezie4f8Lo0H/nw1L/vhP8A4qj/AIXRoP8Az4al/wB8J/8AFV4fRQHs4nuH/C6NB/58NS/74T/4qj/hdGg/8+Gpf98J/wDFV4fRQHs4nuH/AAujQf8Anw1L/vhP/iqP+F0aD/z4al/3wn/xVeH0UB7OJ7h/wujQf+fDUv8AvhP/AIqj/hdGg/8APhqX/fCf/FV4fRQHs4nuH/C6NB/58NS/74T/AOKo/wCF0aD/AM+Gpf8AfCf/ABVeH0UB7OJ7h/wujQf+fDUv++E/+Ko/4XRoP/PhqX/fCf8AxVeH0UB7OJ7h/wALo0H/AJ8NS/74T/4qj/hdGg/8+Gpf98J/8VXh9FAezie4f8Lo0H/nw1L/AL4T/wCKo/4XRoP/AD4al/3wn/xVeH0UB7OJ7h/wujQf+fDUv++E/wDiqP8AhdGg/wDPhqX/AHwn/wAVXh9FAezie4f8Lo0H/nw1L/vhP/iqP+F0aD/z4al/3wn/AMVXh9FAezie4f8AC6NB/wCfDUv++E/+Ko/4XRoP/PhqX/fCf/FV4fRQHs4nuH/C6NB/58NS/wC+E/8AiqP+F0aD/wA+Gpf98J/8VXh9FAezie4f8Lo0H/nw1L/vhP8A4qj/AIXRoP8Az4al/wB8J/8AFV4fRQHs4nuH/C6NB/58NS/74T/4qj/hdGg/8+Gpf98J/wDFV4fRQHs4nuH/AAujQf8Anw1L/vhP/iqP+F0aD/z4al/3wn/xVeH0UB7OJ7h/wujQf+fDUv8AvhP/AIqj/hdGg/8APhqX/fCf/FV4fRQHs4nuH/C6NB/58NS/74T/AOKo/wCF0aD/AM+Gpf8AfCf/ABVeH0UB7OJ7h/wujQf+fDUv++E/+Ko/4XRoP/PhqX/fCf8AxVeH0UB7OJ7h/wALo0H/AJ8NS/74T/4qj/hdGg/8+Gpf98J/8VXh9FAezie4f8Lo0H/nw1L/AL4T/wCKo/4XRoP/AD4al/3wn/xVeH0UB7OJ7h/wujQf+fDUv++E/wDiqP8AhdGg/wDPhqX/AHwn/wAVXh9FAezie4f8Lo0H/nw1L/vhP/iqP+F0aD/z4al/3wn/AMVXh9FAezie4f8AC6NB/wCfDUv++E/+Ko/4XRoP/PhqX/fCf/FV4fRQHs4nuH/C6NB/58NS/wC+E/8AiqP+F0aD/wA+Gpf98J/8VXh9FAezie4f8Lo0H/nw1L/vhP8A4qj/AIXRoP8Az4al/wB8J/8AFV4fRQHs4nuH/C6NB/58NS/74T/4qj/hdGg/8+Gpf98J/wDFV4fRQHs4nvNn8X/DVzLsmS9tRn78sQK/+Okn9K7q2uYLy3S4tpo5oZBlJI2DKw9iK+TK9O+Dmuzw6xPojvm2njaaNT/DIuM4+q5z9BQTOmkro9qrp7T/AI84f9wfyrmK6e0/484f9wfyrmxOyNML8TJqKKK5DuMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAHLT/APHxJ/vH+dR1JP8A8fEn+8f51HXprY8h7hRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVb0z/kIxfj/I1Uq3pn/IRi/H+RqJ/Cy6fxr1OirmLr/j8n/wCujfzrp65i6/4/J/8Aro38658NuzqxWyPJfjZ/yDtI/wCusn8hXjdeyfGz/kHaR/11k/kK8brrMqfwhRRRQaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFdd8MP+SiaV/wBtv/RT1yNdd8MP+SiaV/22/wDRT0Ey2Z9FV09p/wAecP8AuD+VcxXT2n/HnD/uD+Vc2J2QYX4mTUUUVyHcYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigDlp/+PiT/AHj/ADqOpJ/+PiT/AHj/ADqOvTWx5D3CiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq3pn/IRi/H+RqpVvTP8AkIxfj/I1E/hZdP416nRVzF1/x+T/APXRv5109cxdf8fk/wD10b+dc+G3Z1YrZHkvxs/5B2kf9dZP5CvG69k+Nn/IO0j/AK6yfyFeN11mVP4QooooNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuu+GH/JRNK/7bf+inrka674Yf8AJRNK/wC23/op6CZbM+iq6e0/484f9wfyrmK6e0/484f9wfyrmxOyDC/EyaiiiuQ7jC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUActP/AMfEn+8f51HUtypW6lU9nP8AOoq9NbHkS3YUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFW9M/5CMX4/yNVKu6Uha/Qj+EEn8sf1qKnwsun8aOgrm79Nl9KPVs/nzXSVmatamRROgyVGG+nrXJQlaWp3YiDlDToeUfFrSJtS8Ii4t4972UwmfHUR4Ib8uD9Aa8Er63ZQylWAIIwQe9ef638ItE1K4kuLGaXTnfnZGoaIH1CnBH0BxXcccJpKzPCKK9c/4Uh/1MP/kl/wDbKP8AhSH/AFMP/kl/9soNPaRPI6K9c/4Uh/1MP/kl/wDbKP8AhSH/AFMP/kl/9soD2kTyOivXP+FIf9TD/wCSX/2yj/hSH/Uw/wDkl/8AbKA9pE8jor1z/hSH/Uw/+SX/ANso/wCFIf8AUw/+SX/2ygPaRPI6K9c/4Uh/1MP/AJJf/bKP+FIf9TD/AOSX/wBsoD2kTyOivXP+FIf9TD/5Jf8A2yj/AIUh/wBTD/5Jf/bKA9pE8jor1z/hSH/Uw/8Akl/9so/4Uh/1MP8A5Jf/AGygPaRPI6K9c/4Uh/1MP/kl/wDbKP8AhSH/AFMP/kl/9soD2kTyOivXP+FIf9TD/wCSX/2yj/hSH/Uw/wDkl/8AbKA9pE8jor1z/hSH/Uw/+SX/ANso/wCFIf8AUw/+SX/2ygPaRPI6K9c/4Uh/1MP/AJJf/bKP+FIf9TD/AOSX/wBsoD2kTyOivXP+FIf9TD/5Jf8A2yj/AIUh/wBTD/5Jf/bKA9pE8jor1z/hSH/Uw/8Akl/9so/4Uh/1MP8A5Jf/AGygPaRPI6K9c/4Uh/1MP/kl/wDbKP8AhSH/AFMP/kl/9soD2kTyOivXP+FIf9TD/wCSX/2yj/hSH/Uw/wDkl/8AbKA9pE8jor1z/hSH/Uw/+SX/ANso/wCFIf8AUw/+SX/2ygPaRPI6K9c/4Uh/1MP/AJJf/bKP+FIf9TD/AOSX/wBsoD2kTyOivXP+FIf9TD/5Jf8A2yj/AIUh/wBTD/5Jf/bKA9pE8jor1z/hSH/Uw/8Akl/9so/4Uh/1MP8A5Jf/AGygPaRPI6K9c/4Uh/1MP/kl/wDbKztb+Duoafpz3OnX41GVOWg8jy2K/wCz8xyfbj8+KA549zzSildGjdkdSrKcFSMEH0pKCwooooAKK7Lwj8OtS8Uxm6eT7DYfwzvHuMh/2VyMj3zj611X/CkP+ph/8kv/ALZQQ5xR5HRXrn/CkP8AqYf/ACS/+2Uf8KQ/6mH/AMkv/tlAe0ieR0V65/wpD/qYf/JL/wC2Uf8ACkP+ph/8kv8A7ZQHtInkdFeuf8KQ/wCph/8AJL/7ZR/wpD/qYf8AyS/+2UB7SJ5HRXrn/CkP+ph/8kv/ALZR/wAKQ/6mH/yS/wDtlAe0ieR0V65/wpD/AKmH/wAkv/tlH/CkP+ph/wDJL/7ZQHtInkdFeuf8KQ/6mH/yS/8AtlH/AApD/qYf/JL/AO2UB7SJ5HRXrn/CkP8AqYf/ACS/+2Uf8KQ/6mH/AMkv/tlAe0ieR0V65/wpD/qYf/JL/wC2Uf8ACkP+ph/8kv8A7ZQHtInkdFeuf8KQ/wCph/8AJL/7ZR/wpD/qYf8AyS/+2UB7SJ5HRXrn/CkP+ph/8kv/ALZR/wAKQ/6mH/yS/wDtlAe0ieR0V65/wpD/AKmH/wAkv/tlH/CkP+ph/wDJL/7ZQHtInkdFeuf8KQ/6mH/yS/8AtlH/AApD/qYf/JL/AO2UB7SJ5HRXrn/CkP8AqYf/ACS/+2Uf8KQ/6mH/AMkv/tlAe0ieR0V65/wpD/qYf/JL/wC2Uf8ACkP+ph/8kv8A7ZQHtInkdFeuf8KQ/wCph/8AJL/7ZR/wpD/qYf8AyS/+2UB7SJ5HRXrn/CkP+ph/8kv/ALZR/wAKQ/6mH/yS/wDtlAe0ieR0V65/wpD/AKmH/wAkv/tlH/CkP+ph/wDJL/7ZQHtInkdFeuf8KQ/6mH/yS/8AtlH/AApD/qYf/JL/AO2UB7SJ5HRXrn/CkP8AqYf/ACS/+2Uf8KQ/6mH/AMkv/tlAe0ieR16P8HtGlufEcuqtF/o9pEyrIf8Ano3GB/wEt+Y9a37L4KWMcub3WJ50z92KERfqS1ejaZpdjo1illp9slvbp0Re59SepPuaCJ1FayLldTboY7eJD1VAD+VYem2puLgOR+7Q5J9T6V0FcmIldqJvhYNJyYUUUVzHWYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKAM3UNOM7edDjfjlfWsprS4U4MEn4KTXT0VtCvKKsc88PGTucv9mn/54Sf98Gj7NP8A88JP++DXUUVf1l9iPqi7nL/Zp/8AnhJ/3waPs0//ADwk/wC+DXUUUfWX2D6ou5y/2af/AJ4Sf98Gj7NP/wA8JP8Avg11FFH1l9g+qLucv9mn/wCeEn/fBo+zT/8APCT/AL4NdRRR9ZfYPqi7nL/Zp/8AnhJ/3waPs0//ADwk/wC+DXUUUfWX2D6ou5y/2af/AJ4Sf98Gj7NP/wA8JP8Avg11FFH1l9g+qLucv9mn/wCeEn/fBo+zT/8APCT/AL4NdRRR9ZfYPqi7nL/Zp/8AnhJ/3waPs0//ADwk/wC+DXUUUfWX2D6ou5y/2af/AJ4Sf98Gj7NP/wA8JP8Avg11FFH1l9g+qLucv9mn/wCeEn/fBo+zT/8APCT/AL4NdRRR9ZfYPqi7nL/Zp/8AnhJ/3waPs0//ADwk/wC+DXUUUfWX2D6ou5y/2af/AJ4Sf98Gj7NP/wA8JP8Avg11FFH1l9g+qLucyllcyHCwv+Ix/OtqwshaISxDSN1I7e1XKKznWlJWNKdCMHcKKKKyNzLu9JVyXtyFJ/gPT8KznsbqM4MDn/dGf5V0tFbRryWhzzw8JO60OX+zT/8APCT/AL4NH2af/nhJ/wB8Guooq/rL7EfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3OX+zT/APPCT/vg0fZp/wDnhJ/3wa6iij6y+wfVF3PIfGvwyi8Tq95aQta6oB/rPLOyX0D4H/j3X68V4Lquk3+iahJYalayW1zH96OQY49R6j3HFfbFc74v8F6R4z0z7LqUWJUyYLlBiSE+x7j1B4P1AIaxGuqLVCy0Z8eqpZgqglicADqa9d8D/CO4fytT8RWkoXhorFkOT6GT/wCJ/PuK9C8B/CTTPCE5v7yRdR1MMfKlZMJCO21efm9z9BjnPotOWISfuh7FtauxyyWcsaKiWzqqjAUIQAKX7NP/AM8JP++DXUUVP1l9iPqq7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nL/AGaf/nhJ/wB8Gj7NP/zwk/74NdRRR9ZfYPqi7nMLaXLHAgk/FSKuW+kSuQZzsX0HJrboqZYiT2KjhoLfUZHEkMYSNQqjsKfRRWB02sFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAILi5WHgDLHtVQ3sxPVR9BUczFp3J9ajrojBJHNKo29Cx9sm/vD8qPtk394flVeiq5Y9ieeXcsfbJv7w/Kj7ZN/eH5VXoo5Y9g55dyx9sm/vD8qPtk394flVeijlj2Dnl3LH2yb+8Pyo+2Tf3h+VV6KOWPYOeXcsfbJv7w/Kj7ZN/eH5VXoo5Y9g55dyx9sm/vD8qPtk394flVeijlj2Dnl3LH2yb+8Pyo+2Tf3h+VV6KOWPYOeXcsfbJv7w/Kj7ZN/eH5VXoo5Y9g55dyx9sm/vD8qPtk394flVeijlj2Dnl3LH2yb+8Pyo+2Tf3h+VV6KOWPYOeXcsfbJv7w/Kj7ZN/eH5VXoo5Y9g55dyx9sm/vD8qPtk394flVeijlj2Dnl3LK3soPO0/hV2GZZk3LwR1HpWTViybFwB/eBFROCtdFwm72ZpUUUVgdBW1C/tdK0+e/vZlhtoEMkkjdFA/z0rwTxB8fdWnvJI9Asre2s8YSS5QvKffAO0fTB+tdV8f9Re38IWFijsourvL4PDKik4P4lT+FfOldVGmmuZmNSbTsj0P/hdnjb/n+tv/AAFT/Cj/AIXZ42/5/rb/AMBU/wAK88orf2cOxlzS7nof/C7PG3/P9bf+Aqf4Uf8AC7PG3/P9bf8AgKn+FeeUUezh2Dml3PQ/+F2eNv8An+tv/AVP8KP+F2eNv+f62/8AAVP8K88oo9nDsHNLueh/8Ls8bf8AP9bf+Aqf4Uf8Ls8bf8/1t/4Cp/hXnlFHs4dg5pdz0P8A4XZ42/5/rb/wFT/Cj/hdnjb/AJ/rb/wFT/CvPKKPZw7BzS7nof8Awuzxt/z/AFt/4Cp/hR/wuzxt/wA/1t/4Cp/hXnlFHs4dg5pdz0P/AIXZ42/5/rb/AMBU/wAKP+F2eNv+f62/8BU/wrzyij2cOwc0u56H/wALs8bf8/1t/wCAqf4Uf8Ls8bf8/wBbf+Aqf4V55RR7OHYOaXc9D/4XZ42/5/rb/wABU/wo/wCF2eNv+f62/wDAVP8ACvPKKPZw7BzS7nof/C7PG3/P9bf+Aqf4Uf8AC7PG3/P9bf8AgKn+FeeUUezh2Dml3PQ/+F2eNv8An+tv/AVP8KP+F2eNv+f62/8AAVP8K88oo9nDsHNLueh/8Ls8bf8AP9bf+Aqf4Uf8Ls8bf8/1t/4Cp/hXnlFHs4dg5pdz0P8A4XZ42/5/rb/wFT/Cj/hdnjb/AJ/rb/wFT/CvPKKPZw7BzS7nof8Awuzxt/z/AFt/4Cp/hR/wuzxt/wA/1t/4Cp/hXnlFHs4dg5pdz0P/AIXZ42/5/rb/AMBU/wAKP+F2eNv+f62/8BU/wrzyij2cOwc0u56H/wALs8bf8/1t/wCAqf4Uf8Ls8bf8/wBbf+Aqf4V55RR7OHYOaXc9D/4XZ42/5/rb/wABU/wo/wCF2eNv+f62/wDAVP8ACvPKKPZw7BzS7nof/C7PG3/P9bf+Aqf4Uf8AC7PG3/P9bf8AgKn+FeeUUezh2Dml3PQ/+F2eNv8An+tv/AVP8KP+F2eNv+f62/8AAVP8K88oo9nDsHNLueh/8Ls8bf8AP9bf+Aqf4Uf8Ls8bf8/1t/4Cp/hXnlFHs4dg5pdz0P8A4XZ42/5/rb/wFT/Cj/hdnjb/AJ/rb/wFT/CvPKKPZw7BzS7nof8Awuzxt/z/AFt/4Cp/hR/wuzxt/wA/1t/4Cp/hXnlFHs4dg5pdz0P/AIXZ42/5/rb/AMBU/wAKP+F2eNv+f62/8BU/wrzyij2cOwc0u56H/wALs8bf8/1t/wCAqf4Uf8Ls8bf8/wBbf+Aqf4V55RR7OHYOaXc9D/4XZ42/5/rb/wABU/wo/wCF2eNv+f62/wDAVP8ACvPKKPZw7BzS7nof/C7PG3/P9bf+Aqf4Uf8AC7PG3/P9bf8AgKn+FeeUUezh2Dml3PQ/+F2eNv8An+tv/AVP8KP+F2eNv+f62/8AAVP8K88oo9nDsHNLueh/8Ls8bf8AP9bf+Aqf4Uf8Ls8bf8/1t/4Cp/hXnlFHs4dg5pdz0P8A4XZ42/5/rb/wFT/Cj/hdnjb/AJ/rb/wFT/CvPKKPZw7BzS7nof8Awuzxt/z/AFt/4Cp/hR/wuzxt/wA/1t/4Cp/hXnlFHs4dg5pdz0P/AIXZ42/5/rb/AMBU/wAKP+F2eNv+f62/8BU/wrzyij2cOwc0u56H/wALs8bf8/1t/wCAqf4Uf8Ls8bf8/wBbf+Aqf4V55RR7OHYOaXc9D/4XZ42/5/rb/wABU/wo/wCF2eNv+f62/wDAVP8ACvPKKPZw7BzS7nof/C7PG3/P9bf+Aqf4Uf8AC7PG3/P9bf8AgKn+FeeUUezh2Dml3PQ/+F2eNv8An+tv/AVP8KP+F2eNv+f62/8AAVP8K88oo9nDsHNLueh/8Ls8bf8AP9bf+Aqf4Uf8Ls8bf8/1t/4Cp/hXnlFHs4dg5pdz0P8A4XZ42/5/rb/wFT/Cj/hdnjb/AJ/rb/wFT/CvPKKPZw7BzS7nof8Awuzxt/z/AFt/4Cp/hR/wuzxt/wA/1t/4Cp/hXnlFHs4dg5pdz0P/AIXZ42/5/rb/AMBU/wAKP+F2eNv+f62/8BU/wrzyij2cOwc0u56H/wALs8bf8/1t/wCAqf4Uf8Ls8bf8/wBbf+Aqf4V55RR7OHYOaXc9D/4XZ42/5/rb/wABU/wo/wCF2eNv+f62/wDAVP8ACvPKKPZw7BzS7nof/C7PG3/P9bf+Aqf4Uf8AC7PG3/P9bf8AgKn+FeeUUezh2Dml3PTrH47eLraUG5SwvI9w3LJCVOO4BUjH4g17n4L8a6b430g3tiGiliYJcW8hG6JsfqD2Pf2IIHx9XpPwO1N7L4iRWgLeXfW8kTKDxlV8wEj/AIAR+NZVaUeW6LhN3sz6cooorjOgKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFAGPJ/rH+pptOk/1j/U02utHE9wooopgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVPaf8fSfj/KoKntP+PpPx/lUy2Y4/EjTooorlOw8X/aH/wCQVoX/AF3l/wDQVrwKvff2h/8AkFaF/wBd5f8A0Fa8CruofAjmqfEFFFFbEBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFdz8Hf8Akqui/wDbf/0RJXDV3Pwd/wCSq6L/ANt//RElRP4WOPxI+rKKKK846wooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQBjyf6x/qabTpP9Y/1NNrrRxPcKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFT2n/H0n4/yqCp7T/j6T8f5VMtmOPxI06KKK5TsPF/2h/wDkFaF/13l/9BWvAq99/aH/AOQVoX/XeX/0Fa8CruofAjmqfEFFFFbEBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFdz8Hf+Sq6L/23/8ARElcNXc/B3/kqui/9t//AERJUT+Fjj8SPqyiiivOOsKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBjyf6x/qabTpP9Y/1NNrrRxPcKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFT2n/AB9J+P8AKoKntP8Aj6T8f5VMtmOPxI06KKK5TsPF/wBof/kFaF/13l/9BWvAq99/aH/5BWhf9d5f/QVrwKu6h8COap8QUUUVsQFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV3Pwd/5Krov/bf/ANESVw1dz8Hf+Sq6L/23/wDRElRP4WOPxI+rKKKK846wooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAY8n+sf6mm06TiV/8AeNNrrRxPcKKKKYBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFT2n/H0n4/yqCp7MZuV9s/yqZbMcfiRp0UUVynYeL/tD/8AIK0L/rvL/wCgrXgVfQH7QsTtoeizBf3aXMiMfQlQR/6Cfyr5/ruofAjmqfEFFFFbEBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFdz8Hf8Akqui/wDbf/0RJXDV3vwahkl+KWlOikrEs7uf7o8p1z+ZA/Gon8LHH4kfVFFFFecdYUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAz7uBlcyKMqeT7VVraphijJyY1J9xWsallZmMqV3dGRRWv5MX/ADzT/vkUeTF/zzT/AL5FV7VE+xfcyKK1/Ji/55p/3yKPJi/55p/3yKPaoPYvuZFFa/kxf880/wC+RR5MX/PNP++RR7VB7F9zIorX8mL/AJ5p/wB8ijyYv+eaf98ij2qD2L7mRRWv5MX/ADzT/vkUeTF/zzT/AL5FHtUHsX3MiitfyYv+eaf98ijyYv8Anmn/AHyKPaoPYvuZFFa/kxf880/75FHkxf8APNP++RR7VB7F9zIorX8mL/nmn/fIo8mL/nmn/fIo9qg9i+5kUVr+TF/zzT/vkUeTF/zzT/vkUe1QexfcyKK1/Ji/55p/3yKPJi/55p/3yKPaoPYvuZFFa/kxf880/wC+RR5MX/PNP++RR7VB7F9zIorX8mL/AJ5p/wB8ijyYv+eaf98ij2qD2L7mRV+zgZMyOMEjAFWVjRTlUUfQU6olUurIuFKzuwooorM1OW+IPhMeMvCVxpqsEukIntWJ4Eqg4B9iCR7ZzXyfqmlX+i6hJYalaS2t1GcNHIuD9R6j0I4NfbNVb3TbHUofJv7K2uov7k8SuPyIranVcNDOcObU+JKK+yP+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJrX6yuxHsn3Pjeivsj/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaPrK7B7J9z43or7I/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaPrK7B7J9z43or7I/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj6yuweyfc+N6K+yP+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaPrK7B7J9z43or7I/4Qrwp/0LOjf+AEX/xNH/CFeFP+hZ0b/wAAIv8A4mj6yuweyfc+N6K+yP8AhCvCn/Qs6N/4ARf/ABNH/CFeFP8AoWdG/wDACL/4mj6yuweyfc+N6K+yP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo+srsHsn3Pjeivsj/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImj6yuweyfc+N6K+yP+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo+srsHsn3Pjeivsj/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo+srsHsn3Pjeivsj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPrK7B7J9z43or7I/4Qrwp/wBCzo3/AIARf/E0f8IV4U/6FnRv/ACL/wCJo+srsHsn3Pjeivsj/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaPrK7B7J9z43or7I/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaPrK7B7J9z43or7I/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj6yuweyfc+N6K+yP+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaPrK7B7J9z43or7I/4Qrwp/0LOjf+AEX/xNH/CFeFP+hZ0b/wAAIv8A4mj6yuweyfc+N6K+yP8AhCvCn/Qs6N/4ARf/ABNH/CFeFP8AoWdG/wDACL/4mj6yuweyfc+N6K+yP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo+srsHsn3Pjeivsj/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImj6yuweyfc+N6K+yP+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo+srsHsn3Pjeivsj/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo+srsHsn3Pjeivsj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPrK7B7J9z43or7I/4Qrwp/wBCzo3/AIARf/E0f8IV4U/6FnRv/ACL/wCJo+srsHsn3Pjeivsj/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaPrK7B7J9z43or7I/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaPrK7B7J9z43or7I/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj6yuweyfc+N6K+yP+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaPrK7B7J9z43or7I/4Qrwp/0LOjf+AEX/xNH/CFeFP+hZ0b/wAAIv8A4mj6yuweyfc+N6K+yP8AhCvCn/Qs6N/4ARf/ABNH/CFeFP8AoWdG/wDACL/4mj6yuweyfc+N6K+yP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo+srsHsn3Pjeivsj/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImj6yuweyfc+N6K+yP+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo+srsHsn3Pjeivsj/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo+srsHsn3Pjeivsj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPrK7B7J9z43or7I/4Qrwp/wBCzo3/AIARf/E0f8IV4U/6FnRv/ACL/wCJo+srsHsn3Pjeivsj/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaPrK7B7J9z43or7I/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaPrK7B7J9z43or7I/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj6yuweyfc+N6K+yP+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaPrK7B7J9z43or7I/4Qrwp/0LOjf+AEX/xNH/CFeFP+hZ0b/wAAIv8A4mj6yuweyfc+OFUswVQSxOAAOSa+hfgt4AvtB+0a/q8ElvdXEfk29u4wyxnBLMOxJAABwRg5616bY+HdE0yUy6fo2n2kh6tb2qRn8wBWlWdSvzKyKjTs7sKKKKwNQooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFeYeK/GlzdXUtjpkxitEO0yxn5pD3wew+nX8cVvhsNPES5YnJjcbTwlPnn12Xc9NMsYYKXUMegJ5p1eFabpV9rN00NnEZHALMxOAB6kmtXw/4uvtEnWKWRriy3YeNjkqPVT2+nT+dd1TK2k+SV2uh5VHPotp1abjF9d/0R7BRUcE8V1bxzwuHikUMrDuDRXktW0PoE01dElFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJGZ4hmeDw7qMkZw4t3wfTjFeLWVuLu9htzNHCJHC+ZIcKue5r3W8tUvbKe1k+5NG0bY7AjFeG6lp8+l6hNZXC4kibGezDsR7EV7WUyXLKC3Pl+IYSU6dRq8dv69TqPEtwfDtqPD2nQyQRMoae5YYa4z6H07fp9eNrqNN1qz1LS/7H19yI4wTa3gUs0J9D3I/z6Ec1HE8syxRKXd2CqAOWJ4Fehh4uCcZLXq+/n/Wx4+Nkqsozg/dey/l8rfr19bnT6R4n1DT9LhtYY5mjj3YKpkcsT/Wiu60bwxaWOkW1vdQxyzquZGx3JJI/DOPworyamKwzm/cvqfQ0cvxqpxXtLaLTt5G/RRRXlH0AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgrM1jQNP1yDy7yL5x9yVOHX6H+h4rToJABJOAO9OE5QfNF2ZNSnCpFxmrpnAP8ADGMykx6qyx54VoMnH13D+VdFofhTTdCPmQoZrn/ntLgkfT0q6+vaRHIUfVLJWBwQZ14/Wr0ciSxiSN1dGGQynIP4101cTiZx5Zt2+44cPgcFTnzUoq6872/HQdRRRXIeiFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISEJCqWYgADJJ7V5T4h8RX/iTUzp2nGQ2jPsiij4MvufbvzwBXofiR2Tw1qTIcH7O44+leUeHNbGh6kZni8yGRTHJt4cKe6nsf8+9erl1K8ZVUrtbHgZ1iGpww7lyxe78hNc0yy0nybRLlp79QftW3HloeyjuSO9GheIb3QrpXgkLQFgZICflcd/ofetGWC38OXy3ot7fVtKvUIieXGcZ5GcfK49cfl2r+JNMsbeGw1LTAy2d8hYRMSTGwxkZ/H9DXpxnGaVOeqfXz6ryPCnTnSk61J8rj0XRbJ36p/r2PXLK8hv7OK7t33RSruU/570V5Nper6va6dFDah/JXO3EgHck8fWivJnlslJ2krH0NPO6bgnKLvbsewUUUV5h7gUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISIrmCO6tpbeUZjlQow9QRg14lrWkXGialLaTgkA5jkxgOvYj/PWvcqqahptnqtsbe9gWWM8gHqD6g9RXZgsW8PJ31TPMzPLljIKztJbf5HjOj2EWpXDQ3Wow2VvGpdnlbr7KM8mtPWrmDV5dM0XQ45JoLVSkbFSDIzHk+w4z26mutf4b6O0hYXF6qn+EOvH5rXQaToWnaLGy2VuEZvvSMcs31J/l0ruq5hSvzxu2tl09TysPk+I5XSnaKe73bXZdER6RoNrpmlW9m0aStGvzOy/eJOT+GTRWrRXjyqSk229z6WFGnCKjFaIKKKKg0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFMmmit4WmmkSONRlndsAfU0skiRRPJIwVEBZiewHWvGvEniK416/c73WzVv3MOeAPUj1P9cV1YTCSxErbJHBmOYQwcE2rt7I9Ifxr4eSQodRBI4ysTkfmBWxaXtrfw+daXEc0ecbkbOD6V45f+H5LbSLbVbWYXVpKg8xkGDC/dWH14z/9bNTStWvNHvFubSVlII3pn5XHoR3rvlllOcL0pa+f9aHkRzyvSqKOIgrPt277u57rRVPTdSt9U06C9gbEcq5APUHoQfoQRRXjOLi7M+ljOMoqUXoy5RRRSKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkZXiXd/wjOpbc5+zv09Mc/pXiNfQEsSTwvFIoaN1Ksp7g8EV4x4i8P3Gg6g8bI7WrN+5mI4YemfUV7OU1Yrmpvfc+Z4hw8241lstH5Gl4HN+b+VIwjaYVP20Tf6sJjv7/AOTxWFrAsBqtwNMLmz3fu9/9Pb0zzirt94habRbbSbKAWtqigzBTkzP3JPpnt/gMUNM0y71a9S1tIi7seTjhB6k9hXowi4zlWnp/W78zxas1KnDD0/ea6+b6Ly/Nmnpr6uLCIWoHk87eW9Tnp70V6vpmmW+l6bBZQjckS43EcsepP4kk0V5M8xi5O0EfRUsmkoJSqNOxdoooryj3wooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQVFcW8N3A0FxEksTcMjrkGparX2oWmm2xuLydIYh/E3c+gHUn2FEU2/d3FNxUW57eZjN4G8PM5b7CRnsJnA/nWzY6dZ6bB5NlbxwR9SEHU+pPU/jXNv8AEXRFl2BLt1/vrGMfqc/pW7petafrMTPY3KybfvLjDL9QefxrprRxKj+9vbzucOGngXO1Dl5vK1zQooorlPQCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCRHcTx21vLcSttjiQu59ABk15BdNq3jTWJ5baFpdgykRkAEaZwOpA+ten+JFZvDWpBM5+zuePTHNeS6Gkb3Eok0WbVRs4jid1Kc9flBr1stilCdVbr+u6/M+dzuo5VadCXwvV/0k/yZc/4QfxH/wBA7/yPH/8AFVDNpeueF5YNQlia1YPhHEqtk9cEAnjitbyLX/oQL/8A7/z/APxNZeuRwpbRmPw1c6Ud/MsskjBuPu/MAPevQhVqTlyytZ+S/wDk3+R5FXD0acHOne621l/8rX5o9U0nWrfVNKt70MsZlXJRj90g4I/MGivLtN0zVrjT4pbZmELZ24jB7nPP1orzZ4CnzO00j2qWb13CLdJvRa9z2OiiivKPoAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkIyq6lWAKkYIPQivJ9f0PU/DF/Nc6fJcRWMh+WWFyu0H+Fseh9etes0jKGUqwBUjBBHWujDYmVCV7XT3RxY7AxxcEm7SWzPDf7e1j/oLX//AIEv/jV7TbPW/FVwlu1zdTwIwLyTSMyR+/J647da9Sbw5orybzpdpu/65DH5Vfhgit4ligiSKNeiIoUD8BXfPM4W/dwszyaWR1XL99UvHsr6kdjZQadYw2luu2KJdqj+p9z1oqxRXkNtu7Po4xUUktkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK5XV/iN4X0WZoJ9SWWdeGjt1MhB9CRwD7E1wXxW8e3BvJfDmlzGOKMbbyVDy5I/1YPYDv6njsc+R16uGy7nip1HuediMdyS5YI+gv+FyeFf+n7/vwP8AGj/hcnhX/p+/78D/ABr59orq/s2h5nP9fq+R9Bf8Lk8K/wDT9/34H+NH/C5PCv8A0/f9+B/jXz7RR/ZtDzD6/V8j6C/4XJ4V/wCn7/vwP8acvxi8KMwBa9UHuYOB+Rr57oo/s2h5h9fq+R9XaL4l0bxDGz6VqEVxt5ZBlXX6qcED3xWrXyHZXtzp15Fd2c7wXETbkkQ4KmvpD4f+MF8XaEZZgqX9sRHcovQns4HYHn8Qa8/F4F0VzRd0duGxaqvllozrKKKK4DsCiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyaQQwySt0RSx/AU+kYBlKnoRg0AfIVzcS3l3NdTtvmmdpHY92JyT+ZqKr+t6XNomt3mmzgh7aVkyf4h2P4jB/GqFfXRaaTWx80007MKKKKYgooooAKKKKACu8+E+sppHiuXzvtDQz2zIyQW8kzEggg7UBPGDzjua4OvUfgnpMs2v3mqlSILeDyg2OrsRx+AB/MVzYxpUJXN8Mm60bHqv/CW6b/z7az/4Jbz/AONUf8Jbpv8Az7az/wCCW8/+NVu0V81oe9qYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGganKXWqw6xrvh5LO11P9xfPNK8+m3EKIn2adclpEUfeZR1711dFFDYIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOA+Ivw8XxTGNR04pFqsS7SG4WdR0BPYjsfwPYjwfUtKv9Hu2tdRtJraZT92RcZ9we49xxX1vWJ4q/5Akn1/oa9HC46dO0Gro4sRhIzvNaM+V6K9Eor1vrHkeZ7HzPO6K9Eoo+seQex8zzuivRK0ND/5DNv9T/I0niLK9hqhd2ucf4Z8D614ouEFrbPFaEjfdyqRGo9v7x9h+lfRXh3w/ZeGdFh02xX5E+Z3P3pHPVj7n+WB2rTj/wBWv0FOrxMTi519Houx61DDRo6rVhRRRXIdIUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAH/9k=)

Directors’ viability statement

The Directors have concluded that it is

unlikely, but not impossible, that a

single risk could test the future viability

of the Group. Subject to these risks and

on the basis of the analysis undertaken

however, the Directors have a

reasonable expectation that the Group

will be able to continue in operation

and meet its liabilities as they fall due,

over a period of three years to

31 December 2027.

2024 going concern

assessment

To complete the going concern

assessment, the Directors modelled

abase case with sensitivities and a

reverse stress test for the period to

June 2026. In modelling the base case,

the Directors assumed the Group’s

financial performance is consistent

with the guidance given for 2025 and

will be followed by similar growth

during the first half of 2026.

Under the financial plan, including the

proposed combination of Informa’s

B2B events business in the UAE with

the Dubai World Trade Centre, the

Group maintains liquidity headroom of

more than £0.7bn. To consider a

downside scenario, the Directors

separately and in aggregate applied

the three scenarios used in the viability

modelling to the financial plan. In each

case, the Group maintains liquidity

headroom of more than £0.3bn.

The reverse stress test shows that the

Group can afford to lose 46% of its

revenue from 1 April 2025 to the end

ofJune 2026 and maintain positive

liquidity headroom. This is an

extremely remote scenario and

assumes we make no indirect cost

savings, refund customer receipts and

collect no further receipts in the period.

Based on the scenarios modelled, the

Directors believe that the Group has

adequate resources to continue in

operation for at least 12 months from

the signing date of this Annual Report

and Accounts, and therefore consider

itappropriate to adopt the Going

Concern basis of accounting in

preparing the financial statements.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

73

Market trends,

peers, customers

Multi-year divisional

strategicplans created

Multi-risk Group strategy plan

Three-year business plans

From which three-year

business plans areformed

bydivisions

Group viable if

sufficientliquidity

headroommaintained

Plan tested against the three

principal risks where,

insevere but plausible

scenario, impactofthe risk

was valued at over 5%

averageEBITDA

Capabilities,

people, products,

platforms

Risk and

sustainability

Current

portfolio

Ambition

Outcomes assessed against liquidity headroom

Tested against

economic instability

Tested against economic instability, market risk and inadequate

response to major incidents simultaneously

Tested against

market risk

Tested against

inadequate response

to major incidents

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAW3Au4DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAoorK8S63H4d8O3uqyJv+zplU/vOSFUfTJFOMXJpLqJtJXZz/jn4h2XhKM2sCrdaq65WHPyxg9C5/p1Pt1rxDW/GviHX5H+3anN5L/8u8TFIgM9No4P45NY97e3Oo3s15eTNNcTOXkdupJqCvo8Pg6dFbXfc8OviZ1XvZASScnk0UUV1nMFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVo6fr2r6S4aw1K6t8do5SB+I6Gs6ik0mrMabWqPZvBnxfM88Wn+JdiFvlS+RcDP+2o4H1HHqO9eu9RkV8eV7z8H/FEmq6LLo93IXuLADymY8tEeAP+Anj6Fa8fH4OMI+0p/NHp4PFSk/Zz+R1v/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHgr/kQ/Dv/AGDLb/0UtbteW7J2PRVzC/4TXwp/0M2jf+B8X/xVcB8XPE+kan4XtrPS9YsbyRrtXkS1uUkIUK3UKTxkj8q9crz34yafJeeCBcRgH7HcpK/+6QU/my1vhHFV437mGJT9lKx8/UUUV9MeCFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABW34X8Qy+G9TkvIXdWeExEoATgsp9f9msSuz+G/hn/AISXWbuKQAQQ2+5nKggMWGB+I3flWVZxjTbnsaUlJzSjue5+Cv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtfLS3Z9CtgqC9s4NQsZ7O5TfBPG0ci+qkYNT0Uk7aoe58s+LPC954U1qSxuQWiOWgnxgSp2P19R2P4GsKvrHXNB07xFprWGp24mhJ3Kc4ZG7Mp7GvINc+Cup28jyaLeRXcHJWKc+XKPbP3T9fl+le9hswhNWqOzPHr4KcXeGqPLaK7E/CvxmD/AMgfP/b1D/8AF0f8Ks8Z/wDQG/8AJqH/AOLrr+sUf5196Ob2FX+V/ccdRXY/8Ks8Z/8AQG/8mof/AIuj/hVnjP8A6A3/AJNQ/wDxdH1ij/OvvQewq/yv7jjqK7H/AIVZ4z/6A3/k1D/8XR/wqzxn/wBAb/yah/8Ai6PrFH+dfeg9hV/lf3HHUV2P/CrPGf8A0Bv/ACah/wDi6P8AhVnjP/oDf+TUP/xdH1ij/OvvQewq/wAr+446iux/4VZ4z/6A3/k1D/8AF0f8Ks8Z/wDQG/8AJqH/AOLo+sUf5196D2FX+V/ccdRXY/8ACrPGf/QG/wDJqH/4uj/hVnjP/oDf+TUP/wAXR9Yo/wA6+9B7Cr/K/uOOorsf+FWeM/8AoDf+TUP/AMXR/wAKs8Z/9Ab/AMmof/i6PrFH+dfeg9hV/lf3HHUV2P8Awqzxn/0Bv/JqH/4uj/hVnjP/AKA3/k1D/wDF0fWKP86+9B7Cr/K/uOOorsf+FWeM/wDoDf8Ak1D/APF0f8Ks8Z/9Ab/yah/+Lo+sUf5196D2FX+V/ccdRXY/8Ks8Z/8AQG/8mof/AIuj/hVnjP8A6A3/AJNQ/wDxdH1ij/OvvQewq/yv7jjqK7H/AIVZ4z/6A3/k1D/8XR/wqzxn/wBAb/yah/8Ai6PrFH+dfeg9hV/lf3HHUV2P/CrPGf8A0Bv/ACah/wDi6P8AhVnjP/oDf+TUP/xdH1ij/OvvQewq/wAr+446iux/4VZ4z/6A3/k1D/8AF0f8Ks8Z/wDQG/8AJqH/AOLo+sUf5196D2FX+V/ccdRXY/8ACrPGf/QG/wDJqH/4uj/hVnjP/oDf+TUP/wAXR9Yo/wA6+9B7Cr/K/uOOorsf+FWeM/8AoDf+TUP/AMXR/wAKs8Z/9Ab/AMmof/i6PrFH+dfeg9hV/lf3HHUV2P8Awqzxn/0Bv/JqH/4uj/hVnjP/AKA3/k1D/wDF0fWKP86+9B7Cr/K/uOOorsf+FWeM/wDoDf8Ak1D/APF0f8Ks8Z/9Ab/yah/+Lo+sUf5196D2FX+V/ccdRXY/8Ks8Z/8AQG/8mof/AIuj/hVnjP8A6A3/AJNQ/wDxdH1ij/OvvQewq/yv7jjqK7H/AIVZ4z/6A3/k1D/8XR/wqzxn/wBAb/yah/8Ai6PrFH+dfeg9hV/lf3HHUV2P/CrPGf8A0Bv/ACah/wDi6P8AhVnjP/oDf+TUP/xdH1ij/OvvQewq/wAr+446iux/4VZ4z/6A3/k1D/8AF0f8Ks8Z/wDQG/8AJqH/AOLo+sUf5196D2FX+V/ccdRXY/8ACrPGf/QG/wDJqH/4uj/hVnjP/oDf+TUP/wAXR9Yo/wA6+9B7Cr/K/uOOorsf+FWeM/8AoDf+TUP/AMXR/wAKs8Z/9Ab/AMmof/i6PrFH+dfeg9hV/lf3HHUV2P8Awqzxn/0Bv/JqH/4uj/hVnjP/AKA3/k1D/wDF0fWKP86+9B7Cr/K/uOOorsf+FWeM/wDoDf8Ak1D/APF0f8Ks8Z/9Ab/yah/+Lo+sUf5196D2FX+V/ccdRXY/8Ks8Z/8AQG/8mof/AIuj/hVnjP8A6A3/AJNQ/wDxdH1ij/OvvQewq/yv7jjqK7H/AIVZ4z/6A3/k1D/8XR/wqzxn/wBAb/yah/8Ai6PrFH+dfeg9hV/lf3HHUV2P/CrPGf8A0Bv/ACah/wDi6P8AhVnjP/oDf+TUP/xdH1ij/OvvQewq/wAr+446iux/4VZ4z/6A3/k1D/8AF0f8Ks8Z/wDQG/8AJqH/AOLo+sUf5196D2FX+V/ccdRXY/8ACrPGf/QG/wDJqH/4uj/hVnjP/oDf+TUP/wAXR9Yo/wA6+9B7Cr/K/uOOorsf+FWeM/8AoDf+TUP/AMXR/wAKs8Z/9Ab/AMmof/i6PrFH+dfeg9hV/lf3HHUV2P8Awqzxn/0Bv/JqH/4uj/hVnjP/AKA3/k1D/wDF0fWKP86+9B7Cr/K/uOOorsf+FWeM/wDoDf8Ak1D/APF0f8Ks8Z/9Ab/yah/+Lo+sUf5196D2FX+V/ccdRXY/8Ks8Z/8AQG/8mof/AIuj/hVnjP8A6A3/AJNQ/wDxdH1ij/OvvQewq/yv7jjqK7H/AIVZ4z/6A3/k1D/8XR/wqzxn/wBAb/yah/8Ai6PrFH+dfeg9hV/lf3HHUV2P/CrPGf8A0Bv/ACah/wDi6P8AhVnjP/oDf+TUP/xdH1ij/OvvQewq/wAr+446iux/4VZ4z/6A3/k1D/8AF0f8Ks8Z/wDQG/8AJqH/AOLo+sUf5196D2FX+V/ccdRXY/8ACrPGf/QG/wDJqH/4uj/hVnjP/oDf+TUP/wAXR9Yo/wA6+9B7Cr/K/uOOorsf+FWeM/8AoDf+TUP/AMXR/wAKs8Z/9Ab/AMmof/i6PrFH+dfeg9hV/lf3HHUV2P8Awqzxn/0Bv/JqH/4uj/hVnjP/AKA3/k1D/wDF0fWKP86+9B7Cr/K/uOOorsf+FWeM/wDoDf8Ak1D/APF0f8Ks8Z/9Ab/yah/+Lo+sUf5196D2FX+V/ccdRXY/8Ks8Z/8AQG/8mof/AIuj/hVnjP8A6A3/AJNQ/wDxdH1ij/OvvQewq/yv7jjqK7H/AIVZ4z/6A3/k1D/8XWlpvwb8S3cq/bTa2Mf8ReTzGH0C5BP4ik8TRSvzL7wWHqvTlZwFvbzXdxHb28TSzSMFREGSxPYCvpT4f+Eh4S8PLBNtN9cHzblh2OOFB9AP1JPek8JfD/SPCQE0Ia5vyuGupRyPUKP4R+vvXWV5GNxvtvcht+Z6eFwvsveluYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7Xny3Z2rYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKhurq3sbWS5upkhgiXc8jnAUe5qavAvi14sm1XXX0W3kIsbFtrgf8tJh1J+nTHqDXRhsO68+VGNesqMOZnT618bbK3maLRtOe7AOPPnby1PuFxkj64rE/wCF4ax/0CrH83/xry2ivcjgaEVblPIljKzd7nqX/C8NY/6BVj+b/wCNH/C8NY/6BVj+b/415bRT+pUP5RfWq38x6l/wvDWP+gVY/m/+NH/C8NY/6BVj+b/415bRR9Sofyh9arfzHqa/HDVtw3aTZFc8gM4P866rw58YNH1adbbU4W0yZjhXd98RPu2Bt/EY968CoqZ4ChJWSsVHGVou7dz7D6jIoryn4OeLJr63l8PXjl3tY/MtWPJ8vOCpPsSMexPpXq1eDXoujNwZ7FKqqsFJBRRRWRoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBymiweK9H0HTtM/srRpvsdrFb+Z/akq79ihc4+znGcdM1e+1+K/+gLo3/g2l/8Akat2iqv5CsYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1btFK67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+Rq+Y9Sllm1W8lnGJnndn5z8xYk/rX1zXzV8SPD8ug+Mbv5CLa8c3MDY4IY5YfgcjHpj1r1MrmlOUerPPzCL5U+xyNFFFe0eUFFFFABRRRQAUUUUAdh8LXdPiNpQQn5vNVgO48puv8/wr6TrxD4L+HpLjV7jXpo8QWyGKBiOsjdSPouQf96vb68DMpKVay6I9nARapa9WFFFFeedoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFY/iXwzp3inSzY6hGSAd0UqHDxt6g/06UUU4ycXeO4pRUlZnh+u/CfxDpEjPbCG+tQeJUdYz+KsePwJrlf7C1L/n2/8fX/ABoor28NjKlSPvHk4jDQhL3Q/sLUv+fb/wAfX/Gj+wtS/wCfb/x9f8aKK6fbyMPYxD+wtS/59v8Ax9f8aP7C1L/n2/8AH1/xooo9vIPYxHxeHdVmlWOO1y7HAHmL/jXc+Gvg5ql9LHPrciWVp1Mcbh5XHoMZUZ9cn6UUVx4rGVIJKOlzqw2Fpyd5Htun6faaVYQ2NjAsNtCu1I16Af1PcnvVmiivHbbd2eolbRBRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD/2Q==)

Over the coming decades,

climate change is expected to

affect most parts of society.

This creates risks for

economies, markets,

businesses and communities,

but the transition to a lower-

carbon world also creates

newopportunities.

We have assessed the impacts – that is,

the risks and opportunities – to Informa.

Over the periods we focus on, none of

the potential impacts we have modelled

meet the threshold for climate change

to be a principal risk to Informa, or to

have a material financial impact.

We also see opportunities from helping

customers to better understand and

act on their own climate- and

sustainability-related goals. There is a

range of individual examples of this in

our business today. However, we have

not yet quantified this opportunity

across the company because the

diverse nature of our products and the

range of markets we work in makes it

challenging to do so consistently.

We continue to keep our assessment of

climate-related risk and opportunity

under review through our ongoing risk

management processes and

sustainability-related working groups

and programmes. This helps us

understand whether any developments

in forecasting, climate science or our

markets would affect our findings.

Our reporting

We make the following disclosures,

consistent with the recommendations

of the Taskforce on Climate-related

Financial Disclosure (TCFD) All Sector

Guidance as required by the UK Listing

Rules. They are consistent with the

TCFD’s four pillars – Governance,

Strategy, Risk Management and

Metrics and Targets– and 11

recommended disclosures.

The combination of this report, and the

other sections of the Annual Report

indicated, contain all the information

we consider material to understanding

Informa’s position and prospects.

Because considering climate-related

risk and opportunity is embedded into

several broader business processes, we

cross-link to other parts of the Annual

Report, which also ensures clarity and

avoids repetition. We also publish

separate documents on our website to

cater to stakeholders who have a

deeper level of interest: specifically our

Climate Impacts Report, last updated

inthe first quarter of 2024, and our

annual Sustainability Report.

Governance

The Board, Audit Committee, Risk

Committee and the leadership team

oversee our approach to risk

management and to sustainability.

Assuch, this responsibility includes

overseeing how climate change-related

risk and opportunity are identified,

assessed and managed.

The Informa Board reviews and

approves the company’s overall

sustainability strategy, which includes

the FasterForward programme. The full

Board receives twice-yearly reports from

the Head of Sustainability that include

matters relating to climate change and

any financial impacts of a scale relevant

to Board matters. These updates include

progress against goals and targets,

allowing the Board to monitor delivery

and performance against strategy.

Aspart of its duties, the Board also

considers matters related to the

environment in all its decision making.

We have a dedicated Climate Impacts

Steering Committee, chaired by the

Group Finance Director – who is also a

Board Director – to provide additional

leadership and focus in this area and to

co-ordinate the functions involved in

assessing and managing impacts. It

reports on its activities to the Audit

Committee twice a year and, in this

way, the Audit Committee is updated

on developments in climate change

reporting and our broader sustainability

activities. Climate-related risks are also

considered by the Risk Committee,

which after every meeting reports to

the Audit Committee. TheRisk

Committee is chaired by theGroup

Finance Director.

At an executive level, sustainability is

overseen by the Director of Investor

Relations, Communications & Brand,

who is a member of Informa’s

leadership team and Climate Impacts

Steering Committee, and to whom the

Group Sustainability team reports. The

Sustainability team devises and

implements Informa’s overarching

response to climate change impacts.

Identifying climate risk and opportunity

on a product and market level, and

acting on those, is embedded in

business planning and risk

management at a divisional level.

We include sustainability criteria in

Director remuneration plans. The

current measure is the number of

events accredited in our Sustainable

Event Fundamentals programme, which

includes climate-related elements such

asenergy efficiency. These criteria are,

in turn, included in the objectives of a

wider group of managers in relevant

parts of our business.

Strategic Report

Informa Annual Report and Accounts 2024

74

PageTitleTask Force on Climate-related Financial Disclosures report

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAXZBAMDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCtqN7FpmmXd/PnybWF5pMddqgk/oK+Udf8AiX4p17U5Lo6td2cRJ8u2tJ2jSNew+Ujcfc819X39lDqWnXVjcAmG5ieGQDurAg/oa+VfEHwu8V6FqMlvHpN1fwbj5VxZwtKHXsSFyVPsa6KHLrcyq36GL/wl3ib/AKGLVv8AwNk/+Ko/4S7xN/0MWrf+Bsn/AMVUn/CFeK/+hZ1n/wAAJf8A4mj/AIQrxX/0LOs/+AEv/wATXT7pjqR/8Jd4m/6GLVv/AANk/wDiqP8AhLvE3/Qxat/4Gyf/ABVSf8IV4r/6FnWf/ACX/wCJo/4QrxX/ANCzrP8A4AS//E0e6Gps+Fvih4l8PatFPPqd3f2ZYCe2upmkDJ32lj8rehHfrkV7V8WPHdx4T8OWn9lOovtRYiGYgHy0ABZgD1PzKB9a8b8K/CjxLr2qQx3um3Wm2AYGee5jMTBc8hVYZJ9OMete0fFXwHP4v8OWy6YEF/p7FoI2IUOhADID2PC47cfiMKnJzo0jzcrPALP4g+LbG/W8j8Q6i8gbcVmuGkRvYqxII/CvoaT4hqvwmHjIW4MxhwIAePO3+Xj/AHd3Privn+y+GnjG+1AWa6BeQtuAaSeMxxr77zwR9M19CSfD2FvhV/whi3OGEHE+OPO3+Zu/3d/brinV5NAhzanzpefEDxbe3zXkniHUUkLbgsNw0aL7BVIAH4V778L/AB9L4n8JXdxqzqbzTOLiRQBvTaSHIHAPDA9uK8Ju/hr4xs9RNk2gXsr7iBJDGXib33jgD6kV7z8MvAD+FvCV1a6qEN7qWTcohBCJggJnuQCSe2SevUlbk5dAp81zw3xJ8TvE+v6rJdR6rd2FtuPk21pM0aoueM7SNx9z+GBxXp3wY+IWqa7eT6BrM7XUkcJmt7mQ/PgEBlY/xdQQevByTxjzbxH8KvFOhanJBBpdzqFqXIhuLSMybl7FgvKnHXPGe5616d8HPhzqXh27uNd1qL7PcSQmGC2JBZVJBLNjoeAAM9zmnU9nyaCjzcx7BRRRXGdAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFVNQ06DU4Fhne6RVbcDbXUsDZwRy0bKSOemcflQBborC/4RLTf+fnWf8AwdXn/wAdo/4RLTf+fnWf/B1ef/HaegtTdorC/wCES03/AJ+dZ/8AB1ef/HaP+ES03/n51n/wdXn/AMdo0DU3aKwv+ES03/n51n/wdXn/AMdo/wCES03/AJ+dZ/8AB1ef/HaNA1N2isL/AIRLTf8An51n/wAHV5/8do/4RLTf+fnWf/B1ef8Ax2jQNTdorC/4RLTf+fnWf/B1ef8Ax2j/AIRLTf8An51n/wAHV5/8do0DU3aK5S60qHR9d8PPZ3Wp/v754ZUn1K4mR0+zTtgrI7D7yqenauroaBBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAV2uJVYgWc7AHGQUwf/AB6k+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqsKSyglSpIzg9RS0UAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKxprnxMs8gg0jSXhDERu+qSKzLnglRbnBx2yfqaj+1+K/+gLo3/g2l/wDkanYVzdorC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkaizC5u0Vhfa/Ff8A0BdG/wDBtL/8jUfa/Ff/AEBdG/8ABtL/API1FmFzdorC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kaizC5u0Vhfa/Ff/QF0b/wbS//ACNR9r8V/wDQF0b/AMG0v/yNRZhc3aKwvtfiv/oC6N/4Npf/AJGo+1+K/wDoC6N/4Npf/kaizC5u0Vhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1FmFzdorC+1+K/+gLo3/g2l/wDkaj7X4r/6Aujf+DaX/wCRqLMLm7RWF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNRZhc3aKwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GoswubtFYX2vxX/ANAXRv8AwbS//I1H2vxX/wBAXRv/AAbS/wDyNRZhc3aKwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GoswubtFYX2vxX/0BdG/8G0v/wAjUfa/Ff8A0BdG/wDBtL/8jUWYXN2isL7X4r/6Aujf+DaX/wCRqPtfiv8A6Aujf+DaX/5GoswubtFYX2vxX/0BdG/8G0v/AMjUfa/Ff/QF0b/wbS//ACNRZhc3aKwvtfiv/oC6N/4Npf8A5Go+1+K/+gLo3/g2l/8AkaizC5u0Vhfa/Ff/AEBdG/8ABtL/API1H2vxX/0BdG/8G0v/AMjUWYXN2isL7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORqLMLm7RWF9r8V/wDQF0b/AMG0v/yNR9r8V/8AQF0b/wAG0v8A8jUWYXN2isL7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+RqLMLm7RWF9r8V/9AXRv/BtL/8AI1H2vxX/ANAXRv8AwbS//I1FmFzdorC+1+K/+gLo3/g2l/8Akaj7X4r/AOgLo3/g2l/+RqLMLm7RWF9r8V/9AXRv/BtL/wDI1H2vxX/0BdG/8G0v/wAjUWYXN2isL7X4r/6Aujf+DaX/AORqPtfiv/oC6N/4Npf/AJGoswubtFYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1FmFzdorC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkaizC5u0Vhfa/Ff8A0BdG/wDBtL/8jUfa/Ff/AEBdG/8ABtL/API1FmFzdorC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kaizC5u0Vhfa/Ff/QF0b/wbS//ACNR9r8V/wDQF0b/AMG0v/yNRZhc3aKwvtfiv/oC6N/4Npf/AJGo+1+K/wDoC6N/4Npf/kaizC5u0Vhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1FmFzdorC+1+K/+gLo3/g2l/wDkaj7X4r/6Aujf+DaX/wCRqLMLm7RWF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNRZhc3aKwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GoswubtFYX2vxX/ANAXRv8AwbS//I1H2vxX/wBAXRv/AAbS/wDyNRZhc3aKwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GoswubtFYX2vxX/0BdG/8G0v/wAjUfa/Ff8A0BdG/wDBtL/8jUWYXN2isL7X4r/6Aujf+DaX/wCRqPtfiv8A6Aujf+DaX/5GoswubtFYX2vxX/0BdG/8G0v/AMjUfa/Ff/QF0b/wbS//ACNRZhc3aKwvtfiv/oC6N/4Npf8A5Go+1+K/+gLo3/g2l/8AkaizC5u0Vhfa/Ff/AEBdG/8ABtL/API1H2vxX/0BdG/8G0v/AMjUWYXN2isL7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORqLMLm7RWF9r8V/wDQF0b/AMG0v/yNR9r8V/8AQF0b/wAG0v8A8jUWYXN2isL7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+RqLMLm7RWF9r8V/9AXRv/BtL/8AI1H2vxX/ANAXRv8AwbS//I1FmFzdorC+1+K/+gLo3/g2l/8Akaj7X4r/AOgLo3/g2l/+RqLMLm7RWF9r8V/9AXRv/BtL/wDI1H2vxX/0BdG/8G0v/wAjUWYXN2isL7X4r/6Aujf+DaX/AORqPtfiv/oC6N/4Npf/AJGoswubtFYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1FmFzdorC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkaizC5u0Vhfa/Ff8A0BdG/wDBtL/8jUfa/Ff/AEBdG/8ABtL/API1FmFzdorC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kaizC5u0Vhfa/Ff/QF0b/wbS//ACNR9r8V/wDQF0b/AMG0v/yNRZhc3aKwvtfiv/oC6N/4Npf/AJGo+1+K/wDoC6N/4Npf/kaizC5u0Vhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1FmFzdorC+1+K/+gLo3/g2l/wDkaj7X4r/6Aujf+DaX/wCRqLMLm7RWF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNRZhc3aKwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GoswubtFYX2vxX/ANAXRv8AwbS//I1H2vxX/wBAXRv/AAbS/wDyNRZhc3aKwvtfiv8A6Aujf+DaX/5GrZgMrQRmdESYqDIkbl1VscgMQCRnvgZ9BQ1YdySiiikBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBXa3lZiReTqCc4ATA/8dpPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mrCgqoBYsQMZPU0tFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUVXaziZixafJOeJ3A/LNJ9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FVYVQqhRnAGOTk/nQAtFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAK7WNo7FmtYGYnJJjBJNJ/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/CrCqqKFUBVAwABgAUtFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUVXaxtHYs1rAzE5JMYJJpP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/CrCqqKFUBVAwABgAUALRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKrteRKxUrPkHHEDkfnik+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNWFYMoYZwRnkYP5UALRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCu1xKrECznYA4yCmD/49SfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFAFb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0UAVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKqzRQBW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qrNFAFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0UAVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRQBW+0y/8+Nx/31H/APFVYUllBKlSRnB6ilooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRVdkuyx2zwBc8AwkkD/AL6pNl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0AWaKrbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdAFmiq2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lqwu4KNxBbHJAwCaAFooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAK7WcTMWLT5JzxO4H5ZpPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVWFUKoUZwBjk5P50tFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCu19aIxVrqBWBwQZACDSf2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f41YVldQykMpGQQcgilooAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAoqu15ErFSs+QccQOR+eKT7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE1YVgyhhnBGeRg/lQAtFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAONvfEnjWC/uIbXwD9pt45WWKf+2IU81ASA20jIyMHB6ZqD/hKfHn/ROP8AyuQf4V3NFVzLt+YrPucN/wAJT48/6Jx/5XIP8KP+Ep8ef9E4/wDK5B/hXc0Ucy7fn/mKz7nDf8JT48/6Jx/5XIP8KP8AhKfHn/ROP/K5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/yuQf4Uf8JT48/6Jx/5XIP8K7mijmXb8/8AMLPucN/wlPjz/onH/lcg/wAKP+Ep8ef9E4/8rkH+FdzRRzLt+f8AmFn3OG/4Snx5/wBE4/8AK5B/hR/wlPjz/onH/lcg/wAK7mijmXb8/wDMLPucN/wlPjz/AKJx/wCVyD/Cj/hKfHn/AETj/wArkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP8AyuQf4Uf8JT48/wCicf8Alcg/wruaKOZdvz/zCz7nDf8ACU+PP+icf+VyD/Cj/hKfHn/ROP8AyuQf4V3NFHMu35/5hZ9zhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8K7mijmXb8/8ws+5w3/CU+PP+icf+VyD/Cj/AISnx5/0Tj/yuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/8rkH+FH/CU+PP+icf+VyD/Cu5oo5l2/P/ADCz7nDf8JT48/6Jx/5XIP8ACj/hKfHn/ROP/K5B/hXc0Ucy7fn/AJhZ9zhv+Ep8ef8AROP/ACuQf4Uf8JT48/6Jx/5XIP8ACu5oo5l2/P8AzCz7nDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/AMrkH+FH/CU+PP8AonH/AJXIP8K7mijmXb8/8ws+5w3/AAlPjz/onH/lcg/wo/4Snx5/0Tj/AMrkH+FdzRRzLt+f+YWfc4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cu5oo5l2/P/MLPucN/wlPjz/onH/lcg/wo/wCEp8ef9E4/8rkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP/K5B/hR/wlPjz/onH/lcg/wruaKOZdvz/wAws+5w3/CU+PP+icf+VyD/AAo/4Snx5/0Tj/yuQf4V3NFHMu35/wCYWfc4b/hKfHn/AETj/wArkH+FH/CU+PP+icf+VyD/AAruaKOZdvz/AMws+5w3/CU+PP8AonH/AJXIP8KP+Ep8ef8AROP/ACuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/wDK5B/hR/wlPjz/AKJx/wCVyD/Cu5oo5l2/P/MLPucN/wAJT48/6Jx/5XIP8KP+Ep8ef9E4/wDK5B/hXc0Ucy7fn/mFn3OG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wruaKOZdvz/zCz7nDf8JT48/6Jx/5XIP8KP8AhKfHn/ROP/K5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/yuQf4Uf8JT48/6Jx/5XIP8K7mijmXb8/8AMLPucN/wlPjz/onH/lcg/wAKP+Ep8ef9E4/8rkH+FdzRRzLt+f8AmFn3OG/4Snx5/wBE4/8AK5B/hR/wlPjz/onH/lcg/wAK7mijmXb8/wDMLPucN/wlPjz/AKJx/wCVyD/Cj/hKfHn/AETj/wArkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP8AyuQf4Uf8JT48/wCicf8Alcg/wruaKOZdvz/zCz7nDf8ACU+PP+icf+VyD/Cj/hKfHn/ROP8AyuQf4V3NFHMu35/5hZ9zhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8K7mijmXb8/8ws+5w3/CU+PP+icf+VyD/Cj/AISnx5/0Tj/yuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/8rkH+FH/CU+PP+icf+VyD/Cu5oo5l2/P/ADCz7nDf8JT48/6Jx/5XIP8ACj/hKfHn/ROP/K5B/hXc0Ucy7fn/AJhZ9zhv+Ep8ef8AROP/ACuQf4Uf8JT48/6Jx/5XIP8ACu5oo5l2/P8AzCz7nDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/AMrkH+FH/CU+PP8AonH/AJXIP8K7mijmXb8/8ws+5w3/AAlPjz/onH/lcg/wo/4Snx5/0Tj/AMrkH+FdzRRzLt+f+YWfc4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cu5oo5l2/P/MLPucN/wlPjz/onH/lcg/wo/wCEp8ef9E4/8rkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP/K5B/hR/wlPjz/onH/lcg/wruaKOZdvz/wAws+5w3/CU+PP+icf+VyD/AAo/4Snx5/0Tj/yuQf4V3NFHMu35/wCYWfc4b/hKfHn/AETj/wArkH+FH/CU+PP+icf+VyD/AAruaKOZdvz/AMws+5w3/CU+PP8AonH/AJXIP8KP+Ep8ef8AROP/ACuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/wDK5B/hR/wlPjz/AKJx/wCVyD/Cu5oo5l2/P/MLPucN/wAJT48/6Jx/5XIP8KP+Ep8ef9E4/wDK5B/hXc0Ucy7fn/mFn3OG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wruaKOZdvz/zCz7nDf8JT48/6Jx/5XIP8KP8AhKfHn/ROP/K5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/yuQf4Uf8JT48/6Jx/5XIP8K7mijmXb8/8AMLPucN/wlPjz/onH/lcg/wAKP+Ep8ef9E4/8rkH+FdzRRzLt+f8AmFn3OG/4Snx5/wBE4/8AK5B/hR/wlPjz/onH/lcg/wAK7mijmXb8/wDMLPucN/wlPjz/AKJx/wCVyD/Cj/hKfHn/AETj/wArkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP8AyuQf4Uf8JT48/wCicf8Alcg/wruaKOZdvz/zCz7nDf8ACU+PP+icf+VyD/Cj/hKfHn/ROP8AyuQf4V3NFHMu35/5hZ9zhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8K7mijmXb8/8ws+5w3/CU+PP+icf+VyD/Cj/AISnx5/0Tj/yuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/8rkH+FdlZS3E9hbzXVt9luZIlaWDeH8pyASu4cNg5GR1xU9FJtPoNIKKKKQzC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFMeVU6nn0FJNJsXA6mqnWgCc3J7L+tJ9pb+6KhopgTfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE32lv7oo+0t/dFQ0UATfaW/uij7S390VDRQBN9pb+6KPtLf3RUNFAE/wBpPdRT0nVuDwfeqtFAF+iq8Epzsb8KsUgCiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAU5W3SN7cUylb77fWkpgFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAADg5FXgcqD6iqNXY/wDVr9KQDqKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFXY/8AVr9KpVdj/wBWv0pAOooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAUUjKGUqwBBGCD3qH7Ha/8APtD/AN+xQBPRUH2O1/59of8Av2KPsdr/AM+0P/fsUAT0VB9jtf8An2h/79ij7Ha/8+0P/fsUAT0VB9jtf+faH/v2KPsdr/z7Q/8AfsUAT0VB9jtf+faH/v2KPsdr/wA+0P8A37FAE9FQfY7X/n2h/wC/Yo+x2v8Az7Q/9+xQBPRUH2O1/wCfaH/v2KPsdr/z7Q/9+xQBPRUH2O1/59of+/Yo+x2v/PtD/wB+xQBPRUH2O1/59of+/Yo+x2v/AD7Q/wDfsUAT0VB9jtf+faH/AL9ij7Ha/wDPtD/37FAE9FQfY7X/AJ9of+/Yo+x2v/PtD/37FAE9FQfY7X/n2h/79ij7Ha/8+0P/AH7FAE9FQfY7X/n2h/79ij7Ha/8APtD/AN+xQBPRUH2O1/59of8Av2KPsdr/AM+0P/fsUAT0VB9jtf8An2h/79ij7Ha/8+0P/fsUAT0VB9jtf+faH/v2KPsdr/z7Q/8AfsUAT0VB9jtf+faH/v2KPsdr/wA+0P8A37FAE9FQfY7X/n2h/wC/Yo+x2v8Az7Q/9+xQBPRUH2O1/wCfaH/v2KPsdr/z7Q/9+xQBPRUH2O1/59of+/Yo+x2v/PtD/wB+xQBPRUH2O1/59of+/Yo+x2v/AD7Q/wDfsUAT0VB9jtf+faH/AL9ij7Ha/wDPtD/37FAE9FQfY7X/AJ9of+/Yo+x2v/PtD/37FAE9FQfY7X/n2h/79ij7Ha/8+0P/AH7FAE9FQfY7X/n2h/79ij7Ha/8APtD/AN+xQBPRUH2O1/59of8Av2KPsdr/AM+0P/fsUAT0VB9jtf8An2h/79ij7Ha/8+0P/fsUAT0VB9jtf+faH/v2KPsdr/z7Q/8AfsUAT0VB9jtf+faH/v2KPsdr/wA+0P8A37FAE9FQfY7X/n2h/wC/Yo+x2v8Az7Q/9+xQBPRUH2O1/wCfaH/v2KPsdr/z7Q/9+xQBPRUH2O1/59of+/Yo+x2v/PtD/wB+xQBPRUH2O1/59of+/Yo+x2v/AD7Q/wDfsUAT0VB9jtf+faH/AL9ij7Ha/wDPtD/37FAE9FQfY7X/AJ9of+/Yo+x2v/PtD/37FAE9FQfY7X/n2h/79ij7Ha/8+0P/AH7FAE9FQfY7X/n2h/79ij7Ha/8APtD/AN+xQBPRUH2O1/59of8Av2KPsdr/AM+0P/fsUAT0VB9jtf8An2h/79ij7Ha/8+0P/fsUAT0VB9jtf+faH/v2KPsdr/z7Q/8AfsUAT0VB9jtf+faH/v2KPsdr/wA+0P8A37FAE9FQfY7X/n2h/wC/Yo+x2v8Az7Q/9+xQBPRUH2O1/wCfaH/v2KPsdr/z7Q/9+xQBPRUH2O1/59of+/Yo+x2v/PtD/wB+xQBPRUH2O1/59of+/Yo+x2v/AD7Q/wDfsUAT0VB9jtf+faH/AL9ij7Ha/wDPtD/37FAE9FQfY7X/AJ9of+/Yo+x2v/PtD/37FAE9FQfY7X/n2h/79ij7Ha/8+0P/AH7FAE9FQfY7X/n2h/79ij7Ha/8APtD/AN+xQBPRUH2O1/59of8Av2KPsdr/AM+0P/fsUAT0VB9jtf8An2h/79ij7Ha/8+0P/fsUAT0VB9jtf+faH/v2KPsdr/z7Q/8AfsUAT0VB9jtf+faH/v2KPsdr/wA+0P8A37FAE9FQfY7X/n2h/wC/Yo+x2v8Az7Q/9+xQBPRUH2O1/wCfaH/v2KPsdr/z7Q/9+xQBPRUH2O1/59of+/Yo+x2v/PtD/wB+xQBPRUH2O1/59of+/Yo+x2v/AD7Q/wDfsUAT0U1ESNAqKqqOgUYFOoAKux/6tfpVKrsf+rX6UgHUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCi33z9aSlb75+tJTAKKZKZRC5gRHm2ny1kcqrN2BIBIGe+D9DWbnxX/0CNG/8Gsv/AMjUWC5q0VlZ8V/9AjRv/BrL/wDI1GfFf/QI0b/way//ACNTsK5q0VlZ8V/9AjRv/BrL/wDI1GfFf/QI0b/way//ACNRYLmrRWVnxX/0CNG/8Gsv/wAjUZ8V/wDQI0b/AMGsv/yNRYLmrRWVnxX/ANAjRv8Away//I1GfFf/AECNG/8ABrL/API1FguatFZWfFf/AECNG/8ABrL/API1GfFf/QI0b/way/8AyNRYLmrRWVnxX/0CNG/8Gsv/AMjUZ8V/9AjRv/BrL/8AI1FguatFZWfFf/QI0b/way//ACNRnxX/ANAjRv8Away//I1FguatFZWfFf8A0CNG/wDBrL/8jUZ8V/8AQI0b/wAGsv8A8jUWC5q0VlZ8V/8AQI0b/wAGsv8A8jUZ8V/9AjRv/BrL/wDI1FguatFZWfFf/QI0b/way/8AyNRnxX/0CNG/8Gsv/wAjUWC5q0VlZ8V/9AjRv/BrL/8AI1GfFf8A0CNG/wDBrL/8jUWC5q0VlZ8V/wDQI0b/AMGsv/yNRnxX/wBAjRv/AAay/wDyNRYLmrRWVnxX/wBAjRv/AAay/wDyNRnxX/0CNG/8Gsv/AMjUWC5q0VlZ8V/9AjRv/BrL/wDI1GfFf/QI0b/way//ACNRYLmrRWVnxX/0CNG/8Gsv/wAjUZ8V/wDQI0b/AMGsv/yNRYLmrRWVnxX/ANAjRv8Away//I1GfFf/AECNG/8ABrL/API1FguatFZWfFf/AECNG/8ABrL/API1GfFf/QI0b/way/8AyNRYLmrRWVnxX/0CNG/8Gsv/AMjUZ8V/9AjRv/BrL/8AI1FguatFZWfFf/QI0b/way//ACNRnxX/ANAjRv8Away//I1FguatFZWfFf8A0CNG/wDBrL/8jUZ8V/8AQI0b/wAGsv8A8jUWC5q0VlZ8V/8AQI0b/wAGsv8A8jUZ8V/9AjRv/BrL/wDI1FguatFZWfFf/QI0b/way/8AyNRnxX/0CNG/8Gsv/wAjUWC5q0VlZ8V/9AjRv/BrL/8AI1GfFf8A0CNG/wDBrL/8jUWC5q0VlZ8V/wDQI0b/AMGsv/yNRnxX/wBAjRv/AAay/wDyNRYLmrRWVnxX/wBAjRv/AAay/wDyNRnxX/0CNG/8Gsv/AMjUWC5q0VlZ8V/9AjRv/BrL/wDI1GfFf/QI0b/way//ACNRYLmrRWVnxX/0CNG/8Gsv/wAjUZ8V/wDQI0b/AMGsv/yNRYLmrRWVnxX/ANAjRv8Away//I1GfFf/AECNG/8ABrL/API1FguatFZWfFf/AECNG/8ABrL/API1GfFf/QI0b/way/8AyNRYLmrRWVnxX/0CNG/8Gsv/AMjUZ8V/9AjRv/BrL/8AI1FguatFZWfFf/QI0b/way//ACNRnxX/ANAjRv8Away//I1FguatFZWfFf8A0CNG/wDBrL/8jUZ8V/8AQI0b/wAGsv8A8jUWC5q0VlZ8V/8AQI0b/wAGsv8A8jUZ8V/9AjRv/BrL/wDI1FguatFZWfFf/QI0b/way/8AyNRnxX/0CNG/8Gsv/wAjUWC5q0VlZ8V/9AjRv/BrL/8AI1GfFf8A0CNG/wDBrL/8jUWC5q0VlZ8V/wDQI0b/AMGsv/yNRnxX/wBAjRv/AAay/wDyNRYLmrRWVnxX/wBAjRv/AAay/wDyNRnxX/0CNG/8Gsv/AMjUWC5q0VlZ8V/9AjRv/BrL/wDI1GfFf/QI0b/way//ACNRYLmrRWVnxX/0CNG/8Gsv/wAjUZ8V/wDQI0b/AMGsv/yNRYLmrRWVnxX/ANAjRv8Away//I1GfFf/AECNG/8ABrL/API1FguatFZWfFf/AECNG/8ABrL/API1GfFf/QI0b/way/8AyNRYLmrRWVnxX/0CNG/8Gsv/AMjUZ8V/9AjRv/BrL/8AI1FguatFZWfFf/QI0b/way//ACNRnxX/ANAjRv8Away//I1FguatFZWfFf8A0CNG/wDBrL/8jUZ8V/8AQI0b/wAGsv8A8jUWC5q0VlZ8V/8AQI0b/wAGsv8A8jUZ8V/9AjRv/BrL/wDI1FguatFZWfFf/QI0b/way/8AyNRnxX/0CNG/8Gsv/wAjUWC5q0VlZ8V/9AjRv/BrL/8AI1GfFf8A0CNG/wDBrL/8jUWC5q0VlZ8V/wDQI0b/AMGsv/yNRnxX/wBAjRv/AAay/wDyNRYLmrRWVnxX/wBAjRv/AAay/wDyNRnxX/0CNG/8Gsv/AMjUWC5q0VlZ8V/9AjRv/BrL/wDI1GfFf/QI0b/way//ACNRYLmrRWVnxX/0CNG/8Gsv/wAjUZ8V/wDQI0b/AMGsv/yNRYLmrRWVnxX/ANAjRv8Away//I1GfFf/AECNG/8ABrL/API1FguatFZWfFf/AECNG/8ABrL/API1GfFf/QI0b/way/8AyNRYLmrRWVnxX/0CNG/8Gsv/AMjUZ8V/9AjRv/BrL/8AI1FguatFZWfFf/QI0b/way//ACNRnxX/ANAjRv8Away//I1FguatFZWfFf8A0CNG/wDBrL/8jUZ8V/8AQI0b/wAGsv8A8jUWC5q0VFbfa/s6fboYYbnnekEplQc8YYqpPGOw/rUtIYVdj/1a/SqVXY/9Wv0pAOooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQBRb75+tJSt98/WkpgKv3h9avVRX7w+tXqQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAVJ/9aajqSf8A1pqOmAVdj/1a/SqVXY/9Wv0pAOooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQBRb75+tJSt98/WkpgKv3h9avVRX7w+tXqQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAVJ/9aajqSf8A1pqOmAVdj/1a/SqVXY/9Wv0pAOooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQBRb75+tJSt98/WkpgKv3h9avVQ5P3SA3YkZGam2Xv/Pxb/wDfg/8AxdAFmiq2y9/5+Lf/AL8H/wCLo2Xv/Pxb/wDfg/8AxdICzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugCzRVbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4ugBs/8ArTUdOcOGxIys/cquB+WTTaYBV2P/AFa/SqVXY/8AVr9KQDqKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBRb75+tJSt98/WkpgKv3h9avVRX7w+tXqQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAVJ/8AWmo6kn/1pqOmAVdj/wBWv0qlV2P/AFa/SkA6iiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUV5h4r8aXN1dS2OmTGK0Q7TLGfmkPfB7D6dfxxW+Gw08RLlicmNxtPCU+efXZdz00yxhgpdQx6AnmnV4VpulX2s3TQ2cRkcAszE4AHqSa1fD/i6+0SdYpZGuLLdh42OSo9VPb6dP513VMraT5JXa6HlUc+i2nVpuMX13/RHsFFRwTxXVvHPC4eKRQysO4NFeS1bQ+gTTV0VW++frSUrffP1pKYxV+8PrV6qK/eH1q9SAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCpP8A601HUk/+tNR0wCrsf+rX6VSq7H/q1+lIB1FFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISMzxDM8Hh3UZIzhxbvg+nGK8WsrcXd7DbmaOESOF8yQ4Vc9zXut5ape2U9rJ9yaNo2x2BGK8N1LT59L1CayuFxJE2M9mHYj2Ir2spkuWUFufL8Qwkp06jV47f16nUeJbg+HbUeHtOhkgiZQ09yww1xn0Pp2/T68bXUabrVnqWl/2Pr7kRxgm1vApZoT6HuR/n0I5qOJ5ZliiUu7sFUAcsTwK9DDxcE4yWvV9/P+tjx8bJVZRnB+69l/L5W/Xr63On0jxPqGn6XDawxzNHHuwVTI5Yn+tFd1o3hi0sdItre6hjlnVcyNjuSSR+GcfhRXk1MVhnN+5fU+ho5fjVTivaW0WnbyNFvvn60lK33z9aSvLPoBV+8PrV6qK/eH1q9SAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCpP/rTUdST/AOtNR0wCrsf+rX6VSq7H/q1+lIB1FFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCszWNA0/XIPLvIvnH3JU4dfof6HitOgkAEk4A704TlB80XZk1KcKkXGaumcA/wxjMpMeqsseeFaDJx9dw/lXRaH4U03Qj5kKGa5/57S4JH09Kuvr2kRyFH1SyVgcEGdeP1q9HIksYkjdXRhkMpyD+NdNXE4mceWbdvuOHD4HBU581KKuvO9vx0HUUUVyHolFvvn60lK33z9aSmAq/eH1q9VDk/dIDdiRkZqbZe/wDPxb/9+D/8XQBZoqtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F0gLNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6ALNFVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6AGz/601HTnDhsSMrP3Krgflk02mAVdj/1a/SqVXY/9Wv0pAOooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQhIVSzEAAZJPavKfEPiK/8AEmpnTtOMhtGfZFFHwZfc+3fngCvQ/EjsnhrUmQ4P2dxx9K8o8Oa2ND1IzPF5kMimOTbw4U91PY/5969XLqV4yqpXa2PAzrENThh3Lli935Ca5pllpPk2iXLT36g/atuPLQ9lHckd6NC8Q3uhXSvBIWgLAyQE/K47/Q+9aMsFv4cvlvRb2+raVeoRE8uM4zyM4+Vx64/LtX8SaZY28NhqWmBls75CwiYkmNhjIz+P6GvTjOM0qc9U+vn1XkeFOnOlJ1qT5XHoui2Tv1T/AF7HrlleQ39nFd277opV3Kf896K8m0vV9XtdOihtQ/krnbiQDuSePrRXkzy2Sk7SVj6GnndNwTlF3t2PUm++frSUrffP1pK809wVfvD61eqiv3h9avUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAqT/601HUk/wDrTUdMAq7H/q1+lUqux/6tfpSAdRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEiK5gjuraW3lGY5UKMPUEYNeJa1pFxompS2k4JAOY5MYDr2I/z1r3KqmoabZ6rbG3vYFljPIB6g+oPUV2YLFvDyd9UzzMzy5YyCs7SW3+R4zo9hFqVw0N1qMNlbxqXZ5W6+yjPJrT1q5g1eXTNF0OOSaC1UpGxUgyMx5PsOM9uprrX+G+jtIWFxeqp/hDrx+a10Gk6Fp2ixstlbhGb70jHLN9Sf5dK7quYUr88btrZdPU8rD5PiOV0p2inu9212XREekaDa6ZpVvZtGkrRr8zsv3iTk/hk0Vq0V48qkpNtvc+lhRpwioxWiKLffP1pKVvvn60lSaCr94fWr1UV+8PrV6kAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFSf/Wmo6kn/wBaajpgFXY/9Wv0qlV2P/Vr9KQDqKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFMmmit4WmmkSONRlndsAfU0skiRRPJIwVEBZiewHWvGvEniK416/c73WzVv3MOeAPUj1P9cV1YTCSxErbJHBmOYQwcE2rt7I9Ifxr4eSQodRBI4ysTkfmBWxaXtrfw+daXEc0ecbkbOD6V45f+H5LbSLbVbWYXVpKg8xkGDC/dWH14z/9bNTStWvNHvFubSVlII3pn5XHoR3rvlllOcL0pa+f9aHkRzyvSqKOIgrPt277u57rRVPTdSt9U06C9gbEcq5APUHoQfoQRRXjOLi7M+ljOMoqUXoxrffP1pKVvvn60lBQq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/1pqOpJ/8AWmo6YBV2P/Vr9KpVdj/1a/SkA6iiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJGV4l3f8ACM6ltzn7O/T0xz+leI19ASxJPC8Uiho3UqynuDwRXjHiLw/caDqDxsjtas37mYjhh6Z9RXs5TViuam99z5niHDzbjWWy0fkaXgc35v5UjCNphU/bRN/qwmO/v/k8VhawLAarcDTC5s937vf/AE9vTPOKu33iFptFttJsoBa2qKDMFOTM/ck+me3+AxQ0zTLvVr1LW0iLux5OOEHqT2FejCLjOVaen9bvzPFqzUqcMPT95rr5vovL82aemvq4sIhageTzt5b1OenvRXq+maZb6XpsFlCNyRLjcRyx6k/iSTRXkzzGLk7QR9FSyaSglKo07CN98/WkpW++frSV5Z74q/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/1pqOpJ/8AWmo6YBV2P/Vr9KpVdj/1a/SkA6iiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBUVxbw3cDQXESSxNwyOuQalqtfahaabbG4vJ0hiH8Tdz6AdSfYURTb93cU3FRbnt5mM3gbw8zlvsJGewmcD+dbNjp1npsHk2VvHBH1IQdT6k9T+Nc2/xF0RZdgS7df76xjH6nP6Vu6XrWn6zEz2Nysm37y4wy/UHn8a6a0cSo/vb287nDhp4FztQ5ebytc0KKKK5T0Ci33z9aSlb75+tJTAVfvD61eqhyPugFuwJwM1Nvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKQFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQA2f8A1pqOnOXLZkVVfuFbI/PAptMAq7H/AKtfpVKrsf8Aq1+lIB1FFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIjuJ47a3luJW2xxIXc+gAya8gum1bxprE8ttC0uwZSIyACNM4HUgfWvT/ABIrN4a1IJnP2dzx6Y5ryXQ0je4lEmizaqNnEcTupTnr8oNetlsUoTqrdf13X5nzud1HKrToS+F6v+kn+TLn/CD+I/8AoHf+R4//AIqoZtL1zwvLBqEsTWrB8I4lVsnrggE8cVreRa/9CBf/APf+f/4msvXI4UtozH4audKO/mWWSRg3H3fmAHvXoQq1Jy5ZWs/Jf/Jv8jyKuHo04OdO91trL/5WvzR6ppOtW+qaVb3oZYzKuSjH7pBwR+YNFeXabpmrXGnxS2zMIWztxGD3OefrRXmzwFPmdppHtUs3ruEW6Tei17nqrffP1pKVvvn60leWfQCr94fWr1UV+8PrV6kAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFSf/Wmo6kn/wBaajpgFXY/9Wv0qlV2P/Vr9KQDqKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkIyq6lWAKkYIPQivJ9f0PU/DF/Nc6fJcRWMh+WWFyu0H+Fseh9etes0jKGUqwBUjBBHWujDYmVCV7XT3RxY7AxxcEm7SWzPDf7e1j/AKC1/wD+BL/41e02z1vxVcJbtc3U8CMC8k0jMkfvyeuO3WvUm8OaK8m86Xabv+uQx+VX4YIreJYoIkijXoiKFA/AV3zzOFv3cLM8mlkdVy/fVLx7K+pHY2UGnWMNpbrtiiXao/qfc9aKsUV5Dbbuz6OMVFJLZFFvvn60lK33z9aSgYq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/wBaajqSf/Wmo6YBV2P/AFa/SqVXY/8AVr9KQDqKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBRb75+tJSt98/WkpgKv3h9avVRX7w+tXqQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAVJ/8AWmo6kn/1pqOmAVdj/wBWv0qlV2P/AFa/SkA6iiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAUW++frSUrffP1pKYCr94fWr1UV+8PrV6kAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFSf/AFpqOpJ/9aajpgFXY/8AVr9KpVdj/wBWv0pAOooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/wBaajqSf/Wmo6YBV2P/AFa/SqVXY/8AVr9KQDqKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQBRb75+tJSt98/WkpgKv3h9avVRX7w+tXqQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAVJ/8AWmo6kn/1pqOmAVdj/wBWv0qlV2P/AFa/SkA6iiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAUW++frSUrffP1pKYCr94fWr1UV+8PrV6kAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFSf/AFpqOpJ/9aajpgFXY/8AVr9KpVdj/wBWv0pAOooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAq/eH1q9VDcE+ZiAo5JJ4Aqb+0LL/n8t/8Av6P8aALNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GlYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwDZ/wDWmo6c8iStvjdXQ9GU5BptMAq7H/q1+lUqux/6tfpSAdRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKLffP1pKVvvn60lMBV+8PrV6qK/eH1q9SAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCpP/rTUdST/wCtNR0wCrsf+rX6VSq7H/q1+lIB1FFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAot98/WkpW++frSUwFX7w+tXqor94fWr1IAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKk/+tNR1JP/AK01HTAKux/6tfpVKrsf+rX6UgHUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCi33z9aSlb75+tJTAVfvD61eqiv3h9avUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAqT/601HUk/8ArTUdMAq7H/q1+lUqux/6tfpSAdRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAKLffP1pKVvvn60lMBV+8PrV6qG4J8zEBRySTwBU39oWX/P5b/9/R/jQBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NKwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYBs/+tNR055ElbfG6uh6MpyDTaYBV2P8A1a/SqVXY/wDVr9KQDqKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/ANaajqSf/Wmo6YBV2P8A1a/SqVXY/wDVr9KQDqKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/ANaajqSf/Wmo6YBV2P8A1a/SqVXY/wDVr9KQDqKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/ANaajqSf/Wmo6YBV2P8A1a/SqVXY/wDVr9KQDqKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/ANaajqSf/Wmo6YBV2P8A1a/SqVXY/wDVr9KQDqKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/ANaajqSf/Wmo6YBV2P8A1a/SqVXY/wDVr9KQDqKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAbQ/ysAVPBBHBFTf2fZf8+dv/wB+h/hUS/eH1q9QBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UrgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCk8aRNsjRUQdFUYAptST/AOtNR0wCrsf+rX6VSq7H/q1+lIB1FFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigCi33z9aSlb75+tJTAVfvD61eqiv3h9avUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAqT/601HUk/wDrTUdMAq7H/q1+lUqux/6tfpSAdRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAot98/WkpW++frSUwFX7w+tXqor94fWr1IAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKk/+tNR1JP8A601HTAKux/6tfpVKrsf+rX6UgHUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAKLffP1pKVvvn60lMBV+8PrV6qK/eH1q9SAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCpP/rTUdST/AOtNR0wCrsf+rX6VSq7H/q1+lIB1FFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigCi33z9aSlb75+tJTANof5WAKnggjgipv7Psv8Anzt/+/Q/wqJfvD61eoArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZopXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgUnjSJtkaKiDoqjAFNqSf/AFpqOmAVdj/1a/SqVXY/9Wv0pAOooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAUW++frSUrffP1pKYCr94fWr1UV+8PrV6kAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFSf/Wmo6kn/wBaajpgFXY/9Wv0qlV2P/Vr9KQDqKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFAFFvvn60lK33z9aSmAq/eH1q9VFfvD61epAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBUn/1pqOpJ/8AWmo6YBV2P/Vr9KpVdj/1a/SkA6iiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQBRb75+tJSt98/WkpgKv3h9avVRX7w+tXqQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAVJ/9aajqSf/AFpqOmAVdj/1a/SqVXY/9Wv0pAOooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAUW++frSUrffP1pKYBtD/KwBU8EEcEVN/Z9l/z52/8A36H+FRL94fWr1AFb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRSuBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCk8aRNsjRUQdFUYAptST/601HTAKux/wCrX6VSq7H/AKtfpSAdRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCi33z9aSlb75+tJTAVfvD61eqiv3h9avUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAqT/wCtNR1JP/rTUdMAq7H/AKtfpVKrsf8Aq1+lIB1FFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAKLffP1pKVvvn60lMBV+8PrV6qK/eH1q9SAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCpP/AK01HUk/+tNR0wCrsf8Aq1+lUqux/wCrX6UgHUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAot98/WkpW++frSUwFX7w+tXqor94fWr1IAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKk/8ArTUdST/601HTAKux/wCrX6VSq7H/AKtfpSAdRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCi33z9aSlb75+tJTANof5WAKnggjgipv7Psv+fO3/79D/Col+8PrV6gCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKVwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4FJ40ibZGiog6KowBTakn/ANaajpgFXY/9Wv0qlV2P/Vr9KQDqKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAUW++frSUrffP1pKYCr94fWr1UV+8PrV6kAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFSf/Wmo6kn/ANaajpgFXY/9Wv0qlV2P/Vr9KQDqKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAUW++frSUrffP1pKYCr94fWr1UV+8PrV6kAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFSf/Wmo6kn/ANaajpgFXY/9Wv0qlV2P/Vr9KQDqKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAUW++frSUrffP1pKYCr94fWr1UV+8PrV6kAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFSf/Wmo6kn/ANaajpgFXY/9Wv0qlV2P/Vr9KQDqKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAUW++frSUrffP1pKYBtD/KwBU8EEcEVN/Z9l/wA+dv8A9+h/hUS/eH1q9QBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UrgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCk8aRNsjRUQdFUYAptST/601HTAKux/6tfpVKrsf+rX6UgHUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKAKLffP1pKVvvn60lMBV+8PrV6qK/eH1q9SAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCpP8A601HUk/+tNR0wCrsf+rX6VSq7H/q1+lIB1FFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigCi33z9aSlb75+tJTAVfvD61eqiv3h9avUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAqT/AOtNR1JP/rTUdMAq7H/q1+lUqux/6tfpSAdRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAot98/WkpW++frSUwFX7w+tXqzpJoraJ555UihiUvJJIwVUUckkngADvVP/AITXwp/0M2jf+B8X/wAVRZsLm7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsK6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujSn/ANaajpkV7aajCt1Y3UN1bSfcmgkDo2Dg4I4PII/Cn0DCrsf+rX6VSq7H/q1+lIB1FFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigClIMSMPem1YuI/4x+NV6YBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVeQYRR6CqsKb3z2FW6QBRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKge3ycp+VT0UAUzG4/hNJsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFLY390/lRsb+6fyq7RQBS2N/dP5UbG/un8qu0UAUtjf3T+VGxv7p/KrtFAFIRuf4T+VSJbsfvcCrNFACBQowBgUtFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVyur/EbwvoszQT6kss68NHbqZCD6EjgH2Jrgvit49uDeS+HNLmMcUY23kqHlyR/qwewHf1PHY58jr1cNl3PFTqPc87EY7klywR9Bf8Lk8K/9P3/fgf40f8Lk8K/9P3/fgf418+0V1f2bQ8zn+v1fI+gv+FyeFf8Ap+/78D/Gj/hcnhX/AKfv+/A/xr59oo/s2h5h9fq+R9Bf8Lk8K/8AT9/34H+NOX4xeFGYAteqD3MHA/I1890Uf2bQ8w+v1fI+rtF8S6N4hjZ9K1CK428sgyrr9VOCB74rVr5Dsr25068iu7Od4LiJtySIcFTX0h8P/GC+LtCMswVL+2IjuUXoT2cDsDz+INefi8C6K5ou6O3DYtVXyy0Z1lFFFcB2BRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApk0ghhklboilj+Ap9IwDKVPQjBoA+Qrm4lvLua6nbfNM7SOx7sTkn8zUVX9b0ubRNbvNNnBD20rJk/wAQ7H8Rg/jVCvrotNJrY+aaadmFFFFMQUUUUAFFFFABXefCfWU0jxXL532hoZ7ZkZILeSZiQQQdqAnjB5x3NcHXqPwT0mWbX7zVSpEFvB5QbHV2I4/AA/mK5sY0qErm+GTdaNj1X/hLdN/59tZ/8Et5/wDGqP8AhLdN/wCfbWf/AAS3n/xqt2ivmtD3tTC/4S3Tf+fbWf8AwS3n/wAao/4S3Tf+fbWf/BLef/Gq3aKNA1ML/hLdN/59tZ/8Et5/8ao/4S3Tf+fbWf8AwS3n/wAardoo0DUwv+Et03/n21n/AMEt5/8AGqP+Et03/n21n/wS3n/xqt2ijQNTC/4S3Tf+fbWf/BLef/GqP+Et03/n21n/AMEt5/8AGq3aKNA1OUutVh1jXfDyWdrqf7i+eaV59NuIURPs065LSIo+8yjr3rq6KKGwQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAcB8Rfh4vimMajpxSLVYl2kNws6joCexHY/gexHg+paVf6Pdta6jaTW0yn7si4z7g9x7jivresTxV/yBJPr/AENejhcdOnaDV0cWIwkZ3mtGfK9FeiUV631jyPM9j5nndFeiUUfWPIPY+Z53RXolaGh/8hm3+p/kaTxFlew1Qu7XOP8ADPgfWvFFwgtbZ4rQkb7uVSI1Ht/ePsP0r6K8O+H7LwzosOm2K/InzO5+9I56sfc/ywO1acf+rX6CnV4mJxc6+j0XY9ahho0dVqwooorkOkKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD//Z)

Our climate impacts

Impact and type Description Time horizon Actions

Physical risk: workplace and

community disruption

Extreme weather events could affect the

locations where our colleagues work

Short, medium,

longterm

Extensive and proven remote

working capabilities

Physical risk: event and supply

chain disruption

Extreme weather events could disrupt

ourbusiness operations, events and

delivery infrastructure

Short, medium,

longterm

Business resilience planning,

andhealth and safety incident

responseplans

Transition risk and

opportunity: evolving

customer markets

Some markets we serve may grow and

others may be disrupted by the shift to a

lower-carbon economy

Short, medium,

longterm

Portfolio diversification, with

opportunity and risk identification

and management embedded into

our divisions

Transition risk and

opportunity: change to

business travel patterns

Changes to customer willingness to travel

could make some live events more or less

valuable and some on-demand events

moreorless popular

Medium, long

term

Business diversification by product,

customer market and geography.

Afocus on high-value services,

including must-attend events that

act as efficient travel consolidators,

saving attendees time, money

andcarbon

Transition risk: changes to

carbon costs in direct

operations

Changes in the price of renewable

electricity and carbon offsets could

affectoverall costs

Medium, long

term

Reducing Scope 1 and 2 emissions

toreduce carbon offset purchases

Transition risk: changes to

carbon costs in the value chain

Any new costs, such as carbon taxes

onflights or budgets for individuals or

companies, could affect supply chain costs

Long term Reducing Scope 3 emissions,

including supplier engagement,

toreduce potential carbon costs

inthe supply chain

Transition risk and

opportunity: attracting and

retaining talent

Our reputation on sustainability could

influence recruitment and retention

Short, medium,

longterm

Implementing FasterForward and

proactive talent attraction and

retention programmes

Transition risk and

opportunity: market

association

Working in markets or with partners who

are positively or negatively associated with

sustainability could impact our reputation

Short, medium,

longterm

Portfolio diversification, with limited

exposure to markets at most risk

ofdisruption

Transition risk and

opportunity: climate-related

legislation

Complying with new legislation could

entailcosts and bring opportunities to

demonstrate performance

Short, medium

term

Management of regulatory

compliance risk and work to prepare

for new regulation

Transition risk and

opportunity: investor focus

onclimate change

Growing investor interest in ESG could

attract new funds or otherwise impact

investment decisions

Short, medium,

longterm

Implementing FasterForward and

acontinued focus on performance

inrelevantindexes

Transition risk and

opportunity: other

stakeholderexpectations

Changing stakeholder expectations may

influence our reputation and require more

resources for engagement and reporting

Short, medium,

longterm

Implementing FasterForward

andstakeholder engagement

programmes

Where to find key information

Governance: Board oversight of climate-related risks and opportunities Page 7, Climate Impacts Report (CI Report)

Governance: Management’s role in assessing and managing climate-related risks

andopportunities

Page 7, CI Report

Strategy: Short, medium and long-term climate-related risks and opportunities Pages 9 to 16, CI Report

Page 75 in this report

Strategy: Impact on business, strategy and financial planning Pages 9 to 16, CI Report

Page 76 in this report

Strategy: Impact of different scenarios on business, strategy and financial planning Page 77 in this report

Risk management: Processes for identifying and assessing climate-related risks Page 16, CI Report

Pages 62 and 63 in this report

Risk management: Processes for managing climate-related risks Pages 17 and 18, CI Report

Risk management: How these processes are integrated into overall risk management Pages 17 and 18, CI Report

Metrics and targets: Metrics used to assess climate-related strategy, risks and opportunities Pages 19 and 20, CI Report

Metrics and targets: Scope 1, Scope 2 and Scope 3 greenhouse gas emissions and related risks Page 23 in this report

Pages 10 and 11, 2024 Sustainability Report

Metrics and targets: Targets used to manage climate-related risks and opportunities

andperformance

Pages 19 and 20, CI Report

Pages 8 and 9, 2024 Sustainability Report

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

75

![](data:image/jpeg;base64,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)

Strategy

GAP 2 included a focus on embedding

sustainability throughout the company

by delivering our FasterForward

sustainability programme.

FasterForward was designed to seize

opportunities and manage our

responsibilities and risk around

sustainability, and is a key part of our

response to and management of

climate change.

We have identified 11 areas of risk and

opportunity relevant to our business

model and strategy that relate to the

physical impacts from climate-related

events and the transition impacts from

the way the world moves to a lower-

carbon economy. They are described

on the previous page along with

information on how we address each

risk or opportunity.

These impacts are considered over the

same time horizons we use in business

planning, risk management and

viability modelling: a near-time horizon

of 12 months (short term) and a

medium term of three years. We also

look at emerging risk and climate

change over a longer-term horizon

offive years.

Our assessment is that our business

model has a good degree of resilience

to the risks most related to climate

change, and that we are well positioned

to capture opportunities in the

transition. This resilience comes from

factors including the breadth of

locations we work in, the diversity of

customer markets we serve, the

distributed nature of our operations

and our culture of acting quickly

andproactively on issues

andopportunities.

We have limited exposure to the

markets at most risk of severe

disruption from the transition to a

lower-carbon economy, a relatively low

intensity of energy use, and proven

capabilities to relocate work and

operations at short notice if needed in

the face of an extreme weather event.

The four risks we believe could be most

material from a financial and non-

financial perspective are: evolving

customer markets, potential change to

business travel patterns, extreme

weather events that affect our largest

events, and workplace and community

disruption. We have therefore built a

dynamic financial model to test and

quantify the impact of these four risks

in four scenarios. We update this

model every year for the latest climate

science and aim to keep increasing the

specificity of our modelling.

Our four scenarios align with the UN’s

Climate Action Pathways, which set out

the conditions needed to maintain

global temperature rises within certain

thresholds. We have further

customised them to make them

relevant to our business. The financial

model is based on a series of estimates

and assumptions, drawing on publicly

available data and internal data sets to

create an estimate of annual

discounted value at risk.

We model and present our climate

impacts against a five-year time

horizon because this period

corresponds most closely to the

horizons we use elsewhere in our

business, including in business

planning and risk management.

Our balance sheet holds a relatively

low value of tangible fixed assets, and

as there is little value in calculating

physical risks on leased offices and

other buildings, we consider the risk of

disruption from loss of access to our

offices and wider disruption in a given

location instead. We do not currently

model the opportunity to create new

products beyond a business-as-usual

level, which we would expect to arise in

Blue World and Green World scenarios.

The analysis shows the impact if risk is

not mitigated. This provides a baseline

against which our actions to manage

risk can be measured. It guides which

impacts should be monitored and

managed most closely. Impacts have

been discounted using the Group’s

weighted average cost of capital to

show a present value. We apply the

same materiality threshold as we do in

our viability modelling, which is

described on page 72.

Over these periods, none of the

potential impacts we have modelled

meet the threshold for climate change

to be a principal risk to Informa. The

leadership team has reviewed this

analysis and when combined with the

results of our 2023 double materiality

assessment, confirmed that our

business planning, risk management

and sustainability activities continue

to focus on the areas that are most

significant to Informa’s future position

and success. The Climate Impacts

Steering Committee will continue to

review whether to expand the

financial model to include more of

the11 identified impacts, based on

any changes to the materiality of

those risks and our overall risk

appetite and tolerance.

Read the Climate

Impacts report infull

on our website

Strategic Report

Informa Annual Report and Accounts 2024

76

Task Force on Climate-related Financial Disclosures report

continued

![](data:image/jpeg;base64,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)

Estimated financial impacts of climate scenarios

The below table outlines the annual discounted value at risk in five years’ time for each of the four impacts chosen\*.

Thisdoes not include any reduction to the value at risk through mitigating activities, which we believe would be material.

Business as usual Blue World Green World A Green World B

Office and

homeworker

disruption

Immaterial in all scenarios due to colleague and business flexibility

Event and supply

chain disruption

£27.2m in all scenarios

Evolving customer

markets

£nil £3.0m £1.2m in both Green World scenarios

Customer willingness

to travel

£(0.8)m £6.1m £31.9m £(12.5)m

\*  Unmitigated single-year net income at risk for the year ended 31 December 2029 on a discounted basis

Climate scenarios

Business as usual Blue World Green World A Green World B

Global temperature

rise by 2100

>3°C 2°C 1.5°C 1.5°C

Assumed policy

developments

No change Significant promotion

of investment in

low-carbon technology

Radical push to decarbonise by governments, business and society

Assumed

technological

developments

Follows historical

pattern

Rapid development

and scaling of new

technology. Low-

carbon air transport

remains unviable for

next ten years

Technology advances alone are not sufficient to decarbonise to

1.5°C, but rapid development and scaling of new technologies are

assumed, along with low-carbon air transport remaining unviable

Assumed macro-

economic conditions

High market

uncertainty. Potential

for individual market

collapse

Some market

uncertainty. Gaps

between winning and

losing companies

High market certainty. Sector financial performance is highly

aligned to carbon performance

Customer sentiment

changes

Follows historical

pattern

Major demand for

knowledge and trade

in certain sectors

Significant behaviour change,

including blanket reduction in

travel, resulting in decreasing

attendance at live events

Significant behaviour change,

combined with a focus on travel

effectiveness, protecting and

supporting the role of live

events as a travel consolidator,

making them the destination of

choice for business travellers

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

77

![](data:image/jpeg;base64,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)

Risk Management

The process for identifying, assessing

and managing climate-related impacts

is integrated into our wider risk

management process. Under our risk

management framework, climate

change is categorised as an emerging

risk. It is assessed, reviewed and

managed as part of our standard risk

management process, which includes

being considered by the Risk Committee

at each meeting. It is also recognised as

a subrisk, or contributing factor, to the

principal risks of inadequate response

to major incidents, inability to attract

and retain key talent, reliance on key

partnerships, market risk and economic

instability, and so receives additional

focus as part of managing these risks.

We identify climate impacts through

internal workshops, peer group

discussions, input from external experts

and ongoing horizon scanning of

external trends and internal data. We

also consider newly-acquired

businesses in our identification and

assessment of climate impacts. This

included assessing the Ascential

business in 2024. We review our

impacts every one to two years

depending on their severity and

timehorizons.

We model impacts in different regions

where appropriate and practical: for

example, where physical risks or

customer sentiment vary by location.

As the model is based on a series of

estimates and assumptions, the value

at risk identified is sensitive to changes

in these assumptions.

Metrics and Targets

The most significant and relevant

metrics we use to assess the

management of climate-related

risksare:

•  Meeting our Science Based Targets.

These are currently to reduce Scope

1 and 2 emissions by 55% by 2030

and reduce Scope 3 emissions by

20% from a 2017 baseline. They will

be updated in 2025 to reflect the

impact of newly-acquired businesses

•  Meeting three individual

FasterForward goals: to become zero

waste and net zero carbon by 2030 or

earlier, to become carbon neutral as a

business and across our products by

2025, and to save customers more

carbon than we emit by 2025

Other metrics we monitor that include

an element of performance on climate

change-related matters are the results

of assessments by the DJSI and Climate

Disclosure Project (CDP). Aspart of our

involvement with the NetZero Carbon

Events initiative, weare collaborating

on the creation ofevent industry

relevant metrics, which we expect

toincorporate into our monitoring

when established.

Strategic Report

Informa Annual Report and Accounts 2024

78

Task Force on Climate-related Financial Disclosures report

continued

![](data:image/jpeg;base64,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)

Below are cross-references to information about how we manage the non-financial

and climate-related matters set out in Section 414CA(1) of the Companies Act 2006,

along with further details. Key policies are available on the Informa website.

Our business model:

See pages

10 and 11

Our principal risks and how

we manage risk:

Risk report

pages 62 to 70

Non-financial key

performance indicators:

KPIs

page 23

References and explanations

to amounts included in our

annual accounts:

Group Finance

Director’s review

pages 48 and 49

Colleagues:

Delivering on talent and

leadership

pages 30 to 32

We have several policies that support

our culture and help us make the most

of our talent. Key is our Code of

Conduct, which sets out the standards

we expect from colleagues. It is

periodically reviewed by subject matter

experts, including HR and Compliance,

and approved by the leadership team.

Everyone acknowledges the Code and

completes training on it when they first

join, and there is refresher training at

regular intervals. Reports to HR,

Compliance and through our Speak Up

service, as well as our engagement

scores, are ways we monitor its

effectiveness. See page 23 for more.

Environmental matters:

Delivering on sustainability

pages 34 and 35

We have several policies that help us

meet our sustainability goals. The

key one is the Sustainability Policy,

which covers the most impactful

areas to our goals, including energy

and waste efficiency in our offices.

Our Sustainability team works

closely with our property specialists

when they upgrade or take on new

offices to ensure adherence, and it

monitors performance by collecting

energy-related data annually – see

page 23 for more information.

Anti-bribery and anti-

corruption matters:

Audit Committee report

page 112

Our Anti-Bribery and Corruption

Policy sets out our standards. All

newstarters complete training on

the policy, with periodic refresher

training and further specialist

training for colleagues in

higher-exposure roles. We conduct

due diligence on higher-risk business

partners, including sales agents, and

investigate any reports of breaches,

terminating relationships where

breaches are found.

Social matters:

We aim to have a positive impact and

contribute to the success of the

communities we work in and with. A

key policy is our new central Event

Code of Conduct, designed to enable

all attendees to enjoy and benefit from

our events through a focus on personal

and venue safety and security. We

monitor and manage compliance

through reports to our Speak Up

service, onsite operational teams and

our health and safety incident

reporting tool. See page 69 for a

description of how we monitor and

report on health and safety.

Respect for human rights:

We support the UN’s Universal

Declaration of Human Rights. Our

Human Rights Policy sets out eight

key areas of human rights relevant to

how we work, including responsible

content and labour practices, and

how our colleagues and business

partners can uphold them. Relevant

subject matter experts oversee the

implementation of standards in each

area. Reports through Compliance

and Speak Up are one way we

monitor their effectiveness.

Governance:

TCFD report

page 74

Identification,

assessment and

management:

TCFD report

page 75

Link to risk

management process

overall:

TCFD report

page 78

Principal risks,

opportunities and

their time period:

TCFD report

page 76

Impact on and

resilience of business

model and strategy:

TCFD report

page 76

Targets:

TCFD report

page 78

KPIs:

TCFD report

page 78

Climate-related

financial disclosures,

risks and opportunities:

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

79

Non-financial and sustainability information statement

![](data:image/jpeg;base64,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)

Contents

Informa’s Board

Board of Directors  81

Board review and activity

Chair’s introduction to governance  84

The Board’s year  86

Section 172 Statement  92

Compliance with the UK Corporate

Governance Code  96

Committee Reports

Nomination Committee Report  100

Audit Committee Report  105

Directors’ Remuneration Report  115

Other governance information

Directors’ Report  133

Statement of Directors’

responsibilities 135

Informa Annual Report and Accounts 2024

80

Governance

Governance Report

![](data:image/jpeg;base64,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)

John Rishton

Chair

Appointed Non-Executive

Director in September

2016, Chair in June 2021

John brings significant

financial and international

commercial experience to

Informa. He was Chair of the

Audit Committee from

September 2016 until his

appointment as Board Chair

in June 2021.

John was Chief Executive of

Rolls-Royce Group PLC from

2011 to 2015, having been a

Non-Executive Director since

2007. His previous positions

include Chief Financial

Officer and then Chief

Executive and President of

Royal Ahold NV and Chief

Financial Officer of British

Airways PLC. John has also

held non-executive

directorships at Unilever,

Associated British Ports

andAllied Domecq.

John is Chair of Serco Group

PLC and a Non-Executive

Director at Majid Al Futtaim

Holding LLC.

Stephen A. Carter CBE

Group Chief Executive

Appointed Non-Executive

Director in May 2010,

Group Chief Executive

inlate 2013

Before becoming Informa’s

Group Chief Executive,

Stephen was President and

Managing Director EMEA at

Alcatel Lucent Inc., Managing

Director and COO of ntl (now

Virgin Media) and Managing

Director then Chief Executive

of JWT UK & Ireland.

He was the founding CEO of

Ofcom and Chief of Strategy

and Minister for

Telecommunications and

Media in the Government of

Prime Minister, The Right

Hon. Gordon Brown.

Stephen is a Non-Executive

Director of Vodafone PLC.

He also represents Informa

on the Boards of Informa

TechTarget, BolognaFiere and

PA Media Group Limited.

Stephen was made a Life Peer

in 2008.

Louise Smalley

Senior Independent

Director

Appointed October 2021,

Remuneration Committee

Chair in January 2022,

Senior Independent

Director from

December2024

Louise has extensive

experience in talent

management and

development, as well as

remuneration and reward,

working for large UK and

international corporations.

She attended the Cambridge

Institute for Sustainability

Leadership and has

experience integrating

sustainability strategies.

Louise most recently served

as Whitbread plc’s Group HR

Director and an Executive

Director, having held HR

directorships within

Whitbread’s Hotels &

Restaurants and David Lloyd

Leisure divisions. Before

joining Whitbread, she worked

in human resources at Esso

and BP.

Louise is a Non-Executive

Director at AG Barr plc and

was a Non-Executive Director

at DS Smith plc until

September 2024.

Gareth Wright

Group Finance Director

Appointed July 2014

Gareth has considerable

experience in senior financial

roles across multiple UK

public companies.

He joined Informa in 2009

and has held a variety of

positions within the Group,

including Deputy Finance

Director and Acting Group

Finance Director, before

being appointed as Group

Finance Director in July 2014.

Gareth also chairs our

RiskCommittee.

Before joining Informa,

Gareth held a variety of

roles at National Express plc,

including Head of Group

Finance and Acting Group

Finance Director. He

qualified as a chartered

accountant with Coopers

&Lybrand (now PwC).

Nomination Committee

Audit Committee

Remuneration Committee

Committee Chair

Member

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

81

Board of Directors

![](data:image/jpeg;base64,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)

Gill Whitehead

Non-Executive Director

Appointed August 2019,

Audit Committee Chair

inJune 2021

Gill brings significant

experience in the technology

and media sectors to

Informa and is Visiting Policy

Fellow at the University of

Oxford’s Internet Institute,

focusing on global

developments in online and

AI safety. Gill was Group

Director, Online Safety at

Ofcom from April 2023 to

late 2024 and Chair of the

Global Online Safety

Regulator Network for 2024.

Before that, from 2021 to

early 2023, she was Chief

Executive of the Digital

Regulators Forum, a

collaboration between the

UK’s largest regulators.

Gill previously spent four

years as a Senior Director at

Google leading Market

Insights and Client Solutions

& Analytics teams and

worked at Channel Four

andBBC Worldwide. She

began her career at

DeloitteConsulting.

Gill is a Non-Executive

Director of NatWest Group

plc and the British Olympic

Association and Chair of the

Women’s Rugby World Cup

(England) 2025.

Patrick Martell

Group Chief Operating

Officer

Appointed March 2021

Patrick has significant

experience of B2B markets

and a track record of leading

businesses through digital

transformation and mergers

and acquisitions.

Patrick has been Group

Chief Operating Officer since

2018 and Chief Executive of

Informa Markets since 2023.

Between 2014 and 2022, he

was Chief Executive of

Informa Intelligence, leading

that Division’s return to

growth through technology

and product investments and

operational efficiency, before

its successful divestment.

Patrick was previously

Group CEO of St Ives where

he led its successful

restructuring and

repositioning.

Joanne Wilson

Non-Executive Director

Appointed October 2021

Joanne brings strong and

current financial and

operational experience

tothe Group.

Joanne is Chief Financial

Officer of WPP PLC. She was

previously Chief Financial

Officer of Britvic PLC, where

she was responsible for

strategic planning, deal

analysis, investor relations

and IT, and chaired Britvic’s

ESG Committee.

Joanne was formerly CFO at

dunnhumby, a customer

data science specialist and

part of the Tesco Group,

having held a range of

international and domestic

financial and commercial

roles at Tesco. She qualified

as a chartered accountant

with KPMG before

transferring to Hong Kong

towork in its Corporate

Finance practice.

Zheng Yin

Non-Executive Director

Appointed December

2021

Zheng brings significant

senior executive experience

to the Board, providing

valuable local insights into

macro-economic and

commercial trends in China

and Asia, a significant

trading region for Informa.

Zheng is Executive Vice

President, China and East

Asia at Schneider Electric SE,

having previously held

senior business

development and strategy

roles within the Group.

Before joining Schneider

Electric, Zheng was Head of

Business Development for

China for Phillips and held

senior positions within

DowJones and Reuters in

the US, Hong Kong and

Mainland China.

Informa Annual Report and Accounts 2024

82

Governance

Board of Directors

continued

![](data:image/jpeg;base64,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)

Andy Ransom

Non-Executive Director

Appointed June 2023

Andy brings extensive

current international chief

executive experience to the

Board, including a track

record of leading successful

product innovation and

digital transformation and

ofdeveloping a high-

performance culture. He

hasmore than 30 years’

experience of creating value

through global mergers and

acquisitions and engaging

with stakeholders.

Andy has been Chief

Executive of Rentokil Initial

plc since October 2013,

having joined the company

in 2008 as Executive Director

of its global Pest Control

business. Before joining

Rentokil, Andy was a

member of the executive

management team at ICI.

Andy is a patron of Malaria

No More UK and was Vice

Chair of the Board of

Trustees of Street League

until July 2024.

Maria Kyriacou

Non-Executive Director

Appointed July 2024,

Non-Executive Director

responsible for colleague

engagement in

December2024

Maria has extensive

leadership experience in

theglobal entertainment

market and listed corporates,

and is a qualified chartered

accountant.

Between 2020 and 2024,

Maria was President,

Broadcast & Studios for

International Markets at

Paramount Global and led

its broadcast and

production operations in

Australia, UK, Latin America

and Israel, including all

free-to-air, pay and streaming

brands. She spent nearly ten

years at ITV plc, latterly as

ITV Studios’ President,

International. Earlier in her

career, Maria worked for The

Walt Disney Company in

finance, sales, portfolio

development and commercial

roles, including as Senior Vice

President for Digital Media

Distribution EMEA.

Maria has previously held

Non-Executive Director

positions at Wizz Air

Holdings plc and Fat

FaceLimited.

Catherine Levene

Non-Executive Director

Appointed November

2024

Catherine is an entrepreneur,

executive and Director with

more than 25 years’

experience in the digital and

traditional media and

publishing industries. She

brings additional experience

in technology, digital media

and publishing to the Board.

Catherine was President of

Meredith Corporation’s

National Media Group

business, before it was

acquired by IAC’s Dotdash in

2021, having previously held

roles as Chief Strategy

Officer and Chief Digital

Officer. She co-founded

Artspace Marketplace, a

leading online marketplace

for contemporary fine art,

and spent almost a decade

at The New York Times in a

broad range of product,

business development

andstrategy roles for its

digital division.

Catherine is a Non-Executive

Director of Pitney Bowes,

Inc., AD.net and National

Public Radio.

Directors who

served during

theyear

Mary McDowell

June 2018–November

2024, Senior

Independent Director

November 2021–

November 2024

Mary stood down from

the Board at the end

of November 2024 to

become Chair of

Informa TechTarget,

anInforma company.

David Flaschen

September 2015–

June2024

David retired from

theBoard at the

conclusion of the

Annual General

Meeting in June 2024.

Nomination Committee

Audit Committee

Remuneration Committee

Committee Chair

Member

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

83

![](data:image/jpeg;base64,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)

After successfully completing

theGAP 2 programme,

Informa now looks to make

the most of itsstrengths.

AsaBoard, wecontinued to

support and challenge the

leadership team constructively

as itguided our company

tothis success and prepared

for the next stage in

itsdevelopment.

This time last year, I talked of my

excitement about Informa’s prospects,

and I am every bit as positive now.

In 2024, we concluded the four-year

GAP 2 programme with its objectives

achieved and even exceeded in some

cases. My thanks go to Stephen and the

entire leadership team for the

dynamism and expertise they have

brought to making GAP 2 such a

success. Iknow I speak for all my Board

colleagues in saying that we have

enjoyed working alongside them,

overseeing the company’s

performance, and giving support

andconstructivechallenge.

The strength of our portfolio of

businesses is just one example of

howfar GAP 2 has taken the company.

Divestments and acquisitions, plus

investment, innovation and constant

improvement have put us in a great

position to continue thriving, and

leading, across the Academic and

B2BMarkets Informa serves.

Meeting investors this year has

reminded me just how important our

leadership and our portfolio are in

drawing investment to our business.

They have also told me how satisfied

they are with Informa’s fundamentals,

including its business model and

capital allocation. But just as important

as the numbers is, I believe, the fact

that what Informa does really matters.

Whether it is publishing specialist

research that fuels new discoveries or

running events that help businesses

grow and host cities thrive, Informa’s

work makes a real difference to the

communities it serves.

Overseeing growth

Among the highlights of GAP 2’s final

year was concluding the transaction

tocombine Informa Tech’s digital

businesses with TechTarget to create

Informa TechTarget. This was a complex

process extending through most of

2024, with the Board focusing on how

the deal would benefit Informa and

itscolleagues, shareholders and

otherstakeholders.

I believe the painstaking work put in

across both businesses will be worth it.

The new company gives Informa a

stronger presence in the US, the centre

of gravity for B2B digital services and

the technology market. By combining

the strengths of both businesses,

we’vecreated considerable potential

for growth in this market.

We also spent time overseeing the

year’s other major addition: the

acquisition of Ascential and its globally

recognised Cannes Lions and

Money20/20 brands. This paved the

way to creating our Informa Festivals

division, launched in January 2025,

which will give us a real focus and

impetus on further developing our

experience-led events.

Informa Annual Report and Accounts 2024

84

Governance

Chair’s introduction to governance

strength

Support

&

![](data:image/jpeg;base64,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)

Capitalising on our strengths

through One Informa

Having achieved so much through

GAP2, our attention now turns to

making the most of the strengths,

scaleand potential we have assembled.

In 2025, the emphasis shifts to the

four-year One Informa programme,

which is about creating further growth

and value by maximising the platform

we have created over the last ten years.

Its ambitions include to become truly

market-leading in our customer

experience, marketing and use of data,

by applying the best tools and

technologies to get things done, while,

critically, retaining our colleagues’

entrepreneurial instincts.

Iam pleased to say that a number of

my fellow Directors have extensive

experience of managing growth and

complexity while keeping a business

agile, and this will be a huge benefit

toBoard discussions as we oversee

theprogress of One Informa in the

comingyear and beyond.

Another part of One Informa will be

continuing to deliver an excellent

colleague experience. At the heart of

this will be helping colleagues progress

in their careers: keeping up the focus

on making it easier for them to move

within Informa and offering new

experiences in growing businesses

thatwill bring career satisfaction

anddeepen their engagement with

andcommitment to Informa.

This engagement and commitment are

vital: people who believe in a business

are a prerequisite for its success. This

is why, as a Board, we take such a keen

interest in how Informa’s culture

develops. This year, 91% of colleagues

took part in the company’s engagement

survey, a frankly remarkable level of

participation. And nearly eight out of

ten said they are proud to work for

Informa. Again, a figure any company

would beproud of.

This tells me that, despite being

spreadacross the globe in highly

variedmarkets and sectors, Informa

colleagues remain connected in a

powerful way. I saw this for myself

when I met colleagues in Hong Kong,

Shanghai and Riyadh in 2024, and

celebrated their successes at our

annual Informa Awards event in

London. Their commitment, passion

and energy impress me every time I

see them, and these qualities will be

hugely important to One Informa.

Focusing on technology

andsustainability

Another significant and ongoing focus

for the Board is how the business

responds to the growth of AI

technologies. Such technologies offer

ahost of possibilities to improve how

Informa works and to enhance the

customer experience, although it is

essential we take care of intellectual

property and data in so doing. Drawing

on our experience as Directors in areas

including regulation, digital services

and technology, we agreed it was right

to fully explore what this technology

can bring, as well as to continue to

monitor and mitigate its risks as

theyemerge.

In 2024, we supported the business

inentering partnerships with several

leading AI companies to help train their

large language models on expert

content and data. A critical principle

ofthese partnerships was to include

safeguards that support authors’

rights. We also continued to monitor

the business’s work to counter the

ever-evolving risk of cyber breaches,

and to keep technology and systems

resilient more broadly.

The Board received regular updates,

too, on the five-year FasterForward

programme that embeds sustainability

into all Informa does. This matters to

allour stakeholders – customers,

exhibitors, suppliers, investors and

colleagues – so it is important we

continue to get it right. Although the

pandemic interrupted the rollout of

some of our sustainability work in live

events, FasterForward has continued to

make progress in ways that do us credit

and attract the industry’s attention.

A notable part of this is our promotion

of reusable stands, whichhave set a

standard for the events and

exhibitionsindustries.

Keeping the right mix of skills

This year, we welcomed two new

Non-Executive Directors to the Board,

Maria Kyriacou and Catherine Levene.

Their backgrounds in media, finance,

digital and entrepreneurial businesses

will be a great asset to Boardroom

discussions. As a result of these

appointments, the breadth of skills,

perspectives and experiences on our

Board is stronger than ever.

We also said goodbye to Mary

McDowell and David Flaschen during

the year. Our thanks go to Mary and

David for their hard work and wise

counsel during their time with us and

we wish them well for the future.

Looking ahead

I am struck by how much the company

has changed and developed over the

last ten years – in scale, reach and

capability, while the world we are

operating in has changed at least as

much, if not more. But I am also struck

by the qualities within Informa that

have endured throughout: its spirit of

enterprise, a can-do attitude and an

endless willingness by our colleagues

to embrace the new. These qualities

will stand the company in good stead

as we continue to navigate a complex

geopolitical andregulatory environment.

John Rishton

Chair

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

85

![](data:image/jpeg;base64,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)

In another exciting year of growth for Informa, the Board

and its committees oversaw business combinations, engaged

with stakeholders, and gave guidance to the leadership team

on key developments such as AI.

We received regular updates on programmes in areas including sustainability,

ITresilience, and health and safety. We also supported the leadership team

inlaying the groundwork for the new One Informa programme to help

thebusiness make the most of thestrengths built during GAP 2.

Overseeing growth

In 2024, we spent a good amount of

time as a Board overseeing Informa’s

acquisition activity. Informa added the

events business Ascential, with its

Money20/20 and Lions brands,

strengthening our position in

experience-led events.

The company also completed the

combination of Informa Tech’s digital

businesses with TechTarget in the US to

create Informa TechTarget, giving us

greater scale in B2B digital services, as

well as a higher profile in the US, an

important market in this sector.

As a Board, we discussed the governance

model for Informa TechTarget, and the

make-up of its Board, to make sure that

the new company has the right oversight

and satisfies US corporate governance

requirements, as its sharesare traded

on Nasdaq.

In approving these transactions, it

wasimportant for us to oversee the

company’s plan to integrate the

businesses and generate further

growth and value. This led to the new

operating structure for our B2B

businesses, including the creation of

the new Informa Festivals division,

tomake the most of all Informa’s

experience-led brands, which will sit

alongside Informa Markets and

Informa Connect.

Our Walk the World charity

event is one of the most

popular days in Informa’s

calendar, and the Directors

often attend walks around

the world with colleagues

John Rishton tours the first

edition of CPHI Middle East,

which took place in Riyadh,

withCEO of Tahaluf

MichaelChampion

Informa Annual Report and Accounts 2024

86

Governance

The Board’s year

![](data:image/jpeg;base64,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)

Making the most of our strengths

through One Informa

Establishing Informa TechTarget and

Informa Festivals marks the

completion of our GAP 2 focus on

reshaping the portfolio, reinvesting the

proceeds of 2022’s divestment of the

Intelligence business into core B2B and

Academic Markets businesses. As a

Board, our focus turns now to working

with the leadership team on Informa’s

next period of growth, and we began

by overseeing preparations for our new

One Informa programme.

As individual Board members, our

experiences in other businesses have

made us familiar with the challenges

that come with strong growth: how to

make the most of a fast-developing

company, stay agile and minimise

complexity. Over the next four years,

starting in 2025, we will bring this

perspective to shaping One Informa.

In 2024, we considered the vision for

One Informa. We also focused on the

investments the programme would

need and how we, as a Board, could

support the business to leverage

Informa’s international reach, maximise

the application of new technologies,

simplify where possible and unlock

newgrowth value for our customers,

colleagues and shareholders.

Among other things, we and the

leadership team want to make sure

our individual businesses have all

theyneed to be able to get things

done, realise their plans and

implement their ideas effectively,

using operational capabilities that

work as efficiently as possible.

Staying informed on sustainability

One challenge we’re well aware of is

bringing the sustainability practices

and performance of acquisitions in line

with our FasterForward programme,

which aims to embed sustainability

throughout the business.

Nonetheless, Informa remains

committed to all its goals: to embed

sustainability into all our products, to

create value for our communities, and

to achieve our ambitions of zero waste

and net zero carbon by 2030. This is

because, as we know from our

discussions, sustainability matters to

all our stakeholders – investors,

customers, suppliers and colleagues.

So we take a close interest in this

agenda and how it affects Informa’s

reputation as a responsible business.

Since approving FasterForward in 2020,

as a Board, we have received updates

on the programme from the Head of

Sustainability at least once a year. This

keeps us informed on progress and any

challenges. In particular, in 2024, we

heard how Informa’s investments in

improving data collection have enabled

the team to better track progress

against targets, as well as adding more

detail to our reporting and contributing

to better performance in global

sustainability indices.

More than 400 of Informa’s events are

now accredited by the Sustainable

Event Fundamentals programme. This

means they are following — to a good

level — practices that reduce carbon

and waste, embed sustainability

content and enhance the economic

andsocialimpact on host cities.

As a Board, we continue to support the

Sustainability team to encourage third

parties to adopt Informa’s standards

for sustainable events, so they can

have a positive impact beyond our own

business. In exhibitions, Informa has

taken a lead through initiatives such as

reusable stands, which others are now

adopting. Many of FasterForward’s

goals run until 2025 and, in the coming

year, the Board will be part of

discussions on their renewal.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

87

![](data:image/jpeg;base64,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)

Staying close to stakeholders

Businesses can only thrive if they are

closely connected with customers,

colleagues, shareholders and other

stakeholders. This is why, as a Board,

we spend much of our time engaging

with these groups and other important

partners. This helps sustain the

confidence they have in our business,

while making sure the Board makes

decisions in a rounded way that

considers all potential impacts

andperspectives.

Our Chair, John Rishton, regularly

meets shareholders and, in 2024, once

again hosted his annual shareholder

roadshow ahead of our AGM in June.

This gave shareholders an open forum

to raise any subject as well as a chance

to discuss where the company is

heading. In 2024, Louise Smalley

onceagain joined the Chair for

mostroadshow meetings.

In total, the Chair and Remuneration

Committee Chair met with institutions

representing circa 30% of the

Group’sequity.

The Directors engaged in person with

colleagues during the year, meeting

teams around the world and seeing

operations at first hand. John Rishton

met teams in Hong Kong and Shanghai,

where he attended the Hotelex event,

as well as attending the annual Informa

Awards in May, giving him another

chance to meet colleagues and

celebrate their successes.

Board colleagues also attended events

operating in different markets during

the year in order to see the diversity

ofour products.

In December, we held our Board

meeting in Riyadh to spend time with

our Tahaluf business in Saudi Arabia

and see the launch of CPHI Middle

East. During our visit, we spent time

with partners and customers,

discussing their partnership with

Informa and helping us to understand

their priorities. We also invited some

of our Tahaluf colleagues to join us for

an informal breakfast. This gave us

time to discuss the opportunities

available for Tahaluf and, with a

number of colleagues transferring

from roles elsewhere in the Group,

tosee our internal mobility

opportunities in action.

Board members also joined a record

1,600 colleagues at our Walk the World

event in London, raising more than

£110,000 for our chosen charities.

In June, we also held an informal lunch

with a group of future leaders, giving

us an opportunity to understand the

perspectives of a wide cross-section of

UK colleagues and have a two-way

discussion on the company’s priorities.

For more details on how the Board

engaged with stakeholders, see our

Section 172 Statement on page 92.

For a behind-the-

scenes view of the

Board’s visit to CPHI

Middle East, watch the

video on our Annual

Review hub.

John Rishton speaking

tocolleagues at our

Londonoffice

Louise Smalley speaks to colleagues

as part of a Board lunch with future

leaders in our London office

Informa Annual Report and Accounts 2024

88

Governance

The Board’s year

continued

![](data:image/jpeg;base64,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)

Monitoring culture

As a Board, we are acutely conscious of

how much culture matters, particularly

in a business that has operations all

over the world. This is why we look

closely at indicators of how colleagues

feel about their work and about Informa

in general. Formally, these include

engagement surveys and reports to the

Speak Up whistleblowing hotline.

Ahead of Board meetings, we review

the Group HR Director’s reports, which

include a detailed look at culture-

related matters, although in practice,

culture forms part of many of our

discussions across different topics.

Wealso seek to speak to colleagues

inperson about their experiences as

much as we can. All these sources

keepus informed about the latest

developments and help us contribute

ideas and suggestions that draw on our

varied experience as Board members.

We discussed the outcomes of the 2024

annual Informa Pulse engagement

survey, particularly in relation to career

opportunities and simplifying our

systems and technology. Almost 11,000

colleagues took the opportunity to

participate – 91% of all colleagues, an

increase from 85% in 2023 – submitting

ideas and insights as well as sharing

their perspectives. These help to shape

our engagement with colleagues in

support of Informa’s open and

inclusive culture.

Keeping the Board’s knowledge up to date

To do our job effectively, as a Board we

have to be well informed about all

aspects of the business and how it

runs. This is why we have regular

teach-ins on how parts of the business

operate, as well as updates and

briefings on operations.

In 2024, these sessions focused on our

B2B events portfolio. The first looked

at how the B2B events portfolio is

organised and managed, its revenue

sources, and how the various organic

and inorganic investments over the last

ten years had contributed to today’s

portfolio. The session was led by the

Chief Executives of Informa Markets

and Informa Connect.

The training provided particularly

insightful input which proved to be

invaluable when it came to considering

how to best evolve our operating

model going forward.

We also looked at the production cycle

of an event and the process by which an

event is marketed, sold, prepared and

delivered. The training was delivered by

members of the Informa Connect and

Informa Markets leadership teams and

described the totality of activities

needed to support an event. The

discussions highlighted the talent, skills

and ongoing investment needed to run

our events and deliver value and

experience for our customers.

Members of the Board

touring the first edition of

CPHI Middle East, which

took place in Riyadh

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

89

![](data:image/jpeg;base64,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)

Improving health

and safety reporting

Our working environments, including

our live events, must be safe and

secure for everyone, including

colleagues, contractors and the

thousands of people who attend

events. Managing this well is crucial to

keeping everyone who works for us

and with us safe, as well as making sure

we comply with legislation.

Accurate information lies at the heart

of this, as does making sure colleagues

and contractors can report incidents

and concerns easily. This allows us to

spot trends and act on them,

continuously improving how we work.

In July, as a Board we were updated

bythe Group Head of Health, Safety

&Security on a reporting system

launched in early 2024 which made

itpossible for customers, colleagues

andcontractors to report hazards,

near-misses or incidents through their

smartphones. We were encouraged by

the uptake and response to the new

system, as well as its ability to help us

keep managing this risk and improving

the customer experience.

Weighing the

opportunity of AI

AI already benefits Informa by making

processes more efficient, making the

business more productive and

improving customers’ experience.

Butgenerative AI is creating other

opportunities – for the business and

for stakeholders including customers

– as well as risks to manage.

As a Board, we weighed these factors

in agreeing with the leadership team in

2024 that the time was right to enter

partnership agreements giving access

to certain expert data to train large

language models. These agreements

include future work together on

academic and research tools including

citation technology and expert agents

to help customers with research and

knowledge sharing.

In considering these agreements, we

drew on our experience in technology,

AI and regulation to make sure risks

are being appropriately mitigated, and

that the benefits created are being

shared with our customers.

Keeping IT systems

efficient and secure

Technology failure and data loss are

principal risks for Informa, together

with failure to comply with regulations

that include those covering data

protection and privacy. Accordingly,

every Board meeting includes updates

on the company’s continuing work on

IT resilience and data protection.

This year, the Technology team provided

updates on our ongoing Fortify

programme, which mitigates risk by

looking at the whole technology

landscape, including the supply chain,

as well as cyber. As part of this, we also

oversaw continued investment in IT

resilience, including business continuity

planning, backups and cyber security.

As well as resilience, Informa needs

efficient and smooth-running systems

that make teams productive, allow

them to collaborate and free up time

for their customers. In preparation for

the One Informa programme, the

Board considered proposals for the

simplification of our technology

systems, which would increase

efficiencies and deliver a better

colleague and customer experience.

Informa Annual Report and Accounts 2024

90

Governance

The Board’s year

continued

![](data:image/jpeg;base64,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)

Reviewing the

Board’s effectiveness

During the year, the Board decided that

the externally facilitated evaluation of

its performance should be postponed

to 2025 and an internal performance

review take place for 2024. We

considered the change in timing to be

appropriate because we expected to

make Board changes towards the end

of the year, and this would give new

colleagues time to get to know the

business and the way in which the

Board operated first. It also allowed us

to focus on completing the Ascential

and Informa TechTarget acquisitions.

For the internal review, the Chair, John

Rishton, spoke with all Non-Executive

Directors, the Group Finance Director

and the Chief Operating Officer to hear

their views on the effectiveness of the

Board and its Committees and the

outcomes were subsequently

discussed with the Group Chief

Executive and the Board.

Each of our Non-Executive Directors

highlighted the company’s performance

in 2024 and the huge amount of hard

work put in by the leadership team

andcolleagues across the Group.

The clear conclusion of the review was

that the Board continued to operate

effectively. The Board fully engaged

with the business and provided

challenge, support, guidance and

encouragement in equal part to

management. All attendees confirmed

that they were able to speak freely and

openly about any topic during meetings.

From the review, key areas for us to

consider during 2025 are:

•  One Informa: how to support the

business’s new operating structure

and the leadership team in making

the necessary investments to

maximise Informa’s growth

opportunities and meet its objectives

•  AI: Monitoring the opportunities and

governance framework for AI

•  Sustainability: how to help develop

challenging and appropriate goals

for the next stage of the

FasterForward programme

Progress against 2023 review outcomes

Subject Action taken in 2024

Allowing enough time

to discuss important

non-financial topics

•  The Chair and Group Chief Executive ensured that each

agenda allowed sufficient time for discussion and debate

onthe matters being considered

•  All Directors were encouraged to attend Audit Committee

meetings where there were planned discussions on CSRD,

regulatory changes, including preparation for Code

Provision29, data loss and cyber breach

Providing more

opportunity for Non-

Executive Directors

to meet without

management present

•  The Non-Executive Directors met immediately following each

main Board meeting to review and discuss the matters raised

•  The Chair held regular one-to-one meetings with the

Non-Executive Directors during the year

Give greater focus to

Board and leadership

team succession plans

and talent development

•  Maria Kyriacou brings wide experience of media and global

operations, while Catherine Levene adds entrepreneurial and

further digital media experience to the Board. Both also bring

their experience of the US market to Board discussions

•  New Executive Committee members were appointed to lead

Taylor & Francis, Informa Festivals andMarketing

•  Informative knowledge sessions were implemented for

theNon-Executive Directors to help further understand

thebusiness

Meeting attendance in 2024

Board attendance Board

1

John Rishton 7/7

Stephen Carter 7/7

Gareth Wright 7/7

Patrick Martell

2

6/7

Louise Smalley 7/7

Maria Kyriacou (from July 2024) 4/4

Catherine Levene

(fromDecember2024) 1/1

Andy Ransom  7/7

Gill Whitehead 7/7

Joanne Wilson 7/7

Zheng Yin

2

6/7

Mary McDowell

(to30November2024) 6/6

David Flaschen (to June 2024) 3/3

1  Excluding meetings held at short notice

orBoard Sub-Committee meetings

2  Patrick Martell and Zheng Yin were unable

toattend one online meeting each during

the year due to the meetings being

rescheduled at short notice

Review of Chair’s performance

Louise Smalley, our Senior Independent

Director, spoke individually to each

Board colleague and other members

ofmanagement to discuss the Chair’s

performance during 2024.

The review found that the Chair

continues to lead the Board in a

positive and constructive manner,

inspiring participants to do the same.

His understanding of the business and

thoughtfulness in relation to the

ongoing effectiveness of the Board

enables participants to focus where it

matters. He continues to ensure that

Board meetings provide an

independent perspective on the

matters being discussed and

encourages engagement from all

participants, dealing with feedback in a

straightforward manner and fostering

an environment that supports debate

and constructive challenge.

Colleagues again noted that the Chair

brings a high level of energy and

engagement to the role, investing

considerable time meeting colleagues

across the business internationally,

providing a valuable sounding board to

the Group Chief Executive and the

leadership team, and meeting with

shareholders. Given the strategic plans

discussed during the year, participants

noted the Chair’s vital role in ensuring

that Board members retain effective

decision-making processes, maintaining

frequent communication with

Directors and management alike.

The Chair continued to oversee Board

recruitment with success, including the

appointment of two highly

complementary new Non-Executive

Directors to the Board during the year.

The outcome of the review was

discussed with the Chair prior to

beingpresented at the March 2024

Board meeting.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

91

![](data:image/jpeg;base64,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)

Our approach to Section 172

Section 172 of the Companies Act 2006

requires the Directors to act in a way that

promotes the success of the company for the

benefit of its investors as a whole, while also

having regard to the interests of other

stakeholders such as colleagues, partners,

customers and suppliers.

The way we work as a Board helps us fulfil

these responsibilities. The Chair, supported by

the Group Chief Executive and the Company

Secretary, sets the agenda for each Board

meeting and manages discussions to make

sure that all Directors can and do add their

different perspectives and contribute to the

Board’s overall decision making. Informa’s

Directors are appointed for the strength and

diversity of the skills and experience they bring

to the role, including their recent and relevant

executive and non-executive experience. This

helps bring a breadth of views and up-to-date

insight to our decision making.

The Non-Executive Directors spend a good

amount of time in and around the business

and, as described on pages 94 to 95, regularly

engage directly with colleagues and investors.

We also engage with customers and business

partners when the opportunity arises – for

example, when visiting one of Informa’s

events or when the company enters new

partnerships. Management reports and

presentations also give us insight into current

stakeholder interests, so we can take these

into account when we make decisions.

Principal decisions in 2024

Business decisions are taken collaboratively

by the whole Board and key members of the

leadership team. Certain topics – such as

approving significant transactions, key

financial decisions, and the Group’s long-term

objectives and commercial strategy – are

always reserved for the Board’s approval. Full

details of the matters reserved can be found

on our website.

Opposite are three examples of decisions we

took as a Board during the year that illustrate

our approach to Section 172.

Informa – like any business –

needs to consider and create

benefits for all its stakeholders

tobesuccessful, and our role as

aBoard is to ensure the company

iswell positioned for the long

termas wellas the near term.

Approving Informa

TechTarget’s creation

Approving the acquisition

of Ascential

Making decisions on

capital allocation

Colleagues Customers

Investors

Colleagues Customers

Investors

Colleagues Customers

Investors

In January 2024, the Board approved the

combination of the Informa Tech digital

businesses with TechTarget, Inc., a US Nasdaq-

listed company, to create Informa TechTarget.

The combination completed in December 2024.

In July 2024, the Board approved a full cash offer

for the entire issued share capital of Ascential

plc, a UK-listed company, which completed in

October 2024.

We have continued to strike a balance in capital

allocation between reinvesting in the business

and providing returns to our shareholders.

Our principal decisions in 2024

Informa Annual Report and Accounts 2024

92

Governance

Section 172 Statement

![](data:image/jpeg;base64,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)

In deciding to approve the combination

of our Informa Tech digital businesses

with TechTarget, we considered how it

would affect our business, colleagues,

investors, customers and stakeholders.

We believed that building greater scale

and reach in B2B Digital Services

would give us the best opportunities

for long-term business growth. This

would enable us to keep reinvesting

in the technology and products

customers rely on, offer more career

opportunities to colleagues by being

part of a market leader and keep

delivering returns to shareholders.

As a Board, we also considered

different shareholding and ownership

models, and agreed that owning 57%

of Informa TechTarget’s equity would

be a sensible use of capital. We also

concluded that having a listing on

Nasdaq would help us to retain key

talent from TechTarget, give the

business a higher profile in the US –

the largest single market for digital

services and enterprise technology –

and allow TechTarget’s existing

investors to share in the business’s

future success.

We realised that creating Informa

TechTarget would bring about a period

of change for some of our colleagues

and we fully supported providing

financial security for Informa

colleagues through 2024 and regular

communications during the process.

We also considered and agreed an

appropriate governance structure for

the new business, balancing the

interests of TechTarget’s continuing

independent investors with those of

Informa. We concurred with

management’s proposals for Informa’s

representatives on the Informa

TechTarget Board, while ensuring that

the Nasdaq requirements for a

controlled company were met.

Part of our role as a Board is to discuss

and debate Informa’s corporate

development plan. This was very

important during GAP 2, when we

supported the Group’s focus on those

areas offering the best opportunities

for growth. Ascential, with its strong

portfolio of brands, offered just such

an opportunity in B2B markets.

Our Board discussions centred around

two matters: the additional long-term

value Informa could create from the

combination and the cultural fit. On value,

we considered how the acquisition would

expand the existing Marketing and

FinTech portfolios and create a stronger

position in these specialist markets –

something that aligned well with our

GAP2 strategy. We agreed that Informa’s

international platform would create

further growth opportunities for the

Money20/20 and Lions brands and that

the combined business would benefit

from efficiencies in supplier relationships.

We are proud of Informa’s company

culture, which allows colleagues to

contribute their best in a commercially

focused but supportive and collegiate

environment. That’s why the culture of

any acquisition is something we look

at carefully. The acquired brands were

home to teams who prided themselves

on being close to their customers and

markets, while continually developing

their products – a culture that

resonated with that of Informa.

The acquisition prompted discussion

onthe structure of our B2B portfolio.

Management wanted to ensure the

continued success of the acquired brands

and for colleagues from both businesses

to learn from each other. We supported

management’s proposal to stand up a

new division – Informa Festivals – from

1 January 2025 as home to all our

experience-led events, including those

previously housed in our Informa

Connect and Informa Tech divisions.

In March 2024, as part of our 2023

financial results announcement, we set

out our approach to capital allocation:

a mix of consistent organic investment

in the business, progressive ordinary

dividends, inorganic investment and

share buybacks.

During the year, we continued to strike

a balance in capital allocation and took

into account the direct feedback

received from investors. As part of our

One Informa discussions, we have

considered the continued investment

needed into our technology, digital

tools and data capture in order to

enhance the customer experience and

transform our ways of working, and

our ability to self-fund this investment

through free cash flow and efficiencies.

In 2024, we also approved the

continued progressive growth of

dividends. The final dividend for 2023,

paid in July 2024, was 12.2p per share,

and in July we approved an interim

dividend of 6.4p per share which was

paid in September 2024. The total

in-year dividend of 18.6p per share was

a 48% increase year-on-year.

We approved an extension to the

share buyback programme in early

2024 to a minimum level of £340m

in-year. In total, the company

repurchased and cancelled over

51 million shares for a consideration of

£421.5m, excluding costs.

How the Board made its decision

How the Board made its decision

How the Board made its decision

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

93

![](data:image/jpeg;base64,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)

We have more than 14,000 colleagues working in over

30 countries. Their specialist knowledge and day-to-

day contribution drive our business, products and

customer service. Engaging colleagues and developing

and retaining talent are our priorities.

How the Board engaged

•  We set up specific forums to meet a range of colleagues

at once, in different locations around the world. In 2024,

this included colleague townhalls for the Chair in Shanghai

and Hong Kong, and meet-and-greet sessions for the

whole Board in Riyadh and London

•  The Board has more detailed discussions with a range

of senior leaders as part of their presentations at Board

meetings and when Directors attend leadership offsites

•  We join in with colleague events to experience

Informa’s culture first hand, with Directors attending

the Informa Awards and Walk the World in 2024

•  The Group HR Director provides us with regular updates

on talent, culture, engagement and inclusion matters,

andpresents the results of the annual Pulse survey

How the Board responded

•  Reflecting colleagues’ positive feedback, we continue

tofocus on maintaining an open and inclusive culture,

supporting management with its internal mobility

initiatives and supporting the colleague-run networks

•  We were particularly pleased to see the outcome of

the internal recruitment programme in Riyadh, with

colleagues from several countries taking the opportunity

to relocate and support business growth, while gaining

valuable career experience. This, plus Pulse feedback

ledus to strongly support proposals to expand the

business’s internal mobility programme to more areas

•  In light of our continued international growth, and the

appointments of Maria Kyriacou as our Non-Executive

Director responsible for colleague engagement and our

new Chief Talent & Inclusion Officer, we are taking the

opportunity to review and refresh the Board’s colleague

engagement programme in 2025

We have a large and diverse customer base. What is

common is that all our customers work in a specialist

market and need relevant high-quality knowledge and

connections to help them do more as professionals

and businesses.

How the Board engaged

•  We meet customers first hand when we attend Informa

events. In 2024, this included exhibitors and attendees

atevents in Mainland China, London and Riyadh.

•  We also understand Academic and B2B customer trends

and demand from presentations made by leaders during

our annual strategy meetings and as part of our regular

teach-in sessions on parts of the business

How the Board responded

•  Acquisitions during the year have complemented our

existing products and enhanced value for customers

•  Through updates on our product and technology

investment plans, we monitor how the needs of our

customers are met and are able to focus investment to

where it is most beneficial for Informa and customers

How we promote Informa’s success

How we consider the long term

In the past ten years, Informa’s stable leadership team has followed a consistent strategy to accelerate growth and deliver long-term

benefits for investors and other stakeholders. The general principles laid out in Section 172 are intrinsic to how Informa thinks and

operates and are firmly embedded in our culture.

The results of the GAP 2 programme, completed in 2024, are described on pages 26 to 35. For 2025-2028, the company and the Board’s

focus will be on One Informa, maximising the platform built in the past ten years and continuing to invest in the customer experience,

thecolleague experience and technology, so we can continue to grow and maintain the value we offer customers.

The Board holds annual strategy meetings where each division presents its three-year plan for review, debate and approval.

Thesereviews consider capital investment, the Group budget, investor returns and future resourcing requirements.

Colleagues

Customers

Informa Annual Report and Accounts 2024

94

Governance

How the Board engages

![](data:image/jpeg;base64,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)

We take pride in maintaining close relationships

with key business partners, such as joint venture

partners, major event contractors, major suppliers

and city representatives.

How the Board engaged

•  Whenever the opportunity arises, we meet key partners

in person. In 2024, the Chair met joint-venture partners,

venue partners and members of local government in

Shanghai and Hong Kong, and the Board met with key

partners in Riyadh

•  The Group Chief Executive provides Board colleagues

withupdates on our joint-venture and venue partners

•  The Chief Operating Officer provides regular updates to

the Board on our work and relationships with major

suppliers and preferred partners

How the Board responded

•  The Board continued to broaden its understanding of

whatis important to business partners and deepen our

relationships through engagement, using this insight as

part of discussions on future company strategy and

newtechnology partnerships

Large institutional investors hold most of

Informa’s issued share capital, mainly through

ordinary shares and a small American Depository

Receipts programme. We also have debt investors

through our EMTN issuances.

How the Board engaged

•  We meet investors first hand as part of the Chair’s

annual investor roadshow. In 2024, the Chair was

joined at most of these meetings by Louise Smalley,

our Remuneration Committee Chair. Our AGM also

provides an opportunity for individual investors to

engage with the Board in person

•  The Group Chief Executive and Group Finance Director

present our full-year and half-year financial results to

investors and meet investors throughout the year

•  The Board receives a report from the Director of Investor

Relations at each Board meeting, which includes industry

news and updates on investor relations activities,

shareholder changes and investor engagement. In this

way, we are kept up to date with the company’s

engagement with UK and international investors

How the Board responded

•  Feedback from investor meetings helped shape the

Directors’ Remuneration Policy, which was approved

by93.81% of our investors at the AGM in June 2024

•  The Board considered investor and analyst views when

considering the company’s capital allocation plan. We

subsequently approved increases to the share buyback

programme and declared and recommended the interim

and final dividend payments during the year

•  We intend to continue to offer ways for individual

shareholders to participate at our AGM

How we consider our operations and the environment

Sustainability is embedded into everything Informa does. We have approved the FasterForward programme and receive regular updates

on its progress. This programme directs our focus towards the areas of greatest impact for Informa. We are focused on taking action

thatwill help Informa become a zero waste and net zero carbon business by 2030: embedding sustainability into all products by 2025

andexpanding the positive impact we make on the communities we work in and with. See pages 34 and 35 for more detail.

How we consider business conduct

The Board sets the tone and framework for Informa’s culture, reviewing and approving those policies that set out agreed guiding principles

and accepted behaviours for all colleagues. This includes our Code of Conduct, which is supported by mandatory training for everyone.

Weapprove the company’s Modern Slavery Statement each year, the most recent version of which can be found on our website. We also lead

from the top in the way we engage with colleagues, customers and investors, and consider the interests of stakeholders in our decisions.

Investors

Business partners

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

95

![](data:image/jpeg;base64,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)

The following table describes how we

applied the principles of the 2018 UK

Corporate Governance Code (Code)

during the year. The Code can be found

on the website of the Financial

Reporting Council (FRC) (frc.org.uk).

The updated Code, published in January

2024, will apply to financial years

beginning on or after 1 January 2025.

Throughout the year we complied with

all the provisions of the Code other

than provision 21 which relates to the

annual evaluation of the Board, its

Committees and individual Directors.

Given the recent changes to the Board,

we unanimously decided that the most

appropriate time to conduct our next

external review would be in 2025.

Details of the 2024 internal evaluation

are described on page 91.

In addition, membership of the Audit

Committee fell below the minimum

membership set out in provision 24 for

three weeks in late June and early July

2024 – the period following David

Flaschen’s retirement and before

MariaKyriacou’s appointment.

NoAudit Committee meetings

wereheld during this time.

Board leadership and company purpose

A

Role of theBoard

The Board’s role is to lead the company and the Group, setting the purpose, guiding principles and standards, and

promoting long-term sustainable success for the benefit of shareholders and all other stakeholders. The Board sets

theGroup’s objectives and corporate strategy, monitors progress and makes sure our strategic aims are aligned with

our business culture.

The Board maintains a schedule of matters that are reserved for its approval. Any matters not expressly reserved for the

Board are delegated to a Board Committee or the Executive Directors.

Our Directors have the opportunity to discuss and debate important and relevant topics through an annual programme

of regular Board and Committee meetings.

For details of the Board’s main activities during 2024, see pages 86 to 91.

B

Purpose, values,

strategy

and culture

Set by the Board, Informa’s purpose is to champion specialists, connecting businesses and professionals with knowledge

that helps them learn more, know more and do more.

The Board also sets the tone for the company’s culture, leading by example and following distinct guiding principles.

Those principles are underpinned by the commitment in our Code of Conduct to act ethically, lawfully and with integrity.

Each year, the Board holds a multi-day offsite event to consider the Group’s strategy, where divisional leaders present

and discuss their forward-looking plans. We also arrange informal meetings between Directors and senior colleagues

throughout the year to help build trust and develop productive relationships.

C

Resources

andcontrols

The Board makes sure that the company has the right resources to meet its objectives and to measure its performance

against them.

We make Board and Committee papers available through a secure portal ahead of each meeting and the Chairs of each

Board Committee give verbal updates on matters considered, and decisions taken, at their own Committee meetings.

The Board also has a formal system in place for Directors to declare a current or potential conflict of interest.

D

Shareholder and

stakeholder

engagement

To maintain close, strong and productive relationships with all our stakeholders – including shareholders, colleagues,

customers, business partners and suppliers – the Board engages directly with these groups and receives reports from

senior management about their own engagement, stakeholder feedback and actions.

The Chair continues to hold his annual shareholder roadshow with major institutional investors, where any matter can

be discussed. In 2024, the Remuneration Committee Chair joined the Board Chair for most of these meetings to explain

and discuss our next Directors’ Remuneration Policy.

For more details on how the Board considered stakeholders’ different interests during 2024, see our Section 172

Statement and disclosures on pages 92 to 95 and the Directors’ Remuneration Report from page 115.

E

Colleague policies

and practices

Mary McDowell was our designated Non-Executive Director for workforce engagement until 30 November 2024,

whenshe stepped down from the Board. Maria Kyriacou took on the responsibility for workforce engagement

from1 December 2024.

Before her retirement from the Board, Mary spent time with our HR leaders to discuss and understand colleagues’

perspectives on all aspects of life at Informa.

All members of the Board, including our Non-Executive Directors, engage and spend time with different colleague

groups throughout the year.

Our Code of Conduct provides detailed information around our commitments and expectations of behaviour and

practices. It applies to all Informa colleagues, including Board members, contractors, consultants and business partners.

We have put in place procedures to allow any colleague to report concerns in confidence – either through their line

managers, the Compliance team or through the independent and confidential whistleblowing service, Speak Up.

Thisservice is also open to third parties, including our suppliers and contractors.

Informa Annual Report and Accounts 2024

96

Governance

Compliance with the UK Corporate Governance Code

![](data:image/jpeg;base64,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)

Division of responsibilities

F

Board Chair

John Rishton was appointed as Chair in June 2021, having been a Non-Executive Director since September 2016. John was

independent on appointment.

As Chair, John is responsible for leading the Board and ensuring its effectiveness. During Board meetings he encourages

each Director to participate, fostering a culture of openness and constructive debate where diversity of thought is

valued and encouraged.

G

Board

composition

The names and biographies of our Board Directors are set out on pages 81 to 83 and are also available on our website.

During the year, we appointed two new independent Non-Executive Directors, Maria Kyriacou and Catherine Levene,

while both David Flaschen and Mary McDowell retired from the Board. Our independent Non-Executive Directors

continue to make up 70% of our Board, excluding the Chair, and each year we review the Board’s independence to

makesure that no one person or small group dominates decision making.

The roles of Chair and Group Chief Executive are exercised by different people, and each has clearly defined

responsibilities. The division of responsibilities between members of the Board is available on our website.

The Non-Executive Directors consult the Chair if they are considering taking on other significant appointments, giving

thought to how another appointment might affect their time commitment to Informa. With the Board’s approval,

Executive Directors may accept one other external non-executive appointment and keep any fees paid to them.

Members of the Board, including the Non-Executive Directors, may also be asked to sit on the boards of joint

venturesorother companies in which the Group has an investment.

Directors can take independent advice about performing their duties at the company’s expense.

H

Non-Executive

Directors

Our Non-Executive Directors provide independent oversight and constructive challenge to the leadership team, helping to

develop proposals around strategy and scrutinising the company’s performance in meeting its agreed goals and objectives.

With their particular skills, experience and knowledge, our Non-Executive Directors provide a balance of views in Board

discussions and offer strategic guidance and specialist advice. The Non-Executive Directors also meet regularly without

the Executive Directors or management being present.

Louise Smalley was appointed as our Senior Independent Director (SID) in December 2024, assuming the role following

Mary‘s retirement from the Board to become Chair of Informa TechTarget.

The SID acts as a sounding board for the Chair and, where necessary, serves as an intermediary for the other Directors.

The SID also provides an additional point of contact for shareholders and other stakeholders, and leads the annual

evaluation of the Chair’s performance.

As well as preparing for and attending Board and Committee meetings, the Non-Executive Directors spend time in

meetings or on telephone calls with the Chair, the leadership team and other key stakeholders, including institutional

shareholders, external auditors and remuneration advisers. As stated here in section E, the Non-Executive Directors

also attend colleague and business events during the year. These commitments see them regularly give more time to

Informa than is expected and significantly more time than is set out in their letters of appointment.

I

Company

Secretary

All Directors can access the advice and services of our Company Secretary.

The Company Secretary is responsible for advising the Board on all governance matters and supporting the Board to make

sure the right policies, processes, information and resources are available to allow them to work effectively and efficiently.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

97

![](data:image/jpeg;base64,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)

Composition, succession and evaluation

J

Appointments

and succession

planning

The Nomination Committee’s report on its work and membership in 2024 can be found on pages 100 to 104.

TheCommittee’s terms of reference are reviewed annually and can be found on our website.

The Nomination Committee is responsible for recommending appointments to the Board, Committee membership,

succession planning for Board members and senior management, and diversity and inclusion matters.

All Directors offer themselves for election or re-election by shareholders at the AGM.

K

Skills, experience

and knowledge

When reviewing how the Board and its Committees are composed, the Nomination Committee uses a matrix that

records the skills, experience and knowledge of the current Directors and compares this with those the Committee

believes are appropriate for the Group’s business and strategic requirements.

The Committee is also mindful of the need to regularly refresh the Board and to monitor the length of service of

theDirectors.

L

Board evaluation

The Board Chair leads the annual evaluation of the performance of the Board, its Committees and the individual Directors.

The last externally facilitated evaluation was performed in 2021 by No. 4, an advisory firm with no other connection

tothe company or its Directors. Although we were due to hold the next external review in 2024, the Board decided

topostpone this until 2025, which would allow our newly appointed Directors to participate more fully.

In 2024, the Board Chair led an internal performance evaluation. Details of the process and its outcomes can be found

on page 91.

Our Board Diversity & Inclusion Policy can be found on our website, while details of the gender identity and ethnicity

ofour Board members and senior management are set out on page 104.

Audit, risk and internal control

M

Internal and

external audit

The Audit Committee’s report on its work and membership in 2024 can be found on pages 105 to 114. The Committee’s

terms of reference are reviewed annually and can be found on our website.

The Audit Committee is responsible for overseeing financial and narrative reporting. It assesses the effectiveness of

our internal control and risk management systems and presents its conclusions to the Board. The Audit Committee

also assesses the effectiveness and objectivity of our external and internal auditors.

The Committee also oversees the independence and effectiveness of our internal audit function and reviews the

relationship and independence of our external auditors PricewaterhouseCoopers LLP (PwC). The Committee has

adopted a policy for approving all audit and non-audit services by the external auditors to make sure its independence

is not impaired.

N

Fair,

balanced and

understandable

The Board considers this Annual Report, taken as a whole, to be fair, balanced and understandable, and to provide the

information shareholders need to assess the company and the Group’s position and performance, business model

andstrategy.

Before making this recommendation to the Board, the Audit Committee reviewed the process for preparing the Annual

Report and the way in which the Group’s overall prospects and financial position are disclosed. A working group of key

contributors was established to review the content of the Annual Report, making sure that all required disclosures are

transparent and understandable.

Early drafts of this Annual Report were reviewed by the Board Chair and Audit Committee Chair, before being reviewed by

the Committee as a whole. The Committee made sure that the overall message of the narrative reporting was consistent

with the Financial Statements, the wider economic environment, and with information previously communicated to

investors, analysts and other stakeholders, and that the content of the Strategic Report and the Financial Statements

werealigned. More information can be found on page 98.

All Directors are encouraged to attend the Audit Committee meetings that consider the full-year and half-year results

and have full visibility of all Audit Committee papers during the year.

The Group’s viability analysis, Viability Statement and Going Concern Statement can be found on pages 71 to 73.

O

Risk

management and

internal control

framework

The Board is responsible for setting the Group’s risk appetite and making sure there is an effective risk management

framework. It has delegated responsibility to the Audit Committee for overseeing the effectiveness of the Group’s risk

management and internal control systems. For details of how the Committee reviewed these controls, see pages 109 to 112.

Details of the Group’s principal and emerging risks, and how they are assessed, managed and mitigated, are set out on

pages 60 to 70. The Audit Committee and the Risk Committee work with the Board to review, oversee and mitigate risks.

Each year the Board or relevant Committee reviews each of the principal risks in detail.

Information about our Risk Committee can be found on pages 109 and 110.

Informa Annual Report and Accounts 2024

98

Governance

Compliance with the UK Corporate Governance Code

continued

![](data:image/jpeg;base64,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)

Remuneration

P

Remuneration

policies and

practices

The Remuneration Committee’s report on its work and membership in 2024 are set out on pages 115 to 132.

TheCommittee’s terms of reference are reviewed annually and can be found on our website.

The Remuneration Committee is responsible for determining, approving and reviewing the company’s global remuneration

principles and frameworks, to make sure they support the Group’s strategy and are designed to promote our long-term

sustainable success.

Q

Procedure for

developing

remuneration

policy

The Remuneration Committee is responsible for the Directors’ Remuneration Policy. The policy followed during 2024

was approved by shareholders in June 2022. The policy for the period 2025-2027 was approved by shareholders at the

2024 AGM and can be found in full on our website.

The Committee also sets the policy for executive remuneration arrangements – making sure that delivering the Group’s

long-term strategy is prioritised and that we can recruit and retain suitable executive talent to deliver that strategy – and

reviews the remuneration arrangements for the wider workforce. The Committee Chair regularly consults the company’s

major investors and advisers about remuneration proposals.

R

Remuneration

outcomes and

independent

judgement

No Director is involved in determining their own remuneration arrangements or outcomes. When determining

remuneration outcomes, the Remuneration Committee considers a range of information, including business plans

andindividual performance outcomes, and consults with the Audit Committee.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

99

![](data:image/jpeg;base64,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)

As our company makes the transition from

GAP2 to One Informa, a diverse Board is

an important source of advice and challenge

for theleadership team as it looks to

maximise Informa’s potential and avoid

thecomplexities of rapidgrowth.

To make sure the Board is

diverse, the Nomination

Committee looks for a

broad combination of

experience, backgrounds,

knowledge and abilities.

Webelieve that together,

these make the Board

effective in supporting the

leadership team and

offering positive challenge.

In the current context, it is essential that

the Board is equipped to oversee a

business that has grown rapidly in its

key markets and is now working to

make the most of these strengths, while

retaining its entrepreneurial edge.

Welcoming two new

Directors

In 2024, we had the task of appointing

successors to Mary McDowell, who has

become Chair of Informa TechTarget,

and David Flaschen, who retired from

our Board after completing his

nine-year tenure.

It is important that our new Directors

not only maintain the Board’s diversity

of thought but are also a goodcultural

fit for Informa. This is important in

order that they can work constructively

alongside Stephen and the leadership

team as they not only steer the

2025-2028 One Informa programme,

but also manage the opportunities

andrisks of AI and the evolution

ofsustainability reporting and

dataregulation.

We were therefore delighted to

welcome Maria Kyriacou, who joined

the Board in July, and Catherine Levene,

who joined in November. Both join their

fellow Non-Executive Directors on the

Nomination Committee.

Membership and meeting attendance

All our independent Non-Executive Directors are members of

theCommittee.

Member Attendance

John Rishton – Committee Chair 3/3

Louise Smalley 3/3

Gill Whitehead 3/3

Joanne Wilson 3/3

Zheng Yin 3/3

Andy Ransom 3/3

Maria Kyriacou – from 15 July 2024 1/1

Catherine Levene – from 19 November 2024 0/0

Mary McDowell – to 30 November 2024 3/3

David Flaschen – to 21 June 2024 1/1

Mary McDowell was a member until she stepped down from the

Board in November 2024 to become Chair of Informa TechTarget, and

David Flaschen was a member until his retirement from the Board at

the 2024 AGM.

Biographies for each of the Committee members are given on pages

81 to 83.

Although not a member, the Group Chief Executive is usually invited

to attend Committee meetings, except when matters that concern

him are discussed. Other senior managers are also invited when

relevant.

The Company Secretary is secretary to theCommittee and attends all

meetings.

The Committee formally met three times during the year, but as in

previous years, the Board often discusses and debates topics that

arepart of the Committee’s remit at Board meetings.

Informa Annual Report and Accounts 2024

100

Governance

Nomination Committee Report

![](data:image/jpeg;base64,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)

Maria, a chartered accountant, brings

wide experience of media and global

operations, as well as deep insights

into both UK and US markets. She has

also joined the Audit Committee and,

inDecember, became the Non-

Executive Director responsible for

colleague engagement.

Catherine, with her background in digital

media and entrepreneurship, aswell as

private and public markets, brings a

valuable perspective to Informa’s

ambitions, particularly in digital services.

She is also helping us understand how to

make the most of the entrepreneurial

skills of our colleagues who formerly

founded orran businesses that are now

part ofInforma.

Together, Maria and Catherine also add

to our expertise in areas including

finance, HR, general business, capital

markets and M&A.

As we make these changes, I can

confirm that the Board meets the UK

Listing Rules’ requirements: that over

40% of our Board members are women,

with the role of Senior Independent

Director held by a woman, and that our

Board includes representation from

minority ethnic backgrounds.

John Rishton

Chair, Nomination Committee

13 March 2025

Committee’s role and responsibilities

•  Reviewing membership of the Board and its Committees,

ensuring that there is a broad mix of skills and experience that

are suited to the Group’s strategic priorities

•  Ensuring that there is a succession plan in place for the role of

Group Chief Executive

•  Discussing succession plans for other Executive Directors and

the leadership team with the Group Chief Executive

•  Overseeing the development of a strong pipeline for succession

planning in theGroup

•  Monitoring the effect of talent and culture initiatives across

theGroup

The Committee’s full terms of reference are available on

ourwebsite

Appointing new Directors to the Board

This year, we welcomed two new Non-Executive Directors – Maria

Kyriacou and Catherine Levene – to the Board.

One of our key responsibilities as a Committee is to consider the

knowledge, skills, experience and diversity needed from our Non-

Executive Directors to drive sustainable success for the Group. With

David Flaschen’s retirement and Mary McDowell’s move to become

Chair of Informa TechTarget, we reflected on the additional skills

needed on the Board to support our continued growth.

For these new appointments, we were supported by Russell Reynolds,

with which neither the company nor the Directors have a connection.

Russell Reynolds is a signatory to the Voluntary Code of Conduct for

Executive Search Firms.

Our process for appointing new

Non‑ExecutiveDirectors

Define the role brief: We developed two comprehensive briefs

on the skills required for the new appointments, with skills,

experience, background and diversity of thought being key

considerations to align with the needs of the business.

Review longlist: We reviewed Russell Reynolds’ longlist of

high-quality candidates, after the Chair and Group Chief

Executive’s initial review.

Interview candidates: We interviewed shortlisted candidates in

a multi-stage process, which included informal discussions, calls

with Committee members and formal interviews, and a rigorous

referencing process.

Recommend appointments: We recommended Maria’s and

Catherine’s appointments as Non-Executive Directors to the

Board in July and November 2024, respectively, after reviewing

potential conflicts of interest and their time commitments.

Appoint new Directors: Maria and Catherine will both stand for

election by shareholders at the 2025 AGM.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

101

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAW3AgIDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAoopksgiiZz2FAEVxdLAMdXPQVnSXMsp+ZyB6DgVGzF2LMck9aStlFIQUUUVQgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACgEg8HFFFAE8V5NGfvbh6NWlBOk6bl6jqPSsapIJTDKHHTuPUVMo3GbVFAIIBHQ0ViMwv8AhNfCn/QzaN/4Hxf/ABVH/Ca+FP8AoZtG/wDA+L/4qjwV/wAiH4d/7Blt/wCilrdqnZOwlcwv+E18Kf8AQzaN/wCB8X/xVL/wkOjaspg0zV7C9lX5nS2uUkIX1IUnjOK3Kq36FrbI/hOaFa4amXRRRWwgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKALSXjKirk8DFFWEswY1ycHAzRWd4jM7wV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2oluwWwUjKGUqRkEYNLRSGY08LQSFT07H1qKtySNJU2uMiqEmnMDmNgR6HrWqmuorFKirH2K4/55/qKPsVx/wA8/wDx4VV0Ir0VY+xXH/PP/wAeFH2K4/55/wDjwougK9FWPsVx/wA8/wDx4UfYrj/nn/48KLoCvRVj7Fcf88//AB4UfYrj/nn/AOPCi6Ar0VY+xXH/ADz/APHhR9iuP+ef/jwougK9FWPsVx/zz/8AHhR9iuP+ef8A48KLoCvRVj7Fcf8APP8A8eFH2K4/55/+PCi6Ar0VY+xXH/PP/wAeFH2K4/55/wDjwougK9FWPsVx/wA8/wDx4UfYrj/nn/48KLoCvRVj7Fcf88//AB4UfYrj/nn/AOPCi6Ar0VY+xXH/ADz/APHhR9iuP+ef/jwougK9FWPsVx/zz/8AHhR9iuP+ef8A48KLoCvRVj7Fcf8APP8A8eFH2K4/55/+PCi6Ar0VY+xXH/PP/wAeFH2K4/55/wDjwougK9FWPsVx/wA8/wDx4UfYrj/nn/48KLoCvRVj7Fcf88//AB4UfYrj/nn/AOPCi6Ar0VY+xXH/ADz/APHhR9iuP+ef/jwougK9FWPsVx/zz/8AHhR9iuP+ef8A48KLoCvRVj7Fcf8APP8A8eFH2K4/55/+PCi6Ar0VY+xXH/PP/wAeFH2K4/55/wDjwougK9FWPsVx/wA8/wDx4UfYrj/nn/48KLoCvRVj7Fcf88//AB4UfYrj/nn/AOPCi6Ar0VY+xXH/ADz/APHhR9iuP+ef/jwougK9FWPsVx/zz/8AHhR9iuP+ef8A48KLoCvRVj7Fcf8APP8A8eFH2K4/55/+PCi6Ar0VY+xXH/PP/wAeFH2K4/55/wDjwougK9FWPsVx/wA8/wDx4UfYrj/nn/48KLoCvRVj7Fcf88//AB4UCyuD/Bj8RRdAV6s2duZZAzD5FP51NFp2DmVs+y1eVQqhVGAOgFRKfYdhaKKKzGYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFRzTJbwtLIcKoyaSVwbtqyQkAZPSo1nhZtqyxk+gYVyd7qE96+XbCA/Kg6CqtdkcJpqzhljkn7q0O6ornNL1Z4pFguH3RHgMeq//Wro656lN03ZnVSqxqxugooorM1CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwVk+IGIsUA6GQZ/I1rVU1G0+2WbRj74+ZfrVUmozTZnWi5U2keZeM9Yn0Lwre39tj7QoVIyRkKWYLn8M5rzVtd1B7Hwxoy61cj7e6z3N2JTvXdKVChuvy7Twe/tXr+p6Za6pZTafqEHmQSYEkZJHQ57cjkVnHwloDPZudLt/9DBEC4+VcnPToeeec16rVzyYTjFWaNqu0tGL2cDt95o1J/KuTsrV7y5WJeB1Y+grsVUIgVRgAYArjxclojrwMXrLoLRRRXGegFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMqXem295zIpV/768GqS+HoA2WmkI9BgVsUVpGrOKsmZSo05O7RFb20NrHshQKO/qfrUtFFQ23qzRJJWQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiioJL21iYq88asOo3cimk3sJtLcnoqOKeGcZilR/Xac4qSk1YE09gooooGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwtZ1N0k+zQOVx99h1+lYVTXZJvJy3XzGz+deTazK8vxeiEOoTCCCAyXDbzttlEZ347Lxg/Vq9SnFQikjxpydWbbZ6tFK8Mgkicq47iuq0y+F7bbjjzV4cf1rwv4RC+k0/VLq5kleCadTG0hJLOAd7ZPX+EfhXr/h4t9rlH8Jjyfrkf/XqMRFShzdUa4eTp1eS+h0VFFFeceoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA5rWrFobg3CDMchy2P4T/wDXrA/s2x825l+xwb7pQtw3ljMoxjDevB716GQGBDAEHgg1nS6HZSEkK8ef7jf412UsSkrSOCthG5c0DkrW0gs7eO2tYUhhQYSONcAfQCut0axNpbl5ARJJgkHsO1T22mWtq2+OPL/3mOSKt1FavzrljsXh8NyPmluFFFFcx2BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFQ3V1b2NrJc3UyQwRLueRzgKPc1NXgXxa8WTarrr6LbyEWNi21wP+Wkw6k/Tpj1Brow2HdefKjGvWVGHMzp9a+NtlbzNFo2nPdgHHnzt5an3C4yR9cVif8AC8NY/wCgVY/m/wDjXltFe5HA0Iq3KeRLGVm73PUv+F4ax/0CrH83/wAaP+F4ax/0CrH83/xry2in9Sofyi+tVv5j1L/heGsf9Aqx/N/8aP8AheGsf9Aqx/N/8a8too+pUP5Q+tVv5j1Nfjhq24btJsiueQGcH+ddV4c+MGj6tOttqcLaZMxwru++In3bA2/iMe9eBUVM8BQkrJWKjjK0Xdu59h9RkUV5T8HPFk19by+Hrxy72sfmWrHk+XnBUn2JGPYn0r1avBr0XRm4M9ilVVWCkgooorI0CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOU0WDxXo+g6dpn9laNN9jtYrfzP7UlXfsULnH2c4zjpmr32vxX/0BdG/8G0v/wAjVu0VV/IVjC+1+K/+gLo3/g2l/wDkaj7X4r/6Aujf+DaX/wCRq3aKV12Cxhfa/Ff/AEBdG/8ABtL/API1H2vxX/0BdG/8G0v/AMjVu0UXXYLGF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNW7RRddgsYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1btFF12Cxhfa/Ff/AEBdG/8ABtL/API1fMepSyzareSzjEzzuz85+YsSf1r65r5q+JHh+XQfGN38hFteObmBscEMcsPwORj0x616mVzSnKPVnn5hF8qfY5GiiivaPKCiiigAooooAKKKKAOw+FrunxG0oIT83mqwHceU3X+f4V9J14h8F/D0lxq9xr00eILZDFAxHWRupH0XIP8AvV7fXgZlJSrWXRHs4CLVLXqwooorzztCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKx/EvhnTvFOlmx1CMkA7opUOHjb1B/p0oopxk4u8dxSipKzPD9d+E/iHSJGe2EN9ag8So6xn8VY8fgTXK/2FqX/Pt/4+v+NFFe3hsZUqR948nEYaEJe6H9hal/z7f+Pr/jR/YWpf8APt/4+v8AjRRXT7eRh7GIf2FqX/Pt/wCPr/jR/YWpf8+3/j6/40UUe3kHsYj4vDuqzSrHHa5djgDzF/xrufDXwc1S+ljn1uRLK06mONw8rj0GMqM+uT9KKK48VjKkElHS51YbC05O8j23T9PtNKsIbGxgWG2hXaka9AP6nuT3qzRRXjttu7PUStogooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAf/Z)

The induction programme gave me an excellent understanding of

Informa’s strategic priorities, corporate culture and governance

structure. The opportunity to meet Executive Committee

colleagues in an informal setting helped me understand the key

opportunities and challenges facing the business over the next

few years. It was also helpful to visitsome of our excellent events

and have the opportunity to speak to colleagues, customers

and suppliers. This has given me an invaluable insight into

thebusiness’s day-to-day workings.

Maria Kyriacou

Non-Executive Director

Maria, a chartered accountant has

extensive leadership and operational

experience and brings additional

knowledge of media and global

operations to the Board.

Catherine brings US public and private

market experience, as well as extensive

expertise in digital media and

entrepreneurship – a key consideration

because a number of our leaders are

entrepreneurs who have remained

with Informa after their businesses

were acquired.

Recommending Maria and Catherine’s

appointments was a unanimous

decision, and we agreed that they would

be a good fit and support our culture.

A comprehensive induction

programme

To give Maria a comprehensive

understanding of the Group strategy

and its business, she undertook a

tailored, in-depth induction and

training programme, taking into

account her experience as a business

executive and previous roles on listed

company boards.

The induction began with two days of

meetings with members of the

Executive Committee on:

•  Informa’s long-term strategy

•  Deep dives into each of our

businesses, their products

andcustomers

•  The Finance and Internal Audit

functions plus the work of the

AuditCommittee

•  Investor Relations and our

shareholder engagement programme

•  Technology and cyber security

•  Marketing and brand

•  Talent and colleague engagement

•  Corporate governance policies,

Non-Executive Director

responsibilities and Board processes

Her induction also included tours of

several live events in different markets

and locations during the second half of

2024, to get first-hand experience of

our different event formats and to

meet colleagues and customers.

Having been appointed in November

2024, Catherine is now undertaking

herinduction and training programme,

andwas also able to attend CPHI Middle

East in Riyadh with the rest of the

Board in December 2024. This is

following the same format that was

undertaken by Maria, with her

meetingthe same members of the

Executive Committee.

Selecting the right colleagues for

key Board roles

We also considered the key Board roles

of Senior Independent Director, our

Non-Executive Director responsible

forcolleague engagement and

membership of the Audit Committee.

As Chair of the Remuneration

Committee, Louise Smalley has had

significant interaction with many of our

shareholders, gaining deep insights

into their priorities and building

relationships with key stakeholders,

aswell as Board and leadership

colleagues. The Committee was

therefore unanimous in proposing to

the Board that Louise be appointed as

Senior Independent Director from

1 December 2024.

With her financial, portfolio

development and commercial

experience, appointing Maria to the

Audit Committee would clearly

benefitInforma.

Maria has also agreed, with our

unanimous support and input from the

Group HR Directors and Chief Talent &

Inclusion Officer, to become the

designated Non-Executive Director for

colleague engagement, a role

previously held by Mary McDowell.

Expertise across disciplines

The matrix on page 103 shows the

Board’s skills and experience at

31 December 2024 across ten

disciplines that are particularly

important to Informa’s business.

Informa Annual Report and Accounts 2024

102

Governance

Nomination Committee Report

continued

![](data:image/jpeg;base64,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)

Managing time commitments

The Board believes that the experience

our Directors gain through external

roles broadens their expertise and has

long-term positive performance

benefits for the company.

Non-Executive Directors can take on

other external appointments with the

Chair’s or Senior Independent Director’s

approval, and as long as they have

enough time to attend all Informa

Board and relevant Committee

meetings, the AGM and Board

offsitemeetings.

In 2024, the Committee assessed that

all Non-Executive Directors continued

to commit significant time to Informa,

often going beyond requirements by

attending some global Informa events.

As allowed under the Code, Executive

Directors may take on one non-

executive directorship in a FTSE 100

company or other significant

appointment. Stephen A. Carter is a

Non-Executive Director at Vodafone

Group PLC. Neither Gareth Wright nor

Patrick Martell has a FTSE 100 non-

executive directorship or other

significant appointment.

Gill Whitehead stood down from her

role at Ofcom at the end of 2024. She

was appointed as Visiting Policy Fellow

at the University of Oxford’s Internet

Institute in October 2024 and as a

Non-Executive Director of NatWest

Group plc in January 2025. Prior to

accepting these roles, Gill spoke to

andobtained approval from our

Chairand the Board.

The Committee has again

recommended to the Board that each

of the Directors standing for election

or re-election at the 2025 AGM is

independent, has sufficient time to

dedicate to Informa, and that the

overall balance of knowledge, skills,

experience and diversity allows each

tomake a valuable contribution to

theBoard.

Supporting a culture

of inclusion

An important part of our role as

aCommittee is to make sure that

everyone at Informa has the

opportunity to grow, thrive and

succeed. It is also a focus for the

whole Board.

We receive regular updates from the

Group HR Director on our talent

programmes. In 2024, these focused

onincreasing career mobility and

opportunity, continuing our most

popular cultural activities and

supporting our inclusion activities

andcolleague-run networks.

We continue to make all Board

appointments on merit against

objective selection criteria. We also

consider the benefits of being able to

draw on a diversity of perspectives,

experiences and backgrounds in our

decision making and in the way we

support what is a truly broad and

international business.

Expertise across disciplines

This matrix shows the Board’s expertise at 31 December 2024 across ten disciplines thatareparticularly important to

Informa’s business.

Experience and skills

Technology and digital transformation

9

11

8

11

10

6

8

5

7

7

B2B operations

Media, publishing or digital sector

Strategic planning

Business transformation and integration

People, talent and remuneration

Corporate transactions

Sustainability and ESG

Finance and capital markets

Risk management

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

103

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAW3A9UDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAoopksgiiZz2FAEVxdLAMdXPQVnSXMsp+ZyB6DgVGzF2LMck9aStlFIQUUUVQgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACgEg8HFFFAE8V5NGfvbh6NWlBOk6bl6jqPSsapIJTDKHHTuPUVMo3GbVFAIIBHQ0ViMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqPBX/ACIfh3/sGW3/AKKWt2qdk7CVzC/4TXwp/wBDNo3/AIHxf/FUv/CQ6NqymDTNXsL2VfmdLa5SQhfUhSeM4rcqrfoWtsj+E5oVrhqZdFFFbCCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA2LVt1rGfbFTVHbpst0U9QKkrB7lBRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBSMoZSpGQRg0tFIZjTwtBIVPTsfWoq3JI0lTa4yKoSacwOY2BHoetaqa6isUqKsfYrj/nn+oo+xXH/PP/AMeFVdCK9FWPsVx/zz/8eFH2K4/55/8AjwougK9FWPsVx/zz/wDHhR9iuP8Ann/48KLoCvRVj7Fcf88//HhR9iuP+ef/AI8KLoCvRVj7Fcf88/8Ax4UfYrj/AJ5/+PCi6Ar0VY+xXH/PP/x4UfYrj/nn/wCPCi6Ar0VY+xXH/PP/AMeFH2K4/wCef/jwougK9FWPsVx/zz/8eFH2K4/55/8AjwougK9FWPsVx/zz/wDHhR9iuP8Ann/48KLoCvRVj7Fcf88//HhR9iuP+ef/AI8KLoCvRVj7Fcf88/8Ax4UfYrj/AJ5/+PCi6Ar0VY+xXH/PP/x4UfYrj/nn/wCPCi6Ar0VY+xXH/PP/AMeFH2K4/wCef/jwougK9FWPsVx/zz/8eFH2K4/55/8AjwougK9FWPsVx/zz/wDHhR9iuP8Ann/48KLoCvRVj7Fcf88//HhR9iuP+ef/AI8KLoCvRVj7Fcf88/8Ax4UfYrj/AJ5/+PCi6Ar0VY+xXH/PP/x4UfYrj/nn/wCPCi6Ar0VY+xXH/PP/AMeFH2K4/wCef/jwougK9FWPsVx/zz/8eFH2K4/55/8AjwougK9FWPsVx/zz/wDHhR9iuP8Ann/48KLoCvRVj7Fcf88//HhR9iuP+ef/AI8KLoCvRVj7Fcf88/8Ax4UfYrj/AJ5/+PCi6Ar0VY+xXH/PP/x4UfYrj/nn/wCPCi6Ar0VY+xXH/PP/AMeFH2K4/wCef/jwougK9FWPsVx/zz/8eFH2K4/55/8AjwougK9FWPsVx/zz/wDHhR9iuP8Ann/48KLoCvRVj7Fcf88//HhQLK4P8GPxFF0BXqzZ25lkDMPkU/nU0WnYOZWz7LV5VCqFUYA6AVEp9h2FooorMYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFMlmigUNLIkak4y7ADNPopDK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigAooooARmVFLMQqgZJJwAKr/ANoWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NFWaKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiisnxB4l0jwtYR3us3f2W2klEKv5bvlyCQMKCein8qSV9hmtRXDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFVyS7E80e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFFFSUFFQXt5b6dYXF9dyeXbW0TTSvgnaijJOByeAelcb/wuLwH/wBB3/yUn/8AiKai3shNpbnc0Vw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EU+SXYXNHudzRXDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFHJLsHNHudzRXDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFHJLsHNHudzRXDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RRyS7BzR7nc0Vw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFHJLsHNHudzRXDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFHJLsHNHudzRXDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFHJLsHNHudzRXDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RRyS7BzR7nc0Vw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFHJLsHNHudzRXDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFHJLsHNHudzRXDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFHJLsHNHudzRXDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RRyS7BzR7nc0Vw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFHJLsHNHudzRXDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFHJLsHNHudzRXDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFHJLsHNHudzRXDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RRyS7BzR7nc0Vw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFHJLsHNHudzRXDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFHJLsHNHudzRXDf8Li8B/8AQd/8lJ//AIiijkl2Dmj3NzwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2lLdjWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKZK7RqCsTyHOMIRn9SKfRSGVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQAUUUUAIxKqSFLEDOB1NV/tMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFVZooArfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKAK32mX/nxuP++o//AIqirNFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiimSiUqPKdEbPV0LDH5ikMfRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4ugCzRRRQAUUjbip2kBscEjIBqvsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRQBl+Cv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFZPiDw1pHimwjstZtPtVvHKJlTzHTDgEA5Ug9GNa1FJO2wzhv+FO+A/wDoBf8Ak3P/APF0f8Kd8B/9AL/ybn/+LruaKrnl3J5Y9jhv+FO+A/8AoBf+Tc//AMXR/wAKd8B/9AL/AMm5/wD4uu5oo55dw5Y9jhv+FO+A/wDoBf8Ak3P/APF0f8Kd8B/9AL/ybn/+LruaKOeXcOWPY4b/AIU74D/6AX/k3P8A/F0f8Kd8B/8AQC/8m5//AIuu5oo55dw5Y9jhv+FO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi67mijnl3Dlj2OG/4U74D/wCgF/5Nz/8AxdH/AAp3wH/0Av8Aybn/APi67mijnl3Dlj2OG/4U74D/AOgF/wCTc/8A8XR/wp3wH/0Av/Juf/4uu5oo55dw5Y9jhv8AhTvgP/oBf+Tc/wD8XR/wp3wH/wBAL/ybn/8Ai67mijnl3Dlj2OG/4U74D/6AX/k3P/8AF0f8Kd8B/wDQC/8AJuf/AOLruaKOeXcOWPY4b/hTvgP/AKAX/k3P/wDF0f8ACnfAf/QC/wDJuf8A+LruaKOeXcOWPY4b/hTvgP8A6AX/AJNz/wDxdH/CnfAf/QC/8m5//i67mijnl3Dlj2OG/wCFO+A/+gF/5Nz/APxdH/CnfAf/AEAv/Juf/wCLruaKOeXcOWPY4b/hTvgP/oBf+Tc//wAXR/wp3wH/ANAL/wAm5/8A4uu5oo55dw5Y9jhv+FO+A/8AoBf+Tc//AMXR/wAKd8B/9AL/AMm5/wD4uu5oo55dw5Y9jhv+FO+A/wDoBf8Ak3P/APF0f8Kd8B/9AL/ybn/+LruaKOeXcOWPY4b/AIU74D/6AX/k3P8A/F0f8Kd8B/8AQC/8m5//AIuu5oo55dw5Y9jhv+FO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi67mijnl3Dlj2OG/4U74D/wCgF/5Nz/8AxdH/AAp3wH/0Av8Aybn/APi67mijnl3Dlj2OG/4U74D/AOgF/wCTc/8A8XR/wp3wH/0Av/Juf/4uu5oo55dw5Y9jhv8AhTvgP/oBf+Tc/wD8XR/wp3wH/wBAL/ybn/8Ai67mijnl3Dlj2OG/4U74D/6AX/k3P/8AF0f8Kd8B/wDQC/8AJuf/AOLruaKOeXcOWPY4b/hTvgP/AKAX/k3P/wDF0f8ACnfAf/QC/wDJuf8A+LruaKOeXcOWPY4b/hTvgP8A6AX/AJNz/wDxdH/CnfAf/QC/8m5//i67mijnl3Dlj2OG/wCFO+A/+gF/5Nz/APxdH/CnfAf/AEAv/Juf/wCLruaKOeXcOWPY4b/hTvgP/oBf+Tc//wAXR/wp3wH/ANAL/wAm5/8A4uu5oo55dw5Y9jhv+FO+A/8AoBf+Tc//AMXR/wAKd8B/9AL/AMm5/wD4uu5oo55dw5Y9jhv+FO+A/wDoBf8Ak3P/APF0f8Kd8B/9AL/ybn/+LruaKOeXcOWPY4b/AIU74D/6AX/k3P8A/F0f8Kd8B/8AQC/8m5//AIuu5oo55dw5Y9jhv+FO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi67mijnl3Dlj2OG/4U74D/wCgF/5Nz/8AxdH/AAp3wH/0Av8Aybn/APi67mijnl3Dlj2OG/4U74D/AOgF/wCTc/8A8XR/wp3wH/0Av/Juf/4uu5oo55dw5Y9jhv8AhTvgP/oBf+Tc/wD8XR/wp3wH/wBAL/ybn/8Ai67mijnl3Dlj2OG/4U74D/6AX/k3P/8AF0f8Kd8B/wDQC/8AJuf/AOLruaKOeXcOWPY4b/hTvgP/AKAX/k3P/wDF0f8ACnfAf/QC/wDJuf8A+LruaKOeXcOWPY4b/hTvgP8A6AX/AJNz/wDxdH/CnfAf/QC/8m5//i67mijnl3Dlj2OG/wCFO+A/+gF/5Nz/APxdH/CnfAf/AEAv/Juf/wCLruaKOeXcOWPY4b/hTvgP/oBf+Tc//wAXR/wp3wH/ANAL/wAm5/8A4uu5oo55dw5Y9jhv+FO+A/8AoBf+Tc//AMXR/wAKd8B/9AL/AMm5/wD4uu5oo55dw5Y9jhv+FO+A/wDoBf8Ak3P/APF0f8Kd8B/9AL/ybn/+LruaKOeXcOWPYKKKKkogvbO31GwuLG7j8y2uYmhlTJG5GGCMjkcE9K43/hTvgP8A6AX/AJNz/wDxddzRTUmtmJpPc4b/AIU74D/6AX/k3P8A/F0f8Kd8B/8AQC/8m5//AIuu5op88u4uWPY4b/hTvgP/AKAX/k3P/wDF0f8ACnfAf/QC/wDJuf8A+LruaKOeXcOWPY4b/hTvgP8A6AX/AJNz/wDxdH/CnfAf/QC/8m5//i67mijnl3Dlj2OG/wCFO+A/+gF/5Nz/APxdH/CnfAf/AEAv/Juf/wCLruaKOeXcOWPY4b/hTvgP/oBf+Tc//wAXR/wp3wH/ANAL/wAm5/8A4uu5oo55dw5Y9jhv+FO+A/8AoBf+Tc//AMXR/wAKd8B/9AL/AMm5/wD4uu5oo55dw5Y9jhv+FO+A/wDoBf8Ak3P/APF0f8Kd8B/9AL/ybn/+LruaKOeXcOWPY4b/AIU74D/6AX/k3P8A/F0f8Kd8B/8AQC/8m5//AIuu5oo55dw5Y9jhv+FO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi67mijnl3Dlj2OG/4U74D/wCgF/5Nz/8AxdH/AAp3wH/0Av8Aybn/APi67mijnl3Dlj2OG/4U74D/AOgF/wCTc/8A8XR/wp3wH/0Av/Juf/4uu5oo55dw5Y9jhv8AhTvgP/oBf+Tc/wD8XR/wp3wH/wBAL/ybn/8Ai67mijnl3Dlj2OG/4U74D/6AX/k3P/8AF0f8Kd8B/wDQC/8AJuf/AOLruaKOeXcOWPY4b/hTvgP/AKAX/k3P/wDF0f8ACnfAf/QC/wDJuf8A+LruaKOeXcOWPY4b/hTvgP8A6AX/AJNz/wDxdH/CnfAf/QC/8m5//i67mijnl3Dlj2OG/wCFO+A/+gF/5Nz/APxdH/CnfAf/AEAv/Juf/wCLruaKOeXcOWPY4b/hTvgP/oBf+Tc//wAXR/wp3wH/ANAL/wAm5/8A4uu5oo55dw5Y9jhv+FO+A/8AoBf+Tc//AMXR/wAKd8B/9AL/AMm5/wD4uu5oo55dw5Y9jhv+FO+A/wDoBf8Ak3P/APF0V3NFHPLuHLHsYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtKW7GtgoopksMU6hZY0kUHOHUEZpDH0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0UUUAFFIyq6lWAZSMEEZBFV/7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KKAMvwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2Ciiqmoapp+kwLPqV/a2ULNsWS5mWNS2CcAsRzgHj2pDLdFYX/AAmvhT/oZtG/8D4v/iqP+E18Kf8AQzaN/wCB8X/xVPlfYV0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0UUUhhRUc88VtbyT3EqRQxKXkkkYKqKBkkk8AAd6xv+E18Kf9DNo3/gfF/wDFU0mwubtFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsK6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUf8ACa+FP+hm0b/wPi/+Ko5X2C6N2isL/hNfCn/QzaN/4Hxf/FUf8Jr4U/6GbRv/AAPi/wDiqOV9gujdorC/4TXwp/0M2jf+B8X/AMVR/wAJr4U/6GbRv/A+L/4qjlfYLo3aKwv+E18Kf9DNo3/gfF/8VR/wmvhT/oZtG/8AA+L/AOKo5X2C6N2isL/hNfCn/QzaN/4Hxf8AxVH/AAmvhT/oZtG/8D4v/iqOV9gujdorC/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qjlfYLo3aKwv+E18Kf9DNo3/gfF/wDFUUcr7BdB4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u0S3YLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CmSyrCoZg5BOPkQsfyAp9FIZW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFABRRRQAjMFUsc4AzwMn8qr/AG6L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKAK326L+5cf+A8n/xNH26L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKAK326L+5cf+A8n/xNH26L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKAK326L+5cf+A8n/xNH26L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKAK326L+5cf+A8n/xNH26L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNFWaKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUyUyhR5SI7Z6O5UY/I0hj6Krb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKKKACikbcFO0AtjgE4BNV997/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFAFmiq2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RQBZoqtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEUAWaKrb73/n3t/wDv+f8A4iigDL8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CmSo0igLK8ZznKAZ/UGn0Uhlb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAFFFFACMCykBipIxkdRVf7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaKs0UAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgoopksMU6hZY0kUHOHUEZpDH0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0UUUAFFIyq6lWAZSMEEZBFV/7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAooAy/BX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRTJZVhUMwcgnHyIWP5AUhj6Krfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRRRQAUUjMFUsc4AzwMn8qr/bov7lx/4Dyf8AxNAFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATRRYDL8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CqmoSahHAp021tbibdhkubloVC4PIZUfJzjjH41bopDML7X4r/6Aujf+DaX/AORqPtfiv/oC6N/4Npf/AJGrdop3XYVjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWML7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORq3aKLrsFjC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkat2ii67BYwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GrdoouuwWCiiikMjnMq28ht0SSYKTGkjlFZscAsASBnvg/Q1jfa/Ff/AEBdG/8ABtL/API1btFNMDC+1+K/+gLo3/g2l/8Akaj7X4r/AOgLo3/g2l/+Rq3aKLrsKxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1btFF12Cxhfa/Ff/QF0b/wbS/8AyNRW7RRddgsYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7RLdgtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACobq6t7G1kubqZIYIl3PI5wFHuamrwL4teLJtV119Ft5CLGxba4H/LSYdSfp0x6g10YbDuvPlRjXrKjDmZ0+tfG2yt5mi0bTnuwDjz528tT7hcZI+uKxP+F4ax/0CrH83/xry2ivcjgaEVblPIljKzd7nqX/AAvDWP8AoFWP5v8A40f8Lw1j/oFWP5v/AI15bRT+pUP5RfWq38x6l/wvDWP+gVY/m/8AjR/wvDWP+gVY/m/+NeW0UfUqH8ofWq38x6mvxw1bcN2k2RXPIDOD/Ouq8OfGDR9WnW21OFtMmY4V3ffET7tgbfxGPevAqKmeAoSVkrFRxlaLu3c+w+oyKK8p+Dniya+t5fD145d7WPzLVjyfLzgqT7EjHsT6V6tXg16LozcGexSqqrBSQUUUVkaBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAcposHivR9B07TP7K0ab7HaxW/mf2pKu/YoXOPs5xnHTNXvtfiv/oC6N/4Npf8A5Grdoqr+QrGF9r8V/wDQF0b/AMG0v/yNR9r8V/8AQF0b/wAG0v8A8jVu0UrrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kavmPUpZZtVvJZxiZ53Z+c/MWJP619c181fEjw/LoPjG7+Qi2vHNzA2OCGOWH4HIx6Y9a9TK5pTlHqzz8wi+VPscjRRRXtHlBRRRQAUUUUAFFFFAHYfC13T4jaUEJ+bzVYDuPKbr/P8K+k68Q+C/h6S41e416aPEFshigYjrI3Uj6LkH/er2+vAzKSlWsuiPZwEWqWvVhRRRXnnaFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWP4l8M6d4p0s2OoRkgHdFKhw8beoP9OlFFOMnF3juKUVJWZ4frvwn8Q6RIz2whvrUHiVHWM/irHj8Ca5X+wtS/wCfb/x9f8aKK9vDYypUj7x5OIw0IS90P7C1L/n2/wDH1/xo/sLUv+fb/wAfX/Giiun28jD2MQ/sLUv+fb/x9f8AGj+wtS/59v8Ax9f8aKKPbyD2MR8Xh3VZpVjjtcuxwB5i/wCNdz4a+DmqX0sc+tyJZWnUxxuHlcegxlRn1yfpRRXHisZUgko6XOrDYWnJ3ke26fp9ppVhDY2MCw20K7UjXoB/U9ye9WaKK8dtt3Z6iVtEFFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAP//Z)

Supporting leadership talent

We also support the leadership team on its most senior appointments, providing input and, where requested, acting as a

sounding board for colleagues when interviewing.

We supported the creation of new roles at a senior level during 2024, including the appointment of Penny Ladkin-Brand as

Chief Executive of Taylor & Francis, Matthieu Comard as Managing Director of Informa Festivals, Jill Dougan as Chief

Marketing Officer and Claire Semple as Chief Talent & Inclusion Officer. We are confident that our new colleagues have

highly relevant expertise and bring fresh perspectives to the business.

The next table sets out the numerical data on the ethnic background and gender identity of the Board and Executive

Committee at 31 December 2024, our chosen reference date in accordance with the Listing Rules

1

. The data for the Board

and Executive Committee was collected by the Company Secretary from each individual.

Information

Number of

Board

members

% of the

Board

Number of senior

positions on the

Board (Chair, CEO,

CFO, SID)

Number in executive

management

% of executive

management

Women 5 45.5 1 3 25

Men 6 54.5 3 9 75

Not specified/prefer not to say – – – – –

Information

Number of

Board

members

% of the

Board

Number of senior

positions on the

Board (Chair, CEO,

CFO, SID)

Number in executive

management

% of executive

management

White British or other White (including

minority-white groups) 10 90.9 4 12 100

Mixed/multiple Ethnic Groups – – – – –

Asian/Asian British 1 9.1 – – –

Black/African/Caribbean/Black British – – – – –

Other ethnic group, including Arab – – – – –

Not specified/prefer not to say – – – – –

1  As required by UK Listing Rule 6.6.6R (10) and UK Listing Rule 6 Annex 1

Informa Annual Report and Accounts 2024

104

Governance

Nomination Committee Report

continued

![](data:image/jpeg;base64,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)

In another year of strong growth for Informa,

the Audit Committee oversaw M&A transactions

and an update in operating structure, as well as

further progress on maturing controls. We also

helped the business prepare for the OneInforma

programme and for new sustainability

reportingrequirements.

Membership and meeting attendance

Member Meeting attendance

Gill Whitehead – Chair 4/4

Joanne Wilson 4/4

Maria Kyriacou (from 15 July 2024) 2/2

David Flaschen (to 21 June 2024) 2/2

All our Committee members are independent Non-Executive

Directors, and their biographies are given on pages 82 and 83.

Gill Whitehead and Joanne Wilson are Fellows of the Institute of

Chartered Accountants and have significant financial experience in

several sectors. Maria is also a qualified chartered accountant, and

Gill and Joanne are considered to have recent and relevant financial

experience, as required by the Code.

The Board is also satisfied that the Committee as a whole has

knowledge and competence relevant to the markets in which Informa

operates. The mix of its members’ financial and business experience

allows for effective discussion, challenge where appropriate and

oversight of critical financial matters.

All Non-Executive Directors are invited to attend Committee meetings

and are particularly encouraged to attend those that consider the

full-year and half-year results.

Other regular attendees at Audit Committee meetings include the

Board Chair, Group Chief Executive, Group Finance Director, Group

Chief Operating Officer, Head of Internal Audit, Chief Commercial

Officer, Global Business Services Director, Chief Privacy Officer,

othermembers of the leadership team and our external auditors.

None of these attendees is a member of the Committee.

The Company Secretary is secretary to the Committee and attends

allmeetings.

At the end of each scheduled meeting, the Committee holds private

discussions with the Head of Internal Audit or the external auditors,

orboth, without members of senior management being present.

Informa saw continued

expansion and strong

financial performance in

2024. My Committee

colleagues and I have

focused on overseeing the

controls, governance and

risk management the

business needs to

underpinits success.

The Informa business now operates at

a greater scale, geographic diversity,

technical complexity and maturity than

ever before, and our agenda this year

has reflected this context.

Managing expansion and

organisational change

Informa’s two most significant

developments in 2024 were the

acquisition of events business Ascential

and the combination of the Informa

Tech digital businesses with TechTarget

to create Informa TechTarget.

From an accounting perspective, in

both cases, the Committee looked

closely at the valuation of the acquired

intangibles, and we were supported in

this by Kroll and KPMG, respectively.

In relation to Informa TechTarget, before

completion, we were responsible for the

financial information concerning the

entities being carved out from Informa

for the new company and for the

financial disclosures in relation to those

entities that were filed with the SEC.

As we move into 2025, Informa has

updated its B2B operating structure,

which includes creating the new

Informa Festivals division. As a

Committee, we will oversee the

financial reporting of this new division

alongside that of our other divisions.

Setting the foundations for

One Informa

After some ten years of expansion, in

2025, the business will focus on the

One Informa programme, which is

designed to maximise the platform

Informa has built. One Informa will

look to drive greater growth and value

by focusing on areas such as optimising

our marketing, use of data and

application of technology across the

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

105

Audit Committee Report

![](data:image/jpeg;base64,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)

business, including simplifying our

systems and operations where we can.

The segmental reporting in this Annual

Report is in line with that for the

previous year – Informa Markets,

Informa Connect, Informa Tech and

Taylor & Francis, with the post-

acquisition results for Ascential and

TechTarget disclosed under a separate

aggregated segment as they were

acquired during the latter half of the

year. For 2025, our reporting structure

will follow the new organisation

structure as set out on page 3.

Maturing data governance

and controls

In last year’s Annual Report, I spoke

about data governance and the

Committee approving the business’s

plan to improve data maturity. In the

second half of 2024, the business

repeated the maturity assessment

under the Information Commissioner’s

Office Accountability Framework.

Thisassessment covered each division

and key functional areas, and

demonstrated a clear year-on-year

improvement in data maturity. The

Committee also confirmed the targets

for continued improvement in 2025

and 2026.

We noted the introduction of data

champions to help on cultural change

around data maturity, and work

also began on developing an AI

governance framework. In 2025,

overseeing this will be a key focus

for the Committee. This will help

ensure the business has a responsible,

safe and compliant approach to AI

that balances the commercial

opportunities of this technology

withappropriate protections.

Focusing on technology

resilience

The resilience of our technology

continues to be a key matter for the

Committee, as systems are vital to

fulfilling the business’s strategy. During

the year, we reviewed the findings of

cyber attack exercises and supported

the resulting recommendations from

management and external advisers.

We also reviewed how any new

businesses are integrated, from a

technology standpoint, in order to

mitigate overall technology risks.

The Committee monitored the ongoing

Fortify programme which monitors and

mitigates technology resilience risks. In

2024, we reviewed the most important

applications in the business to ensure

clear ownership of each and

accountability for key risk mitigations

such as resilience testing.

I mentioned last year that increasing

reliance on IT controls would be part

of making the audit process more

efficient and effective. We are now

seeing the benefit of a stronger

IT control environment, with

increased audit reliance on data

assurance technology in areas such

as revenue recognition.

Preparing for new regulations

This Annual Report includes Informa’s

reporting under the Task Force for

Climate-related Financial Disclosures

guidelines, which is in line with the

2023 Report. We looked closely at ESG

reporting in Ascential and TechTarget,

and noted that Informa TechTarget will

need to build its capabilities in this area

– something we will monitor in the

coming year.

In last year’s Annual Report, we

anticipated that the Group would report

under the Corporate Sustainability

Reporting Directive (CSRD) for the 2028

financial year. In June 2024, the

Committee decided that, due to the

increased reporting requirements for

some European subsidiaries, it would be

more appropriate for the Group to

report under CSRD for the 2025

financial year, subject to local

jurisdictions ratifying the rules.

As a result, the business did significant

work in the year on its double materiality

assessment, mapping the value chain

and identifying the key external impacts,

risks and opportunities, as well as

looking at appropriate materiality

thresholds and conducting a gap

analysisof the data required.

In February 2025, the European

Commission published the initial results

of an Omnibus Simplification

consultation, which is aimed at

simplifying several elements of EU

legislation, including CSRD. The Omnibus

Simplification is only a proposal at this

stage and we intend to continue our

work, including undertaking a tender for

the provision of independent limited

assurance, while we await further clarity.

The Committee has also monitored

preparations for compliance with

Provision 29 of the Code, which, from

2026, will ask Boards to make a

declaration on the effectiveness of

their material internal risk

management controls.

Looking to 2025

In 2025, as a Committee, we will focus

on supporting the business as it moves

into One Informa. We will also continue

to focus on maturity, particularly the AI

governance framework and CSRD

reporting, and to spend time making

sure the business is ready for the new

regulatory requirement around

preventing fraud, due to come into

effect in September 2025.

Thank you

In 2024, David Flaschen stepped down

from the Committee and Board. On

behalf of the Committee, I’d like to

thank him for his expertise and

wide-ranging contributions to our

workand, on a personal note, for his

invaluable support to me as Chair. With

David’s retirement, Maria Kyriacou

joins the Committee, bringing

extensive international expertise

alongside her qualification as a

chartered accountant, and I know I

speak for the whole Committee in

saying we look forward to working

withher in the coming year.

I am grateful not only for the work of

my colleagues, but also for the support

of our fellow Non-Executive Directors,

who voluntarily attended Committee

meetings, as well as for the input of

members of the leadership team.

On behalf of the Committee, I also thank

Group Finance Director Gareth Wright,

the Informa Finance team and all other

Informa colleagues who supported us

inour work during the year.

Gill Whitehead

Chair, Audit Committee

13 March 2025

Informa Annual Report and Accounts 2024

106

Governance

Audit Committee Report

continued

![](data:image/jpeg;base64,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)

Roles and responsibilities

•  Monitoring the integrity of

thecompany’s and Group’s

Financial Statements and any

formal announcements relating

to financial performance and,

where requested by the Board,

reviewing the content of the

Annual Report and confirming

whether, taken as a whole, it is

fair, balanced and

understandable.

•  Reviewing significant financial

reporting judgements, issues

and estimates relating to the

Financial Statements.

•  Assessing the effectiveness of

the external audit process;

reviewing and monitoring the

external auditors’

independence and objectivity;

approving the policy for the

external auditors to supply

non-audit services; and

making recommendations to

the Board about the

appointment, reappointment

and removal of the external

auditors, their remuneration

and terms of engagement.

•  Monitoring the effectiveness

of the Internal Audit function

and approving the annual

internal audit plan.

•  Reviewing and monitoring

theeffectiveness of the

Group’s internal financial

controls and risk management

systems and procedures on

behalf of the Board.

•  Overseeing compliance,

whistleblowing and fraud

programmes; approving Group

policies in relation to

accounting, tax and treasury

matters; and monitoring legal

and regulatory requirements

regarding financial reporting.

The Committee’s full terms

ofreference are available on

ourwebsite.

Overview of the Committee’s year

The Committee has an extensive annual agenda that focuses on the Group’s

financial reporting, assurance and risk management processes. Our key areas

offocus during 2024 are listed below.

Area of focus Mar Jun Jul Dec

Financial and narrative reporting

Received and considered reports on key accounting matters and

judgements

Approved the financial results for the full year and half year, and the

2023 Annual Report

Approved the Viability Statement and Going Concern Statement

Confirmed that the Annual Report is fair, balanced and understandable

Received periodic tax updates

Received a full-year pensions update

Considered the Group’s sustainability reporting requirements and

received updates on climate disclosure reporting and assurance

processes

Internal controls and risk management systems

Conducted assessments of the Group’s systems of risk management

and internal control, including the following principal risk reviews:

•  Inadequate regulatory compliance

•  Technology failure

•  Data loss and cyber breach

•  Privacy regulation and data governance

•  Reliance on key partnerships

•  Ineffective change management

Received reports on the work of the executive Risk Committee

Approved the risk disclosures in the Annual Report and at the half year

Considered and reviewed the Group’s response to governance

reforms, including changes to the Code and failure to prevent fraud

(FTPF) offence

Reviewed and approved the Group’s Tax Policy and governance

Received reports on Treasury Policy compliance and approved the

Treasury Policy

Compliance, whistleblowing and fraud

Reviewed reports on attempted fraud

Reviewed the Group’s anti-bribery and corruption processes, including

whistleblowing

Approved revised Committee terms of reference

Internal audit

Received reports on the work of the Internal Audit function

Considered and approved the internal audit annual plan

Considered the effectiveness of Internal Audit

Conducted the annual review of the Internal Audit Charter

External audit

Received reports on external audit reporting

Approved the 2024 external audit plan

Reviewed and approved audit and non-audit fees

Reviewed management representation letters relating to the full-year

and half-year Financial Statements

Reviewed the external auditors’ assessment of their objectivity and

independence

Considered the outcome of the annual effectiveness review of the

external audit

Planned, reviewed and approved the information provided in the

Informa TechTarget S-4 Proxy Statement

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

107

![](data:image/jpeg;base64,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)

Reviewing financial reporting

One of our key responsibilities as a Committee is to review, evaluate and recommend the Annual Report and Accounts to the

Board. During our deliberations, we consider whether the Annual Report presents a fair, balanced and understandable

assessment of the company’s position, business model, performance, strategy and prospects.

In doing this, we assess the process for preparing the Annual Report and verifying its content, including asking questions

and seeking feedback from appropriately qualified colleagues.

We ensure that accounting policies and practices have been appropriately applied, including for any significant transactions

during the year. We also ensure that disclosures in the Annual Report comply with relevant accounting standards and other

regulatory financial reporting requirements, including the Code.

As a Committee, we assess the material accounting assumptions and estimates selected by management, consider any

significant judgements or key matters identified during the audit, and review the application and effectiveness of internal

financial controls. We also obtain confirmation that the company’s remuneration consultants were given the opportunity

toreview and comment on the Directors’ Remuneration Report.

Before recommending the Annual Report to the Board, we ensure that drafts are reviewed by internal stakeholders,

theexternal auditors, Committee members and all members of the Board.

More details about our fair, balanced and

understandable reporting are given on page 98

Considering significant accounting and reporting matters

The Committee considered the following significant accounting and reporting matters during the year.

Area of focus Actions taken

Viability and Going Concern

Statements

We undertake a formal and structured

assessment of the company’s

long-term prospects and its viability

over a three-year period, at the end of

each financial year.

We also assess the Group’s status as

a going concern at each financial

yearend and each half year.

We reviewed and challenged management’s assumptions underpinning the preparation of the

Financial Statements on the going concern basis and the appropriateness of the Viability and Going

Concern Statements in the Strategic Report.

We considered the severe but plausible scenarios that management considered, modelled on our

principal risks, the three-year divisional business plans and the mitigating actions available to the

Group in its three-year viability and going concern assessments.

After appropriately reviewing and challenging the assumptions supporting management’s

assessment, the Committee concluded that the Viability and Going Concern Statements (shown on

page 73) are appropriate.

Impairment testing

We evaluate the recovery of goodwill

and net assets in each group of cash

generating units (CGUs) at the end of

each financial year, with another

review at half year if trigger testing

shows that it is needed.

The Committee reviewed, discussed and, where necessary, challenged management’s impairment

assessment for each group of CGUs, including whether the key assumptions and sensitivities used

were appropriate. The full impairment assessment disclosures are set out in Note 17 to the

Consolidated Financial Statements.

As a Committee, we reviewed the valuation methodology used and concluded that the carrying value

of goodwill in the balance sheet could be supported and that no impairment was required. We also

agreed that the related disclosures were appropriate.

Acquisitions

When the Group acquires a business,

it needs to make judgements and

assumptions to determine the fair

value of assets and liabilities acquired,

and the purchase price allocation

(PPA) to intangible assets such as

brands, titles, customer lists and the

associated customer relationships.

While the Group has built up

considerable knowledge of the

valuation techniques required, for all

acquisitions of scale, a third-party

expert is appointed to assist the

process of identifying and supporting

the valuations. More details are given

in Note 17 to the Consolidated

Financial Statements.

The two most material acquisitions during the year were the combinations with Ascential plc and

TechTarget, Inc., and the Committee took the following actions in response.

Ascential: Kroll was engaged to support the PPA exercise, valuing the acquired intangible assets,

being trade names, customer relationships, content library and technology. The Committee

reviewed and challenged the key judgements and assumptions underpinning the valuation and was

satisfied that they were appropriate.

TechTarget: KPMG was engaged by TechTarget to undertake a PPA exercise under US GAAP, with

intangible assets identified as customer relationships, trade names and developed technology.

Informa also engaged KPMG to update the PPA exercise at completion and under IFRS.

For both the Ascential and TechTarget acquisitions, the Committee reviewed the assumptions and

judgements behind the preparation of the acquisition balance sheets, including the PPA and fair

value adjustments, and concurred that management’s preparation and reporting was appropriate.

The PPA and the fair value assessments for both Ascential and TechTarget are subject to potential

revision under the standard 12-month measurement period post acquisition, as permitted by IFRS 3.

We will therefore continue to review and challenge the assumptions being made during the course

of 2025.

Divestments In December 2024, Informa completed the divestment of its retained investment in both Lloyd’s List

and in Curinos.

The Committee reviewed the judgements made in relation to both disposals, noting that neither was

considered to be a discontinued operation. Further information is set out in Note 20 to the

Consolidated Financial Statements.

Informa Annual Report and Accounts 2024

108

Governance

Audit Committee Report

continued

![](data:image/jpeg;base64,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)

Area of focus Actions taken

Euro Medium Term Notes

To finance acquisitions during the

year, Informa issued €1.75bn of

fixed-rate senior EMTN borrowings, in

three tranches of €600m, €650m and

€500m, with three, six and ten-year

durations respectively.

The Committee reviewed and considered the risk management used to mitigate the currency

exposure between the euro-denominated financing and the UK sterling and US dollar consideration

payable to acquire Ascential and TechTarget, respectively.

Post completion of the acquisitions, the majority of the euro-denominated financing was swapped

into US dollars, and a portion of the fixed-rate borrowings was swapped into floating-rate

borrowings. The Committee noted that a third-party adviser supported management to prepare the

appropriate hedge documentation and accounting considerations.

The Committee concluded that both the currency risk management and the hedge documentation

and accounting were appropriate.

Informa TechTarget S-4 Proxy

Statement

The Directors of TechTarget, Inc. were

responsible for preparing and filing

the Proxy and Registration on Form

S-4 with the US Securities and

Exchange Commission (SEC).

Before completion, we were

responsible for the financial

information relating to the Informa

Tech digital businesses that were being

contributed to the combination with

TechTarget and the disclosure of that

information in the S-4 Proxy Statement.

During the year, we reviewed, discussed and approved:

•  The audited Financial Statements for Informa Tech digital businesses for the years ended 31

December 2021, 2022 and 2023

•  The unaudited condensed Financial Statements for the three months to 31 March 2024, the six

months to 30 June 2024 and the nine months to 30 September 2024, together with comparative

results for the same periods in the prior year.

We also reviewed the disclosures included in the Management’s Discussion and Analysis (MD&A),

which formed part of S-4. In particular, we considered the material weaknesses in the internal controls

over financial reporting identified in the Informa Tech digital businesses under the SEC requirements,

how those were disclosed in the MD&A and management’s remediation plan to address them.

The Committee concluded that the disclosures were appropriate, and will support/monitor the

Informa Finance team as it works closely with the Finance team of Informa TechTarget to support the

Sarbanes-Oxley compliance work for 2025, including management’s remediation plan to address the

material weaknesses.

Sustainability reporting

During 2024, we continued to review

the actions taken by management to

assess Informa’s forthcoming reporting

obligations under the CSRD, with

updates provided by Group Finance

and our external auditors. The Head of

Sustainability also presented to the

Board on this topic.

As the Committee Chair says in her

introduction on page 106, in last year’s

Annual Report, we noted that while

some European subsidiaries might need

to report under the CSRD for the year

ending 31 December 2025, the Group as

a whole would only need to report for the

financial year ending 31 December 2028.

We subsequently debated the increased

reporting requirements this would incur

for some of our European subsidiaries

and agreed with our Climate Impacts

Steering Committee that it would be

more appropriate for the Group as a

whole to report under the CSRD for the

year ending 31 December 2025.

As a result, we spent time considering

and reviewing the process to identify

those aspects of the high-level issues

identified during phase 1 of the double

materiality assessment that are most

material to Informa. The Group is being

supported in this work by Anthesis, an

independent consultant.

The publication by the EU Commission

of its Omnibus Simplification

recommendations in late February

propose changes to the CSRD which

could impact Informa. We will await

further clarity on the proposals

while continuing to review the work

being undertaken on the double

materiality assessment.

The Committee will consider

management’s recommendation for

the CSRD assurance services provider

in due course.

We noted that there were no other or

new TCFD disclosures for 2024. Since

Informa complied with the TCFD

requirements in 2023, we agreed that

sustainability disclosures for 2024

would be reported in line with previous

disclosures, with additional reporting

only included where it added value.

Overseeing risk management

and internal controls

The Board delegates responsibility

tothe Committee for overseeing

theeffectiveness of the Group’s

riskmanagement and internal

controlsystems.

We recognise that an inherent part of

achieving the Group’s business

objectives requires the business to

take appropriate risks. That’s why

Informa has a system of internal

controls designed to manage material

risks by addressing their causes and

mitigating their potential impact.

Thissystem can only provide reasonable,

rather than absolute, assurance against

material misstatement or loss, and we

recognise that the cost of control

procedures should not exceed the

expected benefits.

The leadership team, led by the Group

Chief Executive, regularly meets to

review the Group’s operational and

financial performance, material risks

andmitigating actions, with each division

having the autonomy to operate within

arobust internal control framework.

The Committee, as well as the Board,

regularly reviews the overall risk

management and internal control

process. The process complies with the

FRC’s Guidance on Risk Management,

Internal Controls and Related Financial

and Business Reporting.

In this, we are supported by the

executive Risk Committee, which is

responsible for ensuring that Group

risk is managed effectively and for

monitoring business risks and their

effect on the Group.

The Risk Committee is chaired by the

Group Finance Director and its

members are the Chief Operating

Officer, Group General Counsel, Group

HR Director, Group Head of Risk, Head

of Group Health, Safety and Security,

Head of Group Finance, Head of Group

Compliance, Chief Commercial Officer,

Chief Information Security Officer,

Chief Privacy Officer and Chief

Technology Operating Officer.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

109

![](data:image/jpeg;base64,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)

The Risk Committee meets at least four

times a year and meetings may also be

attended by colleagues from each of

the operating divisions and Global

Support functions.

The Risk Committee’s principal duties

are to:

•  Ensure that there is a regular, robust

assessment of the principal risks

facing the Group – including those

risks that would threaten its business

model, future performance, solvency

or liquidity – and the emerging risks

•  Review the Group’s overall risk

assessment processes and the

parameters of the qualitative and

quantitative metrics used to review

the Group’s risks and to monitor

mitigating actions

•  Provide guidance to the Audit

Committee on the Group’s risk

appetite and tolerance

•  Review the effectiveness of the

Group’s internal controls and risk

management systems, including all

material financial, operational and

compliance controls

•  Review the Group’s global

approach and management of

health and safety risks and data

privacy regulations

•  Review the adequacy and security

ofthe Group’s whistleblowing

arrangements for colleagues

and contractors

All Directors receive the minutes of

Risk Committee meetings through the

Audit Committee papers. In addition,

the Group Finance Director and Group

Head of Risk provide a summary of the

Risk Committee’s activities to the

Committee and to the Board.

At the half year and full year, we assess

the Group’s principal and emerging

risks, including the process to review

each risk and whether risk exposures

have changed during the period. This

year, as is our usual custom, we invited

management to provide us with a deep

dive into those risks that fall to the

Committee’s responsibility (see page

107). During these discussions, we also

discuss associated and emerging risks,

and consider whether any have

increased sufficiently to be

consideredas a principal risk.

We considered the Risk Committee’s

process in assessing emerging risks,

including the decision to include AI and

climate change on the emerging risk

watch list during the year. We

concurred with management that

neither was currently at a level that

would affect Informa’s ability to deliver

our strategy but their inclusion on the

watch list was appropriate.

We were supportive of the analysis and

assessment to break emerging AI risk

into a number of risk components,

including IP protection, data privacy

and security, compliance, reputational

risk and market disruption, and to

distribute those components across

the existing principal risks to reflect the

nature of AI as a general technology,

including making specific changes to

market risk and privacy risk. Further

details on Informa’s approach to

emerging risks are given on page 61.

By receiving updates on the activities

of the Risk Committee, considering

reports from internal and external

auditors about the effectiveness of

controls and reviewing the Group’s risk

management, and through our own

investigations, we were able to confirm

that we did not identify any significant

control deficiencies during the year.

We presented the conclusions of our

annual review of the effectiveness of

the risk management and internal

control systems to the Board. As a

result, the Board is satisfied that the

Group’s risk management and internal

control systems were in place during

the year and up to the date of this

report were effective, and that the

Board fulfilled its obligations under

the Code.

More details about the Group’s risk

management framework, our approach

to risk and our principal risks are given

on pages 60 to 70.

Continued focus on

cybersecurity

During 2024, both the Committee and

the Board continued to pay close

attention to cyber security and

governance in relation to the risk of

unauthorised and criminal access to

the Group’s technology systems.

This is an area that continues to evolve

and increase, and so, on behalf of the

Board, we review in depth and monitor

the Group’s approach to cyber security

and challenge management to ensure

that appropriate and robust cyber

security defences are in place.

During the year, we:

•  Considered the risk profile of the

principal risk of data loss and cyber

breach, reviewed how these risks

were managed, including emerging

risks, and agreed with the mitigating

actions proposed

•  Received feedback following the

launch of an all-colleague cyber and

fraud awareness campaign

•  Developed and ran mandatory

training amongst financial approvers

to combat deepfake scams

•  Discussed the findings of the cyber

attack exercises that took place

during the year, supporting the

resulting recommendations from

management and external advisers

•  Reviewed the ongoing technology

integration risks that come with

acquisitions

•  Supported management as it

continued to enhance cyber

securityfor the Group

All Board members have full access to

Committee papers, and the Committee

Chair formally updates the Board

about the actions being taken to

manage cyber risks. In practice, the

consistent voluntary attendance of

other Non-Executive Directors at

Committee meetings during the year,

where they are encouraged to fully

participate in discussions and debates,

means that cyber security risks and

responses are truly considered by the

Board as a whole.

In addition, the Group Chief Operating

Officer provides an update on

technology solutions and services,

including an overview of the

information security executive

dashboard at each Board meeting.

Informa Annual Report and Accounts 2024

110

Governance

Audit Committee Report

continued

![](data:image/jpeg;base64,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)

Enhancing technology

governance

The Committee undertook a deep dive

into technology failure risk, noting that

a prolonged loss of critical systems

could inhibit the company’s ability to

deliver products and services. We

noted that strong progress was being

made to mitigate this risk, by fully

mobilising the Fortify programme to

deliver a new framework and platform

for enhanced security, observability

and cost control.

We also reviewed the deep-dive

exercise undertaken to identify our key

applications and received an update

onthe project to ensure that

ownership of each application was

appropriately assigned.

Changes to the Code and

failure to prevent fraud

In the 2023 Annual Report, we set out

the actions taken in response to UK

Government reforms to restore trust in

audit and corporate governance. While

a substantive element of those reforms

was withdrawn, during 2024, Informa

continued to strengthen its Group-wide

and divisional controls – in preparation

not only for the requirement in the

revised Code for an annual declaration

of control effectiveness for financial

years beginning on or after 1 January

2026, but also in response to the new

corporate criminal offence of failure to

prevent fraud (FTPF), which will come

into force on 1 September 2025.

Code Provision 29

Early in 2024, management presented a

current-state assessment of Informa’s

control environment in preparation for

the declaration of the effectiveness of

material controls that will be required

for the year ending 31 December 2026.

The assessment included details of how

and when any control weaknesses or

gaps would be remediated.

We reviewed progress against the

objectives set for 2024 at each meeting,

noting how management’s thinking had

evolved, and are satisfied that the

project continues on track – see

diagram below.

As the Informa TechTarget combination

progressed, we also considered how

the Informa Finance team would work

with Informa TechTarget to support the

Sarbanes-Oxley compliance work for

2025, and their remediation plan to

address the material weaknesses

.

Annual Report

Scope components

Identify business

process and

disclosure controls

Material controls

identification and

desired level of

assurance – COMPLETE

Identify the Group-wide controls and supporting divisional controls (mapped to COSO 2013)

Agree list of our material controls, the desired level of assurance over those controls andwho will

provide assurance over the effectiveness of the material controls

Define materiality for Annual Report

disclosuresand Financial Statements

(qualitativeand quantitative)

Control effectiveness testing of material

controls based on agreed level of assurance

Material controls

effectiveness assessment

– IN PROGRESS

Informa PLC Board’s declaration of material control effectiveness as at 31 December 2026

Conclude on resultsof

material controls testing

Agree legal entity, business process

andsupporting technology scope

Annual Group

Financial

Statements

Identify technology

controls

Anti-fraud

governance

framework

Identify anti-fraud

controls

Define fraud risk

materiality and

deminimus limits

Materiality, risk appetite

and detailed scoping

– COMPLETE

Assess the impact of open material control

issues (deficiency assessment) and

effectiveness of subsequent remediation

Risk management

framework

Identify controls

mapped to

principalrisks

Define risk

appetitefor Group

principal risks

Process to material controls declaration

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

111

![](data:image/jpeg;base64,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)

Failure to prevent fraud

In November 2024, the UK Government

published regulations bringing a new

FTPF criminal offence into force and

also issued guidance on reasonable

fraud prevention procedures.

Earlier in the year, we had reviewed and

discussed the recommendations of a

KPMG advisory report on Informa’s

anti-fraud governance framework future

development. We noted that, after

receiving the advisory report, a plan

had been developed to prioritise those

KPMG recommendations that were

particularly relevant to the FTPF

legislation. However, implementation

was paused until November, when the

guidance was published.

Management advised in December that

it would now review and refine KPMG’s

recommendations to reflect the

guidance. We will be scrutinising progress

on this during 2025, making sure the

implementation timeline is aligned with

the offence enforcement date.

Considering fraud reports

and responses

At least twice a year, the Committee

receives updates from Group Finance

and Internal Audit on any allegations of

fraud or attempted fraud, with

additional updates given as needed.

We consider management’s responses

to any allegations, including the actions

taken to mitigate or eliminate the fraud

risks identified. Internal control

processes are considered as part of our

review, with improvements

recommended where necessary.

The frauds or attempted frauds broadly

fall into three main categories:

customer fraud, supplier fraud and

cyber fraud. Regular phishing

simulation tests take place and specific

training campaigns were pushed to

colleagues during the year on cyber

and deepfake fraud awareness.

Further details on our cyber security

processes are given on page 110.

Monitoring compliance

The Committee is responsible for

overseeing the Risk Committee’s work

to review the Group’s whistleblowing,

fraud and bribery prevention

procedures. The Head of Group

Compliance and Chief Privacy Officer

attend Board or Committee meetings

during the year toreport on their

respective functions and responsibilities.

Embedding sanctions controls

Informa continues to closely monitor

cross-border trade restrictions and has

established controls in place to prevent

prohibited transactions under US, UK

and EU laws, and UN rules.

The increased sanctions landscape

continues to be a focus for our global

business. In December 2024, the Head

of Group Compliance joined us to detail

the key activities undertaken by the

Compliance team during the year to

make sure Informa maintains an

effective sanctions programme. This

included regular reporting to the Risk

Committee, divisional risk

assessments, close collaboration on

relevant shared service centre and

internal financial controls, biannual

screening of potentially high-risk

countries, and regular, focused and

appropriate training programmes.

Thorough due diligence was also done

in relation to acquisitions during the

year, with risk-based interim manual

sanctions controls implemented while

any new acquisition migrated to our

finance platforms. This safeguards our

legal obligations and meets the

expectations of our banking partners.

Strengthening confidence

inSpeak Up

Informa has established processes for

any colleague to report concerns in

confidence, either through line

managers, HR managers, the internal

Compliance team or an independent

and confidential whistleblowing service

– Speak Up – which is available in more

than a dozen languages.

The Head of Group Compliance

provided us with a summary of

engagement activities done this year,

which included newsletter, intranet

articles and face-to-face engagement

sessions in several countries. This was

supported by a summary of

whistleblowing reports made during

the year, highlighting the broad themes

raised and the actions taken by

Informa – and we concluded that

management’s response was

appropriate. The Company Secretary

also provides an update on

whistleblowing at each Board meeting.

Monitoring bribery

processesand controls

Informa is primarily subject to the

requirements of the UK Bribery Act and

the US Foreign Corrupt Practices Act,

as well as a number of local and

national anti-corruption laws.

At least once a year, the Head of

Compliance reports to the Committee

on the Group’s processes and controls

around anti-bribery and corruption.

The report provides us with

information about the key areas of

activity for the Group’s anti-bribery

programme, such as changes to risk

factors; the risk assessment process,

including for third parties; training and

communication updates; and a

summary of any misconduct

investigations undertaken.

Strengthening data privacy

and AI governance

Informa operates in countries and

markets where privacy regimes

continue to be complex, including

Australia, China and other ASEAN

countries, as well as various US states

where regulations have recently

passed – some of which will take effect

in 2025. As a result, colleagues,

customers, suppliers and stakeholders

have an expectation of transparency

and control over how their personal

data is collected, used and shared.

As the Committee Chair’s report

referenced, having established a

Global Privacy Framework based on

the Information Commissioner’s

Office Accountability Framework in

2023, we were pleased to hear that all

divisions had improved their privacy

maturity assessment in 2024. We

reviewed the findings of the

benchmarking exercise and supported

the actions being proposed by the

Chief Privacy Officer to improve areas

with the lowest scores.

Informa Annual Report and Accounts 2024

112

Governance

Audit Committee Report

continued

![](data:image/jpeg;base64,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)

A Privacy Champions Network Forum

was established, bringing together

colleagues from different businesses,

disciplines and geographies. The forum

will help to further embed privacy

within Informa’s culture by providing

deep-dive training on key privacy

compliance topics.

We also considered the ways in which

Informa’s use of AI technologies aligns

both with the Group’s principles and

with emerging AI-specific regulations,

such as the EU AI Act. We noted how an

AI governance framework was being

developed and concurred with the

proposed approach, which would

enable Informa to responsibly use AI to

drive commercial value while remaining

compliant with legislation and

relevantregulations.

Supporting the Internal

Auditfunction

The Head of Internal Audit has a dual

reporting line to the Group Finance

Director and the Audit Committee Chair

and meets privately with Committee

members without management present

at least once a year.

The Head of Internal Audit attends

each Audit Committee meeting and

provides reports on:

•  Reviews undertaken and any issues

identified around business processes

and control activities during its work

•  Management’s delivery of action

plans to address any identified

control weaknesses

•  Any management action plans where

resolution is overdue

•  Group-wide controls testing to

prepare for changes in theCode

The Internal Audit team continues to

be supported by third-party partners,

particularly on audits that require a

specific technical skillset.

As a Committee, we review the draft

annual internal audit plan and

resourcing levels at the end of each

financial year. The final plan is approved

at the following meeting, taking our

feedback into account. The plan is

influenced by the Group’s principal risks

including, but not limited to, data

privacy, cyber security, technology

failure, business resilience, third parties

and new or acquired businesses. We

particularly noted the proposal to

increase the use of data analytics and AI

across all function areas in our Internal

Audit team’s work in 2025.

As detailed above, areas of increased

focus during 2024 included assurance

around ESG and other non-financial

information and disclosures, new Code

regulations and the FTPF offence,

which will come into effect in the

second half of 2025.

The Internal Audit team also focused

on the effectiveness of Informa’s

cyber security detection, prevention

and response capabilities in light of

the increased complexity of cyber

attacks during 2024. The Committee

discussed the outcomes of each

Internal Audit assessment and

regularly reviews the action being

taken to mitigate any weaknesses

identified and to improve the Group’s

monitoring and detection capabilities.

Each year, an effectiveness review is

carried out to assess the quality and

expertise of the Internal Audit function

and how well it is delivering its remit,

and to identify areas for improvement.

The 2024 review provided a good

degree of assurance regarding the

overall effectiveness of the function,

although on technology audit work,

the key areas of communications

and stakeholder engagement could

be improved.

The Committee confirms that it has

assessed the quality, experience and

expertise of the Internal Audit

function, and is satisfied it is

appropriate for the Group.

Working with our

externalauditors

PwC was appointed as the Group’s

external auditors after a robust and

thorough tender process in 2022, and

became responsible for external audit

work from 1 January 2023.

The Committee is responsible for

developing, implementing and

monitoring the Group’s policy on

external audit. This policy assigns

oversight responsibility for monitoring

independence, objectivity and

compliance with ethical and regulatory

requirements to the Committee, and

assigns day-to-day responsibility to the

Group Finance Director. The external

auditors are jointly accountable to the

Board and the Committee, with the

Committee as the primary contact.

Our Committee plays an essential role

in ensuring the independence of the

external auditors and the quality of the

audit process, and provides challenge

where necessary.

In June 2024, PwC presented its

proposed strategy and scope for the

2024 full-year audit and half-year review,

together with details of the key areas of

focus. The external auditors have since

shared insights and feedback on the

ongoing work, enabling the Committee

to monitor progress and ask questions.

We therefore confirm that the activities

undertaken by the Committee meet

the requirements of the FRC’s Audit

Committees and the External Audit:

Minimum Standard.

Independence of the

externalauditors

Chris Burns continues to be the lead

audit partner responsible for signing

the audit opinion on behalf of PwC.

When assessing the independence and

objectivity of the external auditors, we

consider assurances and information

provided by PwC regarding the nature of

the non-audit services provided, as well

as any commercial business relationships

between PwC and the Group.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

113

![](data:image/jpeg;base64,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)

The Committee is comfortable that there

were no instances of non-compliance or

threats to the auditors’ independence

during the year and considers that the

company has complied with the

Competition and Markets Authority’s

Statutory Audit Services for Large

Companies Market Investigation

(Mandatory Use of Competitive Tender

Processes and Audit Committee

Responsibilities) Order 2014.

External auditors effectiveness

Our Committee reviews the

performance of the external auditors

each year, to assess how it has

delivered the external audit service

and to identify areas for improvement.

The review considers the quality of

planning, delivery and execution of the

audit – including those of subsidiary

companies – the technical competence

and strategic knowledge of the audit

team, and the effectiveness of

reporting and communication between

the audit team and management.

Feedback from management on the

quality of the external audit was

positive overall. It was agreed that the

audit team has a good understanding

of our business and the challenges we

face. Planning meetings facilitated

early discussion on key audit risks and

focus areas, which allowed both parties

to collaborate on the best approach for

any flagged items.

The Committee was satisfied that the

audit plan had been delivered and,

having considered the views of the

leadership team, including the Group

Finance Director and Head of Group

Finance, concluded that the quality,

delivery and execution of the 2024

external audit was of a high standard

and had been effective.

The Committee Chair, and the

Committee as a whole, meet privately

with the external auditors regularly

during the year when, amongst other

matters, they are able to discuss

progress against recommendations

included in the previous review.

Providing non-audit services

The Group policy on external audit sets

out which categories of non-audit

services the external auditors may and

may not provide.

The Committee must approve all

non-audit services that are provided by

the external auditors, and we continue

to believe that certain non-audit

services should be undertaken by the

external auditors. These include

services where the external auditors’

existing knowledge of the Group

means it would carry out those

services more efficiently and

effectively than other providers.

We review the Non-Audit Services

Policy each year.

The policy allows the external auditors

to provide the following non-audit

services to the Group:

•  Reporting accountant services

•  Assurance services in relation to

financial statements within an M&A

transaction, such as providing comfort

letters in connection with any

prospectus that Informa may issue

•  Tax advisory and compliance work

for non-EEA subsidiaries and

expatriate tax work

•  Other non-audit services not covered

in the list of prohibited and

permitted services, where the threat

to the auditors’ independence and

objectivity is considered trivial. In

these cases, safeguards are applied

to reduce any threat to an

acceptablelevel.

The Committee Chair is required to

pre-approve all proposed non-audit

engagements with fees greater than

£25,000 for any individual assignment

or where the total annual fees for

assignments would exceed £100,000.

The Committee Chair has confirmed

that any non-prohibited non-audit

engagements by the external auditors

were approved during the year.

The Group incurred non-audit fees

totalling £14.5m (2023: £0.4m), the

majority of which related to work

undertaken in relation to the Informa

TechTarget SEC regulatory filings

thatwere required as part of the

transaction. Details of total fees

charged by PwC during the year ended

31 December 2024, including non-audit

fees, are set out in Note 6 to the

Consolidated Financial Statements.

The FRC Revised Ethical Standard 2019

sets a cap on annual non-audit fees

(being 70% of the average audit fee for

the three previous financial years).

This cap will only apply to Informa

from 2026, being the fourth financial

period following PwC’s engagement.

However, in accordance with the

policy, the Group Finance Director

provides details of all non-audit

services undertaken by the external

auditors, together with the related

fees, to each Committee meeting.

Management continues to monitor the

level of non-audit fees in preparation

for when the cap becomes effective.

Informa Annual Report and Accounts 2024

114

Governance

Audit Committee Report

continued

![](data:image/jpeg;base64,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)

On behalf of the Remuneration Committee,

Iampleased to report on Informa’s approach

toDirectors’ remuneration in 2024, including

theoutcomes of the short and long-term

incentives for the period.

A record year of

performance in 2024

In 2024, Informa had

itsbest ever year of

performance. Against a

backdrop of continuing

economic and geo-political

volatility, the Group

delivered consistently

strong operating

performance, whilst

further expanding the

portfolio and deepening

our position in faster-

growing international

geographies.

The Group’s performance led to

market guidance being raised several

times through the year and, in March,

we reported record 2024 full-year

results, including 11.6% underlying

revenue growth, reported revenue

of £3.6bn (up from £3.2bn in 2023),

adjusted operating profit of £995m

(2023: £854m) and free cash flow

of£812m (2023: £632m).

These results and the strong

outperformance versus expectations

are reflected in positive remuneration

outcomes for the year for colleagues

at Informa, including the 2024 Short-

Term Incentive Plan (STIP) paying out at

the maximum for Executive Directors.

The Group also continued to return

significant capital to shareholders,

including further double-digit growth

in ordinary dividends and the

extension of the share buyback

programme. Over £420m of share

buybacks (excluding costs) were

completed in 2024, taking total

buyback returns to £1.5bn since the

programme was launched in 2021.

Informa also continued to invest for

future growth, both internally in key

areas such as the further development

of our data platform IIRIS and

externally through a number of

accretive acquisitions. This included

Ascential plc, which followed on from

Membership and meeting attendance

Member Meeting attendance

Louise Smalley – Chair 4/4

Andy Ransom 4/4

Zheng Yin 4/4

All our Committee members are independent Non-Executive

Directors, and their biographies are given on pages 81 to 83.

The Board Chair, Group Chief Executive, Group Finance Director,

Group HR Director and Director of Investor Relations are typically

invited to attend meetings as required. None are members of the

Committee, and they do not attend meetings when their own

remuneration is discussed.

All Non-Executive Directors have an open invitation to attend

Committee meetings.

The Group Company Secretary is secretary to the Committee and

attends all meetings.

The Committee’s terms of reference, setting out its duties and

responsibilities, are available on our website.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

115

Directors’ Remuneration Report

![](data:image/jpeg;base64,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)

Tarsus a year earlier, and once more

demonstrated our core strength in

sourcing, negotiating, executing and

integrating portfolio additions at

attractive prices, where there is an

opportunity to enhance performance

and accelerate growth.

We also significantly expanded our

position in B2B Digital Services through

the combination of Informa Tech’s digital

businesses with US-listed TechTarget.

The creation of Informa TechTarget

completed in early December and

Informa is now the 57% majority

shareholder in what remains a publicly

listed controlled company on Nasdaq.

2024 also saw us complete the Growth

Acceleration Plan 2, our four-year

programme of activities designed to

make the most of the return from the

Covid pandemic. The Board looks back

on this as a pivotal period in the

development of the Group: from the

counter-intuitive decision to divest our

Informa Intelligence portfolio (circa

£200m of revenue sold at circa 28x EV/

EBITDA), to returning all our live events

businesses to full operating capacity,

the timely reinvestment of capital in

further expanding our Live Events

portfolio (circa £600m revenue

acquired at 11x EV/EBITDA post

synergies), establishing the Tahaluf

partnership in the Kingdom of Saudi

Arabia, building a first-party data and

analytics platform (IIRIS) and returning

north of £1bn to shareholders. GAP 2

has put Informa in as strong an

operational and financial position as it

has ever been and has created a

powerful international platform for

delivering future growthand returns.

Colleague commitment

andcontribution

As ever, the performance and results

delivered in 2024 were only possible

through the hard work of the 14,000+

Informa colleagues across the Group.

I am constantly impressed by the

commitment and creativity of Informa’s

teams around the world and their

ability to consistently adapt and deliver

for our customers. The acquisitions we

made during the year have further

enhanced our talent pools and our

teams have demonstrated a proven

ability to welcome and enable new

colleagues to thrive at Informa.

On behalf of the Board, I would like to

thank each and every colleague for

their contributions to delivering what

was a truly outstanding year.

The strong performance in 2024 is the

culmination of many building blocks

through the post-pandemic GAP 2

period. Decisions were made by the

leadership team and the Board in the

heat of Covid that, combined with the

resilience and commitment of

colleagues, have enabled the Group to

emerge as a stronger business, with

higher levels of growth and more

opportunities than ever before. From

moving at speed to refinance the

balance sheet to provide visibility, to the

flexibility and support we provided to

customers and colleagues, and the

introduction of a more flexible restricted

share scheme (2021-2023 Equity

Revitalisation Plan), these and many

other decisions helped the Group retain

key leaders and gave all colleagues

confidence in the future at Informa.

This has been repaid fully by

colleagues, with teams across all our

businesses seizing the opportunities

that have arisen as the world has

emerged from the pandemic. It was

particularly evident in 2024, when all

our international locations were fully

open and business life returned to

normal, enabling our teams to pursue

growth initiatives without any of the

Covid restrictions that had impacted

the previous three years.

I cannot emphasise enough how

important the retention of our key

leaders has been through this period,

enabling continuity amongst colleagues,

with customers and all our other

stakeholders. This has ensured we have

emerged from the pandemic at pace,

with the experience and relationships

tomake the most of the opportunities

now presenting themselves.

Colleague engagement

andsupport

The Board makes sure it stays closely

connected to the wider colleague

community, scheduling regular

interactions and maintaining direct

channels of communication. This

enables it to feel the pulse of the

company and ensure good levels

ofsupport are being provided to

colleagues where needed. I particularly

appreciated the opportunity to speak

to colleagues at the Board lunch with

future leaders which we held

immediately following our AGM last

year. The opportunity for colleagues to

participate in conversations where all

our stakeholders are represented was

inclusive and insightful.

If the Board feels additional resources

or tools are required to enable

colleagues to keep delivering for

Informa and for each other, it

encourages and supports the

introduction of specific support

measures. Over recent years, as the

cost of living crisis affected many

countries, this led to the Informa

Colleague Support Fund being

reopened to provide direct financial

assistance to colleagues in need, the

expansion of our EAP colleague

assistance programme and the

payment of one-off cost of living

supplements and salary top-ups to

many colleagues around the world.

As part of its annual colleague

engagement, the Board regularly

reviews colleague surveys and

interviews, including annual

engagement index scores measured

through the company’s annual Pulse

survey, which remain consistently high.

At every one of our Board meetings, we

welcome representatives from different

businesses to present on recent

developments or specific initiatives.

Board colleagues also act as advisers to

the various colleague-run networks at

Informa, attending regular meetings

and participating in events and

discussions organised by the teams.

In addition, we hold Board meetings

abroad and use the opportunity to

host town halls, make site visits and

participate in a range of other meetings

and forums. Most recently, in

December, we held the Board meeting

in Riyadh, using the time to visit the

inaugural CPHI Pharmaceutical event in

the region, receive an update from the

Tahaluf team and spend time with key

partners, as well as the broader

colleague community in the Kingdom

(see page 88 for more details).

Informa Annual Report and Accounts 2024

116

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,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)

These broader colleague events and

town halls, as well as more focused

HRleadership forums and team

engagements, provided me with great

opportunities to discuss remuneration

with a wide range of colleagues, and

hear first-hand the views and thoughts

of those dealing with customers on a

day-to-day basis.

Over the past six years, the Board has

appointed the designated Non-

Executive Director for colleague

engagement, with a remit to ensure the

voice of colleagues is being fully heard

in Board discussions and considered in

any important decision-making process.

Mary McDowell held this role for the last

18 months. Following her retirement

from the Informa Board to become

Chair of Informa TechTarget, Mary has

been succeeded by Maria Kyriacou.

Engaging with shareholders

The Board and, more specifically, the

Remuneration Committee, engages

regularly with shareholders, both

through formal consultation and in

adhoc meetings. This includes an

annual Chair roadshow with

shareholders, a tradition now in its

eighth consecutive year.

These meetings help to build a closer

relationship with investors and ensure

there is a direct communications channel

if it is ever required in the future. They

also provide valuable insights into the

latest investor thinking on specific

matters, including remuneration.

In 2024, I joined the Chair in February for

a number of investor meetings as part of

his annual roadshow, which provided me

with an opportunity to discuss the latest

thinking on remuneration more

generally and to ensure the conclusions

we reached post consultation in 2023

were fully understood.

In total, the Chair met with around

20institutions on this roadshow,

representing close to 40% of Informa’s

equity base, and I joined the majority

of these meetings.

I am pleased to say these discussions

and the prior in-depth consultations

led to very strong support for both the

Remuneration Report and the renewal

of the Remuneration Policy (for the

2025-2027 period) at the AGM in June

2024, with 94% of shareholders voting

in favour of the latter.

Overview of 2024

remuneration outcomes

Business context

As already outlined, Informa had a

record year of performance in 2024,

delivering strong growth in revenues,

adjusted operating profits, earnings and

cash flows, with final results that were

well ahead of both internal and external

expectations at the start of the year.

The Group also completed the

redeployment of capital generated

from the divestment of the Intelligence

portfolio, acquiring Ascential plc for

circa £1.2bn alongside several smaller

portfolio additions, as well as

combining the Informa Tech digital

businesses with US-listed TechTarget

tocreate Informa TechTarget.

We also continued to return significant

capital to shareholders, with £675m+

of capital returned through share

buybacks and dividends during

the year.

This strong financial outperformance

and continuing operational progress

in 2024 delivered positive incentive

plan outcomes.

Short-Term Incentive Plan

(STIP) outcomes

For the Executive Directors and the

wider leadership team (circa 100

colleagues), we introduced a more

traditional approach and structure

across the STIP and LTIP in 2024. This

reflects more stable market conditions,

with all geographic locations now open

to live events and trading patterns

returning to normal.

For the STIP, the Committee adopted

asimplified approach, focused on a

concentrated set of output measures,

with a strong bias to financial measures,

in line with our commitment within the

Remuneration Policy for at least 75%

ofSTIP performance measures to be

financial in nature.

The exact measures aligned closely

with Informa’s stated priorities and

targets for the year, namely underlying

revenue growth, operating margin

expansion and earnings momentum.

Full details on the 2024 STIP outturn are

provided in the table below, including a

summary of the performance

measures, the targets against which

they were assessed and how the

Committee reached its final decisions.

As detailed, the Group delivered a strong

year of financial outperformance, raising

market guidance several times and

delivering results well ahead of internal

and external expectations at the start

ofthe year. This is reflected in strong

outcomes for each of the three STIP

performance measures, all of which

delivered at the top-end of the target

range, delivering 100% of the maximum.

For the Group Chief Executive, this

results in a bonus of 200% of base

salary and for the Group Finance

Director and Chief Operating Officer,

abonus of 150% of base salary. In line

with the Directors’ Remuneration Policy,

all STIP outcomes above 100% of base

salary will be paid in deferred shares.

2024 STIP measures

STIP measure

1

Targets Outcomes % achieved

Financial delivery (80%):

Underlying revenue growth (30%) 5.50% to 7.50% 11.73% 30%

Adjusted earnings per share (50%) 45.75p to 48.50p 52.05p 50%

Operational delivery (20%):

Adjusted operating profit margin (20%) 26.75% to 28.00% 28.26% 20%

Total 2024 STIP outcome 100%

1  All measures are set and calculated on a constant currency basis and exclude the benefits or impacts from the acquisitions of Ascential and

TechTarget. The outcome figures therefore differ slightly from the reported numbers published in the headline results

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

117

![](data:image/jpeg;base64,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)

Long-Term Incentive Plan:

Outcomes of the 2021-2023

Equity Revitalisation Plan

(Tranche 2)

The 2022-2024 long-term incentive

award vested on 12 January 2025,

being Tranche 2 of the Equity

Revitalisation Plan (ERP). The ERP is a

restricted shareplan which was

approved by shareholders in December

2020 and covered three equity awards

across the2021-2023 period. At the

time, themedium-term outlook was

unpredictable due to the impact of

thepandemic on Informa’s operations,

with no visibility on if and when live

events might be possible again. This

made it very difficult to set three-year

performance targets that would provide

meaningful incentives for management.

While operating the ERP, the quantum

of both the long-term and short-term

incentives for Executive Directors was

substantially reduced and the vesting of

the ERP was subject to a series of

underpins, including a share price floor

of 545.4p, which must be met for the

award to vest, this being the share price

at the time the award was granted.

The full three-year grant for the ERP

was made upfront in Q1 2021, with one

third of the grant vesting in each of

2024, 2025 and 2026 (Tranches 1, 2 and

3 respectively), subject to the share

price underpin being met. The award

for each of the three tranches equated

to 200% of salary for the Group Chief

Executive, 135% of salary for the Group

Finance Director and 125% of salary for

the Group Chief Operating Officer,

whose awards were made prior to

being appointed to the main Board.

The Committee can confirm that for

Tranche 2 of the ERP, with the share

price close to 800p at year end, the

underpin has been satisfied and,

therefore, the second tranche of the

ERP award vested in January 2025.

For Stephen A. Carter, this has

resulted in 322,531 shares vesting,

with 124,134 shares vesting for Gareth

Wright and 100,567 shares vesting for

Patrick Martell. The awards for the

Group Chief Executive and Group

Finance Director are subject to a

two-year post-vesting holding period.

Remuneration outcomes:

Stakeholder assessment

Following the calculation of outcomes

for the 2024 STIP and Tranche 2 of the

ERP, the Committee assessed the

remuneration of the Executive

Directors in 2024 in the context of the

wider stakeholder experience. This

included assessing the experience of

colleagues and how they had been

supported and rewarded through the

year, the share price performance

relative to financial outcomes and the

strategic decisions made by the

leadership team throughout the year.

The Committee also reviewed the

outcomes relative to the point at which

awards were made to reflect on

whether there were any unexpected

outcomes or specific factors to

consider. On the ERP outcome

specifically, the Committee considered

the share price when the award was

made in Q1 2021. At that time, the

Committee sought to deal with share

price volatility and any unexpected

outcomes through the reduced size of

the restricted share award relative to

historical LTIP grants and the minimum

share price underpin that had to be

satisfied for the award to vest.

The Committee is satisfied that the

performance of the equity over and

above the minimum share price

underpin reflects consistent

operational and financial delivery by

management, the successful delivery

of the Group’s key GAP 2 targets and

consistently strong capital allocation.

Having reviewed all the above and

comparing the outturn relative to

long-term average rewards at Informa

and relevant peers, the Committee was

satisfied that the STIP and ERP

outcomes for 2024 were fair,

proportionate and aligned to the

strong performance of the Group.

Accordingly, no adjustments have been

made to the formulaic outcomes

presented in this report.

Looking ahead: Remuneration

framework for 2025

Following strong support and

endorsement for the renewal of the

2025-2027 Directors’ Remuneration

Policy at the 2024 AGM, the Committee

is adopting the same STIP and LTIP

structure and measures for 2025, with

target ranges updated appropriately.

As highlighted in last year’s Directors’

Remuneration Report, in this first year

of the new Policy period, the

Committee is granting LTIP awards

towards the upper end of the Policy

range to align more closely with the

market and to reflect the contribution

and calibre of our most senior leaders.

This equates to an award of 400% of

base salary for the Chief Executive, the

maximum award under our Policy, and

300% of base salary for the Finance

Director and Chief Operating Officer.

These targets within the STIP and LTIP

are directly linked to the ongoing

priorities for the Group, namely the

delivery of sustainable underlying

revenue growth, improving profitability,

strong cash flow generation and the

effective use of capital.

In 2025, the Committee is addressing

the one remaining anomaly that

surfaced through the benchmarking

review undertaken by our

remuneration advisers as part of the

consultation process in 2023/2024, that

being fixed pay in relation to Executive

Directors’ base salaries, the Chair’s fee

and those of the Non-Executive

Directors. Following a decade of flat to

sub-inflation growth and the Group

and our talent base becoming ever

more international, our analysis shows

a clear disconnect with the market in

these areas. With the broader

remuneration structure now firmly

embedded and the size, shape and

complexity of the Group continuing to

develop, the Committee felt it is the

right time to address this in an

appropriate way, having engaged with

shareholders to explain and discuss

our intention in early 2025.

Informa Annual Report and Accounts 2024

118

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,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)

2025 colleague salary increases

Having adopted a tiered approach to

annual cost of living increases for the

broader colleague community in recent

years, in 2025 we have used a more

uniform approach to base salary

increases. This reflects a more

normalised inflation environment in

most countries, alongside falling

interest rates and more consistent

economic growth.

Whilst there remain some minor

regional variations to reflect specific

in-country inflation and cost of living

pressures, the average base salary

increase for colleagues in 2025 will be

4%, subject to individual performance,

with additional increases on a point

basis to reflect merit rises and

promotions. The Committee feels this

provides a fair and reasonable base

level of increase for colleagues, with

additional rewards for those

performing particularly well.

Executive Directors’ salaries

Over the last decade, the focus for

remuneration has been on variable

compensation, with fixed pay held

flat or below inflation throughout.

For example, the Group Chief

Executive’s base salary has grown

on average at 1.6% per annum since

hisappointment on 1 January 2014.

Over the same ten-year period, the

size, diversity and complexity of

Informa has changed beyond all

recognition. Group revenues have

more than tripled, Informa’s market

capitalisation has quadrupled and

the Group has become a truly

International business. We made

a deliberate decision to divest

businesses in Europe and focus on

growth markets in IMEA (India,

Middle East and Africa), Asia and

North America. This has seen US

dollar-related revenues increase in

scale, now accounting for circa 65%

of the Group.

In just the last two years, the breadth

and reach of the Group have expanded

significantly through the addition of

TechTarget, with a separate Nasdaq

listing, and the additions of Tarsus,

Winsight, HIMSS and Ascential, as well

as through the Group’s rapid growth

via partnerships in Beauty, in Asia and

the Middle East, including through

Tahaluf in the Kingdom of Saudi Arabia.

While these growth activities are

creating significant value for Informa,

they inevitably put significantly greater

demands on the Executive Directors’

time and their responsibility for

developing and maintaining

international relationships and

delivering on revenue targets.

We are fortunate to have executive

leaders who have been working

together for over a decade, with the

average tenure of all three Executive

Directors (circa 12 years at the

company and circa 9 years as

Boardmembers) much higher than

theaverage across the FTSE 100

(circa5years). It is this continuity

andcohesion, alongside relentless

commitment, that has created such

aneffective and successful team,

delivering significant value over the

period and giving the Board such

confidence in the future prospects

forthe Group.

Our leadership has also been flexible in

moving with the growth and expansion

of the Group. In 2025, two senior

executives, including Executive

Director Patrick Martell, are relocating

to the US to be closer to the business

given the scale of revenues now

originating in North America. Details

on the terms of Patrick’s relocation will

be provided in the 2025 Annual Report.

The success of our team does not go

unnoticed and makes our leaders

highly sought after by other

companies. This is particularly true

given the international nature of

Informa and the disparity of rewards

for senior leaders in the UK compared

to other locations where the company

operates at scale, such as the US and

the Middle East, where remuneration

can be 5 to 10 times that of the UK. Our

ability to retain our established and

proven leadership team and attract

new international talent depends on

the flexibility we have to reward our

leaders fairly for success and maintain

the integrity of relative pay differentials

internally as we invest in our

international talent.

As detailed below, the benchmarking

review indicates that, even before

taking into account the increased size,

scale and complexity of the Group, the

base salaries of Informa’s Executive

Directors are below the median and, in

most cases, below the lower quartile of

relevant UK benchmarks (FTSE 100 ex

Financial Services, FTSE 11-50 ex-

Financial Services).

Importantly, these lower base salaries

are not offset by higher variable

compensation, with maximum

compensation potential in 2024 also

below the median of key benchmarks:

Executive Directors’ current base salaries and maximum potential remuneration

Director 2024 base salary Comparison to market 2024 max potential Comparison to market

Group Chief Executive £938,500 Below lower quartile of FTSE 11-50

Below median of FTSE 100

£5,865,625 Below lower quartile of

F TSE 11-50

Slightly above median

of FTSE 100

Group Finance Director £545,500 Below lower quartile of FTSE 11-50

Just above lower quartile of FTSE 100

£2,591,125 Below lower quartile of

F TSE 11-50

Below median of FTSE

100

Chief Operating Officer/

CEOof Informa Markets

£482,000 Below lower quartile of FTSE 11-50

Below lower quartile of FTSE 100

1

£2,530,500 Below lower quartile of

F TSE 11-50

Below median of FTSE

100

1

1  Benchmarked against ’Other Executive Directors’

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

119

![](data:image/jpeg;base64,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)

With all these factors in mind, the Committee feels it is both appropriate and necessary to bring current fixed pay levels for

the Executive Directors closer in line with the market, with key changes for 2025 outlined in the table below. Combined with

the decision to grant LTIP awards at the upper end of the Policy range in 2025, this will bring total maximum potential

remuneration for the Executive Directors broadly in line or slightly ahead of the median of relevant UK benchmarks. The full

impact of these changes has been considered in depth by the Committee, which is why the table shows maximum total pay.

The updated remuneration is viewed as acceptable given the scale, complexity and international nature of the Group, albeit

there will remain a remuneration gap to comparable international talent with a similar long tenure and successful track

record, something the Committee will continue to monitor.

Executive Directors’ new base salaries and maximum potential remuneration

Director

2025 new

basesalary  Breakdown of changes  2025 max potential  Comparison to market

Group Chief Executive £1,025,000 A 4% cost of living increase, in line with wider

workforce, plus a circa 5% market adjustment

to close the gap to the market median

£7,175,000 Below the median of

F TSE 11-50

Between the median

and upper quartile of

FTSE 100

Group Finance Director £584,000 A 4% cost of living increase, in line with wider

workforce, plus a circa 3% market adjustment

to reduce the gap to the market median

£3,212,000 Below the lower

quartile of FTSE 11-50

Slightly above the

median of FTSE 100

Chief Operating Officer/

CEOof Informa Markets

£502,000 A 4% cost of living increase, in line with wider

workforce, with no additional market

adjustment, following a prior adjustment

when additional responsibilities were

assumed in 2023

£2,761,000 In line with the lower

quartile of FTSE 11-50

Below the median of

FTSE 100

1

1  Benchmarked against ’Other Executive Directors’

Fees for the Chair and the Non-Executive Directors

Over the last decade, Non-Executive Director and Chair fees have mirrored Executive Director base salary changes, with flat or

modest increases throughout. This has created a sizeable gap to the market, both for base fees and also for additional

responsibilities such as Audit or Remuneration Committee Chair. In order to continue to attract the right calibre of Board

colleagues in the future, we believe this needs to be addressed. This is particularly true given the increased size, complexity

and international nature of the Group, which inevitably demands more time and commitment from Non-Executive colleagues.

Chair fees are decided by the Remuneration Committee and the fees of the Non-Executive Directors are decided by the

Chair and the Executive Directors. In both cases, fees are being increased to be broadly in line with the current FTSE

100 median, as detailed below:

Chair and Non-Executive Director Fee Changes

Position 2024 fee Increase 2025 fee Comparison to market

Chair fee £422,500 8.9% £460,000 Just above FTSE 100 median

Non-Executive Director base fee £73,600 8.7% £80,000 In line with FTSE 100 median

Audit Committee Chair £15,740 27% £20,000 Just below FTSE 100 median

Remuneration Committee Chair £11,850 69% £20,000 Just below FTSE 100 median

Senior Independent Director £11,850 69% £20,000 Just below FTSE 100 median

Informa Annual Report and Accounts 2024

120

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAYzBG4DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3KiiitjAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAoorhfHPxP03wZcJZC2e+1BlDmFHCLGp6bmwcE9hg/hxlpN6IDuqK8Q/wCGgZf+hbT/AMDT/wDEUf8ADQMv/Qtp/wCBp/8AiKv2cuxPMj2+ivEP+GgZf+hbT/wNP/xFH/DQMv8A0Laf+Bp/+Io9nLsHMj2+ivFbb9oBDcILrw6yQE/O0V1uYD1AKgH6ZFet6drWn6posWr2tyhsZI/N81jgKo67s9MYOfTFS4tbjTTL9FeP6p8e7G31B4dN0aS7tkbHnyT+UX9wu08emfyFegeEfGGm+MtKN7p5dGjbZNBJw8be/qD2Pf6ggDg0rsLo6CivM/F/xk07w5qsumWNi2o3MDbZ283y40buoOCSR3449a1fA3xL03xrJJarA9lqEa7zbu4cMvqrYGcdxgUckrXC6O3orifHPxL03wVJHatbve6hIu8QI4QKvqzYOM4OBg1keEPjJp/iPVotMvrBtOuJ22wP53mI7dlJwCCe3XNHJK1wuj02iiipGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfLvxZsbqz+I2pvcq224KSwuRw6bQOPoQR+FfUVZmteHtJ8RWottWsIbuNTld45U+zDkfgauEuV3E1c+OqK+ov+FR+Bv+gH/wCTc/8A8XR/wqPwN/0A/wDybn/+Lrb20SeVny7RX1F/wqPwN/0A/wDybn/+Lo/4VH4G/wCgH/5Nz/8AxdHtohys+Xa988F6Jqr/AAK1K1CyGe9jnltYsfMUKgBQP9ogkf71dbafC3wVZXCzxaFEXXoJZZJV/wC+WYg/lXXABQAAABwAKidS+w1E+KCMHB617X8AbG6V9ZvyGW0YRwg44dxkn8gR/wB9V6Rqnw+8Kazfm+vtFgkuSdzOrMm8+rBSAx+tb1nZWunWkdpZW8VvbxjCRRKFVR9BRKomrAo2Z8geIbG70zxFqFnfBvtMVw4kLDBYk53fiDn8a6n4P2N1dfEewngRjHarJJM46KpRl5+pYD8a+gdd8H+H/ErK+r6XDcyKNokyUfHpuUg49s1b0fQdK8P2htdKsYbSEnLCMcsfUk8k/Wh1bxsLl1PnT4w2F1afEa/nnRhFdrHJA56OoRVP5FSPw965TQbC81PX7CzsA32qWdRGVGSpznd9B1PsK+ttY0HSvEFoLXVbGG7hByokHKn1BHIP0qpoXg/w/wCGmZ9I0uG2kYbTJku+PTcxJx7ZoVW0bBy6m5RRRWJYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBHMZVgkMCI8wUlEkcorNjgFgCQPfB+hrI+1eKP+gPo/8A4NZf/ketuimBifavFH/QH0f/AMGsv/yPR9q8Uf8AQH0f/wAGsv8A8j1t0UXAxPtXij/oD6P/AODWX/5Ho+1eKP8AoD6P/wCDWX/5HrboouBifavFH/QH0f8A8Gsv/wAj0favFH/QH0f/AMGsv/yPW3RRcDE+1eKP+gPo/wD4NZf/AJHo+1eKP+gPo/8A4NZf/ketuii4GJ9q8Uf9AfR//BrL/wDI9VdT1nxHpWlXmoz6LpTQ2kDzuqapIWKqpYgZtxzgV0tYnjL/AJEfxB/2Dbj/ANFNTW4jboooqRhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv8AkR/EH/YNuP8A0U1bdYnjL/kR/EH/AGDbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/9FNW3WJ4y/5EfxB/2Dbj/wBFNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP8AsG3H/opq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8AIj+IP+wbcf8Aopqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/yI/iD/ALBtx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8AIj+IP+wbcf8Aopq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/RTVt1ieMv+RH8Qf9g24/8ARTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKjkgSVtzGQHGPlkZf5GpKKAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigCD7JH/em/wC/z/40fZI/703/AH+f/Gp6KAIPskf96b/v8/8AjR9kj/vTf9/n/wAanooAg+yR/wB6b/v8/wDjR9kj/vTf9/n/AManooAg+yR/3pv+/wA/+NH2SP8AvTf9/n/xqeigBkcaxLtUsRnPzMW/nT6KKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFUL2+vbWYJb6Hf3yFcmW3kgVQeeP3kqnP4Y561fqzB/q/wAaTdhxV2c9/a+qf9CnrH/f6z/+P0f2vqn/AEKesf8Af6z/APj9dLRU8/kXyI5r+19U/wChT1j/AL/Wf/x+j+19U/6FPWP+/wBZ/wDx+uloo5/IORHNf2vqn/Qp6x/3+s//AI/R/a+qf9CnrH/f6z/+P10tFHP5ByI5r+19U/6FPWP+/wBZ/wDx+j+19U/6FPWP+/1n/wDH66Wijn8g5Ec1/a+qf9CnrH/f6z/+P0f2vqn/AEKesf8Af6z/APj9dLRRz+QciOa/tfVP+hT1j/v9Z/8Ax+j+19U/6FPWP+/1n/8AH66Wijn8g5Ec1/a+qf8AQp6x/wB/rP8A+P0f2vqn/Qp6x/3+s/8A4/XS0Uc/kHIjmv7X1T/oU9Y/7/Wf/wAfo/tfVP8AoU9Y/wC/1n/8frpaKOfyDkRzX9r6p/0Kesf9/rP/AOP0f2vqn/Qp6x/3+s//AI/XS0Uc/kHIjmv7X1T/AKFPWP8Av9Z//H6P7X1T/oU9Y/7/AFn/APH66Wijn8g5Ec1/a+qf9CnrH/f6z/8Aj9H9r6p/0Kesf9/rP/4/XS0Uc/kHIjmv7X1T/oU9Y/7/AFn/APH6P7X1T/oU9Y/7/Wf/AMfrpaKOfyDkRzX9r6p/0Kesf9/rP/4/R/a+qf8AQp6x/wB/rP8A+P10tFHP5ByI5r+19U/6FPWP+/1n/wDH6P7X1T/oU9Y/7/Wf/wAfrpaKOfyDkRzX9r6p/wBCnrH/AH+s/wD4/R/a+qf9CnrH/f6z/wDj9dLRRz+QciOa/tfVP+hT1j/v9Z//AB+j+19U/wChT1j/AL/Wf/x+uloo5/IORHNf2vqn/Qp6x/3+s/8A4/R/a+qf9CnrH/f6z/8Aj9dLRRz+QciOa/tfVP8AoU9Y/wC/1n/8fo/tfVP+hT1j/v8AWf8A8frpaKOfyDkRzX9r6p/0Kesf9/rP/wCP0f2vqn/Qp6x/3+s//j9dLRRz+QciOa/tfVP+hT1j/v8AWf8A8fo/tfVP+hT1j/v9Z/8Ax+uloo5/IORHNf2vqn/Qp6x/3+s//j9H9r6p/wBCnrH/AH+s/wD4/XS0Uc/kHIjmv7X1T/oU9Y/7/Wf/AMfo/tfVP+hT1j/v9Z//AB+uloo5/IORHNf2vqn/AEKesf8Af6z/APj9H9r6p/0Kesf9/rP/AOP10tFHP5ByI5r+19U/6FPWP+/1n/8AH6P7X1T/AKFPWP8Av9Z//H66Wijn8g5Ec1/a+qf9CnrH/f6z/wDj9H9r6p/0Kesf9/rP/wCP10tFHP5ByI5r+19U/wChT1j/AL/Wf/x+j+19U/6FPWP+/wBZ/wDx+uloo5/IORHNf2vqn/Qp6x/3+s//AI/R/a+qf9CnrH/f6z/+P10tFHP5ByI5r+19U/6FPWP+/wBZ/wDx+j+19U/6FPWP+/1n/wDH66Wijn8g5Ec1/a+qf9CnrH/f6z/+P0f2vqn/AEKesf8Af6z/APj9dLRRz+QciOa/tfVP+hT1j/v9Z/8Ax+j+19U/6FPWP+/1n/8AH66Wijn8g5Ec1/a+qf8AQp6x/wB/rP8A+P0f2vqn/Qp6x/3+s/8A4/XS0Uc/kHIjmv7X1T/oU9Y/7/Wf/wAfo/tfVP8AoU9Y/wC/1n/8frpaKOfyDkRzX9r6p/0Kesf9/rP/AOP0f2vqn/Qp6x/3+s//AI/XS0Uc/kHIjmv7X1T/AKFPWP8Av9Z//H6P7X1T/oU9Y/7/AFn/APH66Wijn8g5Ec1/a+qf9CnrH/f6z/8Aj9H9r6p/0Kesf9/rP/4/XS0Uc/kHIjmv7X1T/oU9Y/7/AFn/APH6P7X1T/oU9Y/7/Wf/AMfrpaKOfyDkRzX9r6p/0Kesf9/rP/4/R/a+qf8AQp6x/wB/rP8A+P10tFHP5ByI5r+19U/6FPWP+/1n/wDH6P7X1T/oU9Y/7/Wf/wAfrpaKOfyDkRzX9r6p/wBCnrH/AH+s/wD4/R/a+qf9CnrH/f6z/wDj9dLRRz+QciOa/tfVP+hT1j/v9Z//AB+j+19U/wChT1j/AL/Wf/x+uloo5/IORHNf2vqn/Qp6x/3+s/8A4/R/a+qf9CnrH/f6z/8Aj9dLRRz+QciOa/tfVP8AoU9Y/wC/1n/8fo/tfVP+hT1j/v8AWf8A8frpaKOfyDkRzX9r6p/0Kesf9/rP/wCP0f2vqn/Qp6x/3+s//j9dLRRz+QciOa/tfVP+hT1j/v8AWf8A8fo/tfVP+hT1j/v9Z/8Ax+uloo5/IORHNf2vqn/Qp6x/3+s//j9H9r6p/wBCnrH/AH+s/wD4/XS0Uc/kHIjmv7X1T/oU9Y/7/Wf/AMfo/tfVP+hT1j/v9Z//AB+uloo5/IORHNf2vqn/AEKesf8Af6z/APj9H9r6p/0Kesf9/rP/AOP10tFHP5ByI5r+19U/6FPWP+/1n/8AH6P7X1T/AKFPWP8Av9Z//H66Wijn8g5Ec1/a+qf9CnrH/f6z/wDj9H9r6p/0Kesf9/rP/wCP10tFHP5ByI5r+19U/wChT1j/AL/Wf/x+j+19U/6FPWP+/wBZ/wDx+uloo5/IORHNf2vqn/Qp6x/3+s//AI/R/a+qf9CnrH/f6z/+P10tFHP5ByI5r+19U/6FPWP+/wBZ/wDx+j+19U/6FPWP+/1n/wDH66Wijn8g5Ec1/a+qf9CnrH/f6z/+P0f2vqn/AEKesf8Af6z/APj9dLRRz+QciOa/tfVP+hT1j/v9Z/8Ax+j+19U/6FPWP+/1n/8AH66Wijn8g5Ec1/a+qf8AQp6x/wB/rP8A+P0f2vqn/Qp6x/3+s/8A4/XS0Uc/kHIjmv7X1T/oU9Y/7/Wf/wAfo/tfVP8AoU9Y/wC/1n/8frpaKOfyDkRzX9r6p/0Kesf9/rP/AOP0f2vqn/Qp6x/3+s//AI/XS0Uc/kHIjmv7X1T/AKFPWP8Av9Z//H6P7X1T/oU9Y/7/AFn/APH66Wijn8g5Ec1/a+qf9CnrH/f6z/8Aj9H9r6p/0Kesf9/rP/4/XS0Uc/kHIjJsri4uoS9xp1zYuGwIrho2YjA5/duwx26546VZqWf74+lRVadyGrMKxPGX/Ij+IP8AsG3H/opq26xPGX/Ij+IP+wbcf+imprcRt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKswf6v8arU9VuCv7qWJF9HjLHP/AH0KmWxUNy1RVbZe/wDPxb/9+D/8XRsvf+fi3/78H/4uszUs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAs0VW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LoAWf74+lRU5hKD+9dHb1RCox+Zptax2MZbhWJ4y/wCRH8Qf9g24/wDRTVt1ieMv+RH8Qf8AYNuP/RTVS3EbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrMH+r/Gq1WYP9X+NTLYqG5JRRRWZqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFef74+lRVLP8AfH0qKtY7GMtwrE8Zf8iP4g/7Btx/6KatusTxl/yI/iD/ALBtx/6KaqW4jbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVZg/1f41WqzB/q/wAamWxUNySiiiszUKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAK8/wB8fSoqln++PpUVax2MZbhWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1UtxG3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqzB/q/xqtVmD/V/jUy2KhuSUUUVmahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBXn++PpUVSz/fH0qKtY7GMtwrE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimqluI26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFPVrgL+6iidfV5Cpz/AN8mmVZg/wBX+NTLYqG5Fvvf+fe3/wC/5/8AiKN97/z72/8A3/P/AMRVmiszUrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooArb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEVZooAqMZSf3qIjeiOWGPyFNqWf74+lRVrHYxluFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNVLcRt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKswf6v8arVZg/1f41MtiobklFFFZmoUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAV5/vj6VFUs/wB8fSoq1jsYy3CsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqpbiNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVmD/V/jVarMH+r/ABqZbFQ3JKKKKzNQooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooArz/AHx9KiqWf74+lRVrHYxluFYnjL/kR/EH/YNuP/RTVt1ieMv+RH8Qf9g24/8ARTVS3EbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrMH+r/Gq1PVrgL+6iidfV5Cpz/3yamWxUNy1RVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4iszUs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IoAWf74+lRU5jKT+9REb0Rywx+Qptax2MZbhWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1UtxG3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAqzB/q/wAarVZg/wBX+NTLYqG5JRRRWZqFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAFef74+lRVLP98fSoq1jsYy3CsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KaqW4jbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAU9YXkXK3MsY6YQLj9QaZVmD/V/jUy2KhuRfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmiszUrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCoyNGcNK8h65cDP6AU2pZ/vj6VFWsdjGW4VieMv+RH8Qf9g24/8ARTVt1ieMv+RH8Qf9g24/9FNVLcRt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKswf6v8AGq1WYP8AV/jUy2KhuSUUUVmahRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBXn++PpUVSz/fH0qKtY7GMtwrE8Zf8AIj+IP+wbcf8Aopq26xPGX/Ij+IP+wbcf+imqluI26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFWYP9X+NVq53XvAvhvxNfJe6xp32m4SMRK/nyJhQSQMKwHVjQ0nuNOx19Feef8Kj8Df9AP8A8m5//i6P+FR+Bv8AoB/+Tc//AMXS5I9/6+8rnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9j0OivPP+FR+Bv8AoB/+Tc//AMXR/wAKj8Df9AP/AMm5/wD4ujkj3/r7w532PQ6K88/4VH4G/wCgH/5Nz/8AxdH/AAqPwN/0A/8Aybn/APi6OSPf+vvDnfY9Dorzz/hUfgb/AKAf/k3P/wDF0f8ACo/A3/QD/wDJuf8A+Lo5I9/6+8Od9ju5/vj6VFWXoPhzSvDFi9lo9r9mt3lMrJ5jPlyACcsSeij8q1KdrEN3CsTxl/yI/iD/ALBtx/6KatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/wCRH8Qf9g24/wDRTVt1ieMv+RH8Qf8AYNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/ACI/iD/sG3H/AKKamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/8ARTVt1ieMv+RH8Qf9g24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8iP4g/wCwbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/AGDbj/0U1bdYnjL/AJEfxB/2Dbj/ANFNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/ACI/iD/sG3H/AKKatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikBn6vrNnotsJrtzluEjUZZz7f41w9z8QdSeQ/Z7e3ij7BgWP55H8qyfE+pSalrtwzt+7icxRr2Cg4/XrV3Q9DtorP+29bzHp6H91F/FcN2AHp/npXtUsLSo01Oqrt/wBWR8viMwxGJrunQfLFdfTq32NbS/iCWmEepwIqH/lrCD8v1Xn9K7iKWOeFJYnDxuAysDwQa8Y1S+GpalNdrBHbq5+WKMYCgDA/lXZ/D7UpJIrjT5GykQEkWewJ5H54/M1njMHGNP2sFbujbLcynKt7Co+ZPZnb0UUV5J9EFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/AGDbj/0U1bdYnjL/AJEfxB/2Dbj/ANFNTW4G3RRRSA8Z121ks9cvYZAQfNZh7gnIP5Guhsb238WabDo+oyiHUYBizuDwr/7De/A//X16bxL4Zi12NZEcRXcYIVyOGHof89zXntx4b1mzl2tp9wxB4aJC4/Nc17tKtTxFNXdpI+Rr4atg60rR5qct/Nfo10ZRvbO40+8ktbqMxzRnDKf89K6/4d2jG6vL0qQioIgfUk5P8h+dULLwtret3fn3/mxK2N81zkuccYweT+Nei6dYQaZYxWluCI4xjJ6k9yfc1GNxUfZezTu3vY2yvATdf2zTUVtfd9i1RRRXin1AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/9FNW3WJ4y/5EfxB/2Dbj/wBFNTW4G3RRRSAKKyNe8Q22g26tKpkmkz5cSnGcdyewrjG8SeJ7+2uL+2IitIMeYURQq5PAy3JPI6V1UsJUqx5tl5nBicxo0Jcju5dlqelUV5vpfjy+glC6iBcwnqyqFcfTHB/zzXoVrdQ3trHc27h4pF3Kwqa+GqUX7xeEx1HFL929V0e5NRRRXOdgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/9FNW3WJ4y/5EfxB/2Dbj/wBFNTW4G3RRRSA8k1W7j1PxVK1/M8dsJ/KLKMlIwccD9fxNaniYOl7Y6XlbPQvlMEsXzo4PWQ4+8ef85ycTxFYyafr13FIpAaQyIfVWOQf6fhSQ6zcro0ukyIk9u7Bow4yYmz1T0z/X3NfRqndQnDZL+mvNHxDrcsqtOro29/To/J+RY1jw3Npdsl5Dcw3lg7bVnhOefQjt+tb/AMPL9y91p7MSgUSoCfu84P8AMVVgtbnSvAOqDUFeEXcsYt4ZAQSQQScduB/47Vv4eWEga61B1whURISPvc5P8h/kVhXnzYeam72dk++x2YSl7PG0nTVuZXa7b/8ADq/c7uiiivDPqwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikBka74ftddgVZSY5o8+XKvUexHcVw/wDwiPiDTb6Oe0hSR4mDJLG6kAjpw3+Fen0V1UcZUpR5VquzPPxOW0MRPnd1Lujg4fCuta1eC41+7ZUH8O8M30AHyqPp+Vdta2sNlax21ugSKMbVUVNRUVcROrZPRLotjbD4Onh7uOre7erYUUUVgdQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIDA8S+JotCjWNEEt3ICVQnhR6n/PY1wN1rev3UX2yS7u1gL7A8ZKJu644wM1W126kvNcvZpCSfOZRnsAcAfkKveH9eTT1k0+/i+0aXcn97ERyp/vD36flXv0sMqNJSUby6/8AAPj8TjpYmu4Sm4x2X/B/rQfpXjLVNPlXz5mu4P4klbJ/Buv869L06/g1Oxiu7ckxyDOD1B7g+4ry7xFoDaLcRSRSedY3I328vcjrg+/I+v6Vt/Du7YXV5ZFiUZBKF9CDgn9R+QrHF0KVSl7amdWW4uvRxH1au7+vT/gM9Aooorxj6YKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/ACI/iD/sG3H/AKKatusTxl/yI/iD/sG3H/opqa3A26KKKQHkPifTZNN124V1/dyuZY27FSc/p0q14fg0u0tJNZ1SRJvJfZBZA/NI+M5I/u/59j6Jq2jWes2whu4yduSjrwyH2NcRcfD3UUlIt7m3lj7FyVP5YP8AOvapYuFWkoTlyv8AM+XxGW1aFd1aUOZdPJ+nW3/DnPatq11rV+93dvljwqj7qL6D2rsvh9pskUNxqMi4WUCOL3APJ/PA/A1Hpfw+KyiTVLhHQf8ALKEn5vq3H6fnXbxRRwQpFEgSNAFVQOABWeLxdP2fsqWxtluXVlW+sYjf8b92PoooryT6IKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8iP4g/wCwbcf+imprcDbooopAFFct4r8Uto+20swjXbrlmPIjHbj1rzm6vbq9kL3VxLMxOcuxOP8ACu/D4CdWPM3ZHkYzOKWHn7OK5mt+h7fRXj2l+IdS0mZWhuHeMdYZGJQj6dvqK9S0fVYdY06O7h43cOmclG7is8Tg50NXqjbA5lSxfupWl2L9FFFch6IUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIDyKWZ7jxdJLIbYs103/H3/qsZwA3+ziup/8ACFrB8R6auj+JDPcW/wBos55DME3Fd4Jyy5HTBP8AKmf2v4c/6Fb/AMqEn+Fe/OPtIxlBNq3S36tHx9OfsJzhUaTv1v8ApFmtqX/IMuf+RO/1Z/49f9b/AMA96j+Hdw66heW3Ox4hJ7Ag4/8AZqyLnVNCltpI4PDvkSspCS/bXbYfXBHNdT4C0mS1s5dQmG03AAjB67R3/E/y96yrJU8PJSVr97fo2b4VutjYSptO172v+qR2NFFFeKfUhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1NbgbdFFFICtf6fa6nbG3u4VljPr1B9Qexrjrn4dAyE22oYQ9FkjyR+IPP5V3VFb0sTVpaQZy4jBUMQ71I3ZyOl+ArO0mEt7MbsqchNu1PxGTmutACqFUAADAA7UtFTVrTqu83cuhhqWHjy0o2CiiisjcKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/ACI/iD/sG3H/AKKatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv8AkR/EH/YNuP8A0U1bdYnjL/kR/EH/AGDbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/9FNW3WJ4y/5EfxB/2Dbj/wBFNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP8AsG3H/opq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8AIj+IP+wbcf8Aopqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/yI/iD/ALBtx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf8AYNuP/RTVt1ieMv8AkR/EH/YNuP8A0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8AIj+IP+wbcf8Aopq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/RTVt1ieMv+RH8Qf9g24/8ARTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/ALBtx/6KatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/wCRH8Qf9g24/wDRTVt1ieMv+RH8Qf8AYNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/ACI/iD/sG3H/AKKamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/8ARTVt1ieMv+RH8Qf9g24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8iP4g/wCwbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/AGDbj/0U1bdYnjL/AJEfxB/2Dbj/ANFNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/ACI/iD/sG3H/AKKatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/0U1bdYnjL/kR/EH/YNuP/AEU1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/wCwbcf+imrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv8AkR/EH/YNuP8A0U1bdYnjL/kR/EH/AGDbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/wAiP4g/7Btx/wCimprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/kR/EH/YNuP/AEU1bdYnjL/kR/EH/YNuP/RTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/yI/iD/sG3H/opq26xPGX/Ij+IP8AsG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/wBg24/9FNW3WJ4y/wCRH8Qf9g24/wDRTU1uBt0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsTxl/wAiP4g/7Btx/wCimrbrE8Zf8iP4g/7Btx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVieMv+RH8Qf9g24/9FNW3WJ4y/5EfxB/2Dbj/wBFNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP8AsG3H/opq26xPGX/Ij+IP+wbcf+imprcDbooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFYnjL/AJEfxB/2Dbj/ANFNW3WJ4y/5EfxB/wBg24/9FNTW4G3RRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKxPGX/Ij+IP+wbcf+imrbrE8Zf8AIj+IP+wbcf8Aopqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWJ4y/5EfxB/2Dbj/wBFNW3WJ4y/5EfxB/2Dbj/0U1NbgbdFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArE8Zf8iP4g/7Btx/6KatusTxl/yI/iD/ALBtx/6KamtwNuiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABWZr2u2XhzSZdQvnxGnCoPvSN2VR6//AK6068K+LusyXvildMVj5FjGBt7F2AYn8io/A10Yaj7apyvYxr1fZwuZviD4j6/rcziK6extSflhtmKnH+0w5J/T2rmTqF6xJN3cEnkkyH/Gq1Fe9GnCCtFHkSnKTu2WPt95/wA/c/8A38NH2+8/5+5/+/hqvRVWRN2WPt95/wA/c/8A38NH2+8/5+5/+/hqvRRZBdlj7fef8/c//fw1taN458RaJMrW+oyzRjrBcsZEI9ME8fgRXO0UpQjJWaKUpJ3TPpTwj4usvFummeAeVcxYE9uTkoT3HqD2NdFXzb4D1mXRfGFhMjERTSC3mXsUcgfocH8K+kq8LF0FRnZbM9XD1XUjrugooorlOgKKKKACiiigAooooAKxPGX/ACI/iD/sG3H/AKKatusTxl/yI/iD/sG3H/opqa3A26KKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfO3xLgeDx9qW8NiQo6k9wUX+oI/CvomvO/il4Pm1uyi1XT4jJe2ilZIlGWljznj1IOTjvk+wrswVRU6uvXQ5sVBzp6dDw2igjBwaK908kKKKKACiiigAooooAvaLbNe67p9qm/dLcRoChIYZYcgjp9a+jf+EV07/n51j/wc3f/AMdrzn4UeD5jdr4ivoikSKRaIwwXJ4L/AExkD1zntXsNeLj6qlUUY9D08HTcYXfUxP8AhFdO/wCfnWP/AAc3f/x2j/hFdO/5+dY/8HN3/wDHa26K4bs7DE/4RXTv+fnWP/Bzd/8Ax2j/AIRXTv8An51j/wAHN3/8drboouwMT/hFdO/5+dY/8HN3/wDHaP8AhFdO/wCfnWP/AAc3f/x2tuii7AxP+EV07/n51j/wc3f/AMdo/wCEV07/AJ+dY/8ABzd//Ha26KLsDE/4RXTv+fnWP/Bzd/8Ax2mTeDtJuYJIJ5NVlhkUo8b6vdsrKRgggy8gjtW9RRdgFFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDlPEHw78P8AiCZriWB7W6blprYhSx9xgg/XGfeuYb4KWJY7NZuAvYGFSf516lRW8MTVgrKRlKhTk7tHln/ClLP/AKDU/wD34H+NH/ClLP8A6DU//fgf416nRV/XK/8AMT9Wpdjyz/hSln/0Gp/+/A/xo/4UpZ/9Bqf/AL8D/GvU6KPrlf8AmD6tS7Hln/ClLP8A6DU//fgf41uaN8K/DulTrPMkt/KpyouSCg/4CAAfxzXb0VMsVWkrOQ1h6Sd0hAAoAAAA4AFLRRXObBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAH//2Q==)

2025 STIP

In 2025, we are keeping the structure,

measures, weighting and quantum of

the STIP constant from the previous

year, with in-year targets updated

appropriately to reflect internal budget

and market expectations.

This means the STIP is once more

focused on a concentrated set of

output measures, with 100% of

measures financial metrics, in line with

our Policy commitment for at least 75%

of STIP performance measures to be

financial in nature.

These targets align closely with

Informa’s stated priorities and targets

for 2025, namely further underlying

revenue growth, margin expansion and

earnings momentum, as detailed below:

2025 STIP measures

Measure % Details and rationale

Financial delivery: 80%

Underlying revenue growth 30% An underlying revenue growth target for the year. This is a core measure of growth for

Informa, a key KPI for leaders in the business and a closely tracked metric for investors and

shareholders.

Adjusted earnings per share 50% An adjusted EPS target for the year. Another core measure of performance and a closely

tracked metric for investors and shareholders, encapsulating organic growth, improving

profitability, balance sheet efficiency and effective capital allocation.

Operational delivery: 20%

Adjusted operating profit margin 20% A Group adjusted operating profit margin target for the year. Margin progression is a key KPI

for leaders in the business and a closely tracked metric for investors and shareholders.

2025 LTIP

Following consultation with

shareholders, the Committee’s

approach to LTIP measures was

updated in 2024 to directly align with

the Group’s strategic and operational

priorities over the next three years.

This approach received strong

endorsement at the 2024 AGM when

the Remuneration Policy was renewed

for the 2025-2027 period.

The measures include a strong

weighting towards financial output

measures over strategic input

measures, with a direct link to the

Group’s forward ambitions for further

profitable growth, strong cash

generation, ESG delivery and

continuing, strong shareholder returns.

The Committee believes these

measures remain equally relevant for

the 2025-2027 three-year period and

so remain unchanged across four

categories: cumulative operating cash

flow (30% weighting), cumulative

adjusted operating profit (30%),

relative total shareholder return (30%)

and Environmental, Social and

Governance (10%).

These long-term measures also remain

clearly aligned with the in-year

measures for the 2025 STIP detailed

above, which are more directly focused

on near-term revenue growth, margin

expansion and earnings growth.

The target ranges outlined in the table

on the following page reflect the

potential outcomes of the LTIP from

threshold to maximum. They were

determined by reference to market

practice, internal three-year business

plan forecasts for Informa and external

market consensus expectations, where

appropriate. The Committee believes

they provide stretching but realistic

targets and will provide an effective

incentive for the Executive Directors to

deliver strong results over the period.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

121

![](data:image/jpeg;base64,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)

All–colleague share plans

The company has a strong belief that

providing colleagues with efficient ways

to invest and own shares in the Group is

highly motivating, aligning them closely

to the Group’s strategy and key

priorities, and enabling everyone to

share in the company’s success.

Since launch over ten years ago, the

benefits of our main colleague share

plan, ShareMatch, have steadily

improved, with colleagues now

receiving two free shares for every

share purchased, up to the annual

investment limit of £1,800. For any

colleague who participated in

ShareMatch from its launch and

contributed the full amount each year

without selling any shares, their

portfolio would now be valued at over

£66,000, in return for an £19,600

investment over the period.

In 2023, we extended ShareMatch to an

additional 12 territories, enabling up to

97% of colleagues worldwide to have

the opportunity to participate in one

ofour equity plans.

These investments have supported

progressive growth in participation of

both ShareMatch and our other main

share plan, the US Employee Share

Purchase Plan. As at 31 December

2024, more than 3,100 colleagues are

now members of one of these plans,

representing 21% of the full-time

colleague community, significantly

higher than the sub-2% of colleagues

who owned Informa shares when

ShareMatch was launched.

Further growth and

performance through

OneInforma

Following an outstanding year in 2024,

I am confident that Informa colleagues

and leaders will be as ambitious and

purposeful as ever in seeking out

opportunities for growth and

development in the year ahead.

As outlined elsewhere in this report,

the Group’s focus will shift from GAP 2

to One Informa and a desire to

maximise the platform that the

company has built over the last decade

by fully leveraging our strengths in

brands, data, international networks

and technology.

On behalf of the Committee, we look

forward to continuing to motivate,

retain and challenge the leadership

team and broader colleague base in

their pursuit of this strategy and to

support Informa in the next phase of

its growth and expansion.

Finally, I’d like to thank my Committee

colleagues for their commitment and

contributions during the year and we

are delighted that Catherine Levene

will join the Committee from March

2025. We look forward to working

withher in the coming year.

Louise Smalley

Remuneration Committee Chair

13 March 2025

2025 LTIP measures

Category Weighting

2025-2027

target range Details and rationale

1. Cumulative cash and

financial returns

60%

Cumulative adjusted

operating profit

30% £3.35bn to £3.7bn An absolute adjusted operating profit target over the three-year performance

period. This is a core measure of growth and profitability for Informa and a key

KPI for all leaders in the business, as well as a closely tracked metric for the

investment community.

Cumulative operating

cash flow

30% £3.0bn to £3.3bn An absolute operating cash flow target over the three-year performance period.

This is a core measure of performance for Informa, and a key attraction to

investors is its ability to convert operating profit into cashflow. It is also well

understood by participants.

2. Shareholder returns 30%

Relative total shareholder

returns against FTSE 100

peer group

30% 50

th

percentile to

75

th

percentile

A measure of total shareholder returns over the three-year performance period

compared to the FTSE 100 Index, excluding Financial Services and Natural

Resources companies. It provides an external indicator of value relative to the

wider market, providing close alignment to the shareholder experience.

3. Environmental, Social

and Governance

10%

The Sustainable

EventFundamentals

programme:

implementation and

performance

10% 440 to 520

Fundamentals

accredited events

The Sustainable Event Fundamentals programme is the core operating delivery

measure within Informa’s FasterForward sustainability programme, directly

linked to the delivery of long-term ESG targets. It requires events teams globally

to accept, adopt and embed operating structures and activities that directly

improve the impact of each individual brand, with major emphasis on carbon

and waste reduction (e.g. reusable stands, renewable electricity, carbon

reduction, travel efficiency, etc.) as well as embedding sustainability content

intoour brands to help accelerate sustainable impacts in customer markets,

andenhance our economic and social impact on our host cities.

Over the next three years, increasing the number of events accredited to our

Fundamentals standard across the Group is critical to meeting our long-term

ESG targets, including net zero waste and community impact.

Informa Annual Report and Accounts 2024

122

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,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)

Remuneration Committee governance

Our activities in 2024

The Committee is responsible for all executive remuneration decisions, including setting appropriate performance metrics

and ranges for the short- and long-term incentive awards and considering the outcomes under these plans.

The Committee is also responsible for determining the Directors’ Remuneration Policy and for setting the remuneration for the

Board Chair, Executive Directors and senior management, as well as reviewing colleague remuneration and related policies.

The key matters discussed and approved by the Committee during the year were:

January 2024

•  Considered the 2023 leadership incentive outcomes for the 2023 STIP and Tranche 1 of the 2021-2023 ERP

•  Reviewed the 2025-2027 Remuneration Policy framework

March 2024

•  Reviewed and approved the revised Directors’ Remuneration Policy 2025-2027

•  Considered the appropriateness of, and approved, the outcomes of the 2023 STIP

•  Approved the 2024 long-term incentive awards for Executive Directors, senior management and key talent

•  Approved the Directors’ Remuneration Report for the 2023 Annual Report

•  Discussed good leaver treatment for eligible departing colleagues

July 2024

•  Received the annual update on colleague fixed and variable remuneration

•  Approved long-term incentive awards for new colleagues and those with role changes

•  Approved equity awards for 2022 and 2023 graduate cohorts

•  Considered the results of voting at the 2024 AGM

•  Reviewed the company’s performance against STIP and LTIP metrics

December 2024

•  Confirmed the outcome of Tranche 2 of the 2021-2023 ERP – subject to the share price underpin being met

•  Considered the indicative outcomes of the 2024 Leadership STIP

•  Reviewed and approved minor changes to the Committee terms of reference

•  Considered and approved measures and targets for the 2025 STIP

•  Approved long-term incentive awards for new appointments and treatment of good leavers

•  Agreed the framework for 2025 pay reviews, including for all colleagues, the Board Chair, Executive Directors and

members of the Executive Committee

•  Agreed an outline relocation package for the Group Chief Operating Officer/Chief Executive of Informa Markets

•  Noted the proposed 2025 long-term incentive awards for the Executive Directors, and members of the Executive

Committee, and delegated authority to the Group Chief Executive and Group HR Director to finalise the 2025

awards for the senior leadership team

Remuneration adviser

FIT Remuneration Consultants LLP (FIT Remuneration Consultants) was the Committee’s independent remuneration adviser

throughout 2024, having been appointed in December 2022 following a competitive tender process. FIT Remuneration

Consultants is a member of the Remuneration Consultants Group and adheres to that Group’s Code of Conduct for

consultants to remuneration committees of UK listed companies.

The Committee is satisfied that the advice received from FIT Remuneration Consultants was independent and objective,

andhas not requested advice from any other remuneration advisory firm during the year. FIT Remuneration Consultants

does not provide any other services to the Group and has no other connection with the Directors.

Fees for advice provided to the Committee by FIT Remuneration Consultants during the year ended 31 December 2024

amounted to £82,354 (2023: £80,922). All fees are charged on a time and expenses basis.

Shareholder voting at the AGM

The table below provides details of votes cast by shareholders in respect of the resolutions on the Directors’ Remuneration

Report and the Directors’ Remuneration Policy at the 2024 AGM. The Policy can be found on the corporate governance

section of our website.

Votes for

Number %

Votes against

Number % Total votes cast

Votes withheld

(abstentions)

Directors’ Remuneration Report (21.06.2024) 964,583,606 96.65 33,430,219 3.35 998,013,825 26,216,793

Directors’ Remuneration Policy (21.06.2024) 936,112,080 93.81 61,737,898 6.19 997,849,978 26,380,640

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

123

![](data:image/jpeg;base64,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)

Annual Report on Remuneration

This section sets out how the Directors’ Remuneration Policy was applied for the year ended 31 December 2024 and

specifically the remuneration outcomes for the Executive and Non-Executive Directors.

Any information contained in this section of the report that is subject to audit has been highlighted.

Single total figure of remuneration for Executive Directors (audited)

Base

salary

1

Benefits

2

Pensions

3

Total fixed

pay

Short-term

incentive

awards

4

Long-term

incentive

awards

5

Total

variable

pay

Total

pay

Stephen A. Carter 2024 931,625 50,826 93,162 1,075,613 1,877,000 2,535,285 4,412,285 5,487,898

2023 902,200 26,812 90,220 1,019,232 789,473 2,383,718 3,173,191 4,192,423

Gareth Wright 2024 541,500 16,295 54,150 611,945 818,250 975,767 1,794,017 2,405,962

2023 524,375 16,587 52,437 593,399 458,865 917,438 1,376,303 1,969,702

Patrick Martell 2024 475,125 60,087 47,513 582,725 723,000 790,516 1,513,516 2,096,241

2023 450,075 35,782 45,008 530,865 393,870 743,260 1,137,130 1,667,995

1  Executive Directors’ salaries are reviewed annually. In 2024, the Executive Directors received a 3% increase in base salary in line with the more

conservative approach taken for all colleagues earning over £150,000 or local equivalent. The Group Chief Operating Officer/CEO of Informa

Markets received a 6% increase to reflect his dual responsibilities. With effect from 1 April 2024 base salaries were set at £938,500 for Stephen A.

Carter, £545,500 for Gareth Wright and £482,000 for Patrick Martell

2  Benefits provided to the Executive Directors typically include (but are not limited to) private medical and life insurance, travel insurance, car benefits

(which may include a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where appropriate and the

value of ShareMatch matching share awards

3  The Executive Directors receive cash payments in lieu of pension contributions at a rate of 10% of base salary in line with the contribution available

toarange of other colleagues. None of the Executive Directors is a member of the Group’s defined benefit pension schemes and, accordingly,

noentitlements have accrued under these schemes

4  The maximum potential STIP opportunity for 2023 was at the reduced level of 100% of salary for each of the Executive Directors as set out in the

Policy approved by shareholders in December 2020. At the 2022 AGM, shareholders approved a return to a performance-based LTIP for the

Executive Directors from 2024 and for STIP award levels to be increased to 200% of salary for the Group Chief Executive and 150% of salary for the

other Executive Directors. In line with the 2022 Policy, any bonus earned above 100% of base salary will be deferred into shares under the rules of

the Deferred Share Bonus Plan and held for a further period of three years

5  The second tranche of the long-term award granted in 2021 vested and became exercisable on 12 January 2025 following the assessment of the share

price underpin. The value of the award (including accrued dividend shares) has been calculated using the share price on the date of vesting, being

786.0594p. The share price at grant was 545.40p and the impact of share price appreciation on the value of the award is shown on page 125

Short-term incentive awards (annual bonus) (audited)

The maximum annual bonus opportunity for the Executive Directors in 2024 was 200% of base salary for the Group Chief

Executive and 150% for the other Executive Directors, in line with the Policy approved in June 2022.

The targets for the 2024 STIP were divided into three focused measures with a strong bias to financial measures. These

measures and their weightings are: underlying revenue growth – 30%, adjusted earnings per share – 50% and adjusted

operating profit margin – 20%. If threshold performance is met, 25% of the bonus would be payable, at target, 50% of the

bonus would be payable, rising to 100% payment at maximum, in each case increasing on a straight-line basis between each

performance metric.

The Committee considered each of the measures in turn to determine the aggregate outcome of the annual bonus.

Measure

1

Threshold Target Maximum Outcomes % achieved

Financial delivery (80%)

1. Underlying revenue growth 5.50% 6.50% 7.50% 11.73% 30%

2. Adjusted earnings per share 45.75p 47.25p 48.50p 52.05p 50%

Operational delivery (20%)

3. Adjusted operating profit margin 26.75% 27.50% 28.00% 28.26% 20%

Total 2024 STIP outcome 100%

1  All measures are set and calculated on a constant currency basis and exclude the benefits or impacts from the acquisitions of Ascential and

TechTarget. The outcome figures therefore differ slightly from the reported numbers published in the headline result

Informa Annual Report and Accounts 2024

124

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAXZBAMDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZNKkEEk0hwkalmPoAMmn0yWNJoXikGUdSrD1BoA+UfE/xP8AEviDVpriHVLywtNx8i2tpjGETtuK43H1J/DA4rE/4S7xN/0MWrf+Bsn/AMVXQ+KPhT4m0DU5YrXTbrUrIsfJntYjIWXtuVeVPrxj0zWF/wAIV4r/AOhZ1n/wAl/+Jr0I8ltDlfNfUj/4S7xN/wBDFq3/AIGyf/FUf8Jd4m/6GLVv/A2T/wCKqT/hCvFf/Qs6z/4AS/8AxNH/AAhXiv8A6FnWf/ACX/4mn7otSP8A4S7xN/0MWrf+Bsn/AMVWt4e+JfijQdUiujq15ewBh5ttdTNIsi9x82dp9xWb/wAIV4r/AOhZ1n/wAl/+JrY8O/CzxVruoxwS6Vdafbbv3txeRGIIvcgNgsfQD9OTSfJbUa5uh7h8RfHz+HfAtrquk7WudT2C1kYAhFZd2/HQ4GPbJHXpXz9B8QPF1vfi9TxFqJlDbsPOzofYoflx7YxX0L8Q/ALeJfBFtpOllI7jTijWiucBgq7dhPbI/UDtXgEPw28ZT6h9iHh6+WTdgu8e2Me+8/Lj8ayo8nKXU5rn0DpXxCS6+FT+LrmFBPBCwlhU4UzKdoA9AxKn2Dd6+e9R+Ini7U9Qa9k1+/hcnKx207RRoPQKpA/qe+a+iNK+H8Vp8L28I3E4Mk0DedMoyBKx3ZHqFbGOmQor581H4Z+MdO1A2baFd3B3ELLbRmSNh67hwB9cUqXJdhPmsj274Q+PLzxZo17b6s4e907YWuMAebG2cEgdxtOT7j3rx3xX8UvEfiHV5prXU7zT7AMRBb28piwnbcVPzH1yT7V7N8JPAV34P0e8m1XaL7UCm+FWDCJFBwpI7/Mc4yOleP8Ai34T+I9B1aZNP0661HT2cmCa2QyttzwGVRkEd+MelEOTnYS5uVHbfBr4i6pqWsHw5rV3JeebGz2s8zbpAyjJUseWBGTzkjHp09xrxP4PfDXVdH1g+IdctzatHGyWtu+N+WGC7f3RjIA6nJ6Y59srKty83umlO9tQooorIsKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooqpqGnQanAsM73SKrbgba6lgbOCOWjZSRz0zj8qALdFYX/AAiWm/8APzrP/g6vP/jtH/CJab/z86z/AODq8/8AjtPQWpu0Vhf8Ilpv/PzrP/g6vP8A47R/wiWm/wDPzrP/AIOrz/47RoGpu0Vhf8Ilpv8Az86z/wCDq8/+O0f8Ilpv/PzrP/g6vP8A47RoGpu0Vhf8Ilpv/PzrP/g6vP8A47R/wiWm/wDPzrP/AIOrz/47RoGpu0Vhf8Ilpv8Az86z/wCDq8/+O0f8Ilpv/PzrP/g6vP8A47RoGpu0Vyl1pUOj674eezutT/f3zwypPqVxMjp9mnbBWR2H3lU9O1dXQ0CCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAoqu19aIxVrqBWBwQZACDSf2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAasKyuoZSGUjIIOQRQAtFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAMabxRp8E8kL2+rFo2KkppF26kg44ZYyCPcEg1H/AMJbpv8Az7az/wCCW8/+NVu0U9BamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNVswTLcQRzIHCSKHUSIUYAjPKsAQfYgEVJRQ7DCiiikBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiq7PdhjtggK54JmIJH/fNJvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARVhdxUbgA2OQDkA0ALRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFAFdreVmJF5OoJzgBMD/wAdpPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mrCgqoBYsQMZPU0tFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACisabwh4ZuZ5J5/DukyzSMXkkeyjZnYnJJJXkk96j/AOEK8Kf9Czo3/gBF/wDE09Bam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0aBqbtFYX/AAhXhT/oWdG/8AIv/iaP+EK8Kf8AQs6N/wCAEX/xNGgam7RWF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTRoGpu0Vhf8IV4U/6FnRv/AAAi/wDiaP8AhCvCn/Qs6N/4ARf/ABNGgam7RWF/whXhT/oWdG/8AIv/AImtmCCK2gjggiSKGJQkccahVRQMAADgADtQ7DJKKKKQGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFeYeK/GlzdXUtjpkxitEO0yxn5pD3wew+nX8cVvhsNPES5YnJjcbTwlPnn12Xc9NMsYYKXUMegJ5p1eFabpV9rN00NnEZHALMxOAB6kmtXw/4uvtEnWKWRriy3YeNjkqPVT2+nT+dd1TK2k+SV2uh5VHPotp1abjF9d/0R7BRUcE8V1bxzwuHikUMrDuDRXktW0PoE01dElFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJGZ4hmeDw7qMkZw4t3wfTjFeLWVuLu9htzNHCJHC+ZIcKue5r3W8tUvbKe1k+5NG0bY7AjFeG6lp8+l6hNZXC4kibGezDsR7EV7WUyXLKC3Pl+IYSU6dRq8dv69TqPEtwfDtqPD2nQyQRMoae5YYa4z6H07fp9eNrqNN1qz1LS/7H19yI4wTa3gUs0J9D3I/z6Ec1HE8syxRKXd2CqAOWJ4Fehh4uCcZLXq+/n/Wx4+Nkqsozg/dey/l8rfr19bnT6R4n1DT9LhtYY5mjj3YKpkcsT/Wiu60bwxaWOkW1vdQxyzquZGx3JJI/DOPworyamKwzm/cvqfQ0cvxqpxXtLaLTt5G/RRRXlH0AUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCszWNA0/XIPLvIvnH3JU4dfof6HitOgkAEk4A704TlB80XZk1KcKkXGaumcA/wxjMpMeqsseeFaDJx9dw/lXRaH4U03Qj5kKGa5/wCe0uCR9PSrr69pEchR9UslYHBBnXj9avRyJLGJI3V0YZDKcg/jXTVxOJnHlm3b7jhw+BwVOfNSirrzvb8dB1FFFch6IUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEhCQqlmIAAySe1eU+IfEV/4k1M6dpxkNoz7Ioo+DL7n2788AV6H4kdk8NakyHB+zuOPpXlHhzWxoepGZ4vMhkUxybeHCnup7H/PvXq5dSvGVVK7Wx4GdYhqcMO5csXu/ITXNMstJ8m0S5ae/UH7Vtx5aHso7kjvRoXiG90K6V4JC0BYGSAn5XHf6H3rRlgt/Dl8t6Le31bSr1CInlxnGeRnHyuPXH5dq/iTTLG3hsNS0wMtnfIWETEkxsMZGfx/Q16cZxmlTnqn18+q8jwp050pOtSfK49F0Wyd+qf69j1yyvIb+ziu7d90Uq7lP+e9FeTaXq+r2unRQ2ofyVztxIB3JPH1oryZ5bJSdpKx9DTzum4Jyi727HsFFFFeYe4FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIiuYI7q2lt5RmOVCjD1BGDXiWtaRcaJqUtpOCQDmOTGA69iP89a9yqpqGm2eq2xt72BZYzyAeoPqD1FdmCxbw8nfVM8zM8uWMgrO0lt/keM6PYRalcNDdajDZW8al2eVuvsozya09auYNXl0zRdDjkmgtVKRsVIMjMeT7DjPbqa61/hvo7SFhcXqqf4Q68fmtdBpOhadosbLZW4Rm+9IxyzfUn+XSu6rmFK/PG7a2XT1PKw+T4jldKdop7vdtdl0RHpGg2umaVb2bRpK0a/M7L94k5P4ZNFatFePKpKTbb3PpYUacIqMVogoooqDQKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUyaaK3haaaRI41GWd2wB9TSySJFE8kjBUQFmJ7Ada8a8SeIrjXr9zvdbNW/cw54A9SPU/1xXVhMJLEStskcGY5hDBwTau3sj0h/Gvh5JCh1EEjjKxOR+YFbFpe2t/D51pcRzR5xuRs4PpXjl/4fkttIttVtZhdWkqDzGQYML91YfXjP8A9bNTStWvNHvFubSVlII3pn5XHoR3rvlllOcL0pa+f9aHkRzyvSqKOIgrPt277u57rRVPTdSt9U06C9gbEcq5APUHoQfoQRRXjOLi7M+ljOMoqUXoy5RRRSKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJGV4l3f8IzqW3Ofs79PTHP6V4jX0BLEk8LxSKGjdSrKe4PBFeMeIvD9xoOoPGyO1qzfuZiOGHpn1FezlNWK5qb33PmeIcPNuNZbLR+RpeBzfm/lSMI2mFT9tE3+rCY7+/8Ak8VhawLAarcDTC5s937vf/T29M84q7feIWm0W20mygFraooMwU5Mz9yT6Z7f4DFDTNMu9WvUtbSIu7Hk44QepPYV6MIuM5Vp6f1u/M8WrNSpww9P3muvm+i8vzZp6a+riwiFqB5PO3lvU56e9Fer6ZplvpemwWUI3JEuNxHLHqT+JJNFeTPMYuTtBH0VLJpKCUqjTsXaKKK8o98KKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBUVxbw3cDQXESSxNwyOuQalqtfahaabbG4vJ0hiH8Tdz6AdSfYURTb93cU3FRbnt5mM3gbw8zlvsJGewmcD+dbNjp1npsHk2VvHBH1IQdT6k9T+Nc2/xF0RZdgS7df76xjH6nP6Vu6XrWn6zEz2Nysm37y4wy/UHn8a6a0cSo/vb287nDhp4FztQ5ebytc0KKKK5T0AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJEdxPHbW8txK22OJC7n0AGTXkF02reNNYnltoWl2DKRGQARpnA6kD616f4kVm8NakEzn7O549Mc15LoaRvcSiTRZtVGziOJ3Upz1+UGvWy2KUJ1Vuv67r8z53O6jlVp0JfC9X/AEk/yZc/4QfxH/0Dv/I8f/xVQzaXrnheWDUJYmtWD4RxKrZPXBAJ44rW8i1/6EC//wC/8/8A8TWXrkcKW0Zj8NXOlHfzLLJIwbj7vzAD3r0IVak5csrWfkv/AJN/keRVw9GnBzp3uttZf/K1+aPVNJ1q31TSre9DLGZVyUY/dIOCPzBory7TdM1a40+KW2ZhC2duIwe5zz9aK82eAp8ztNI9qlm9dwi3Sb0Wvc9joooryj6AKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQjKrqVYAqRgg9CK8n1/Q9T8MX81zp8lxFYyH5ZYXK7Qf4Wx6H1616zSMoZSrAFSMEEda6MNiZUJXtdPdHFjsDHFwSbtJbM8N/t7WP8AoLX/AP4Ev/jV7TbPW/FVwlu1zdTwIwLyTSMyR+/J647da9Sbw5orybzpdpu/65DH5Vfhgit4ligiSKNeiIoUD8BXfPM4W/dwszyaWR1XL99UvHsr6kdjZQadYw2luu2KJdqj+p9z1oqxRXkNtu7Po4xUUktkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAoqu15ErFSs+QccQOR+eKT7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATVhWDKGGcEZ5GD+VAC0UUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAHG3viTxrBf3ENr4B+028crLFP8A2xCnmoCQG2kZGRg4PTNQf8JT48/6Jx/5XIP8K7miq5l2/MVn3OG/4Snx5/0Tj/yuQf4Uf8JT48/6Jx/5XIP8K7mijmXb8/8AMVn3OG/4Snx5/wBE4/8AK5B/hR/wlPjz/onH/lcg/wAK7mijmXb8/wDMLPucN/wlPjz/AKJx/wCVyD/Cj/hKfHn/AETj/wArkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP8AyuQf4Uf8JT48/wCicf8Alcg/wruaKOZdvz/zCz7nDf8ACU+PP+icf+VyD/Cj/hKfHn/ROP8AyuQf4V3NFHMu35/5hZ9zhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8K7mijmXb8/8ws+5w3/CU+PP+icf+VyD/Cj/AISnx5/0Tj/yuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/8rkH+FH/CU+PP+icf+VyD/Cu5oo5l2/P/ADCz7nDf8JT48/6Jx/5XIP8ACj/hKfHn/ROP/K5B/hXc0Ucy7fn/AJhZ9zhv+Ep8ef8AROP/ACuQf4Uf8JT48/6Jx/5XIP8ACu5oo5l2/P8AzCz7nDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/AMrkH+FH/CU+PP8AonH/AJXIP8K7mijmXb8/8ws+5w3/AAlPjz/onH/lcg/wo/4Snx5/0Tj/AMrkH+FdzRRzLt+f+YWfc4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cu5oo5l2/P/MLPucN/wlPjz/onH/lcg/wo/wCEp8ef9E4/8rkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP/K5B/hR/wlPjz/onH/lcg/wruaKOZdvz/wAws+5w3/CU+PP+icf+VyD/AAo/4Snx5/0Tj/yuQf4V3NFHMu35/wCYWfc4b/hKfHn/AETj/wArkH+FH/CU+PP+icf+VyD/AAruaKOZdvz/AMws+5w3/CU+PP8AonH/AJXIP8KP+Ep8ef8AROP/ACuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/wDK5B/hR/wlPjz/AKJx/wCVyD/Cu5oo5l2/P/MLPucN/wAJT48/6Jx/5XIP8KP+Ep8ef9E4/wDK5B/hXc0Ucy7fn/mFn3OG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wruaKOZdvz/zCz7nDf8JT48/6Jx/5XIP8KP8AhKfHn/ROP/K5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/yuQf4Uf8JT48/6Jx/5XIP8K7mijmXb8/8AMLPucN/wlPjz/onH/lcg/wAKP+Ep8ef9E4/8rkH+FdzRRzLt+f8AmFn3OG/4Snx5/wBE4/8AK5B/hR/wlPjz/onH/lcg/wAK7mijmXb8/wDMLPucN/wlPjz/AKJx/wCVyD/Cj/hKfHn/AETj/wArkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP8AyuQf4Uf8JT48/wCicf8Alcg/wruaKOZdvz/zCz7nDf8ACU+PP+icf+VyD/Cj/hKfHn/ROP8AyuQf4V3NFHMu35/5hZ9zhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8K7mijmXb8/8ws+5w3/CU+PP+icf+VyD/Cj/AISnx5/0Tj/yuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/8rkH+FH/CU+PP+icf+VyD/Cu5oo5l2/P/ADCz7nDf8JT48/6Jx/5XIP8ACj/hKfHn/ROP/K5B/hXc0Ucy7fn/AJhZ9zhv+Ep8ef8AROP/ACuQf4Uf8JT48/6Jx/5XIP8ACu5oo5l2/P8AzCz7nDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/AMrkH+FH/CU+PP8AonH/AJXIP8K7mijmXb8/8ws+5w3/AAlPjz/onH/lcg/wo/4Snx5/0Tj/AMrkH+FdzRRzLt+f+YWfc4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cu5oo5l2/P/MLPucN/wlPjz/onH/lcg/wo/wCEp8ef9E4/8rkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP/K5B/hR/wlPjz/onH/lcg/wruaKOZdvz/wAws+5w3/CU+PP+icf+VyD/AAo/4Snx5/0Tj/yuQf4V3NFHMu35/wCYWfc4b/hKfHn/AETj/wArkH+FH/CU+PP+icf+VyD/AAruaKOZdvz/AMws+5w3/CU+PP8AonH/AJXIP8KP+Ep8ef8AROP/ACuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/wDK5B/hR/wlPjz/AKJx/wCVyD/Cu5oo5l2/P/MLPucN/wAJT48/6Jx/5XIP8KP+Ep8ef9E4/wDK5B/hXc0Ucy7fn/mFn3OG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wruaKOZdvz/zCz7nDf8JT48/6Jx/5XIP8KP8AhKfHn/ROP/K5B/hXc0Ucy7fn/mFn3OG/4Snx5/0Tj/yuQf4Uf8JT48/6Jx/5XIP8K7mijmXb8/8AMLPucN/wlPjz/onH/lcg/wAKP+Ep8ef9E4/8rkH+FdzRRzLt+f8AmFn3OG/4Snx5/wBE4/8AK5B/hR/wlPjz/onH/lcg/wAK7mijmXb8/wDMLPucN/wlPjz/AKJx/wCVyD/Cj/hKfHn/AETj/wArkH+FdzRRzLt+f+YWfc4b/hKfHn/ROP8AyuQf4Uf8JT48/wCicf8Alcg/wruaKOZdvz/zCz7nDf8ACU+PP+icf+VyD/Cj/hKfHn/ROP8AyuQf4V3NFHMu35/5hZ9zhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8K7mijmXb8/8ws+5w3/CU+PP+icf+VyD/Cj/AISnx5/0Tj/yuQf4V3NFHMu35/5hZ9zhv+Ep8ef9E4/8rkH+FH/CU+PP+icf+VyD/Cu5oo5l2/P/ADCz7nDf8JT48/6Jx/5XIP8ACj/hKfHn/ROP/K5B/hXc0Ucy7fn/AJhZ9zhv+Ep8ef8AROP/ACuQf4Uf8JT48/6Jx/5XIP8ACu5oo5l2/P8AzCz7nDf8JT48/wCicf8Alcg/wrsrKW4nsLea6tvstzJErSwbw/lOQCV3DhsHIyOuKnopNp9BpBRRRSGYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiq7JdljtngC54BhJIH/fVJsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6ALNFVtl7/z8W/8A34P/AMXVhdwUbiC2OSBgE0ALRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQBXaziZixafJOeJ3A/LNJ9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqrCqFUKM4Axycn86WigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQBxt78VvBWnX9xZXWteXc28rQyp9lmO11JBGQmDyD0qD/hcXgP/oO/+Sk//wARXc0VV49v6+4Wpw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AL3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiK7mii8e34/wDAD3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EUf8Li8B/8AQd/8lJ//AIiu5oovHt+P/AD3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiK7mii8e34/wDAD3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EUf8Li8B/8AQd/8lJ//AIiu5oovHt+P/AD3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiK7mii8e34/wDAD3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EUf8Li8B/8AQd/8lJ//AIiu5oovHt+P/AD3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiK7mii8e34/wDAD3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EUf8Li8B/8AQd/8lJ//AIiu5oovHt+P/AD3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFdlZXlvqNhb31rJ5ltcxLNE+CNyMAQcHkcEdanopO3Qav1CiiikMwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuV1f4jeF9FmaCfUllnXho7dTIQfQkcA+xNcF8VvHtwbyXw5pcxjijG28lQ8uSP9WD2A7+p47HPkderhsu54qdR7nnYjHckuWCPoL/hcnhX/AKfv+/A/xo/4XJ4V/wCn7/vwP8a+faK6v7NoeZz/AF+r5H0F/wALk8K/9P3/AH4H+NH/AAuTwr/0/f8Afgf418+0Uf2bQ8w+v1fI+gv+FyeFf+n7/vwP8acvxi8KMwBa9UHuYOB+Rr57oo/s2h5h9fq+R9XaL4l0bxDGz6VqEVxt5ZBlXX6qcED3xWrXyHZXtzp15Fd2c7wXETbkkQ4KmvpD4f8AjBfF2hGWYKl/bER3KL0J7OB2B5/EGvPxeBdFc0XdHbhsWqr5ZaM6yiiiuA7AooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUyaQQwySt0RSx/AU+kYBlKnoRg0AfIVzcS3l3NdTtvmmdpHY92JyT+ZqKr+t6XNomt3mmzgh7aVkyf4h2P4jB/GqFfXRaaTWx80007MKKKKYgooooAKKKKACu8+E+sppHiuXzvtDQz2zIyQW8kzEggg7UBPGDzjua4OvUfgnpMs2v3mqlSILeDyg2OrsRx+AB/MVzYxpUJXN8Mm60bHqv/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFfNaHvamF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVbtFGgamF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVbtFGgamF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVbtFGgamF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVbtFGganKXWqw6xrvh5LO11P9xfPNK8+m3EKIn2adclpEUfeZR1711dFFDYIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOA+Ivw8XxTGNR04pFqsS7SG4WdR0BPYjsfwPYjwfUtKv9Hu2tdRtJraZT92RcZ9we49xxX1vWJ4q/wCQJJ9f6GvRwuOnTtBq6OLEYSM7zWjPleivRKK9b6x5Hmex8zzuivRKKPrHkHsfM87or0StDQ/+Qzb/AFP8jSeIsr2GqF3a5x/hnwPrXii4QWts8VoSN93KpEaj2/vH2H6V9FeHfD9l4Z0WHTbFfkT5nc/ekc9WPuf5YHatOP8A1a/QU6vExOLnX0ei7HrUMNGjqtWFFFFch0hRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAf/Z)

Combining the outcomes of all three objectives resulted in an aggregate annual incentive award of 100% of the maximum

opportunity being earned by the Executive Directors in 2024. In line with the Policy, the equivalent of 100% of base salary

will be paid in cash, with the remainder being deferred into shares under the rules of the Deferred Share Bonus Plan (DSBP).

DSBP shares must be held for a further three years before they vest and are subject to malus and clawback provisions.

Long-term incentive awards (audited)

The long-term incentive award for the 2022-2024 performance period vested on 12 January 2025. As described in the

Remuneration Committee Chair’s letter, this was Tranche 2 of the ERP approved by shareholders in December 2020. Vesting

was subject to a series of underpins, which included a requirement for the share price to be above 545.4p, the share price at

the time of grant, on the date of vesting. Other conditions related to continued employment, participation in the Group’s

all-colleague share schemes and a shareholding requirement (see page 127).

In January 2025, the Committee confirmed that all underpins for the second tranche of the ERP had been satisfied and, having

assessed the remuneration of the Executive Directors in the context of the wider stakeholder experience as detailed on page

118, that the award would vest in full. Stephen A. Carter and Gareth Wright are required to hold the awards for a further two

years post-vesting, during which time they may only sell shares to cover tax or meet other regulatory requirements. Patrick

Martell was not an Executive Director at the time of grant and is therefore not subject to the post-vesting hold period.

Director

Number of

optionsgranted

Face value of

award on date

ofgrant

1

Proportion

vesting

Total value of

options vesting

2

Total number of

options

exercisable

3

Impact of share

price appreciation/

(depreciation)

sincegrant

4

Value of dividend

shares on vesting

Stephen A. Carter 308,712 £1,683,715 100% £2,426,660 322,531 £742,944 £108,626

Gareth Wright 118,816 £648,022 100% £933,964 124,134 £285,942 £41,803

Patrick Martell 96,259 £524,997 100% £756,653 100,567 £231,656 £33,863

1  Share price on grant was 545.4p

2  Based on the sale price achieved for colleagues selling shares to cover taxes on 13 January 2025 (being 786.0594p)

3  Including dividend shares

4  Calculated by subtracting the face value of vesting awards at the grant date from the value on the vesting date, excluding dividend shares

The final tranche will vest in 2026, subject to the underpins set out in the December 2020 Policy being met.

Share awards granted during the year (audited)

2024 Long-term incentive awards

The Executive Directors were granted the following long-term incentive awards in April 2024:

Director Type of award

Number of

optionsawarded

Value as a

percentage of

basesalary

Face value at date

of award

1

Stephen A. Carter Nil-cost option 377,958 325% £3,050,121

Gareth Wright Nil-cost option 152,091 225% £1,227,374

Patrick Martell Nil-cost option 164,250 275% £1,325,498

1  The face value of awards granted on 15 April 2024 was calculated using the closing price on the day prior to the grant date (being 807.00p)

The performance targets for the 2024 LTIP award were agreed prior to the awards being granted in April 2024 and are disclosed

on page 127 of the 2023 Annual Report. Subsequently in the latter part of 2024, the Group completed the acquisition of the

Ascential business and the combination of our Informa Tech digital businesses with TechTarget, Inc. The Committee reviewed

these transactions under our targets and performance reporting framework and determined that it would be appropriate to

increase the financial and ESG performance target ranges for the 2024 LTIP award in order to make them more stretching.

The financial targets have been adjusted upwards to reflect the two businesses performing to plan. The ESG targets have

also been adjusted upwards to reflect the events acquired with Ascential.

The Committee is satisfied that the new targets are equivalent to and as challenging as the original targets and take into

account the impact of the transactions and Informa’s revised business plan.

No adjustment was necessary to the relative TSR performance measure.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

125

![](data:image/jpeg;base64,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)

The original and new targets for the three-year performance period ending 31 December 2026 are set out below:

2024 LTIP measures

Measure Weighting  2024-2026 range Details and rationale

1 Cumulative cash and

financialreturns

60%

Cumulative adjusted

operating profit

30% Original: £2.9bn to £3.2bn

New: £3.10bn to £3.40bn

An absolute adjusted operating profit target over the three-year

performance period. This is a core measure of growth and profitability

for Informa and a key KPI for all leaders in the business, as well as a

closely tracked metric for the investment community.

Cumulative

operating cash flow

30% Original: £2.6bn to £2.9bn

New: £2.78bn to £3.08bn

An absolute operating cash flow target over the three-year performance

period. This is another core measure of performance for Informa, and a

key attraction for investors is its ability to convert operating profit into

cash flow. It is also well understood by participants.

2 Shareholder returns

30%

Relative total

shareholder returns

against FTSE 100

peer group

30% 50

th

percentile to 75

th

percentile

A measure of total shareholder returns over the three-year

performance period compared to the FTSE 100 Index, excluding

Financial Services and Natural Resources companies. It provides an

external indicator of value relative to the wider market, providing close

alignment to the shareholder experience.

3 Environmental, Social

and Governance

10%

The Fundamentals

framework:

implementation and

performance

10% Original: 420 to 500

Fundamentals accredited

events

New: 425 to 505

Fundamentals accredited

events

The Fundamentals programme is the core operating delivery measure

within Informa’s FasterForward sustainability programme, directly

linked to the delivery of long-term ESG targets. It requires events teams

globally to accept, adopt and embed operating structures and activities

that directly improve the impact of each individual brand, with major

emphasis on carbon and waste reduction (e.g. reusable stands,

renewable electricity, carbon reduction, travel efficiency, etc.) as well as

embedding sustainability content into our brands to help accelerate

sustainable impacts in customer markets, and enhance our economic

and social impact on our host cities. Over the next three years,

increasing the number of events accredited to our Fundamentals

standard across the Group is critical to meeting our long-term ESG

targets, including net zero, net zero waste and community impact.

If any of the measures achieve threshold performance, 25% of that measure will vest, increasing to 62.5% vesting at target

and 100% vesting at maximum performance. The award will vest on a straight-line basis between threshold and maximum.

Payments to former Directors and Payments for loss of office (audited)

There were no payments to former Directors or for loss of office during the year.

Informa Annual Report and Accounts 2024

126

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,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)

Executive Directors’ share ownership (audited)

Shareholding requirements

Equity ownership by the Executive Directors, wider management team and general colleague base is an important and

effective way to align their interests with those of our shareholders. Executive Directors are expected to meet the guideline

within five years of 16 June 2022 or their date of appointment, whichever is the later, and to maintain this holding throughout

their term of office. The Group Chief Executive is expected to retain a shareholding of 400% of base salary, while other

Executive Directors are expected to retain a shareholding of 275% of base salary.

In addition, the Group Chief Executive is required to retain a shareholding of 200% of base salary for two years after

resignation. All other Executive Directors are required to retain a shareholding of 150% of base salary.

Executive Directors’ shareholdings

The beneficial interest of each Executive Director in the company’s shares (including those held by connected persons) as at

31 December 2024 and their anticipated beneficial interests as at 13 March 2025 (being the date when this Directors’

Remuneration Report was approved) are set out below:

Director

Beneficial

holding

1

ShareMatch

2

Total share

interests at

31/12/2024

Illustrative

value

of share

interests at

31/12/2024

3

Interests as

% of salary

31/12/2024

ERP awards

vesting

12/01/2025

Total share

interests at

13/03/2025

4

Illustrative

value

of share

interests at

13/03/2025

3

Interests as

% of salary at

13/03/2025

Stephen A. Carter 967,888 7,572 975,460 £8,092,319 862% 322,531 1,297,991 £10,768,004 1147%

Gareth Wright 544,532 9,283 553,815 £4,594,394 842% 124,134 618,807 £5,133,561 941%

Patrick Martell 217,334 6,163 223,497 £1,854,109 385% 100,567 223,497 £1,854,109 385%

1  Beneficial interests include ordinary shares and vested exercisable awards on a gross of tax basis. At 31 December 2024, Stephen A. Carter held

662,035 exercisable long-term incentive awards and 60,906 exercisable DSBP awards (both inclusive of accrued dividend awards)

2  Shares held under the all-colleague ShareMatch scheme are made up of shares purchased by the Executive Director, shares ‘matched’ by the

Group and accrued dividend shares

3  Valued using the average share price for the three months from 1 October 2024 to 31 December 2024 (being 829.59p)

4  Patrick Martell exercised the second tranche of his 2021-2023 ERP award and related dividends on 16 and 17 January 2025. He sold 31,879 shares

ata price of 805.0p per share and 68,688 shares at 808.0691p per share. The cost of exercise was £100.57

Gareth Wright exercised the second tranche of his 2021-2023 ERP award and related dividends on 11 March 2025. He sold 59,142 shares to cover

taxes and other costs at a price of 736.4899p per share. The remaining 64,992 shares have been retained. The cost of exercise was £124.14

Stephen A. Carter

Gareth Wright

Patrick Martell

862%

400%

385%

275%

275%

842%

Shareholding requirement Holding at 31 December 2024

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

127

![](data:image/jpeg;base64,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)

Outstanding share awards at 31 December 2024 (audited)

The table below shows details of outstanding awards held by the Executive Directors as at 31 December 2024 and any

movements during the year. Long-term incentive awards are subject to the achievement of performance conditions set at

grant. Deferred Share Bonus Plan (DSBP) awards are based on prior achievement of annual performance conditions and

areexercisable from the third anniversary of grant.

Director/

Scheme Date of grant

Shares awarded

or available for

exercise

1

Exercised

during 2024

Granted

during2024

Lapsed

during2024

Unexercised or

unvested

awards at 31

December 2024

1

Date options

exercisable

Option

expiry date

Stephen A. Carter

LTIP 24/03/2020 324,958 – – – 324,958 24/03/2023 23/03/2030

15/04/2024 – – 377,958 – 377,958 15/04/2027 14/05/2034

DSBP 24/03/2020 58,297 – – – 58,297 24/03/2023 23/03/2030

ERP 12/01/2021 308,712 – – – 308,712 12/01/2024 11/01/2031

12/01/2021 308,712 – – – 308,712 12/01/2025 11/01/2031

12/01/2021 308,714 – – – 308,714 16/03/2026 11/01/2031

Gareth Wright

LTIP 15/04/2024 – – 152,091 – 152,091 15/04/2027 14/05/2034

ERP

2

12/01/2021 118,816 (118,816) – – – 12/01/2024 11/01/2031

12/01/2021 118,816 – – – 118,816 12/01/2025 11/01/2031

12/01/2021 118,817 – – – 118,817 16/03/2026 11/01/2031

Patrick Martell

LTIP 15/04/2024 – – 164,250 – 164,250 15/04/2027 14/05/2034

ERP

3

12/01/2021 96,259 (96,259) – – – 12/01/2024 11/01/2031

12/01/2021 96,259 – – – 96,259 12/01/2025 11/01/2031

12/01/2021 96,259 – – – 96,259 16/03/2026 11/01/2031

1  Excludes accrued dividends

2  On 2 April 2024, Gareth Wright exercised the vested ERP award granted in 2021 plus 2,652 related dividend shares (121,468 options in total). Thecost

of exercise was 0.1p per share. He sold 57,872 shares to settle taxes due on exercise at a market price of 820.1537p per share. Gareth Wright is

required to hold the net shares until 12 January 2026

3  On 16 January 2024, Patrick Martell exercised the vested ERP awards granted in 2021 plus 2,148 related dividend shares (98,407 options in total).

The cost of exercise was 0.1p per share. He sold 46,855 shares to settle taxes due on exercise at a market price of 742.9163p per share

Single total figure of remuneration for the Chair and Non-Executive Directors (audited)

The remuneration of the Chair is determined by the Committee in consultation with the Group Chief Executive, while that

ofthe Non-Executive Directors is determined by the Chair and Executive Directors within the limits set by the Articles of

Association. The table below shows the actual fees paid to all Non-Executive Directors at 31 December 2024 and 2023.

2024 2023

Director Fees (£) Benefits

1

(£) Total (£) Fees (£) Benefits

1

(£) Total (£)

John Rishton (Chair) 419,375 7,678 427,053 406,000 6,043 412,043

Louise Smalley (Senior Independent Director and Remuneration

Committee Chair) 85,610 2,196 87,806 81,343 1,849 83,192

Maria Kyriacou (appointed July 2024) 34,133 – 34,133 – – –

Catherine Levene (appointed November 2024) 8,762 – 8,762 – – –

Andy Ransom  72,887 223 73,110 38,561 145 38,706

Gill Whitehead (Audit Committee Chair) 88,475 4,548 93,023 85,048 342 85,390

Joanne Wilson  72,887 – 72,887 70,063 364 70,427

Zheng Yin  72,887 3,888 76,775 70,063 2,036 72,099

David Flaschen (retired in June 2024) 34,554 3,699 38,253 70,063 9,547 79,610

Mary McDowell (retired in November 2024) 77,502 10,454 87,956 81,343 16,853 98,196

1  Benefits comprise the notional benefit of preparing and filing tax returns for Non-Executive Directors based outside the UK, together with

reasonable travel, subsistence, accommodation and other expenses incurred by the Chair and Non-Executive Directors in the course of

performing their duties and which are deemed by HMRC to be taxable in the UK. The Non-Executive Directors, including the Chair, do not

receiveprivate healthcare or life assurance and are not eligible to join the company’s pension schemes or share plans

Informa Annual Report and Accounts 2024

128

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,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)

Chair and Non-Executive Directors’ share ownership (audited)

Details of the Non-Executive Directors’ interests in shares (including those held by connected persons) at 31 December 2024

and 2023 are set out below:

Non-Executive Directors

Shareholdings as at

31 December 2024

(orretirement)

Shareholdings as at

31 December 2023

John Rishton 19,716 19,716

Louise Smalley 8,000 8,000

Maria Kyriacou

1

0 –

Catherine Levene

1

0 –

Andy Ransom 13,730 13,730

Gill Whitehead 4,184 4,184

Joanne Wilson 5,612 5,400

Zheng Yin

2

0 0

David Flaschen

3

31,172 31,172

Mary McDowell

4

9,714 9,714

1  Maria Kyriacou and Catherine Levene joined the Board during the second half of 2024 and it is their intention to purchase shares in 2025 once the

closed period has ended

2  Capital control measures currently prevent Chinese citizens from investing in UK securities

3  Retired from the Board at the conclusion of the 2024 AGM

4  Retired from the Board on 30 November 2024 on completion of the combination with TechTarget

Between 31 December 2024 and the date of this report, John Rishton purchased a further 2,608 ordinary shares.

Other remuneration disclosures

Directors’ service contracts and letters of appointment

Details of the service contracts of the Executive Directors and the letters of appointment of the Non-Executive Directors at

31 December 2024 are as follows:

Non-Executive Directors Date of appointment

Date of current service contract

orletterofappointment

John Rishton 1 September 2016 5 January 2021

Stephen A. Carter 11 May 2010

1

30 May 2014

Gareth Wright 9 July 2014 9 July 2014

Patrick Martell 1 March 2021 1 March 2021

Louise Smalley 1 October 2021 30 September 2021

Maria Kyriacou 15 July 2024 12 July 2024

Catherine Levene 19 November 2024 18 November 2024

Andy Ransom 15 June 2023 8 March 2023

Gill Whitehead 1 August 2019 23 July 2019

Joanne Wilson 1 October 2021 30 September 2021

Zheng Yin 20 December 2021 16 December 2021

1  Stephen A. Carter was appointed as a Non-Executive Director on 11 May 2010 and became Group Chief Executive in late 2013

The Executive Directors have rolling service contracts with the company which have notice periods of 12 months on either

side. The company may terminate an Executive Director’s appointment with immediate effect without notice or payment

inlieu of notice under certain circumstances, as prescribed within the Executive Director’s service contract.

The letters of appointment for the Non-Executive Directors do not contain fixed term periods and can be terminated by

either party giving three months’ notice. The Non-Executive Directors are appointed with the expectation that they will

serve for a maximum of nine years subject to re-election at each AGM.

The service contracts of the Executive Directors and letters of appointment of the Non-Executive Directors are available

forinspection at the registered office during normal business hours and at the AGM.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

129

![](data:image/jpeg;base64,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)

Comparison of the Group Chief Executive’s remuneration to TSR

Informa’s TSR performance vs. comparator groups

The graphs below illustrate the Group’s TSR performance compared with the performance of the FTSE All-Share Media Index

and the FTSE 100 peer group in the ten-year period ended 31 December 2024. This index and peer group have been selected

for this comparison because the Group is a constituent company of both.

The following table sets out the total remuneration of the Group Chief Executive over the same period as the TSR graphs.

The percentages for STIP and LTIP outcomes are expressed as a percentage of the maximum opportunity available.

Year Group Chief Executive

CEO single figure of

remuneration

STIP payout

(% of maximum)

LTIP payout

(% of maximum)

2015 Stephen A. Carter £2,083,275 69.8% 34.6%

1

2016 Stephen A. Carter £3,407,650 40.0% 79.3%

2017 Stephen A. Carter £4,132,219 82.4% 83.0%

2018 Stephen A. Carter £4,125,262 93.3% 93.9%

2019 Stephen A. Carter £3,112,342 71.8% 70.2%

2020 Stephen A. Carter £2,720,172 53.6% 50.7%

2021  Stephen A. Carter £2,809,612 89.0%

2

41.5%

2022 Stephen A. Carter £4,103,002 89.7%

2

50.0%

2023 Stephen A. Carter £4,192,423 86.7%

2

100.0%

2024 Stephen A. Carter £5,487,898 100.0% 100.0%

1  The LTIP award which vested in 2015 was pro-rated to reflect Stephen A. Carter’s time as CEO-Designate during 2013, the first year of the

performance period

2  Under the terms of the Policy approved by shareholders in December 2020, the maximum STIP payout for the financial years ending 31 December

2021, 2022 and 2023 was reduced to 100% of base salary

Relative importance of spend on pay

Informa is a business built on the expertise, high-quality relationships and commitment demonstrated by its colleagues

around the world. The Group believes in the importance of investing in colleagues and offering market competitive salaries,

as well as flexible benefits and further opportunities such as ShareMatch. The table below shows the aggregate colleague

remuneration, dividends paid, revenue and operating profit as stated in the Financial Statements, for the years ended

31 December 2024 and 31 December 2023:

2024 2023 % change

Average number of colleagues

1

13,092 12,295 6.5

Aggregate colleague remuneration (£m)

1

£853.5  £782.8  9.0

Remuneration per colleague (£) £65,192 £63,668  2.4

Shareholder returns – Dividends paid in the year

2

(£m) £248.2 £176.6  40.5

– Shares repurchased in the year

3

(£m) £421.5  £544.9  (22.6)

1  Figures taken from Note 8 to the Consolidated Financial Statements

2  Figures taken from Note 13 to the Consolidated Financial Statements

3  Excludes commission and stamp duties due on the share buyback

2014 2023

0

50

100

150

200

300

250

2015 2016 2017 2018 2019 2020 2021 2022

Informa F TSE 100

2024

2014 2023

0

50

100

150

200

250

300

2015 2016 2017 2018 2019 2020 2021 2022

Informa FTSE All-Share Media

2024

Informa Annual Report and Accounts 2024

130

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,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)

Pay ratios

The table below sets out the Group Chief Executive pay ratios as at 31 December 2024 and those for the prior five years. The

disclosure will build up over time to cover a rolling ten-year period.

Year Method Lower quartile Median Upper quartile

2024 Option A Pay ratio 134.4x 96.4x 63.4x

Salary £36,107 £49,608 £72,345

Total pay and benefits £40,822 £56,954 £86,618

2023 Option A Pay ratio 112.2x 78.0x 51.2x

Salary £34,980 £47,643 £70,000

Total pay and benefits £37,376 £53,756 £81,963

2022 Option A Pay ratio 110.8x 78.9x 52.3x

Salary £33,000 £45,000 £65,339

Total pay and benefits £36,009 £51,263 £76,643

2021 Option A Pay ratio 83.2x 60.5x 39.8x

Salary £30,843 £41,200 £60,117

Total pay and benefits £31,130 £44,965 £69,218

2020 Option A Pay ratio 88.3x 65.0x 42.7x

Salary £28,436 £38,000 £56,500

Total pay and benefits £29,910 £41,418 £64,519

2019 Option A Pay ratio 100.5x 74.6x 47.9x

Salary £27,836 £38,570 £56,100

Total pay and benefits 30,970 £41,748 £65,031

In the final quarter of 2024, we completed two acquisitions for the Informa Group, the addition of Ascential in October and

the combination with TechTarget in December. As these transactions completed towards the end of the financial year,

colleagues in the acquired businesses have not been included in the pay ratio calculations for 2024. These colleagues will

beincorporated from 2025 onwards as we report under our new organisational structure (see page 3 for details).

The ratios compare the single total figure of remuneration of the Group Chief Executive with the equivalent for the lower

quartile, median and upper quartile UK colleagues (calculated on a full-time basis). While the Group Chief Executive is based

in the UK, his role and remit are international, and the pay ratios required by the Companies (Miscellaneous Reporting)

Regulations 2018 take no account of the remuneration received by colleagues based outside the UK (circa 70% of colleagues).

The rules relating to this disclosure set out three possible methodologies, termed Options A, B and C. The Committee has

selected Option A as the most appropriate for the company on the basis that it provides the most robust and statistically

accurate means of identifying the lower quartile, median and upper quartile colleagues, and is consistent with the Group’s

pay, reward and progression policies.

The total compensation calculations for UK colleagues include salary, bonus payments and benefits package, and LTIP

earnings where appropriate. Base salaries of all colleagues, including the Executive Directors, are set with reference to a

range of factors including market comparators, individual experience and performance in role. The Committee notes that

year-on-year aggregate colleague remuneration has increased largely as a result of the efforts the company has made to

support colleagues with higher cost of living salary increases, particularly in countries where colleagues have been most

affected by the cost of living crisis and high inflationary environments (4% for the majority in 2024).

Due to the structure of the Group Chief Executive’s annual remuneration, where a significant proportion is made up of

variable, performance-related pay which is affected by share price movements, the pay ratios will vary, potentially

significantly, year-on-year.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

131

![](data:image/jpeg;base64,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)

Change in Directors’ pay in comparison to that of Informa UK colleagues

The next table shows the percentage change in the Directors’ salary or fees, benefits and bonus compared to the average

change in salary, benefits and bonus for a comparison group of all UK colleagues:

2024 2023 2022 2021 2020

Executive Directors

Salary

1

%

Benefits

2

%

Bonus

3

%

Salary

1

%

Benefits

2

%

Bonus

%

Salary

1

%

Benefits

2

%

Bonus

%

Salary

1

%

Benefits

2

%

Bonus

%

Salary

1

%

Benefits

2

%

Bonus

%

Stephen A. Carter 3.3 89.6 137.8 3.0 (3.9) 0.5 4.0 (23.4) 4.8 0.0 (29.3) (5.1) 0.0 (24.8) (26.1)

Gareth Wright 3.3 (1.8) 78.3 3.0 1.0 0.5 6.0 (5.8) 6.9 0.0 0.5 10.7 0.0 8.9 (22.1)

Patrick Martell 5.6 67.9 83.6 3.0 61.5 0.5 4.0 8.2 19.5 – – – – – –

All UK colleagues

4

3.4 21.5 30.7 6.2 (13.5) (9.8) 8.2 40.9 44.2 6.7 (8.3) 30.5 1.8 (3.2) (37.4)

Non-Executive Directors

John Rishton

5

3.3 – – 3.0 – – 56.3 – – 239.3 – – 0.0 – –

Louise Smalley

6,8

5.3 – – 3.0 – – 20.9 – – – – – – – –

Maria Kyriacou

7

n/a – – – – – – – – – – – – – –

Catherine Levene

7

n/a – – – – – – – – – – – – – –

Andy Ransom

8

4.0 – – – – – – – – – – – – – –

Gill Whitehead

8

4.0 – – 3.0 – – 12.5 – – 19.9 – – 0.0 – –

Joanne Wilson

8

4.0 – – 3.0 – – 4.1 – – – – – – – –

Zheng Yin

8

4.0 – – 3.0 – – 4.1 – – – – – – – –

Mary McDowell

9

(4.7) – – 3.0 – – 18.4 – – 2.1 – – 0.0 – –

David Flaschen

9

(50.7) – – 3.0 – – 4.1 – – 0.0 – – 0.0 – –

1  The calculations for Directors’ salary/fees have been made using the contractual base pay of the Executive Directors and fees for the

Non-Executive Directors

2  Benefits received by the Executive Directors include costs to the company of private medical and life insurance, travel insurance, car benefits

(which may include a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where appropriate and

the value of ShareMatch matching share awards. Benefits received by the Non-Executive Directors (disclosed on page 128) relate to expenses

incurred in the course of their duties. These expenses, which are deemed as taxable benefits by HMRC, may vary year-on-year and do not provide

an accurate comparison to the benefits received by colleagues, so are not included

3 The maximum bonus quantum for Executive Directors was increased in 2024 in line with the Policy approved by shareholders at the 2022 AGM

4  Informa PLC has no employees and therefore the average for all UK colleagues has been selected as the appropriate comparator group

5  John Rishton was appointed as Chair in June 2021

6  Louise Smalley was appointed as Senior Independent Director from December 2024

7  Maria Kyriacou was appointed to the Board on 15 July 2024 and Catherine Levene was appointed to the Board on 19 November 2024

8  For fair comparison, where a Director was appointed during the year, the percentage change for their fees between the year of their appointment

and the following year have been calculated using the full-time equivalent fee for the year of their appointment

9  Mary McDowell retired from the Board on 30 November 2024 and David Flaschen retired from the Board on 21 June 2024

Dilution of share capital by share plans

Informa uses a combination of market purchased and newly issued shares to satisfy all-colleague and executive share plans.

All shares used to satisfy our share plans are held by the Informa Employee Share Ownership Trust. Details of the number of

shares held by the Trust during the year are set out in Note 37 to the Consolidated Financial Statements.

During 2024 we complied with The Investment Association’s Principles of Remuneration with regard to dilution limits.

Informa Annual Report and Accounts 2024

132

Governance

Directors’ Remuneration Report

continued

![](data:image/jpeg;base64,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)

The Directors present their report and the audited Consolidated Financial Statements of the Parent Company and the Group

and Parent Company Financial Statements for the year ended 31 December 2024.

This section contains the remaining matters the Directors are required to report on each year and which do not appear

elsewhere in the Annual Report. Additional information incorporated into this section by reference – including information

that is required in accordance with the Companies Act 2006 (Act) and Listing Rule 6.6.1R – can be found on the following pages:

Information Page(s)

Future business developments  2 to 79

Risk factors and principal risks 60 to 70

Colleague engagement and employment policies  94 and 134

Stakeholder engagement – suppliers, customers and others 94 to 95

Greenhouse gas emissions 23

Viability and Going Concern Statements 73

Governance arrangements 81 to 135

Section 172 Statement 92 to 93

Long-term incentive arrangements 115 to 132

Dividends 171

Financial instruments, financial risk management objectives and policies 192 to 199

Post balance sheet events 221

Annual General Meeting

Informa PLC’s 2025 AGM will be held

at Maison Albar Hotel, 6 avenue

de Suède, 06000 Nice, France on

Thursday 19 June 2025.

The Notice of Meeting, together with

a letter from the Board Chair and

explanatory notes on the resolutions

to be considered, are set out in a

separate circular that has been sent

to shareholders and is available on

our website.

Articles of Association

The company’s Articles of Association

(Articles) were last approved at the 2020

AGM. They include provisions on the

rights and obligations attached to the

company’s shares, the appointment and

removal of Directors, and the conduct

of the Board and general meetings.

The Articles may only be amended by

special resolution at a general meeting

of shareholders, with approval from at

least 75% of those voting in person or

by proxy.

A copy of our Articles can be found on

Informa’s website or obtained free of

charge from Companies House.

Directors

The names and biographical details of

Informa’s Directors at the year end and

at the date of this Annual Report are set

out on pages 81 to 83 and incorporated

by reference. Each will offer themselves

for re-election at the AGM in June 2025.

David Flaschen served as an

independent Non-Executive Director

until his retirement at the conclusion

ofthe 2024 AGM.

Mary McDowell served as an

independent Non-Executive Director

until 30 November 2024.

Directors may be appointed or

removed by the Board or by

shareholders in a general meeting.

Subject to the Act and the Articles,

theDirectors may exercise all the

powers of the company and may

delegate authorities to Committees,

and day-to-day management and

decision making to individual

ExecutiveDirectors.

The Directors’ Remuneration Report on

pages 115 to 132 contains details of the

remuneration paid to the Directors,

their interests in the shares of the

company and any awards granted to

the Executive Directors under all-

colleague or executive share schemes.

It also summarises the terms of

Executive Directors’ service agreements

and the letters of appointment of the

Non-Executive Directors. These are

available for inspection at Informa’s

registered office.

Directors’ conflicts of

interests and indemnities

Directors have a statutory duty to avoid

conflicts of interest with the company.

Our Articles allow the Board to approve

conflicts of interest and include other

conflict of interest provisions. No

Director had a material interest in any

contract in relation to the company’s

business during the year.

To the extent permitted by English law

and the Articles, Informa has agreed to

indemnify the Directors in respect of

any liability arising from or connected

with the execution of their powers,

duties and responsibilities as a Director

of the company, of any of its

subsidiaries or as a trustee of an

occupational pension scheme for

colleagues. The indemnity would not

provide coverage where the Director is

proved to have acted fraudulently or

dishonestly. The company purchases

and maintains Directors’ and Officers’

insurance cover against certain legal

liabilities and the costs of claims

connected with any act or omission by

Directors and officers in the execution

of their duties.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

133

Directors’ Report

![](data:image/jpeg;base64,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)

Employment policy matters

Informa fully complies with all national

equal opportunities legislation and

makes recruitment and promotion

decisions based solely on the ability to

perform each role.

Under UK law and required disclosures

around the employment of people

with disabilities, we can confirm that

we give full and fair consideration to

colleagues and applicants with

disabilities and provide facilities,

equipment and training to assist

disabled colleagues to do their jobs.

If a colleague becomes disabled during

their employment, every effort is made

to ensure that they can continue their

current employment by providing

specialised training and reasonable

adjustments or accommodations to the

working environment. We also seek to

provide opportunities for retraining

and redeployment within the business.

Share capital

Informa PLC is a public company limited

by shares, incorporated in England and

Wales. All the company’s ordinary

shares are listed on the London Stock

Exchange (100% free float).

The company has one class of shares,

being ordinary shares of 0.1p each. All

issued shares are fully paid up and carry

no additional obligations or special

rights. Each share carries the right to one

vote at shareholder meetings.

On a show of hands, each holder of

ordinary shares who attends in person

or is present by proxy or corporate

representative has one vote. On a poll,

every holder of ordinary shares

present in person, by proxy or

corporate representative has one

votefor every share held.

Electronic and paper proxy

appointments and voting instructions

must be received no later than 48

hours before a general meeting.

Holders of ordinary shares can lose

their entitlement to vote at general

meetings if they have been served with

a disclosure notice and failed to

provide the company with information

concerning interests held in those

shares. Except as set out above, there

are no limitations on voting rights of

holders of a given percentage, number

of votes or deadlines for exercising

voting rights.

There are no restrictions on the

transfer of securities in the company

except as set out in the Articles.

Informa is not aware of any

agreements between holders of

ordinary shares that may result in

restrictions on the transfer of

securities or on voting rights.

At the 2024 AGM, the Directors were

granted authority to purchase up to

136,087,000 ordinary shares in the

market, equal to 10% of issued share

capital at the time that the Notice of

AGM was approved. During 2024, the

company purchased and cancelled

51,554,769 ordinary shares (3.9% of

issued capital at 31 December 2024).

The Directors propose to renew this

authority to purchase shares at the

2025 AGM.

More details of our issued share

capital at 31 December 2024, together

with details of shares issued or

repurchased during the year, are

shown in Note 36 to the Consolidated

Financial Statements.

Employee Benefit Trust

From time to time, shares are held by

atrustee in order to satisfy colleagues’

entitlements to shares under the

Group’s share schemes. The shares

held by the trusts do not have any

special rights with regard to control of

the company. While these shares are

held on trust, their rights are not

exercisable directly by the relevant

colleagues. The current arrangements

concerning trusts and their

shareholdings in the company are set

out in Note 37 to the Consolidated

Financial Statements.

Major interests in shares

The next table shows the notifications

of major voting interests in the

company’s shares as at 31 December

2024 in accordance with the FCA’s

Disclosure and Transparency Rules

(DTR5). All notifications made to the

company under DTR 5 are published on

a Regulatory Information Service and

are available on Informa’s website.

No additional notifications have been

received between 31 December 2024

and the date of this report.

Shareholder

%

shareholding

BlackRock, Inc. 5.92

Newton Investment

Management Ltd 4.93

Lazard Asset

Management LLC 4.30

Norges Bank 4.00

Artemis Investment

Manager LLP 3.59

Invesco Ltd 3.55

The information above was correct at

the date of notification to the company.

Change of control

There are no significant agreements to

which the company is a party that take

effect, alter or terminate on a change

of control following a takeover bid,

except for the Group’s principal

borrowings described in Note 29 to the

Consolidated Financial Statements.

The company does not have

agreements with any Director or

colleague that would provide

compensation for loss of office or

employment resulting from a change

ofcontrol on takeover, except those

provisions in the company’s share

schemes that may cause options and

awards granted to colleagues to vest

on a takeover.

Political donations

In line with Group policy, no donations

were made to political parties or

organisations or independent election

candidates, and no political expenditure

was incurred during the year ended

31 December 2024.

Subsidiaries and

overseasbranches

Details of Group subsidiaries are given

in Note 41 to the Consolidated Financial

Statements.

Informa operates branches in

Australia, Bangladesh, China, France,

Hong Kong, Japan, Luxembourg,

Malaysia, the Netherlands, Singapore,

South Africa, South Korea, Taiwan,

the United Arab Emirates, the US

and Vietnam.

Informa Annual Report and Accounts 2024

134

Governance

Directors’ Report

continued

![](data:image/jpeg;base64,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)

The Directors are responsible for

preparing the Annual Report and

Accounts in accordance with applicable

law and regulations.

Company law requires the Directors to

prepare Financial Statements for each

financial year. Under that law, the

Directors have prepared the Group

Financial Statements in accordance

with UK-adopted International

Accounting Standards and the Parent

Company Financial Statements in

accordance with UK Generally Accepted

Account Practice (UK Accounting

Standards comprising FRS 102: The

Financial Reporting Standard

applicable in the UK and Republic

ofIreland), and applicable law.

Under company law, the Directors must

not approve the Financial Statements

unless they are satisfied that they give

a true and fair view of the state of

affairs of the Group and the company

and of the profit or loss of the Group

and the company for that period.

In preparing the Parent Company

Financial Statements, the Directors

arerequired to:

•  Select suitable accounting policies

and then apply them consistently

•  Make judgements and accounting

estimates that are reasonable

andprudent

•  State whether applicable UK-adopted

International Accounting Standards

have been followed for the Group

Financial Statements and whether

United Kingdom Accounting

Standards, comprising FRS 102, have

been followed for the company

Financial Statements, subject to any

material departures disclosed and

explained in the Financial Statements

•  Prepare the Financial Statements on

the going concern basis unless it is

inappropriate to presume that the

Group and the company will

continuein business

The Directors are responsible for

safeguarding the assets of the

Groupand the company and for

takingreasonable steps for the

preventionand detection of

fraudandother irregularities.

The Directors are also responsible for

keeping adequate accounting records

that are sufficient to show and explain

the Group’s and the company’s

transactions and disclose with

reasonable accuracy at any time the

financial position of the Group and the

company and enable them to ensure

that the Financial Statements and the

Directors’ Remuneration Report

comply with the Companies Act 2006.

The Directors are responsible for the

maintenance and integrity of the

company’swebsite.

Legislation in the UK governing the

preparation and dissemination of

Financial Statements may differ from

legislation in other jurisdictions.

Directors’ confirmations

The Directors consider that the Annual

Report and Accounts, taken as a whole,

is fair, balanced and understandable,

and provides the information

necessary for shareholders to assess

the Group’s and company’s position

and performance, business model

andstrategy.

Each of the Directors, whose names

and functions are listed on pages 81

to83, confirm that, to the best of

theirknowledge:

•  The Group Consolidated Financial

Statements, which have been

prepared in accordance with

UK-adopted International Accounting

Standards, give a true and fair view

of the assets, liabilities, financial

position and profit of the Group

•  The company Financial Statements,

prepared in accordance with UK

Accounting Standards comprising

FRS 102, give a true and fair view of

the assets, liabilities, financial

position and profit of the company

•  The Strategic Report includes a fair

review of the development and

performance of the business and the

position of the Group and the

company, together with a description

of the principal risks and

uncertainties that the Group faces

Audit information

Each of the Directors in office at the date

this report is approved confirms that:

•  To the best of their knowledge, there

is no relevant audit information of

which the Group’s and company’s

auditors are unaware, and

•  They have taken all steps required

of them to make themselves aware

of any relevant audit information

and to establish that the Group’s

and the company’s auditors were

aware of that information

This confirmation is given and should

be interpreted in accordance with the

provisions of section 418 of the

Companies Act 2006.

Reappointment of auditors

A resolution proposing the

reappointment of

PricewaterhouseCoopers LLP as the

company’s auditors will be put to

shareholders at the 2025 AGM.

By order of the Board

Rupert Hopley

General Counsel and Company

Secretary

13 March 2025

Informa PLC

5 Howick Place

London SW1P 1WG

Company Number: 08860726

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

135

Statement of Directors’ responsibilities

![](data:image/jpeg;base64,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)

Informa Annual Report and Accounts 2024

136

Financial Statements

Financial Statements

Contents

Independent auditors’ report  137

Consolidated Financial Statements

Consolidated Income Statement  145

Consolidated Statement

of Comprehensive Income  146

Consolidated Statement

of Changes in Equity  147

Consolidated Balance Sheet  148

Consolidated Cash Flow Statement  149

Notes to the Consolidated

Financial Statements  150

Parent Company

financialstatements

Parent Company balance sheet  222

Parent Company statement

of changes in equity  223

Notes to the Parent Company

financial statements  224

Other financial information

Audit exemption  229

Glossary of terms: alternative

performance measures  231

Five-year summary  233

![](data:image/jpeg;base64,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)

Report on the audit of the

financial statements

Opinion

In our opinion:

•  Informa PLC’s Consolidated Financial

Statements and Parent Company

Financial Statements (the “financial

statements”) give a true and fair view

of the state of the Group’s and of the

Parent Company’s affairs as at

31 December 2024 and of the

Group’s profit and the Group’s cash

flows for the year then ended;

•  the Consolidated Financial Statements

have been properly prepared in

accordance with UK-adopted

international accounting standards

as applied in accordance with the

provisions of the Companies Act2006;

•  the Parent Company Financial

Statements have been properly

prepared in accordance with United

Kingdom Generally Accepted

Accounting Practice (United Kingdom

Accounting Standards, including FRS

102 “The Financial Reporting

Standard applicable in the UK and

Republic of Ireland”, and applicable

law); and

•  the financial statements have been

prepared in accordance with the

requirements of the Companies

Act2006.

We have audited the financial statements,

included within the Annual Report and

Accounts (the “Annual Report”), which

comprise: the Consolidated and Parent

Company Balance Sheets as at

31 December 2024; the Consolidated

Income Statement, the Consolidated

Statement of Comprehensive Income, the

Consolidated Cash Flow Statement and

the Consolidated and Parent Company

Statements of Changes in Equity for the

year then ended; and the notes to the

financial statements, comprising material

accounting policy information and other

explanatory information.

Our opinion is consistent with our

reporting to the Audit Committee.

Basis for opinion

We conducted our audit in accordance

with International Standards on

Auditing (UK) (“ISAs (UK)”) and

applicable law. Our responsibilities

under ISAs (UK) are further described

in the Auditors’ responsibilities for the

audit of the financial statements

section of our report. We believe that

the audit evidence we have obtained

issufficient and appropriate to provide

a basis for our opinion.

Independence

We remained independent of the

Group in accordance with the ethical

requirements that are relevant to our

audit of the financial statements in the

UK, which includes the FRC’s Ethical

Standard, as applicable to listed public

interest entities, and we have fulfilled

our other ethical responsibilities in

accordance with these requirements.

To the best of our knowledge and belief,

we declare that non-audit services

prohibited by the FRC’s Ethical Standard

were not provided.

Other than those disclosed in Note 6 of

the Consolidated Financial Statements,

we have provided no non-audit services

to the Parent Company or its controlled

undertakings in the period under audit.

Our audit approach

Overview

Audit scope

•  We identified 32 components which

required an audit of their complete

financial information due to their

size or risk characteristics. An audit

of specific financial statement line

items was performed at a further 7

components. In addition, specific

audit procedures over central

functions, the Group consolidation

and areas of judgement (including

taxation, goodwill and intangible

assets impairment, treasury and

post-retirement benefits) were

directly led by the Group audit team.

•  The audit work performed accounted

for 74% of consolidated revenue and

70% of consolidated adjusted profit

before tax on an absolute basis.

Key audit matters

•  Recoverability of the carrying value

of goodwill in Informa Tech (Group)

•  Valuation of the acquired intangibles

in respect of the Ascential and

TechTarget acquisitions (Group)

•  Impairment of investments in

subsidiary undertakings

(ParentCompany)

Materiality

•  Overall Group materiality:

£46 million (2023: £39 million) based

on approximately 5.0% (2023:

approximately 4.7%) of profit before

tax and adjusting items (adjusted

profit before tax).

•  Overall Parent Company materiality:

£42.2 million (2023: £37.0 million)

based on approximately 0.3% (2023:

approximately 0.3%) of total assets

as constrained by the allocation of

overall Group materiality.

•  Performance materiality: £34.5 million

(2023: £29.3 million) (Group) and

£31.6 million (2023: £27.8 million)

(Parent Company).

The scope of our audit

As part of designing our audit, we

determined materiality and assessed

the risks of material misstatement in

the financial statements.

Key audit matters

Key audit matters are those matters

that, in the auditors’ professional

judgement, were of most significance

in the audit of the financial statements

of the current period and include the

most significant assessed risks of

material misstatement (whether or not

due to fraud) identified by the auditors,

including those which had the greatest

effect on: the overall audit strategy;

the allocation of resources in the audit;

and directing the efforts of the

engagement team. These matters, and

any comments we make on the results

of our procedures thereon, were

addressed in the context of our audit

of the financial statements as a whole,

and in forming our opinion thereon,

and we do not provide a separate

opinion on these matters.

This is not a complete list of all risks

identified by our audit.

Valuation of the acquired intangibles in

respect of the Ascential and TechTarget

acquisitions is a new key audit matter

this year. Valuation of the acquired

intangibles in respect of the Tarsus and

Winsight acquisitions, which was a key

audit matter last year, is no longer

included because of the one off nature

of acquisition accounting. Otherwise,

the key audit matters below are

consistent with last year.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

137

Independent auditors’ report to the members of Informa PLC

![](data:image/jpeg;base64,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)

Key audit matter How our audit addressed the key audit matter

Recoverability of the carrying value of goodwill

in Informa Tech (Group)

Refer to Note 2 Material accounting policies and

Note 15 Goodwill in the Consolidated Financial

Statements.

The Group has goodwill of £7,787.0m at

31 December 2024 (2023: £6,629.8m) which

includes £835.1m (2023: £824.6m) relating to the

Informa Tech cash generating unit (‘CGU’).

Management performs an annual impairment test

in respect of goodwill on a divisional basis reflecting

the lowest level at which it monitors goodwill.

In the current year, management determined the

recoverable amount of its CGUs by preparing

discounted cash flow models on a fair value less

cost of disposal (‘FVLCD’) basis which are based

on the Group’s latest cash flow projections, as this

was higher than using a value in use basis. The

key judgements and estimates in the projections

include revenue growth, operating profit,

long-term growth and the discount rate. Changes

in these assumptions can have a significant

impact on the headroom available in the

impairment calculations.

We considered the recoverability of the carrying

value of goodwill in Informa Tech as a key audit

matter due to its material size and headroom in

the model being sensitive to changes in key

assumptions.

In respect of the Informa Tech CGU our procedures included:

•  testing the completeness and accuracy of the model as well as the

underlying data, which included reconciling the cash flows to the

Board approved budgets and forecasts;

•  evaluating the significant assumptions used by management in

determining future cash flows, including corroborating revenue

growth projections to third party forecasts and assessing the

reasonableness of revenue, cost and operating margins based on

our understanding of the business, industry and past performance;

•  challenging the extent to which climate change considerations are

reflected, as appropriate, in management’s projections;

•  with the support of our valuations experts, challenged the discount

and long-term growth rates used and whether they fell within a

reasonable range, taking into account external market data;

•  assessing whether the cash flows in the model are consistent with

internal reporting forecasts used in other estimates and judgements

across the Group, where relevant;

•  performing our own sensitivities to form an independent view on

reasonable downside scenarios; and

•  benchmarking the multiple implied by the recoverable amount to

EBITDA multiples of comparable companies.

In addition, we assessed the completeness and accuracy of the

disclosure included in Note 15 Goodwill of the Consolidated Financial

Statements and challenged management to consider the estimation

uncertainty in the next financial year arising from the formation of the

new Informa TechTarget CGU.

As a result of our work, we are satisfied that management’s

assessment and disclosure is appropriate and that no impairment is

required at 31 December 2024.

Informa Annual Report and Accounts 2024

138

Financial Statements

Independent auditors’ report to the members of Informa PLC

continued

![](data:image/jpeg;base64,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)

Key audit matter How our audit addressed the key audit matter

Valuation of the acquired intangibles in

respect of the Ascential and TechTarget

acquisitions (Group)

Refer to Note 2 Material accounting policies,

Note3 Critical accounting judgements and key

sources of estimation uncertainty and Note 17

Business combinations in the Consolidated

Financial Statements.

During 2024, the Group completed ten

businesscombinations, the most significant

beingthe acquisitions of Ascential plc and

TechTarget, Inc. for a consideration of £1,198.5m

and £429.2m (netof non-controlling interests

of£323.8m) respectively.

With the assistance of its valuation experts,

management has undertaken a provisional

purchase price allocation identifying and

recognising acquired intangible assets. For the

Ascential acquisition these included customer

relationships of £123.5m and trade names of

£439.6m. In respect of the TechTarget acquisition,

customer relationships of £311.0m, product

development assets of £90.6m and trade names

of £51.2m wererecognised.

Accounting for business combinations can be

complex, particularly in relation to the

identification of acquired intangible assets which

relies on management’s estimate of future cash

flows, royalty rates and customer attrition rates.

Changes in these assumptions can have a

significant impact on the valuation.

We considered the valuation of the acquired

intangibles in Ascential and TechTarget as a key

audit matter due to their material size and given

that changes in key assumptions can have a

significant impact on their valuation.

Our audit procedures in respect of the valuation of the acquired

intangibles in the Ascential and TechTarget acquisitions included

thefollowing:

•  with the assistance of our valuation experts, we reviewed the

purchase price allocation reports provided by management’s experts

and considered their competence and ability to prepare an analysis

to reasonably estimate the value of the acquired intangible assets;

•  we assessed the completeness and valuation of the intangible assets

recognised by management and the valuation methodologies adopted;

•  we challenged the discount and long term growth rates used and

whether they fell within a reasonable range, taking into account

external market data;

•  we agreed the cash flow projections supporting the acquired

intangible asset valuations to management’s acquisition models. We

challenged the key assumptions used in the cash flows, such as

revenue growth and EBITDA margins, by reference to historical

growth rates, Informa’s own forecasts for comparable businesses

and industry information, where available;

•  we considered the reasonableness of key assumptions in the model,

including customer attrition and royalty rates, with reference to the

relative strength of the brands and events acquired, recent

comparable transactions and historical attrition data of the acquired

businesses and Informa’s own comparable businesses; and

•  we reviewed and challenged management’s disclosures in the

Consolidated Financial Statements to ensure they were consistent

with the work performed and that the disclosure appropriately

described the key estimation uncertainties in the valuation.

Based on our procedures, we are satisfied that the valuation

methodologies, key assumptions and calculations used by

management are appropriate.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

139

![](data:image/jpeg;base64,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)

Key audit matter How our audit addressed the key audit matter

Impairment of investments in subsidiary

undertakings (parent)

At 31 December 2024, the Parent Company held

investments in subsidiary undertakings amounting

to £7,581.2m (2023: £7,259.7m (Restated)).

Investments in subsidiary undertakings are

accounted for at historical cost less

accumulatedimpairment.

Judgement is required to assess if impairment

indicators exist and, where indicators are

identified, if the investment carrying value is

supported by the recoverable amount. In assessing

for impairment indicators, management considers

the market capitalisation of the Group, net assets

of the subsidiary undertakings, the results of their

annual goodwill impairment assessment and other

facts and circumstances which may be indicative of

an impairment indicator.

Based on management’s assessment, an

impairment indicator was identified at

31 December 2024 in respect of the Parent

Company’s investment in Informa Jersey Limited

and a prior period impairment of £906.9m has

been recorded in respect of the year ended

31 December 2022.

The prior year has been restated to adjust for this

impairment. Refer to Note 2 Significant

accounting policies, Note 3 Critical accounting

judgements and key sources of estimation

uncertainty, Note 4 Investments in subsidiary

undertakings and Note 13 Restatement in the

Parent Company Financial Statements for details

of management’s impairment test, impairment

identified and prior year restatements.

In respect of investments in subsidiary undertakings in the Parent

Company, we undertook the following to test management’s

assessment for indicators of impairment:

•  evaluated and challenged management’s assessment and

judgements, including ensuring that consideration had been given to

the results of the Group’s goodwill impairment assessment;

•  verified the mathematical accuracy of management’s assessment

including that the net assets of the subsidiaries being assessed

agreed to the respective subsidiary balance sheets; and

•  examined management’s assessment of other internal and external

impairment indicators, including considering the market

capitalisation of the Group with reference to the net assets of the

Parent Company and other events across the Group to identify other

possible impairment indicators.

In respect of the Informa Jersey Limited investment where indicators of

impairment were identified, management prepared a detailed cash

flow model on a FVLCD basis to estimate the recoverable amount. Our

procedures included:

•  testing the completeness and accuracy of the model, including the

treatment of related party balances in the determination of the

recoverable amount;

•  assessing whether the cash flows used in the model are consistent

with internal reporting forecasts used in other estimates and

judgements across the Group, including the Group’s goodwill

impairment assessment;

•  with the support of our valuations experts, challenged the discount

and long-term growth rates used and whether they fell within a

reasonable range; and

•  we challenged management as to the appropriateness of the period

to which the impairment indicator arose with reference to the

activities and results of the Group and the Parent Company.

In respect of the prior year impairment recorded, we challenged the

appropriateness of the impairment including management’s

calculation of the recoverable amount at 31 December 2022 and the

accuracy of related party and cash balances.

Based on our procedures performed, we are satisfied that the prior

year impairment recorded is reasonable and has been appropriately

disclosed in the Annual Report.

How we tailored the audit scope

We tailored the scope of our audit to

ensure that we performed enough

work to be able to give an opinion on

the financial statements as a whole,

taking into account the structure of the

Group and the Parent Company, the

accounting processes and controls, and

the industry in which they operate.

In 2024, the Group was organised into

four divisions – Taylor & Francis,

Informa Markets, Informa Connect and

Informa Tech, as well as a corporate

function. Each division is further divided

into business units which align to a legal

entity or business in a specific country.

A separate divisional management team

oversees the operations of each

division. For the purposes of our audit,

we have identified each business unit

asa component.

The accounting processes for each

division are principally undertaken by

the Group’s shared service centres in

Colchester (UK), Cairo (Egypt),

Sarasota (US), New York (US),

Cleveland (US), Hong Kong (HK) and

Shanghai (China). Each component

reports to the Group through an

integrated consolidation system.

Based on our risk and materiality

assessments, we determined which

components required an audit of their

complete financial information having

consideration to the significance of

each component due to size or risk and

the overall coverage obtained over

each material line item in the

Consolidated Financial Statements.

Informa Annual Report and Accounts 2024

140

Financial Statements

Independent auditors’ report to the members of Informa PLC

continued

![](data:image/jpeg;base64,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)

Financial statements – Group Financial statements – Parent Company

Overall materiality

£46 million (2023: £39 million). £42.2 million (2023: £37 million).

How we

determinedit

approximately 5.0% (2023: approximately 4.7%) ofprofit

before tax and adjusting items (adjustedprofitbefore

tax)

approximately 0.3% (2023: approximately 0.3%) of

totalassets as constrained by the allocation of overall

Group materiality

Rationale for

benchmark applied

Profit before tax and adjusting items is used as the

materiality benchmark. The directors use this measure

as they believe that it reflects the underlying

performance of the Group.

We have considered the nature of the business of

Informa PLC (being a holding company for investment

activities) and have determined that total assets are an

appropriate basis for the calculation of the overall

materiality level.

We challenged the extent to which

climate change considerations including

the expected cash flows from the

initiatives and commitments had been

reflected, where appropriate, in

management’s impairment assessment

process, going concern assessment and

viability assessment. While climate

impacts are not included within

management’s forecasts on the

grounds of materiality, our independent

sensitivities confirmed that these did

not have a material impact on key audit

matters or change the conclusions

reached. We assessed the consistency

of other information disclosed in the

Annual Report with the Consolidated

Financial Statements, and with our

knowledge obtained from the audit.

Materiality

The scope of our audit was influenced

by our application of materiality. We

set certain quantitative thresholds for

materiality. These, together with

qualitative considerations, helped us to

determine the scope of our audit and

the nature, timing and extent of our

audit procedures on the individual

financial statement line items and

disclosures and in evaluating the effect

of misstatements, both individually

and in aggregate on the financial

statements as a whole.

Based on our professional judgement,

we determined materiality for the

financial statements as a whole

asfollows:

The financial statements of the Parent

Company are prepared using the same

accounting processes as the Group’s

central functions and were audited by

the Group audit team.

The impact of climate risk

onouraudit

In planning and executing our audit, we

considered the potential impact of

climate change on the Group’s business

and the financial statements. The

Group has set out its climate related

intention and metrics as part of its

FasterForward programme.

As a part of our audit, we made

enquiries of management to

understand the extent of the potential

impact of the physical and transitional

climate change risk on the

Consolidated Financial Statements. We

also discussed the climate change

initiatives and commitments from

FasterForward and other initiatives to

reduce CO

2

emissions, and the impact

these have on the Group including on

future cash flow forecasts.

Management considers that the impact

of climate change does not give rise to

a material financial statement impact.

With the assistance of our climate

change specialists we evaluated

management’s risk assessment and

understood the Group’s governance

processes including the Climate Impacts

Steering Committee. We performed an

audit risk assessment of how the

impact of the Group’s commitments in

respect of climate change including

FasterForward may affect the financial

statements and our audit.

We identified 32 components which

required an audit of their complete

financial information due to their size or

risk characteristics. An audit of specific

financial statement line items was

performed at a further 7 components.

In addition, specific audit procedures

over central functions, the Group

consolidation and areas of judgement

(including taxation, goodwill and

intangible assets impairment, treasury

and post-retirement benefits) were

directly led by the Group audit team.

Where the work was performed by

component audit teams, we determined

the level of involvement we needed to

have in the audit work at those

components to be able to conclude

whether sufficient appropriate audit

evidence had been obtained as a basis

for our opinion on the Consolidated

Financial Statements as a whole.

The Group audit team visited

component teams in the UK, US, Egypt,

Hong Kong and China during the 2024

audit cycle. In addition, our oversight

procedures included the issuance of

formal written instructions to

component auditors setting out the

work to be performed at each

component and regular communication

throughout the audit cycle including

regular component calls through video

conferencing, review of component

auditors workpapers and participation

in audit clearance meetings.

Taken together with the audit

procedures undertaken by the Group

audit team, the audit work performed

accounted for 74% of consolidated

revenue and 70% of consolidated

adjusted profit before tax on an absolute

basis. In addition, we have performed

disaggregated analytical review

procedures and an evaluation of entity

level controls, which covers a significant

portion of the Group’s smaller and lower

risk components that were not directly

included in our Group audit scope.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

141

![](data:image/jpeg;base64,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)

For each component in the scope of

our Group audit, we allocated a

materiality that is less than our overall

Group materiality. The range of

materiality allocated across

components was between £1 million

and £42.2 million.

We use performance materiality to

reduce to an appropriately low level

the probability that the aggregate of

uncorrected and undetected

misstatements exceeds overall

materiality. Specifically, we use

performance materiality in determining

the scope of our audit and the nature

and extent of our testing of account

balances, classes of transactions and

disclosures, for example in determining

sample sizes. Our performance

materiality was 75% (2023: 75%) of

overall materiality, amounting to

£34.5 million (2023: £29.3 million) for the

Consolidated Financial Statements and

£31.6 million (2023: £27.8 million) for the

Parent Company Financial Statements.

In determining the performance

materiality, we considered a number

of factors – the history of

misstatements, risk assessment and

aggregation risk and the effectiveness

of controls – and concluded that an

amount at the upper end of our

normal range was appropriate.

We agreed with the Audit Committee

that we would report to them

misstatements identified during our

audit above £2,300,000 (Group audit)

(2023: £1,950,000) and £2,100,000

(Parent Company audit)

(2023: £1,850,000) as well as

misstatements below those amounts

that, in our view, warranted reporting

for qualitative reasons.

Conclusions relating to

goingconcern

Our evaluation of the directors’

assessment of the Group’s and the

Parent Company’s ability to continue to

adopt the going concern basis of

accounting included:

•  agreeing the underlying cash flow

projections to Board approved

Group level budgets and forecasts,

assessing how these forecasts are

compiled and assessing the historical

accuracy of management’s forecasts;

•  evaluating the key assumptions

within management’s forecasts and

ensuring that such assumptions are

consistent with those modelled in

relation to management

impairment assessment;

•  considering liquidity and available

financial resources;

•  assessing whether the stress testing

performed by management

appropriately considered the principal

risks facing the business; and

•  reading management’s paper to the

Audit Committee in respect of going

concern, and agreeing the forecasts

set out in this paper to the underlying

base case cash flow model.

Based on the work we have performed,

we have not identified any material

uncertainties relating to events or

conditions that, individually or

collectively, may cast significant doubt

on the Group’s and the Parent

Company’s ability to continue as a

going concern for a period of at least

twelve months from when the financial

statements are authorised for issue.

In auditing the financial statements, we

have concluded that the directors’ use

of the going concern basis of

accounting in the preparation of the

financial statements is appropriate.

However, because not all future events

or conditions can be predicted, this

conclusion is not a guarantee as to the

Group’s and the Parent Company’s

ability to continue as a going concern.

In relation to the directors’ reporting

on how they have applied the UK

Corporate Governance Code, we have

nothing material to add or draw

attention to in relation to the directors’

statement in the financial statements

about whether the directors

considered it appropriate to adopt the

going concern basis of accounting.

Our responsibilities and the

responsibilities of the directors with

respect to going concern are described

in the relevant sections of this report.

Reporting on other information

The other information comprises all of

the information in the Annual Report

other than the financial statements and

our auditors’ report thereon. The

directors are responsible for the other

information. Our opinion on the financial

statements does not cover the other

information and, accordingly, we do not

express an audit opinion or, except to the

extent otherwise explicitly stated in this

report, any form of assurance thereon.

In connection with our audit of the

financial statements, our responsibility

is to read the other information and, in

doing so, consider whether the other

information is materially inconsistent

with the financial statements or our

knowledge obtained in the audit, or

otherwise appears to be materially

misstated. If we identify an apparent

material inconsistency or material

misstatement, we are required to

perform procedures to conclude

whether there is a material

misstatement of the financial statements

or a material misstatement of the other

information. If, based on the work we

have performed, we conclude that there

is a material misstatement of this other

information, we are required to report

that fact. We have nothing to report

based on these responsibilities.

With respect to the Strategic Report

and Directors’ Report, we also

considered whether the disclosures

required by the UK Companies Act

2006 have been included.

Based on our work undertaken in the

course of the audit, the Companies

Act2006 requires us also to report

certain opinions and matters as

described below.

Strategic Report and

Directors’Report

In our opinion, based on the work

undertaken in the course of the audit,

the information given in the Strategic

Report and Directors’ Report for the

year ended 31 December 2024 is

consistent with the financial statements

and has been prepared in accordance

with applicable legal requirements.

In light of the knowledge and

understanding of the Group and Parent

Company and their environment

obtained in the course of the audit,

wedid not identify any material

misstatements in the Strategic Report

and Directors’ Report.

Informa Annual Report and Accounts 2024

142

Financial Statements

Independent auditors’ report to the members of Informa PLC

continued

![](data:image/jpeg;base64,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)

Directors’ Remuneration

In our opinion, the part of the Directors’

Remuneration Report to be audited has

been properly prepared in accordance

with the Companies Act 2006.

Corporate Governance

Statement

The Listing Rules require us to review

the directors’ statements in relation to

going concern, longer-term viability

and that part of the Corporate

Governance Statement relating to the

Parent Company’s compliance with the

provisions of the UK Corporate

Governance Code specified for our

review. Our additional responsibilities

with respect to the Corporate

Governance Statement as other

information are described in the

Reporting on other information

section of this report.

Based on the work undertaken as part

of our audit, we have concluded that

each of the following elements of the

Corporate Governance Statement,

included within the Governance Report

is materially consistent with the

financial statements and our

knowledge obtained during the audit,

and we have nothing material to add or

draw attention to in relation to:

•  The directors’ confirmation that they

have carried out a robust

assessment of the emerging and

principal risks;

•  The disclosures in the Annual Report

that describe those principal risks,

what procedures are in place to

identify emerging risks and an

explanation of how these are being

managed or mitigated;

•  The directors’ statement in the

financial statements about whether

they considered it appropriate to

adopt the going concern basis of

accounting in preparing them, and

their identification of any material

uncertainties to the Group’s and

Parent Company’s ability to continue

to do so over a period of at least

twelve months from the date of

approval of the financial statements;

•  The directors’ explanation as to their

assessment of the Group’s and

Parent Company’s prospects, the

period this assessment covers and

why the period is appropriate; and

•  The directors’ statement as to

whether they have a reasonable

expectation that the Parent Company

will be able to continue in operation

and meet its liabilities as they fall due

over the period of its assessment,

including any related disclosures

drawing attention to any necessary

qualifications or assumptions.

Our review of the directors’ statement

regarding the longer-term viability of

the Group and Parent Company was

substantially less in scope than an

audit and only consisted of making

inquiries and considering the directors’

process supporting their statement;

checking that the statement is in

alignment with the relevant provisions

of the UK Corporate Governance Code;

and considering whether the statement

is consistent with the financial

statements and our knowledge and

understanding of the Group and Parent

Company and their environment

obtained in the course of the audit.

In addition, based on the work

undertaken as part of our audit, we

have concluded that each of the

following elements of the Corporate

Governance Statement is materially

consistent with the financial

statements and our knowledge

obtained during the audit:

•  The directors’ statement that they

consider the Annual Report, taken as

a whole, is fair, balanced and

understandable, and provides the

information necessary for the

members to assess the Group’s and

Parent Company’s position,

performance, business model and

strategy;

•  The section of the Annual Report

that describes the review of

effectiveness of risk management

and internal control systems; and

•  The section of the Annual Report

describing the work of the Audit

Committee.

We have nothing to report in respect of

our responsibility to report when the

directors’ statement relating to the

Parent Company’s compliance with the

Code does not properly disclose a

departure from a relevant provision of

the Code specified under the Listing

Rules for review by the auditors.

Responsibilities for the

financial statements

andtheaudit

Responsibilities of the directors for

the financial statements

As explained more fully in the

Statement of Directors’ responsibilities,

the directors are responsible for the

preparation of the financial statements

in accordance with the applicable

framework and for being satisfied that

they give a true and fair view. The

directors are also responsible for such

internal control as they determine is

necessary to enable the preparation of

financial statements that are free from

material misstatement, whether due to

fraud or error.

In preparing the financial statements,

the directors are responsible for

assessing the Group’s and the Parent

Company’s ability to continue as a

going concern, disclosing, as

applicable, matters related to going

concern and using the going concern

basis of accounting unless the directors

either intend to liquidate the Group or

the Parent Company or to cease

operations, or have no realistic

alternative but to do so.

Auditors’ responsibilities for the

audit of the financial statements

Our objectives are to obtain reasonable

assurance about whether the financial

statements as a whole are free from

material misstatement, whether due to

fraud or error, and to issue an auditors’

report that includes our opinion.

Reasonable assurance is a high level of

assurance, but is not a guarantee that

an audit conducted in accordance with

ISAs (UK) will always detect a material

misstatement when it exists.

Misstatements can arise from fraud or

error and are considered material if,

individually or in the aggregate, they

could reasonably be expected to

influence the economic decisions of

users taken on the basis of these

financial statements.

Irregularities, including fraud, are

instances of non-compliance with laws

and regulations. We design procedures

in line with our responsibilities,

outlined above, to detect material

misstatements in respect of

irregularities, including fraud.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

143

![](data:image/jpeg;base64,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)

Theextent to which our procedures

arecapable of detecting irregularities,

including fraud, is detailed below.

Based on our understanding of the

Group and industry, we identified that

the principal risks of non-compliance

with laws and regulations related to

data privacy regulations, prohibited

business practices and anti-bribery and

corruption laws, and we considered the

extent to which non-compliance might

have a material effect on the financial

statements. We also considered those

laws and regulations that have a direct

impact on the financial statements such

as the Companies Act 2006 and

applicable tax regulation in jurisdictions

in which the Group has material

operations. We evaluated

management’s incentives and

opportunities for fraudulent

manipulation of the financial

statements (including the risk of

override of controls), and determined

that the principal risks were related to

posting inappropriate journal entries to

manipulate financial results and

management bias in accounting

estimates. The Group engagement team

shared this risk assessment with the

component auditors so that they could

include appropriate audit procedures in

response to such risks in their work.

Audit procedures performed by the

Group engagement team and/or

component auditors included:

•  Understanding and evaluating the

design and implementation of

controls designed to prevent and

detect irregularities and fraud;

•  Discussions with management,

Internal Audit and the Group’s legal

counsel regarding their consideration

of known or suspected instances of

non-compliance with laws and

regulations or fraud;

•  Identifying and testing journal

entries, in particular any journal

entries posted with unusual account

combinations; and

•  Challenging assumptions and

judgements made by management

and assessing these for management

bias in particular relating to the

carrying value of goodwill in Informa

Tech (Group), valuation of the acquired

intangibles in respect of the Ascential

and TechTarget acquisitions (Group)

and impairment of investments in

subsidiary undertakings (Parent

Company) (see related key audit

matters section of this report).

There are inherent limitations in the

audit procedures described above. We

are less likely to become aware of

instances of non-compliance with laws

and regulations that are not closely

related to events and transactions

reflected in the financial statements.

Also, the risk of not detecting a

material misstatement due to fraud is

higher than the risk of not detecting

one resulting from error, as fraud may

involve deliberate concealment by,

forexample, forgery or intentional

misrepresentations, or

throughcollusion.

Our audit testing might include testing

complete populations of certain

transactions and balances, possibly

using data auditing techniques.

However, it typically involves selecting a

limited number of items for testing,

rather than testing complete

populations. We will often seek to target

particular items for testing based on

their size or risk characteristics. In other

cases, we will use audit sampling to

enable us to draw a conclusion about

the population from which the sample

isselected.

A further description of our

responsibilities for the audit of the

financial statements is located on the

FRC’s website at: www.frc.org.uk/

auditorsresponsibilities. This description

forms part of our auditors’ report.

Use of this report

This report, including the opinions, has

been prepared for and only for the

Parent Company’s members as a body

in accordance with Chapter 3 of Part 16

of the Companies Act 2006 and for no

other purpose. We do not, in giving

these opinions, accept or assume

responsibility for any other purpose or

to any other person to whom this

report is shown or into whose hands it

may come save where expressly

agreed by our prior consent in writing.

Other required reporting

Companies Act 2006

exception reporting

Under the Companies Act 2006 we

arerequired to report to you if,

inouropinion:

•  we have not obtained all the

information and explanations we

require for our audit; or

•  adequate accounting records have

not been kept by the Parent

Company, or returns adequate for

our audit have not been received

from branches not visited by us; or

•  certain disclosures of directors’

remuneration specified by law are

not made; or

•  the Parent Company Financial

Statements and the part of the

Directors’ Remuneration Report to

be audited are not in agreement with

the accounting records and returns.

We have no exceptions to report

arising from this responsibility.

Appointment

Following the recommendation of the

Audit Committee, we were appointed

by the directors on 8 March 2023 to

audit the financial statements for the

year ended 31 December 2023 and

subsequent financial periods.

Theperiod of total uninterrupted

engagement is 2 years, covering

theyears ended 31 December 2023

to31 December 2024.

Other matter

The company is required by the

Financial Conduct Authority Disclosure

Guidance and Transparency Rules to

include these financial statements in

an annual financial report prepared

under the structured digital format

required by DTR 4.1.15R – 4.1.18R and

filed on the National Storage

Mechanism of the Financial Conduct

Authority. This auditors’ report

provides no assurance over whether

the structured digital format annual

financial report has been prepared in

accordance with those requirements.

Christopher Burns (Senior

Statutory Auditor)

for and on behalf of

PricewaterhouseCoopers LLP

Chartered Accountants and Statutory

Auditors

London

13 March 2025

Informa Annual Report and Accounts 2024

144

Financial Statements

Independent auditors’ report to the members of Informa PLC

continued

![](data:image/jpeg;base64,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)

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Adjusted | Adjusting | Statutory | Adjusted | Adjusting | Statutory |
|  |  | results | items | results | results | items | results |
|  |  | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
|  | Notes | £m | £m | £m | £m | £m | £m |
| Revenue | 4 | 3,553.1 | – | 3,553.1 | 3,189.6 | – | 3,189.6 |
| Net operating expenses | 6 | (2,560.9) | (480.2) | (3,041.1) | (2,341.6) | (432.1) | (2,773.7) |
| Other operating income | 6 | – | 29.5 | 29.5 | – | 87.6 | 87.6 |
| Operating profit/(loss) before joint ventures and  associates |  | 992.2 | (450.7) | 541.5 | 848.0 | (344.5) | 503.5 |
| Share of results of joint ventures and associates | 19 | 2.8 | (1.5) | 1.3 | 5.8 | (1.5) | 4.3 |
| Operating profit/(loss) |  | 995.0 | (452.2) | 542.8 | 853.8 | (346.0) | 507.8 |
| Fair value (loss)/gain on investments | 19 | – | (9.2) | (9.2) | – | 1.3 | 1.3 |
| (Loss)/profit on disposal of subsidiaries and operations |  | – | (24.1) | (24.1) | – | 3.0 | 3.0 |
| Finance income | 10 | 12.9 | – | 12.9 | 47.4 | – | 47.4 |
| Finance costs | 11 | (92.5) | (22.6) | (115.1) | (66.6) | (0.8) | (67.4) |
| Profit/(loss) before tax |  | 915.4 | (508.1) | 407.3 | 834.6 | (342.5) | 492.1 |
| Tax (charge)/credit | 12 | (178.2) | 137.3 | (40.9) | (156.4) | 127.0 | (29.4) |
| Profit/(loss) for the year |  | 737.2 | (370.8) | 366.4 | 678.2 | (215.5) | 462.7 |
| Attributable to: |  |  |  |  |  |  |  |
| – Equity holders of the company | 14 | 673.3 | (375.6) | 297.7 | 635.1 | (216.1) | 419.0 |
| – Non-controlling interests | 38 | 63.9 | 4.8 | 68.7 | 43.1 | 0.6 | 43.7 |
| Earnings per share |  |  |  |  |  |  |  |
| – Basic (p) | 14 | 50.4 |  | 22.3 | 45.6 |  | 30.1 |
| – Diluted (p) | 14 | 50.1 |  | 22.2 | 45.3 |  | 29.9 |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

145

Consolidated Income Statement

for the year ended 31 December 2024

![](data:image/jpeg;base64,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)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Notes | £m | £m |
| Profit for the year |  | 366.4 | 462.7 |
| Items that will not be reclassified subsequently to profit or loss: |  |  |  |
| Remeasurement of the net retirement benefit pension obligation | 35 | (1.0) | (11.8) |
| Total items that will not be reclassified subsequently to profit or loss |  | (1.0) | (11.8) |
| Items that may be reclassified subsequently to profit or loss: |  |  |  |
| Exchange gain/(loss) on translation of foreign operations |  | 94.6 | (351.5) |
| Exchange loss arising on disposal of foreign operations | 20 | (17.3) | – |
| Exchange gain on the deconsolidation of former subsidiaries | 19 | 3.9 | – |
| Net investment hedges: |  |  |  |
| (Loss)/gain on net investment hedges |  | (80.3) | 99.9 |
| Cash flow hedges: |  |  |  |
| Fair value loss arising on hedging instruments |  | (49.3) | (28.2) |
| Less: gain reclassified to profit or loss |  | 62.5 | 34.2 |
| Movement in cost of hedging reserve |  | (1.2) | (6.7) |
| Tax charge relating to items that may be reclassified subsequently to profit or loss |  | (4.4) | (1.2) |
| Total items that may be reclassified subsequently to profit or loss |  | 8.5 | (253.5) |
| Other comprehensive income/(expense) for the year |  | 7.5 | (265.3) |
| Total comprehensive income for the year |  | 373.9 | 197.4 |
| Total comprehensive income attributable to: |  |  |  |
| – Equity holders of the company |  | 302.2 | 155.4 |
| – Non-controlling interests |  | 71.7 | 42.0 |
|  |  | 373.9 | 197.4 |

Informa Annual Report and Accounts 2024

146

Financial Statements

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2024

![](data:image/jpeg;base64,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)

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Share |  |  |  |  | Non- |  |
|  | Share | premium | Translation | Other | Retained |  | controlling | Total |
|  | capital  1 | account | reserve | reserves  2 | earnings | Total  3 | interests | equity |
|  | £m | £m | £m | £m | £m | £m | £m | £m |
| At 1 January 2023 | 1.4 | 1,878.6 | 175.5 | 1,928.2 | 3,168.4 | 7,152.1 | 314.2 | 7,466.3 |
| Profit for the year | – | – | – | – | 419.0 | 419.0 | 43.7 | 462.7 |
| Exchange loss on translation of foreign operations | – | – | (349.8) | – | – | (349.8) | (1.7) | (351.5) |
| Gain/(loss) arising on net investment and cash |  |  |  |  |  |  |  |  |
| flow hedges | – | – | 99.9 | (0.7) | – | 99.2 | – | 99.2 |
| Actuarial loss on defined benefit |  |  |  |  |  |  |  |  |
| pensionschemes | – | – | – | – | (11.8) | (11.8) | – | (11.8) |
| Tax relating to components of other  comprehensive income | – | – | (1.2) | – | – | (1.2) | – | (1.2) |
| Total comprehensive income for the year | – | – | (251.1) | (0.7) | 407.2 | 155.4 | 42.0 | 197.4 |
| Dividends to shareholders | – | – | – | – | (176.6) | (176.6) | – | (176.6) |
| Dividends to non-controlling interests | – | – | – | – | – | – | (16.0) | (16.0) |
| Share award expense | – | – | – | 19.6 | – | 19.6 | – | 19.6 |
| Issue of share capital | 0.1 | – | – | 173.7 | – | 173.8 | – | 173.8 |
| Shares for Trust purchase | – | – | – | (4.8) | – | (4.8) | – | (4.8) |
| Transfer of vested LTIPs | – | – | – | (11.1) | 11.1 | – | – | – |
| Share buyback  5 | (0.1) | – | – | (15.8) | (548.3) | (564.2) | – | (564.2) |
| Acquisition of non-controlling interests | – | – | – | – | – | – | 92.3 | 92.3 |
| Transactions with non-controlling interests | – | – | – | – | (8.3) | (8.3) | 3.6 | (4.7) |
| Remeasurement of put call options | – | – | – | 1.5 | – | 1.5 | – | 1.5 |
| At 31 December 2023 | 1.4 | 1,878.6 | (75.6) | 2,090.6 | 2,853.5 | 6,748.5 | 436.1 | 7,184.6 |
| Profit for the year | – | – | – | – | 297.7 | 297.7 | 68.7 | 366.4 |
| Exchange gain on translation of  foreignoperations | – | – | 91.6 | – | – | 91.6 | 3.0 | 94.6 |
| (Loss)/gain arising on net investment and cash |  |  |  |  |  |  |  |  |
| flow hedges | – | – | (80.3) | 12.0 | – | (68.3) | – | (68.3) |
| Foreign exchange recycling of disposed entities | – | – | (17.3) | – | – | (17.3) | – | (17.3) |
| Exchange gain on the deconsolidation of  formersubsidiaries  4 | – | – | 3.9 | – | – | 3.9 | – | 3.9 |
| Actuarial loss on defined benefit |  |  |  |  |  |  |  |  |
| pensionschemes | – | – | – | – | (1.0) | (1.0) | – | (1.0) |
| Tax relating to components of other  comprehensive income | – | – | (4.4) | – | – | (4.4) | – | (4.4) |
| Total comprehensive income for the year | – | – | (6.5) | 12.0 | 296.7 | 302.2 | 71.7 | 373.9 |
| Dividends to shareholders | – | – | – | – | (248.2) | (248.2) | – | (248.2) |
| Dividends to non-controlling interests | – | – | – | – | – | – | (31.4) | (31.4) |
| Share award expense | – | – | – | 20.6 | – | 20.6 | – | 20.6 |
| Issue of share capital | – | – | – | 37.5 | – | 37.5 | – | 37.5 |
| Shares for Trust purchase | – | – | – | (5.4) | – | (5.4) | – | (5.4) |
| Transfer of vested LTIPs | – | – | – | (12.9) | 12.9 | – | – | – |
| Share buyback  5 | (0.1) | – | – | 90.9 | (424.2) | (333.4) | – | (333.4) |
| Deconsolidation of former subsidiaries  4 | – | – | – | – | 8.3 | 8.3 | (41.4) | (33.1) |
| Transfer to realised profit  6 | – | – | – | (4.0) | 4.0 | – | – | – |
| Disposal of non-controlling interests  7 | – | – | – | – | (0.8) | (0.8) | (121.8) | (122.6) |
| Acquisition of non-controlling interests  8 | – | – | – | – | (41.7) | (41.7) | 518.9 | 477.2 |
| Transactions with non-controlling interests | – | – | – | (0.6) | – | (0.6) | 2.2 | 1.6 |
| Remeasurement of put call options | – | – | – | (1.8) | – | (1.8) | – | (1.8) |
| At 31 December 2024 | 1.3 | 1,878.6 | (82.1) | 2,226.9 | 2,460.5 | 6,485.2 | 834.3 | 7,319.5 |

1  See Note 36

2  See Note 37

3  Total attributable to equity holders of the company

4  See Note 38

5  £4 24 . 2m (2023: £5 4 8 . 3m) of shares have been bought back during the period. The maximum liability for share buybacks with Informa’s broker

through to the conclusion of the company’s close period as at 31 December 2024 is nil (2023: £9 0.9m), given that the Group’s share buyback

programme was paused in 2024

6  Relates to the IFRS 2 reserve for the Management Incentive Plan (MIP) transferred to realised profit as part of the Curinos disposal (Note 9)

7  See Note 20

8  The acquisition of non-controlling interests includes £518.6m relating to the TechTarget acquisition (Note 17)

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

147

Consolidated Statement of Changes in Equity

for the year ended 31 December 2024

![](data:image/jpeg;base64,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)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Notes | £m | £m |
| Non-current assets |  |  |  |
| Goodwill | 15 | 7,787.0 | 6,629.8 |
| Other intangible assets | 16 | 3,810.9 | 3,140.9 |
| Property and equipment | 18 | 75.0 | 60.8 |
| Right-of-use assets | 39 | 209.4 | 211.1 |
| Investments in joint ventures and associates | 19 | 92.7 | 58.8 |
| Other investments | 19 | 186.5 | 260.8 |
| Deferred tax assets | 21 | 85.7 | 17.6 |
| Retirement benefit surplus | 35 | 48.5 | 48.1 |
| Finance lease receivables | 39 | 8.8 | 8.2 |
| Other receivables | 22 | 51.2 | 32.6 |
|  |  | 12,355.7 | 10,468.7 |
| Current assets |  |  |  |
| Inventory | 24 | 43.0 | 36.2 |
| Trade and other receivables | 22 | 717.0 | 546.9 |
| Current tax asset | 12 | 25.9 | 80.2 |
| Cash and cash equivalents | 27 | 484.3 | 389.3 |
| Investments | 28 | 61.8 | – |
| Finance lease receivables | 39 | 2.9 | 2.3 |
| Derivative financial instruments | 23 | 0.1 | 0.6 |
|  |  | 1,335.0 | 1,055.5 |
| Total assets |  | 13,690.7 | 11,524.2 |
| Current liabilities |  |  |  |
| Borrowings | 29 | (909.3) | – |
| Lease liabilities | 39 | (34.4) | (28.4) |
| Current tax liabilities | 12 | (128.5) | (85.6) |
| Provisions | 30 | (26.8) | (38.1) |
| Contingent consideration and put call options | 31 | (31.4) | (28.6) |
| Trade and other payables | 32 | (687.9) | (635.7) |
| Deferred income | 32 | (1,166.6) | (972.8) |
| Derivative financial instruments | 23 | (76.4) | – |
|  |  | (3,061.3) | (1,789.2) |
| Non-current liabilities |  |  |  |
| Borrowings | 29 | (2,298.3) | (1,514.5) |
| Lease liabilities | 39 | (243.7) | (235.4) |
| Derivative financial instruments | 23 | (127.8) | (77.9) |
| Deferred tax liabilities | 21 | (593.4) | (540.9) |
| Retirement benefit obligation | 35 | (5.8) | (6.4) |
| Provisions | 30 | (15.3) | (33.5) |
| Contingent consideration and put call options | 31 | (14.9) | (109.3) |
| Trade and other payables | 32 | (5.4) | (24.9) |
| Deferred income | 32 | (5.3) | (7.6) |
|  |  | (3,309.9) | (2,550.4) |
| Total liabilities |  | (6,371.2) | (4,339.6) |
| Net assets |  | 7,319.5 | 7,184.6 |
| Share capital | 36 | 1.3 | 1.4 |
| Share premium | 36 | 1,878.6 | 1,878.6 |
| Translation reserve |  | (82.1) | (75.6) |
| Other reserves | 37 | 2,226.9 | 2,090.6 |
| Retained earnings |  | 2,460.5 | 2,853.5 |
| Equity attributable to equity holders of the Parent Company |  | 6,485.2 | 6,748.5 |
| Non-controlling interest | 38 | 834.3 | 436.1 |
| Total equity |  | 7,319.5 | 7,184.6 |

These Consolidated Financial Statements were approved by the Board of Directors and authorised for issue on 13 March

2025 and signed on its behalf by

Stephen A. Carter  Gareth Wright

Group Chief Executive          Group Finance Director

Informa Annual Report and Accounts 2024

148

Financial Statements

Consolidated Balance Sheet

as at 31 December 2024

![](data:image/jpeg;base64,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)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Notes | £m | £m |
| Operating activities |  |  |  |
| Cash generated by operations | 34 | 1,011.4 | 819.7 |
| Income taxes paid |  | (122.3) | (112.4) |
| Interest paid |  | (87.5) | (87.1) |
| Net cash inflow from operating activities |  | 801.6 | 620.2 |
| Investing activities |  |  |  |
| Interest received |  | 13.3 | 47.9 |
| Dividends received from investments  1 | 19 | 1.4 | 1.4 |
| Purchase of property and equipment | 18 | (30.6) | (27.5) |
| Purchase of intangible software assets | 16 | (51.2) | (55.1) |
| Product development costs additions | 16 | (18.2) | (11.2) |
| Purchase of intangibles related to titles, brands and customer relationships | 16 | (8.2) | (22.8) |
| Acquisition of subsidiaries and operations, net of cash acquired | 17 | (1,450.5) | (596.7) |
| Acquisition of investments | 19 | (6.7) | (4.3) |
| Cash inflow/(outflow) from disposal of subsidiaries and operations |  | 199.2 | (16.0) |
| Finance lease receipts |  | 2.4 | 1.3 |
| Net cash outflow from investing activities |  | (1,349.1) | (683.0) |
| Financing activities |  |  |  |
| Dividends paid to shareholders | 13 | (248.2) | (176.6) |
| Dividends paid to non-controlling interests | 13 | (31.0) | (16.0) |
| Repayment of loans | 26 | (914.5) | (393.9) |
| Repayment of borrowings acquired | 17 | (59.2) | (443.9) |
| Proceeds from borrowings | 26 | 2,379.1 | – |
| Borrowing fees paid |  | (21.8) | (1.2) |
| Loans from other parties |  | 7.9 | – |
| Acquisition of non-controlling interests |  | (14.6) | – |
| Repayment of principal lease liabilities | 39 | (26.7) | (33.8) |
| Settlement of derivative liability associated with borrowings |  | – | (8.2) |
| Cash outflow from share buyback | 36 | (428.2) | (548.0) |
| Cash outflow from purchase of shares for Employee Share Trust | 37 | (5.4) | (4.8) |
| Net cash inflow/(outflow) from financing activities |  | 637.4 | (1,626.4) |
| Net increase/(decrease) in cash and cash equivalents |  | 89.9 | (1,689.2) |
| Effect of foreign exchange rate changes |  | 5.1 | (47.3) |
| Cash and cash equivalents at beginning of the year | 27 | 389.3 | 2,125.8 |
| Cash and cash equivalents at end of the year | 27 | 484.3 | 389.3 |

1  There was no cash impact of the dividends related to the deconsolidation of former subsidiaries (£1.7m). See Note 19

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

149

Consolidated Cash Flow Statement

for the year ended 31 December 2024

![](data:image/jpeg;base64,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)

1. General information

Informa PLC (the company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006

and is listed on the London Stock Exchange. The company is a public company limited by shares and is registered in England

and Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG.

The Consolidated Financial Statements as at 31 December 2024 and for the year then ended comprise those of the company,

its subsidiaries and its interests in joint ventures and associates (together referred to as the Group).

The nature of the Group’s operations and its principal activities are set out in the Strategic Report on pages 2 to 79.

These Consolidated Financial Statements are presented in pounds sterling (GBP), which is the currency of the primary

economic environment in which the Group operates and the functional currency of the Parent Company, Informa PLC.

Foreign operations are included in accordance with the policies set out in Note 2.

2. Material accounting policies

Basis of accounting

The Consolidated Financial Statements have been prepared in accordance with the UK-adopted International Accounting

Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

Going concern

To complete the going concern assessment, the Directors have modelled a base case with sensitivities and a reverse stress

test for the period to June 2026. In modelling the base case, the Directors have assumed Group financial performance is

consistent with the guidance given for 2025, followed by similar growth in the first half of 2026.

The reverse stress test shows that the Group can afford to lose 46% of its revenue from 1 April 2025 to the end of June 2026

and maintain positive liquidity headroom. This extremely remote scenario assumes no indirect cost savings and that

customer receipts are refunded with no further receipts collected in the period.

Based on these results, the Directors believe the Group is well placed to manage its financing and other business risks in

a satisfactory way. The Directors have been able to form a reasonable expectation that the Group has adequate resources

to continue in operation for at least 12 months from the signing date of this Annual Report and Accounts and consider it

appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. Further

detail is contained in the Strategic Report on page 71.

The Consolidated Financial Statements have been prepared on the historical cost basis, except for certain financial instruments,

pension assets and investments which are measured at fair value. The principal accounting policies adopted are set out

below, all of which have been consistently applied to all periods presented in the Consolidated Financial Statements.

The Group has taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year

ended 31 December 2024 for UK subsidiaries listed on page 229.

Basis of consolidation

The Consolidated Financial Statements incorporate the accounts of the company and all its subsidiaries. The Group controls

an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability

to affect those returns through its power over the investee. The results of subsidiaries acquired or sold are included in

the Consolidated Financial Statements from the effective date of acquisition or up to the effective date of disposal,

as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to bring their accounting

policies into line with those used by other members of the Group.

All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in

the net assets of consolidated subsidiaries are identified separately from the Group’s equity and consist of the net assets of

those interests at the date of the original business combination plus their share of changes in equity since that date.

Joint ventures are joint arrangements in which the Group has the rights to the net assets through joint control with a third

party. Joint operations arise where there is the contractually agreed sharing of control of an arrangement, which exists only

when decisions about the relevant activities require the unanimous consent of the parties sharing control and where the

joint operators have rights to the assets and obligations for the liabilities relating to the arrangement. Associates are

undertakings over which the Group exercises significant influence, usually from 20–50% of the equity voting rights,

in respect of the financial and operating policies, and is neither a subsidiary nor an interest in a joint venture.

Informa Annual Report and Accounts 2024

150

Financial Statements

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024

![](data:image/jpeg;base64,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)

The Group accounts for its interests in joint ventures and associates using the equity method. Under the equity method,

the investment in the joint venture or associate is initially measured at cost. The carrying amount is adjusted to recognise

changes in the Group’s share of profit or loss of the joint venture or associate since the acquisition date. The Consolidated

Income Statement reflects the Group’s share of the results of operations of the entity. The Consolidated Statement of

Comprehensive Income includes the Group’s share of any other comprehensive income recognised by the joint venture

or associate. Dividend income is recognised when the right to receive the payment is established. Where an associate

or joint venture has net liabilities, full provision is made for the Group’s share of liabilities where there is a constructive

or legal obligation to provide additional funding to the associate or joint venture.

Foreign currencies

Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on

the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are

retranslated at the rates ruling at that date. These translation differences are included in net operating expenses in the

Consolidated Income Statement.

Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing

at the date when the fair value was determined. Where a gain or loss on a non-monetary item is recognised in other

comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income.

When a gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss

is recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are

not retranslated.

The balance sheet of foreign subsidiaries is translated into pounds sterling at the closing rates of exchange. The Consolidated

Income Statement results are translated at an average exchange rate, recalculated for each month at the prior month’s

closing rate.

Foreign exchange differences arising from the translation of opening net investments in foreign subsidiaries at the

closing rate are taken directly to the translation reserve. In addition, foreign exchange differences arising from

retranslation of the foreign subsidiaries’ results from monthly average rate to closing rate are also taken directly to

the Group’s translation reserve.

Where a disposal of a foreign subsidiary occurs, the translation differences are recognised in the Consolidated Income

Statement in the financial year that the disposal occurs.

The translation movements on matched long-term foreign currency borrowings, and derivative financial instruments

qualifying as hedging instruments under IFRS 9 Financial Instruments, are also taken to the translation reserve, to the extent

the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is

included in the finance costs line item. Gains and losses on the hedging instrument accumulated in the translation reserve

are reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group treats specific inter

company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the

foreign entity and translated at the acquisition closing rate. This is then revalued at the year end rate with any foreign

exchange difference taken directly to the translation reserve.

Business combinations

The acquisition of subsidiaries and other asset purchases that are assessed as meeting the definition of a business under

the rules of IFRS 3 Business Combinations are accounted for using the acquisition method. The consideration for each

acquisition is measured at the aggregate of fair values of assets given, liabilities incurred or assumed, and equity instruments

issued by the Group in exchange for control of the acquiree. If the accounting for business combinations involves provisional

amounts, which are finalised in a subsequent reporting period during the 12-month measurement period as permitted

under IFRS 3, restatement of these provisional amounts may be required in the subsequent reporting period. Acquisitions

by the Group could be subject to post-acquisition adjustments; therefore, as permitted by IFRS 3, acquisitions have been

accounted for using a provisional accounting basis. Acquisition and integration costs incurred are expensed and included

in adjusting items in the Consolidated Income Statement.

If the business combination is achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity

interest in the acquiree is remeasured to fair value at the acquisition date through the Consolidated Income Statement.

If the business combination is achieved with less than 100% control, NCI is valued at fair value within equity.

Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.

Subsequent changes to the fair value of the contingent consideration, which is classified as a financial liability that is

within the scope of IFRS 9, will be recognised in the Consolidated Income Statement.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

151

![](data:image/jpeg;base64,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)

2. Material accounting policies continued

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount

recognised for non-controlling interests over the net identifiable assets acquired and liabilities assumed. If this consideration

is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the Consolidated

Income Statement. The Group recognises any non-controlling interest at the proportionate share of the acquiree’s

identifiable net assets.

Disposals

At the date of a disposal, or loss of control, joint control or significant influence over a subsidiary, joint venture or associate,

the Group derecognises the assets and liabilities of the entity, with the carrying amount of any non-controlling interest and

any cumulative translation differences recorded in equity. The fair value of consideration including the fair value of any

investment retained is recognised. The consequent profit or loss on disposal that is not disclosed as a discontinued

operation is recognised in the Consolidated Income Statement within the ‘profit or loss on disposal of subsidiaries and

operations’ line.

Revenue

IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step model to be applied to all

sales contracts. It is based on the transfer of control of goods and services to customers and requires the identification

and assessment of the satisfaction/delivery of each performance obligation in a contract to recognise revenue.

Where separate performance obligations are identified in a single contract, total revenue is allocated on the basis of

relative stand-alone selling prices to each performance obligation, or management’s best estimate of relative value where

stand-alone selling prices do not exist.

Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and

services provided in the normal course of business, net of discounts, VAT and other sales-related taxes, and provisions for returns

and cancellations. Revenue for each category type of revenue is typically fixed at the date of the order and is not variable.

Payments received in advance of the satisfaction of a performance obligation are held as deferred income until the point

at which the performance obligation is satisfied. Aside from an immaterial amount which is separately disclosed on the

face of the Consolidated Balance Sheet under non-current liabilities and relates to payment in advance received for biennial

and triennial events and exhibitions, deferred income balances included in current liabilities at the year end reporting date

will be recognised as revenue within 12 months. Therefore, the aggregate amount of the transaction price in respect of

performance obligations that are unsatisfied at the year end reporting date is the deferred income balance which will be

satisfied within one year.

|  |  |  |  |
| --- | --- | --- | --- |
| Revenue type | Performance obligations | Revenue recognition accounting policy | Timing of customer payments |
| Exhibitor and | Provision of services associated | Performance obligations are | Payments for events are normally received |
| related services | with exhibition and conference | satisfied at the point of time that | in advance of the event dates, which are |
|  | events, including virtual events. | services are provided to the customer | typically up to 12 months in advance of the |
|  |  | with revenue recognised when the | event date and are held as deferred income |
|  |  | event has taken place. | until the event date. |
| Subscriptions | Provision of journals and online | Performance obligations are | Subscription payments are normally |
|  | information services that are | satisfied both at a point in time, | received in advance of the commencement |
|  | provided on a periodic basis | with revenue recognised at that | of the subscription period, which is typically |
|  | or updated on a real-time basis. | point, and over time, with revenue | a 12-month period, and are initially held |
|  |  | recognised straight-line over the | as deferred income and released over the |
|  |  | period of the subscription. | subscription period. |
| Transactional sales | Provision of exhibition | Performance obligations are | Payments by attendees are normally |
|  | or conference events, including | satisfied at the point of time that | received either in advance of the event |
|  | one-off archive data access. | the event is held, with attendee | date and are held as deferred income |
|  |  | revenue recognised at this date. | until the event date, or at the event. |
| Attendee | Provision of exhibition | Performance obligations are | Payments by attendees are normally |
|  | or conference events. | satisfied at the point of time that | received either in advance of the event |
|  |  | the event is held, with attendee | date and are held as deferred income |
|  |  | revenue recognised at this date. | until the event date, or at the event. |
| Marketing | Provision of advertising | Performance obligations are satisfied | Payments for such services are normally |
| and advertising | and marketing services. | over the period of the advertising | received in advance of the marketing or |
| services |  | subscription or over the period when | advertising period and are held as deferred |
|  |  | the marketing services are provided. | income until the services are provided. |
|  |  | Revenue is recognised on a straight- |  |
|  |  | line basis over the subscription period. |  |
| Sponsorship | Provision of event sponsorship. | Revenue relating to sponsorship | Payments for such services are normally |
|  |  | at events is recognised on a point | received in advance of the sponsorship |
|  |  | of time basis at the event date. | period and are held as deferred income |
|  |  |  | until the services are provided. |

Informa Annual Report and Accounts 2024

152

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Revenue relating to barter transactions is recorded at the fair value of the goods or services received from the customer,

and the timing of recognition is in line with the above. Expenses from barter transactions are also recorded at their fair value

and recognised as incurred. Barter transactions typically involve the trading of show space or conference places in exchange

for services provided at events or media advertising.

There are no material contract assets arising on work performed in order to deliver performance obligations. Where there

are incremental costs of obtaining a contract, the company has elected to apply the practical expedient in IFRS 15 which

permits those costs to be expensed when incurred. See Notes 4 and 5 for further details of revenue by type, business

segment and geographic location.

Pension costs and pension scheme arrangements

Certain Group companies operate defined contribution pension schemes for colleagues. The assets of the schemes are held

separately from the individual companies. The pension charge associated with these schemes represents contributions

payable and is charged as an expense when incurred.

The Group also operates funded defined benefit schemes for colleagues. The cost of providing these benefits is determined

using the Projected Unit Credit Method, with actuarial valuations being carried out at regular intervals. There is no service

cost due to the fact that these schemes are closed to future accruals. Net interest is calculated by applying a discount rate

to the opening net defined benefit liability or asset and is shown in finance costs, and the administration costs are shown

as a component of operating expenses. Actuarial gains and losses are recognised in full in the period in which they occur,

outside of the Consolidated Income Statement and in the Consolidated Statement of Comprehensive Income.

The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the actual deficit or surplus in

the Group’s defined benefit plans under IAS 19. Any surplus resulting from this calculation is limited to the present value

of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Share-based payments

The Group issues equity-settled share-based payment awards to certain colleagues. These are measured at fair value at date

of grant. An expense is recognised to spread the fair value of each award over the vesting period on a straight-line basis, after

allowing for an estimate of awards that will not vest. At each reporting date, the Group revises its estimate of the number of

equity instruments expected to vest. The impact of the revision on the original estimates, if any, is recognised in the Consolidated

Income Statement such that the cumulative expense reflects the revised estimate. Non-market vesting conditions are taken into

account by adjusting the number of awards expected to vest at each reporting date so that the cumulative amount recognised

over the vesting period uses the number of awards that eventually vest. Market vesting conditions are factored into the fair value

of awards at grant date. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market

vesting conditions are satisfied and there is not an adjustment for failure to achieve a market vesting condition.

Own shares are deducted in arriving at total equity and represent the cost of the company’s ordinary shares acquired by the

Employee Share Trust (EST) and ShareMatch in connection with certain Group colleague share schemes.

Interest income

Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective interest rate

applicable. Cash flows from interest income are included as part of investing activities in the Consolidated Cash Flow Statement.

Taxation

The tax expense represents the sum of the current tax payable and deferred tax. Current tax is based on taxable profit for

the year. Taxable profit differs from profit before tax as reported in the Consolidated Income Statement because it excludes

items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable

or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the reporting date.

A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that

the Group will be required to settle that obligation. The provision is the best estimate of the consideration required to settle

the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and

liabilities in the Consolidated Financial Statements and the corresponding tax bases used in the computation of taxable

profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for

all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable

profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not

recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other

assets and liabilities (other than in a business combination) in a transaction that affects neither the tax nor accounting

profit. To the extent that goodwill is tax deductible, where a taxable temporary difference arises from the subsequent

tax-deductible amounts, the associated deferred tax liability is recognised.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

153

![](data:image/jpeg;base64,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)

2. Material accounting policies continued

Deferred tax is calculated for all business combinations in respect of intangible assets and other assets that are part of the

fair value exercise. A deferred tax liability is recognised to the extent that the fair value of the assets for accounting purposes

exceeds the value of those assets for tax purposes and will form part of the associated goodwill on acquisition. Deferred tax

liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except where

the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not

reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer

probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is

calculated at the tax rates that are substantively enacted at the reporting date in relation to the period when the liability

is expected to be settled or the asset is expected to be realised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against

current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends

to settle its current tax assets and liabilities on a net basis.

Current and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that are

recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised

in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial

accounting for a business combination, the tax effect is included in the accounting for the business combination.

The Group is a multinational group with tax liabilities arising in many geographic locations. This inherently leads to

complexity in the Group’s tax structure. Therefore, the calculation of the Group’s current tax liabilities and tax expense

necessarily involves a degree of estimation and judgement in respect of items whose tax treatment cannot be finally

determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal

process. The resolution of issues is not always within the control of the Group and issues can, and often do, take many years

to resolve.

Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution

of open items. As a result, there can be differences between the tax charge in the Consolidated Income Statement and

tax payments. The final resolution of certain of these items may give rise to profit and loss and/or cash flow variances.

Any difference between expectations and the actual future liability is accounted for in the period identified.

The Group has applied the temporary exception under IAS12 Deferred Tax related to the accounting for deferred taxes

arising from the implementation of the Pillar Two rules.

Goodwill

Goodwill arises from the acquisition of a subsidiary or business and is calculated as the excess of the purchase consideration

over the fair value of identifiable assets and liabilities acquired at the date of acquisition. Goodwill also includes amounts

corresponding to deferred tax liabilities recognised in respect of acquired intangible assets. It is recognised as an asset at

cost, assessed for impairment at least annually and subsequently measured at cost less any accumulated impairment losses.

Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed.

On disposal of a subsidiary or business, the attributable goodwill is included in the determination of the profit or loss

on disposal. Fair value measurements are based on provisional estimates and may be subject to amendment within

one year of the acquisition in line with IFRS 3 Business Combinations, resulting in an adjustment to goodwill.

Goodwill is tested for impairment annually, or more frequently when there is an indication that it may be impaired, at the

segment level. This represents an aggregation of the cash generating units (CGUs) and reflects the level at which goodwill

is monitored in the business. At each reporting date, the Group reviews the composition of its CGUs to reflect the impact

of changes to cash inflows associated with reorganisations of its management and reporting structure.

Where an impairment test is performed, the carrying value is compared with the recoverable amount which is the higher

of the value in use and the fair value less costs of disposal. Value in use is the present value of future cash flows and is

calculated using a discounted cash flow analysis based on the cash flows of the CGU compared with the carrying value of

that CGU, including goodwill. The Group estimates the discount rates as the risk-adjusted cost of capital for the particular

CGU. Fair value less costs of disposal is the amount that a market participant would pay for the asset or CGU less the costs of

disposal and uses an income-based approach calculated using a discounted cash flow analysis based on the cash flows of

the CGU on a post-tax basis. If the recoverable amount of the CGU or group of CGUs is less than the carrying amount of the

unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to

the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

In undertaking the impairment testing at 31 December 2024, management considered its view on the likely outcome from

potential climate change scenarios, and after taking account of the materiality of the expected impact, did not view there

to be any adjustment needed to the cash flow forecasts or long-term growth rates used in the testing.

Informa Annual Report and Accounts 2024

154

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Intangible assets

Intangible assets are initially measured at cost. For intangible assets acquired in business combinations, cost is

calculated based on the Group’s valuation methodologies. These assets are amortised over their estimated useful lives

on a straight-line basis, as follows:

Book lists  20 years

1

Journal titles  20 years

1

Brands and trademarks  5–30 years

Customer relationship databases        5–30 years

Intellectual property  5–30 years

Software  3–10 years

Product development  3–7 years

1  Or licence period if shorter

Software which is not integral to a related item of hardware is included in intangible assets. Capitalised internal-use

software costs include external direct costs of materials and services consumed in developing or obtaining the software,

and payroll and other direct costs for colleagues who devote substantial time to the project. Capitalisation of these costs

ceases when the project is substantially complete and available for use. These costs are amortised on a straight-line basis

over their expected useful lives.

Product development expenditure is capitalised as an intangible asset only if all capitalisation criteria are met, with all

research costs and other development expenditure being expensed when incurred. The capitalisation criteria are as follows:

•  An asset is created that can be separately identified, and which the Group intends to use or sell

•  It is technically feasible to complete the development of the asset for use or sale

•  It is probable that the asset will generate future economic benefit

•  The development cost of the asset can be measured reliably

Software and product development expenditure that is part of a Software-as-a-Service (SaaS) arrangement that conveys

to the Group only the right to receive access to the supplier’s application software in the future is a service contract and is

not shown as an intangible asset. Similarly, the costs of configuring or customising the supplier’s application software in

an SaaS arrangement that is determined to be a service contract is not shown as an intangible asset with such costs being

expensed as incurred, with the exception being if the spend resulted in an ‘identifiable’ asset that meets the recognition

criteria in IAS 38 Intangible Assets.

The expected useful lives of intangible assets are reviewed annually. The Group does not have any intangible assets with

indefinite useful lives (excluding goodwill).

Property and equipment

Property and equipment is recorded at cost less accumulated depreciation and provision for impairment. Depreciation is

provided to write off the cost less the estimated residual value of property and equipment on a straight-line basis over the

estimated useful lives of the assets.

Freehold land is not depreciated. The rates of depreciation on other assets are as follows:

Freehold buildings  50 years

Leasehold land and buildings including right-of-use assets  Shorter of useful economic life or life of the lease

Equipment, fixtures and fittings        2–5 years

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sale

proceeds and the carrying amount of the asset and is recognised in the Consolidated Income Statement.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

155

![](data:image/jpeg;base64,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)

2. Material accounting policies continued

Leases

The Group as lessee

The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-

use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for

short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets (such as tablets

and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease

payments directly in the Consolidated Income Statement as expenses.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement

date, using the discount rate implicit within the lease. Where a discount rate is not implicit in the lease, an incremental

borrowing rate reflecting the risk profile of the underlying asset and the term of the lease length is calculated. The lease

liability is presented as a separate line in the Consolidated Balance Sheet. The lease liability is subsequently measured

by increasing the carrying amount to reflect interest on the lease liability (using the discount rate used at commencement)

and by reducing the carrying amount to reflect the lease payments made.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

•  A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease

liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using

a revised discount rate at the effective date of the modification.

•  The lease payments change due to changes in an index, rate or expected payments, in which case the lease liability is

remeasured by discounting the revised lease payments using an unchanged discount rate at the effective date of the

modification. If the change in lease payments arises from a change in floating interest rates, then a revised discount rate is used.

Right-of-use assets comprise the initial measurement of the corresponding lease liability and any lease payments made at

or before the commencement date, less any lease incentives received and vacant property provisions. They are subsequently

measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the

expected lease term of the underlying asset. The depreciation starts at the commencement date of the lease. Right-of-use

assets are presented as a separate line in the Consolidated Balance Sheet. The Group applies IAS 36 to assess whether a

right-of-use asset is impaired and accounts for any identified impairment loss against the right-of-use asset.

IFRS 16 requires certain judgements and estimates to be made. The most significant of these relate to the discount rates used and

the term of the lease. However, these are not considered a critical accounting judgement or key source of estimation uncertainty.

Discount rates are calculated on a lease-by-lease basis. For most leases, the rate used is a portfolio rate, based on estimates

of incremental borrowing costs. The portfolio of rates depends on the territory of the relevant lease, hence the currency

used, and the weighted average lease term. As a result, reflecting the breadth of the Group’s lease portfolio, a level of

judgement is required in selecting the most appropriate discount rate. The standard permits the adoption of a portfolio

approach whereby a single group guarantee discount rate can be used for leases of a similar nature; therefore, this practical

expedient has been used where appropriate.

IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a

lease if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to extend

the lease term, the Group makes a judgement as to whether it is reasonably certain that the option will be taken, and an

assumed expiry date is determined. Where there are extension options on specific leases and the assumed expiry date is

determined to have changed, the lease term is reassessed. This reassessment of the remaining life of the lease could result

in a recalculation of the lease liability and the right-of-use asset and potentially result in a material adjustment to the

associated balances of depreciation and lease interest.

The Group as lessor

Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer

substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases

are classified as operating leases.

When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts.

The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

Rental income from operating leases is recognised directly in the Consolidated Income Statement. The Group acts as a

lessor only when office properties leased by the Group have been vacated and subsequently sublet to third parties.

Amounts due from lessees under finance leases are recognised as finance lease receivables at the amount of the Group’s

present value of the lease receipts. The finance lease receivable is subsequently measured by increasing the carrying

amount to reflect interest on the finance lease receivable (using the discount rate used at commencement) and by

reducing the carrying amount to reflect the lease payments received.

Informa Annual Report and Accounts 2024

156

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Impairment of tangible and intangible assets

At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether

there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable

amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where the asset does not

generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to

which the asset belongs.

The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market

assessments of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have

not been adjusted. Fair value less costs of disposal uses an income-based approach to calculate a value.

If the recoverable amount of an asset, or CGU, is estimated to be less than its carrying amount, the carrying amount of the

asset, or CGU, is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless

the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Other investments

Other investments are entities over which the Group does not have significant influence (typically where the Group holds

less than 20% of the entity’s voting interests). Other investments are classified as assets held at fair value through profit

or loss under IFRS 9, with changes in fair value reported in the Consolidated Income Statement.

Inventory

Inventory is stated at the lower of cost and net realisable value. Cost comprises direct materials and expenses incurred in

bringing the inventory to its present location and condition. Net realisable value represents the estimated selling price less

marketing and distribution costs expected to be incurred. Pre-publication costs are included in inventory, representing costs

incurred in the origination of content prior to publication. These are expensed systematically, reflecting the expected sales

profile over the estimated economic lives of the related products (typically over four years).

Financial assets

Financial assets are recognised in the Group’s Consolidated Balance Sheet when the Group becomes a party to the

contractual provisions of the instrument.

Trade and other receivables

Trade and other receivables without a significant financing component are initially measured at the transaction price and

are subsequently measured at amortised cost using the effective interest rate method, less any impairment. Further details

on the Group’s loss allowance considerations can be found in Note 33(f).

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and balances with banks and similar institutions. Cash equivalents comprise

bank deposits and money market funds, which are readily convertible to known amounts of cash and have a maturity of

three months or less, and are subject to an insignificant risk of changes in value, and there is a reasonable expectation that

these funds will be used for meeting the short-term cash commitments of the Group.

Impairment of financial assets

The Group recognises lifetime expected credit losses (ECL) for trade receivables and lease receivables. The ECL on these

financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific

to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of

conditions at the reporting date, including time value of money where appropriate. The carrying amount is reduced by the

ECL through the use of a provision account. When a trade receivable is considered uncollectible, it is written off against the

provision account.

Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying

amount of the provision are recognised in the Consolidated Income Statement.

For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit

risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since

initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life

of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from

default events on a financial instrument that are possible within 12 months after the reporting date.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

157

![](data:image/jpeg;base64,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)

2. Material accounting policies continued

Financial liabilities and equity instruments issued by the Group

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its

liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

Borrowings

Interest-bearing loans are recorded at the proceeds received, net of direct issue costs and stated at amortised cost using the

effective interest rate method. The amortised cost calculation is revised when necessary to reflect changes in the expected cash

flows and the expected life of the borrowings, including the effects of the exercise of any prepayment, call or similar options.

Any resulting adjustment to the carrying amount of the borrowings is recognised as finance costs in the Consolidated Income

Statement. Cash flows relating to finance costs are included in operating activities in the Consolidated Cash Flow Statement.

Net debt

Net debt consists of cash and cash equivalents and includes bank overdrafts, borrowings, derivatives associated with debt

instruments, finance leases, lease liabilities, deferred borrowing fees and other loan receivables or loan payables, excluding

in either case fair value through profit or loss items and amounts in escrow, where these are interest-bearing and do not

relate to deferred consideration arrangements for acquisitions or disposals.

Debt issue costs

Debt issue costs, including premium payable on settlement or redemption, are accounted for on an accrual basis in the

Consolidated Income Statement using the effective interest rate method. These costs are added to the carrying amount

of the instrument to the extent that they are not settled in the period in which they arise.

Trade and other payables

Trade payables and other payables are initially measured at fair value, and are subsequently measured at amortised cost,

using the effective interest rate method.

Other financial liabilities

Other financial liabilities are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently

measured at amortised cost using the effective interest rate method, as set out above, with interest expense recognised on an

effective yield basis.

Derivative financial instruments and hedge accounting

The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest

rates. The derivative instruments utilised by the Group to hedge these exposures are cross currency interest rate swaps.

The Group does not use derivative contracts for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently

remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately

unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in

profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a

financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset

in the Consolidated Financial Statements unless the Group has both a legally enforceable right and intention to offset.

The Group designates certain derivatives as either:

•  Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction

(cash flow hedge)

•  Hedges of a net investment in a foreign operation (net investment hedge)

•  Hedges of changes in the fair value of a recognised asset or liability or unrecognised firm commitment (fair value hedge)

The Group designates and documents at the inception of the transaction the relationship between hedging instruments

and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions.

Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument

is expected to be or has been highly effective in offsetting changes in cash flows, net investment assets or fair values of the

hedged item attributable to the hedged risk. This will occur when the hedging relationship meets all of the following hedge

effectiveness requirements:

•  There is an economic relationship between the hedged item and the hedging instrument

Informa Annual Report and Accounts 2024

158

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

•  The effect of credit risk does not dominate the value changes that result from that economic relationship

•  The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the

Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity

of hedged item

If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management

objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship

(i.e. rebalances the hedge) so that the adjusted relationship meets the qualifying criteria once again.

The Group elects to exclude foreign currency basis from the designation of the financial instrument, applying the cost of

hedging approach. The amounts accumulated in the cost of hedging reserve are reclassified to profit or loss in line with the

aligned hedged item.

Cash flow hedges

Changes in the fair value of derivative financial instruments that are designated, and effective, cash flow hedges of forecast

transactions are recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve,

limited to the cumulative change in the fair value of the hedged item from inception of the hedge. The gain or loss relating

to the ineffective portion is recognised immediately in profit or loss.

The cumulative amount recognised in other comprehensive income and accumulated in equity is reclassified into the

Consolidated Income Statement out of other comprehensive income in the same period the hedged item is recognised

in profit or loss.

Hedges of net investment in foreign operations

Hedges of net investment in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the

hedging instrument in relation to the effective portion of the hedge is recognised in other comprehensive income and

accumulated in the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised

immediately in the Consolidated Income Statement. Gains and losses on the hedging instrument relating to the effective

portion of the hedge accumulated in the foreign currency translation reserve are reclassified to profit or loss when the

hedged item is disposed of.

Fair value hedges

The Group has designated fair value hedges of certain fixed rate debt instruments where the derivatives used as hedging

instruments result in the Group paying a floating rate of interest. Changes in the fair value of derivatives that are designated

and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged debt

that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps hedging fixed

rate borrowings is recognised in profit or loss within finance costs, together with changes in the fair value of the hedged fixed

rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognised in profit or loss.

Discontinuation of hedge accounting

Hedge accounting is discontinued when the hedge instrument expires or is sold, terminated or exercised, or no longer

qualifies for hedge accounting; the discontinuation is accounted for prospectively. At that time, any cumulative gain or

loss on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged

transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the

Consolidated Income Statement in the period.

A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is

more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented

as current assets or current liabilities. Further details of derivative financial instruments are disclosed in Notes 23 and 33.

Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is

probable that the Group will be required to settle that obligation. Provisions are measured at management’s best estimate

of the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the

effect is material. Any difference between the amounts previously recognised and the current estimates is recognised

immediately in the Consolidated Income Statement.

Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring that has been

communicated to the affected parties. Acquisition and integration provisions are recognised when there is a commitment

to settle an obligation relating to expenditure incurred on acquisition-related items or integration items of spend that relate

to an acquisition. Onerous contract provisions are recognised when it is determined that the cost to fulfil the contract is

higher than the economic benefit to be obtained from it.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

159

![](data:image/jpeg;base64,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)

2. Material accounting policies continued

Alternative performance measures

In addition to the statutory results, adjusted results are prepared for the Consolidated Income Statement, including

adjusted  operating profit and adjusted diluted earnings per share, as the Board considers these non-GAAP measures to

be a useful and alternative way to measure the Group’s performance in a way that is comparable to the prior year. See the

Glossary of terms: alternative performance measures on page 231 for definitions of non-GAAP measures, which includes

adjusted measures shown in Notes 7 and 14.

Adoption of new and revised International Financial Reporting Standards (IFRSs)

Standards and interpretations adopted in the current year

The following new standards and interpretations have been adopted in the current year, effective as of 1 January 2024:

•  Amendments to IFRS 16 – Leases on sale and leaseback

•  Amendments to IAS 1 – Non-current liabilities with covenants

•  Amendments to IAS 7 and IFRS 7 – Supplier finance arrangements

The adoption of the above standards and interpretations is not expected to lead to any changes to the Group’s accounting

policies or have any material impact on the financial position or performance of the Group.

All other amendments of IFRSs have not led to any changes to the Group’s accounting policies or had any material impact

on the financial position or performance of the Group. Other amendments and interpretations to IFRSs effective for the

period ended 31 December 2024 have had no impact on the Group.

Standards and interpretations in issue, but not yet effective

At the date of authorisation of these financial statements, the following standards and interpretations which have not been

applied in these Consolidated Financial Statements were in issue but have not yet come into effect:

•  Amendments to IAS 21 – Lack of Exchangeability

The adoption of the above standards and interpretations is not expected to lead to any changes to the company’s accounting

policies or have any material impact on the financial position or performance of the company.

Management also notes the IFRS Interpretations Committee (IFRIC) agenda decision released in the year relating to

disclosures under IFRS 8. IFRIC decisions do not have effective dates and this has not been adopted in the year. The impact

of the agenda decision on disclosures will be considered and reflected as necessary in the 2025 accounts.

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in Note 2, the Directors are required to make

judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other relevant factors. Actual

results may differ from these estimates.

Critical accounting judgements

In addition to the judgement taken by the Group in selecting and applying the accounting policies set out above, the Directors

have made the following judgements concerning the amounts recognised in the Consolidated Financial Statements. There are

no additional critical accounting judgements and key sources of estimation uncertainty relating to climate-related risks.

Identification of adjusting items

The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide additional

useful information on business performance trends to shareholders. The Board considers these non-GAAP measures as an

appropriate way to measure the Group’s performance because it aids comparability to the prior year and to other companies

that treat specific items as adjusting items and given the size of these items and variability from one year to the next.

The terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRS and may not therefore be comparable with

similarly titled measurements reported by other companies. Management is therefore required to exercise its judgement

in appropriately identifying and describing these items. These measures are not intended to be a substitute for, or superior

to, IFRS measurements.

The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory measures and provides

the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis with the prior year.

Informa Annual Report and Accounts 2024

160

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Estimation uncertainty

As at the year ended 31 December 2024, the Group noted two key sources of estimation uncertainty. No reasonably possible

change in assumptions used in the measurement of the retained stake in Pharma Intelligence would give rise to a material

change and, therefore, this is no longer assessed to be a key source of estimation uncertainty at 31 December 2024.

Details of the two key sources of estimation uncertainty are outlined below.

Measurement of retirement benefit obligations

The measurement of the retirement benefit obligation and surplus involves the use of a number of assumptions. The most

significant of these relates to the discount rate and mortality assumptions where reasonable changes to these estimates could

result in a material adjustment to the retirement benefit obligations within the next financial year. The most significant scheme

is the UBM Pension Scheme (UBMPS). Note 35 details the principal assumptions which have been adopted following advice

received from independent actuaries and also provides sensitivity analysis with regard to changes to these assumptions.

Valuation of the acquisition intangible assets

The valuation of the acquisition intangibles relies on management’s estimate of discount rates, royalty rates and attrition

rates for TechTarget and Ascential. A reasonable change to these estimates could cause a material adjustment to the provisional

fair value of these intangibles within the measurement period. Note 17 provides sensitivity analysis for these estimates.

Assumptions used in the goodwill impairment assessment

The construction of the annual goodwill impairment assessment relies on management’s estimate of future cash flows,

discount rates and long-term growth rates to calculate the recoverable amount of each group of CGUs. In line with the

requirements of IAS 1, management has considered the impact of these assumptions on the future as well as at the balance

sheet date. Accordingly, we identify that a reasonably possible change in the discount rate and future cash flow assumptions

could cause a material adjustment to the carrying value of the assets of the Informa TechTarget division, which forms part of

the Group following structural changes effective 1 January 2025. Note 15 provides further details of the sensitivity analysis

conducted.

4. Revenue

An analysis of the Group’s revenue by type is set out below; refer to the accounting policy in Note 2 on revenue for an

explanation of the nature of revenue types, their timing and related expected cash flows, and any uncertainties and

significant payment terms.

Year ended 31 December 2024

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Informa | Informa | Informa | Taylor & |  |  |
|  | Markets | Tech | Connect | Francis | Other  1 | Total |
|  | £m | £m | £m | £m | £m | £m |
| Exhibitor | 1,392.4 | 98.6 | 132.7 | – | 9.5 | 1,633.2 |
| Subscriptions | 38.2 | 54.1 | 150.9 | 368.8 | 9.5 | 621.5 |
| Transactional sales | 6.0 | 28.1 | 43.3 | 327.6 | 19.3 | 424.3 |
| Attendee | 88.6 | 55.6 | 179.3 | – | 30.7 | 354.2 |
| Marketing and advertising services | 95.1 | 114.1 | 38.5 | 1.8 | – | 249.5 |
| Sponsorship | 102.7 | 73.4 | 86.3 | – | 8.0 | 270.4 |
| Total | 1,723.0 | 423.9 | 631.0 | 698.2 | 77.0 | 3,553.1 |

1  Other comprises the results of Ascential and TechTarget, which were acquired during the year ended 31 December 2024 (see Note 17)

Year ended 31 December 2023

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Informa | Informa | Informa | Taylor & |  |  |
|  | Markets | Tech | Connect | Francis | Other  1 | Total |
|  | £m | £m | £m | £m | £m | £m |
| Exhibitor | 1,309.4 | 85.1 | 103.8 | – | – | 1,498.3 |
| Subscriptions | 34.8 | 58.7 | 144.0 | 346.1 | – | 583.6 |
| Transactional sales | 4.3 | 26.5 | 45.6 | 272.0 | – | 348.4 |
| Attendee | 74.8 | 54.4 | 164.8 | – | – | 294.0 |
| Marketing and advertising services | 91.0 | 116.3 | 36.0 | 0.9 | – | 244.2 |
| Sponsorship | 79.0 | 55.7 | 86.4 | – | – | 221.1 |
| Total | 1,593.3 | 396.7 | 580.6 | 619.0 | – | 3,189.6 |

1  Other comprises the results of Ascential and TechTarget, which were acquired during the year ended 31 December 2024 (see Note 17)

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

161

![](data:image/jpeg;base64,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)

5. Business segments

The Group has identified reportable segments based on financial information used by the Directors in allocating resources

and making strategic decisions. We consider the chief operating decision maker to be the Executive Directors.

The Group’s five identified reportable segments under IFRS 8 Operating Segments as described in the Strategic Report are

Informa Markets, Informa Tech, Informa Connect, Taylor & Francis and Other. Other comprises the results of Ascential and

TechTarget, which were acquired during the year (see Note 17). There is no difference between the Group’s operating segments

and the Group’s reportable segments as at year end.

The Group’s identified reportable segments to be presented for the year ended 31 December 2025 and onwards is outlined

in the Strategic Report section from page 3.

Segment revenue and results

The Group’s primary internal income statement performance measures are revenue and adjusted operating profit. A

reconciliation of adjusted operating profit to statutory operating profit and profit before tax is provided below:

Year ended 31 December 2024

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Informa | Informa | Informa | Taylor & |  |  |
|  |  | Markets | Tech | Connect | Francis | Other  1 | Total |
|  | Notes | £m | £m | £m | £m | £m | £m |
| Revenue |  | 1,723.0 | 423.9 | 631.0 | 698.2 | 77.0 | 3,553.1 |
| Adjusted operating profit before joint ventures and  associates  2 |  | 517.2 | 82.2 | 114.4 | 255.7 | 22.7 | 992.2 |
| Share of adjusted results of joint ventures and  associates |  | 2.8 | – | – | – | – | 2.8 |
| Adjusted operating profit |  | 520.0 | 82.2 | 114.4 | 255.7 | 22.7 | 995.0 |
| Intangible asset amortisation  3 | 16 | (173.5) | (37.1) | (54.1) | (31.7) | (13.2) | (309.6) |
| Impairment – acquisition-related and other intangibles | 16 | (11.2) | (0.9) | (0.2) | (16.2) | – | (28.5) |
| Impairment – IFRS 16 right-of-use assets | 7 | (0.4) | (1.5) | (1.8) | (0.3) | (1.0) | (5.0) |
| Acquisition costs | 7 | (5.6) | (0.7) | (3.6) | (1.5) | (54.6) | (66.0) |
| Integration costs | 7 | (10.4) | (17.0) | (12.5) | (1.0) | (1.3) | (42.2) |
| Restructuring and reorganisation costs | 7 | (2.0) | (1.4) | (4.7) | (2.5) | (3.5) | (14.1) |
| Fair value gain on contingent consideration | 7 | 6.2 | 18.7 | 4.6 | – | – | 29.5 |
| Fair value loss on contingent consideration | 7 | (4.4) | – | (11.9) | – | – | (16.3) |
| Operating profit |  | 318.7 | 42.3 | 30.2 | 202.5 | (50.9) | 542.8 |
| Fair value loss on investments | 19 |  |  |  |  |  | (9.2) |
| Loss on disposal of subsidiaries and operations |  |  |  |  |  |  | (24.1) |
| Finance income | 10 |  |  |  |  |  | 12.9 |
| Finance costs | 11 |  |  |  |  |  | (115.1) |
| Profit before tax |  |  |  |  |  |  | 407.3 |

1  Other comprises the results of Ascential and TechTarget, which were acquired during the year ended 31 December 2024 (see Note 17)

2  Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation:

£34.6m for Informa Markets, £24.7m for Informa Connect, £8.8m for Informa Tech, £21.5m for Taylor & Francis and £1.1m for Other

3  Excludes non-acquired intangible product development and software amortisation

Informa Annual Report and Accounts 2024

162

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Year ended 31 December 2023

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Informa | Informa | Informa | Taylor & |  |  |
|  |  | Markets | Tech | Connect | Francis | Other  1 | Total |
|  | Notes | £m | £m | £m | £m | £m | £m |
| Revenue |  | 1,593.3 | 396.7 | 580.6 | 619.0 | – | 3,189.6 |
| Adjusted operating profit before joint ventures |  |  |  |  |  |  |  |
| and associates  2 |  | 454.7 | 72.9 | 102.5 | 217.9 | – | 848.0 |
| Share of adjusted results of joint ventures and associates |  | 5.8 | – | – | – | – | 5.8 |
| Adjusted operating profit |  | 460.5 | 72.9 | 102.5 | 217.9 | – | 853.8 |
| Intangible asset amortisation  3 | 16 | (179.0) | (37.5) | (43.4) | (52.9) | – | (312.8) |
| Impairment – acquisition-related and other intangibles | 16 | (24.5) | (0.3) | (0.3) | – | – | (25.1) |
| Reversal of impairment/(impairment) – IFRS 16 |  |  |  |  |  |  |  |
| right-of-use assets | 7 | 0.1 | (0.3) | 0.8 | – | – | 0.6 |
| Acquisition costs | 7 | (15.7) | (17.0) | (19.7) | (0.9) | – | (53.3) |
| Integration costs | 7 | (8.3) | (2.9) | (8.5) | – | – | (19.7) |
| Restructuring and reorganisation income/(costs) | 7 | 1.8 | 1.1 | (0.5) | (13.4) | – | (11.0) |
| Fair value gain on contingent consideration | 7 | – | 82.4 | 5.2 | – | – | 87.6 |
| Fair value loss on contingent consideration | 7 | (7.3) | – | (4.5) | (0.2) | – | (12.0) |
| Foreign exchange loss on swap settlement | 7 | (2.8) | (0.7) | (1.0) | (1.1) | – | (5.6) |
| Credit in respect of unallocated cash | 7 | 3.3 | 0.8 | 1.2 | – | – | 5.3 |
| Operating profit |  | 228.1 | 98.5 | 31.8 | 149.4 | – | 507.8 |
| Fair value gain on investments |  |  |  |  |  |  | 1.3 |
| Profit on disposal of subsidiaries and operations |  |  |  |  |  |  | 3.0 |
| Finance income | 10 |  |  |  |  |  | 47.4 |
| Finance costs | 11 |  |  |  |  |  | (67.4) |
| Profit before tax |  |  |  |  |  |  | 492.1 |

1  Other comprises the results of Ascential and TechTarget, which were acquired during the year ended 31 December 2024 (see Note 17)

2  Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation:

£33.7m for Informa Markets, £22.1m for Informa Connect, £6.9m for Informa Tech and £18.2m for Taylor & Francis

3  Excludes non-acquired intangible product development and software amortisation

The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note 2.

Adjusted operating results by operating segment is the measure reported to the Directors for the purpose of resource

allocation and assessment of segment performance. Finance costs and finance income are not allocated to segments,

as this type of activity is driven by the central Treasury function, which manages the cash positions of the Group.

Segment assets

|  |  |  |
| --- | --- | --- |
|  | 31 December | 31 December |
|  | 2024 | 2023 |
|  | £m | £m |
| Informa Markets | 6,699.9 | 6,838.7 |
| Informa Connect | 1,343.3 | 1,632.1 |
| Informa Tech | 1,337.6 | 1,368.2 |
| Taylor & Francis | 1,022.2 | 968.5 |
| Ascential | 1,462.9 | – |
| TechTarget | 1,013.4 | – |
| Total segment assets | 12,879.3 | 10,807.5 |
| Unallocated assets | 811.4 | 716.7 |
| Total assets | 13,690.7 | 11,524.2 |

For the purpose of monitoring segment performance and allocating resources between segments, the Group monitors

the non-current tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable

segments except for certain centrally held balances, including cash, some intangible software assets relating to Group

infrastructure, balances receivable from businesses sold and taxation (current and deferred). Assets used jointly by

reportable segments are allocated on the basis of the revenues earned by individual reportable segments.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

163

![](data:image/jpeg;base64,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)

5. Business segments continued

Geographic information

The Group’s revenue by location of customer and information about its segment assets by geographic location are detailed below:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Revenue |  |  | Segment non-current assets  1 |
|  | 2024 | 2023 | 2024 | 2023 |
|  | £m | £m | £m | £m |
| UK | 195.6 | 188.8 | 2,875.2 | 2,278.3 |
| Continental Europe | 405.1 | 355.1 | 1,294.1 | 945.0 |
| North America | 1,752.2 | 1,541.4 | 5,927.1 | 4,927.2 |
| China | 466.3 | 449.0 | 1,717.9 | 1,767.4 |
| Rest of World | 733.9 | 655.3 | 220.7 | 224.3 |
|  | 3,553.1 | 3,189.6 | 12,035.0 | 10,142.2 |

1  Non-current amounts exclude other investments, deferred tax assets and retirement benefit surplus of £320.7m (2023: £326.5m)

No individual customer contributed more than 10% of the Group’s revenue in either 2024 or 2023.

6. Operating expenses and other operating income

Operating profit has been arrived at after charging/(crediting):

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Adjusted | Adjusted | Statutory | Adjusted | Adjusted | Statutory |
|  |  | results | items  1 | results | results | items  1 | results |
|  |  | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
|  | Notes | £m | £m | £m | £m | £m | £m |
| Cost of sales (excluding staff costs, depreciation and  adjusting items) |  | 1,220.9 | – | 1,220.9 | 1,123.7 | – | 1,123.7 |
| Staff costs | 8 | 984.0 | – | 984.0 | 900.6 | – | 900.6 |
| Auditors’ remuneration for audit services |  | 10.1 | – | 10.1 | 6.3 | – | 6.3 |
| Amortisation of other intangible assets | 16 | 46.1 | 309.6 | 355.7 | 41.1 | 312.8 | 353.9 |
| Depreciation – property and equipment | 18 | 17.5 | – | 17.5 | 13.5 | – | 13.5 |
| Depreciation – IFRS 16 right-of-use assets | 39 | 27.1 | – | 27.1 | 26.3 | – | 26.3 |
| Impairment – acquisition-related and other intangibles | 7 | – | 28.5 | 28.5 | – | 25.1 | 25.1 |
| Impairment/(reversal of impairment) – IFRS 16 |  |  |  |  |  |  |  |
| right-of-use assets | 7 | – | 5.0 | 5.0 | – | (0.6) | (0.6) |
| Acquisition costs | 7 | – | 66.0 | 66.0 | – | 53.3 | 53.3 |
| Integration costs | 7 | – | 40.7 | 40.7 | – | 18.2 | 18.2 |
| Restructuring and reorganisation costs | 7 | – | 14.1 | 14.1 | – | 11.0 | 11.0 |
| Fair value gain on contingent consideration | 7 | – | (29.5) | (29.5) | – | (87.6) | (87.6) |
| Fair value loss on contingent consideration | 7 | – | 16.3 | 16.3 | – | 12.0 | 12.0 |
| Net foreign exchange loss | 7 | 5.5 | – | 5.5 | 7.6 | 5.6 | 13.2 |
| Credit in respect of unallocated cash | 7 | – | – | – | – | (5.3) | (5.3) |
| Other operating expenses |  | 249.7 | – | 249.7 | 222.5 | – | 222.5 |
| Total net operating expenses and other operating |  |  |  |  |  |  |  |
| income before share of joint ventures and associates |  | 2,560.9 | 450.7 | 3,011.6 | 2,341.6 | 344.5 | 2,686.1 |

1  Excludes adjusting items relating to joint ventures and associates

Informa Annual Report and Accounts 2024

164

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Amounts payable to the auditors, PricewaterhouseCoopers LLP and its associates by the company and its subsidiary

undertakings are provided below:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Fees payable to the company’s auditors for the audit of the company’s annual financial statements | 4.2 | 5.0 |
| Fees payable to the company’s auditors and its associates for other services to the Group: |  |  |
| Audit of the company’s subsidiaries | 5.9 | 1.3 |
| Total audit fees | 10.1 | 6.3 |
| Fees payable to the company’s auditors for non-audit services comprise: |  |  |
| TechTarget acquisition regulatory filings | 14.0 | – |
| Half-year review | 0.3 | 0.3 |
| Other services | 0.2 | 0.1 |
| Total non-audit fees | 14.5 | 0.4 |

The Audit Committee approves all non-audit services within the company’s policy. The Committee considers that certain

non-audit services should be provided by the external auditors, because its existing knowledge of the business makes this the

most efficient and effective way for those non-audit services to be carried out and does not consider the provision of such

services to impact the independence of the external auditors in accordance with the FRC’s ‘Revised Ethical Standard 2019’.

Fees payable for the audit of the company’s subsidiaries totalled £5.9m in 2024 (2023: £1.3m) primarily due to the acquisition

of TechTarget. As well as increasing the size of the Group, additional fees were incurred for the audit transition of the

TechTarget business to PricewaterhouseCoopers LLP and for the new requirement for the Informa Tech digital businesses

to be audited under US GAAP and PCAOB requirements.

In 2024, the non-audit fees paid to PricewaterhouseCoopers LLP totalled £14.5m (2023: £0.4m), which represented 144%

(2023: 6%) of the 2024 audit fee. The 2024 non-audit fees included £14.0m (2023: nil) relating to regulatory filings associated

with the acquisition of TechTarget, including the audit and review of the historical financial information required by the

Securities and Exchange Commission (SEC), and £0.3m (2023: £0.3m) relating to the half-year review.

A description of the work of the Audit Committee is set out in the Corporate Governance Statement on pages 105 to 114 and

includes an explanation of how auditors objectivity and independence is safeguarded when non-audit services are provided

by the auditors. No services were provided under contingent fee arrangements.

7. Adjusting items

The Board considers certain items should be recognised as adjusting items (see the Glossary of terms: alternative

performance measures on page 231) since, due to their size, nature or infrequency, such presentation is relevant to an

understanding of the Group’s performance. These items do not relate to the Group’s underlying trading and are adjusted

to facilitate a comparative understanding of the Group’s adjusted operating profit measure.

The following charges/(credits) are presented as adjusting items:

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Notes | £m | £m |
| Intangible asset amortisation  1 | 16 | 309.6 | 312.8 |
| Impairment – acquisition-related and other intangible assets | 16 | 28.5 | 25.1 |
| Impairment/(reversal of impairment) – IFRS 16 right-of-use assets | 39 | 5.0 | (0.6) |
| Acquisition costs |  | 66.0 | 53.3 |
| Integration costs |  | 42.2 | 19.7 |
| Restructuring and reorganisation costs |  | 14.1 | 11.0 |
| Fair value gain on contingent consideration | 31 | (29.5) | (87.6) |
| Fair value loss on contingent consideration | 31 | 16.3 | 12.0 |
| Foreign exchange loss on swap settlement |  | – | 5.6 |
| Credit in respect of unallocated cash |  | – | (5.3) |
| Adjusting items in operating profit or loss  2 |  | 452.2 | 346.0 |
| Fair value loss/(gain) on investments |  | 9.2 | (1.3) |
| Loss/(profit) on disposal of subsidiaries and operations |  | 24.1 | (3.0) |
| Finance costs | 11 | 22.6 | 0.8 |
| Adjusting items in profit before tax |  | 508.1 | 342.5 |
| Tax related to adjusting items | 12 | (137.3) | (127.0) |
| Adjusting items in profit for the year |  | 370.8 | 215.5 |

1   Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development

of £46.1m (2023: £41.1m)

2   Includes £1.5m (2023: £1.5m) relating to joint ventures and associates

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

165

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAWxA9UDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAwfFniqx8JaQ17d/PKx2wQKcNK3p7Adz2+pAPz/r/j3xD4hnZri/lggP3be3YpGB7gfe+pzWt8WtXl1HxvPaknyLFFhjXPGSAzHHrk4/AVwle/gsLCFNTkrtnjYvESlNxT0QE5OTRRRXoHEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAb+ieNPEHh+ZHstSmMS9YJWLxEem09PqMH3r33wV4ztPGGmGVFEF5DgXFvuzt9GHqp/+tXzHXVfDnWJNH8c6c6sRFcyC1lUfxK5wM/Rtp/CuHGYWFSDklqjrwuIlCai3oz6Zooor549sKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDjfC/h611Hwlo19dXusyXNzYwTSv8A2zdjc7RqScCXA5J6Vq/8Ilpv/PzrP/g6vP8A47R4K/5EPw7/ANgy2/8ARS1u1TbuJJWML/hEtN/5+dZ/8HV5/wDHaP8AhEtN/wCfnWf/AAdXn/x2t2ilzPuFkfMXxB0z+yfG+o2w80xllkjaWVpGZWUHJZiSe4ySelczX0B8UfA8viOyj1PTo92o2qlTGOs0fXA9xyR9T7V4C6NG7I6lXU4ZWGCD6GvpMHWVWkrbrc8LFUnTqPsxtFFFdRzhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABW54NtJb3xno0EKkt9sjc47KrBmP4AE1hgZOBXuXwp8CT6Qp13VYTHdyptt4XHzRIerH0Y9Mdhn1458VWjSptvfob4ek6lRJHqNFFFfMHvhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCua8SeDfDOth7vVrWKOQD5rpX8ph9T0P45pPG/jG38H6OLhlEt5PlbaEn7xHUn/ZGRn6gd6+ddb8Qap4hvDdandyTvn5VJwiD0VegFd+DwtSp78XyruceKxFOHuNXZ6e3w/8AhtuP/FW456f2lb8f+O0f8K/+G3/Q3f8AlSt//ia8dor1Pq1T/n4zzvbw/kR7F/wr/wCG3/Q3f+VK3/8AiaP+Ff8Aw2/6G7/ypW//AMTXjtFH1ap/z8Ye3h/Ij2L/AIV/8Nv+hu/8qVv/APE0f8K/+G3/AEN3/lSt/wD4mvHaKPq1T/n4w9vD+RHsX/Cv/ht/0N3/AJUrf/4mj/hX/wANv+hu/wDKlb//ABNeO0UfVqn/AD8Ye3h/Ij2L/hX/AMNv+hu/8qVv/wDE0f8ACv8A4bf9Dd/5Urf/AOJrx2ij6tU/5+MPbw/kR7F/wr/4bf8AQ3f+VK3/APiaP+Ff/Db/AKG7/wAqVv8A/E147RR9Wqf8/GHt4fyI9i/4V/8ADb/obv8AypW//wATR/wr/wCG3/Q3f+VK3/8Aia8doo+rVP8An4w9vD+RHsX/AAr/AOG3/Q3f+VK3/wDiaP8AhX/w2/6G7/ypW/8A8TXjtFH1ap/z8Ye3h/Ij2L/hX/w2/wChu/8AKlb/APxNH/Cv/ht/0N3/AJUrf/4mvHaKPq1T/n4w9vD+RHsX/Cv/AIbf9Dd/5Urf/wCJo/4V/wDDb/obv/Klb/8AxNeO0UfVqn/Pxh7eH8iPYv8AhX/w2/6G7/ypW/8A8TR/wr/4bf8AQ3f+VK3/APia8doo+rVP+fjD28P5Eexf8K/+G3/Q3f8AlSt//iaP+Ff/AA2/6G7/AMqVv/8AE147RR9Wqf8APxh7eH8iPYv+Ff8Aw2/6G7/ypW//AMTR/wAK/wDht/0N3/lSt/8A4mvHaKPq1T/n4w9vD+RHsX/Cv/ht/wBDd/5Urf8A+Jo/4V/8Nv8Aobv/ACpW/wD8TXjtFH1ap/z8Ye3h/Ij2L/hX/wANv+hu/wDKlb//ABNH/Cv/AIbf9Dd/5Urf/wCJrx2ij6tU/wCfjD28P5Eexf8ACv8A4bf9Dd/5Urf/AOJo/wCFf/Db/obv/Klb/wDxNeO0UfVqn/Pxh7eH8iPYv+Ff/Db/AKG7/wAqVv8A/E0f8K/+G3/Q3f8AlSt//ia8doo+rVP+fjD28P5Eexf8K/8Aht/0N3/lSt//AImj/hX/AMNv+hu/8qVv/wDE147RR9Wqf8/GHt4fyI9i/wCFf/Db/obv/Klb/wDxNH/Cv/ht/wBDd/5Urf8A+Jrx2ij6tU/5+MPbw/kR7F/wr/4bf9Dd/wCVK3/+Jo/4V/8ADb/obv8AypW//wATXjtFH1ap/wA/GHt4fyI9i/4V/wDDb/obv/Klb/8AxNWrL4WeBtScrYeILm6YdRBewOR+SV4nSqzI6ujFWU5BBwQaHhqttKjGq9PrTR7z/wAKS8N/8/2rf9/Y/wD43R/wpLw3/wA/2rf9/Y//AI3XO/Dz4n3MV5Do/iC4M0EpCQ3ch+aM9AHPcH1PI78dPa68uvUxVGXLKR6FGGHqx5oxPNv+FJeG/wDn+1b/AL+x/wDxuj/hSXhv/n+1b/v7H/8AG69JorH65X/mZr9Wo/ynm3/CkvDf/P8Aat/39j/+N0f8KS8N/wDP9q3/AH9j/wDjdek0UfXK/wDMw+rUf5Tzb/hSXhv/AJ/tW/7+x/8Axuj/AIUl4b/5/tW/7+x//G69Joo+uV/5mH1aj/Kebf8ACkvDf/P9q3/f2P8A+N0f8KS8N/8AP9q3/f2P/wCN16TRR9cr/wAzD6tR/lPNv+FJeG/+f7Vv+/sf/wAbo/4Ul4b/AOf7Vv8Av7H/APG69Joo+uV/5mH1aj/Kebf8KS8N/wDP9q3/AH9j/wDjdH/CkvDf/P8Aat/39j/+N16TRR9cr/zMPq1H+U82/wCFJeG/+f7Vv+/sf/xuj/hSXhv/AJ/tW/7+x/8AxuvSaKPrlf8AmYfVqP8AKebf8KS8N/8AP9q3/f2P/wCN0f8ACkvDf/P9q3/f2P8A+N16TRR9cr/zMPq1H+U82/4Ul4b/AOf7Vv8Av7H/APG6P+FJeG/+f7Vv+/sf/wAbr0mij65X/mYfVqP8p5t/wpLw3/z/AGrf9/Y//jdH/CkvDf8Az/at/wB/Y/8A43XpNFH1yv8AzMPq1H+U82/4Ul4b/wCf7Vv+/sf/AMbo/wCFJeG/+f7Vv+/sf/xuvSaKPrlf+Zh9Wo/ynm3/AApLw3/z/at/39j/APjdH/CkvDf/AD/at/39j/8Ajdek0UfXK/8AMw+rUf5TmNC+H/hvw9MtxZ2Ae5X7s87GRh7jPAPuAK6eiisJzlN3k7msYRirRVgoooqSgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGfOPxV1STUfHl5EzZiswsEYz0wMn/wAeJ/SuKrrvibYvY+P9TDJtSdlnQ/3gyjJ/PI/CuRr6nD29lG3ZHz1e/tJX7hRRRWxkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV9ReBdVk1rwTpd7MSZmi8uRiclmQlCT9dufxr5dr6a+HNjJp3gDSYZhh2iMx+jsXH6MK8zNEvZrvc78vv7R9rHU0UUV4Z64UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDOH+JHgc+LNOS5sgo1S1B8vJAEq9ShPb1B6Zz65Hz1dWlxY3MltdwSQTxnDxyKVYH6Gvr2s7VNB0nW0C6np9vdbRhWkQFl+h6j8K9DC450VySV0cWIwaqvmi7M+TaK+kz8LPBhOf7G/8mpv/i6T/hVngz/oDf8Ak1N/8XXb/alHs/w/zOT+z6vdf18j5tor6S/4VZ4M/wCgN/5NTf8AxdH/AAqzwZ/0Bv8Ayam/+Lo/tSj2f4f5h/Z9Xuv6+R820V9Jf8Ks8Gf9Ab/yam/+Lo/4VZ4M/wCgN/5NTf8AxdH9qUez/D/MP7Pq91/XyPm2ivpL/hVngz/oDf8Ak1N/8XR/wqzwZ/0Bv/Jqb/4uj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/wBAb/yam/8Ai6P+FWeDP+gN/wCTU3/xdH9qUez/AA/zD+z6vdf18j5tor6S/wCFWeDP+gN/5NTf/F0f8Ks8Gf8AQG/8mpv/AIuj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/0Bv/ACam/wDi6P8AhVngz/oDf+TU3/xdH9qUez/D/MP7Pq91/XyPm2ivpL/hVngz/oDf+TU3/wAXR/wqzwZ/0Bv/ACam/wDi6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/AAqzwZ/0Bv8Ayam/+Lo/4VZ4M/6A3/k1N/8AF0f2pR7P8P8AMP7Pq91/XyPm2ivpL/hVngz/AKA3/k1N/wDF0f8ACrPBn/QG/wDJqb/4uj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/0Bv/Jqb/4uj/hVngz/AKA3/k1N/wDF0f2pR7P8P8w/s+r3X9fI+baK+kv+FWeDP+gN/wCTU3/xdH/CrPBn/QG/8mpv/i6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/AEBv/Jqb/wCLo/4VZ4M/6A3/AJNTf/F0f2pR7P8AD/MP7Pq91/XyPm2ivpL/AIVZ4M/6A3/k1N/8XR/wqzwZ/wBAb/yam/8Ai6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/QG/8AJqb/AOLo/wCFWeDP+gN/5NTf/F0f2pR7P8P8w/s+r3X9fI+baK+kv+FWeDP+gN/5NTf/ABdH/CrPBn/QG/8AJqb/AOLo/tSj2f4f5h/Z9Xuv6+R820V9Jf8ACrPBn/QG/wDJqb/4uj/hVngz/oDf+TU3/wAXR/alHs/w/wAw/s+r3X9fI+baK+kv+FWeDP8AoDf+TU3/AMXR/wAKs8Gf9Ab/AMmpv/i6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/QG/8mpv/i6P+FWeDP8AoDf+TU3/AMXR/alHs/w/zD+z6vdf18j5tor6S/4VZ4M/6A3/AJNTf/F0f8Ks8Gf9Ab/yam/+Lo/tSj2f4f5h/Z9Xuv6+R820V9Jf8Ks8Gf8AQG/8mpv/AIurdj8PfCenSeZb6Jbls5BmLS4/77JoeaUuif4f5jWX1OrR498P/h7deJL2K+v4Xh0iNgzMwwZ8fwr7ep/LmvoYAKAAAAOAB2pQABgDAFFeVicTKvK72PQoUI0Y2QUUUVzm4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKZLKsKhmDkE4+RCx/ICn0Uhlb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJoqzRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFZXiD/hIPsCf8I3/Zn2zzRv/tHzPL8vBzjZzuzt9sZrm/8Ai6v/AFJn/k1VKN+omzuaK4b/AIur/wBSZ/5NUf8AF1f+pM/8mqOXzFzHc0Vw3/F1f+pM/wDJqj/i6v8A1Jn/AJNUcvmHMdzRXDf8XV/6kz/yao/4ur/1Jn/k1Ry+Ycx3NFcN/wAXV/6kz/yao/4ur/1Jn/k1Ry+Ycx3NFcN/xdX/AKkz/wAmqP8Ai6v/AFJn/k1Ry+Ycx3NFcN/xdX/qTP8Ayao/4ur/ANSZ/wCTVHL5hzHc0Vw3/F1f+pM/8mqP+Lq/9SZ/5NUcvmHMdzRXDf8AF1f+pM/8mqP+Lq/9SZ/5NUcvmHMdzRXDf8XV/wCpM/8AJqj/AIur/wBSZ/5NUcvmHMdzRXDf8XV/6kz/AMmqP+Lq/wDUmf8Ak1Ry+Ycx3NFcN/xdX/qTP/Jqj/i6v/Umf+TVHL5hzHc0Vw3/ABdX/qTP/Jqijl8w5jc8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpS3Y1sFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CmSwxTqFljSRQc4dQRmn0Uhlb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcClPYWYjyLSAHPaMVV+x2v/PtD/wB8CtK4/wBV+NVKaEQfY7X/AJ9of++BR9jtf+faH/vgVPRTAg+x2v8Az7Q/98Cj7Ha/8+0P/fAqeigCD7Ha/wDPtD/3wKPsdr/z7Q/98Cp6KAIPsdr/AM+0P/fAo+x2v/PtD/3wKnooAg+x2v8Az7Q/98Cj7Ha/8+0P/fAqeigBsFlaGUA2sJHvGKs/2fZf8+dv/wB+h/hTbf8A1o+lW6TYFb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRSuMrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FFWaKLgYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgpksqwqGYOQTj5ELH8gKfRSGVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAUp72Ix42T9e8D/AOFVftUf92b/AL8v/hWlcf6r8aqU0Ig+1R/3Zv8Avy/+FH2qP+7N/wB+X/wqeimBB9qj/uzf9+X/AMKPtUf92b/vy/8AhU9FAEH2qP8Auzf9+X/wo+1R/wB2b/vy/wDhU9FAEH2qP+7N/wB+X/wo+1R/3Zv+/L/4VPRQBB9qj/uzf9+X/wAKPtUf92b/AL8v/hU9FADYLuMSg7Zvwgf/AAqz9ui/uXH/AIDyf/E023/1o+lW6TArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKQyt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0VZooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFMlMoUeUiO2ejuVGPyNIY+iq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBZoqtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFAFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUAWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARQBJcf6r8aqU+d7zy+YIAM9pj/wDE1V3XX/PGH/v6f/iaaET0VBuuv+eMP/f0/wDxNG66/wCeMP8A39P/AMTTAnoqDddf88Yf+/p/+Jo3XX/PGH/v6f8A4mgCeioN11/zxh/7+n/4mjddf88Yf+/p/wDiaAJ6Kg3XX/PGH/v6f/iaN11/zxh/7+n/AOJoAnoqDddf88Yf+/p/+Jo3XX/PGH/v6f8A4mgC5b/60fSrdZsD3fmjEMJPvMf/AImrO+9/597f/v8An/4ikwLNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKQyzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFFAGX4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAIrj/VfjVSrdx/qvxqpTQgooopgFFFFABRRRQAUUUUAFFFFAEtv/AK0fSrdVLf8A1o+lW6TGFFFFIAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUyVGkUBZXjOc5QDP6g0+ikMrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooApT28oj/4/Zzz3Cf8AxNVfIk/5+5vyT/4mtK4/1X41UpoRB5En/P3N+Sf/ABNHkSf8/c35J/8AE1PRTAg8iT/n7m/JP/iaPIk/5+5vyT/4mp6KAIPIk/5+5vyT/wCJo8iT/n7m/JP/AImp6KAIPIk/5+5vyT/4mjyJP+fub8k/+JqeigCDyJP+fub8k/8AiaPIk/5+5vyT/wCJqeigBsFvIZR/pcw+gT/4mrP2aX/n+uP++Y//AImm2/8ArR9Kt0mBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFIZW+zS/8AP9cf98x//E0fZpf+f64/75j/APias0UAVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJqzRQBW+zS/8AP9cf98x//E0fZpf+f64/75j/APias0UAVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJqzRQBW+zS/8AP9cf98x//E0VZooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFMlhinULLGkig5w6gjNIY+iq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4UAWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4UAWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4UAWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4UAWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAElx/qvxqpT57CzEeRaQA57Riqv2O1/59of++BTQieioPsdr/wA+0P8A3wKPsdr/AM+0P/fApgT0VB9jtf8An2h/74FH2O1/59of++BQBPRUH2O1/wCfaH/vgUfY7X/n2h/74FAE9FQfY7X/AJ9of++BR9jtf+faH/vgUAT0VB9jtf8An2h/74FH2O1/59of++BQBct/9aPpVus2CytDKAbWEj3jFWf7Psv+fO3/AO/Q/wAKTAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KQyzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/CigDL8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUVU1DUYNMgWadLp1ZtoFtayztnBPKxqxA464x+dIZborC/4S3Tf+fbWf8AwS3n/wAao/4S3Tf+fbWf/BLef/GqfK+wro3aKwv+Et03/n21n/wS3n/xqj/hLdN/59tZ/wDBLef/ABqjlfYLo3aKwv8AhLdN/wCfbWf/AAS3n/xqj/hLdN/59tZ/8Et5/wDGqOV9gujdorC/4S3Tf+fbWf8AwS3n/wAao/4S3Tf+fbWf/BLef/GqOV9gujdorC/4S3Tf+fbWf/BLef8Axqj/AIS3Tf8An21n/wAEt5/8ao5X2C6N2isL/hLdN/59tZ/8Et5/8ao/4S3Tf+fbWf8AwS3n/wAao5X2C6N2isL/AIS3Tf8An21n/wAEt5/8ao/4S3Tf+fbWf/BLef8AxqjlfYLo3aKwv+Et03/n21n/AMEt5/8AGqP+Et03/n21n/wS3n/xqjlfYLo3aKwv+Et03/n21n/wS3n/AMao/wCEt03/AJ9tZ/8ABLef/GqOV9gujdorC/4S3Tf+fbWf/BLef/GqP+Et03/n21n/AMEt5/8AGqOV9gujdorC/wCEt03/AJ9tZ/8ABLef/GqP+Et03/n21n/wS3n/AMao5X2C6N2isL/hLdN/59tZ/wDBLef/ABqj/hLdN/59tZ/8Et5/8ao5X2C6N2isL/hLdN/59tZ/8Et5/wDGqP8AhLdN/wCfbWf/AAS3n/xqjlfYLo3aKwv+Et03/n21n/wS3n/xqj/hLdN/59tZ/wDBLef/ABqjlfYLo3aKwv8AhLdN/wCfbWf/AAS3n/xqj/hLdN/59tZ/8Et5/wDGqOV9gujdorC/4S3Tf+fbWf8AwS3n/wAao/4S3Tf+fbWf/BLef/GqOV9gujdorC/4S3Tf+fbWf/BLef8Axqj/AIS3Tf8An21n/wAEt5/8ao5X2C6N2isL/hLdN/59tZ/8Et5/8ao/4S3Tf+fbWf8AwS3n/wAao5X2C6N2isL/AIS3Tf8An21n/wAEt5/8ao/4S3Tf+fbWf/BLef8AxqjlfYLo3aKwv+Et03/n21n/AMEt5/8AGqP+Et03/n21n/wS3n/xqjlfYLo3aKwv+Et03/n21n/wS3n/AMao/wCEt03/AJ9tZ/8ABLef/GqOV9gujdorC/4S3Tf+fbWf/BLef/GqP+Et03/n21n/AMEt5/8AGqOV9gujdorC/wCEt03/AJ9tZ/8ABLef/GqP+Et03/n21n/wS3n/AMao5X2C6N2isL/hLdN/59tZ/wDBLef/ABqj/hLdN/59tZ/8Et5/8ao5X2C6N2isL/hLdN/59tZ/8Et5/wDGqP8AhLdN/wCfbWf/AAS3n/xqjlfYLo3aKwv+Et03/n21n/wS3n/xqj/hLdN/59tZ/wDBLef/ABqjlfYLo3aKwv8AhLdN/wCfbWf/AAS3n/xqj/hLdN/59tZ/8Et5/wDGqOV9gujdorC/4S3Tf+fbWf8AwS3n/wAao/4S3Tf+fbWf/BLef/GqOV9gujdorC/4S3Tf+fbWf/BLef8Axqj/AIS3Tf8An21n/wAEt5/8ao5X2C6N2isL/hLdN/59tZ/8Et5/8ao/4S3Tf+fbWf8AwS3n/wAao5X2C6N2isL/AIS3Tf8An21n/wAEt5/8ao/4S3Tf+fbWf/BLef8AxqjlfYLo3aKwv+Et03/n21n/AMEt5/8AGqP+Et03/n21n/wS3n/xqjlfYLo3aKwv+Et03/n21n/wS3n/AMao/wCEt03/AJ9tZ/8ABLef/GqOV9gujdorC/4S3Tf+fbWf/BLef/GqP+Et03/n21n/AMEt5/8AGqOV9gujdorC/wCEt03/AJ9tZ/8ABLef/GqP+Et03/n21n/wS3n/AMao5X2C6N2isL/hLdN/59tZ/wDBLef/ABqj/hLdN/59tZ/8Et5/8ao5X2C6N2isL/hLdN/59tZ/8Et5/wDGqP8AhLdN/wCfbWf/AAS3n/xqjlfYLo3aKwv+Et03/n21n/wS3n/xqj/hLdN/59tZ/wDBLef/ABqjlfYLo3aKwv8AhLdN/wCfbWf/AAS3n/xqj/hLdN/59tZ/8Et5/wDGqOV9gujdorC/4S3Tf+fbWf8AwS3n/wAao/4S3Tf+fbWf/BLef/GqOV9gujdorC/4S3Tf+fbWf/BLef8Axqj/AIS3Tf8An21n/wAEt5/8ao5X2C6N2isL/hLdN/59tZ/8Et5/8ao/4S3Tf+fbWf8AwS3n/wAao5X2C6N2isL/AIS3Tf8An21n/wAEt5/8ao/4S3Tf+fbWf/BLef8AxqjlfYLo3aKwv+Et03/n21n/AMEt5/8AGqP+Et03/n21n/wS3n/xqjlfYLo3aKwv+Et03/n21n/wS3n/AMao/wCEt03/AJ9tZ/8ABLef/GqOV9gujdorC/4S3Tf+fbWf/BLef/GqP+Et03/n21n/AMEt5/8AGqOV9gujdorC/wCEt03/AJ9tZ/8ABLef/GqP+Et03/n21n/wS3n/AMao5X2C6Ni4/wBV+NVKzp/FmnGPH2bWevfRbz/41VX/AISrT/8An31j/wAE13/8apqL7BdG3RWJ/wAJVp//AD76x/4Jrv8A+NUf8JVp/wDz76x/4Jrv/wCNU+ViujborE/4SrT/APn31j/wTXf/AMao/wCEq0//AJ99Y/8ABNd//GqOVhdG3RWJ/wAJVp//AD76x/4Jrv8A+NUf8JVp/wDz76x/4Jrv/wCNUcrC6NuisT/hKtP/AOffWP8AwTXf/wAao/4SrT/+ffWP/BNd/wDxqjlYXRt0Vif8JVp//PvrH/gmu/8A41R/wlWn/wDPvrH/AIJrv/41RysLo6C3/wBaPpVuuZg8V6cJQfs2sfho13/8aqz/AMJbpv8Az7az/wCCW8/+NUnF9h3Ru0Vhf8Jbpv8Az7az/wCCW8/+NUf8Jbpv/PtrP/glvP8A41S5X2C6N2isL/hLdN/59tZ/8Et5/wDGqP8AhLdN/wCfbWf/AAS3n/xqjlfYLo3aKwv+Et03/n21n/wS3n/xqj/hLdN/59tZ/wDBLef/ABqjlfYLo3aKwv8AhLdN/wCfbWf/AAS3n/xqj/hLdN/59tZ/8Et5/wDGqOV9gujdorC/4S3Tf+fbWf8AwS3n/wAao/4S3Tf+fbWf/BLef/GqOV9gujdorC/4S3Tf+fbWf/BLef8AxqijlfYLoPBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdoluwWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUARXH+q/GqlW7j/VfjVSmhBRRRTAKKKKACiiigAooooAKKKKAJbf8A1o+lW6qW/wDrR9Kt0mMKKKKQBRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKqahJqEcCnTbW1uJt2GS5uWhULg8hlR8nOOMfjVuikMwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5Grdop3XYVjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GrdoouuwWML7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+Rq3aKLrsFjC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kat2ii67BYwJJ/Fci7f7G0Yf8AcWl/+Rqhz4r/AOgRo3/g1l/+Rq6WinfyCxzWfFf/AECNG/8ABrL/API1GfFf/QI0b/way/8AyNXS0Uc3kFjms+K/+gRo3/g1l/8AkajPiv8A6BGjf+DWX/5GrpaKObyCxzWfFf8A0CNG/wDBrL/8jUZ8V/8AQI0b/wAGsv8A8jV0tFHN5BY5rPiv/oEaN/4NZf8A5Goz4r/6BGjf+DWX/wCRq6Wijm8gsc1nxX/0CNG/8Gsv/wAjUZ8V/wDQI0b/AMGsv/yNXS0Uc3kFjnY5PFaPu/sfRj/3Fpf/AJGqX7X4r/6Aujf+DaX/AORq3aKV/ILGF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNW7RRddgsYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1btFF12Cxhfa/Ff/AEBdG/8ABtL/API1H2vxX/0BdG/8G0v/AMjVu0UXXYLGF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNW7RRddgsYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1btFF12Cxhfa/Ff/AEBdG/8ABtL/API1FbtFF12CxheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u0S3YLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKK5nWvH/hrQZmgvNSRrhThoYAZGU+hxwD7EisT/hcnhX/p+/78D/Gto4erJXUWZSr04uzkj0GivPv+FyeFf+n7/vwP8aP+FyeFf+n7/vwP8ar6rX/lYvrFL+ZHoNFeff8AC5PCv/T9/wB+B/jR/wALk8K/9P3/AH4H+NH1Wv8AysPrFL+ZHoNFefr8Y/CpYAm9UE9TBwP1rp9D8WaH4jBGl6hFNIoyYjlXA9drYOPfpUToVYK8otFRrU5O0ZI2aKKKyNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrjfC/iG107wlo1jdWWsx3NtYwQyp/Y12drrGoIyIsHkHpWr/AMJbpv8Az7az/wCCW8/+NVTTuJNWN2isL/hLdN/59tZ/8Et5/wDGqP8AhLdN/wCfbWf/AAS3n/xqlyvsF0btFYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVHK+wXRu0Vhf8Jbpv8Az7az/wCCW8/+NUf8Jbpv/PtrP/glvP8A41RyvsF0btFYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVHK+wXRu15N8VvHs+nynw9pMzRTFQbudDgqCOEB7HGCT7j3rvP+Et03/n21n/AMEt5/8AGq+aNcvn1PXtQvnLFp7h5PmGCAWOBz7V6GX0FOo5SWxxY2s4QSj1KFFFFe8eOFFFFABRRRQAVJBPNazxz28rxTRsGSRGKspHcEdKjooA+jPht41bxXpLwXrD+07QATEADzVPRwPwwcd/riu3r5y+E95Ja/EGyjQ/JcxyQye67Cw/VVr6Nr5zHUVSq2js9T3MJVdSnd7oKKKK4zqCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAr5Y8YaTJovi3U7KRSqrOzx+6Mdyn8iK+p64r4geAovF9mk9syQ6pbriORhxIvXYx+vIPbn1rtwOIVGp72zOTGUXVh7u6PnGir+raJqeh3Rt9TspraQdN68N9GHB/A1Qr6FNNXR4rTTswooopiCiiigAoord8O+D9a8T3CJp9m/kk4a5kBWJB3y3f6DJqZSjFXk7IcYuTskdL8HdJkvvGYv8HybCJnZu25gUUH8Cx/4DX0DWH4U8L2fhPRUsLUl3J3zTMMGV+59h2A7D863K+cxddVqrktj3cNS9lT5XuFFFFcp0BRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAZniD/AJA8v1X+YrxOiivRwXws4cX8SCiiiu05AooooAt6X/yE4P8Aer260/484P8Armv8qKK4MbujtwnUmooorgOwKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA/9k=)

7. Adjusting items continued

Further descriptions of the above adjusting items:

•  Intangible asset amortisation is the amortisation charged in respect of intangible assets, including product development,

acquired through business combinations or the acquisition of trade and assets. The charge is not considered to be related

to the underlying performance of the Group and it can fluctuate materially period-on-period as and when new businesses

are acquired or disposed of. Revenue and results from the related business combinations have been included within the

adjusted results.

•  Impairment of acquisition-related intangible assets is the impairment charged as a result of the annual impairment test or

more frequently when an indicator exists.

•  Impairment of right-of-use assets is the impairment charged as a result of an impairment indicator. Reversal of

impairment of right-of-use assets mainly relates to the reopening of previously impaired office properties.

•  Acquisition and integration costs are costs incurred in acquiring and integrating share and asset acquisitions as part of

M&A activity.

•  Restructuring and reorganisation costs are charges incurred by the Group in business restructuring, operating model changes

and non-recurring legal costs. These costs relate to specific initiatives following reviews of our organisational operations.

•  Fair value (gains)/losses on contingent consideration arise as a result of acquisitions. The fair value remeasurement is

recognised in the period as charges or credits to the Consolidated Income Statement, unless these qualify as

measurement period adjustments arising within one year from the acquisition date.

•  Foreign exchange losses on swap settlements are one-off and infrequent in nature.

•  Credit in respect of unallocated cash relates to a change to the period that unapplied and unallocated cash receipts will be

held on the Consolidated Balance Sheet in certain territories before being released to the Consolidated Income Statement.

The balance recognised in adjusting items comprises balances that would have been released in prior periods, under the

revised methodology, and is not expected to recur as an adjusting item.

•  Fair value loss/(gain) on investments is the loss, or gain, as a result of a decrease, or increase, in the fair value of

investments held.

•  Loss/(profit) on disposal of subsidiaries and operations relates to disposals in the current period or subsequent costs/

credits relating to prior disposals.

•  Finance costs relate to charges incurred specifically for arranging financing in respect of share and asset acquisitions as

part of M&A activity.

•  The tax items relate to the tax effect on the items above and adjusting tax items which are analysed in Note 12.

8. Staff numbers and costs

The monthly average number of persons employed by the Group (including Directors) during the year, analysed by segment,

was as follows:

|  |  |  |
| --- | --- | --- |
|  | Average number of |  |
|  | employees |  |
|  | 2024 | 2023 |
| Informa Markets | 5,442 | 4,982 |
| Informa Connect | 2,581 | 2,206 |
| Informa Tech | 1,947 | 2,053 |
| Taylor & Francis | 2,860 | 3,054 |
| Other  1 | 262 | – |
| Total | 13,092 | 12,295 |

1  Other comprises the post-acquisition average number of employees of Ascential and TechTarget, which were acquired during the year ended

31 December 2024 (see Note 17). If the post-acquisition number of employees for Ascential and TechTarget were employed by the Group for the

full 12 months, the average number of employees would be 1,687

Informa Annual Report and Accounts 2024

166

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Their aggregate remuneration comprised:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Wages and salaries | 853.5 | 782.8 |
| Social security costs | 78.6 | 70.6 |
| Pension costs associated with staff charged to operating profit (Note 35) | 29.7 | 26.4 |
| Share-based payments (Note 9) | 22.2 | 20.8 |
| Staff costs (excluding adjusting items) | 984.0 | 900.6 |
| Redundancy costs  1 | 8.3 | 15.5 |
| Total | 992.3 | 916.1 |

1  Included within restructuring and reorganisation costs (see Note 7)

The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for

each of the categories specified in IAS 24 Related Party Disclosures (Note 40). Further information about the remuneration

of individual Directors is provided in the audited part of the Remuneration Report on pages 124 to 129.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023  1 |
|  | £m | £m |
| Short-term employee benefits | 5.5 | 3.6 |
| Post-employment benefits | 0.2 | 0.2 |
| Share-based payments | 3.2 | 3.2 |
| Total | 8.9 | 7.0 |

1  The 2023 balance has been re-presented to remove compensation paid to Non-Executive Directors and to add the Short-Term Incentive Plan of

Executive Directors

9. Share-based payments

The Group recognised total expenses of £22.2m (2023: £20.8m) relating to share-based payment costs in the year ended

31 December 2024, with £14.3m (2023: £14.6m) relating to equity-settled long-term incentive plan awards, £4.4m (2023: £4.1m)

relating to equity-settled ShareMatch awards, £1.6m (2023: £nil) relating to equity-settled TechTarget share awards,

£0.7m (2023: £nil) relating to cash-settled Tahaluf long-term incentive plan share awards, £0.6m (2023: £1.6m) relating

to equity-settled Curinos Management Incentive Plan share awards and £0.6m (2023: £0.5m) relating to Employee Share

Purchase Plan (ESPP) awards.

Long-Term Incentive Plan (LTIP)

During the year, the Group awarded options at nominal cost to the Executive Directors and the Executive Management Team

as part of the LTIP. The grant price used in the valuation of the awards is the closing share price on the date of grant less

nominal cost.

The LTIP awards are conditional share awards with four performance conditions. The performance period is three years,

starting with the year in which the grant is made. To the extent that the performance conditions are met or satisfied, awards

will be exercisable following the vesting date. LTIP allocations are equity-settled and will lapse if the colleague leaves the

Group before an LTIP grant is exercisable, unless the employee meets certain eligibility criteria. For Executive Directors,

any LTIP awards that vest will be subject to an additional two-year holding period.

The performance conditions with regards to the LTIP awards are as follows: cumulative adjusted operating profit, cumulative

operating cash flow, relative total shareholder returns against the FTSE 100 (TSR) and an ESG-related measure relating to the

number of events in which the Group’s Sustainable Event Fundamentals programme has been implemented. For each

performance measure, if the threshold is achieved then 25% of the award will vest, which increases on a straight-line basis

to full vesting if the maximum is achieved. The period to which these measures relate spans from 2024 through to 2026.

The TSR component of the LTIP awards is valued using the Stochastic and Black-Scholes models. Additionally, the Chaffe

model has been used to value the discount applied to those awards which are subject to an additional holding period.

The inputs into the valuation models for the LTIP performance conditions are as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Share price at |  | Expected | Expected life |  |
| Grant date | Vesting date | grant date | Exercise price | volatility | (years) | Risk free rate |
| 15 April 2024  1 | 15 April 2027 | £8.08 | 0.1p | 25.95% | 3 | 4.43% |
| 29 July 2024 | 29 July 2027 | £8.76 | 0.1p | 22.46% | 3 | 4.22% |

1  The expected volatility and risk-free rate for share awards that are subject to a two-year holding period is 21.59% and 4.25% respectively, based on

the grant date of 15 April 2024

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

167

![](data:image/jpeg;base64,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)

9. Share-based payments continued

In addition to this LTIP award, the Group also awarded options at nominal cost during the year as part of the Management

Equity Plan (MEP). These are restricted share awards which have a three-year vesting period, after which the shares vest

and become available to colleagues, provided they are in continuous employment throughout the vesting period. MEP

awards have no specific performance conditions. The grant price used in the valuation of these awards is the closing share

price as at the day of grant less nominal cost. Allocations are equity-settled and will lapse if the colleague leaves the Group

before a grant is exercisable, unless the employee meets certain eligibility criteria.

The Group also awarded long-term incentive plan awards in January 2021, January 2022 and January 2023 as part of the

Equity Revitalisation Plan (ERP). These are restricted share awards which have a three-year vesting period. These awards

are subject to a shareholder value underpin: if, at the point when an award is due to vest, Informa’s share price does not

exceed £5.454 for the ERP award, the award will not vest until the share price exceeds that price for a period of at least three

months. If this has not been achieved within two years from the original vesting date, no shares will vest and the award will

lapse. The grant price used in the valuation of these awards is the closing share price as at the day of grant. Allocations are

equity-settled and will lapse if the colleague leaves the Group before a grant is exercisable, unless the employee meets

certain eligibility criteria.

The movement in the number of awards across all of the Group’s equity-settled LTIP schemes during the year is as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | Number of | Number of |
|  | options | options |
| Outstanding as at 1 January | 8,878,745 | 8,202,790 |
| Granted in the year | 2,664,756 | 2,798,314 |
| Exercised in the year | (2,066,899) | (1,826,371) |
| Lapsed in the year | (316,351) | (295,988) |
| Outstanding as at 31 December | 9,160,251 | 8,878,745 |
| Exercisable awards included in outstanding number of options as at 31 December | 1,822,072 | 1,468,521 |

In order to satisfy outstanding share awards granted under the Group’s equity-settled LTIP schemes, the share capital would

need to be increased at 31 December 2024 by 1,641,407 shares (2023: 8,074,700 shares) taking account of the 7,518,844

(2023: 804,045) shares held in the Employee Share Trust (Note 37). The company will satisfy the awards either through the

issue of additional share capital or the purchase of shares as needed on the open market. The weighted average exercise

price for LTIPs exercised during the year was £7.98 (2023: £6.91). The exercise price for the majority of LTIP awards is 0.1p per

share award and the average period to exercise was 5.3 years (2023: 5.7 years) for awards exercisable at 31 December 2024.

The expected life used in the model has been adjusted, based on the Group’s best estimate, for the effects of non-

transferability, exercise restrictions and behavioural considerations.

ShareMatch (Share Incentive Plan)

In June 2014, the company launched ShareMatch, a global Share Incentive Plan, under which eligible colleagues can invest

up to the limit of £1,800 per annum in the company’s shares. For every one share purchased by the colleague, the company

awards the participant two matching shares after a three-year period.

Matching shares are subject to forfeiture if the purchased shares are withdrawn from the scheme within three years of

purchase or if the colleague leaves the Group, unless the reason for leaving is due to restructuring or retirement. In addition,

both the purchased and matching shares are eligible to receive any dividends payable by the company, which are

reinvested in more shares. Employee subscriptions can be made on a monthly or one-off lump sum basis and matching

shares are purchased on a monthly basis, through a UK Trust. Further details are set out in the remuneration section of

the financial statements.

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | ShareMatch | ShareMatch |
|  | Number of | Number of |
|  | share awards | share awards |
| Outstanding as at 1 January | 1,889,766 | 1,354,338 |
| Granted in the year | 756,491 | 840,329 |
| Exercised in the year | (256,548) | (233,808) |
| Lapsed in the year | (72,966) | (71,093) |
| Outstanding as at 31 December | 2,316,743 | 1,889,766 |

Informa Annual Report and Accounts 2024

168

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

TechTarget share plan

As part of the TechTarget acquisition (see Note 17), Informa has assumed responsibility for the existing TechTarget share-based

payment arrangements. TechTarget operates as a separate publicly traded company and has issued equity-settled restricted

stock units. Grants have a three-year vesting period and will lapse if the colleague leaves the Group before a grant is exercisable,

unless the employee meets certain eligibility criteria. Option awards may also be granted as part of TechTarget’s stock-based

compensation plans; however, there are no options granted at the acquisition date.

Under the terms of the acquisition agreement between TechTarget and Informa, 50% of the outstanding unvested restricted

stock units with respect to shares in TechTarget were accelerated immediately prior to the acquisition date. The remaining

50% were converted to restricted stock units in Informa TechTarget on the acquisition date, under the same terms and

conditions as the original restricted stock units. The fair value of these restricted stock units upon acquisition was USD 43.6m

(£34.3m). These units were valued based on the share price of the underlying Informa TechTarget shares at the acquisition

date, adjusted for expected forfeitures. Of the total fair value, USD 13.5m (£10.6m) was attributed to pre-combination

service and included in consideration transferred, while USD 30.1m (£23.7m) relates to post-combination service and will be

expensed over the remaining vesting period as a share-based payment cost.

The number of awards outstanding on the acquisition date was 1,492,858. After the acquisition date, 13,626 awards were

granted and 6,057 awards were fully vested and released. The number of awards outstanding as at 31 December 2024 was

1,500,427. There is no exercise price for the awards. The awards have an expected weighted average remaining life of 1.4 years

as at 31 December 2024.

Curinos Management Incentive Plan (MIP)

Following the acquisition of Novantas Inc. on 28 May 2021 and its combination with the Informa FBX business to form the

Curinos business, Management Incentive Plan (MIP) awards were agreed to be issued to Curinos colleagues for the

equivalent of up to 10% of the share capital of the Curinos business.

MIP awards provide holders with a payment following a performance event based on the increase in the value of the Curinos

business relative to the initial investment price, as adjusted for the percentage vested for the performance-based element

of the awards. MIP awards are dependent on continued employment during the vesting period, with one third vesting

equally over time and two thirds being subject to a performance criterion related to the level of increase in value of the

Curinos business. MIP awards have been valued for IFRS 2 purposes using a stochastic Option Pricing modelling approach,

using comparable companies to estimate volatility and assuming an expected life of three years. MIP awards were granted

to Curinos colleagues on 9 September 2021.

During the year, 3,740,000 awards were issued, 9,366,093 awards were forfeited and 609,622 awards were repurchased from

terminated employees and removed from the shares which are available for subsequent issuance. Following the disposal of

the Curinos business on 24 December 2024 (see Note 20), which is not considered a performance event, the number of

awards outstanding under the MIP as at 31 December 2024 was nil (2023: 40,617,205) and the scheme will no longer have an

impact on the Group’s results.

10. Finance income

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Interest income on bank deposits | 12.1 | 46.7 |
| Interest income from finance lessor leases | 0.4 | 0.4 |
| Fair value gain on financial instruments | 0.4 | 0.3 |
| Total finance income | 12.9 | 47.4 |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

169

![](data:image/jpeg;base64,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)

11. Finance costs

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Notes | £m | £m |
| Interest expense on borrowings and loans  1 |  | 79.4 | 58.2 |
| Interest on lease liabilities | 39 | 13.3 | 11.2 |
| Interest income on pension scheme net surplus | 35 | (1.9) | (1.8) |
| Total interest expense |  | 90.8 | 67.6 |
| Other |  | 1.7 | (1.0) |
| Financing costs before adjusting items |  | 92.5 | 66.6 |
| Adjusting items  2 | 7 | 22.6 | 0.8 |
| Total finance costs |  | 115.1 | 67.4 |

1  Included in interest expense above is the amortisation of debt issue costs of £2.8m (2023: £2.7m)

2  The adjusting items for finance costs relate to fair value losses on derivative contracts executed in expectation of the October 2024 EMTN issuance

and fees on the Ascential acquisition bridge facility. The adjusting item for finance costs in 2023 relates to the revaluation of the BolognaFiere

convertible bond

12. Taxation

The tax charge comprises:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Current tax: |  |  |
| Current year |  |  |
| UK | 24.0 | 33.2 |
| Continental Europe | 28.7 | 26.0 |
| US | 71.6 | (10.5) |
| China | 35.4 | 25.6 |
| Rest of world | 32.5 | 25.1 |
| Prior years | 30.5 | (25.1) |
| Total current tax | 222.7 | 74.3 |
| Deferred tax: |  |  |
| Current year | (105.6) | (36.3) |
| Prior years | (79.0) | (6.6) |
| Charge/(credit) arising from tax rate changes | 2.8 | (2.0) |
| Total deferred tax | (181.8) | (44.9) |
| Total tax charge | 40.9 | 29.4 |

The tax on adjusting items within the Consolidated Income Statement relates to the following:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Gross | Tax | Gross | Tax |
|  |  | 2024 | 2024 | 2023 | 2023 |
|  | Notes | £m | £m | £m | £m |
| Intangible assets amortisation | 7 | (309.6) | 72.6 | (312.8) | 76.8 |
| Benefit of goodwill amortisation for tax purposes only |  | – | (16.0) | – | (14.5) |
| Impairment – acquisition-related and other intangible assets | 7 | (28.5) | 7.1 | (25.1) | 6.4 |
| (Impairment)/reversal of impairment – IFRS 16 right-of-use assets | 7 | (5.0) | 1.3 | 0.6 | (0.1) |
| Acquisition and integration-related costs | 7 | (108.2) | 9.9 | (73.0) | 22.5 |
| Restructuring and reorganisation costs | 7 | (14.1) | 3.3 | (11.0) | 2.7 |
| Fair value gain on contingent consideration | 7 | 29.5 | – | 87.6 | – |
| Fair value loss on contingent consideration | 7 | (16.3) | – | (12.0) | – |
| Foreign exchange loss on swap settlement | 7 | – | – | (5.6) | 1.3 |
| Credit in respect of unallocated cash | 7 | – | – | 5.3 | (1.2) |
| Fair value (loss)/gain on investments | 7 | (9.2) | (0.1) | 1.3 | 1.5 |
| (Loss)/profit on disposal of subsidiaries and operations | 7 | (24.1) | (28.1) | 3.0 | – |
| Finance costs | 7 | (22.6) | 1.7 | (0.8) | 0.2 |
| Movement in deferred tax asset on Luxembourg losses |  | – | 66.9 | – | 15.9 |
| Adjustments for prior years |  | – | 18.7 | – | 15.5 |
| Total tax on adjusting items |  | (508.1) | 137.3 | (342.5) | 127.0 |

Informa Annual Report and Accounts 2024

170

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAXZBAMDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPmf4j/E7XtQ8T3thpuoXFhp9nM0CLayFGkKkqWZl5OSDgdMY4zzXF/8ACXeJv+hi1b/wNk/+KruviN8K9es/Ed7qWkWM2oafdytOBbrveJmOSpQc4yTggHjHeuJ/4QrxX/0LOs/+AEv/AMTXfDk5VY5Zc19SP/hLvE3/AEMWrf8AgbJ/8VR/wl3ib/oYtW/8DZP/AIqpP+EK8V/9CzrP/gBL/wDE0f8ACFeK/wDoWdZ/8AJf/iar3Rakf/CXeJv+hi1b/wADZP8A4qrem+P/ABZpd7HdQ6/qEjIcmOe4aVG9irEg1B/whXiv/oWdZ/8AACX/AOJq5pfw38X6reJbR6BfQZIzJdwtCij1JYD9Mmh8nUPePoK8+ISxfCdfGMNupmkgASEnKiYtsI9wGyfUgV88XPxA8XXV+bx/EWorKW3bY7hkQewQEKB7Yr6LvPh9DN8LB4OinCtHANk5GB5wbfu9gWznvgmvnu5+GvjK11H7E3h+9kkLYEkUe+M++8fKB9SKxo8mppU5tD3r4Z+PJfE/g26vtV2/a9OLLcyIABIoXcHx2OMj0yO3QeGeI/id4o1/VZLpNUu7C33Hyba0naNUXPAJXG4+5/TpXuvw08ByeFvB9zY6psa71AlrlEOQildoTPfAzntknr1Ph/iP4VeKdC1OSCDS7nULUuRDcWkZk3L2LBeVOOueM9z1pU+TnYT5uVHpPwY+IWqa7eT6BrM7XUkcJmt7mQ/PgEBlY/xdQQevByTxjkvid8Tdcu/FF7pWlX89hYWMzQf6M5jeV1OGZmHOM5wOmK7L4OfDnUvDt3ca7rUX2e4khMMFsSCyqSCWbHQ8AAZ7nNcp8TfhZrkPiW91fRrGW/sb2Vp2WAb5InY5YFRyQSSRge31Fye0YPm5Bvwt+Jmt2/iez0fVr+e+sb6QQqbhy7xO3CkMecZwMZxzxX0bXzv8LvhdrT+JbPWtasZbGzsnEyJOu2SSQcqNp5ABwST6YHt9EVnX5eb3S6d7ahRRRWJoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVU1DToNTgWGd7pFVtwNtdSwNnBHLRspI56Zx+VAFuisL/hEtN/5+dZ/8HV5/wDHaP8AhEtN/wCfnWf/AAdXn/x2noLU3aKwv+ES03/n51n/AMHV5/8AHaP+ES03/n51n/wdXn/x2jQNTdorC/4RLTf+fnWf/B1ef/HaP+ES03/n51n/AMHV5/8AHaNA1N2isL/hEtN/5+dZ/wDB1ef/AB2j/hEtN/5+dZ/8HV5/8do0DU3aKwv+ES03/n51n/wdXn/x2j/hEtN/5+dZ/wDB1ef/AB2jQNTdorlLrSodH13w89ndan+/vnhlSfUriZHT7NO2CsjsPvKp6dq6uhoEFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooArtY2jsWa1gZickmMEk0n9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KsKqooVQFUDAAGABS0UAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACsL/hNfCn/QzaN/4Hxf8AxVbtYX/CFeFP+hZ0b/wAi/8Aiaat1E79A/4TXwp/0M2jf+B8X/xVH/Ca+FP+hm0b/wAD4v8A4qj/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jp+6L3g/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo90PeD/AITXwp/0M2jf+B8X/wAVR/wmvhT/AKGbRv8AwPi/+Ko/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj3Q94P8AhNfCn/QzaN/4Hxf/ABVH/Ca+FP8AoZtG/wDA+L/4qj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPdD3g/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo90PeD/AITXwp/0M2jf+B8X/wAVR/wmvhT/AKGbRv8AwPi/+Ko/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj3Q94P8AhNfCn/QzaN/4Hxf/ABVH/Ca+FP8AoZtG/wDA+L/4qj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPdD3g/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo90PeD/AITXwp/0M2jf+B8X/wAVR/wmvhT/AKGbRv8AwPi/+Ko/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj3Q94P8AhNfCn/QzaN/4Hxf/ABVH/Ca+FP8AoZtG/wDA+L/4qj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPdD3g/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo90PeD/AITXwp/0M2jf+B8X/wAVR/wmvhT/AKGbRv8AwPi/+Ko/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj3Q94P8AhNfCn/QzaN/4Hxf/ABVH/Ca+FP8AoZtG/wDA+L/4qj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPdD3g/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo90PeD/AITXwp/0M2jf+B8X/wAVR/wmvhT/AKGbRv8AwPi/+Ko/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj3Q94P8AhNfCn/QzaN/4Hxf/ABVH/Ca+FP8AoZtG/wDA+L/4qj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPdD3g/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo90PeD/AITXwp/0M2jf+B8X/wAVR/wmvhT/AKGbRv8AwPi/+Ko/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj3Q94P8AhNfCn/QzaN/4Hxf/ABVH/Ca+FP8AoZtG/wDA+L/4qj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPdD3g/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo90PeD/AITXwp/0M2jf+B8X/wAVR/wmvhT/AKGbRv8AwPi/+Ko/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mj3Q94P8AhNfCn/QzaN/4Hxf/ABVH/Ca+FP8AoZtG/wDA+L/4qj/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaPdD3g/wCE18Kf9DNo3/gfF/8AFUf8Jr4U/wChm0b/AMD4v/iqP+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo90PeD/AITXwp/0M2jf+B8X/wAVWzBPFcwRzwSpLDKoeOSNgyupGQQRwQR3rG/4Qrwp/wBCzo3/AIARf/E1swQRW0EcEESRQxKEjjjUKqKBgAAcAAdqTt0Gr9SSiiikMwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFV2e7DHbBAVzwTMQSP8Avmk33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrGS9A/wCPe3/7/n/4ioftl1/z7Q/9/j/8TTsBfoqh9suv+faH/v8AH/4mj7Zdf8+0P/f4/wDxNFgL9FUPtl1/z7Q/9/j/APE0fbLr/n2h/wC/x/8AiaLAX6KofbLr/n2h/wC/x/8AiaPtl1/z7Q/9/j/8TRYC/RVD7Zdf8+0P/f4//E0fbLr/AJ9of+/x/wDiaLAX6KofbLr/AJ9of+/x/wDiaPtl1/z7Q/8Af4//ABNFgL9FUPtl1/z7Q/8Af4//ABNH2y6/59of+/x/+JosBfoqh9suv+faH/v8f/iaPtl1/wA+0P8A3+P/AMTRYC/RVD7Zdf8APtD/AN/j/wDE0fbLr/n2h/7/AB/+JosBfoqh9suv+faH/v8AH/4mj7Zdf8+0P/f4/wDxNFgL9FUPtl1/z7Q/9/j/APE0fbLr/n2h/wC/x/8AiaLAX6KofbLr/n2h/wC/x/8AiaPtl1/z7Q/9/j/8TRYC/RVD7Zdf8+0P/f4//E1MJL0j/j3t/wDv+f8A4iiwFmiq2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEUgLNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARRvvf+fe3/wC/5/8AiKALNFVt97/z72//AH/P/wARVhdxUbgA2OQDkA0ALRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBD90/SqFXz90/SqFNAFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFXx90fSqFXx90fSkxi0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAGNNouoSzySJ4o1aFXYsIkitCqAnoN0BOB05JPuaj/sHUv+ht1n/v1Z//ABit2incVjC/sHUv+ht1n/v1Z/8Axij+wdS/6G3Wf+/Vn/8AGK3aKLsLGF/YOpf9DbrP/fqz/wDjFH9g6l/0Nus/9+rP/wCMVu0UXYWML+wdS/6G3Wf+/Vn/APGKP7B1L/obdZ/79Wf/AMYrdoouwsYX9g6l/wBDbrP/AH6s/wD4xR/YOpf9DbrP/fqz/wDjFbtFF2FjC/sHUv8AobdZ/wC/Vn/8Yo/sHUv+ht1n/v1Z/wDxit2ii7Cxhf2DqX/Q26z/AN+rP/4xR/YOpf8AQ26z/wB+rP8A+MVu0UXYWML+wdS/6G3Wf+/Vn/8AGKP7B1L/AKG3Wf8Av1Z//GK3aKLsLGF/YOpf9DbrP/fqz/8AjFH9g6l/0Nus/wDfqz/+MVu0UXYWML+wdS/6G3Wf+/Vn/wDGKP7B1L/obdZ/79Wf/wAYrdoouwsYX9g6l/0Nus/9+rP/AOMUf2DqX/Q26z/36s//AIxW7RRdhYwv7B1L/obdZ/79Wf8A8Yo/sHUv+ht1n/v1Z/8Axit2ii7Cxhf2DqX/AENus/8Afqz/APjFH9g6l/0Nus/9+rP/AOMVu0UXYWML+wdS/wCht1n/AL9Wf/xij+wdS/6G3Wf+/Vn/APGK3aKLsLGF/YOpf9DbrP8A36s//jFH9g6l/wBDbrP/AH6s/wD4xW7RRdhYwv7B1L/obdZ/79Wf/wAYo/sHUv8AobdZ/wC/Vn/8YrdoouwsYX9g6l/0Nus/9+rP/wCMUf2DqX/Q26z/AN+rP/4xW7RRdhYwv7B1L/obdZ/79Wf/AMYo/sHUv+ht1n/v1Z//ABit2ii7Cxhf2DqX/Q26z/36s/8A4xR/YOpf9DbrP/fqz/8AjFbtFF2FjC/sHUv+ht1n/v1Z/wDxij+wdS/6G3Wf+/Vn/wDGK3aKLsLGF/YOpf8AQ26z/wB+rP8A+MUf2DqX/Q26z/36s/8A4xW7RRdhYwv7B1L/AKG3Wf8Av1Z//GKP7B1L/obdZ/79Wf8A8YrdoouwsYX9g6l/0Nus/wDfqz/+MUf2DqX/AENus/8Afqz/APjFbtFF2FjC/sHUv+ht1n/v1Z//ABij+wdS/wCht1n/AL9Wf/xit2ii7Cxhf2DqX/Q26z/36s//AIxR/YOpf9DbrP8A36s//jFbtFF2FjC/sHUv+ht1n/v1Z/8Axij+wdS/6G3Wf+/Vn/8AGK3aKLsLGF/YOpf9DbrP/fqz/wDjFH9g6l/0Nus/9+rP/wCMVu0UXYWML+wdS/6G3Wf+/Vn/APGKP7B1L/obdZ/79Wf/AMYrdoouwsYX9g6l/wBDbrP/AH6s/wD4xR/YOpf9DbrP/fqz/wDjFbtFF2FjC/sHUv8AobdZ/wC/Vn/8Yo/sHUv+ht1n/v1Z/wDxit2ii7Cxhf2DqX/Q26z/AN+rP/4xR/YOpf8AQ26z/wB+rP8A+MVu0UXYWML+wdS/6G3Wf+/Vn/8AGKP7B1L/AKG3Wf8Av1Z//GK3aKLsLGF/YOpf9DbrP/fqz/8AjFH9g6l/0Nus/wDfqz/+MVu0UXYWML+wdS/6G3Wf+/Vn/wDGKP7B1L/obdZ/79Wf/wAYrdoouwsYX9g6l/0Nus/9+rP/AOMUf2DqX/Q26z/36s//AIxW7RRdhYwjoOpYP/FW6z/36s//AIxVH+w9Q/6GrWP+/Vp/8Yrqj90/SqFNMLGJ/Yeof9DVrH/fq0/+MUf2HqH/AENWsf8Afq0/+MVt0U7isYn9h6h/0NWsf9+rT/4xR/Yeof8AQ1ax/wB+rT/4xW3RRcLGJ/Yeof8AQ1ax/wB+rT/4xR/Yeof9DVrH/fq0/wDjFbdFFwsYn9h6h/0NWsf9+rT/AOMUf2HqH/Q1ax/36tP/AIxW3RRcLGJ/Yeof9DVrH/fq0/8AjFH9h6h/0NWsf9+rT/4xW3RRcLGJ/Yeof9DVrH/fq0/+MUf2HqH/AENWsf8Afq0/+MVt0UXCxif2HqH/AENWsf8Afq0/+MUf2HqH/Q1ax/36tP8A4xW3RRcLGJ/Yeof9DVrH/fq0/wDjFH9h6h/0NWsf9+rT/wCMVt0UXCxif2HqH/Q1ax/36tP/AIxR/Yeof9DVrH/fq0/+MVt0UXCxif2HqH/Q1ax/36tP/jFH9h6h/wBDVrH/AH6tP/jFbdFFwsYn9h6h/wBDVrH/AH6tP/jFH9h6h/0NWsf9+rT/AOMVt0UXCxif2HqH/Q1ax/36tP8A4xV4aDqWB/xVus/9+rP/AOMVdq+Puj6Umx2MP+wdS/6G3Wf+/Vn/APGKP7B1L/obdZ/79Wf/AMYrdopXYWML+wdS/wCht1n/AL9Wf/xij+wdS/6G3Wf+/Vn/APGK3aKLsLGF/YOpf9DbrP8A36s//jFH9g6l/wBDbrP/AH6s/wD4xW7RRdhYwv7B1L/obdZ/79Wf/wAYo/sHUv8AobdZ/wC/Vn/8YrdoouwsYX9g6l/0Nus/9+rP/wCMUf2DqX/Q26z/AN+rP/4xW7RRdhYwv7B1L/obdZ/79Wf/AMYo/sHUv+ht1n/v1Z//ABit2ii7Cxhf2DqX/Q26z/36s/8A4xR/YOpf9DbrP/fqz/8AjFbtFF2FjC/sHUv+ht1n/v1Z/wDxij+wdS/6G3Wf+/Vn/wDGK3aKLsLGF/YOpf8AQ26z/wB+rP8A+MUf2DqX/Q26z/36s/8A4xW7RRdhYwv7B1L/AKG3Wf8Av1Z//GKP7B1L/obdZ/79Wf8A8YrdoouwsYX9g6l/0Nus/wDfqz/+MUf2DqX/AENus/8Afqz/APjFbtFF2FjC/sHUv+ht1n/v1Z//ABitmCNooI43meZ0UK0sgAZyB947QBk9eAB7CpKKG7jsFFFFIDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRVdrG0dizWsDMTkkxgkmk/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAsH7p+lUKnOn2WD/AKJb/wDfsf4VR+x2v/PtD/3wKaET0VB9jtf+faH/AL4FH2O1/wCfaH/vgUwJ6Kg+x2v/AD7Q/wDfAo+x2v8Az7Q/98CgCeioPsdr/wA+0P8A3wKPsdr/AM+0P/fAoAnoqD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKAJ6Kg+x2v/AD7Q/wDfAo+x2v8Az7Q/98CgCeioPsdr/wA+0P8A3wKPsdr/AM+0P/fAoAnoqD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKAJ6Kg+x2v/AD7Q/wDfAo+x2v8Az7Q/98CgCeioPsdr/wA+0P8A3wKPsdr/AM+0P/fAoAnoqD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKAJ6Kg+x2v/AD7Q/wDfAo+x2v8Az7Q/98CgCer4+6PpWT9jtf8An2h/74FXhp9lgf6Jb/8Afsf4UmBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hSGWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4VYVVRQqgKoGAAMACgBaKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRVdryJWKlZ8g44gcj88Un26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAsH7p+lUKnN7Fg/Jcf+A8n+FUftUf8Adm/78v8A4U0InoqD7VH/AHZv+/L/AOFH2qP+7N/35f8AwpgT0VB9qj/uzf8Afl/8KPtUf92b/vy/+FAE9FQfao/7s3/fl/8ACj7VH/dm/wC/L/4UAT0VB9qj/uzf9+X/AMKPtUf92b/vy/8AhQBPRUH2qP8Auzf9+X/wo+1R/wB2b/vy/wDhQBPRUH2qP+7N/wB+X/wo+1R/3Zv+/L/4UAT0VB9qj/uzf9+X/wAKPtUf92b/AL8v/hQBPRUH2qP+7N/35f8Awo+1R/3Zv+/L/wCFAE9FQfao/wC7N/35f/Cj7VH/AHZv+/L/AOFAE9FQfao/7s3/AH5f/Cj7VH/dm/78v/hQBPRUH2qP+7N/35f/AAo+1R/3Zv8Avy/+FAE9Xx90fSsn7VH/AHZv+/L/AOFXhexYHyXH/gPJ/hSYFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0rDLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+JqwrBlDDOCM8jB/KgBaKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACH7p+lUKvn7p+lUKaAKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKvj7o+lUKvj7o+lJjFooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKAK7PdhjtggK54JmIJH/fNJvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVi97g/6Pb/9/wA//EVR3XX/ADxh/wC/p/8Aia1j90/SqFNCIN11/wA8Yf8Av6f/AImjddf88Yf+/p/+JqeimBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE1eD3uB/o9v8A9/z/APEVBV8fdH0pMCvvvf8An3t/+/5/+Io33v8Az72//f8AP/xFWaKQytvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFWaKAK2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEVZooArb73/n3t/+/wCf/iKN97/z72//AH/P/wARVmigCtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFWaKAK2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEVZooArb73/n3t/+/wCf/iKN97/z72//AH/P/wARVmigCtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFWaKAK2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEVZooArb73/n3t/+/wCf/iKN97/z72//AH/P/wARVmigCtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFWaKAK2+9/597f/v8An/4irC7io3ABscgHIBpaKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUVXa3lZiReTqCc4ATA/wDHaT7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBYP3T9KoVObaXB/064/75j/8Aiao+RJ/z9zfkn/xNNCJ6Kg8iT/n7m/JP/iaPIk/5+5vyT/4mmBPRUHkSf8/c35J/8TR5En/P3N+Sf/E0AT0VB5En/P3N+Sf/ABNHkSf8/c35J/8AE0AT0VB5En/P3N+Sf/E0eRJ/z9zfkn/xNAE9FQeRJ/z9zfkn/wATR5En/P3N+Sf/ABNAE9FQeRJ/z9zfkn/xNHkSf8/c35J/8TQBPRUHkSf8/c35J/8AE0eRJ/z9zfkn/wATQBPRUHkSf8/c35J/8TR5En/P3N+Sf/E0AT0VB5En/P3N+Sf/ABNHkSf8/c35J/8AE0AT0VB5En/P3N+Sf/E0eRJ/z9zfkn/xNAE9FQeRJ/z9zfkn/wATR5En/P3N+Sf/ABNAE9Xx90fSsnyJP+fub8k/+Jq8LaXA/wBOuP8AvmP/AOJpMCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mkMs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNWFBVQCxYgYyepoAWiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACH7p+lUKvn7p+lUKaAKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKvj7o+lUKvj7o+lJjFooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAK7WNo7FmtYGYnJJjBJNJ/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVjp9lg/6Jb/8Afsf4VR+x2v8Az7Q/98CtY/dP0qhTQiD7Ha/8+0P/AHwKPsdr/wA+0P8A3wKnopgQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BV4afZYH+iW//fsf4VBV8fdH0pMCv/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmilcZW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wqwqqihVAVQMAAYAFLRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooArteRKxUrPkHHEDkfnik+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFY3sWD8lx/4Dyf4VR+1R/3Zv+/L/wCFax+6fpVCmhEH2qP+7N/35f8Awo+1R/3Zv+/L/wCFT0UwIPtUf92b/vy/+FH2qP8Auzf9+X/wqeigCD7VH/dm/wC/L/4Ufao/7s3/AH5f/Cp6KAIPtUf92b/vy/8AhR9qj/uzf9+X/wAKnooAg+1R/wB2b/vy/wDhR9qj/uzf9+X/AMKnooAg+1R/3Zv+/L/4Ufao/wC7N/35f/Cp6KAIPtUf92b/AL8v/hR9qj/uzf8Afl/8KnooAg+1R/3Zv+/L/wCFH2qP+7N/35f/AAqeigCD7VH/AHZv+/L/AOFH2qP+7N/35f8AwqeigCD7VH/dm/78v/hR9qj/ALs3/fl/8KnooAg+1R/3Zv8Avy/+FH2qP+7N/wB+X/wqeigCD7VH/dm/78v/AIVeF7FgfJcf+A8n+FQVfH3R9KTAr/bov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKQyt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKAK326L+5cf+A8n/xNH26L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKAK326L+5cf+A8n/xNH26L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNWFYMoYZwRnkYP5UtFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAoqu1xKrECznYA4yCmD/wCPUn2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCwfun6VQqc3MuD/oNx/31H/8AFVR8+T/n0m/NP/iqaET0VB58n/PpN+af/FUefJ/z6Tfmn/xVMCeioPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCeioPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCeioPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCeioPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCeioPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCer4+6PpWT58n/PpN+af/FVeFzLgf6Dcf8AfUf/AMVSYFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVIZZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKqwpLKCVKkjOD1FAC0UUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAQ/dP0qhV8/dP0qhTQBRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV8fdH0qhV8fdH0pMYtFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFAFdkuyx2zwBc8AwkkD/AL6pNl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCtsvf8An4t/+/B/+Lo2Xv8Az8W//fg//F1ZooArbL3/AJ+Lf/vwf/i6Nl7/AM/Fv/34P/xdWaKAK2y9/wCfi3/78H/4ujZe/wDPxb/9+D/8XVmigCsUvcH/AEi3/wC/B/8Ai6o7br/ntD/36P8A8VWsfun6VQpoRBtuv+e0P/fo/wDxVG26/wCe0P8A36P/AMVU9FMCDbdf89of+/R/+Ko23X/PaH/v0f8A4qp6KAINt1/z2h/79H/4qjbdf89of+/R/wDiqnooAg23X/PaH/v0f/iqNt1/z2h/79H/AOKqeigCDbdf89of+/R/+Ko23X/PaH/v0f8A4qp6KAINt1/z2h/79H/4qjbdf89of+/R/wDiqnooAg23X/PaH/v0f/iqNt1/z2h/79H/AOKqeigCDbdf89of+/R/+Ko23X/PaH/v0f8A4qp6KAINt1/z2h/79H/4qjbdf89of+/R/wDiqnooAg23X/PaH/v0f/iqNt1/z2h/79H/AOKqeigCDbdf89of+/R/+Ko23X/PaH/v0f8A4qp6KAINt1/z2h/79H/4qrwS9wP9It/+/B/+LqCr4+6PpSYFfZe/8/Fv/wB+D/8AF0bL3/n4t/8Avwf/AIurNFIZW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLqzRQBW2Xv/Pxb/wDfg/8AxdWF3BRuILY5IGATS0UAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKrtZxMxYtPknPE7gflmk+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCwfun6VQqc2UWD89x/4ESf41R+yx/3pv8Av8/+NNCJ6Kg+yx/3pv8Av8/+NH2WP+9N/wB/n/xpgT0VB9lj/vTf9/n/AMaPssf96b/v8/8AjQBPRUH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjQBPRUH2WP+9N/wB/n/xo+yx/3pv+/wA/+NAE9FQfZY/703/f5/8AGj7LH/em/wC/z/40AT0VB9lj/vTf9/n/AMaPssf96b/v8/8AjQBPRUH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjQBPRUH2WP+9N/wB/n/xo+yx/3pv+/wA/+NAE9FQfZY/703/f5/8AGj7LH/em/wC/z/40AT0VB9lj/vTf9/n/AMaPssf96b/v8/8AjQBPRUH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjQBPV8fdH0rJ+yx/3pv8Av8/+NXhZRYHz3H/gRJ/jSYFmiq32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VSGWaKrfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVQBZoqt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVAFmiq32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VQBZoqt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFUAWaKrfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVQBZoqt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVAFmiq32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VQBZoqt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFUAWaKrfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVQBZoqt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVAFmiq32GL+/cf8AgRJ/8VVhVCqFGcAY5OT+dAC0UUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAoqu19aIxVrqBWBwQZACDSf2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLB+6fpVCpzqFlg/6Xb/8Afwf41R+2Wv8Az8w/99imhE9FQfbLX/n5h/77FH2y1/5+Yf8AvsUwJ6Kg+2Wv/PzD/wB9ij7Za/8APzD/AN9igCeioPtlr/z8w/8AfYo+2Wv/AD8w/wDfYoAnoqD7Za/8/MP/AH2KPtlr/wA/MP8A32KAJ6Kg+2Wv/PzD/wB9ij7Za/8APzD/AN9igCeioPtlr/z8w/8AfYo+2Wv/AD8w/wDfYoAnoqD7Za/8/MP/AH2KPtlr/wA/MP8A32KAJ6Kg+2Wv/PzD/wB9ij7Za/8APzD/AN9igCeioPtlr/z8w/8AfYo+2Wv/AD8w/wDfYoAnoqD7Za/8/MP/AH2KPtlr/wA/MP8A32KAJ6Kg+2Wv/PzD/wB9ij7Za/8APzD/AN9igCer4+6PpWT9stf+fmH/AL7FXhqFlgf6Xb/9/B/jSYFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40rDLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/GrCsrqGUhlIyCDkEUALRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigBD90/SqFXz90/SqFNAFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFXx90fSqFXx90fSkxi0UUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAFdriVWIFnOwBxkFMH/x6k+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAK32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VVmigCt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVWaKAKxuZcH/Qbj/vqP/4qqPnyf8+k35p/8VWsfun6VQpoRB58n/PpN+af/FUefJ/z6Tfmn/xVT0UwIPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/wCfSb80/wDiqvC5lwP9BuP++o//AIqoKvj7o+lJgV/tMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KqzRSGVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVWFJZQSpUkZweopaKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUVXZLssds8AXPAMJJA/76pNl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWD90/SqFTlL3B/wBIt/8Avwf/AIuqO26/57Q/9+j/APFU0InoqDbdf89of+/R/wDiqNt1/wA9of8Av0f/AIqmBPRUG26/57Q/9+j/APFUbbr/AJ7Q/wDfo/8AxVAE9FQbbr/ntD/36P8A8VRtuv8AntD/AN+j/wDFUAT0VBtuv+e0P/fo/wDxVG26/wCe0P8A36P/AMVQBPRUG26/57Q/9+j/APFUbbr/AJ7Q/wDfo/8AxVAE9FQbbr/ntD/36P8A8VRtuv8AntD/AN+j/wDFUAT0VBtuv+e0P/fo/wDxVG26/wCe0P8A36P/AMVQBPRUG26/57Q/9+j/APFUbbr/AJ7Q/wDfo/8AxVAE9FQbbr/ntD/36P8A8VRtuv8AntD/AN+j/wDFUAT0VBtuv+e0P/fo/wDxVG26/wCe0P8A36P/AMVQBPRUG26/57Q/9+j/APFUbbr/AJ7Q/wDfo/8AxVAE9Xx90fSsnbdf89of+/R/+Kq8EvcD/SLf/vwf/i6TAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLpDLNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF1YXcFG4gtjkgYBNAC0UUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAQ/dP0qhV8/dP0qhTQBRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV8fdH0qhV8fdH0pMYtFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFAHG3vwp8Fajf3F7daL5lxcStNK/2qYbnYkk4D4HJPSoP+FO+A/+gF/5Nz//ABddzRVc8u4uVdjhv+FO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi67mijnl3Fyx7HDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxddzRRzy7hyx7HDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF13NFHPLuHLHscN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF13NFHPLuHLHscN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF13NFHPLuHLHscN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F13NFHPLuHLHscN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXXc0Uc8u4csexw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXXc0Uc8u4csexw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XXc0Uc8u4csexw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XXc0Uc8u4csexw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABddzRRzy7hyx7HDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxddzRRzy7hyx7HDf8Kd8B/8AQC/8m5//AIuj/hTvgP8A6AX/AJNz/wDxddzRRzy7hyx7HDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxddzRRzy7hyx7HDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF13NFHPLuHLHscN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF13NFHPLuHLHscN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF13NFHPLuHLHscN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F13NFHPLuHLHscN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXXc0Uc8u4csexw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXXc0Uc8u4csexw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XXc0Uc8u4csexw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XXc0Uc8u4csexw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABddzRRzy7hyx7HDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxddzRRzy7hyx7HDf8Kd8B/8AQC/8m5//AIuj/hTvgP8A6AX/AJNz/wDxddzRRzy7hyx7HDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxddzRRzy7hyx7HDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF13NFHPLuHLHscN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF13NFHPLuHLHscN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF13NFHPLuHLHscN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F13NFHPLuHLHscN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXXc0Uc8u4csexw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXXc0Uc8u4csexw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XXc0Uc8u4csexw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XXc0Uc8u4csexwp+DvgPB/4kX/k3P/8AF1U/4VJ4H/6An/k3P/8AF16Ifun6VQpqcu4cq7HFf8Kk8D/9AT/ybn/+Lo/4VJ4H/wCgJ/5Nz/8AxddrRT55dw5V2OK/4VJ4H/6An/k3P/8AF0f8Kk8D/wDQE/8AJuf/AOLrtaKOeXcOVdjiv+FSeB/+gJ/5Nz//ABdH/CpPA/8A0BP/ACbn/wDi67Wijnl3DlXY4r/hUngf/oCf+Tc//wAXR/wqTwP/ANAT/wAm5/8A4uu1oo55dw5V2OK/4VJ4H/6An/k3P/8AF0f8Kk8D/wDQE/8AJuf/AOLrtaKOeXcOVdjiv+FSeB/+gJ/5Nz//ABdH/CpPA/8A0BP/ACbn/wDi67Wijnl3DlXY4r/hUngf/oCf+Tc//wAXR/wqTwP/ANAT/wAm5/8A4uu1oo55dw5V2OK/4VJ4H/6An/k3P/8AF0f8Kk8D/wDQE/8AJuf/AOLrtaKOeXcOVdjiv+FSeB/+gJ/5Nz//ABdH/CpPA/8A0BP/ACbn/wDi67Wijnl3DlXY4r/hUngf/oCf+Tc//wAXR/wqTwP/ANAT/wAm5/8A4uu1oo55dw5V2OK/4VJ4H/6An/k3P/8AF0f8Kk8D/wDQE/8AJuf/AOLrtaKOeXcOVdjiv+FSeB/+gJ/5Nz//ABdWx8HfAeB/xIv/ACbn/wDi66qr4+6PpSc5dw5V2OH/AOFO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi67milzy7hyx7HDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxddzRRzy7hyx7HDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF13NFHPLuHLHscN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF13NFHPLuHLHscN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF13NFHPLuHLHscN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F13NFHPLuHLHscN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXXc0Uc8u4csexw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXXc0Uc8u4csexw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XXc0Uc8u4csexw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XXc0Uc8u4csexw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABddzRRzy7hyx7HDf8Kd8B/9AL/ybn/+LrsrKzt9OsLextY/LtraJYYkyTtRQABk8ngDrU9FJyb3Y0ktgooopDMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAHG3vxW8Fadf3Flda15dzbytDKn2WY7XUkEZCYPIPSoP+FxeA/wDoO/8AkpP/APEV3NFVePb+vuFqcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAL3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EUf8Li8B/8AQd/8lJ//AIiu5oovHt+P/AD3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiK7mii8e34/wDAD3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EUf8Li8B/8AQd/8lJ//AIiu5oovHt+P/AD3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiK7mii8e34/wDAD3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EUf8Li8B/8AQd/8lJ//AIiu5oovHt+P/AD3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944U/GLwHg/8AE9/8lJ//AIiqn/C2/A//AEG//JSf/wCIr0WinePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4ij/hbfgf/AKDf/kpP/wDEV6LRRePb8f8AgBZnnX/C2/A//Qb/APJSf/4irY+MXgPA/wCJ7/5KT/8AxFd1RRePb8f+AFmcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFdzRSvHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiK7mii8e34/wDAD3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EUf8Li8B/8AQd/8lJ//AIiu5oovHt+P/AD3jhv+FxeA/wDoO/8AkpP/APEUf8Li8B/9B3/yUn/+IruaKLx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RXZWV5b6jYW99ayeZbXMSzRPgjcjAEHB5HBHWp6KTt0Gr9QooopDMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRXmHivxpc3V1LY6ZMYrRDtMsZ+aQ98HsPp1/HFb4bDTxEuWJyY3G08JT559dl3PTTLGGCl1DHoCeadXhWm6VfazdNDZxGRwCzMTgAepJrV8P8Ai6+0SdYpZGuLLdh42OSo9VPb6dP513VMraT5JXa6HlUc+i2nVpuMX13/AER7BRUcE8V1bxzwuHikUMrDuDRXktW0PoE01dElFFFAwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCRmeIZng8O6jJGcOLd8H04xXi1lbi7vYbczRwiRwvmSHCrnua91vLVL2yntZPuTRtG2OwIxXhupafPpeoTWVwuJImxnsw7EexFe1lMlyygtz5fiGElOnUavHb+vU6jxLcHw7ajw9p0MkETKGnuWGGuM+h9O36fXja6jTdas9S0v+x9fciOME2t4FLNCfQ9yP8APoRzUcTyzLFEpd3YKoA5YngV6GHi4Jxkter7+f8AWx4+Nkqsozg/dey/l8rfr19bnT6R4n1DT9LhtYY5mjj3YKpkcsT/AForutG8MWljpFtb3UMcs6rmRsdySSPwzj8KK8mpisM5v3L6n0NHL8aqcV7S2i07eRv0UUV5R9AFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKzNY0DT9cg8u8i+cfclTh1+h/oeK06CQASTgDvThOUHzRdmTUpwqRcZq6ZwD/DGMykx6qyx54VoMnH13D+VdFofhTTdCPmQoZrn/ntLgkfT0q6+vaRHIUfVLJWBwQZ14/Wr0ciSxiSN1dGGQynIP4101cTiZx5Zt2+44cPgcFTnzUoq6872/HQdRRRXIeiFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISEJCqWYgADJJ7V5T4h8RX/iTUzp2nGQ2jPsiij4MvufbvzwBXofiR2Tw1qTIcH7O44+leUeHNbGh6kZni8yGRTHJt4cKe6nsf8APvXq5dSvGVVK7Wx4GdYhqcMO5csXu/ITXNMstJ8m0S5ae/UH7Vtx5aHso7kjvRoXiG90K6V4JC0BYGSAn5XHf6H3rRlgt/Dl8t6Le31bSr1CInlxnGeRnHyuPXH5dq/iTTLG3hsNS0wMtnfIWETEkxsMZGfx/Q16cZxmlTnqn18+q8jwp050pOtSfK49F0Wyd+qf69j1yyvIb+ziu7d90Uq7lP8AnvRXk2l6vq9rp0UNqH8lc7cSAdyTx9aK8meWyUnaSsfQ087puCcou9ux7BRRRXmHuBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEiK5gjuraW3lGY5UKMPUEYNeJa1pFxompS2k4JAOY5MYDr2I/z1r3KqmoabZ6rbG3vYFljPIB6g+oPUV2YLFvDyd9UzzMzy5YyCs7SW3+R4zo9hFqVw0N1qMNlbxqXZ5W6+yjPJrT1q5g1eXTNF0OOSaC1UpGxUgyMx5PsOM9uprrX+G+jtIWFxeqp/hDrx+a10Gk6Fp2ixstlbhGb70jHLN9Sf5dK7quYUr88btrZdPU8rD5PiOV0p2inu9212XREekaDa6ZpVvZtGkrRr8zsv3iTk/hk0Vq0V48qkpNtvc+lhRpwioxWiCiiioNAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUyaaK3haaaRI41GWd2wB9TSySJFE8kjBUQFmJ7Ada8a8SeIrjXr9zvdbNW/cw54A9SPU/wBcV1YTCSxErbJHBmOYQwcE2rt7I9Ifxr4eSQodRBI4ysTkfmBWxaXtrfw+daXEc0ecbkbOD6V45f8Ah+S20i21W1mF1aSoPMZBgwv3Vh9eM/8A1s1NK1a80e8W5tJWUgjemflcehHeu+WWU5wvSlr5/wBaHkRzyvSqKOIgrPt277u57rRVPTdSt9U06C9gbEcq5APUHoQfoQRRXjOLi7M+ljOMoqUXoy5RRRSKCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCRleJd3/CM6ltzn7O/T0xz+leI19ASxJPC8Uiho3UqynuDwRXjHiLw/caDqDxsjtas37mYjhh6Z9RXs5TViuam99z5niHDzbjWWy0fkaXgc35v5UjCNphU/bRN/qwmO/v/k8VhawLAarcDTC5s937vf8A09vTPOKu33iFptFttJsoBa2qKDMFOTM/ck+me3+AxQ0zTLvVr1LW0iLux5OOEHqT2FejCLjOVaen9bvzPFqzUqcMPT95rr5vovL82aemvq4sIhageTzt5b1OenvRXq+maZb6XpsFlCNyRLjcRyx6k/iSTRXkzzGLk7QR9FSyaSglKo07F2iiivKPfCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFRXFvDdwNBcRJLE3DI65BqWq19qFpptsbi8nSGIfxN3PoB1J9hRFNv3dxTcVFue3mYzeBvDzOW+wkZ7CZwP51s2OnWemweTZW8cEfUhB1PqT1P41zb/EXRFl2BLt1/vrGMfqc/pW7petafrMTPY3KybfvLjDL9QefxrprRxKj+9vbzucOGngXO1Dl5vK1zQooorlPQCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJEdxPHbW8txK22OJC7n0AGTXkF02reNNYnltoWl2DKRGQARpnA6kD616f4kVm8NakEzn7O549Mc15LoaRvcSiTRZtVGziOJ3Upz1+UGvWy2KUJ1Vuv67r8z53O6jlVp0JfC9X/ST/ACZc/wCEH8R/9A7/AMjx/wDxVQzaXrnheWDUJYmtWD4RxKrZPXBAJ44rW8i1/wChAv8A/v8Az/8AxNZeuRwpbRmPw1c6Ud/MsskjBuPu/MAPevQhVqTlyytZ+S/+Tf5HkVcPRpwc6d7rbWX/AMrX5o9U0nWrfVNKt70MsZlXJRj90g4I/MGivLtN0zVrjT4pbZmELZ24jB7nPP1orzZ4CnzO00j2qWb13CLdJvRa9z2OiiivKPoAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJCMqupVgCpGCD0IryfX9D1PwxfzXOnyXEVjIfllhcrtB/hbHofXrXrNIyhlKsAVIwQR1row2JlQle1090cWOwMcXBJu0lszw3+3tY/6C1/8A+BL/AONXtNs9b8VXCW7XN1PAjAvJNIzJH78nrjt1r1JvDmivJvOl2m7/AK5DH5Vfhgit4ligiSKNeiIoUD8BXfPM4W/dwszyaWR1XL99UvHsr6kdjZQadYw2luu2KJdqj+p9z1oqxRXkNtu7Po4xUUktkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAK7PdhjtggK54JmIJH/AHzSb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEVYXcVG4ANjkA5ANLRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAKKrtbysxIvJ1BOcAJgf8AjtJ9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVY20oB/wBOuP8AvmP/AOJqr/pH/P7N/wB8p/8AE07AadFZn+kf8/s3/fKf/E0f6R/z+zf98p/8TRYVzTorM/0j/n9m/wC+U/8AiaP9I/5/Zv8AvlP/AImiwXNOisz/AEj/AJ/Zv++U/wDiaP8ASP8An9m/75T/AOJosFzTorM/0j/n9m/75T/4mj/SP+f2b/vlP/iaLBc06KzP9I/5/Zv++U/+Jo/0j/n9m/75T/4miwXNOisz/SP+f2b/AL5T/wCJo/0j/n9m/wC+U/8AiaLBc06KzP8ASP8An9m/75T/AOJo/wBI/wCf2b/vlP8A4miwXNOisz/SP+f2b/vlP/iaP9I/5/Zv++U/+JosFzTorM/0j/n9m/75T/4mj/SP+f2b/vlP/iaLBc06KzP9I/5/Zv8AvlP/AImj/SP+f2b/AL5T/wCJosFzTorM/wBI/wCf2b/vlP8A4mj/AEj/AJ/Zv++U/wDiaLBc06KzP9I/5/Zv++U/+Jq0LaUgf6dcf98x/wDxNFhlmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TSAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TVhQVUAsWIGMnqaAFooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACH7p+lUKvn7p+lUKaAKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKvj7o+lUKvj7o+lJjFooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooArtZxMxYtPknPE7gflmk+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCsbKLB+e4/8CJP8ao/ZY/703/f5/8AGtY/dP0qhTQiD7LH/em/7/P/AI0fZY/703/f5/8AGp6KYEH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjU9FAEH2WP+9N/wB/n/xo+yx/3pv+/wA/+NT0UAQfZY/703/f5/8AGj7LH/em/wC/z/41PRQBB9lj/vTf9/n/AMaPssf96b/v8/8AjU9FAEH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjU9FAEH2WP+9N/wB/n/xo+yx/3pv+/wA/+NT0UAQfZY/703/f5/8AGj7LH/em/wC/z/41PRQBB9lj/vTf9/n/AMaPssf96b/v8/8AjU9FAEH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjU9FAEH2WP+9N/wB/n/xo+yx/3pv+/wA/+NT0UAQfZY/703/f5/8AGrwsosD57j/wIk/xqCr4+6PpSYFf7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFK4yt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVWFUKoUZwBjk5P50tFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooArtfWiMVa6gVgcEGQAg0n9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAKx1Cywf8AS7f/AL+D/GqP2y1/5+Yf++xWsfun6VQpoRB9stf+fmH/AL7FH2y1/wCfmH/vsVPRTAg+2Wv/AD8w/wDfYo+2Wv8Az8w/99ip6KAIPtlr/wA/MP8A32KPtlr/AM/MP/fYqeigCD7Za/8APzD/AN9ij7Za/wDPzD/32KnooAg+2Wv/AD8w/wDfYo+2Wv8Az8w/99ip6KAIPtlr/wA/MP8A32KPtlr/AM/MP/fYqeigCD7Za/8APzD/AN9ij7Za/wDPzD/32KnooAg+2Wv/AD8w/wDfYo+2Wv8Az8w/99ip6KAIPtlr/wA/MP8A32KPtlr/AM/MP/fYqeigCD7Za/8APzD/AN9ij7Za/wDPzD/32KnooAg+2Wv/AD8w/wDfYo+2Wv8Az8w/99ip6KAIPtlr/wA/MP8A32KvDULLA/0u3/7+D/GoKvj7o+lJgV/7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFIZW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/GrCsrqGUhlIyCDkEUtFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKrtcSqxAs52AOMgpg/wDj1J9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAs0VW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqgCzRVb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KoAsH7p+lUKnNzLg/6Dcf8AfUf/AMVVHz5P+fSb80/+KpoRPRUHnyf8+k35p/8AFUefJ/z6Tfmn/wAVTAnoqDz5P+fSb80/+Ko8+T/n0m/NP/iqAJ6Kg8+T/n0m/NP/AIqjz5P+fSb80/8AiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCeioPPk/59JvzT/wCKo8+T/n0m/NP/AIqgCeioPPk/59JvzT/4qjz5P+fSb80/+KoAnoqDz5P+fSb80/8AiqPPk/59JvzT/wCKoAnoqDz5P+fSb80/+Ko8+T/n0m/NP/iqAJ6Kg8+T/n0m/NP/AIqjz5P+fSb80/8AiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCeioPPk/59JvzT/wCKo8+T/n0m/NP/AIqgCer4+6PpWT58n/PpN+af/FVeFzLgf6Dcf99R/wDxVJgWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVIZZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKqwpLKCVKkjOD1FAC0UUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAEP3T9KoVfP3T9KoU0AUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVfH3R9KoVfH3R9KTGLRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFdkuyx2zwBc8AwkkD/vqk2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCsUvcH/SLf8A78H/AOLqjtuv+e0P/fo//FVrH7p+lUKaEQbbr/ntD/36P/xVG26/57Q/9+j/APFVPRTAg23X/PaH/v0f/iqNt1/z2h/79H/4qp6KAINt1/z2h/79H/4qjbdf89of+/R/+KqeigCDbdf89of+/R/+Ko23X/PaH/v0f/iqnooAg23X/PaH/v0f/iqNt1/z2h/79H/4qp6KAINt1/z2h/79H/4qjbdf89of+/R/+KqeigCDbdf89of+/R/+Ko23X/PaH/v0f/iqnooAg23X/PaH/v0f/iqNt1/z2h/79H/4qp6KAINt1/z2h/79H/4qjbdf89of+/R/+KqeigCDbdf89of+/R/+Ko23X/PaH/v0f/iqnooAg23X/PaH/v0f/iqNt1/z2h/79H/4qp6KAINt1/z2h/79H/4qrwS9wP8ASLf/AL8H/wCLqCr4+6PpSYFfZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFIZW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XRsvf8An4t/+/B/+LqzRQBW2Xv/AD8W/wD34P8A8XVhdwUbiC2OSBgE0tFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKK429+FPgrUb+4vbrRfMuLiVppX+1TDc7EknAfA5J6VB/wAKd8B/9AL/AMm5/wD4uqtHv/X3i1O5orhv+FO+A/8AoBf+Tc//AMXR/wAKd8B/9AL/AMm5/wD4ui0e/wCH/BF7x3NFcN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF0Wj3/AA/4Ie8dzRXDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdFo9/w/4Ie8dzRXDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF0Wj3/D/AIIe8dzRXDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxdFo9/w/4Ie8dzRXDf8Kd8B/8AQC/8m5//AIuj/hTvgP8A6AX/AJNz/wDxdFo9/wAP+CHvHc0Vw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXRaPf8P+CHvHc0Vw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABdFo9/w/wCCHvHc0Vw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XRaPf8P+CHvHc0Vw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XRaPf8AD/gh7x3NFcN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF0Wj3/D/gh7x3NFcN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXRaPf8P8Agh7x3NFcN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F0Wj3/D/gh7x3NFcN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF0Wj3/AA/4Ie8dzRXDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdFo9/w/4Ie8dzRXDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF0Wj3/D/AIIe8dzRXDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxdFo9/w/4Ie8dzRXDf8Kd8B/8AQC/8m5//AIuj/hTvgP8A6AX/AJNz/wDxdFo9/wAP+CHvHc0Vw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXRaPf8P+CHvHc0Vw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABdFo9/w/wCCHvHc0Vw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XRaPf8P+CHvHc0Vw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XRaPf8AD/gh7x3NFcN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF0Wj3/D/gh7x3NFcN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXRaPf8P8Agh7x3NFcN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F0Wj3/D/gh7x3NFcN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF0Wj3/AA/4Ie8dzRXDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdFo9/w/4Ie8dzRXDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF0Wj3/D/AIIe8dzRXDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxdFo9/w/4Ie8dzRXDf8Kd8B/8AQC/8m5//AIuj/hTvgP8A6AX/AJNz/wDxdFo9/wAP+CHvHc0Vw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXRaPf8P+CHvHc0Vw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABdFo9/w/wCCHvHc0Vw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XRaPf8P+CHvHc0Vw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XRaPf8AD/gh7x3B+6fpVCuVPwd8B4P/ABIv/Juf/wCLqp/wqTwP/wBAT/ybn/8Ai6aUe/8AX3hqdrRXFf8ACpPA/wD0BP8Aybn/APi6P+FSeB/+gJ/5Nz//ABdO0e/9feGp2tFcV/wqTwP/ANAT/wAm5/8A4uj/AIVJ4H/6An/k3P8A/F0Wj3/r7w1O1oriv+FSeB/+gJ/5Nz//ABdH/CpPA/8A0BP/ACbn/wDi6LR7/wBfeGp2tFcV/wAKk8D/APQE/wDJuf8A+Lo/4VJ4H/6An/k3P/8AF0Wj3/r7w1O1oriv+FSeB/8AoCf+Tc//AMXR/wAKk8D/APQE/wDJuf8A+LotHv8A194ana0VxX/CpPA//QE/8m5//i6P+FSeB/8AoCf+Tc//AMXRaPf+vvDU7WiuK/4VJ4H/AOgJ/wCTc/8A8XR/wqTwP/0BP/Juf/4ui0e/9feGp2tFcV/wqTwP/wBAT/ybn/8Ai6P+FSeB/wDoCf8Ak3P/APF0Wj3/AK+8NTtaK4r/AIVJ4H/6An/k3P8A/F0f8Kk8D/8AQE/8m5//AIui0e/9feGp2tFcV/wqTwP/ANAT/wAm5/8A4uj/AIVJ4H/6An/k3P8A/F0Wj3/r7w1O1oriv+FSeB/+gJ/5Nz//ABdH/CpPA/8A0BP/ACbn/wDi6LR7/wBfeGp2tXx90fSvO/8AhUngf/oCf+Tc/wD8XVsfB3wHgf8AEi/8m5//AIuk1Hv/AF94andUVw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABdK0e/4f8EPeO5orhv+FO+A/wDoBf8Ak3P/APF0f8Kd8B/9AL/ybn/+LotHv+H/AAQ947miuG/4U74D/wCgF/5Nz/8AxdH/AAp3wH/0Av8Aybn/APi6LR7/AIf8EPeO5orhv+FO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi6LR7/h/wQ947miuG/wCFO+A/+gF/5Nz/APxdH/CnfAf/AEAv/Juf/wCLotHv+H/BD3juaK4b/hTvgP8A6AX/AJNz/wDxdH/CnfAf/QC/8m5//i6LR7/h/wAEPeO5orhv+FO+A/8AoBf+Tc//AMXR/wAKd8B/9AL/AMm5/wD4ui0e/wCH/BD3juaK4b/hTvgP/oBf+Tc//wAXR/wp3wH/ANAL/wAm5/8A4ui0e/4f8EPeO5orhv8AhTvgP/oBf+Tc/wD8XR/wp3wH/wBAL/ybn/8Ai6LR7/h/wQ947miuG/4U74D/AOgF/wCTc/8A8XR/wp3wH/0Av/Juf/4ui0e/4f8ABD3juaK4b/hTvgP/AKAX/k3P/wDF0f8ACnfAf/QC/wDJuf8A+LotHv8Ah/wQ947miuG/4U74D/6AX/k3P/8AF12VlZ2+nWFvY2sfl21tEsMSZJ2ooAAyeTwB1pO3Qav1J6KKKQzC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUVxt78VvBWnX9xZXWteXc28rQyp9lmO11JBGQmDyD0qD/hcXgP/AKDv/kpP/wDEVXJLsLmXc7miuG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiKOSXYXNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53NFcN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEUckuwc0e53NFcN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEUckuwc0e53NFcN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFHJLsHNHudzRXDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEUckuwc0e53B+6fpVCuVPxi8B4P/ABPf/JSf/wCIqp/wtvwP/wBBv/yUn/8AiKahLsHMu52tFcV/wtvwP/0G/wDyUn/+Io/4W34H/wCg3/5KT/8AxFPkl2DmXc7WiuK/4W34H/6Df/kpP/8AEUf8Lb8D/wDQb/8AJSf/AOIo5Jdg5l3O1oriv+Ft+B/+g3/5KT//ABFH/C2/A/8A0G//ACUn/wDiKOSXYOZdztaK4r/hbfgf/oN/+Sk//wARR/wtvwP/ANBv/wAlJ/8A4ijkl2DmXc7WiuK/4W34H/6Df/kpP/8AEUf8Lb8D/wDQb/8AJSf/AOIo5Jdg5l3O1oriv+Ft+B/+g3/5KT//ABFH/C2/A/8A0G//ACUn/wDiKOSXYOZdztaK4r/hbfgf/oN/+Sk//wARR/wtvwP/ANBv/wAlJ/8A4ijkl2DmXc7WiuK/4W34H/6Df/kpP/8AEUf8Lb8D/wDQb/8AJSf/AOIo5Jdg5l3O1oriv+Ft+B/+g3/5KT//ABFH/C2/A/8A0G//ACUn/wDiKOSXYOZdztaK4r/hbfgf/oN/+Sk//wARR/wtvwP/ANBv/wAlJ/8A4ijkl2DmXc7WiuK/4W34H/6Df/kpP/8AEUf8Lb8D/wDQb/8AJSf/AOIo5Jdg5l3O1q+Puj6V53/wtvwP/wBBv/yUn/8AiKtj4xeA8D/ie/8AkpP/APEUnCXYOZdzuqK4b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+Ipckuwc0e53NFcN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARRyS7BzR7nc0Vw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRRyS7BzR7nc0Vw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RRyS7BzR7nc0Vw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EUckuwc0e53NFcN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARRyS7BzR7nc0Vw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRRyS7BzR7nc0Vw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RRyS7BzR7nc0Vw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EUckuwc0e53NFcN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARRyS7BzR7nc0Vw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRRyS7BzR7nc0Vw3/C4vAf/AEHf/JSf/wCIrsrK8t9RsLe+tZPMtrmJZonwRuRgCDg8jgjrScWt0NNPYnooopDMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFcrq/xG8L6LM0E+pLLOvDR26mQg+hI4B9ia4L4rePbg3kvhzS5jHFGNt5Kh5ckf6sHsB39Tx2OfI69XDZdzxU6j3POxGO5JcsEfQX/C5PCv8A0/f9+B/jR/wuTwr/ANP3/fgf418+0V1f2bQ8zn+v1fI+gv8AhcnhX/p+/wC/A/xo/wCFyeFf+n7/AL8D/Gvn2ij+zaHmH1+r5H0F/wALk8K/9P3/AH4H+NOX4xeFGYAteqD3MHA/I1890Uf2bQ8w+v1fI+rtF8S6N4hjZ9K1CK428sgyrr9VOCB74rVr5Dsr25068iu7Od4LiJtySIcFTX0h8P8Axgvi7QjLMFS/tiI7lF6E9nA7A8/iDXn4vAuiuaLujtw2LVV8stGdZRRRXAdgUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKZNIIYZJW6IpY/gKfSMAylT0IwaAPkK5uJby7mup23zTO0jse7E5J/M1FV/W9Lm0TW7zTZwQ9tKyZP8Q7H8Rg/jVCvrotNJrY+aaadmFFFFMQUUUUAFFFFABXefCfWU0jxXL532hoZ7ZkZILeSZiQQQdqAnjB5x3NcHXqPwT0mWbX7zVSpEFvB5QbHV2I4/AA/mK5sY0qErm+GTdaNj1X/AIS3Tf8An21n/wAEt5/8ao/4S3Tf+fbWf/BLef8Axqt2ivmtD3tTC/4S3Tf+fbWf/BLef/GqP+Et03/n21n/AMEt5/8AGq3aKNA1ML/hLdN/59tZ/wDBLef/ABqj/hLdN/59tZ/8Et5/8ardoo0DUwv+Et03/n21n/wS3n/xqj/hLdN/59tZ/wDBLef/ABqt2ijQNTC/4S3Tf+fbWf8AwS3n/wAao/4S3Tf+fbWf/BLef/Gq3aKNA1OUutVh1jXfDyWdrqf7i+eaV59NuIURPs065LSIo+8yjr3rq6KKGwQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAcB8Rfh4vimMajpxSLVYl2kNws6joCexHY/gexHg+paVf6Pdta6jaTW0yn7si4z7g9x7jivresTxV/yBJPr/Q16OFx06doNXRxYjCRnea0Z8r0V6JRXrfWPI8z2Pmed0V6JRR9Y8g9j5nndFeiVoaH/wAhm3+p/kaTxFlew1Qu7XOP8M+B9a8UXCC1tnitCRvu5VIjUe394+w/Svorw74fsvDOiw6bYr8ifM7n70jnqx9z/LA7Vpx/6tfoKdXiYnFzr6PRdj1qGGjR1WrCiiiuQ6QooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAP/Z)

The current and deferred tax charges are calculated on the estimated assessable profit for the year. Taxation is calculated in

each jurisdiction based on the prevailing rates of that jurisdiction. A reconciliation of the actual tax expense to the expected

tax expense at the applicable statutory rate is shown below:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 |  | 2023 |  |
|  | £m | % | £m | % |
| Profit before tax | 407.3 |  | 492.1 |  |
| Tax charge at effective UK statutory rate of 25% (2023: 23.5%) | 101.8 | 25.0 | 115.6 | 23.5 |
| Different tax rates on overseas profits | 0.1 | – | 4.4 | 0.9 |
| Disposal-related items  1 | 34.3 | 8.4 | (1.0) | (0.2) |
| Acquisition-related items | 16.9 | 4.1 | (5.2) | (1.1) |
| Non-deductible expenditure | 22.9 | 5.6 | 10.7 | 2.1 |
| Non-taxable income  2 | (9.9) | (2.4) | (27.8) | (5.6) |
| Benefits from financing structures | (9.6) | (2.4) | (8.1) | (1.6) |
| Tax incentives | (3.5) | (0.9) | (1.4) | (0.3) |
| Adjustments for prior years  3 | (48.5) | (11.9) | (31.7) | (6.4) |
| Net movement in provisions for uncertain tax positions  4 | (2.6) | (0.6) | (11.6) | (2.4) |
| Impact of changes in tax rates | 2.8 | 0.7 | (2.0) | (0.4) |
| Recognition of deferred tax asset on Luxembourg losses  5 | (66.9) | (16.4) | (15.9) | (3.2) |
| Movements in other deferred tax not recognised | 3.1 | 0.8 | 3.4 | 0.7 |
| Tax charge and effective rate for the year | 40.9 | 10.0 | 29.4 | 6.0 |

1  Disposal related items relate to the difference between a loss for accounting and a gain for tax purposes on the disposal of subsidiaries and operations

2  Non-taxable income includes income in relation to the remeasurement of contingent consideration as set out in Note 31

3  Adjustments for prior years incorporate refinements to tax computations made on submission or resubmission and agreement with tax authorities

4  The net movement in provisions for uncertain tax positions reflects management’s reassessment of the provisions required in relation to historical

tax exposures

5  Additional deferred tax has been recognised in relation to Luxembourg losses as, based on the Group’s current forecasts, it is now expected that

there will be taxable profits against which they can be utilised

In addition to the income tax charge in the Consolidated Income Statement, a tax charge of £4.4m (2023: £1.2m) has been

recognised directly in the Consolidated Statement of Comprehensive Income during the year.

Current tax liabilities include £45.0m (2023: £43.6m) in respect of provisions for uncertain tax positions.

On 11 July 2023, the UK Government enacted the Pillar Two income taxes legislation, effective for the financial year beginning

1 January 2024. Under the legislation, Informa PLC is required to pay, in the UK, top-up tax on the profits of its subsidiaries

and permanent establishments that are taxed at a Pillar Two effective tax rate of less than 15%. The Group has performed

an assessment of the exposure to Pillar Two income taxes in 2024. Based on this assessment, the majority of entities fall

within the transitional safe harbours or have a simplified effective tax rate of more than 15%. However, there are a limited

number of jurisdictions where the transitional safe harbour relief may not apply and the Pillar Two effective tax rate is below

15%. The Group has recognised a £6.6m tax charge for the year in relation to this.

The UK’s Finance Bill 2024-25 was substantively enacted on 3 March 2025. This included amendments to the Pillar Two rules,

including in relation to arbitrage arrangements. The Group is currently assessing the impact of this legislation.

13. Dividends

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2024 |  | 2023 |  |
|  | Pence | 2024 | Pence | 2023 |
|  | per share | £m | per share | £m |
| Amounts recognised as distributions to equity holders in the year: |  |  |  |  |
| Interim dividend for the year ended 31 December 2023 | – | – | 5.8 | 80.9 |
| Final dividend for the year ended 31 December 2023 | – | – | 12.2 | 163.6 |
| Interim dividend for the year ended 31 December 2024 | 6.4 | 84.6 | – | – |
| Proposed final dividend for the year ended 31 December 2024 | 13.6 | 180.9 | – | – |
| Total dividend for the year | 20.0 | 265.5 | 18.0 | 244.5 |

As at 31 December 2024, £0.3m (2023: £0.3m) of dividends were still to be paid, and total dividend payments in the year

were £248.2m (2023: £176.6m). The proposed final dividend for the year ended 31 December 2024 of 13.6p (2023: 12.2p) per

share is subject to approval of shareholders at the Annual General Meeting and has not been included as a liability in these

Consolidated Financial Statements. The payment of this dividend will not have any tax consequences for the Group.

In the year ended 31 December 2024, there were dividend payments of £31.0m (2023: £16.0m) to non-controlling interests.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

171

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAWxA9UDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAwfFniqx8JaQ17d/PKx2wQKcNK3p7Adz2+pAPz/r/j3xD4hnZri/lggP3be3YpGB7gfe+pzWt8WtXl1HxvPaknyLFFhjXPGSAzHHrk4/AVwle/gsLCFNTkrtnjYvESlNxT0QE5OTRRRXoHEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAb+ieNPEHh+ZHstSmMS9YJWLxEem09PqMH3r33wV4ztPGGmGVFEF5DgXFvuzt9GHqp/+tXzHXVfDnWJNH8c6c6sRFcyC1lUfxK5wM/Rtp/CuHGYWFSDklqjrwuIlCai3oz6Zooor549sKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDjfC/h611Hwlo19dXusyXNzYwTSv8A2zdjc7RqScCXA5J6Vq/8Ilpv/PzrP/g6vP8A47R4K/5EPw7/ANgy2/8ARS1u1TbuJJWML/hEtN/5+dZ/8HV5/wDHaP8AhEtN/wCfnWf/AAdXn/x2t2ilzPuFkfMXxB0z+yfG+o2w80xllkjaWVpGZWUHJZiSe4ySelczX0B8UfA8viOyj1PTo92o2qlTGOs0fXA9xyR9T7V4C6NG7I6lXU4ZWGCD6GvpMHWVWkrbrc8LFUnTqPsxtFFFdRzhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABW54NtJb3xno0EKkt9sjc47KrBmP4AE1hgZOBXuXwp8CT6Qp13VYTHdyptt4XHzRIerH0Y9Mdhn1458VWjSptvfob4ek6lRJHqNFFFfMHvhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCua8SeDfDOth7vVrWKOQD5rpX8ph9T0P45pPG/jG38H6OLhlEt5PlbaEn7xHUn/ZGRn6gd6+ddb8Qap4hvDdandyTvn5VJwiD0VegFd+DwtSp78XyruceKxFOHuNXZ6e3w/8AhtuP/FW456f2lb8f+O0f8K/+G3/Q3f8AlSt//ia8dor1Pq1T/n4zzvbw/kR7F/wr/wCG3/Q3f+VK3/8AiaP+Ff8Aw2/6G7/ypW//AMTXjtFH1ap/z8Ye3h/Ij2L/AIV/8Nv+hu/8qVv/APE0f8K/+G3/AEN3/lSt/wD4mvHaKPq1T/n4w9vD+RHsX/Cv/ht/0N3/AJUrf/4mj/hX/wANv+hu/wDKlb//ABNeO0UfVqn/AD8Ye3h/Ij2L/hX/AMNv+hu/8qVv/wDE0f8ACv8A4bf9Dd/5Urf/AOJrx2ij6tU/5+MPbw/kR7F/wr/4bf8AQ3f+VK3/APiaP+Ff/Db/AKG7/wAqVv8A/E147RR9Wqf8/GHt4fyI9i/4V/8ADb/obv8AypW//wATR/wr/wCG3/Q3f+VK3/8Aia8doo+rVP8An4w9vD+RHsX/AAr/AOG3/Q3f+VK3/wDiaP8AhX/w2/6G7/ypW/8A8TXjtFH1ap/z8Ye3h/Ij2L/hX/w2/wChu/8AKlb/APxNH/Cv/ht/0N3/AJUrf/4mvHaKPq1T/n4w9vD+RHsX/Cv/AIbf9Dd/5Urf/wCJo/4V/wDDb/obv/Klb/8AxNeO0UfVqn/Pxh7eH8iPYv8AhX/w2/6G7/ypW/8A8TR/wr/4bf8AQ3f+VK3/APia8doo+rVP+fjD28P5Eexf8K/+G3/Q3f8AlSt//iaP+Ff/AA2/6G7/AMqVv/8AE147RR9Wqf8APxh7eH8iPYv+Ff8Aw2/6G7/ypW//AMTR/wAK/wDht/0N3/lSt/8A4mvHaKPq1T/n4w9vD+RHsX/Cv/ht/wBDd/5Urf8A+Jo/4V/8Nv8Aobv/ACpW/wD8TXjtFH1ap/z8Ye3h/Ij2L/hX/wANv+hu/wDKlb//ABNH/Cv/AIbf9Dd/5Urf/wCJrx2ij6tU/wCfjD28P5Eexf8ACv8A4bf9Dd/5Urf/AOJo/wCFf/Db/obv/Klb/wDxNeO0UfVqn/Pxh7eH8iPYv+Ff/Db/AKG7/wAqVv8A/E0f8K/+G3/Q3f8AlSt//ia8doo+rVP+fjD28P5Eexf8K/8Aht/0N3/lSt//AImj/hX/AMNv+hu/8qVv/wDE147RR9Wqf8/GHt4fyI9i/wCFf/Db/obv/Klb/wDxNH/Cv/ht/wBDd/5Urf8A+Jrx2ij6tU/5+MPbw/kR7F/wr/4bf9Dd/wCVK3/+Jo/4V/8ADb/obv8AypW//wATXjtFH1ap/wA/GHt4fyI9i/4V/wDDb/obv/Klb/8AxNWrL4WeBtScrYeILm6YdRBewOR+SV4nSqzI6ujFWU5BBwQaHhqttKjGq9PrTR7z/wAKS8N/8/2rf9/Y/wD43R/wpLw3/wA/2rf9/Y//AI3XO/Dz4n3MV5Do/iC4M0EpCQ3ch+aM9AHPcH1PI78dPa68uvUxVGXLKR6FGGHqx5oxPNv+FJeG/wDn+1b/AL+x/wDxuj/hSXhv/n+1b/v7H/8AG69JorH65X/mZr9Wo/ynm3/CkvDf/P8Aat/39j/+N0f8KS8N/wDP9q3/AH9j/wDjdek0UfXK/wDMw+rUf5Tzb/hSXhv/AJ/tW/7+x/8Axuj/AIUl4b/5/tW/7+x//G69Joo+uV/5mH1aj/Kebf8ACkvDf/P9q3/f2P8A+N0f8KS8N/8AP9q3/f2P/wCN16TRR9cr/wAzD6tR/lPNv+FJeG/+f7Vv+/sf/wAbo/4Ul4b/AOf7Vv8Av7H/APG69Joo+uV/5mH1aj/Kebf8KS8N/wDP9q3/AH9j/wDjdH/CkvDf/P8Aat/39j/+N16TRR9cr/zMPq1H+U82/wCFJeG/+f7Vv+/sf/xuj/hSXhv/AJ/tW/7+x/8AxuvSaKPrlf8AmYfVqP8AKebf8KS8N/8AP9q3/f2P/wCN0f8ACkvDf/P9q3/f2P8A+N16TRR9cr/zMPq1H+U82/4Ul4b/AOf7Vv8Av7H/APG6P+FJeG/+f7Vv+/sf/wAbr0mij65X/mYfVqP8p5t/wpLw3/z/AGrf9/Y//jdH/CkvDf8Az/at/wB/Y/8A43XpNFH1yv8AzMPq1H+U82/4Ul4b/wCf7Vv+/sf/AMbo/wCFJeG/+f7Vv+/sf/xuvSaKPrlf+Zh9Wo/ynm3/AApLw3/z/at/39j/APjdH/CkvDf/AD/at/39j/8Ajdek0UfXK/8AMw+rUf5TmNC+H/hvw9MtxZ2Ae5X7s87GRh7jPAPuAK6eiisJzlN3k7msYRirRVgoooqSgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGfOPxV1STUfHl5EzZiswsEYz0wMn/wAeJ/SuKrrvibYvY+P9TDJtSdlnQ/3gyjJ/PI/CuRr6nD29lG3ZHz1e/tJX7hRRRWxkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV9ReBdVk1rwTpd7MSZmi8uRiclmQlCT9dufxr5dr6a+HNjJp3gDSYZhh2iMx+jsXH6MK8zNEvZrvc78vv7R9rHU0UUV4Z64UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDOH+JHgc+LNOS5sgo1S1B8vJAEq9ShPb1B6Zz65Hz1dWlxY3MltdwSQTxnDxyKVYH6Gvr2s7VNB0nW0C6np9vdbRhWkQFl+h6j8K9DC450VySV0cWIwaqvmi7M+TaK+kz8LPBhOf7G/8mpv/i6T/hVngz/oDf8Ak1N/8XXb/alHs/w/zOT+z6vdf18j5tor6S/4VZ4M/wCgN/5NTf8AxdH/AAqzwZ/0Bv8Ayam/+Lo/tSj2f4f5h/Z9Xuv6+R820V9Jf8Ks8Gf9Ab/yam/+Lo/4VZ4M/wCgN/5NTf8AxdH9qUez/D/MP7Pq91/XyPm2ivpL/hVngz/oDf8Ak1N/8XR/wqzwZ/0Bv/Jqb/4uj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/wBAb/yam/8Ai6P+FWeDP+gN/wCTU3/xdH9qUez/AA/zD+z6vdf18j5tor6S/wCFWeDP+gN/5NTf/F0f8Ks8Gf8AQG/8mpv/AIuj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/0Bv/ACam/wDi6P8AhVngz/oDf+TU3/xdH9qUez/D/MP7Pq91/XyPm2ivpL/hVngz/oDf+TU3/wAXR/wqzwZ/0Bv/ACam/wDi6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/AAqzwZ/0Bv8Ayam/+Lo/4VZ4M/6A3/k1N/8AF0f2pR7P8P8AMP7Pq91/XyPm2ivpL/hVngz/AKA3/k1N/wDF0f8ACrPBn/QG/wDJqb/4uj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/0Bv/Jqb/4uj/hVngz/AKA3/k1N/wDF0f2pR7P8P8w/s+r3X9fI+baK+kv+FWeDP+gN/wCTU3/xdH/CrPBn/QG/8mpv/i6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/AEBv/Jqb/wCLo/4VZ4M/6A3/AJNTf/F0f2pR7P8AD/MP7Pq91/XyPm2ivpL/AIVZ4M/6A3/k1N/8XR/wqzwZ/wBAb/yam/8Ai6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/QG/8AJqb/AOLo/wCFWeDP+gN/5NTf/F0f2pR7P8P8w/s+r3X9fI+baK+kv+FWeDP+gN/5NTf/ABdH/CrPBn/QG/8AJqb/AOLo/tSj2f4f5h/Z9Xuv6+R820V9Jf8ACrPBn/QG/wDJqb/4uj/hVngz/oDf+TU3/wAXR/alHs/w/wAw/s+r3X9fI+baK+kv+FWeDP8AoDf+TU3/AMXR/wAKs8Gf9Ab/AMmpv/i6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/QG/8mpv/i6P+FWeDP8AoDf+TU3/AMXR/alHs/w/zD+z6vdf18j5tor6S/4VZ4M/6A3/AJNTf/F0f8Ks8Gf9Ab/yam/+Lo/tSj2f4f5h/Z9Xuv6+R820V9Jf8Ks8Gf8AQG/8mpv/AIurdj8PfCenSeZb6Jbls5BmLS4/77JoeaUuif4f5jWX1OrR498P/h7deJL2K+v4Xh0iNgzMwwZ8fwr7ep/LmvoYAKAAAAOAB2pQABgDAFFeVicTKvK72PQoUI0Y2QUUUVzm4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFMlRpFAWV4znOUAz+oNPopDK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJoqzRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7Etgpks0UChpZEjUnGXYAZp9FIZW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as1n0wJ/7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GoKKLCJ/wC0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqCiiwE/wDaFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NQUUWAn/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8agoosBP/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jUFFFgJ/7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GoKKLAT/2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jUcX+tX61doGVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFICt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40VZooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRTJXaNQVieQ5xhCM/qRSGPoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaz6n+0y/8+Nx/31H/APFVR8+T/n0m/NP/AIqmhE9FQefJ/wA+k35p/wDFUefJ/wA+k35p/wDFUwJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCeioPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgCeioPPk/wCfSb80/wDiqPPk/wCfSb80/wDiqAJ6Kg8+T/n0m/NP/iqPPk/59JvzT/4qgC1F/rV+tXay455PMX/RJjz6p/8AFVb+0y/8+Nx/31H/APFUmBZoqt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFUhlmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqKAMvwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFZ9aFZ9NAFFFFMQUUUUAFFFFABRRRQAUUUUAFFFFAD4v9av1q7VKL/Wr9au0mMKKKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CsnxBYavqNhHFo2t/2RcrKGaf7KlxuTBBXa3A5IOfb3rWopJ2GcN/wi3jz/AKKP/wCUOD/Gj/hFvHn/AEUf/wAocH+NdzRVc7/pInlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf413NFHO/6SDlRw3/CLePP+ij/APlDg/xo/wCEW8ef9FH/APKHB/jXc0Uc7/pIOVHDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NdzRRzv+kg5UcN/wi3jz/oo/wD5Q4P8ap/8Iz44/wCihf8AlFg/xr0Ws+mpv+kg5UcV/wAIz44/6KF/5RYP8aP+EZ8cf9FC/wDKLB/jXa0U+d/0kHKjiv8AhGfHH/RQv/KLB/jR/wAIz44/6KF/5RYP8a7Wijnf9JByo4r/AIRnxx/0UL/yiwf40f8ACM+OP+ihf+UWD/Gu1oo53/SQcqOK/wCEZ8cf9FC/8osH+NH/AAjPjj/ooX/lFg/xrtaKOd/0kHKjiv8AhGfHH/RQv/KLB/jR/wAIz44/6KF/5RYP8a7Wijnf9JByo4r/AIRnxx/0UL/yiwf40f8ACM+OP+ihf+UWD/Gu1oo53/SQcqOMj8M+OTIuPiHg56/2LB/jVr/hFvHn/RR//KHB/jXWRf61frV2k5v+kg5UcN/wi3jz/oo//lDg/wAaP+EW8ef9FH/8ocH+NdzRS53/AEkHKjhv+EW8ef8ARR//AChwf40f8It48/6KP/5Q4P8AGu5oo53/AEkHKjhv+EW8ef8ARR//AChwf40f8It48/6KP/5Q4P8AGu5oo53/AEkHKjhv+EW8ef8ARR//AChwf40f8It48/6KP/5Q4P8AGu5oo53/AEkHKjhv+EW8ef8ARR//AChwf40f8It48/6KP/5Q4P8AGu5oo53/AEkHKjhv+EW8ef8ARR//AChwf40f8It48/6KP/5Q4P8AGu5oo53/AEkHKjhv+EW8ef8ARR//AChwf40V3NFHO/6SDlRheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u0pbsa2CiisnxB4a0jxTYR2Ws2n2q3jlEyp5jphwCAcqQejGkvMZrUVw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXVWj3/AA/4JPvHc0Vw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XRaPf8AD/gh7x3NFcN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF0Wj3/D/gh7x3NFcN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXRaPf8P8Agh7x3NFcN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F0Wj3/D/gh7x3NFcN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF0Wj3/AA/4Ie8dzRXDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdFo9/w/4Ie8dzRXDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF0Wj3/D/AIIe8dzRXDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxdFo9/w/4Ie8dzRXDf8Kd8B/8AQC/8m5//AIuj/hTvgP8A6AX/AJNz/wDxdFo9/wAP+CHvHc0Vw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXRaPf8P+CHvHc0Vw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABdFo9/w/wCCHvHc0Vw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XRaPf8P+CHvHc0Vw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XRaPf8AD/gh7x3NFcN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF0Wj3/D/gh7x3NFcN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXRaPf8P8Agh7x3NFcN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F0Wj3/D/gh7x3NFcN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF0Wj3/AA/4Ie8dzRXDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdFo9/w/4Ie8dzRXDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF0Wj3/D/AIIe8dzRXDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxdFo9/w/4Ie8dzRXDf8Kd8B/8AQC/8m5//AIuj/hTvgP8A6AX/AJNz/wDxdFo9/wAP+CHvHc0Vw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXRaPf8P+CHvHc0Vw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABdFo9/w/wCCHvHc0Vw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XRaPf8P+CHvHc0Vw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XRaPf8AD/gh7x3NFcN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF0Wj3/D/gh7x3NFcN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXRaPf8P8Agh7x3NFcN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F0Wj3/D/gh7x3NFcN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF0Wj3/AA/4Ie8dzRXDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdFo9/w/4Ie8dzRXDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF0Wj3/D/AIIe8dzRXDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxdFo9/w/4Ie8dzRXDf8Kd8B/8AQC/8m5//AIuj/hTvgP8A6AX/AJNz/wDxdFo9/wAP+CHvHc0Vw3/CnfAf/QC/8m5//i6P+FO+A/8AoBf+Tc//AMXRaPf8P+CHvHc0Vw3/AAp3wH/0Av8Aybn/APi6P+FO+A/+gF/5Nz//ABdFo9/w/wCCHvHc0Vw3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XRaPf8P+CHvHc0Vw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XRaPf8AD/gh7x3NFcN/wp3wH/0Av/Juf/4uj/hTvgP/AKAX/k3P/wDF0Wj3/D/gh7x3NFcN/wAKd8B/9AL/AMm5/wD4uj/hTvgP/oBf+Tc//wAXRaPf8P8Agh7x3NFcN/wp3wH/ANAL/wAm5/8A4uj/AIU74D/6AX/k3P8A/F0Wj3/D/gh7x3NFcN/wp3wH/wBAL/ybn/8Ai6P+FO+A/wDoBf8Ak3P/APF0Wj3/AA/4Ie8dzRXDf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdFo9/w/4Ie8dzRXDf8ACnfAf/QC/wDJuf8A+Lo/4U74D/6AX/k3P/8AF0Wj3/D/AIIe8dzRXDf8Kd8B/wDQC/8AJuf/AOLo/wCFO+A/+gF/5Nz/APxdFo9/w/4Ie8dzWfXLf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdP3e/4f8EPeOporlv8AhTvgP/oBf+Tc/wD8XR/wp3wH/wBAL/ybn/8Ai6Pd7/194e8dTRXLf8Kd8B/9AL/ybn/+Lo/4U74D/wCgF/5Nz/8AxdHu9/6+8PeOporlv+FO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi6Pd7/wBfeHvHU0Vy3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XR7vf8Ar7w946miuW/4U74D/wCgF/5Nz/8AxdH/AAp3wH/0Av8Aybn/APi6Pd7/ANfeHvHU0Vy3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XR7vf+vvD3jrIv8AWr9au1w3/CnfAf8A0Av/ACbn/wDi6P8AhTvgP/oBf+Tc/wD8XR7vf8P+CHvHc0Vw3/CnfAf/AEAv/Juf/wCLo/4U74D/AOgF/wCTc/8A8XStHv8Ah/wQ947miuG/4U74D/6AX/k3P/8AF0f8Kd8B/wDQC/8AJuf/AOLotHv+H/BD3juaK4b/AIU74D/6AX/k3P8A/F0f8Kd8B/8AQC/8m5//AIui0e/4f8EPeO5orhv+FO+A/wDoBf8Ak3P/APF0f8Kd8B/9AL/ybn/+LotHv+H/AAQ947miuG/4U74D/wCgF/5Nz/8AxdH/AAp3wH/0Av8Aybn/APi6LR7/AIf8EPeO5orhv+FO+A/+gF/5Nz//ABdH/CnfAf8A0Av/ACbn/wDi6LR7/h/wQ947miuG/wCFO+A/+gF/5Nz/APxdFFo9/wAP+CHvG54K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u0pbsa2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBTJUaRQFleM5zlAM/qDT6KQyt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaKs0UAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFMlRpFAWV4znOUAz+oNIY+iq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqjNHPGRi9n59VT/4mov9I/5/Zv8AvlP/AImnYDTorM/0j/n9m/75T/4mj/SP+f2b/vlP/iaLCuadFZn+kf8AP7N/3yn/AMTR/pH/AD+zf98p/wDE0WC5p0Vmf6R/z+zf98p/8TR/pH/P7N/3yn/xNFguadFZn+kf8/s3/fKf/E0f6R/z+zf98p/8TRYLmnRWZ/pH/P7N/wB8p/8AE0f6R/z+zf8AfKf/ABNFguadFZn+kf8AP7N/3yn/AMTR/pH/AD+zf98p/wDE0WC5p0Vmf6R/z+zf98p/8TR/pH/P7N/3yn/xNFguadFZn+kf8/s3/fKf/E0f6R/z+zf98p/8TRYLmnRWZ/pH/P7N/wB8p/8AE0f6R/z+zf8AfKf/ABNFguadFZn+kf8AP7N/3yn/AMTR/pH/AD+zf98p/wDE0WC5p0Vmf6R/z+zf98p/8TR/pH/P7N/3yn/xNFguadFUYY55Cc3s/Hoqf/E1L9ml/wCf64/75j/+JoGWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TSAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNFAGX4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigCtc/eX6VBU9z95fpUFNCCiiimAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAT233m+lWarW33m+lWaljCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUyWGKdQssaSKDnDqCM0+ikMrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBn3FjaKVxawD6RioPsdr/z7Q/8AfAq9c/eX6VBVIRB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQBB9jtf+faH/AL4FH2O1/wCfaH/vgVPRQAW9jaMWzawH6xip/wCz7L/nzt/+/Q/wotvvN9Ks0mxlb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRSuBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAoqzRRcDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwVk+INc/sCwjuv7K1PUt8oj8rTrfzpFyCdxXI+XjGfUitaikhnDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZV3NFVePYmz7nDf8LL/wCpJ8Z/+Cr/AOyo/wCFl/8AUk+M/wDwVf8A2VdzRRePYLPucN/wsv8A6knxn/4Kv/sqP+Fl/wDUk+M//BV/9lXc0UXj2Cz7nDf8LL/6knxn/wCCr/7Kj/hZf/Uk+M//AAVf/ZV3NFF49gs+5w3/AAsv/qSfGf8A4Kv/ALKj/hZf/Uk+M/8AwVf/AGVdzRRePYLPucN/wsv/AKknxn/4Kv8A7Kj/AIWX/wBST4z/APBV/wDZV3NFF49gs+5w3/Cy/wDqSfGf/gq/+yo/4WX/ANST4z/8FX/2VdzRRePYLPucN/wsv/qSfGf/AIKv/sqP+Fl/9ST4z/8ABV/9lXc0UXj2Cz7nDf8ACy/+pJ8Z/wDgq/8AsqP+Fl/9ST4z/wDBV/8AZV3NFF49gs+5w3/Cy/8AqSfGf/gq/wDsqP8AhZf/AFJPjP8A8FX/ANlXc0UXj2Cz7nDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZV3NFF49gs+5w3/Cy/+pJ8Z/8Agq/+yo/4WX/1JPjP/wAFX/2VdzRRePYLPucN/wALL/6knxn/AOCr/wCyo/4WX/1JPjP/AMFX/wBlXc0UXj2Cz7nDf8LL/wCpJ8Z/+Cr/AOyo/wCFl/8AUk+M/wDwVf8A2VdzRRePYLPucN/wsv8A6knxn/4Kv/sqP+Fl/wDUk+M//BV/9lXc0UXj2Cz7nDf8LL/6knxn/wCCr/7Kj/hZf/Uk+M//AAVf/ZV3NFF49gs+5w3/AAsv/qSfGf8A4Kv/ALKj/hZf/Uk+M/8AwVf/AGVdzRRePYLPucN/wsv/AKknxn/4Kv8A7Kj/AIWX/wBST4z/APBV/wDZV3NFF49gs+5w3/Cy/wDqSfGf/gq/+yo/4WX/ANST4z/8FX/2VdzRRePYLPucN/wsv/qSfGf/AIKv/sqP+Fl/9ST4z/8ABV/9lXc0UXj2Cz7nDf8ACy/+pJ8Z/wDgq/8AsqP+Fl/9ST4z/wDBV/8AZV3NFF49gs+5w3/Cy/8AqSfGf/gq/wDsqP8AhZf/AFJPjP8A8FX/ANlXc0UXj2Cz7nDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZV3NFF49gs+5w3/Cy/+pJ8Z/8Agq/+yo/4WX/1JPjP/wAFX/2VdzRRePYLPucN/wALL/6knxn/AOCr/wCyo/4WX/1JPjP/AMFX/wBlXc0UXj2Cz7nDf8LL/wCpJ8Z/+Cr/AOyo/wCFl/8AUk+M/wDwVf8A2VdzRRePYLPucN/wsv8A6knxn/4Kv/sqP+Fl/wDUk+M//BV/9lXc0UXj2Cz7nDf8LL/6knxn/wCCr/7Kj/hZf/Uk+M//AAVf/ZV3NFF49gs+5w3/AAsv/qSfGf8A4Kv/ALKj/hZf/Uk+M/8AwVf/AGVdzRRePYLPucN/wsv/AKknxn/4Kv8A7Kj/AIWX/wBST4z/APBV/wDZV3NFF49gs+5w3/Cy/wDqSfGf/gq/+yo/4WX/ANST4z/8FX/2VdzRRePYLPucN/wsv/qSfGf/AIKv/sqP+Fl/9ST4z/8ABV/9lXc0UXj2Cz7nDf8ACy/+pJ8Z/wDgq/8AsqP+Fl/9ST4z/wDBV/8AZV3NFF49gs+5w3/Cy/8AqSfGf/gq/wDsqP8AhZf/AFJPjP8A8FX/ANlXc0UXj2Cz7nDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZV3NFF49gs+55/P8SNxH/FF+MR9dL/APsqi/4WN/1Jni//AMFf/wBlXeXP3l+lQVScewWfc4r/AIWN/wBSZ4v/APBX/wDZUf8ACxv+pM8X/wDgr/8Asq7Wii8ewWfc4r/hY3/UmeL/APwV/wD2VH/Cxv8AqTPF/wD4K/8A7Ku1oovHsFn3OK/4WN/1Jni//wAFf/2VH/Cxv+pM8X/+Cv8A+yrtaKLx7BZ9ziv+Fjf9SZ4v/wDBX/8AZUf8LG/6kzxf/wCCv/7Ku1oovHsFn3OK/wCFjf8AUmeL/wDwV/8A2VH/AAsb/qTPF/8A4K//ALKu1oovHsFn3OK/4WN/1Jni/wD8Ff8A9lR/wsb/AKkzxf8A+Cv/AOyrtaKLx7BZ9ziv+Fjf9SZ4v/8ABX/9lR/wsb/qTPF//gr/APsq7Wii8ewWfc4r/hY3/UmeL/8AwV//AGVH/Cxv+pM8X/8Agr/+yrtaKLx7BZ9ziv8AhY3/AFJni/8A8Ff/ANlR/wALG/6kzxf/AOCv/wCyrtaKLx7BZ9ziv+Fjf9SZ4v8A/BX/APZUf8LG/wCpM8X/APgr/wDsq7Wii8ewWfc4r/hY3/UmeL//AAV//ZUf8LG/6kzxf/4K/wD7Ku1oovHsFn3OPg+JG0n/AIovxifppf8A9lU//Cy/+pJ8Z/8Agq/+yrsLb7zfSrNJuPYLPucN/wALL/6knxn/AOCr/wCyo/4WX/1JPjP/AMFX/wBlXc0Urx7BZ9zhv+Fl/wDUk+M//BV/9lR/wsv/AKknxn/4Kv8A7Ku5oovHsFn3OG/4WX/1JPjP/wAFX/2VH/Cy/wDqSfGf/gq/+yruaKLx7BZ9zhv+Fl/9ST4z/wDBV/8AZUf8LL/6knxn/wCCr/7Ku5oovHsFn3OG/wCFl/8AUk+M/wDwVf8A2VH/AAsv/qSfGf8A4Kv/ALKu5oovHsFn3OG/4WX/ANST4z/8FX/2VH/Cy/8AqSfGf/gq/wDsq7mii8ewWfc4b/hZf/Uk+M//AAVf/ZUf8LL/AOpJ8Z/+Cr/7Ku5oovHsFn3OG/4WX/1JPjP/AMFX/wBlR/wsv/qSfGf/AIKv/sq7mii8ewWfc4b/AIWX/wBST4z/APBV/wDZUf8ACy/+pJ8Z/wDgq/8Asq7mii8ewWfc4b/hZf8A1JPjP/wVf/ZUf8LL/wCpJ8Z/+Cr/AOyruaKLx7BZ9zhv+Fl/9ST4z/8ABV/9lR/wsv8A6knxn/4Kv/sq7mii8ewWfc4b/hZf/Uk+M/8AwVf/AGVFdzRRePYLPuYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtKW7GtgoopkplCjykR2z0dyox+RpDH0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIoALn7y/SoKLh7vK5ggH0mP8A8TUG66/54w/9/T/8TVIRPRUG66/54w/9/T/8TRuuv+eMP/f0/wDxNAE9FQbrr/njD/39P/xNG66/54w/9/T/APE0AT0VBuuv+eMP/f0//E0brr/njD/39P8A8TQBPRUG66/54w/9/T/8TRuuv+eMP/f0/wDxNAE9FQbrr/njD/39P/xNG66/54w/9/T/APE0AT0VBuuv+eMP/f0//E0brr/njD/39P8A8TQBPRUG66/54w/9/T/8TRuuv+eMP/f0/wDxNAE9FQbrr/njD/39P/xNG66/54w/9/T/APE0AT0VBuuv+eMP/f0//E0brr/njD/39P8A8TQBPRUG66/54w/9/T/8TRuuv+eMP/f0/wDxNAE9FQbrr/njD/39P/xNG66/54w/9/T/APE0AXrb7zfSrNZ9u93lsQQH6zH/AOJqffe/8+9v/wB/z/8AEUmMs0VW33v/AD72/wD3/P8A8RRvvf8An3t/+/5/+IpAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+IooAy/BX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBWufvL9Kgqe5+8v0qCmhBRRRTAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAJ7b7zfSrNVrb7zfSrNSxhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKyfEGh/2/YR2v9qanpuyUSedp1x5MjYBG0nByvOceoFa1FJOwzhv+Faf9Tt4z/wDBr/8AY0f8K0/6nbxn/wCDX/7Gu5oqueRPKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjhv8AhWn/AFO3jP8A8Gv/ANjR/wAK0/6nbxn/AODX/wCxruaKOeQcqOG/4Vp/1O3jP/wa/wD2NH/CtP8AqdvGf/g1/wDsa7mijnkHKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjhv8AhWn/AFO3jP8A8Gv/ANjR/wAK0/6nbxn/AODX/wCxruaKOeQcqOG/4Vp/1O3jP/wa/wD2NH/CtP8AqdvGf/g1/wDsa7mijnkHKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjhv8AhWn/AFO3jP8A8Gv/ANjR/wAK0/6nbxn/AODX/wCxruaKOeQcqOG/4Vp/1O3jP/wa/wD2NH/CtP8AqdvGf/g1/wDsa7mijnkHKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjhv8AhWn/AFO3jP8A8Gv/ANjR/wAK0/6nbxn/AODX/wCxruaKOeQcqOG/4Vp/1O3jP/wa/wD2NH/CtP8AqdvGf/g1/wDsa7mijnkHKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjhv8AhWn/AFO3jP8A8Gv/ANjR/wAK0/6nbxn/AODX/wCxruaKOeQcqOG/4Vp/1O3jP/wa/wD2NH/CtP8AqdvGf/g1/wDsa7mijnkHKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjhv8AhWn/AFO3jP8A8Gv/ANjR/wAK0/6nbxn/AODX/wCxruaKOeQcqOG/4Vp/1O3jP/wa/wD2NH/CtP8AqdvGf/g1/wDsa7mijnkHKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjhv8AhWn/AFO3jP8A8Gv/ANjR/wAK0/6nbxn/AODX/wCxruaKOeQcqOG/4Vp/1O3jP/wa/wD2NH/CtP8AqdvGf/g1/wDsa7mijnkHKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjhv8AhWn/AFO3jP8A8Gv/ANjR/wAK0/6nbxn/AODX/wCxruaKOeQcqOG/4Vp/1O3jP/wa/wD2NH/CtP8AqdvGf/g1/wDsa7mijnkHKjhv+Faf9Tt4z/8ABr/9jR/wrT/qdvGf/g1/+xruaKOeQcqOG/4Vp/1O3jP/AMGv/wBjR/wrT/qdvGf/AINf/sa7mijnkHKjz+f4b7SP+K08Yn66p/8AY1F/wrn/AKnPxf8A+DT/AOxrvLn7y/SoKpTkHKjiv+Fc/wDU5+L/APwaf/Y0f8K5/wCpz8X/APg0/wDsa7WijnkHKjiv+Fc/9Tn4v/8ABp/9jR/wrn/qc/F//g0/+xrtaKOeQcqOK/4Vz/1Ofi//AMGn/wBjR/wrn/qc/F//AINP/sa7WijnkHKjiv8AhXP/AFOfi/8A8Gn/ANjR/wAK5/6nPxf/AODT/wCxrtaKOeQcqOK/4Vz/ANTn4v8A/Bp/9jR/wrn/AKnPxf8A+DT/AOxrtaKOeQcqOK/4Vz/1Ofi//wAGn/2NH/Cuf+pz8X/+DT/7Gu1oo55Byo4r/hXP/U5+L/8Awaf/AGNH/Cuf+pz8X/8Ag0/+xrtaKOeQcqOK/wCFc/8AU5+L/wDwaf8A2NH/AArn/qc/F/8A4NP/ALGu1oo55Byo4r/hXP8A1Ofi/wD8Gn/2NH/Cuf8Aqc/F/wD4NP8A7Gu1oo55Byo4r/hXP/U5+L//AAaf/Y0f8K5/6nPxf/4NP/sa7WijnkHKjiv+Fc/9Tn4v/wDBp/8AY0f8K5/6nPxf/wCDT/7Gu1oo55Byo4+D4b7if+K08Yj6ap/9jU//AArT/qdvGf8A4Nf/ALGuwtvvN9Ks0nOQcqOG/wCFaf8AU7eM/wDwa/8A2NH/AArT/qdvGf8A4Nf/ALGu5opc8g5UcN/wrT/qdvGf/g1/+xo/4Vp/1O3jP/wa/wD2NdzRRzyDlRw3/CtP+p28Z/8Ag1/+xo/4Vp/1O3jP/wAGv/2NdzRRzyDlRw3/AArT/qdvGf8A4Nf/ALGj/hWn/U7eM/8Awa//AGNdzRRzyDlRw3/CtP8AqdvGf/g1/wDsaP8AhWn/AFO3jP8A8Gv/ANjXc0Uc8g5UcN/wrT/qdvGf/g1/+xo/4Vp/1O3jP/wa/wD2NdzRRzyDlRw3/CtP+p28Z/8Ag1/+xo/4Vp/1O3jP/wAGv/2NdzRRzyDlRw3/AArT/qdvGf8A4Nf/ALGj/hWn/U7eM/8Awa//AGNdzRRzyDlRw3/CtP8AqdvGf/g1/wDsaP8AhWn/AFO3jP8A8Gv/ANjXc0Uc8g5UcN/wrT/qdvGf/g1/+xo/4Vp/1O3jP/wa/wD2NdzRRzyDlRw3/CtP+p28Z/8Ag1/+xo/4Vp/1O3jP/wAGv/2NdzRRzyDlRw3/AArT/qdvGf8A4Nf/ALGiu5oo55ByowvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3aUt2NbBRRVTUNL0/VoFg1Kwtb2FW3rHcwrIobBGQGB5wTz70hluisL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaegtTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1N2isL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1N2isL/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImjQNTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1N2isL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1N2isL/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImjQNTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1N2isL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1N2isL/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImjQNTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1N2isL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1N2isL/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImjQNTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1N2isL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1N2isL/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImjQNTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1N2isL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1N2isL/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImjQNTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1N2isL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1N2isL/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImjQNTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1N2isL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1N2isL/hCvCn/AELOjf8AgBF/8TR/whXhT/oWdG/8AIv/AImjQNTdorC/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNTdorC/wCEK8Kf9Czo3/gBF/8AE0f8IV4U/wChZ0b/AMAIv/iaNA1NS5+8v0qCqX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TT0DUu0VS/4Qrwp/0LOjf+AEX/xNH/CFeFP+hZ0b/wAAIv8A4mjQNS7RVL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1LtFUv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DUu0VS/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNS7RVL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1LtFUv+EK8Kf9Czo3/gBF/wDE0f8ACFeFP+hZ0b/wAi/+Jo0DUu0VS/4Qrwp/0LOjf+AEX/xNH/CFeFP+hZ0b/wAAIv8A4mjQNS7RVL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1LtFUv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DUu0VS/4Qrwp/0LOjf+AEX/AMTR/wAIV4U/6FnRv/ACL/4mjQNS7RVL/hCvCn/Qs6N/4ARf/E0f8IV4U/6FnRv/AAAi/wDiaNA1NS2+830qzWF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0tA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNFGgah4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7RLdgtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUVzOteP8Aw1oMzQXmpI1wpw0MAMjKfQ44B9iRWJ/wuTwr/wBP3/fgf41tHD1ZK6izKVenF2ckeg0V59/wuTwr/wBP3/fgf40f8Lk8K/8AT9/34H+NV9Vr/wArF9YpfzI9Borz7/hcnhX/AKfv+/A/xo/4XJ4V/wCn7/vwP8aPqtf+Vh9YpfzI9Borz9fjH4VLAE3qgnqYOB+tdPofizQ/EYI0vUIppFGTEcq4HrtbBx79KidCrBXlFoqNanJ2jJGzRRRWRoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1xvhfxDa6d4S0axurLWY7m2sYIZU/sa7O11jUEZEWDyD0rV/4S3Tf+fbWf/BLef/Gqpp3EmrG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVLlfYLo3aKwv+Et03/n21n/wS3n/AMao/wCEt03/AJ9tZ/8ABLef/GqOV9gujdorC/4S3Tf+fbWf/BLef/GqP+Et03/n21n/AMEt5/8AGqOV9gujdorC/wCEt03/AJ9tZ/8ABLef/GqP+Et03/n21n/wS3n/AMao5X2C6N2vJvit49n0+U+HtJmaKYqDdzocFQRwgPY4wSfce9d5/wAJbpv/AD7az/4Jbz/41XzRrl8+p69qF85YtPcPJ8wwQCxwOfavQy+gp1HKS2OLG1nCCUepQooor3jxwooooAKKKKACpIJ5rWeOe3leKaNgySIxVlI7gjpUdFAH0Z8NvGreK9JeC9Yf2naACYgAeap6OB+GDjv9cV29fOXwnvJLX4g2UaH5LmOSGT3XYWH6qtfRtfOY6iqVW0dnqe5hKrqU7vdBRRRXGdQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfLHjDSZNF8W6nZSKVVZ2eP3RjuU/kRX1PXFfEDwFF4vs0ntmSHVLdcRyMOJF67GP15B7c+tduBxCo1Pe2ZyYyi6sPd3R840Vf1bRNT0O6NvqdlNbSDpvXhvow4P4GqFfQppq6PFaadmFFFFMQUUUUAFFFbvh3wfrXie4RNPs38knDXMgKxIO+W7/QZNTKUYq8nZDjFydkjpfg7pMl94zF/g+TYRM7N23MCig/gWP/Aa+gaw/Cnhez8J6Klhaku5O+aZhgyv3PsOwHYfnW5XzmLrqtVclse7hqXsqfK9wooorlOgKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDM8Qf8geX6r/MV4nRRXo4L4WcOL+JBRRRXacgUUUUAW9L/AOQnB/vV7daf8ecH/XNf5UUVwY3dHbhOpNRRRXAdgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB//Z)

14. Earnings per share

Basic

The basic earnings per share (EPS) calculation is based on the profit/(loss) attributable to the equity holders of the Parent

Company divided by the weighted average number of shares in issue less those shares held by the Employee Share Trust

and ShareMatch.

Diluted

The diluted EPS calculation is based on the basic EPS calculation above except that the weighted average number of shares

includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day of

the accounting period or the date of the grant, if later. In 2024, there were no (2023: nil) potential ordinary shares which were

anti-dilutive and therefore excluded from the weighted average number of ordinary shares for the purpose of calculating

diluted EPS.

Weighted average number of shares

The table below sets out the adjustment in respect of dilutive potential ordinary shares for use in the calculation of diluted

EPS and diluted adjusted EPS:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Weighted average number of shares used in basic and adjusted basic earnings per share | 1,335,773,495 | 1,394,051,260 |
| Effect of dilutive potential ordinary shares | 8,218,817 | 8,670,882 |
| Weighted average number of shares used in diluted and adjusted diluted earnings per share | 1,343,992,312 | 1,402,722,142 |

Statutory earnings per share

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | Per share |  | Per share |
|  | Earnings | amount | Earnings | amount |
|  | 2024 | 2024 | 2023 | 2023 |
|  | £m | Pence | £m | Pence |
| Profit for the year | 366.4 |  | 462.7 |  |
| Non-controlling interests | (68.7) |  | (43.7) |  |
| Earnings and EPS for the purpose of statutory basic EPS | 297.7 | 22.3 | 419.0 | 30.1 |
| Effect of dilutive potential ordinary shares (p) | – | (0.1) | – | (0.2) |
| Earnings and EPS for the purpose of statutory diluted EPS | 297.7 | 22.2 | 419.0 | 29.9 |

Adjusted earnings per share

In addition to basic EPS, adjusted diluted EPS has been calculated to provide useful additional information on underlying

earnings performance. Adjusted diluted EPS is based on profit attributable to equity holders which has been adjusted to

exclude items that, in the opinion of the Directors, would distort underlying results (see Note 7).

Informa Annual Report and Accounts 2024

172

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAXZBAMDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPmf4j/E7XtQ8T3thpuoXFhp9nM0CLayFGkKkqWZl5OSDgdMY4zzXF/8ACXeJv+hi1b/wNk/+KruviN8K9es/Ed7qWkWM2oafdytOBbrveJmOSpQc4yTggHjHeuJ/4QrxX/0LOs/+AEv/AMTXfDk5VY5Zc19SP/hLvE3/AEMWrf8AgbJ/8VR/wl3ib/oYtW/8DZP/AIqpP+EK8V/9CzrP/gBL/wDE0f8ACFeK/wDoWdZ/8AJf/iar3Rakf/CXeJv+hi1b/wADZP8A4qrem+P/ABZpd7HdQ6/qEjIcmOe4aVG9irEg1B/whXiv/oWdZ/8AACX/AOJq5pfw38X6reJbR6BfQZIzJdwtCij1JYD9Mmh8nUPePoK8+ISxfCdfGMNupmkgASEnKiYtsI9wGyfUgV88XPxA8XXV+bx/EWorKW3bY7hkQewQEKB7Yr6LvPh9DN8LB4OinCtHANk5GB5wbfu9gWznvgmvnu5+GvjK11H7E3h+9kkLYEkUe+M++8fKB9SKxo8mppU5tD3r4Z+PJfE/g26vtV2/a9OLLcyIABIoXcHx2OMj0yO3QeGeI/id4o1/VZLpNUu7C33Hyba0naNUXPAJXG4+5/TpXuvw08ByeFvB9zY6psa71AlrlEOQildoTPfAzntknr1Ph/iP4VeKdC1OSCDS7nULUuRDcWkZk3L2LBeVOOueM9z1pU+TnYT5uVHpPwY+IWqa7eT6BrM7XUkcJmt7mQ/PgEBlY/xdQQevByTxjkvid8Tdcu/FF7pWlX89hYWMzQf6M5jeV1OGZmHOM5wOmK7L4OfDnUvDt3ca7rUX2e4khMMFsSCyqSCWbHQ8AAZ7nNcp8TfhZrkPiW91fRrGW/sb2Vp2WAb5InY5YFRyQSSRge31Fye0YPm5Bvwt+Jmt2/iez0fVr+e+sb6QQqbhy7xO3CkMecZwMZxzxX0bXzv8LvhdrT+JbPWtasZbGzsnEyJOu2SSQcqNp5ABwST6YHt9EVnX5eb3S6d7ahRRRWJoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVU1DToNTgWGd7pFVtwNtdSwNnBHLRspI56Zx+VAFuisL/hEtN/5+dZ/8HV5/wDHaP8AhEtN/wCfnWf/AAdXn/x2noLU3aKwv+ES03/n51n/AMHV5/8AHaP+ES03/n51n/wdXn/x2jQNTdorC/4RLTf+fnWf/B1ef/HaP+ES03/n51n/AMHV5/8AHaNA1N2isL/hEtN/5+dZ/wDB1ef/AB2j/hEtN/5+dZ/8HV5/8do0DU3aKwv+ES03/n51n/wdXn/x2j/hEtN/5+dZ/wDB1ef/AB2jQNTdorlLrSodH13w89ndan+/vnhlSfUriZHT7NO2CsjsPvKp6dq6uhoEFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAV2t5WYkXk6gnOAEwP/HaT7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJqwoKqAWLEDGT1NLRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRVdreVmJF5OoJzgBMD/wAdpPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiqxtpQD/p1x/wB8x/8AxNVf9I/5/Zv++U/+Jp2A06KzP9I/5/Zv++U/+Jo/0j/n9m/75T/4miwrmnRWZ/pH/P7N/wB8p/8AE0f6R/z+zf8AfKf/ABNFguadFZn+kf8AP7N/3yn/AMTR/pH/AD+zf98p/wDE0WC5p0Vmf6R/z+zf98p/8TR/pH/P7N/3yn/xNFguadFZn+kf8/s3/fKf/E0f6R/z+zf98p/8TRYLmnRWZ/pH/P7N/wB8p/8AE0f6R/z+zf8AfKf/ABNFguadFZn+kf8AP7N/3yn/AMTR/pH/AD+zf98p/wDE0WC5p0Vmf6R/z+zf98p/8TR/pH/P7N/3yn/xNFguadFZn+kf8/s3/fKf/E0f6R/z+zf98p/8TRYLmnRWZ/pH/P7N/wB8p/8AE0f6R/z+zf8AfKf/ABNFguadFZn+kf8AP7N/3yn/AMTR/pH/AD+zf98p/wDE0WC5p0Vmf6R/z+zf98p/8TVoW0pA/wBOuP8AvmP/AOJosMs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaQFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mrCgqoBYsQMZPU0ALRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAQ/dP0qhV8/dP0qhTQBRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV8fdH0qhV8fdH0pMYtFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAV2sbR2LNawMxOSTGCSaT+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCsdPssH/AES3/wC/Y/wqj9jtf+faH/vgVrH7p+lUKaEQfY7X/n2h/wC+BR9jtf8An2h/74FT0UwIPsdr/wA+0P8A3wKPsdr/AM+0P/fAqeigCD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKnooAg+x2v/AD7Q/wDfAo+x2v8Az7Q/98Cp6KAIPsdr/wA+0P8A3wKPsdr/AM+0P/fAqeigCD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKnooAg+x2v/AD7Q/wDfAo+x2v8Az7Q/98Cp6KAIPsdr/wA+0P8A3wKPsdr/AM+0P/fAqeigCD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKnooAg+x2v/AD7Q/wDfAo+x2v8Az7Q/98Cp6KAIPsdr/wA+0P8A3wKPsdr/AM+0P/fAqeigCD7Ha/8APtD/AN8Crw0+ywP9Et/+/Y/wqCr4+6PpSYFf+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRSuMrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FWFVUUKoCqBgADAApaKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQBXa8iVipWfIOOIHI/PFJ9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKAK326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKAK326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKAK326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKAK326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKAK326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKAK326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKAK326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNWaKAK326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE1ZooArfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TVmigCt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E1ZooArG9iwfkuP/AeT/CqP2qP+7N/35f8AwrWP3T9KoU0Ig+1R/wB2b/vy/wDhR9qj/uzf9+X/AMKnopgQfao/7s3/AH5f/Cj7VH/dm/78v/hU9FAEH2qP+7N/35f/AAo+1R/3Zv8Avy/+FT0UAQfao/7s3/fl/wDCj7VH/dm/78v/AIVPRQBB9qj/ALs3/fl/8KPtUf8Adm/78v8A4VPRQBB9qj/uzf8Afl/8KPtUf92b/vy/+FT0UAQfao/7s3/fl/8ACj7VH/dm/wC/L/4VPRQBB9qj/uzf9+X/AMKPtUf92b/vy/8AhU9FAEH2qP8Auzf9+X/wo+1R/wB2b/vy/wDhU9FAEH2qP+7N/wB+X/wo+1R/3Zv+/L/4VPRQBB9qj/uzf9+X/wAKPtUf92b/AL8v/hU9FAEH2qP+7N/35f8Awq8L2LA+S4/8B5P8Kgq+Puj6UmBX+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0Uhlb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iasKwZQwzgjPIwfypaKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUVXZ7sMdsEBXPBMxBI/wC+aTfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBYP3T9KoVOXvcH/R7f/v8An/4iqO66/wCeMP8A39P/AMTTQieioN11/wA8Yf8Av6f/AImjddf88Yf+/p/+JpgT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT0VBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE0AT1fH3R9Kyd11/zxh/7+n/AOJq8HvcD/R7f/v+f/iKTAs0VW33v/Pvb/8Af8//ABFG+9/597f/AL/n/wCIpDLNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKALNFVt97/z72/8A3/P/AMRVhdxUbgA2OQDkA0ALRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAEP3T9KoVfP3T9KoU0AUUUUxBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAVfH3R9KoVfH3R9KTGLRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAV2t5WYkXk6gnOAEwP/AB2k+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArG2lwf9OuP++Y//AImqPkSf8/c35J/8TWsfun6VQpoRB5En/P3N+Sf/ABNHkSf8/c35J/8AE1PRTAg8iT/n7m/JP/iaPIk/5+5vyT/4mp6KAIPIk/5+5vyT/wCJo8iT/n7m/JP/AImp6KAIPIk/5+5vyT/4mjyJP+fub8k/+JqeigCDyJP+fub8k/8AiaPIk/5+5vyT/wCJqeigCDyJP+fub8k/+Jo8iT/n7m/JP/ianooAg8iT/n7m/JP/AImjyJP+fub8k/8AianooAg8iT/n7m/JP/iaPIk/5+5vyT/4mp6KAIPIk/5+5vyT/wCJo8iT/n7m/JP/AImp6KAIPIk/5+5vyT/4mjyJP+fub8k/+JqeigCDyJP+fub8k/8AiaPIk/5+5vyT/wCJqeigCDyJP+fub8k/+Jq8LaXA/wBOuP8AvmP/AOJqCr4+6PpSYFf7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0Uhlb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNWFBVQCxYgYyeppaKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRVdrG0dizWsDMTkkxgkmk/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAsH7p+lUKnOn2WD/AKJb/wDfsf4VR+x2v/PtD/3wKaET0VB9jtf+faH/AL4FH2O1/wCfaH/vgUwJ6Kg+x2v/AD7Q/wDfAo+x2v8Az7Q/98CgCeioPsdr/wA+0P8A3wKPsdr/AM+0P/fAoAnoqD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKAJ6Kg+x2v/AD7Q/wDfAo+x2v8Az7Q/98CgCeioPsdr/wA+0P8A3wKPsdr/AM+0P/fAoAnoqD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKAJ6Kg+x2v/AD7Q/wDfAo+x2v8Az7Q/98CgCeioPsdr/wA+0P8A3wKPsdr/AM+0P/fAoAnoqD7Ha/8APtD/AN8Cj7Ha/wDPtD/3wKAJ6Kg+x2v/AD7Q/wDfAo+x2v8Az7Q/98CgCer4+6PpWT9jtf8An2h/74FXhp9lgf6Jb/8Afsf4UmBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hSGWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4VYVVRQqgKoGAAMACgBaKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRVdryJWKlZ8g44gcj88Un26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAsH7p+lUKnN7Fg/Jcf+A8n+FUftUf8Adm/78v8A4U0InoqD7VH/AHZv+/L/AOFH2qP+7N/35f8AwpgT0VB9qj/uzf8Afl/8KPtUf92b/vy/+FAE9FQfao/7s3/fl/8ACj7VH/dm/wC/L/4UAT0VB9qj/uzf9+X/AMKPtUf92b/vy/8AhQBPRUH2qP8Auzf9+X/wo+1R/wB2b/vy/wDhQBPRUH2qP+7N/wB+X/wo+1R/3Zv+/L/4UAT0VB9qj/uzf9+X/wAKPtUf92b/AL8v/hQBPRUH2qP+7N/35f8Awo+1R/3Zv+/L/wCFAE9FQfao/wC7N/35f/Cj7VH/AHZv+/L/AOFAE9FQfao/7s3/AH5f/Cj7VH/dm/78v/hQBPRUH2qP+7N/35f/AAo+1R/3Zv8Avy/+FAE9Xx90fSsn7VH/AHZv+/L/AOFXhexYHyXH/gPJ/hSYFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0rDLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+JqwrBlDDOCM8jB/KgBaKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACH7p+lUKvn7p+lUKaAKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKvj7o+lUKvj7o+lJjFooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKAK7PdhjtggK54JmIJH/fNJvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVt97/z72/8A3/P/AMRRvvf+fe3/AO/5/wDiKs0UAVi97g/6Pb/9/wA//EVR3XX/ADxh/wC/p/8Aia1j90/SqFNCIN11/wA8Yf8Av6f/AImjddf88Yf+/p/+JqeimBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE0brr/njD/wB/T/8AE1PRQBBuuv8AnjD/AN/T/wDE1eD3uB/o9v8A9/z/APEVBV8fdH0pMCvvvf8An3t/+/5/+Io33v8Az72//f8AP/xFWaKQytvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFWaKAK2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEVZooArb73/n3t/+/wCf/iKN97/z72//AH/P/wARVmigCtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFWaKAK2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEVZooArb73/n3t/+/wCf/iKN97/z72//AH/P/wARVmigCtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFWaKAK2+9/597f/v8An/4ijfe/8+9v/wB/z/8AEVZooArb73/n3t/+/wCf/iKN97/z72//AH/P/wARVmigCtvvf+fe3/7/AJ/+Io33v/Pvb/8Af8//ABFWaKAK2+9/597f/v8An/4irC7io3ABscgHIBpaKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUVXa3lZiReTqCc4ATA/wDHaT7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBYP3T9KoVObaXB/064/75j/8Aiao+RJ/z9zfkn/xNNCJ6Kg8iT/n7m/JP/iaPIk/5+5vyT/4mmBPRUHkSf8/c35J/8TR5En/P3N+Sf/E0AT0VB5En/P3N+Sf/ABNHkSf8/c35J/8AE0AT0VB5En/P3N+Sf/E0eRJ/z9zfkn/xNAE9FQeRJ/z9zfkn/wATR5En/P3N+Sf/ABNAE9FQeRJ/z9zfkn/xNHkSf8/c35J/8TQBPRUHkSf8/c35J/8AE0eRJ/z9zfkn/wATQBPRUHkSf8/c35J/8TR5En/P3N+Sf/E0AT0VB5En/P3N+Sf/ABNHkSf8/c35J/8AE0AT0VB5En/P3N+Sf/E0eRJ/z9zfkn/xNAE9FQeRJ/z9zfkn/wATR5En/P3N+Sf/ABNAE9Xx90fSsnyJP+fub8k/+Jq8LaXA/wBOuP8AvmP/AOJpMCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mkMs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNH2aX/n+uP++Y//AImgCzRVb7NL/wA/1x/3zH/8TR9ml/5/rj/vmP8A+JoAs0VW+zS/8/1x/wB8x/8AxNWFBVQCxYgYyepoAWiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACH7p+lUKvn7p+lUKaAKKKKYgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKvj7o+lUKvj7o+lJjFooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAK7WNo7FmtYGYnJJjBJNJ/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVjp9lg/6Jb/8Afsf4VR+x2v8Az7Q/98CtY/dP0qhTQiD7Ha/8+0P/AHwKPsdr/wA+0P8A3wKnopgQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BR9jtf8An2h/74FT0UAQfY7X/n2h/wC+BV4afZYH+iW//fsf4VBV8fdH0pMCv/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmilcZW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wqwqqihVAVQMAAYAFLRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooArteRKxUrPkHHEDkfnik+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFY3sWD8lx/4Dyf4VR+1R/3Zv+/L/wCFax+6fpVCmhEH2qP+7N/35f8Awo+1R/3Zv+/L/wCFT0UwIPtUf92b/vy/+FH2qP8Auzf9+X/wqeigCD7VH/dm/wC/L/4Ufao/7s3/AH5f/Cp6KAIPtUf92b/vy/8AhR9qj/uzf9+X/wAKnooAg+1R/wB2b/vy/wDhR9qj/uzf9+X/AMKnooAg+1R/3Zv+/L/4Ufao/wC7N/35f/Cp6KAIPtUf92b/AL8v/hR9qj/uzf8Afl/8KnooAg+1R/3Zv+/L/wCFH2qP+7N/35f/AAqeigCD7VH/AHZv+/L/AOFH2qP+7N/35f8AwqeigCD7VH/dm/78v/hR9qj/ALs3/fl/8KnooAg+1R/3Zv8Avy/+FH2qP+7N/wB+X/wqeigCD7VH/dm/78v/AIVeF7FgfJcf+A8n+FQVfH3R9KTAr/bov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKQyt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKAK326L+5cf+A8n/xNH26L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNH26L+5cf+A8n/xNWaKAK326L+5cf+A8n/xNH26L+5cf+A8n/wATVmigCt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNWaKAK326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E1ZooArfbov7lx/wCA8n/xNWFYMoYZwRnkYP5UtFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAoquz3YY7YICueCZiCR/wB80m+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCzRVbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4igCwfun6VQqcve4P+j2//f8AP/xFUd11/wA8Yf8Av6f/AImmhE9FQbrr/njD/wB/T/8AE0brr/njD/39P/xNMCeioN11/wA8Yf8Av6f/AImjddf88Yf+/p/+JoAnoqDddf8APGH/AL+n/wCJo3XX/PGH/v6f/iaAJ6Kg3XX/ADxh/wC/p/8AiaN11/zxh/7+n/4mgCeioN11/wA8Yf8Av6f/AImjddf88Yf+/p/+JoAnoqDddf8APGH/AL+n/wCJo3XX/PGH/v6f/iaAJ6Kg3XX/ADxh/wC/p/8AiaN11/zxh/7+n/4mgCeioN11/wA8Yf8Av6f/AImjddf88Yf+/p/+JoAnoqDddf8APGH/AL+n/wCJo3XX/PGH/v6f/iaAJ6Kg3XX/ADxh/wC/p/8AiaN11/zxh/7+n/4mgCeioN11/wA8Yf8Av6f/AImjddf88Yf+/p/+JoAnq+Puj6Vk7rr/AJ4w/wDf0/8AxNXg97gf6Pb/APf8/wDxFJgWaKrb73/n3t/+/wCf/iKN97/z72//AH/P/wARSGWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIijfe/8+9v/AN/z/wDEUAWaKrb73/n3t/8Av+f/AIirC7io3ABscgHIBoAWiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAh+6fpVCr5+6fpVCmgCiiimIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACr4+6PpVCr4+6PpSYxaKKKQBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigCu1vKzEi8nUE5wAmB/47SfZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVvs0v/AD/XH/fMf/xNH2aX/n+uP++Y/wD4mrNFAFb7NL/z/XH/AHzH/wDE0fZpf+f64/75j/8Aias0UAVjbS4P+nXH/fMf/wATVHyJP+fub8k/+JrWP3T9KoU0Ig8iT/n7m/JP/iaPIk/5+5vyT/4mp6KYEHkSf8/c35J/8TR5En/P3N+Sf/E1PRQBB5En/P3N+Sf/ABNHkSf8/c35J/8AE1PRQBB5En/P3N+Sf/E0eRJ/z9zfkn/xNT0UAQeRJ/z9zfkn/wATR5En/P3N+Sf/ABNT0UAQeRJ/z9zfkn/xNHkSf8/c35J/8TU9FAEHkSf8/c35J/8AE0eRJ/z9zfkn/wATU9FAEHkSf8/c35J/8TR5En/P3N+Sf/E1PRQBB5En/P3N+Sf/ABNHkSf8/c35J/8AE1PRQBB5En/P3N+Sf/E0eRJ/z9zfkn/xNT0UAQeRJ/z9zfkn/wATR5En/P3N+Sf/ABNT0UAQeRJ/z9zfkn/xNXhbS4H+nXH/AHzH/wDE1BV8fdH0pMCv9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKQyt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mrCgqoBYsQMZPU0tFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiq7WcTMWLT5JzxO4H5ZpPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAsH7p+lUKnNlFg/Pcf+BEn+NUfssf96b/AL/P/jTQieioPssf96b/AL/P/jR9lj/vTf8Af5/8aYE9FQfZY/703/f5/wDGj7LH/em/7/P/AI0AT0VB9lj/AL03/f5/8aPssf8Aem/7/P8A40AT0VB9lj/vTf8Af5/8aPssf96b/v8AP/jQBPRUH2WP+9N/3+f/ABo+yx/3pv8Av8/+NAE9FQfZY/703/f5/wDGj7LH/em/7/P/AI0AT0VB9lj/AL03/f5/8aPssf8Aem/7/P8A40AT0VB9lj/vTf8Af5/8aPssf96b/v8AP/jQBPRUH2WP+9N/3+f/ABo+yx/3pv8Av8/+NAE9FQfZY/703/f5/wDGj7LH/em/7/P/AI0AT0VB9lj/AL03/f5/8aPssf8Aem/7/P8A40AT1fH3R9Kyfssf96b/AL/P/jV4WUWB89x/4ESf40mBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUhlmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FVYVQqhRnAGOTk/nQAtFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgooopDCiiigAooooAKKrtfWiMVa6gVgcEGQAg0n9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCwfun6VQqc6hZYP+l2//AH8H+NUftlr/AM/MP/fYpoRPRUH2y1/5+Yf++xR9stf+fmH/AL7FMCeioPtlr/z8w/8AfYo+2Wv/AD8w/wDfYoAnoqD7Za/8/MP/AH2KPtlr/wA/MP8A32KAJ6Kg+2Wv/PzD/wB9ij7Za/8APzD/AN9igCeioPtlr/z8w/8AfYo+2Wv/AD8w/wDfYoAnoqD7Za/8/MP/AH2KPtlr/wA/MP8A32KAJ6Kg+2Wv/PzD/wB9ij7Za/8APzD/AN9igCeioPtlr/z8w/8AfYo+2Wv/AD8w/wDfYoAnoqD7Za/8/MP/AH2KPtlr/wA/MP8A32KAJ6Kg+2Wv/PzD/wB9ij7Za/8APzD/AN9igCeioPtlr/z8w/8AfYo+2Wv/AD8w/wDfYoAnq+Puj6Vk/bLX/n5h/wC+xV4ahZYH+l2//fwf40mBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NKwyzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xqwrK6hlIZSMgg5BFAC0UUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAQ/dP0qhV8/dP0qhTQBRRRTEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABV8fdH0qhV8fdH0pMYtFFFIAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQBXa4lViBZzsAcZBTB/8epPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZooArfaZf+fG4/76j/8AiqPtMv8Az43H/fUf/wAVVmigCsbmXB/0G4/76j/+Kqj58n/PpN+af/FVrH7p+lUKaEQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FMCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P8An0m/NP8A4qrwuZcD/Qbj/vqP/wCKqCr4+6PpSYFf7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqs0Uhlb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KqzRQBW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqrNFAFb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KqzRQBW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqrNFAFb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KqzRQBW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqrNFAFb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KqzRQBW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqrNFAFb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KqzRQBW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqrNFAFb7TL/wA+Nx/31H/8VVhSWUEqVJGcHqKWigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFcbe+G/Gs9/cS2vj77NbPKzRQf2PC/lISSF3E5bAwMnrioP8AhFvHn/RR/wDyhwf41XKu/wCYrvsdzRXDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NHKu/5/5Cu+x3NFcN/wi3jz/oo//lDg/wAaP+EW8ef9FH/8ocH+NHKu/wCf+QXfY7miuG/4Rbx5/wBFH/8AKHB/jR/wi3jz/oo//lDg/wAaOVd/z/yC77Hc0Vw3/CLePP8Aoo//AJQ4P8aP+EW8ef8ARR//AChwf40cq7/n/kF32O5orhv+EW8ef9FH/wDKHB/jR/wi3jz/AKKP/wCUOD/GjlXf8/8AILvsdzRXDf8ACLePP+ij/wDlDg/xo/4Rbx5/0Uf/AMocH+NHKu/5/wCQXfY7miuG/wCEW8ef9FH/APKHB/jR/wAIt48/6KP/AOUOD/GjlXf8/wDILvsdzRXDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NHKu/5/5Bd9juaK4b/hFvHn/RR//KHB/jR/wi3jz/oo/wD5Q4P8aOVd/wA/8gu+x3NFcN/wi3jz/oo//lDg/wAaP+EW8ef9FH/8ocH+NHKu/wCf+QXfY7miuG/4Rbx5/wBFH/8AKHB/jR/wi3jz/oo//lDg/wAaOVd/z/yC77Hc0Vw3/CLePP8Aoo//AJQ4P8aP+EW8ef8ARR//AChwf40cq7/n/kF32O5orhv+EW8ef9FH/wDKHB/jR/wi3jz/AKKP/wCUOD/GjlXf8/8AILvsdzRXDf8ACLePP+ij/wDlDg/xo/4Rbx5/0Uf/AMocH+NHKu/5/wCQXfY7miuG/wCEW8ef9FH/APKHB/jR/wAIt48/6KP/AOUOD/GjlXf8/wDILvsdzRXDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NHKu/5/5Bd9juaK4b/hFvHn/RR//KHB/jR/wi3jz/oo/wD5Q4P8aOVd/wA/8gu+x3NFcN/wi3jz/oo//lDg/wAaP+EW8ef9FH/8ocH+NHKu/wCf+QXfY7miuG/4Rbx5/wBFH/8AKHB/jR/wi3jz/oo//lDg/wAaOVd/z/yC77Hc0Vw3/CLePP8Aoo//AJQ4P8aP+EW8ef8ARR//AChwf40cq7/n/kF32O5orhv+EW8ef9FH/wDKHB/jR/wi3jz/AKKP/wCUOD/GjlXf8/8AILvsdzRXDf8ACLePP+ij/wDlDg/xo/4Rbx5/0Uf/AMocH+NHKu/5/wCQXfY7miuG/wCEW8ef9FH/APKHB/jR/wAIt48/6KP/AOUOD/GjlXf8/wDILvsdzRXDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NHKu/5/5Bd9juaK4b/hFvHn/RR//KHB/jR/wi3jz/oo/wD5Q4P8aOVd/wA/8gu+x3NFcN/wi3jz/oo//lDg/wAaP+EW8ef9FH/8ocH+NHKu/wCf+QXfY7miuG/4Rbx5/wBFH/8AKHB/jR/wi3jz/oo//lDg/wAaOVd/z/yC77Hc0Vw3/CLePP8Aoo//AJQ4P8aP+EW8ef8ARR//AChwf40cq7/n/kF32O5orhv+EW8ef9FH/wDKHB/jR/wi3jz/AKKP/wCUOD/GjlXf8/8AILvsdzRXDf8ACLePP+ij/wDlDg/xo/4Rbx5/0Uf/AMocH+NHKu/5/wCQXfY7miuG/wCEW8ef9FH/APKHB/jR/wAIt48/6KP/AOUOD/GjlXf8/wDILvsdzRXDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NHKu/5/5Bd9juaK4b/hFvHn/RR//KHB/jR/wi3jz/oo/wD5Q4P8aOVd/wA/8gu+x3NFcN/wi3jz/oo//lDg/wAaP+EW8ef9FH/8ocH+NHKu/wCf+QXfY7g/dP0qhXKnwv48wf8Ai4//AJQ4P8aqf8Iz44/6KF/5RYP8aaiu/wCYXfY7WiuK/wCEZ8cf9FC/8osH+NH/AAjPjj/ooX/lFg/xp8q7/mF32O1oriv+EZ8cf9FC/wDKLB/jR/wjPjj/AKKF/wCUWD/GjlXf8wu+x2tFcV/wjPjj/ooX/lFg/wAaP+EZ8cf9FC/8osH+NHKu/wCYXfY7WiuK/wCEZ8cf9FC/8osH+NH/AAjPjj/ooX/lFg/xo5V3/MLvsdrRXFf8Iz44/wCihf8AlFg/xo/4Rnxx/wBFC/8AKLB/jRyrv+YXfY7WiuK/4Rnxx/0UL/yiwf40f8Iz44/6KF/5RYP8aOVd/wAwu+x2tFcV/wAIz44/6KF/5RYP8aP+EZ8cf9FC/wDKLB/jRyrv+YXfY7WiuK/4Rnxx/wBFC/8AKLB/jR/wjPjj/ooX/lFg/wAaOVd/zC77Ha0VxX/CM+OP+ihf+UWD/Gj/AIRnxx/0UL/yiwf40cq7/mF32O1oriv+EZ8cf9FC/wDKLB/jR/wjPjj/AKKF/wCUWD/GjlXf8wu+x2tFcV/wjPjj/ooX/lFg/wAaP+EZ8cf9FC/8osH+NHKu/wCYXfY7Wr4+6PpXnf8AwjPjj/ooX/lFg/xq2PC/jzA/4uP/AOUOD/Gk4rv+YXfY7qiuG/4Rbx5/0Uf/AMocH+NH/CLePP8Aoo//AJQ4P8aXKu/5/wCQXfY7miuG/wCEW8ef9FH/APKHB/jR/wAIt48/6KP/AOUOD/GjlXf8/wDILvsdzRXDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NHKu/5/5Bd9juaK4b/hFvHn/RR//KHB/jR/wi3jz/oo/wD5Q4P8aOVd/wA/8gu+x3NFcN/wi3jz/oo//lDg/wAaP+EW8ef9FH/8ocH+NHKu/wCf+QXfY7miuG/4Rbx5/wBFH/8AKHB/jR/wi3jz/oo//lDg/wAaOVd/z/yC77Hc0Vw3/CLePP8Aoo//AJQ4P8aP+EW8ef8ARR//AChwf40cq7/n/kF32O5orhv+EW8ef9FH/wDKHB/jR/wi3jz/AKKP/wCUOD/GjlXf8/8AILvsdzRXDf8ACLePP+ij/wDlDg/xo/4Rbx5/0Uf/AMocH+NHKu/5/wCQXfY7miuG/wCEW8ef9FH/APKHB/jR/wAIt48/6KP/AOUOD/GjlXf8/wDILvsdzRXDf8It48/6KP8A+UOD/Gj/AIRbx5/0Uf8A8ocH+NHKu/5/5Bd9juaK4b/hFvHn/RR//KHB/jXZWUVxBYW8N1c/armOJVln2BPNcAAttHC5OTgdM0mkuo0yeiiikMwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAIfun6VQq+fun6VQpoAooopiCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAq+Puj6VQq+Puj6UmMWiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooArtZxMxYtPknPE7gflmk+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwKxsosH57j/wIk/xqj9lj/vTf9/n/AMa1j90/SqFNCIPssf8Aem/7/P8A40fZY/703/f5/wDGp6KYEH2WP+9N/wB/n/xo+yx/3pv+/wA/+NT0UAQfZY/703/f5/8AGj7LH/em/wC/z/41PRQBB9lj/vTf9/n/AMaPssf96b/v8/8AjU9FAEH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjU9FAEH2WP+9N/wB/n/xo+yx/3pv+/wA/+NT0UAQfZY/703/f5/8AGj7LH/em/wC/z/41PRQBB9lj/vTf9/n/AMaPssf96b/v8/8AjU9FAEH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjU9FAEH2WP+9N/wB/n/xo+yx/3pv+/wA/+NT0UAQfZY/703/f5/8AGj7LH/em/wC/z/41PRQBB9lj/vTf9/n/AMavCyiwPnuP/AiT/GoKvj7o+lJgV/sMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFK4yt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VVhVCqFGcAY5OT+dLRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEgooopDCiiigAooooA429+K3grTr+4srrWvLubeVoZU+yzHa6kgjITB5B6VB/wuLwH/ANB3/wAlJ/8A4iu5oqrx7f19wtThv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAF7xw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRXc0UXj2/H/gB7xw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AHvHDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0UXj2/H/gB7xw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RXc0UXj2/H/AIAe8cN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEV3NFF49vx/4Ae8cN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARXc0UXj2/H/gB7xw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EV3NFF49vx/4Ae8cN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAHvHDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFdzRRePb8f+AHvHDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEV3NFF49vx/4Ae8cN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFdzRRePb8f+AHvHDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFdzRRePb8f8AgB7xw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRXc0UXj2/H/gB7xw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AHvHDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0UXj2/H/gB7xw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RXc0UXj2/H/AIAe8cN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEV3NFF49vx/4Ae8cN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARXc0UXj2/H/gB7xw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EV3NFF49vx/4Ae8cN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAHvHDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFdzRRePb8f+AHvHDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEV3NFF49vx/4Ae8cN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFdzRRePb8f+AHvHDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFdzRRePb8f8AgB7xw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRXc0UXj2/H/gB7xw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AHvHDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0UXj2/H/gB7xw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RXc0UXj2/H/AIAe8cN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEV3NFF49vx/4Ae8cN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARXc0UXj2/H/gB7xw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EV3NFF49vx/4Ae8cN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAHvHDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFdzRRePb8f+AHvHCn4xeA8H/ie/+Sk//wARVT/hbfgf/oN/+Sk//wARXoh+6fpVCmnHt/X3BqcV/wALb8D/APQb/wDJSf8A+Io/4W34H/6Df/kpP/8AEV2tFO8e39fcGpxX/C2/A/8A0G//ACUn/wDiKP8Ahbfgf/oN/wDkpP8A/EV2tFF49v6+4NTiv+Ft+B/+g3/5KT//ABFH/C2/A/8A0G//ACUn/wDiK7Wii8e39fcGpxX/AAtvwP8A9Bv/AMlJ/wD4ij/hbfgf/oN/+Sk//wARXa0UXj2/r7g1OK/4W34H/wCg3/5KT/8AxFH/AAtvwP8A9Bv/AMlJ/wD4iu1oovHt/X3BqcV/wtvwP/0G/wDyUn/+Io/4W34H/wCg3/5KT/8AxFdrRRePb+vuDU4r/hbfgf8A6Df/AJKT/wDxFH/C2/A//Qb/APJSf/4iu1oovHt/X3BqcV/wtvwP/wBBv/yUn/8AiKP+Ft+B/wDoN/8AkpP/APEV2tFF49v6+4NTiv8Ahbfgf/oN/wDkpP8A/EUf8Lb8D/8AQb/8lJ//AIiu1oovHt/X3BqcV/wtvwP/ANBv/wAlJ/8A4ij/AIW34H/6Df8A5KT/APxFdrRRePb+vuDU4r/hbfgf/oN/+Sk//wARR/wtvwP/ANBv/wAlJ/8A4iu1oovHt/X3BqcV/wALb8D/APQb/wDJSf8A+Iq2PjF4DwP+J7/5KT//ABFdVV8fdH0pNx7f19wanD/8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0Urx7fj/wA944b/hcXgP/AKDv/kpP/wDEUf8AC4vAf/Qd/wDJSf8A+IruaKLx7fj/AMAPeOG/4XF4D/6Dv/kpP/8AEUf8Li8B/wDQd/8AJSf/AOIruaKLx7fj/wAAPeOG/wCFxeA/+g7/AOSk/wD8RR/wuLwH/wBB3/yUn/8AiK7mii8e34/8APeOG/4XF4D/AOg7/wCSk/8A8RR/wuLwH/0Hf/JSf/4iu5oovHt+P/AD3jhv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwA944b/hcXgP/oO/+Sk//wARR/wuLwH/ANB3/wAlJ/8A4iu5oovHt+P/AAA944b/AIXF4D/6Dv8A5KT/APxFH/C4vAf/AEHf/JSf/wCIruaKLx7fj/wA944b/hcXgP8A6Dv/AJKT/wDxFH/C4vAf/Qd/8lJ//iK7mii8e34/8APeOG/4XF4D/wCg7/5KT/8AxFH/AAuLwH/0Hf8AyUn/APiK7mii8e34/wDAD3jhv+FxeA/+g7/5KT//ABFH/C4vAf8A0Hf/ACUn/wDiK7mii8e34/8AAD3jhv8AhcXgP/oO/wDkpP8A/EV2VleW+o2FvfWsnmW1zEs0T4I3IwBBweRwR1qeik7dBq/UKKKKQzC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRXG3viTxrBf3ENr4B+028crLFP/bEKeagJAbaRkZGDg9M1B/wlPjz/onH/lcg/wAKrkf9NC5kdzRXDf8ACU+PP+icf+VyD/Cj/hKfHn/ROP8AyuQf4Ucj/poXMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuaK4b/AISnx5/0Tj/yuQf4Uf8ACU+PP+icf+VyD/Cjkf8ATQcyO5orhv8AhKfHn/ROP/K5B/hR/wAJT48/6Jx/5XIP8KOR/wBNBzI7miuG/wCEp8ef9E4/8rkH+FH/AAlPjz/onH/lcg/wo5H/AE0HMjuD90/SqFcqfFHjwjH/AArj/wArkH+FQf2/48/6J3/5W4P8Kag/6aDmR2NFcd/b/jz/AKJ3/wCVuD/Cj+3/AB5/0Tv/AMrcH+FPlf8ATQcx2NFcd/b/AI8/6J3/AOVuD/Cj+3/Hn/RO/wDytwf4Ucr/AKaDmOxorjv7f8ef9E7/APK3B/hR/b/jz/onf/lbg/wo5X/TQcx2NFcd/b/jz/onf/lbg/wo/t/x5/0Tv/ytwf4Ucr/poOY7GiuO/t/x5/0Tv/ytwf4Uf2/48/6J3/5W4P8ACjlf9NBzHY0Vx39v+PP+id/+VuD/AAo/t/x5/wBE7/8AK3B/hRyv+mg5jsaK47+3/Hn/AETv/wArcH+FH9v+PP8Aonf/AJW4P8KOV/00HMdjRXHf2/48/wCid/8Albg/wo/t/wAef9E7/wDK3B/hRyv+mg5jsaK47+3/AB5/0Tv/AMrcH+FH9v8Ajz/onf8A5W4P8KOV/wBNBzHY0Vx39v8Ajz/onf8A5W4P8KP7f8ef9E7/APK3B/hRyv8ApoOY7GiuO/t/x5/0Tv8A8rcH+FH9v+PP+id/+VuD/Cjlf9NBzHY1fH3R9K8//t/x5/0Tv/ytwf4VOPFHjwDH/CuP/K5B/hScH/TQcyO6orhv+Ep8ef8AROP/ACuQf4Uf8JT48/6Jx/5XIP8AClyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wo/4Snx5/wBE4/8AK5B/hRyP+mg5kdzRXDf8JT48/wCicf8Alcg/wrsrKW4nsLea6tvstzJErSwbw/lOQCV3DhsHIyOuKTi0NO5PRRRSGYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/9hN//AEjua3awte/5DPhf/sJv/wCkdzW7TeyEgoorzDxX40ubq6lsdMmMVoh2mWM/NIe+D2H06/jit8Nhp4iXLE5MbjaeEp88+uy7nppljDBS6hj0BPNOrwrTdKvtZumhs4jI4BZmJwAPUk1q+H/F19ok6xSyNcWW7DxsclR6qe306fzruqZW0nySu10PKo59FtOrTcYvrv8Aoj2Cio4J4rq3jnhcPFIoZWHcGivJatofQJpq6JKKKKBhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIzPEMzweHdRkjOHFu+D6cYrxaytxd3sNuZo4RI4XzJDhVz3Ne63lql7ZT2sn3Jo2jbHYEYrw3UtPn0vUJrK4XEkTYz2YdiPYivaymS5ZQW58vxDCSnTqNXjt/XqdR4luD4dtR4e06GSCJlDT3LDDXGfQ+nb9PrxtdRputWepaX/Y+vuRHGCbW8ClmhPoe5H+fQjmo4nlmWKJS7uwVQByxPAr0MPFwTjJa9X38/wCtjx8bJVZRnB+69l/L5W/Xr63On0jxPqGn6XDawxzNHHuwVTI5Yn+tFd1o3hi0sdItre6hjlnVcyNjuSSR+GcfhRXk1MVhnN+5fU+ho5fjVTivaW0WnbyN+iiivKPoAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQVmaxoGn65B5d5F84+5KnDr9D/Q8Vp0EgAknAHenCcoPmi7MmpThUi4zV0zgH+GMZlJj1VljzwrQZOPruH8q6LQ/Cmm6EfMhQzXP/AD2lwSPp6VdfXtIjkKPqlkrA4IM68frV6ORJYxJG6ujDIZTkH8a6auJxM48s27fccOHwOCpz5qUVded7fjoOooorkPRK7JdljtngC54BhJIH/fVJsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXRsvf+fi3/AO/B/wDi6s0UAVtl7/z8W/8A34P/AMXVmiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkISFUsxAAGST2rynxD4iv/EmpnTtOMhtGfZFFHwZfc+3fngCvQ/EjsnhrUmQ4P2dxx9K8o8Oa2ND1IzPF5kMimOTbw4U91PY/wCfevVy6leMqqV2tjwM6xDU4Ydy5Yvd+QmuaZZaT5Noly09+oP2rbjy0PZR3JHejQvEN7oV0rwSFoCwMkBPyuO/0PvWjLBb+HL5b0W9vq2lXqERPLjOM8jOPlceuPy7V/EmmWNvDYalpgZbO+QsImJJjYYyM/j+hr04zjNKnPVPr59V5HhTpzpSdak+Vx6Lotk79U/17HrlleQ39nFd277opV3Kf896K8m0vV9XtdOihtQ/krnbiQDuSePrRXkzy2Sk7SVj6GnndNwTlF3t2PWGvrRGKtdQKwOCDIAQaT+0LL/n8t/+/o/xqzRXmHuFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/GrNFFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIiuYI7q2lt5RmOVCjD1BGDXiWtaRcaJqUtpOCQDmOTGA69iP89a9yqpqGm2eq2xt72BZYzyAeoPqD1FdmCxbw8nfVM8zM8uWMgrO0lt/keM6PYRalcNDdajDZW8al2eVuvsozya09auYNXl0zRdDjkmgtVKRsVIMjMeT7DjPbqa61/hvo7SFhcXqqf4Q68fmtdBpOhadosbLZW4Rm+9IxyzfUn+XSu6rmFK/PG7a2XT1PKw+T4jldKdop7vdtdl0RHpGg2umaVb2bRpK0a/M7L94k5P4ZNFatFePKpKTbb3PpYUacIqMVogoqu15ErFSs+QccQOR+eKT7dF/cuP/AeT/wCJqLGhZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNWaACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBTJporeFpppEjjUZZ3bAH1NLJIkUTySMFRAWYnsB1rxrxJ4iuNev3O91s1b9zDngD1I9T/XFdWEwksRK2yRwZjmEMHBNq7eyPSH8a+HkkKHUQSOMrE5H5gVsWl7a38PnWlxHNHnG5Gzg+leOX/h+S20i21W1mF1aSoPMZBgwv3Vh9eM//WzU0rVrzR7xbm0lZSCN6Z+Vx6Ed675ZZTnC9KWvn/Wh5Ec8r0qijiIKz7du+7ue60VT03UrfVNOgvYGxHKuQD1B6EH6EEUV4zi4uzPpYzjKKlF6MuUUUUigooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJGV4l3f8IzqW3Ofs79PTHP6V4jX0BLEk8LxSKGjdSrKe4PBFeMeIvD9xoOoPGyO1qzfuZiOGHpn1FezlNWK5qb33PmeIcPNuNZbLR+RpeBzfm/lSMI2mFT9tE3+rCY7+/wDk8VhawLAarcDTC5s937vf/T29M84q7feIWm0W20mygFraooMwU5Mz9yT6Z7f4DFDTNMu9WvUtbSIu7Hk44QepPYV6MIuM5Vp6f1u/M8WrNSpww9P3muvm+i8vzZp6a+riwiFqB5PO3lvU56e9Fer6ZplvpemwWUI3JEuNxHLHqT+JJNFeTPMYuTtBH0VLJpKCUqjTsSs92GO2CArngmYgkf8AfNJvvf8An3t/+/5/+IqzRXlHvlbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFG+9/wCfe3/7/n/4irNFAFbfe/8APvb/APf8/wDxFWaKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBUVxbw3cDQXESSxNwyOuQalqtfahaabbG4vJ0hiH8Tdz6AdSfYURTb93cU3FRbnt5mM3gbw8zlvsJGewmcD+dbNjp1npsHk2VvHBH1IQdT6k9T+Nc2/xF0RZdgS7df76xjH6nP6Vu6XrWn6zEz2Nysm37y4wy/UHn8a6a0cSo/vb287nDhp4FztQ5ebytc0KKKK5T0Aoqu1vKzEi8nUE5wAmB/47SfZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE1ZoAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCRHcTx21vLcSttjiQu59ABk15BdNq3jTWJ5baFpdgykRkAEaZwOpA+ten+JFZvDWpBM5+zuePTHNeS6Gkb3Eok0WbVRs4jid1Kc9flBr1stilCdVbr+u6/M+dzuo5VadCXwvV/wBJP8mXP+EH8R/9A7/yPH/8VUM2l654Xlg1CWJrVg+EcSq2T1wQCeOK1vItf+hAv/8Av/P/APE1l65HCltGY/DVzpR38yyySMG4+78wA969CFWpOXLK1n5L/wCTf5HkVcPRpwc6d7rbWX/ytfmj1TSdat9U0q3vQyxmVclGP3SDgj8waK8u03TNWuNPiltmYQtnbiMHuc8/WivNngKfM7TSPapZvXcIt0m9Fr3PY6KxpvF/hm2nkgn8RaTFNGxSSN72NWRgcEEFuCD2qP8A4TXwp/0M2jf+B8X/AMVXl8r7Hv3Ru0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8AiqP+E18Kf9DNo3/gfF/8VRyvsF0btFYX/Ca+FP8AoZtG/wDA+L/4qj/hNfCn/QzaN/4Hxf8AxVHK+wXRu0Vhf8Jr4U/6GbRv/A+L/wCKo/4TXwp/0M2jf+B8X/xVHK+wXRu0Vhf8Jr4U/wChm0b/AMD4v/iqP+E18Kf9DNo3/gfF/wDFUcr7BdG7RWF/wmvhT/oZtG/8D4v/AIqj/hNfCn/QzaN/4Hxf/FUcr7BdG7RWF/wmvhT/AKGbRv8AwPi/+Ko/4TXwp/0M2jf+B8X/AMVRyvsF0btFYX/Ca+FP+hm0b/wPi/8Aiq3aGmtx3CiiikBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIRlV1KsAVIwQehFeT6/oep+GL+a50+S4isZD8ssLldoP8LY9D69a9ZpGUMpVgCpGCCOtdGGxMqEr2unujix2Bji4JN2ktmeG/29rH/QWv8A/wACX/xq9ptnrfiq4S3a5up4EYF5JpGZI/fk9cdutepN4c0V5N50u03f9chj8qvwwRW8SxQRJFGvREUKB+ArvnmcLfu4WZ5NLI6rl++qXj2V9SOxsoNOsYbS3XbFEu1R/U+560VYoryG23dn0cYqKSWyMafwj4auZ5J5/DukyzSsXkkkso2Z2JySSVyST3qP/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhf8IV4U/wChZ0b/AMAIv/iaP+EK8Kf9Czo3/gBF/wDE1u0Ucz7hZGF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhf8IV4U/wChZ0b/AMAIv/iaP+EK8Kf9Czo3/gBF/wDE1u0Ucz7hZGF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhf8IV4U/wChZ0b/AMAIv/iaP+EK8Kf9Czo3/gBF/wDE1u0Ucz7hZGF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhf8IV4U/wChZ0b/AMAIv/iaP+EK8Kf9Czo3/gBF/wDE1u0Ucz7hZGF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhf8IV4U/wChZ0b/AMAIv/iaP+EK8Kf9Czo3/gBF/wDE1u0Ucz7hZGF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhf8IV4U/wChZ0b/AMAIv/iaP+EK8Kf9Czo3/gBF/wDE1u0Ucz7hZGF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhf8IV4U/wChZ0b/AMAIv/iaP+EK8Kf9Czo3/gBF/wDE1u0Ucz7hZGF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhf8IV4U/wChZ0b/AMAIv/iaP+EK8Kf9Czo3/gBF/wDE1u0Ucz7hZGF/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E1u0Ucz7hZGF/whXhT/AKFnRv8AwAi/+Jo/4Qrwp/0LOjf+AEX/AMTW7RRzPuFkYX/CFeFP+hZ0b/wAi/8AiaP+EK8Kf9Czo3/gBF/8TW7RRzPuFkYX/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNbtFHM+4WRhf8IV4U/6FnRv/ACL/wCJo/4Qrwp/0LOjf+AEX/xNbtFHM+4WRhHwV4Uwf+KZ0b/wAi/+Jqj/AMId4X/6FvR//AGL/wCJrqj90/SqFNSfcLIxP+EO8L/9C3o//gDF/wDE0f8ACHeF/wDoW9H/APAGL/4mtuinzMVkYn/CHeF/+hb0f/wBi/8AiaP+EO8L/wDQt6P/AOAMX/xNbdFHMwsjE/4Q7wv/ANC3o/8A4Axf/E0f8Id4X/6FvR//AABi/wDia26KOZhZGJ/wh3hf/oW9H/8AAGL/AOJo/wCEO8L/APQt6P8A+AMX/wATW3RRzMLIxP8AhDvC/wD0Lej/APgDF/8AE0f8Id4X/wChb0f/AMAYv/ia26KOZhZGJ/wh3hf/AKFvR/8AwBi/+Jrq+1Z9aHapbbGkFFFFIZha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooArteRKxUrPkHHEDkfnik+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFY3sWD8lx/4Dyf4VR+1R/wB2b/vy/wDhWsfun6VQpoRB9qj/ALs3/fl/8KPtUf8Adm/78v8A4VPRTAg+1R/3Zv8Avy/+FH2qP+7N/wB+X/wqeigCD7VH/dm/78v/AIUfao/7s3/fl/8ACp6KAIPtUf8Adm/78v8A4Ufao/7s3/fl/wDCp6KAIPtUf92b/vy/+FH2qP8Auzf9+X/wqeigCD7VH/dm/wC/L/4Vr9qz60O1JgFFFFIZha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKrs92GO2CArngmYgkf980m+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALB+6fpVCpy97g/6Pb/8Af8//ABFUd11/zxh/7+n/AOJpoRPRUG66/wCeMP8A39P/AMTRuuv+eMP/AH9P/wATTAnoqDddf88Yf+/p/wDiaN11/wA8Yf8Av6f/AImgCeioN11/zxh/7+n/AOJo3XX/ADxh/wC/p/8AiaAJ6Kg3XX/PGH/v6f8A4mjddf8APGH/AL+n/wCJoAnoqDddf88Yf+/p/wDiaN11/wA8Yf8Av6f/AImgCetDtWRuuv8AnjD/AN/T/wDE1r9qTAKKKKQzC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACH7p+lUKvn7p+lUKaAKKKKYgooooAKKKKACiiigAooooAK0O1Z9aHakxhRRRSAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFdreVmJF5OoJzgBMD/x2k+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTVmigCt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E1ZooArfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE1ZooArfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNWaKAK32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNWaKAK32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TVmigCsbaXB/064/75j/APiao+RJ/wA/c35J/wDE1rH7p+lUKaEQeRJ/z9zfkn/xNHkSf8/c35J/8TU9FMCDyJP+fub8k/8AiaPIk/5+5vyT/wCJqeigCDyJP+fub8k/+Jo8iT/n7m/JP/ianooAg8iT/n7m/JP/AImjyJP+fub8k/8AianooAg8iT/n7m/JP/iaPIk/5+5vyT/4mp6KAIPIk/5+5vyT/wCJrX7Vn1odqTAKKKKQzC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAFFV2sbR2LNawMxOSTGCSaT+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALB+6fpVCpzp9lg/6Jb/8Afsf4VR+x2v8Az7Q/98CmhE9FQfY7X/n2h/74FH2O1/59of8AvgUwJ6Kg+x2v/PtD/wB8Cj7Ha/8APtD/AN8CgCeioPsdr/z7Q/8AfAo+x2v/AD7Q/wDfAoAnoqD7Ha/8+0P/AHwKPsdr/wA+0P8A3wKAJ6Kg+x2v/PtD/wB8Cj7Ha/8APtD/AN8CgCetDtWR9jtf+faH/vgVr9qTAKKKKQzC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUVxt78QvsV/cWv/AAh/i2fyZWj82DTN0cmCRuVt3KnGQfSoP+Fl/wDUk+M//BV/9lVckhcyO5orhv8AhZf/AFJPjP8A8FX/ANlR/wALL/6knxn/AOCr/wCyo5JC5kdzRXDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZUckg5kdzRXDf8LL/6knxn/wCCr/7Kj/hZf/Uk+M//AAVf/ZUckg5kdzRXDf8ACy/+pJ8Z/wDgq/8AsqP+Fl/9ST4z/wDBV/8AZUckg5kdzRXDf8LL/wCpJ8Z/+Cr/AOyo/wCFl/8AUk+M/wDwVf8A2VHJIOZHc0Vw3/Cy/wDqSfGf/gq/+yo/4WX/ANST4z/8FX/2VHJIOZHc0Vw3/Cy/+pJ8Z/8Agq/+yo/4WX/1JPjP/wAFX/2VHJIOZHc0Vw3/AAsv/qSfGf8A4Kv/ALKj/hZf/Uk+M/8AwVf/AGVHJIOZHc0Vw3/Cy/8AqSfGf/gq/wDsqP8AhZf/AFJPjP8A8FX/ANlRySDmR3NFcN/wsv8A6knxn/4Kv/sqP+Fl/wDUk+M//BV/9lRySDmR3NFcN/wsv/qSfGf/AIKv/sqP+Fl/9ST4z/8ABV/9lRySDmR3NFcN/wALL/6knxn/AOCr/wCyo/4WX/1JPjP/AMFX/wBlRySDmR3NFcN/wsv/AKknxn/4Kv8A7Kj/AIWX/wBST4z/APBV/wDZUckg5kdzRXDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZUckg5kdzRXDf8LL/6knxn/wCCr/7Kj/hZf/Uk+M//AAVf/ZUckg5kdzRXDf8ACy/+pJ8Z/wDgq/8AsqP+Fl/9ST4z/wDBV/8AZUckg5kdzRXDf8LL/wCpJ8Z/+Cr/AOyo/wCFl/8AUk+M/wDwVf8A2VHJIOZHc0Vw3/Cy/wDqSfGf/gq/+yo/4WX/ANST4z/8FX/2VHJIOZHc0Vw3/Cy/+pJ8Z/8Agq/+yo/4WX/1JPjP/wAFX/2VHJIOZHc0Vw3/AAsv/qSfGf8A4Kv/ALKj/hZf/Uk+M/8AwVf/AGVHJIOZHc0Vw3/Cy/8AqSfGf/gq/wDsqP8AhZf/AFJPjP8A8FX/ANlRySDmR3NFcN/wsv8A6knxn/4Kv/sqP+Fl/wDUk+M//BV/9lRySDmR3NFcN/wsv/qSfGf/AIKv/sqP+Fl/9ST4z/8ABV/9lRySDmR3NFcN/wALL/6knxn/AOCr/wCyo/4WX/1JPjP/AMFX/wBlRySDmR3NFcN/wsv/AKknxn/4Kv8A7Kj/AIWX/wBST4z/APBV/wDZUckg5kdzRXDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZUckg5kdzRXDf8LL/6knxn/wCCr/7Kj/hZf/Uk+M//AAVf/ZUckg5kdzRXDf8ACy/+pJ8Z/wDgq/8AsqP+Fl/9ST4z/wDBV/8AZUckg5kdzRXDf8LL/wCpJ8Z/+Cr/AOyo/wCFl/8AUk+M/wDwVf8A2VHJIOZHc0Vw3/Cy/wDqSfGf/gq/+yo/4WX/ANST4z/8FX/2VHJIOZHc0Vw3/Cy/+pJ8Z/8Agq/+yo/4WX/1JPjP/wAFX/2VHJIOZHc0Vw3/AAsv/qSfGf8A4Kv/ALKj/hZf/Uk+M/8AwVf/AGVHJIOZHc0Vw3/Cy/8AqSfGf/gq/wDsqP8AhZf/AFJPjP8A8FX/ANlRySDmR3NFcN/wsv8A6knxn/4Kv/sqP+Fl/wDUk+M//BV/9lRySDmR3NFcN/wsv/qSfGf/AIKv/sqP+Fl/9ST4z/8ABV/9lRySDmR3NFcN/wALL/6knxn/AOCr/wCyo/4WX/1JPjP/AMFX/wBlRySDmR3NFcN/wsv/AKknxn/4Kv8A7Kj/AIWX/wBST4z/APBV/wDZUckg5kdzRXDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZUckg5kdzRXDf8LL/6knxn/wCCr/7Kj/hZf/Uk+M//AAVf/ZUckg5kdzRXDf8ACy/+pJ8Z/wDgq/8AsqP+Fl/9ST4z/wDBV/8AZUckg5kdzRXDf8LL/wCpJ8Z/+Cr/AOyo/wCFl/8AUk+M/wDwVf8A2VHJIOZHc0Vw3/Cy/wDqSfGf/gq/+yo/4WX/ANST4z/8FX/2VHJIOZHc0Vw3/Cy/+pJ8Z/8Agq/+yo/4WX/1JPjP/wAFX/2VHJIOZHc0Vw3/AAsv/qSfGf8A4Kv/ALKj/hZf/Uk+M/8AwVf/AGVHJIOZHc0Vw3/Cy/8AqSfGf/gq/wDsqP8AhZf/AFJPjP8A8FX/ANlRySDmR3NFcN/wsv8A6knxn/4Kv/sqP+Fl/wDUk+M//BV/9lRySDmR3NFcN/wsv/qSfGf/AIKv/sqP+Fl/9ST4z/8ABV/9lRySDmR3NFcN/wALL/6knxn/AOCr/wCyo/4WX/1JPjP/AMFX/wBlRySDmR3NFcN/wsv/AKknxn/4Kv8A7Kj/AIWX/wBST4z/APBV/wDZUckg5kdzRXDf8LL/AOpJ8Z/+Cr/7Kj/hZf8A1JPjP/wVf/ZUckg5kdzRXDf8LL/6knxn/wCCr/7Kj/hZf/Uk+M//AAVf/ZUckg5kdzRXDf8ACy/+pJ8Z/wDgq/8AsqP+Fl/9ST4z/wDBV/8AZUckg5kdwfun6VQrlT8S+D/xRPjP/wAFX/2VVP8AhY3/AFJni/8A8Ff/ANlTUJBzI7WiuK/4WN/1Jni//wAFf/2VH/Cxv+pM8X/+Cv8A+yp8kg5kdrRXFf8ACxv+pM8X/wDgr/8AsqP+Fjf9SZ4v/wDBX/8AZUckg5kdrRXFf8LG/wCpM8X/APgr/wDsqP8AhY3/AFJni/8A8Ff/ANlRySDmR2tFcV/wsb/qTPF//gr/APsqP+Fjf9SZ4v8A/BX/APZUckg5kdrRXFf8LG/6kzxf/wCCv/7Kj/hY3/UmeL//AAV//ZUckg5kdrWh2rzr/hY3/UmeL/8AwV//AGVei9qmSa3GmmFFFFSMwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAh+6fpVCr5+6fpVCmgCiiimIKKKKACiiigAooooAKKKKACtDtWfWh2pMYUUUUgMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFAHG3v/Cy/t9x9g/4RL7H5reR5/wBp8zy8nbuxxuxjOOM1B/xdX/qTP/Jqu5oqubyFY4b/AIur/wBSZ/5NUf8AF1f+pM/8mq7mijm8hcpw3/F1f+pM/wDJqj/i6v8A1Jn/AJNV3NFHN5BynDf8XV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/wAXV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/xdX/AKkz/wAmqP8Ai6v/AFJn/k1Xc0Uc3kHKcN/xdX/qTP8Ayao/4ur/ANSZ/wCTVdzRRzeQcpw3/F1f+pM/8mqP+Lq/9SZ/5NV3NFHN5BynDf8AF1f+pM/8mqP+Lq/9SZ/5NV3NFHN5BynDf8XV/wCpM/8AJqj/AIur/wBSZ/5NV3NFHN5BynDf8XV/6kz/AMmqP+Lq/wDUmf8Ak1Xc0Uc3kHKcN/xdX/qTP/Jqj/i6v/Umf+TVdzRRzeQcpw3/ABdX/qTP/Jqj/i6v/Umf+TVdzRRzeQcpw3/F1f8AqTP/ACao/wCLq/8AUmf+TVdzRRzeQcpw3/F1f+pM/wDJqj/i6v8A1Jn/AJNV3NFHN5BynDf8XV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/wAXV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/xdX/AKkz/wAmqP8Ai6v/AFJn/k1Xc0Uc3kHKcN/xdX/qTP8Ayao/4ur/ANSZ/wCTVdzRRzeQcpw3/F1f+pM/8mqP+Lq/9SZ/5NV3NFHN5BynDf8AF1f+pM/8mqP+Lq/9SZ/5NV3NFHN5BynDf8XV/wCpM/8AJqj/AIur/wBSZ/5NV3NFHN5BynDf8XV/6kz/AMmqP+Lq/wDUmf8Ak1Xc0Uc3kHKcN/xdX/qTP/Jqj/i6v/Umf+TVdzRRzeQcpw3/ABdX/qTP/Jqj/i6v/Umf+TVdzRRzeQcpw3/F1f8AqTP/ACao/wCLq/8AUmf+TVdzRRzeQcpw3/F1f+pM/wDJqj/i6v8A1Jn/AJNV3NFHN5BynDf8XV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/wAXV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/xdX/AKkz/wAmqP8Ai6v/AFJn/k1Xc0Uc3kHKcN/xdX/qTP8Ayao/4ur/ANSZ/wCTVdzRRzeQcpw3/F1f+pM/8mqP+Lq/9SZ/5NV3NFHN5BynDf8AF1f+pM/8mqP+Lq/9SZ/5NV3NFHN5BynDf8XV/wCpM/8AJqj/AIur/wBSZ/5NV3NFHN5BynDf8XV/6kz/AMmqP+Lq/wDUmf8Ak1Xc0Uc3kHKcN/xdX/qTP/Jqj/i6v/Umf+TVdzRRzeQcpw3/ABdX/qTP/Jqj/i6v/Umf+TVdzRRzeQcpw3/F1f8AqTP/ACao/wCLq/8AUmf+TVdzRRzeQcpw3/F1f+pM/wDJqj/i6v8A1Jn/AJNV3NFHN5BynDf8XV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/wAXV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/xdX/AKkz/wAmqP8Ai6v/AFJn/k1Xc0Uc3kHKcN/xdX/qTP8Ayao/4ur/ANSZ/wCTVdzRRzeQcpw3/F1f+pM/8mqP+Lq/9SZ/5NV3NFHN5BynDf8AF1f+pM/8mqP+Lq/9SZ/5NV3NFHN5BynDf8XV/wCpM/8AJqj/AIur/wBSZ/5NV3NFHN5BynDf8XV/6kz/AMmqP+Lq/wDUmf8Ak1Xc0Uc3kHKcN/xdX/qTP/Jqj/i6v/Umf+TVdzRRzeQcpw3/ABdX/qTP/Jqj/i6v/Umf+TVdzRRzeQcpw3/F1f8AqTP/ACao/wCLq/8AUmf+TVdzRRzeQcpw3/F1f+pM/wDJqj/i6v8A1Jn/AJNV3NFHN5BynDf8XV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcN/wAXV/6kz/yao/4ur/1Jn/k1Xc0Uc3kHKcKf+Fqkf8yZ/wCTVRfZvin6+Dv/ACarv6KfP5BynAfZvin6+Dv/ACao+zfFP18Hf+TVd/RRz+QcpwH2b4p+vg7/AMmqPs3xT9fB3/k1Xf0Uc/kHKcB9m+Kfr4O/8mqPs3xT9fB3/k1Xf0Uc/kHKcB9m+Kfr4O/8mqPs3xT9fB3/AJNV39FHP5BynAfZvin6+Dv/ACao+zfFP18Hf+TVd/RRz+QcpwH2b4p+vg7/AMmq7+iipbuNKwUUUUhmFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiq7W8rMSLydQTnACYH/AI7SfZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mgCzRVb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mgCzRVb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//iaALNFVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDiaALNFVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JoAs0VW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJoAs0VW+zS/wDP9cf98x//ABNWaACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAK7WNo7FmtYGYnJJjBJNJ/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/CrNFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooArteRKxUrPkHHEDkfnik+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDias0UUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACisaa58TLPIINI0l4QxEbvqkisy54JUW5wcdsn6mo/tfiv8A6Aujf+DaX/5Gp2Fc3aKwvtfiv/oC6N/4Npf/AJGo+1+K/wDoC6N/4Npf/kaizC5u0Vhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1FmFzdorC+1+K/+gLo3/g2l/wDkaj7X4r/6Aujf+DaX/wCRqLMLm7RWF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNRZhc3aKwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GoswubtFYX2vxX/ANAXRv8AwbS//I1H2vxX/wBAXRv/AAbS/wDyNRZhc3aKwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GoswubtFYX2vxX/0BdG/8G0v/wAjUfa/Ff8A0BdG/wDBtL/8jUWYXN2isL7X4r/6Aujf+DaX/wCRqPtfiv8A6Aujf+DaX/5GoswubtFYX2vxX/0BdG/8G0v/AMjUfa/Ff/QF0b/wbS//ACNRZhc3aKwvtfiv/oC6N/4Npf8A5Go+1+K/+gLo3/g2l/8AkaizC5u0Vhfa/Ff/AEBdG/8ABtL/API1H2vxX/0BdG/8G0v/AMjUWYXN2isL7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORqLMLm7RWF9r8V/wDQF0b/AMG0v/yNR9r8V/8AQF0b/wAG0v8A8jUWYXN2isL7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+RqLMLm7RWF9r8V/9AXRv/BtL/8AI1H2vxX/ANAXRv8AwbS//I1FmFzdorC+1+K/+gLo3/g2l/8Akaj7X4r/AOgLo3/g2l/+RqLMLm7RWF9r8V/9AXRv/BtL/wDI1H2vxX/0BdG/8G0v/wAjUWYXN2isL7X4r/6Aujf+DaX/AORqPtfiv/oC6N/4Npf/AJGoswubtFYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1FmFzdorC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkaizC5u0Vhfa/Ff8A0BdG/wDBtL/8jUfa/Ff/AEBdG/8ABtL/API1FmFzdorC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kaizC5u0Vhfa/Ff/QF0b/wbS//ACNR9r8V/wDQF0b/AMG0v/yNRZhc3aKwvtfiv/oC6N/4Npf/AJGo+1+K/wDoC6N/4Npf/kaizC5u0Vhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1FmFzdorC+1+K/+gLo3/g2l/wDkaj7X4r/6Aujf+DaX/wCRqLMLm7RWF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNRZhc3aKwvtfiv/AKAujf8Ag2l/+RqPtfiv/oC6N/4Npf8A5GoswubtFYX2vxX/ANAXRv8AwbS//I1H2vxX/wBAXRv/AAbS/wDyNRZhc3aKwvtfiv8A6Aujf+DaX/5Go+1+K/8AoC6N/wCDaX/5GoswubtFYX2vxX/0BdG/8G0v/wAjUfa/Ff8A0BdG/wDBtL/8jUWYXN2isL7X4r/6Aujf+DaX/wCRqPtfiv8A6Aujf+DaX/5GoswubtFYX2vxX/0BdG/8G0v/AMjUfa/Ff/QF0b/wbS//ACNRZhc3aKwvtfiv/oC6N/4Npf8A5Go+1+K/+gLo3/g2l/8AkaizC5u0Vhfa/Ff/AEBdG/8ABtL/API1H2vxX/0BdG/8G0v/AMjUWYXN2isL7X4r/wCgLo3/AINpf/kaj7X4r/6Aujf+DaX/AORqLMLm7RWF9r8V/wDQF0b/AMG0v/yNR9r8V/8AQF0b/wAG0v8A8jUWYXN2isL7X4r/AOgLo3/g2l/+RqPtfiv/AKAujf8Ag2l/+RqLMLm7RWF9r8V/9AXRv/BtL/8AI1H2vxX/ANAXRv8AwbS//I1FmFzdorC+1+K/+gLo3/g2l/8Akaj7X4r/AOgLo3/g2l/+RqLMLm7RWF9r8V/9AXRv/BtL/wDI1H2vxX/0BdG/8G0v/wAjUWYXN2isL7X4r/6Aujf+DaX/AORqPtfiv/oC6N/4Npf/AJGoswubtFYX2vxX/wBAXRv/AAbS/wDyNR9r8V/9AXRv/BtL/wDI1FmFzdorC+1+K/8AoC6N/wCDaX/5Go+1+K/+gLo3/g2l/wDkaizC5u0Vhfa/Ff8A0BdG/wDBtL/8jUfa/Ff/AEBdG/8ABtL/API1FmFzdorC+1+K/wDoC6N/4Npf/kaj7X4r/wCgLo3/AINpf/kaizC5u0Vhfa/Ff/QF0b/wbS//ACNR9r8V/wDQF0b/AMG0v/yNRZhc3aKwvtfiv/oC6N/4Npf/AJGo+1+K/wDoC6N/4Npf/kaizC5u0Vhfa/Ff/QF0b/wbS/8AyNR9r8V/9AXRv/BtL/8AI1FmFzdorC+1+K/+gLo3/g2l/wDkaj7X4r/6Aujf+DaX/wCRqLMLm7RWF9r8V/8AQF0b/wAG0v8A8jUfa/Ff/QF0b/wbS/8AyNRZhc3aKwjd+KwP+QLo3/g2l/8Akaof7T8Uf9ATR/8AwbS//I1HKwudHRXOf2n4o/6Amj/+DaX/AORqP7T8Uf8AQE0f/wAG0v8A8jU+Vhc6Oiuc/tPxR/0BNH/8G0v/AMjUf2n4o/6Amj/+DaX/AORqOVhc6Oiuc/tPxR/0BNH/APBtL/8AI1H9p+KP+gJo/wD4Npf/AJGo5WFzo6K5z+0/FH/QE0f/AMG0v/yNR/afij/oCaP/AODaX/5Go5WFzo6K5z+0/FH/AEBNH/8ABtL/API1H9p+KP8AoCaP/wCDaX/5Go5WFzo6K5z+0/FH/QE0f/wbS/8AyNXR0mrDuFFFFIDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFACH7p+lUKvn7p+lUKaAKKKKYgooooAKKKKACiiigAooooAK0O1Z9aHakxhRRRSAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAV2t5WYkXk6gnOAEwP/HaT7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCsbaXB/064/75j/+Jqj5En/P3N+Sf/E1rH7p+lUKaEQeRJ/z9zfkn/xNHkSf8/c35J/8TU9FMCDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mp6KAIPIk/5+5vyT/4mjyJP+fub8k/+JqeigCDyJP8An7m/JP8A4mjyJP8An7m/JP8A4mp6KAIPIk/5+5vyT/4mjyJP+fub8k/+JqeigCDyJP8An7m/JP8A4mtftWfWh2pMAooopDMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRWNN4Q8M3M8k8/h3SZZpGLySPZRszsTkkkrySe9R/8ACFeFP+hZ0b/wAi/+Jp6C1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1N2isL/hCvCn/Qs6N/4ARf8AxNH/AAhXhT/oWdG/8AIv/iaNA1N2isL/AIQrwp/0LOjf+AEX/wATR/whXhT/AKFnRv8AwAi/+Jo0DU3aKwv+EK8Kf9Czo3/gBF/8TR/whXhT/oWdG/8AACL/AOJo0DU3aKwv+EK8Kf8AQs6N/wCAEX/xNH/CFeFP+hZ0b/wAi/8AiaNA1Nw/dP0qhVI+CvCmD/xTOjf+AEX/AMTVH/hDvC//AELej/8AgDF/8TTVg1NuisT/AIQ7wv8A9C3o/wD4Axf/ABNH/CHeF/8AoW9H/wDAGL/4mnoLU26KxP8AhDvC/wD0Lej/APgDF/8AE0f8Id4X/wChb0f/AMAYv/iaNA1NuisT/hDvC/8A0Lej/wDgDF/8TR/wh3hf/oW9H/8AAGL/AOJo0DU26KxP+EO8L/8AQt6P/wCAMX/xNH/CHeF/+hb0f/wBi/8AiaNA1NuisT/hDvC//Qt6P/4Axf8AxNH/AAh3hf8A6FvR/wDwBi/+Jo0DU260O1cp/wAId4X/AOhb0f8A8AYv/ia6vtUuw0FFFFIZha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKxpvFGnwTyQvb6sWjYqSmkXbqSDjhljII9wSDUf8Awlum/wDPtrP/AIJbz/41T5X2FdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVHK+wXRu0Vhf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NUcr7BdG7RWF/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVHK+wXRu0Vhf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNUcr7BdG4fun6VQqkfFum4P8Ao2s/+CW8/wDjVU/+Emsv+fTWf/BLd/8AxqmosLo2aKxv+Emsv+fTWf8AwS3f/wAao/4Say/59NZ/8Et3/wDGqdmK6Nmisb/hJrL/AJ9NZ/8ABLd//GqP+Emsv+fTWf8AwS3f/wAaoswujZorG/4Say/59NZ/8Et3/wDGqP8AhJrL/n01n/wS3f8A8aoswujZorG/4Say/wCfTWf/AAS3f/xqj/hJrL/n01n/AMEt3/8AGqLMLo2aKxv+Emsv+fTWf/BLd/8Axqj/AISay/59NZ/8Et3/APGqLMLo2a0O1ct/wk1l/wA+ms/+CW7/APjVdTUtWGgooopDMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigCuz3YY7YICueCZiCR/3zSb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEUb73/n3t/wDv+f8A4irNFAFbfe/8+9v/AN/z/wDEVZoooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUVXa3lZiReTqCc4ATA/8AHaT7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqt9ml/wCf64/75j/+Jo+zS/8AP9cf98x//E0AWaKrfZpf+f64/wC+Y/8A4mj7NL/z/XH/AHzH/wDE0AWaKrfZpf8An+uP++Y//iaPs0v/AD/XH/fMf/xNAFmiq32aX/n+uP8AvmP/AOJo+zS/8/1x/wB8x/8AxNAFmiq32aX/AJ/rj/vmP/4mj7NL/wA/1x/3zH/8TQBZoqt9ml/5/rj/AL5j/wDiaPs0v/P9cf8AfMf/AMTQBZoqsbaUA/6dcf8AfMf/AMTVX/SP+f2b/vlP/iadgNOisz/SP+f2b/vlP/iaP9I/5/Zv++U/+JosK5p0Vmf6R/z+zf8AfKf/ABNH+kf8/s3/AHyn/wATRYLmnRWZ/pH/AD+zf98p/wDE0f6R/wA/s3/fKf8AxNFguadFZn+kf8/s3/fKf/E0f6R/z+zf98p/8TRYLmnRWZ/pH/P7N/3yn/xNH+kf8/s3/fKf/E0WC5p0Vmf6R/z+zf8AfKf/ABNadIYUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAEP3T9KoVfP3T9KoU0AUUUUxBRRRQAUUUUAFFFFABRRRQAVodqz60O1JjCiiikBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooArtY2jsWa1gZickmMEk0n9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACrNFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooA429+K3grTr+4srrWvLubeVoZU+yzHa6kgjITB5B6VB/wALi8B/9B3/AMlJ/wD4iu5oqrx7f19wtThv+FxeA/8AoO/+Sk//AMRR/wALi8B/9B3/AMlJ/wD4iu5oovHt+P8AwBe8cN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAHvHDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFdzRRePb8f+AHvHDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEV3NFF49vx/4Ae8cN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFdzRRePb8f+AHvHDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFdzRRePb8f8AgB7xw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRXc0UXj2/H/gB7xw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AHvHDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0UXj2/H/gB7xw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RXc0UXj2/H/AIAe8cN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEV3NFF49vx/4Ae8cN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARXc0UXj2/H/gB7xw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EV3NFF49vx/4Ae8cN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAHvHDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFdzRRePb8f+AHvHDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEV3NFF49vx/4Ae8cN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFdzRRePb8f+AHvHDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFdzRRePb8f8AgB7xw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRXc0UXj2/H/gB7xw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AHvHDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0UXj2/H/gB7xw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RXc0UXj2/H/AIAe8cN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEV3NFF49vx/4Ae8cN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARXc0UXj2/H/gB7xw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EV3NFF49vx/4Ae8cN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAHvHDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFdzRRePb8f+AHvHDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEV3NFF49vx/4Ae8cN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFdzRRePb8f+AHvHDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFdzRRePb8f8AgB7xw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRXc0UXj2/H/gB7xw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AHvHDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0UXj2/H/gB7xw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RXc0UXj2/H/AIAe8cN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEV3NFF49vx/4Ae8cN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARXc0UXj2/H/gB7xw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EV3NFF49vx/4Ae8cN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAHvHDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFdzRRePb8f+AHvHDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEV3NFF49vx/4Ae8cN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFdzRRePb8f+AHvHDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFdzRRePb8f8AgB7xw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRXc0UXj2/H/gB7xw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AHvHDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0UXj2/H/gB7xw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RXc0UXj2/H/AIAe8cN/wuLwH/0Hf/JSf/4ij/hcXgP/AKDv/kpP/wDEV3NFF49vx/4Ae8cN/wALi8B/9B3/AMlJ/wD4ij/hcXgP/oO/+Sk//wARXc0UXj2/H/gB7xw3/C4vAf8A0Hf/ACUn/wDiKP8AhcXgP/oO/wDkpP8A/EV3NFF49vx/4Ae8cN/wuLwH/wBB3/yUn/8AiKP+FxeA/wDoO/8AkpP/APEV3NFF49vx/wCAHvHDf8Li8B/9B3/yUn/+Io/4XF4D/wCg7/5KT/8AxFdzRRePb8f+AHvHDf8AC4vAf/Qd/wDJSf8A+Io/4XF4D/6Dv/kpP/8AEV3NFF49vx/4Ae8cN/wuLwH/ANB3/wAlJ/8A4ij/AIXF4D/6Dv8A5KT/APxFdzRRePb8f+AHvHDf8Li8B/8AQd/8lJ//AIij/hcXgP8A6Dv/AJKT/wDxFdzRRePb8f8AgB7xw3/C4vAf/Qd/8lJ//iKP+FxeA/8AoO/+Sk//AMRXc0UXj2/H/gB7xw3/AAuLwH/0Hf8AyUn/APiKP+FxeA/+g7/5KT//ABFdzRRePb8f+AHvHDf8Li8B/wDQd/8AJSf/AOIo/wCFxeA/+g7/AOSk/wD8RXc0UXj2/H/gB7xw3/C4vAf/AEHf/JSf/wCIo/4XF4D/AOg7/wCSk/8A8RXc0UXj2/H/AIAe8cN/wuLwH/0Hf/JSf/4iu5oopO3Qav1CiiikMwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigArldX+I3hfRZmgn1JZZ14aO3UyEH0JHAPsTXBfFbx7cG8l8OaXMY4oxtvJUPLkj/Vg9gO/qeOxz5HXq4bLueKnUe552Ix3JLlgj6C/wCFyeFf+n7/AL8D/Gj/AIXJ4V/6fv8AvwP8a+faK6v7NoeZz/X6vkfQX/C5PCv/AE/f9+B/jR/wuTwr/wBP3/fgf418+0Uf2bQ8w+v1fI+gv+FyeFf+n7/vwP8AGnL8YvCjMAWvVB7mDgfka+e6KP7NoeYfX6vkfV2i+JdG8Qxs+lahFcbeWQZV1+qnBA98Vq18h2V7c6deRXdnO8FxE25JEOCpr6Q+H/jBfF2hGWYKl/bER3KL0J7OB2B5/EGvPxeBdFc0XdHbhsWqr5ZaM6yiiiuA7AooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABTJpBDDJK3RFLH8BT6RgGUqehGDQB8hXNxLeXc11O2+aZ2kdj3YnJP5moqv63pc2ia3eabOCHtpWTJ/iHY/iMH8aoV9dFppNbHzTTTswooopiCiiigAooooAK7z4T6ymkeK5fO+0NDPbMjJBbyTMSCCDtQE8YPOO5rg69R+Cekyza/eaqVIgt4PKDY6uxHH4AH8xXNjGlQlc3wybrRseq/8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0V81oe9qYX/CW6b/AM+2s/8AglvP/jVH/CW6b/z7az/4Jbz/AONVu0UaBqYX/CW6b/z7az/4Jbz/AONUf8Jbpv8Az7az/wCCW8/+NVu0UaBqYX/CW6b/AM+2s/8AglvP/jVH/CW6b/z7az/4Jbz/AONVu0UaBqYX/CW6b/z7az/4Jbz/AONUf8Jbpv8Az7az/wCCW8/+NVu0UaBqcpdarDrGu+Hks7XU/wBxfPNK8+m3EKIn2adclpEUfeZR1711dFFDYIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAOA+Ivw8XxTGNR04pFqsS7SG4WdR0BPYjsfwPYjwfUtKv8AR7trXUbSa2mU/dkXGfcHuPccV9b1ieKv+QJJ9f6GvRwuOnTtBq6OLEYSM7zWjPleivRKK9b6x5Hmex8zzuivRKKPrHkHsfM87or0StDQ/wDkM2/1P8jSeIsr2GqF3a5x/hnwPrXii4QWts8VoSN93KpEaj2/vH2H6V9FeHfD9l4Z0WHTbFfkT5nc/ekc9WPuf5YHatOP/Vr9BTq8TE4udfR6LsetQw0aOq1YUUUVyHSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB//2Q==)

Adjusted earnings per share

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | Per share |  | Per share |
|  | Earnings | amount | Earnings | amount |
|  | 2024 | 2024 | 2023 | 2023 |
|  | £m | Pence | £m | Pence |
| Earnings and EPS for the purpose of statutory basic EPS | 297.7 | 22.3 | 419.0 | 30.1 |
| Intangible asset amortisation | 309.6 | 23.2 | 312.8 | 22.4 |
| Impairment – acquisition-related and other intangible assets | 28.5 | 2.1 | 25.1 | 1.8 |
| Impairment/(reversal of impairment) – IFRS 16 right-of-use assets | 5.0 | 0.3 | (0.6) | – |
| Acquisition costs | 66.0 | 4.9 | 53.3 | 3.8 |
| Integration costs | 42.2 | 3.2 | 19.7 | 1.4 |
| Restructuring and reorganisation costs | 14.1 | 1.1 | 11.0 | 0.8 |
| Fair value gain on contingent consideration | (29.5) | (2.2) | (87.6) | (6.3) |
| Fair value loss on contingent consideration | 16.3 | 1.2 | 12.0 | 0.9 |
| Foreign exchange loss on swap settlement | – | – | 5.6 | 0.4 |
| Credit in respect of unallocated cash | – | – | (5.3) | (0.4) |
| Fair value loss/(gain) on investments | 9.2 | 0.7 | (1.3) | (0.1) |
| Loss/(profit) on disposal of subsidiaries and operations | 24.1 | 1.8 | (3.0) | (0.2) |
| Finance costs | 22.6 | 1.7 | 0.8 | 0.1 |
| Tax related to adjusting items | (137.3) | (10.3) | (127.0) | (9.1) |
| Non-controlling interest adjusting items | 4.8 | 0.4 | 0.6 | – |
| Earnings and EPS for the purpose of adjusted basic EPS | 673.3 | 50.4 | 635.1 | 45.6 |
| Effect of dilutive potential ordinary shares | – | (0.3) | – | (0.3) |
| Earnings and EPS for the purpose of adjusted diluted EPS | 673.3 | 50.1 | 635.1 | 45.3 |

15. Goodwill

|  |  |
| --- | --- |
|  | £m |
| Cost |  |
| At 1 January 2023 | 6,559.2 |
| Additions in the year | 998.1 |
| Exchange differences | (275.7) |
| At 31 December 2023 | 7,281.6 |
| Additions in the year (Note 17) | 1,381.3 |
| Disposals (Note 20) | (228.8) |
| Deconsolidation of former subsidiaries (Note 19) | (37.6) |
| Exchange differences | 32.6 |
| At 31 December 2024 | 8,429.1 |
| Accumulated impairment losses |  |
| At 1 January 2023 | (678.9) |
| Exchange differences | 27.1 |
| At 31 December 2023 | (651.8) |
| Exchange differences | 9.7 |
| At 31 December 2024 | (642.1) |
| Carrying amount |  |
| At 31 December 2024 | 7,787.0 |
| At 31 December 2023 | 6,629.8 |

The Group has historically tested goodwill for impairment at the business segment level (see Note 5) representing an

aggregation of CGUs, reflecting the level at which goodwill is monitored. There were six groups of CGUs for goodwill

impairment testing in 2024 (2023: four groups of CGUs), four of which represent the historical business segments, and

Ascential and TechTarget separately, following the acquisition of these companies by the Group (see Note 17).

Due to the proximity of the acquisitions of Ascential and TechTarget to the year end, the impairment assessments have been

carried out leveraging the work performed to recognise the acquired assets at their fair value, analysis of the post-

acquisition performance of each business, forecasted performance expectations and, in the case of TechTarget, analysis of

the share price movement since acquisition. No impairments were identified in this process.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

173

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAWxA9UDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAwfFniqx8JaQ17d/PKx2wQKcNK3p7Adz2+pAPz/r/j3xD4hnZri/lggP3be3YpGB7gfe+pzWt8WtXl1HxvPaknyLFFhjXPGSAzHHrk4/AVwle/gsLCFNTkrtnjYvESlNxT0QE5OTRRRXoHEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAb+ieNPEHh+ZHstSmMS9YJWLxEem09PqMH3r33wV4ztPGGmGVFEF5DgXFvuzt9GHqp/+tXzHXVfDnWJNH8c6c6sRFcyC1lUfxK5wM/Rtp/CuHGYWFSDklqjrwuIlCai3oz6Zooor549sKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDjfC/h611Hwlo19dXusyXNzYwTSv8A2zdjc7RqScCXA5J6Vq/8Ilpv/PzrP/g6vP8A47R4K/5EPw7/ANgy2/8ARS1u1TbuJJWML/hEtN/5+dZ/8HV5/wDHaP8AhEtN/wCfnWf/AAdXn/x2t2ilzPuFkfMXxB0z+yfG+o2w80xllkjaWVpGZWUHJZiSe4ySelczX0B8UfA8viOyj1PTo92o2qlTGOs0fXA9xyR9T7V4C6NG7I6lXU4ZWGCD6GvpMHWVWkrbrc8LFUnTqPsxtFFFdRzhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABW54NtJb3xno0EKkt9sjc47KrBmP4AE1hgZOBXuXwp8CT6Qp13VYTHdyptt4XHzRIerH0Y9Mdhn1458VWjSptvfob4ek6lRJHqNFFFfMHvhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCua8SeDfDOth7vVrWKOQD5rpX8ph9T0P45pPG/jG38H6OLhlEt5PlbaEn7xHUn/ZGRn6gd6+ddb8Qap4hvDdandyTvn5VJwiD0VegFd+DwtSp78XyruceKxFOHuNXZ6e3w/8AhtuP/FW456f2lb8f+O0f8K/+G3/Q3f8AlSt//ia8dor1Pq1T/n4zzvbw/kR7F/wr/wCG3/Q3f+VK3/8AiaP+Ff8Aw2/6G7/ypW//AMTXjtFH1ap/z8Ye3h/Ij2L/AIV/8Nv+hu/8qVv/APE0f8K/+G3/AEN3/lSt/wD4mvHaKPq1T/n4w9vD+RHsX/Cv/ht/0N3/AJUrf/4mj/hX/wANv+hu/wDKlb//ABNeO0UfVqn/AD8Ye3h/Ij2L/hX/AMNv+hu/8qVv/wDE0f8ACv8A4bf9Dd/5Urf/AOJrx2ij6tU/5+MPbw/kR7F/wr/4bf8AQ3f+VK3/APiaP+Ff/Db/AKG7/wAqVv8A/E147RR9Wqf8/GHt4fyI9i/4V/8ADb/obv8AypW//wATR/wr/wCG3/Q3f+VK3/8Aia8doo+rVP8An4w9vD+RHsX/AAr/AOG3/Q3f+VK3/wDiaP8AhX/w2/6G7/ypW/8A8TXjtFH1ap/z8Ye3h/Ij2L/hX/w2/wChu/8AKlb/APxNH/Cv/ht/0N3/AJUrf/4mvHaKPq1T/n4w9vD+RHsX/Cv/AIbf9Dd/5Urf/wCJo/4V/wDDb/obv/Klb/8AxNeO0UfVqn/Pxh7eH8iPYv8AhX/w2/6G7/ypW/8A8TR/wr/4bf8AQ3f+VK3/APia8doo+rVP+fjD28P5Eexf8K/+G3/Q3f8AlSt//iaP+Ff/AA2/6G7/AMqVv/8AE147RR9Wqf8APxh7eH8iPYv+Ff8Aw2/6G7/ypW//AMTR/wAK/wDht/0N3/lSt/8A4mvHaKPq1T/n4w9vD+RHsX/Cv/ht/wBDd/5Urf8A+Jo/4V/8Nv8Aobv/ACpW/wD8TXjtFH1ap/z8Ye3h/Ij2L/hX/wANv+hu/wDKlb//ABNH/Cv/AIbf9Dd/5Urf/wCJrx2ij6tU/wCfjD28P5Eexf8ACv8A4bf9Dd/5Urf/AOJo/wCFf/Db/obv/Klb/wDxNeO0UfVqn/Pxh7eH8iPYv+Ff/Db/AKG7/wAqVv8A/E0f8K/+G3/Q3f8AlSt//ia8doo+rVP+fjD28P5Eexf8K/8Aht/0N3/lSt//AImj/hX/AMNv+hu/8qVv/wDE147RR9Wqf8/GHt4fyI9i/wCFf/Db/obv/Klb/wDxNH/Cv/ht/wBDd/5Urf8A+Jrx2ij6tU/5+MPbw/kR7F/wr/4bf9Dd/wCVK3/+Jo/4V/8ADb/obv8AypW//wATXjtFH1ap/wA/GHt4fyI9i/4V/wDDb/obv/Klb/8AxNWrL4WeBtScrYeILm6YdRBewOR+SV4nSqzI6ujFWU5BBwQaHhqttKjGq9PrTR7z/wAKS8N/8/2rf9/Y/wD43R/wpLw3/wA/2rf9/Y//AI3XO/Dz4n3MV5Do/iC4M0EpCQ3ch+aM9AHPcH1PI78dPa68uvUxVGXLKR6FGGHqx5oxPNv+FJeG/wDn+1b/AL+x/wDxuj/hSXhv/n+1b/v7H/8AG69JorH65X/mZr9Wo/ynm3/CkvDf/P8Aat/39j/+N0f8KS8N/wDP9q3/AH9j/wDjdek0UfXK/wDMw+rUf5Tzb/hSXhv/AJ/tW/7+x/8Axuj/AIUl4b/5/tW/7+x//G69Joo+uV/5mH1aj/Kebf8ACkvDf/P9q3/f2P8A+N0f8KS8N/8AP9q3/f2P/wCN16TRR9cr/wAzD6tR/lPNv+FJeG/+f7Vv+/sf/wAbo/4Ul4b/AOf7Vv8Av7H/APG69Joo+uV/5mH1aj/Kebf8KS8N/wDP9q3/AH9j/wDjdH/CkvDf/P8Aat/39j/+N16TRR9cr/zMPq1H+U82/wCFJeG/+f7Vv+/sf/xuj/hSXhv/AJ/tW/7+x/8AxuvSaKPrlf8AmYfVqP8AKebf8KS8N/8AP9q3/f2P/wCN0f8ACkvDf/P9q3/f2P8A+N16TRR9cr/zMPq1H+U82/4Ul4b/AOf7Vv8Av7H/APG6P+FJeG/+f7Vv+/sf/wAbr0mij65X/mYfVqP8p5t/wpLw3/z/AGrf9/Y//jdH/CkvDf8Az/at/wB/Y/8A43XpNFH1yv8AzMPq1H+U82/4Ul4b/wCf7Vv+/sf/AMbo/wCFJeG/+f7Vv+/sf/xuvSaKPrlf+Zh9Wo/ynm3/AApLw3/z/at/39j/APjdH/CkvDf/AD/at/39j/8Ajdek0UfXK/8AMw+rUf5TmNC+H/hvw9MtxZ2Ae5X7s87GRh7jPAPuAK6eiisJzlN3k7msYRirRVgoooqSgooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGfOPxV1STUfHl5EzZiswsEYz0wMn/wAeJ/SuKrrvibYvY+P9TDJtSdlnQ/3gyjJ/PI/CuRr6nD29lG3ZHz1e/tJX7hRRRWxkFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAV9ReBdVk1rwTpd7MSZmi8uRiclmQlCT9dufxr5dr6a+HNjJp3gDSYZhh2iMx+jsXH6MK8zNEvZrvc78vv7R9rHU0UUV4Z64UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDOH+JHgc+LNOS5sgo1S1B8vJAEq9ShPb1B6Zz65Hz1dWlxY3MltdwSQTxnDxyKVYH6Gvr2s7VNB0nW0C6np9vdbRhWkQFl+h6j8K9DC450VySV0cWIwaqvmi7M+TaK+kz8LPBhOf7G/8mpv/i6T/hVngz/oDf8Ak1N/8XXb/alHs/w/zOT+z6vdf18j5tor6S/4VZ4M/wCgN/5NTf8AxdH/AAqzwZ/0Bv8Ayam/+Lo/tSj2f4f5h/Z9Xuv6+R820V9Jf8Ks8Gf9Ab/yam/+Lo/4VZ4M/wCgN/5NTf8AxdH9qUez/D/MP7Pq91/XyPm2ivpL/hVngz/oDf8Ak1N/8XR/wqzwZ/0Bv/Jqb/4uj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/wBAb/yam/8Ai6P+FWeDP+gN/wCTU3/xdH9qUez/AA/zD+z6vdf18j5tor6S/wCFWeDP+gN/5NTf/F0f8Ks8Gf8AQG/8mpv/AIuj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/0Bv/ACam/wDi6P8AhVngz/oDf+TU3/xdH9qUez/D/MP7Pq91/XyPm2ivpL/hVngz/oDf+TU3/wAXR/wqzwZ/0Bv/ACam/wDi6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/AAqzwZ/0Bv8Ayam/+Lo/4VZ4M/6A3/k1N/8AF0f2pR7P8P8AMP7Pq91/XyPm2ivpL/hVngz/AKA3/k1N/wDF0f8ACrPBn/QG/wDJqb/4uj+1KPZ/h/mH9n1e6/r5HzbRX0l/wqzwZ/0Bv/Jqb/4uj/hVngz/AKA3/k1N/wDF0f2pR7P8P8w/s+r3X9fI+baK+kv+FWeDP+gN/wCTU3/xdH/CrPBn/QG/8mpv/i6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/AEBv/Jqb/wCLo/4VZ4M/6A3/AJNTf/F0f2pR7P8AD/MP7Pq91/XyPm2ivpL/AIVZ4M/6A3/k1N/8XR/wqzwZ/wBAb/yam/8Ai6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/QG/8AJqb/AOLo/wCFWeDP+gN/5NTf/F0f2pR7P8P8w/s+r3X9fI+baK+kv+FWeDP+gN/5NTf/ABdH/CrPBn/QG/8AJqb/AOLo/tSj2f4f5h/Z9Xuv6+R820V9Jf8ACrPBn/QG/wDJqb/4uj/hVngz/oDf+TU3/wAXR/alHs/w/wAw/s+r3X9fI+baK+kv+FWeDP8AoDf+TU3/AMXR/wAKs8Gf9Ab/AMmpv/i6P7Uo9n+H+Yf2fV7r+vkfNtFfSX/CrPBn/QG/8mpv/i6P+FWeDP8AoDf+TU3/AMXR/alHs/w/zD+z6vdf18j5tor6S/4VZ4M/6A3/AJNTf/F0f8Ks8Gf9Ab/yam/+Lo/tSj2f4f5h/Z9Xuv6+R820V9Jf8Ks8Gf8AQG/8mpv/AIurdj8PfCenSeZb6Jbls5BmLS4/77JoeaUuif4f5jWX1OrR498P/h7deJL2K+v4Xh0iNgzMwwZ8fwr7ep/LmvoYAKAAAAOAB2pQABgDAFFeVicTKvK72PQoUI0Y2QUUUVzm4UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRTJYlmUKxcAHPyOVP5g0hj6KrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFUAWaKrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VQBZoqt9hi/v3H/AIESf/FUfYYv79x/4ESf/FUAWaKrfYYv79x/4ESf/FUfYYv79x/4ESf/ABVAFmiq32GL+/cf+BEn/wAVRQBl+Cv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7Etgoopks0UChpZEjUnGXYAZpDH0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NFFgMvwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABUNz/qx9amqG5/1Y+tAFWiiiqEFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAOj/1i/UVeqjH/rF+oq9SYwooopAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAUX/1jfU02nP8A6xvqabVCCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACrVt/qz9aq1atv8AVn60mBNRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKZK7RqCsTyHOMIRn9SKfRSGVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVRXFxKUGbOcc9yn/xVXqhuf8AVj60wM7z5P8An0m/NP8A4qjz5P8An0m/NP8A4qp6KYiDz5P+fSb80/8AiqPPk/59JvzT/wCKqeigCDz5P+fSb80/+Ko8+T/n0m/NP/iqnooAg8+T/n0m/NP/AIqjz5P+fSb80/8AiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/59JvzT/wCKo8+T/n0m/NP/AIqp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P+fSb80/8AiqPPk/59JvzT/wCKqeigCDz5P+fSb80/+Ko8+T/n0m/NP/iqnooAg8+T/n0m/NP/AIqjz5P+fSb80/8AiqnooAiSeTzF/wBEm6jun/xVXPtMv/Pjcf8AfUf/AMVUUf8ArF+oq9SYFb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqs0Uhlb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAVvtMv/AD43H/fUf/xVH2mX/nxuP++o/wD4qrNFAFb7TL/z43H/AH1H/wDFUfaZf+fG4/76j/8Aiqs0UAZTzyb2/wBEm6+qf/FU3z5P+fSb80/+Kqy/+sb6mm1QiDz5P+fSb80/+Ko8+T/n0m/NP/iqnooAg8+T/n0m/NP/AIqjz5P+fSb80/8AiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/59JvzT/wCKo8+T/n0m/NP/AIqp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P+fSb80/8AiqPPk/59JvzT/wCKqeigCDz5P+fSb80/+Ko8+T/n0m/NP/iqnooAg8+T/n0m/NP/AIqjz5P+fSb80/8AiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/59JvzT/wCKqzb3EoQ4s5zz2Kf/ABVNq1bf6s/WhgM+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qrNFSMrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qirNFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKZKJSo8p0Rs9XQsMfmKQx9FVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNQ3P8Aqx9aZsvf+fi3/wC/B/8Ai6iuEvNgzPAee0J/+KpgNoqDbdf89of+/R/+Ko23X/PaH/v0f/iqYieioNt1/wA9of8Av0f/AIqjbdf89of+/R/+KoAnoqDbdf8APaH/AL9H/wCKo23X/PaH/v0f/iqAJ6Kg23X/AD2h/wC/R/8AiqNt1/z2h/79H/4qgCeioNt1/wA9of8Av0f/AIqjbdf89of+/R/+KoAnoqDbdf8APaH/AL9H/wCKo23X/PaH/v0f/iqAJ6Kg23X/AD2h/wC/R/8AiqNt1/z2h/79H/4qgCeioNt1/wA9of8Av0f/AIqjbdf89of+/R/+KoAnoqDbdf8APaH/AL9H/wCKo23X/PaH/v0f/iqAJ6Kg23X/AD2h/wC/R/8AiqNt1/z2h/79H/4qgCzH/rF+oq9WUiXXmLiaHqP+WR/+Kq5svf8An4t/+/B/+LpMCzRVbZe/8/Fv/wB+D/8AF0bL3/n4t/8Avwf/AIukMs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAif/AFjfU02onS63t++h6/8API//ABVN23X/AD2h/wC/R/8AiqoRPRUG26/57Q/9+j/8VRtuv+e0P/fo/wDxVAE9FQbbr/ntD/36P/xVG26/57Q/9+j/APFUAT0VBtuv+e0P/fo//FUbbr/ntD/36P8A8VQBPRUG26/57Q/9+j/8VRtuv+e0P/fo/wDxVAE9FQbbr/ntD/36P/xVG26/57Q/9+j/APFUAT0VBtuv+e0P/fo//FUbbr/ntD/36P8A8VQBPRUG26/57Q/9+j/8VRtuv+e0P/fo/wDxVAE9FQbbr/ntD/36P/xVG26/57Q/9+j/APFUAT0VBtuv+e0P/fo//FUbbr/ntD/36P8A8VQBPVq2/wBWfrWdtuv+e0P/AH6P/wAVVm3S82HE8A57wn/4qhgXqKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdSMs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdGy9/5+Lf8A78H/AOLoAs0VW2Xv/Pxb/wDfg/8AxdFAGX4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACobn/Vj61NUNz/AKsfWgCrRRRVCCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAHR/6xfqKvVRj/1i/UVepMYUUUUgCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAKL/6xvqabTn/ANY31NNqhBRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABVq2/1Z+tVatW3+rP1pMCaiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBTJYlmUKxcAHPyOVP5g0+ikMrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFVFcWcQQYafr3nc/1q9UNz/qx9adwM77LH/em/wC/z/40fZY/703/AH+f/Gp6KYiD7LH/AHpv+/z/AONH2WP+9N/3+f8AxqeigCD7LH/em/7/AD/40fZY/wC9N/3+f/Gp6KAIPssf96b/AL/P/jR9lj/vTf8Af5/8anooAg+yx/3pv+/z/wCNH2WP+9N/3+f/ABqeigCD7LH/AHpv+/z/AONH2WP+9N/3+f8AxqeigCD7LH/em/7/AD/40fZY/wC9N/3+f/Gp6KAIPssf96b/AL/P/jR9lj/vTf8Af5/8anooAg+yx/3pv+/z/wCNH2WP+9N/3+f/ABqeigCD7LH/AHpv+/z/AONH2WP+9N/3+f8AxqeigCJLSMyL803Uf8tn/wAaufYYv79x/wCBEn/xVRR/6xfqKvUmBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRSuMrfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBlPaR72+abr/AM9n/wAab9lj/vTf9/n/AMasv/rG+pptUIg+yx/3pv8Av8/+NH2WP+9N/wB/n/xqeigCD7LH/em/7/P/AI0fZY/703/f5/8AGp6KAIPssf8Aem/7/P8A40fZY/703/f5/wDGp6KAIPssf96b/v8AP/jR9lj/AL03/f5/8anooAg+yx/3pv8Av8/+NH2WP+9N/wB/n/xqeigCD7LH/em/7/P/AI0fZY/703/f5/8AGp6KAIPssf8Aem/7/P8A40fZY/703/f5/wDGp6KAIPssf96b/v8AP/jR9lj/AL03/f5/8anooAg+yx/3pv8Av8/+NH2WP+9N/wB/n/xqeigCD7LH/em/7/P/AI1Zt7OIoctP17TuP602rVt/qz9aGAz7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRU3GVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VRVmii4GF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKZLNFAoaWRI1Jxl2AGafRSGVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aiuL+zZBi7gPPaQVeqG5/1Y+tMDO+2Wv8Az8w/99ij7Za/8/MP/fYqeimIg+2Wv/PzD/32KPtlr/z8w/8AfYqeigCD7Za/8/MP/fYo+2Wv/PzD/wB9ip6KAIPtlr/z8w/99ij7Za/8/MP/AH2KnooAg+2Wv/PzD/32KPtlr/z8w/8AfYqeigCD7Za/8/MP/fYo+2Wv/PzD/wB9ip6KAIPtlr/z8w/99ij7Za/8/MP/AH2KnooAg+2Wv/PzD/32KPtlr/z8w/8AfYqeigCD7Za/8/MP/fYo+2Wv/PzD/wB9ip6KAIPtlr/z8w/99ij7Za/8/MP/AH2KnooAiS9tRIpNzD1H/LQVc/tCy/5/Lf8A7+j/ABqKP/WL9RV6kwK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKQyt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAMp721Lt/pMPX/AJ6Cm/bLX/n5h/77FWX/ANY31NNqhEH2y1/5+Yf++xR9stf+fmH/AL7FT0UAQfbLX/n5h/77FH2y1/5+Yf8AvsVPRQBB9stf+fmH/vsUfbLX/n5h/wC+xU9FAEH2y1/5+Yf++xR9stf+fmH/AL7FT0UAQfbLX/n5h/77FH2y1/5+Yf8AvsVPRQBB9stf+fmH/vsUfbLX/n5h/wC+xU9FAEH2y1/5+Yf++xR9stf+fmH/AL7FT0UAQfbLX/n5h/77FH2y1/5+Yf8AvsVPRQBB9stf+fmH/vsUfbLX/n5h/wC+xU9FAEH2y1/5+Yf++xVm3v7NUObuAc95BTatW3+rP1oYDP7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFSMrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jRVmigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUVU1C7nsoFkg066v2LbTFbNEGAweT5jqMduueelIZborC/t7Uv8AoUtZ/wC/tn/8fo/t7Uv+hS1n/v7Z/wDx+nZiubtFYX9val/0KWs/9/bP/wCP0f29qX/Qpaz/AN/bP/4/RZhc3aKwv7e1L/oUtZ/7+2f/AMfo/t7Uv+hS1n/v7Z//AB+izC5u0Vhf29qX/Qpaz/39s/8A4/R/b2pf9ClrP/f2z/8Aj9FmFzdorC/t7Uv+hS1n/v7Z/wDx+j+3tS/6FLWf+/tn/wDH6LMLm7RWF/b2pf8AQpaz/wB/bP8A+P0f29qX/Qpaz/39s/8A4/RZhc3aKwv7e1L/AKFLWf8Av7Z//H6P7e1L/oUtZ/7+2f8A8foswubtFYX9val/0KWs/wDf2z/+P0f29qX/AEKWs/8Af2z/APj9FmFzdorC/t7Uv+hS1n/v7Z//AB+j+3tS/wChS1n/AL+2f/x+izC5u0Vhf29qX/Qpaz/39s//AI/R/b2pf9ClrP8A39s//j9FmFzdorC/t7Uv+hS1n/v7Z/8Ax+j+3tS/6FLWf+/tn/8AH6LMLm7RWF/b2pf9ClrP/f2z/wDj9H9val/0KWs/9/bP/wCP0WYXN2isL+3tS/6FLWf+/tn/APH6P7e1L/oUtZ/7+2f/AMfoswubtFYX9val/wBClrP/AH9s/wD4/R/b2pf9ClrP/f2z/wDj9FmFzdorC/t7Uv8AoUtZ/wC/tn/8fo/t7Uv+hS1n/v7Z/wDx+izC5u0Vhf29qX/Qpaz/AN/bP/4/R/b2pf8AQpaz/wB/bP8A+P0WYXN2obn/AFY+tZH9val/0KWs/wDf2z/+P1Fca7qJQZ8J6yOe8tn/APH6dguaVFYn9uah/wBCrrH/AH9tP/j9H9uah/0Kusf9/bT/AOP07CubdFYn9uah/wBCrrH/AH9tP/j9H9uah/0Kusf9/bT/AOP0WC5t0Vif25qH/Qq6x/39tP8A4/R/bmof9CrrH/f20/8Aj9FgubdFYn9uah/0Kusf9/bT/wCP0f25qH/Qq6x/39tP/j9FgubdFYn9uah/0Kusf9/bT/4/R/bmof8AQq6x/wB/bT/4/RYLm3RWJ/bmof8AQq6x/wB/bT/4/R/bmof9CrrH/f20/wDj9FgubdFYn9uah/0Kusf9/bT/AOP0f25qH/Qq6x/39tP/AI/RYLm3RWJ/bmof9CrrH/f20/8Aj9H9uah/0Kusf9/bT/4/RYLm3RWJ/bmof9CrrH/f20/+P0f25qH/AEKusf8Af20/+P0WC5t0Vif25qH/AEKusf8Af20/+P0f25qH/Qq6x/39tP8A4/RYLm7H/rF+oq9XLJrmo+Yv/FKax1H/AC1tP/j9XP7e1L/oUtZ/7+2f/wAfpNDubtFYX9val/0KWs/9/bP/AOP0f29qX/Qpaz/39s//AI/SswubtFYX9val/wBClrP/AH9s/wD4/R/b2pf9ClrP/f2z/wDj9FmFzdorC/t7Uv8AoUtZ/wC/tn/8fo/t7Uv+hS1n/v7Z/wDx+izC5u0Vhf29qX/Qpaz/AN/bP/4/R/b2pf8AQpaz/wB/bP8A+P0WYXN2isL+3tS/6FLWf+/tn/8AH6P7e1L/AKFLWf8Av7Z//H6LMLm7RWF/b2pf9ClrP/f2z/8Aj9H9val/0KWs/wDf2z/+P0WYXN2isL+3tS/6FLWf+/tn/wDH6P7e1L/oUtZ/7+2f/wAfoswubtFYX9val/0KWs/9/bP/AOP0f29qX/Qpaz/39s//AI/RZhc3aKwv7e1L/oUtZ/7+2f8A8fo/t7Uv+hS1n/v7Z/8Ax+izC5u0Vhf29qX/AEKWs/8Af2z/APj9H9val/0KWs/9/bP/AOP0WYXL7/6xvqabWM+uajvb/ilNY6/89bT/AOP03+3NQ/6FXWP+/tp/8fqrCubdFYn9uah/0Kusf9/bT/4/R/bmof8AQq6x/wB/bT/4/RYLm3RWJ/bmof8AQq6x/wB/bT/4/R/bmof9CrrH/f20/wDj9FgubdFYn9uah/0Kusf9/bT/AOP0f25qH/Qq6x/39tP/AI/RYLm3RWJ/bmof9CrrH/f20/8Aj9H9uah/0Kusf9/bT/4/RYLm3RWJ/bmof9CrrH/f20/+P0f25qH/AEKusf8Af20/+P0WC5t0Vif25qH/AEKusf8Af20/+P0f25qH/Qq6x/39tP8A4/RYLm3RWJ/bmof9CrrH/f20/wDj9H9uah/0Kusf9/bT/wCP0WC5t0Vif25qH/Qq6x/39tP/AI/R/bmof9CrrH/f20/+P0WC5t0Vif25qH/Qq6x/39tP/j9H9uah/wBCrrH/AH9tP/j9FgubdWrb/Vn61zX9uah/0Kusf9/bT/4/Vm313UQhx4T1k89pbP8A+P0mh3OiorC/t7Uv+hS1n/v7Z/8Ax+j+3tS/6FLWf+/tn/8AH6VmFzdorC/t7Uv+hS1n/v7Z/wDx+j+3tS/6FLWf+/tn/wDH6LMLm7RWF/b2pf8AQpaz/wB/bP8A+P0f29qX/Qpaz/39s/8A4/RZhc3aKwv7e1L/AKFLWf8Av7Z//H6P7e1L/oUtZ/7+2f8A8foswubtFYX9val/0KWs/wDf2z/+P0f29qX/AEKWs/8Af2z/APj9FmFzdorC/t7Uv+hS1n/v7Z//AB+j+3tS/wChS1n/AL+2f/x+izC5u0Vhf29qX/Qpaz/39s//AI/R/b2pf9ClrP8A39s//j9FmFzdorC/t7Uv+hS1n/v7Z/8Ax+j+3tS/6FLWf+/tn/8AH6LMLm7RWF/b2pf9ClrP/f2z/wDj9H9val/0KWs/9/bP/wCP0WYXN2isL+3tS/6FLWf+/tn/APH6P7e1L/oUtZ/7+2f/AMfoswubtFYX9val/wBClrP/AH9s/wD4/RRZhcPBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3aJbsFsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFQ3P+rH1qaobn/Vj60AVaKKKoQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQA6P/WL9RV6qMf+sX6ir1JjCiiikAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBRf/WN9TTac/wDrG+pptUIKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKtW3+rP1qrVq2/wBWfrSYE1FFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgqpqEeoSQKNNurW3m3ZZ7m2aZSuDwFV0wc45z+FW6KQzC+yeK/+g1o3/gpl/wDkmj7J4r/6DWjf+CmX/wCSa3aKd2KxhfZPFf8A0GtG/wDBTL/8k0fZPFf/AEGtG/8ABTL/APJNbtFF2FjC+yeK/wDoNaN/4KZf/kmj7J4r/wCg1o3/AIKZf/kmt2ii7CxhfZPFf/Qa0b/wUy//ACTR9k8V/wDQa0b/AMFMv/yTW7RRdhYwvsniv/oNaN/4KZf/AJJo+yeK/wDoNaN/4KZf/kmt2ii7CxhfZPFf/Qa0b/wUy/8AyTR9k8V/9BrRv/BTL/8AJNbtFF2FjC+yeK/+g1o3/gpl/wDkmj7J4r/6DWjf+CmX/wCSa3aKLsLGF9k8V/8AQa0b/wAFMv8A8k0fZPFf/Qa0b/wUy/8AyTW7RRdhYwvsniv/AKDWjf8Agpl/+SaPsniv/oNaN/4KZf8A5JrdoouwsYX2TxX/ANBrRv8AwUy//JNH2TxX/wBBrRv/AAUy/wDyTW7RRdhYwvsniv8A6DWjf+CmX/5Jo+yeK/8AoNaN/wCCmX/5JrdoouwsYX2TxX/0GtG/8FMv/wAk0fZPFf8A0GtG/wDBTL/8k1u0UXYWML7J4r/6DWjf+CmX/wCSaPsniv8A6DWjf+CmX/5JrdoouwsYX2TxX/0GtG/8FMv/AMk0fZPFf/Qa0b/wUy//ACTW7RRdhYwvsniv/oNaN/4KZf8A5Jo+yeK/+g1o3/gpl/8Akmt2ii7CxhfZPFf/AEGtG/8ABTL/APJNH2TxX/0GtG/8FMv/AMk1u0UXYWML7J4r/wCg1o3/AIKZf/kmmvY+KpBg61o34aTL/wDJNb9FHMwsc5/Znij/AKDej/8Agpl/+SaP7M8Uf9BvR/8AwUy//JNdHRT5mFjnP7M8Uf8AQb0f/wAFMv8A8k0f2Z4o/wCg3o//AIKZf/kmujoo5mFjnP7M8Uf9BvR//BTL/wDJNH9meKP+g3o//gpl/wDkmujoo5mFjnP7M8Uf9BvR/wDwUy//ACTR/Znij/oN6P8A+CmX/wCSa6OijmYWOc/szxR/0G9H/wDBTL/8k0f2Z4o/6Dej/wDgpl/+Sa6OijmYWOc/szxR/wBBvR//AAUy/wDyTR/Znij/AKDej/8Agpl/+Sa6OijmYWOc/szxR/0G9H/8FMv/AMk0f2Z4o/6Dej/+CmX/AOSa6OijmYWOc/szxR/0G9H/APBTL/8AJNH9meKP+g3o/wD4KZf/AJJro6KOZhY5z+zPFH/Qb0f/AMFMv/yTR/Znij/oN6P/AOCmX/5Jro6KOZhY5z+zPFH/AEG9H/8ABTL/APJNH9meKP8AoN6P/wCCmX/5Jro6KOZhY50ab4oVgRrej8HP/IJl/wDkmpfsniv/AKDWjf8Agpl/+Sa3aKXMwsYX2TxX/wBBrRv/AAUy/wDyTR9k8V/9BrRv/BTL/wDJNbtFF2FjC+yeK/8AoNaN/wCCmX/5Jo+yeK/+g1o3/gpl/wDkmt2ii7CxhfZPFf8A0GtG/wDBTL/8k0fZPFf/AEGtG/8ABTL/APJNbtFF2FjC+yeK/wDoNaN/4KZf/kmj7J4r/wCg1o3/AIKZf/kmt2ii7CxhfZPFf/Qa0b/wUy//ACTR9k8V/wDQa0b/AMFMv/yTW7RRdhYwvsniv/oNaN/4KZf/AJJo+yeK/wDoNaN/4KZf/kmt2ii7CxhfZPFf/Qa0b/wUy/8AyTR9k8V/9BrRv/BTL/8AJNbtFF2FjC+yeK/+g1o3/gpl/wDkmj7J4r/6DWjf+CmX/wCSa3aKLsLGF9k8V/8AQa0b/wAFMv8A8k0fZPFf/Qa0b/wUy/8AyTW7RRdhYwvsniv/AKDWjf8Agpl/+SaPsniv/oNaN/4KZf8A5Jrdoouwsc6dN8UEk/23o/P/AFCZf/kmk/szxR/0G9H/APBTL/8AJNdHRT5mFjnP7M8Uf9BvR/8AwUy//JNH9meKP+g3o/8A4KZf/kmujoo5mFjnP7M8Uf8AQb0f/wAFMv8A8k0f2Z4o/wCg3o//AIKZf/kmujoo5mFjnP7M8Uf9BvR//BTL/wDJNH9meKP+g3o//gpl/wDkmujoo5mFjnP7M8Uf9BvR/wDwUy//ACTR/Znij/oN6P8A+CmX/wCSa6OijmYWOc/szxR/0G9H/wDBTL/8k0f2Z4o/6Dej/wDgpl/+Sa6OijmYWOc/szxR/wBBvR//AAUy/wDyTR/Znij/AKDej/8Agpl/+Sa6OijmYWOc/szxR/0G9H/8FMv/AMk0f2Z4o/6Dej/+CmX/AOSa6OijmYWOc/szxR/0G9H/APBTL/8AJNH9meKP+g3o/wD4KZf/AJJro6KOZhY5z+zPFH/Qb0f/AMFMv/yTR/Znij/oN6P/AOCmX/5Jro6KOZhY5z+zPFH/AEG9H/8ABTL/APJNSJY+Koxga1o346TL/wDJNb9FLmYWML7J4r/6DWjf+CmX/wCSaPsniv8A6DWjf+CmX/5JrdoouwsYX2TxX/0GtG/8FMv/AMk0fZPFf/Qa0b/wUy//ACTW7RRdhYwvsniv/oNaN/4KZf8A5Jo+yeK/+g1o3/gpl/8Akmt2ii7CxhfZPFf/AEGtG/8ABTL/APJNH2TxX/0GtG/8FMv/AMk1u0UXYWML7J4r/wCg1o3/AIKZf/kmj7J4r/6DWjf+CmX/AOSa3aKLsLGF9k8V/wDQa0b/AMFMv/yTR9k8V/8AQa0b/wAFMv8A8k1u0UXYWML7J4r/AOg1o3/gpl/+SaPsniv/AKDWjf8Agpl/+Sa3aKLsLGF9k8V/9BrRv/BTL/8AJNH2TxX/ANBrRv8AwUy//JNbtFF2FjC+yeK/+g1o3/gpl/8Akmj7J4r/AOg1o3/gpl/+Sa3aKLsLGF9k8V/9BrRv/BTL/wDJNH2TxX/0GtG/8FMv/wAk1u0UXYWML7J4r/6DWjf+CmX/AOSaK3aKLsLGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7RLdgtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgpkqNIoCyvGc5ygGf1Bp9FIZW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UARxRPHndPJLn++F4/ICipKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUyWVYVDMHIJx8iFj+QFPopDK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCOKdJs7RIMf342X+YFFSUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKZKJSo8p0Rs9XQsMfmKfRSGVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UAVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6s0UARxLMM+dJG/psQrj8yaKkooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiimSzRQKGlkSNScZdgBmkMfRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqOK4hnz5M0cm3rsYHH5UUAY3gr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgqpqGqafpMCz6lf2tlCzbFkuZljUtgnALEc4B49qt1U1DS9P1aBYNSsbW9hVt6x3MKyKGwRnDAjOCefekvMZm/8Jr4U/6GbRv/AAPi/wDiqP8AhNfCn/QzaN/4Hxf/ABVH/CFeFP8AoWdG/wDACL/4mj/hCvCn/Qs6N/4ARf8AxNV7pPvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvB/wAJr4U/6GbRv/A+L/4qj/hNfCn/AEM2jf8AgfF/8VR/whXhT/oWdG/8AIv/AImj/hCvCn/Qs6N/4ARf/E0e6HvF/Tta0rWPN/szU7K+8rHmfZrhZdmc4ztJxnB/I0UadoulaP5v9maZZWPm48z7NbrFvxnGdoGcZP5mik7dCkUPBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdoluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgpkolKjynRGz1dCwx+Yp9FIZW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0bL3/n4t/+/B/+LqzRQBW2Xv8Az8W//fg//F0VZooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVBexXE9hcQ2lz9luZImWKfYH8pyMBtp4bBwcHrigCeiuG/4Rbx5/0Uf/AMocH+NH/CLePP8Aoo//AJQ4P8arlXf8/wDIm77Hc0Vw3/CLePP+ij/+UOD/ABo/4Rbx5/0Uf/yhwf40cq7/AJ/5Bd9juaK4b/hFvHn/AEUf/wAocH+NH/CLePP+ij/+UOD/ABo5V3/P/ILvsdzRXDf8It48/wCij/8AlDg/xo/4Rbx5/wBFH/8AKHB/jRyrv+f+QXfY7miuG/4Rbx5/0Uf/AMocH+NH/CLePP8Aoo//AJQ4P8aOVd/z/wAgu+x3NFcN/wAIt48/6KP/AOUOD/Gj/hFvHn/RR/8Ayhwf40cq7/n/AJBd9juaK4b/AIRbx5/0Uf8A8ocH+NH/AAi3jz/oo/8A5Q4P8aOVd/z/AMgu+x3NFcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf40cq7/n/kF32O5orhv+EW8ef9FH/8ocH+NH/CLePP+ij/APlDg/xo5V3/AD/yC77Hc0Vw3/CLePP+ij/+UOD/ABo/4Rbx5/0Uf/yhwf40cq7/AJ/5Bd9juaK4b/hFvHn/AEUf/wAocH+NH/CLePP+ij/+UOD/ABo5V3/P/ILvsdzRXDf8It48/wCij/8AlDg/xo/4Rbx5/wBFH/8AKHB/jRyrv+f+QXfY7miuG/4Rbx5/0Uf/AMocH+NH/CLePP8Aoo//AJQ4P8aOVd/z/wAgu+x3NFcN/wAIt48/6KP/AOUOD/Gj/hFvHn/RR/8Ayhwf40cq7/n/AJBd9juaK4b/AIRbx5/0Uf8A8ocH+NH/AAi3jz/oo/8A5Q4P8aOVd/z/AMgu+x3NFcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf40cq7/n/kF32O5orhv+EW8ef9FH/8ocH+NH/CLePP+ij/APlDg/xo5V3/AD/yC77Hc0Vw3/CLePP+ij/+UOD/ABo/4Rbx5/0Uf/yhwf40cq7/AJ/5Bd9juaK4b/hFvHn/AEUf/wAocH+NH/CLePP+ij/+UOD/ABo5V3/P/ILvsdzRXDf8It48/wCij/8AlDg/xo/4Rbx5/wBFH/8AKHB/jRyrv+f+QXfY7miuG/4Rbx5/0Uf/AMocH+NH/CLePP8Aoo//AJQ4P8aOVd/z/wAgu+x3NFcN/wAIt48/6KP/AOUOD/Gj/hFvHn/RR/8Ayhwf40cq7/n/AJBd9juaK4b/AIRbx5/0Uf8A8ocH+NH/AAi3jz/oo/8A5Q4P8aOVd/z/AMgu+x3NFcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf40cq7/n/kF32O5orhv+EW8ef9FH/8ocH+NH/CLePP+ij/APlDg/xo5V3/AD/yC77Hc0Vw3/CLePP+ij/+UOD/ABo/4Rbx5/0Uf/yhwf40cq7/AJ/5Bd9juaK4b/hFvHn/AEUf/wAocH+NH/CLePP+ij/+UOD/ABo5V3/P/ILvsdzRXDf8It48/wCij/8AlDg/xo/4Rbx5/wBFH/8AKHB/jRyrv+f+QXfY7miuG/4Rbx5/0Uf/AMocH+NH/CLePP8Aoo//AJQ4P8aOVd/z/wAgu+x3NFcN/wAIt48/6KP/AOUOD/Gj/hFvHn/RR/8Ayhwf40cq7/n/AJBd9juaK4b/AIRbx5/0Uf8A8ocH+NH/AAi3jz/oo/8A5Q4P8aOVd/z/AMgu+x3NFcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf40cq7/n/kF32O5orhv+EW8ef9FH/8ocH+NH/CLePP+ij/APlDg/xo5V3/AD/yC77Hc0Vw3/CLePP+ij/+UOD/ABo/4Rbx5/0Uf/yhwf40cq7/AJ/5Bd9juaK4b/hFvHn/AEUf/wAocH+NH/CLePP+ij/+UOD/ABo5V3/P/ILvsdzRXDf8It48/wCij/8AlDg/xo/4Rbx5/wBFH/8AKHB/jRyrv+f+QXfY7miuG/4Rbx5/0Uf/AMocH+NH/CLePP8Aoo//AJQ4P8aOVd/z/wAgu+x3NFcN/wAIt48/6KP/AOUOD/Gj/hFvHn/RR/8Ayhwf40cq7/n/AJBd9juaK4b/AIRbx5/0Uf8A8ocH+NH/AAi3jz/oo/8A5Q4P8aOVd/z/AMgu+x3NFcN/wi3jz/oo/wD5Q4P8aP8AhFvHn/RR/wDyhwf40cq7/n/kF32O5orhv+EW8ef9FH/8ocH+NFHKu/5/5Bd9jc8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2lLdjWwUUUyWaKBQ0siRqTjLsAM0hj6Krf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/GiiwGX4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigApsn+rb6U6myf6tvpQBRoooqhBRRRQAUUUUAFFFFABRRRQAUUUUAFW7f/VfjVSrdv/qvxpMCWiiikMKKKKACiiigAooooAKKKKACiiigBk3+qb6VSq7N/qm+lUqaEFFFFMAooooAKKKKACiiigAooooAKKKKALkH+pFSVHB/qRUlSMKKKKACiiigAooooAKKKKACiiigAqK4/wBUfrUtRXH+qP1oAqUUUVQgooooAKKKKACiiigAooooAKKKKACrsX+qX6VSq7F/ql+lJgPooopDCiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUyV2jUFYnkOcYQjP6kU+ikMrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqbJcy+W3+hT9P7yf8AxVW6bJ/q2+lAGV58n/PpN+af/FUefJ/z6Tfmn/xVT0VQiDz5P+fSb80/+Ko8+T/n0m/NP/iqnooAg8+T/n0m/NP/AIqjz5P+fSb80/8AiqnooAg8+T/n0m/NP/iqPPk/59JvzT/4qp6KAIPPk/59JvzT/wCKo8+T/n0m/NP/AIqp6KAIPPk/59JvzT/4qjz5P+fSb80/+KqeigCDz5P+fSb80/8AiqtQXEoj/wCPKc89in/xVMq3b/6r8aGBH9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZoqRlb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KqzRQBW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqrNFAFb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KqzRQBW+0y/8+Nx/wB9R/8AxVH2mX/nxuP++o//AIqrNFAFb7TL/wA+Nx/31H/8VR9pl/58bj/vqP8A+KqzRQBUluZTE3+hTj/gSf8AxVU/Pk/59JvzT/4qtSb/AFTfSqVNCIPPk/59JvzT/wCKo8+T/n0m/NP/AIqp6KYEHnyf8+k35p/8VR58n/PpN+af/FVPRQBB58n/AD6Tfmn/AMVR58n/AD6Tfmn/AMVU9FAEHnyf8+k35p/8VR58n/PpN+af/FVPRQBB58n/AD6Tfmn/AMVR58n/AD6Tfmn/AMVU9FAEHnyf8+k35p/8VR58n/PpN+af/FVPRQBJDcSiIf6FOfxT/wCKp/2mX/nxuP8AvqP/AOKqWD/UipKQyt9pl/58bj/vqP8A+Ko+0y/8+Nx/31H/APFVZopAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVUc9xKYj/oU4+pT/4qrtRXH+qP1pgZvnyf8+k35p/8VR58n/PpN+af/FVPRTEQefJ/z6Tfmn/xVHnyf8+k35p/8VU9FAEHnyf8+k35p/8AFUefJ/z6Tfmn/wAVU9FAEHnyf8+k35p/8VR58n/PpN+af/FVPRQBB58n/PpN+af/ABVHnyf8+k35p/8AFVPRQBB58n/PpN+af/FUefJ/z6Tfmn/xVT0UAQefJ/z6Tfmn/wAVVyO5l8tf9CnPH95P/iqiq7F/ql+lJgQ/aZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVWaKQyt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qirNFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKZKJSo8p0Rs9XQsMfmKQx9FVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNFVtl7/wA/Fv8A9+D/APF0bL3/AJ+Lf/vwf/i6ALNNk/1bfSoNl7/z8W//AH4P/wAXTZEvPLbNxB0/54H/AOLoAioqDbdf89of+/R/+Ko23X/PaH/v0f8A4qqET0VBtuv+e0P/AH6P/wAVRtuv+e0P/fo//FUAT0VBtuv+e0P/AH6P/wAVRtuv+e0P/fo//FUAT0VBtuv+e0P/AH6P/wAVRtuv+e0P/fo//FUAT0VBtuv+e0P/AH6P/wAVRtuv+e0P/fo//FUAT0VBtuv+e0P/AH6P/wAVRtuv+e0P/fo//FUAT1bt/wDVfjWbtuv+e0P/AH6P/wAVVqBLzy+J4AM94T/8VQwLtFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6kZZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAE03+qb6VSqWVLzymzPBj/rif8A4uqe26/57Q/9+j/8VTQieioNt1/z2h/79H/4qjbdf89of+/R/wDiqYE9FQbbr/ntD/36P/xVG26/57Q/9+j/APFUAT0VBtuv+e0P/fo//FUbbr/ntD/36P8A8VQBPRUG26/57Q/9+j/8VRtuv+e0P/fo/wDxVAE9FQbbr/ntD/36P/xVG26/57Q/9+j/APFUAT0VBtuv+e0P/fo//FUbbr/ntD/36P8A8VQBpwf6kVJVOFLzyhieDH/XE/8AxVP2Xv8Az8W//fg//F0hlmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXSAs0VW2Xv/Pxb/8Afg//ABdGy9/5+Lf/AL8H/wCLoAs0VW2Xv/Pxb/8Afg//ABdGy9/5+Lf/AL8H/wCLoAs0VW2Xv/Pxb/8Afg//ABdGy9/5+Lf/AL8H/wCLoAs0VW2Xv/Pxb/8Afg//ABdGy9/5+Lf/AL8H/wCLoAs1Fcf6o/Wo9l7/AM/Fv/34P/xdRzpeeUczwEe0J/8AiqYDKKg23X/PaH/v0f8A4qjbdf8APaH/AL9H/wCKpiJ6Kg23X/PaH/v0f/iqNt1/z2h/79H/AOKoAnoqDbdf89of+/R/+Ko23X/PaH/v0f8A4qgCeioNt1/z2h/79H/4qjbdf89of+/R/wDiqAJ6Kg23X/PaH/v0f/iqNt1/z2h/79H/AOKoAnoqDbdf89of+/R/+Ko23X/PaH/v0f8A4qgCersX+qX6Vl7br/ntD/36P/xVXI0vPLXE8GMf88T/APF0mBboqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0hlmiq2y9/5+Lf/AL8H/wCLo2Xv/Pxb/wDfg/8AxdAFmiq2y9/5+Lf/AL8H/wCLo2Xv/Pxb/wDfg/8AxdAFmiq2y9/5+Lf/AL8H/wCLo2Xv/Pxb/wDfg/8AxdAFmiq2y9/5+Lf/AL8H/wCLo2Xv/Pxb/wDfg/8AxdAFmiq2y9/5+Lf/AL8H/wCLo2Xv/Pxb/wDfg/8AxdAFmiq2y9/5+Lf/AL8H/wCLooAy/BX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFNk/1bfSnU2T/Vt9KAKNFFFUIKKKKACiiigAooooAKKKKACiiigAq3b/6r8aqVbt/9V+NJgS0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAMm/wBU30qlV2b/AFTfSqVNCCiiimAUUUUAFFFFABRRRQAUUUUAFFFFAFyD/UipKjg/1IqSpGFFFFABRRRQAUUUUAFFFFABRRRQAVFcf6o/WpaiuP8AVH60AVKKKKoQUUUUAFFFFABRRRQAUUUUAFFFFABV2L/VL9KpVdi/1S/SkwH0UUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CmSxLMoVi4AOfkcqfzBp9FIZW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qmyWUQjb55+n/Pw/wDjVumyf6tvpRcDK+yx/wB6b/v8/wDjR9lj/vTf9/n/AManoqhEH2WP+9N/3+f/ABo+yx/3pv8Av8/+NT0UAQfZY/703/f5/wDGj7LH/em/7/P/AI1PRQBB9lj/AL03/f5/8aPssf8Aem/7/P8A41PRQBB9lj/vTf8Af5/8aPssf96b/v8AP/jU9FAEH2WP+9N/3+f/ABo+yx/3pv8Av8/+NT0UAQfZY/703/f5/wDGrUFlEY875+vad/8AGmVbt/8AVfjQwI/sMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0VNxlb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXAqS2UQiY75//Ah/8ap/ZY/703/f5/8AGtSb/VN9KpU0Ig+yx/3pv+/z/wCNH2WP+9N/3+f/ABqeimBB9lj/AL03/f5/8aPssf8Aem/7/P8A41PRQBB9lj/vTf8Af5/8aPssf96b/v8AP/jU9FAEH2WP+9N/3+f/ABo+yx/3pv8Av8/+NT0UAQfZY/703/f5/wDGj7LH/em/7/P/AI1PRQBB9lj/AL03/f5/8aPssf8Aem/7/P8A41PRQBJDZRGIHfP/AN/3/wAaf9hi/v3H/gRJ/wDFVLB/qRUlK4yt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZopXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVUc9lEIid8/4zv/jV2orj/VH607gZv2WP+9N/3+f/ABo+yx/3pv8Av8/+NT0UxEH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjU9FAEH2WP+9N/wB/n/xo+yx/3pv+/wA/+NT0UAQfZY/703/f5/8AGj7LH/em/wC/z/41PRQBB9lj/vTf9/n/AMaPssf96b/v8/8AjU9FAEH2WP8AvTf9/n/xo+yx/wB6b/v8/wDjU9FAEH2WP+9N/wB/n/xq5HZRGNTvn6f8/D/41FV2L/VL9KTAh+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRSuMrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+KoqzRRcDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFMlmigUNLIkak4y7ADNPopDK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f402S/szGwF3B0/56D/ABq3RQBkfbLX/n5h/wC+xR9stf8An5h/77Fa9FO4jI+2Wv8Az8w/99ij7Za/8/MP/fYrXoouBkfbLX/n5h/77FH2y1/5+Yf++xWvRRcDI+2Wv/PzD/32KPtlr/z8w/8AfYrXoouBkfbLX/n5h/77FH2y1/5+Yf8AvsVr0UXAyPtlr/z8w/8AfYo+2Wv/AD8w/wDfYrXoouBkfbLX/n5h/wC+xVqC/sxHg3cAOe8gq7RRcZW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UgK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCpLf2ZiYC7gJ/66D/Gqf2y1/5+Yf8AvsVr0U7gZH2y1/5+Yf8AvsUfbLX/AJ+Yf++xWvRRcRkfbLX/AJ+Yf++xR9stf+fmH/vsVr0UXAyPtlr/AM/MP/fYo+2Wv/PzD/32K16KLgZH2y1/5+Yf++xR9stf+fmH/vsVr0UXAyPtlr/z8w/99ij7Za/8/MP/AH2K16KLgZH2y1/5+Yf++xR9stf+fmH/AL7Fa9FFwKcN/ZiIA3cAP/XQU/8AtCy/5/Lf/v6P8as0Uhlb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xqOe/szEQLuAn2kFXaKAMj7Za/8/MP/fYo+2Wv/PzD/wB9iteincRkfbLX/n5h/wC+xR9stf8An5h/77Fa9FFwMj7Za/8APzD/AN9ij7Za/wDPzD/32K16KLgZH2y1/wCfmH/vsUfbLX/n5h/77Fa9FFwMj7Za/wDPzD/32KPtlr/z8w/99iteii4GR9stf+fmH/vsUfbLX/n5h/77Fa9FFwMj7Za/8/MP/fYq5Hf2YjUG7gzj/noP8at0UXGVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFICt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40VZooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUVzOteP8Aw1oMzQXmpI1wpw0MAMjKfQ44B9iRWJ/wuTwr/wBP3/fgf41tHD1ZK6izKVenF2ckeg0V59/wuTwr/wBP3/fgf40f8Lk8K/8AT9/34H+NV9Vr/wArF9YpfzI9Borz7/hcnhX/AKfv+/A/xo/4XJ4V/wCn7/vwP8aPqtf+Vh9YpfzI9Borz9fjH4VLAE3qgnqYOB+tdPofizQ/EYI0vUIppFGTEcq4HrtbBx79KidCrBXlFoqNanJ2jJGzRRRWRoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1xvhfxDa6d4S0axurLWY7m2sYIZU/sa7O11jUEZEWDyD0rV/4S3Tf+fbWf/BLef/Gqpp3EmrG7RWF/wlum/wDPtrP/AIJbz/41R/wlum/8+2s/+CW8/wDjVLlfYLo3aKwv+Et03/n21n/wS3n/AMao/wCEt03/AJ9tZ/8ABLef/GqOV9gujdorC/4S3Tf+fbWf/BLef/GqP+Et03/n21n/AMEt5/8AGqOV9gujdorC/wCEt03/AJ9tZ/8ABLef/GqP+Et03/n21n/wS3n/AMao5X2C6N2vJvit49n0+U+HtJmaKYqDdzocFQRwgPY4wSfce9d5/wAJbpv/AD7az/4Jbz/41XzRrl8+p69qF85YtPcPJ8wwQCxwOfavQy+gp1HKS2OLG1nCCUepQooor3jxwooooAKKKKACpIJ5rWeOe3leKaNgySIxVlI7gjpUdFAH0Z8NvGreK9JeC9Yf2naACYgAeap6OB+GDjv9cV29fOXwnvJLX4g2UaH5LmOSGT3XYWH6qtfRtfOY6iqVW0dnqe5hKrqU7vdBRRRXGdQUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFfLHjDSZNF8W6nZSKVVZ2eP3RjuU/kRX1PXFfEDwFF4vs0ntmSHVLdcRyMOJF67GP15B7c+tduBxCo1Pe2ZyYyi6sPd3R840Vf1bRNT0O6NvqdlNbSDpvXhvow4P4GqFfQppq6PFaadmFFFFMQUUUUAFFFbvh3wfrXie4RNPs38knDXMgKxIO+W7/QZNTKUYq8nZDjFydkjpfg7pMl94zF/g+TYRM7N23MCig/gWP/Aa+gaw/Cnhez8J6Klhaku5O+aZhgyv3PsOwHYfnW5XzmLrqtVclse7hqXsqfK9wooorlOgKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDM8Qf8geX6r/MV4nRRXo4L4WcOL+JBRRRXacgUUUUAW9L/AOQnB/vV7daf8ecH/XNf5UUVwY3dHbhOpNRRRXAdgUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB//Z)

15. Goodwill continued

As a result of structural changes from 1 January 2025, Informa TechTarget will form a new division combining Informa Tech’s

digital businesses and TechTarget. The use of the acquisition cash flows at 31 December 2024 to support the TechTarget

impairment assessment means that goodwill is at its fair value and there is negligible headroom, which contributes to the

fact we consider that reasonably possible changes in key assumptions within this new group of CGUs could lead to a risk of

future impairment within the next 12 months. A 10% reduction in cash flows and a 1% increase in discount rate would in

isolation result in £119.3m and £117.9m impairments respectively. A 0.5% decrease in long-term growth rate would not result

in a material impairment.

For the remaining groups of CGUs, impairment testing involved comparing the aggregated carrying value of assets with

income-based fair value less costs of disposal (FVLCD) calculations derived from the latest Group cash flow projections,

which are Level 3 inputs per IFRS 13 and which reflect past experience of the Group. This is consistent with the approach in

2023 for Informa Tech but represents a change in methodology from value in use (VIU) calculations for Informa Markets,

Informa Connect and Taylor & Francis. IAS 36 allows for the application of either approach, and there is no requirement to

complete both calculations if no impairments are identified.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Goodwill carrying amount | Goodwill carrying amount |  |  |
|  | 31 December 2024 | 31 December 2023 | Number of CGUs | Number of CGUs |
| CGU groups | £m | £m | 2024 | 2023 |
| Informa Markets | 4,223.2 | 4,211.5 | 6 | 5 |
| Informa Connect | 871.3 | 1,023.3 | 5 | 4 |
| Informa Tech | 835.1 | 824.6 | 1 | 1 |
| Taylor & Francis | 588.2 | 570.4 | 1 | 1 |
| Other  1 | 1,269.2 | – | 2 | – |
|  | 7,787.0 | 6,629.8 | 15 | 11 |

1  Other comprises the post-acquisition values of Ascential and TechTarget, which were acquired during the year ended 31 December 2024 (see Note 17)

Impairment review

As goodwill is not amortised, it is tested for impairment at least annually, or more frequently if there are indicators of impairment.

At half-year 2024, we concluded that there were no indicators of impairment in any group of CGUs, so no further review was

conducted. In line with our accounting policy, an annual impairment review was performed as at 31 December 2024.

Management has used the following key assumptions in its impairment analysis:

|  |  |  |  |
| --- | --- | --- | --- |
| Key assumption | How we have defined this |  |  |
| Projected | For | 2025 | , management has used the annual budget. For 2026 and 2027, management has used the three-year plan forecast. |
| cash | A review of all forecast revenue streams has been undertaken. These forecasts include management expectations of the |  |  |
| flows | business’s future performance and represent the Directors’ best estimate of the future performance of these businesses. |  |  |
|  | All cash flows are post-tax, in line with the selection of a FVLCD approach. |  |  |
|  | concluded that this would not cause a material impact to annual cash flows. In its forecasts, management has considered recent |  | Management has considered the quantitative impact of unmitigated climate-related risks on asset recoverable amounts and |
|  | trading performance, current market conditions and relevant uncertainties when determining these estimates. |  |  |
| Long- | For the Group’s fair value less costs of disposal calculation, a perpetual growth rate has been applied to the 2027 operating cash |  |  |
| term | flows. Long-term growth rates are based on external reports of long-term CPI rates for the main geographic markets in which each |  |  |
| growth | CGU operates and therefore are not considered to exceed the long-term average growth prospects for the individual markets. |  |  |
| rate | Long-term growth rates have not been risk adjusted to reflect any of the uncertainties noted above, as these uncertainties are |  |  |
|  | already reflected in the forecasts. |  |  |
| Discount | To arrive at the recoverable amount for each group of CGUs, the cash flows are discounted at a rate specific to each CGU. |  |  |
| rate | To calculate discount rates, we have considered market rates for comparable entities for the cost of debt, and the cost of equity |  |  |
| applied | is calculated using the Capital Asset Pricing Model (CAPM). Discount rates have not been risk adjusted to reflect any of the |  |  |
|  | uncertainties noted above, as these uncertainties are already reflected in the forecasts. |  |  |

Management has concluded that there was no impairment indicated in the impairment tests conducted as at 31 December 2024,

with headroom above the carrying value of assets in all groups of CGUs. The key assumptions used in the tests are stated below:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Long-term growth rates |  | Post-tax discount rates |  | Pre-tax discount rates |  |
| Key assumptions | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Informa Markets | 2.0%-3.3% | 2.4% | 6.6%-18.3% | n/a | n/a | 9.6%-15.3% |
| Informa Connect | 2.1%-2.2% | 2.1% | 9.5%-10.2% | n/a | n/a | 11.6%-12.5% |
| Informa Tech | 2.1% | 2.1% | 10.6% | 10.2% | n/a | n/a |
| Taylor & Francis | 2.1% | 2.1% | 8.5% | n/a | n/a | 11.0% |

Informa Annual Report and Accounts 2024

174

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

The ranges presented for long-term growth rates and discount rates are due to different rates being used across the CGUs

that make up Informa Markets and Informa Connect, reflecting the different geographies they operate in and the risk

characteristics relevant to them.

Sensitivity analysis

Key uncertainties relate to the continued growth of the events, technology and publishing businesses, and the variability in

the impact of higher interest rates across the geographies in which the Group operates, which may impact the future cash

flows, discount rates and long-term growth rates. Management has applied sensitivities to each of those three areas.

The cash flow scenario considered a 10% reduction in cash flows in all forecast periods, 2025 to 2027, including the perpetuity

year, reflecting an estimation of the impact of a reduction in the number or profitability of physical events or by a reduction

in digital revenue. To reflect disadvantageous changes in the economies in which the Group operates, we applied 1.0%

increases in discount rates and 0.5% decreases in long-term growth rates.

The above sensitivities indicate management’s assessment of reasonably plausible, material changes to assumptions. The

results of the sensitivity analysis showed there remained headroom in each group of CGUs under all three scenarios tested.

16. Other intangible assets

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Database and | Exhibitions |  |  |  |  |
|  |  | intellectual | and |  |  |  |  |
|  |  | property, | conferences, |  |  |  |  |
|  | Publishing | brand and | brand and |  | Intangible |  |  |
|  | book lists and | customer | customer |  | software | Product |  |
|  | journal titles | relationships | relationships | Sub-total | assets | development | Total |
|  | £m | £m | £m | £m | £m | £m | £m |
| Cost |  |  |  |  |  |  |  |
| At 1 January 2023 | 938.5 | 693.7 | 3,663.0 | 5,295.2 | 278.9 | 45.5 | 5,619.6 |
| Arising on acquisition of subsidiaries |  |  |  |  |  |  |  |
| and operations | 6.8 | 40.5 | 529.8 | 577.1 | – | 1.5 | 578.6 |
| Additions  1 | 8.4 | 2.2 | 22.2 | 32.8 | 52.9 | 14.9 | 100.6 |
| Disposals | – | (22.6) | (19.4) | (42.0) | (10.7) | (11.2) | (63.9) |
| Exchange differences | (28.5) | (35.9) | (170.4) | (234.8) | (4.2) | (0.7) | (239.7) |
| At 31 December 2023 | 925.2 | 677.9 | 4,025.2 | 5,628.3 | 316.9 | 50.0 | 5,995.2 |
| Arising on acquisition of subsidiaries |  |  |  |  |  |  |  |
| and operations | 9.6 | 390.1 | 614.3 | 1,014.0 | 11.7 | 90.6 | 1,116.3 |
| Additions  1 | 3.7 | – | 2.7 | 6.4 | 51.9 | 20.5 | 78.8 |
| Disposals | (0.6) | (154.2) | (53.3) | (208.1) | (50.2) | (3.2) | (261.5) |
| Deconsolidation of former subsidiaries  2 | – | – | (51.4) | (51.4) | – | – | (51.4) |
| Exchange differences | 6.2 | 11.8 | 11.2 | 29.2 | 0.9 | 1.7 | 31.8 |
| At 31 December 2024 | 944.1 | 925.6 | 4,548.7 | 6,418.4 | 331.2 | 159.6 | 6,909.2 |
| Accumulated amortisation  3 |  |  |  |  |  |  |  |
| At 1 January 2023 | (724.3) | (328.4) | (1,402.6) | (2,455.3) | (177.7) | (13.9) | (2,646.9) |
| Charge for the year | (52.7) | (36.5) | (223.6) | (312.8) | (35.1) | (6.0) | (353.9) |
| Impairment losses | (0.2) | – | (23.5) | (23.7) | – | (1.4) | (25.1) |
| Disposals | – | 22.6 | 19.4 | 42.0 | 13.8 | 7.2 | 63.0 |
| Exchange differences | 23.0 | 16.9 | 65.5 | 105.4 | 2.7 | 0.5 | 108.6 |
| At 31 December 2023 | (754.2) | (325.4) | (1,564.8) | (2,644.4) | (196.3) | (13.6) | (2,854.3) |
| Charge for the year | (31.9) | (42.6) | (233.2) | (307.7) | (35.4) | (12.6) | (355.7) |
| Impairment losses | – | – | (11.2) | (11.2) | (16.4) | (0.9) | (28.5) |
| Disposals | 0.6 | 63.3 | 51.0 | 114.9 | 27.8 | 2.2 | 144.9 |
| Deconsolidation of former subsidiaries  2 | – | – | 3.2 | 3.2 | – | – | 3.2 |
| Exchange differences | (5.6) | (3.9) | 1.9 | (7.6) | (0.3) | – | (7.9) |
| At 31 December 2024 | (791.1) | (308.6) | (1,753.1) | (2,852.8) | (220.6) | (24.9) | (3,098.3) |
| Carrying amount |  |  |  |  |  |  |  |
| At 31 December 2024 | 153.0 | 617.0 | 2,795.6 | 3,565.6 | 110.6 | 134.7 | 3,810.9 |
| At 31 December 2023 | 171.0 | 352.5 | 2,460.4 | 2,983.9 | 120.6 | 36.4 | 3,140.9 |

1  Additions includes business asset acquisitions and product development. The Consolidated Cash Flow Statement shows £77.6m (2023: £89.1m)

for these items, with £8.2m (2023: £22.8m) for titles, brands and customer relationships, £51.2m (2023: £55.1m) for intangible software assets

and £18.2m (2023: £11.2m) of product development

2  See Note 19

3  Amortisation is included within the Net operating expenses line within the Consolidated Income Statement

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

175

![](data:image/jpeg;base64,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)

16. Other intangible assets continued

Intangible software assets include a gross carrying amount of £295.1m (2023: £287.8m) and accumulated amortisation

of £190.2m (2023: £170.7m) which relates to software that has been internally generated. There were additions of £47.8m

(2023: £50.0m) related to internally generated intangible assets. The Group does not have any of its intangible assets

pledged as security over bank loans. In 2024, £nil (2023: £nil) was recognised as research and development expenditure

in the period.

In addition to the impairment review of goodwill, a review of intangible assets identified an impairment of £11.2m

(2023: £23.7m) relating to brands and customer relationships where the recoverable amount did not support the

carrying amount, and this included selected individual events which have been discontinued.

17. Business combinations

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
| Cash paid on acquisitions, net of cash acquired | £m | £m |
| Current year acquisitions |  |  |
| Solar Media | 37.4 | – |
| IMN | 95.0 | – |
| Ascential | 1,169.0 | – |
| TechTarget | 59.2 | – |
| Other  Prior year acquisitions including deferred and contingent payments | 44.7 | – |
| Tarsus | 3.7 | 144.3 |
| Winsight | 12.1 | 296.8 |
| HIMSS Global Health Conference & Exhibition | – | 84.0 |
| Canalys | 3.9 | 37.7 |
| LSX | 2.7 | 7.5 |
| Future Science Group | 1.2 | 22.4 |
| Black Arts | – | 2.2 |
| Industry Dive | 18.7 | – |
| Premiere Shows | 2.9 | – |
| Other | – | 1.8 |
| Total cash paid in year, net of cash acquired | 1,450.5 | 596.7 |

Acquisitions

To determine the value of separately identifiable intangible assets of a business combination, and deferred tax on these

intangibles, the Group is required to make estimates when utilising valuation methodologies. These methodologies include

the use of discounted cash flows, revenue forecasts and the estimates for the useful economic lives of intangible assets.

There are estimates involved in assessing what amounts are recognised as the estimated fair value of assets and liabilities

acquired through business combinations, particularly the amounts attributed to separate intangible assets such as titles,

brands, acquired customer lists and associated customer relationships. These estimates impact the amount of goodwill

recognised on acquisitions. Any provisional amounts are subsequently finalised within the 12-month measurement period,

as permitted by IFRS 3. The Group has built considerable knowledge of these valuation techniques and, for major acquisitions,

the Group also considers the advice of third-party independent valuers to identify and support the valuation of intangible

assets arising on acquisition.

If all material business combinations had completed on the first day of the reporting period, the total revenue of the Group

would have been £3,977.9m and profit after tax would have been £722.3m for the year ended 31 December 2024. This

includes the impact of Ascential’s disposals of the WGSN and Digital Commerce businesses in the first half of the year,

further details of which can be found in their published half-year accounts.

Informa Annual Report and Accounts 2024

176

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Acquisition of Solar Media

On 4 April 2024, the Group acquired 100% of the issued share capital of Solar Media Limited (Solar Media). Solar Media is a

UK-based media company specialising in the delivery of live events focused on the clean energy sector. Solar Media is part of

Informa Markets.

Total consideration was £48.1m, of which £43.6m was paid in cash and £4.5m was deferred cash consideration. The deferred

consideration is payable 12 months after the date of completion.

The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:

|  |  |
| --- | --- |
|  | Provisional |
|  | fair value |
|  | £m |
| Acquisition intangible assets | 14.3 |
| Trade and other receivables  1 | 2.7 |
| Cash and cash equivalents | 6.2 |
| Current tax liabilities | (1.6) |
| Provisions | (0.6) |
| Trade and other payables | (2.5) |
| Deferred income | (3.7) |
| Deferred tax liabilities | (3.6) |
| Total identifiable net assets acquired | 11.2 |
| Provisional goodwill | 36.9 |
| Total consideration | 48.1 |

1  Trade and other receivables include trade receivables that represent the gross contractual amounts and the amounts that are expected to be

collected in full

Acquisition intangible assets of £14.3m consist of £6.8m of trade names fair valued using the relief from royalty method,

£6.6m of customer relationships fair valued using the excess earnings income method and £0.9m of content library fair

valued using the cost approach. A deferred tax liability has been recognised as a result of the recognition of these acquisition

intangible assets.

To determine the value of separately identifiable intangible assets, key estimates have been made, namely the royalty rate

and attrition rates. Sensitivity analysis has been performed on these estimates which determined that a reasonable change

could not cause a materially different value of intangible assets to be recognised.

Provisional goodwill arising from the acquisition was £36.9m which represents the total consideration of £48.1m less the fair

value of the net assets acquired of £11.2m.

The provisional goodwill arising from the acquisition has been identified as relating to the following factors:

•  Expansion into the solar energy market via Solar Media’s existing position

•  Ability to leverage strength and market positions of Solar Media and Informa’s existing portfolio to accelerate growth in both

•  Synergies across all clean energy content, customers, products and partners

Goodwill recognised is included in the Informa Markets group of CGUs for 31 December 2024. None of the goodwill recognised

is expected to be deductible for tax purposes.

Total acquisition-related costs of £0.9m were recognised within adjusting items in the Consolidated Income Statement.

Solar Media generated revenue of £8.5m and a loss after tax of £0.4m for the period from the date of acquisition to

31 December 2024.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

177

![](data:image/jpeg;base64,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)

17. Business combinations continued

Acquisition of IMN

On 3 September 2024, the Group acquired 100% of the issued share capital of IMN Limited (IMN). IMN is a US-based organiser

of institutional real estate events, focusing primarily on the US real estate market. IMN is part of Informa Connect.

Total consideration was $125.2m (£95.0m), all of which was paid in cash.

The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:

|  |  |
| --- | --- |
|  | Provisional |
|  | fair value |
|  | £m |
| Acquisition intangible assets | 32.6 |
| Deferred tax asset | 4.1 |
| Trade and other receivables  1 | 2.7 |
| Prepayments | 0.7 |
| Trade and other payables | (1.3) |
| Deferred income | (5.8) |
| Total identifiable net assets acquired | 33.0 |
| Provisional goodwill | 62.0 |
| Total consideration | 95.0 |

1  Trade and other receivables include trade receivables that represent the gross contractual amounts and the amounts that are expected to be

collected in full

Acquisition intangible assets of £32.6m consist of £16.0m of trade names fair valued using the relief from royalty method,

as well as £16.6m of customer relationships fair valued using the excess earnings income method. A deferred tax liability

has been recognised as a result of the recognition of these acquisition intangible assets.

To determine the value of separately identifiable intangible assets, key estimates have been made, namely the royalty rate

and attrition rates. Sensitivity analysis has been performed on these estimates which determined that a reasonable change

could not cause a materially different value of intangible assets to be recognised.

Provisional goodwill arising from the acquisition was £62.0m which represents the total consideration of £95.0m less the fair

value of the net assets acquired of £33.0m.

The provisional goodwill arising from the acquisition has initially been identified as relating to the following factors:

•  Revenue synergies achieved through accelerated revenue growth as a result of Informa’s wider global customer base,

as well as the opportunity to launch new events in geographies in which Informa has a strong local network

•  Cost synergies, particularly in Canada, because of Informa’s strong geographic presence, which will aid integration and the

scaling-up of certain events

Goodwill recognised is included in the Informa Connect group of CGUs for 31 December 2024. None of the goodwill

recognised is expected to be deductible for tax purposes.

Total acquisition-related costs of £1.4m were recognised within adjusting items in the Consolidated Income Statement.

The IMN business generated revenue of £8.1m and a profit after tax of £3.1m for the period from the date of acquisition to

31 December 2024.

Informa Annual Report and Accounts 2024

178

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Acquisition of Ascential

On 9 October 2024, the Group acquired 100% of the issued share capital of Ascential plc, Parent Company of the Ascential

Group, and its subsidiaries (collectively known as Ascential). Ascential is a specialist events-led, intelligence and advisory

business, and owner of the Cannes Lions and Money20/20 businesses.

Total consideration was £1,198.5m, all of which was paid in cash.

The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:

|  |  |
| --- | --- |
|  | Provisional |
|  | fair value |
|  | £m |
| Acquisition intangible assets | 577.1 |
| Other intangibles | 11.4 |
| Property and equipment | 1.6 |
| Investments | 2.5 |
| Inventory | 0.4 |
| Trade and other receivables  1 | 36.8 |
| Cash and cash equivalents | 29.5 |
| Finance lease receivables | 4.5 |
| Borrowings | (56.8) |
| Lease liabilities | (9.5) |
| Current tax liabilities | (4.5) |
| Provisions | (19.6) |
| Trade and other payables | (29.1) |
| Deferred income | (60.2) |
| Deferred tax liabilities | (91.1) |
| Total identifiable net assets acquired | 393.0 |
| Provisional goodwill | 805.5 |
| Total consideration | 1,198.5 |

1  Trade and other receivables include trade receivables that represent the gross contractual amounts and the amounts that are expected to be

collected in full

Acquisition intangible assets of £577.1m consist of £439.6m of trade names fair valued using the relief from royalty method,

£123.5m of customer relationships fair valued using the excess earnings method and £14.0m of database content fair valued

using the relief from royalty method. A deferred tax liability has been recognised as a result of the recognition of these

acquisition intangible assets.

To determine the value of separately identifiable intangible assets, several estimates have been made. Two estimates have

been identified where a reasonable change could cause a materially different value of intangible assets to be recognised.

The most significant of these estimates is the royalty rate used within the relief from royalty valuation method for trade

names. A 2.5% increase or decrease in royalty rate would result in a £56.7m increase or decrease in trade names valuation,

respectively. The second significant estimate is the attrition rate used in the customer relationships valuation. A 5% decrease

in attrition rate would result in a £30.0m increase in customer relationships valuation and a 5% increase in attrition rate

would result in a £20.2m decrease in customer relationships valuation.

Provisional goodwill arising from the acquisition was £805.5m and represents the total consideration of £1,198.5m less the

fair value of the net assets acquired of £393.0m.

The provisional goodwill arising from the acquisition has initially been identified as relating to the following factors:

•  Enhancing Informa’s position in high-value experience-led B2B events

•  Capturing growth opportunities from expanding world-class B2B brands Cannes Lions and Money20/20 into more

geographies, leveraging Informa’s international reach into fast-growth economies, as well as its operating platform

and capacity

•  Synergy opportunities and access to an experienced and skilled workforce

Goodwill recognised is included in the Other group of CGUs for 31 December 2024. None of the goodwill recognised is

expected to be deductible for tax purposes.

Total acquisition-related costs of £22.7m were recognised within adjusting items in the Consolidated Income Statement.

The Ascential business generated revenue of £57.8m and a profit after tax of £15.0m for the period from the date of

acquisition to 31 December 2024.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

179

![](data:image/jpeg;base64,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)

17. Business combinations continued

Acquisition of TechTarget

On 2 December 2024, the Group completed the transaction contemplated by its definitive agreement with TechTarget, Inc.

(TechTarget) to contribute the Informa Tech digital businesses, along with £275.6m ($350.0m) in cash to TechTarget shareholders

to create (New TechTarget), a leading growth accelerator to the B2B technology sector (defined as Informa TechTarget).

Upon the closing of the transaction, Informa beneficially owned a controlling holding of 57% of the outstanding share capital

(on a fully diluted basis) of Informa TechTarget and former TechTarget shareholders owned the remaining outstanding shares of

Informa TechTarget. Informa TechTarget shares are traded on Nasdaq under TechTarget’s previous name: TechTarget, Inc.

The Informa Group was considered the accounting acquirer of TechTarget and the net assets of TechTarget were recorded at

their estimated fair values, while the Informa Tech digital businesses’ assets continue at their historical basis. The Group

recorded a non-controlling interest of £518.6m for the 43% ownership interest of former TechTarget shareholders in Informa

TechTarget. The £323.8m non-controlling interest associated with TechTarget’s acquired net assets was recorded at fair value

determined using the closing market price per share of TechTarget as of 2 December 2024, while the portion attributable to

Informa’s Tech digital businesses of £194.8m was recorded at its historical carrying amount. The impact of recognising the

non-controlling interest relating to the Informa Tech digital businesses resulted in a £41.7m decrease to retained earnings.

The following table summarises the components of the purchase consideration reflected in the acquisition accounting using

TechTarget’s outstanding shares and closing share price as of 2 December 2024 of 29,802,846 and £24.84 ($31.54), respectively.

|  |  |
| --- | --- |
|  | £m |
| Purchase price for shares issued and outstanding in TechTarget | 740.3 |
| Value of employee share-based payment awards attributable to pre-combination service | 10.6 |
| Other cash consideration entitlement of employee share award and option holders | 2.1 |
| Total purchase consideration representing 100% of Informa TechTarget | 753.0 |
| Net purchase consideration representing 57% of Informa TechTarget | 429.2 |
| Satisfied by: |  |
| Cash | 275.6 |
| Fair value of 43% Informa Tech digital businesses | 153.6 |

Informa’s cash contribution of £275.6m ($350.0m) was paid out at approximately £9.21 ($11.70) per share (on a fully diluted

basis) to holders of issued and outstanding shares of TechTarget as of the closing of the transactions, with none of this cash

remaining on TechTarget’s balance sheet as of closing.

The provisional fair values of the identifiable assets acquired and liabilities assumed at the acquisition date are shown below:

|  |  |
| --- | --- |
|  | Provisional |
|  | fair value |
|  | £m |
| Acquisition intangible assets | 452.8 |
| Property and equipment | 2.2 |
| Right-of-use assets | 9.6 |
| Cash and cash equivalents | 216.4 |
| Investments | 61.0 |
| Trade and other receivables  1 | 35.0 |
| Current tax assets | 2.3 |
| Trade and other payables | (23.1) |
| Convertible notes (Note 29) | (325.7) |
| Provisions | (1.2) |
| Lease liabilities | (12.7) |
| Deferred income | (13.5) |
| Deferred tax liabilities | (92.5) |
| Total identifiable net assets acquired | 310.6 |
| Provisional goodwill | 442.4 |
| Non-controlling interest  2 | (323.8) |
| Net purchase consideration | 429.2 |

1  Trade and other receivables include trade receivables that represent the gross contractual amounts and the amounts that are expected to be

collected in full

2  Non-controlling interest represents the fair value of the 43% interest of TechTarget retained by former TechTarget shareholders

Informa Annual Report and Accounts 2024

180

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Acquisition intangible assets of £452.8m consist of £311.0m of customer relationships fair valued using the excess earnings

income method, and £90.6m of product development and £51.2m of trade names, both fair valued using the relief from royalty

method. A deferred tax liability has been recognised as a result of the recognition of these acquisition intangible assets.

To determine the value of separately identifiable intangible assets several estimates have been made. Three estimates

have been identified where a reasonable change could cause a materially different value of intangible assets to be

recognised. A 1% increase in the discount rate would decrease intangibles recognised by £31.5m and a 1% decrease would

increase intangibles recognised by £35.4m. A 1% increase in royalty rate would result in a £39.4m increase in intangibles

valuation and a 1% decrease would result in a £31.5m decrease in intangibles valuation. A 1% decrease or increase in the

attrition rate would result in a £27.6m increase or decrease in the customer relationships valuation, respectively.

The provisional goodwill arising from the acquisition has initially been identified as relating to the following factors:

•  Enhanced scale across geographies and verticals, market expertise and solutions

•  Expands total addressable market and accelerates expansion opportunities

•  Increases product diversification to support all phases of the go-to-market

•  Synergy opportunities and access to an experienced and skilled workforce

Goodwill recognised is included in the Other group of CGUs for 31 December 2024. None of the goodwill recognised is

expected to be deductible for tax purposes.

Total acquisition-related costs of £32.1m were recognised within adjusting items in the 2024 Consolidated Income

Statement. This included £14.0m of non-audit fees (see Note 6).

TechTarget generated revenue of £19.2m and a profit after tax of £3.0m for the period from the date of acquisition to

31 December 2024.

18. Property and equipment

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  | Leasehold | Equipment, | Total |
|  | Freehold land | land and | fixtures and | property and |
|  | and buildings | buildings | fittings | equipment |
|  | £m | £m | £m | £m |
| Cost |  |  |  |  |
| At 1 January 2023  1 | 3.2 | 78.4 | 78.2 | 159.8 |
| Additions  2 | 0.2 | 14.7 | 16.5 | 31.4 |
| Acquisitions | 0.2 | – | 4.6 | 4.8 |
| Disposals | (0.1) | (20.6) | (8.7) | (29.4) |
| Exchange differences | (0.1) | (2.2) | (6.0) | (8.3) |
| At 31 December 2023 | 3.4 | 70.3 | 84.6 | 158.3 |
| Additions  2 | – | 6.8 | 34.1 | 40.9 |
| Acquisitions | – | 1.1 | 2.7 | 3.8 |
| Disposals | – | (3.6) | (10.0) | (13.6) |
| Exchange differences | (0.1) | 0.1 | (0.2) | (0.2) |
| At 31 December 2024 | 3.3 | 74.7 | 111.2 | 189.2 |
| Accumulated depreciation |  |  |  |  |
| At 1 January 2023  1 | (0.7) | (48.8) | (62.4) | (111.9) |
| Charge for the year | (0.2) | (4.3) | (9.0) | (13.5) |
| Disposals | 0.1 | 16.0 | 8.0 | 24.1 |
| Exchange differences | – | 1.5 | 2.3 | 3.8 |
| At 31 December 2023 | (0.8) | (35.6) | (61.1) | (97.5) |
| Charge for the year | – | (5.4) | (12.1) | (17.5) |
| Disposals | – | 1.1 | 3.0 | 4.1 |
| Exchange differences | – | (2.2) | (1.1) | (3.3) |
| At 31 December 2024 | (0.8) | (42.1) | (71.3) | (114.2) |
| Carrying amount |  |  |  |  |
| At 31 December 2024 | 2.5 | 32.6 | 39.9 | 75.0 |
| At 31 December 2023 | 2.6 | 34.7 | 23.5 | 60.8 |

1  Prior year opening cost and accumulated depreciation have been updated to remove a historical adjustment to allocate £25.9m of leasehold land

and buildings and £28.6m of fixtures, fittings and equipment accumulated depreciation against cost. There is no impact on net book value

2  Cash paid in relation to additions was £30.6m (2023: £27.5m)

The Group does not have any of its property and equipment pledged as security over bank loans.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

181

![](data:image/jpeg;base64,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)

19. Other investments and investments in joint ventures and associates

Investments in joint ventures and associates

The carrying value of investments in joint ventures and associates are set out below:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| At 1 January | 58.8 | 35.5 |
| Arising on disposals | (8.9) | – |
| Arising on acquisition | – | 22.3 |
| Deconsolidation of former subsidiaries | 52.7 | – |
| Arising on transfer to subsidiaries | (7.1) | (1.8) |
| Dividends | (3.1) | (1.4) |
| Share of profit | 1.3 | 4.3 |
| Foreign exchange loss | (1.0) | (0.1) |
| At 31 December | 92.7 | 58.8 |

As part of the Tarsus acquisition in April 2023, the Group acquired Foshan Huaxia Home Textile Development Co., Ltd. and

International Electronics Circuit Exhibition (Shenzhen) Co., Ltd which include the Hometex and PCB events. These intermediate

Parent Companies were presented as subsidiaries under the Tarsus deal structure and fully consolidated within the year ending

31 December 2023 financial statements. However, within 2024, it was determined that the Group only had joint control. As such,

for the year ending 31 December 2024, the Group has correctly accounted for all companies held under (and including) the

intermediate Parent Companies as investments in joint ventures. As at April 2023, the fair value of both investments was £52.7m.

In the year ending December 2024, the Group’s share of earnings was £0.5m (2023: £1.3m). The Group received a dividend from

Foshan Huaxia Home Textile Development Co., Ltd in 2024 of £1.7m (2023: nil).

There was no comprehensive income from joint ventures and associates.

The Group’s investments in joint ventures at 31 December 2024 were as follows:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Country of incorporation |  | Shareholding or | Registered |
| Company | Divisions | and operation | Class of shares held | share of operation | office |
| Independent Materials Handling |  |  |  |  |  |
| Exhibitions Limited | Informa Markets | UK | Ordinary | 50% | UK1 |
| Cosmoprof India Private Limited | Informa Markets | India | Ordinary | 50% | IN1 |
| Lloyd’s Maritime Information |  |  |  |  |  |
| Services Ltd | Informa Connect | UK | Ordinary | 50% | UK2 |
| Shanghai Intex Exhibition Co., Ltd | Informa Markets | China | Ordinary | 50% | PRC1 |
| Tak Mexico Holdings, LLC | Informa Markets | USA | Ordinary | 50% | US1 |
| Tarsus RAI Events, LLC | Informa Markets | USA | Ordinary | 50% | US2 |
| Foshan Huaxia Home Textile |  |  |  |  |  |
| Development Co., Ltd. | Informa Markets | China | Ordinary | 65% | PRC2 |
| Shenzhen Bo Ao Exhibition Co., Ltd. | Informa Markets | China | Ordinary | 65% | PRC3 |
| International Electronics Circuit |  |  |  |  |  |
| Exhibition (Shenzhen) Co., Ltd | Informa Markets | Hong Kong | Ordinary | 51% | HK1 |
| Shenzhen HKPCA Show Co., Ltd. | Informa Markets | China | Ordinary | 51% | PRC4 |

No joint venture is considered individually material to the Group.

The Group’s investments in associates at 31 December 2024 were as follows:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Country of |  |  |  |
|  |  | incorporation and |  | Shareholding or | Registered |
| Company  1 | Divisions | operation | Class of shares held | share of operation | office |
| Independent Television |  |  |  |  |  |
| News Limited | Informa Markets | UK | Ordinary | 20.0% | UK3 |
| PA Media Group Ltd | Informa Markets | UK | Ordinary | 18.2% | UK4 |
| Guangdong International |  |  |  |  |  |
| Exhibitions Ltd | Informa Markets | China | Ordinary | 27.5% | PRC5 |
| Founders Forum LLP | Informa Tech | UK | Membership Interest | 22.3% | UK5 |

1  All companies have an accounting year end of 31 December

Informa Annual Report and Accounts 2024

182

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

No associate is considered individually material to the Group.

|  |  |  |  |
| --- | --- | --- | --- |
| Registered office | Registered office address |  |  |
| HK1 | Unit | 1508 | , 15/F., Greenfield Tower, Concordia Plaza, No. 1 Science Museum Road, Tsimshatsui, Hong Kong |
| IN1 | Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai 400093, India |  |  |
| PRC1 | Room | 1208 | , No. 55 Loushanguan Road, Shanghai, China |
|  | Room | 26 | 02, Building 1, South China International Financial Centre, 28 Haiwu Road, Guicheng Street, Nanhai District, |
| PRC2 | Foshan, China | |  |
|  | Room | 14 | 05S, 14th Floor, Times Financial Center, No. 4001 Shennan Avenue, Fu’an Community, Futian Street, Futian District, |
| PRC3 | Shenzhen, China |  |  |
| PRC4 | Unit 2607B, 26/F, Huarong Building, 178 Mintian Road, Futian District, Shenzhen, China |  |  |
| PRC5 | Room B358, No. 364 Industrial Avenue Middle Road, Haizhi District, Guangzhou, China |  |  |
| UK1 | 5 Howick Place, London SW1P 1WG, United Kingdom |  |  |
| UK2 | 71 Fenchurch Street, London, EC3M 4BS, United Kingdom |  |  |
| UK3 | 200 |  | Grays Inn Road, London, WC1X 8XZ, United Kingdom |
| UK4 | The Point, 37 North Wharf Road, London W2 1AF, United Kingdom |  |  |
| UK5 | 6th Floor, 180 Strand, 2 Arundel Street, London, WC2R 3DA, United Kingdom |  |  |
| US1 | c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA |  |  |
| US2 | c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA |  |  |

Other investments

The Group’s other investments at 31 December 2024 are as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| At 1 January | 260.8 | 262.7 |
| Arising on acquisition of subsidiaries and operations (Note 17) | 2.5 | – |
| Additions of listed equity securities in year | 6.7 | 24.9 |
| Conversion of convertible bonds to investments | – | (20.6) |
| Disposal of preference shares | (74.2) | – |
| Fair value (loss)/gain | (9.2) | 2.5 |
| Foreign exchange loss | (0.1) | (8.7) |
| At 31 December | 186.5 | 260.8 |

Other investments consist of investments in listed and unlisted equity securities.

On 1 December 2024, the Group entirely disposed of its ordinary and preference shares held in Swordfish TopCo Limited

(previously referred to as Maritime Intelligence) for a total cash consideration of £74.9m (of which £74.2m relates to the

Group’s preference shareholding).

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

183

![](data:image/jpeg;base64,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)

20. Disposal of subsidiaries and operations

Divestment of IBIS JV LP

On 24 December 2024, the Group completed the disposal of IBIS JV LP, and its subsidiaries, collectively known as the Curinos

business, for a cash consideration of $200.0m (£158.4m).

The carrying amounts of assets and liabilities as at the date of sale were:

|  |  |
| --- | --- |
|  | 2024 |
|  | £m |
| Goodwill | 228.8 |
| Intangible assets | 113.9 |
| Cash and cash equivalents | 31.0 |
| Other assets | 27.3 |
| Borrowings | (30.1) |
| Other liabilities | (60.4) |
| Net assets | 310.5 |

|  |  |
| --- | --- |
|  | 2024 |
| Consideration and loss on disposal | £m |
| Cash received | 158.4 |
| Carrying amount of net assets disposed | (310.5) |
| Costs of disposal | (1.6) |
| Exchange movements recycled to the Income Statement | 17.3 |
| Non-controlling interest disposed | 122.6 |
| Loss on disposal | (13.8) |

The Group divested its interest in Curinos to Inflexion Private Equity. The terms of the transaction included an immediate

cash payment and an earnout, based on a percentage of the Group’s previously held equity, payable if there is a subsequent

ownership change of Curinos. The timing and value of any subsequent exit is uncertain and is not expected to result in a

material cash inflow.

As described in Note 19, the Group also disposed of its ordinary and preference shares held in Swordfish TopCo Limited for

a total cash consideration of £74.9m.

The disposals in the current year have not been classified as discontinued operations as they do not meet the Group’s

definition of a separate major line of business.

21. Deferred tax

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Consolidated |  | Consolidated Income |  |
|  | Balance Sheet |  | Statement year ended |  |
|  | at 31 December |  | 31 December  1 |  |
|  | 2024 | 2023 | 2024 | 2023 |
|  | £m | £m | £m | £m |
| Accelerated tax depreciation | (6.9) | (6.1) | 3.5 | (10.0) |
| Intangibles | 755.6 | 647.4 | (64.7) | (40.8) |
| Pensions | (1.4) | (1.6) | – | – |
| Losses | (162.6) | (69.4) | (92.4) | 3.7 |
| Other  2 | (77.0) | (47.0) | (28.2) | 2.2 |
|  | 507.7 | 523.3 | (181.8) | (44.9) |

1  See Note 12

2  Other relates predominantly to interest carried forward and provisions

Informa Annual Report and Accounts 2024

184

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

The movement in the deferred tax balance during the year is:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Net deferred tax liability at 1 January | 523.3 | 531.1 |
| Acquisitions and additions | 189.9 | 62.5 |
| Disposals | (21.2) | – |
| Credit to profit or loss for the year | (181.8) | (44.9) |
| Foreign exchange and other movements | (2.5) | (25.4) |
| Net deferred tax liability at 31 December | 507.7 | 523.3 |

Certain deferred tax assets and liabilities have been offset. The analysis of deferred tax balances for the Consolidated

Balance Sheet is set out below:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Deferred tax liability | 593.4 | 540.9 |
| Deferred tax asset | (85.7) | (17.6) |
|  | 507.7 | 523.3 |

Deferred tax assets have been recognised because, based on the Group’s current forecasts, it is expected that there will be

taxable profits against which these assets can be utilised. A deferred tax asset of £83.5m has been recognised in respect of

Luxembourg tax losses. Notwithstanding the fact that the relevant company generated additional tax losses in 2023, and the

utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from the reversal

of existing taxable temporary differences, we have recognised this deferred tax asset on the basis that our profit forecasts

demonstrate that sufficient taxable profits will be available to utilise these losses in the foreseeable future.

The Group has the following unused tax losses in respect of which no deferred tax assets have been recognised:

•  £316.7m (2023: £313.4m) of UK tax losses

•  £85.8m (2023: £89.9m) of US Federal tax losses which expire between 2025 and 2037

•  £175.9m (2023: £210.0m) of US State tax losses which expire between 2025 and 2044

•  £270.2m (2023: £270.1m) of UK capital losses which are only available for offset against future capital gains

•  £7.1bn (2023 restated: £7.8bn) of Luxembourg tax losses

•  £26.7m (2023: £30.6m) of Brazilian tax losses

•  £130.7m (2023: £105.2m) of tax losses in other countries

Other than as noted, none of the losses are due to expire.

No deferred tax has been recognised in respect of these tax losses as it is not considered probable that these losses will be

utilised. This assessment has been made on the basis of the latest financial forecasts for the Group which set out management’s

expectations of the profit before tax in each of the relevant jurisdictions.

In addition, the Group has other deductible temporary differences not recognised of £58.1m (2023: £52.7m). No deferred tax

assets have been recognised in respect of these amounts as it is not considered probable that they will be utilised.

No liability has been recognised in relation to withholding tax on undistributed earnings of subsidiaries because the Group,

being in a position to control the timing of the distribution of intra-Group dividends, has no intention to distribute intra-Group

dividends in the foreseeable future. The amount of withholding tax for which deferred tax liabilities have not been recognised

was £9.6m (2023: £6.4m). The gross temporary differences associated with investments in subsidiaries amount in aggregate

to £3.0bn (2023: £2.5bn).

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

185

![](data:image/jpeg;base64,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)

22.  Trade and other receivables

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Current |  |  |
| Trade receivables | 498.4 | 372.2 |
| Less: provision | (22.5) | (30.5) |
| Trade receivables net | 475.9 | 341.7 |
| Other receivables | 64.6 | 60.9 |
| Accrued income | 45.4 | 44.3 |
| Prepayments | 131.1 | 100.0 |
| Total current | 717.0 | 546.9 |
| Non-current |  |  |
| Other receivables | 51.2 | 32.6 |
| Total non-current | 51.2 | 32.6 |
| Other receivables net | 768.2 | 579.5 |

In 2022, as a result of the Pharma Intelligence disposal, an agreement with the Trustees of the UK schemes to accelerate

deficit repair contributions for the UK schemes was agreed. This resulted in a contribution of £28.2m into an escrow fund,

with payment from this fund to the pension schemes being dependent on the future financial strength of the UK pension

schemes. In 2024, this contribution is included within current other receivables of £1.8m (2023: £15.6m) and non-current

other receivables of £26.4m (2023: £12.6m). The change in the year is due to the date of the funding test being pushed back

for the UBMPS.

The average credit period taken on sales of goods is 53 days (2023: 56 days). Under the normal course of business, the Group

does not charge interest on its overdue receivables.

The Group’s exposures to credit risk and impairment losses related to trade and other receivables are disclosed in Note 33.

The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

23. Derivative financial instruments

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Financial assets – current |  |  |
| Currency forwards | 0.1 | 0.6 |
| Financial liabilities – current |  |  |
| Currency forwards | (1.5) | – |
| Cross currency swaps designated in a hedging relationship | (74.9) | – |
|  | (76.4) | – |
| Financial liabilities – non-current |  |  |
| Cross currency swaps designated in a hedging relationship | (89.7) | (77.9) |
| Cross currency interest rate swaps designated in a hedging relationship | (38.1) | – |
|  | (127.8) | (77.9) |

Cross currency swaps and cross currency interest rate swaps that are associated with debt instruments are included within

net debt (see Note 26). £202.7m (2023: £77.9m) of derivative financial liabilities are in hedging relationships (see Note 33).

Currency forwards are also included in net debt.

24. Inventory

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Work in progress | 20.0 | 15.0 |
| Finished goods and goods for resale | 23.0 | 21.2 |
|  | 43.0 | 36.2 |

The write-down of inventory during the year amounted to £nil (2023: nil). The cost of inventories recognised as a cost of sales

expense during the year was £27.6m (2023: £32.0m).

Informa Annual Report and Accounts 2024

186

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

25. Reconciliation of movement in net debt

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Increase/(decrease) in cash and cash equivalents in the year (including cash acquired) | 89.9 | (1,689.2) |
| Cash flows from net drawdown of borrowings, derivatives associated with debt, and lease liabilities | (1,367.2) | 879.7 |
| Change in net debt resulting from cash flows | (1,277.3) | (809.5) |
| Non-cash movements including foreign exchange, excluding leases | (434.1) | (365.2) |
| Movement in net debt in the period | (1,711.4) | (1,174.7) |
| Net debt at beginning of the year | (1,456.4) | (244.6) |
| Net lease additions in the year | (34.0) | (37.1) |
| Net debt at end of the year | (3,201.8) | (1,456.4) |

26.  Movements in net debt

Net debt consists of cash and cash equivalents and includes bank overdrafts when applicable, borrowings, derivatives

associated with debt instruments, finance leases, lease liabilities, deferred borrowing fees and other loan note receivables

(excluding fair value through profit or loss items and amounts held in escrow) where these are interest bearing and do not

relate to deferred contingent arrangements.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | At |  |  |  | At |
|  | 1 January | Non-cash |  | Exchange | 31 December |
|  | 2024 | movements | Cash flow | movements | 2024 |
|  | £m | £m | £m | £m | £m |
| Cash and cash equivalents | 389.3 | – | 89.9 | 5.1 | 484.3 |
| Other financing assets |  |  |  |  |  |
| Finance lease receivables | 10.5 | 3.8 | (2.4) | (0.2) | 11.7 |
| Total other financing assets | 10.5 | 3.8 | (2.4) | (0.2) | 11.7 |
| Other financing liabilities |  |  |  |  |  |
| Bond borrowings due in more than one year | (1,492.6) | 606.5 | (1,464.6) | 33.0 | (2,317.7) |
| Bond borrowings due in less than one year | – | (608.2) | – | 27.6 | (580.6) |
| Bond borrowing fees | 6.2 | (2.8) | 13.4 | (0.4) | 16.4 |
| Bank loans due in more than one year  1, 2 | (30.4) | 38.3 | – | (7.9) | – |
| Bank loan fees due in more than one year | 2.3 | (7.1) | 8.4 | 0.2 | 3.8 |
| Acquired debt (Note 17) | – | (384.9) | 59.2 | (3.8) | (329.5) |
| Derivative liabilities associated with borrowings due in more than  one year | (77.9) | (49.9) | – | – | (127.8) |
| Derivative liabilities associated with borrowings due in less than  one year | – | (76.4) | – | – | (76.4) |
| Lease liabilities | (263.8) | (37.8) | 26.7 | (3.2) | (278.1) |
| Loans received from other parties  3 | – | – | (7.9) | – | (7.9) |
| Total other financing liabilities | (1,856.2) | (522.3) | (1,364.8) | 45.5 | (3,697.8) |
| Total net financing liabilities | (1,845.7) | (518.5) | (1,367.2) | 45.3 | (3,686.1) |
| Net debt | (1,456.4) | (518.5) | (1,277.3) | 50.4 | (3,201.8) |

1  Bank loans include the Curinos debt acquired as part of the Novantas transaction in 2021. On 24 December 2024, the Group disposed of the

Curinos business (see Note 20)

2  Bank loans include the non-current revolving credit facility, of which £914.5m was drawn down and repaid within the year

3  Loans received from other parties are included within current other payables (see Note 32)

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

187

![](data:image/jpeg;base64,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)

26.  Movements in net debt continued

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | At |  |  |  | At |
|  | 1 January | Non-cash |  | Exchange | 31 December |
|  | 2023 | movements | Cash flow | movements | 2023 |
|  | £m | £m | £m | £m | £m |
| Cash and cash equivalents | 2,125.8 | – | (1,689.2) | (47.3) | 389.3 |
| Other financing assets |  |  |  |  |  |
| Derivative assets associated with borrowings | 2.2 | (2.2) | – | – | – |
| Finance lease receivables | 6.7 | 5.9 | (1.3) | (0.8) | 10.5 |
| Total other financing assets | 8.9 | 3.7 | (1.3) | (0.8) | 10.5 |
| Other financing liabilities |  |  |  |  |  |
| Bond borrowings due in more than one year | (1,512.3) | – | – | 19.7 | (1,492.6) |
| Bond borrowings due in less than one year | (398.4) | – | 386.0 | 12.4 | – |
| Bond borrowing fees | 8.8 | (2.7) | – | 0.1 | 6.2 |
| Bank loans due in more than one year | (41.3) | 0.5 | 7.9 | 2.5 | (30.4) |
| Bank loan fees due in more than one year | 2.4 | (1.6) | 1.2 | 0.3 | 2.3 |
| Acquired debt (Note 17) | – | (443.9) | 443.9 | – | – |
| Derivative liabilities associated with borrowings | (168.1) | 82.0 | 8.2 | – | (77.9) |
| Lease liabilities | (270.4) | (43.0) | 33.8 | 15.8 | (263.8) |
| Total other financing liabilities | (2,379.3) | (408.7) | 881.0 | 50.8 | (1,856.2) |
| Total net financing liabilities | (2,370.4) | (405.0) | 879.7 | 50.0 | (1,845.7) |
| Net debt | (244.6) | (405.0) | (809.5) | 2.7 | (1,456.4) |

27.  Cash and cash equivalents

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Cash and cash equivalents  1 | 484.3 | 389.3 |

1  Cash and cash equivalents comprises balances valued at amortised cost of £482.7m (2023: £248.3m) and those at fair value of £1.6m (2023: £141.0m)

The Group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities are disclosed in Note 33.

28. Investments

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| At 1 January | – | – |
| Arising on acquisition | 61.0 | – |
| Foreign exchange gain | 0.8 | – |
| At 31 December | 61.8 | – |

Investments relate to Floating Rate and Short-Term Bond Funds acquired upon acquisition of TechTarget (see Note 17). These

investments were recorded at fair value on the acquisition date. There were no unrealised or realised gain or losses from the

acquisition date to 31 December 2024.

Informa Annual Report and Accounts 2024

188

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

29. Borrowings

Total borrowings, excluding derivative assets and liabilities associated with borrowings, are as follows:

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Notes | £m | £m |
| Current |  |  |  |
| Convertible notes |  | 329.5 | – |
| Bank borrowings |  | 329.5 | – |
| Euro Medium Term Note (€700.0m) – due October 2025 |  | 580.6 | – |
| Euro Medium Term Note issue costs |  | (0.8) | – |
| Euro Medium Term Note borrowings |  | 579.8 | – |
| Total current borrowings | 26 | 909.3 | – |
| Non-current |  |  |  |
| Bank borrowings – other |  | – | 30.4 |
| Bank debt issue costs |  | (3.8) | (2.3) |
| Bank borrowings | 26 | (3.8) | 28.1 |
| Euro Medium Term Note (€700.0m) – due October 2025 |  | – | 608.2 |
| Euro Medium Term Note (£450.0m) – due July 2026 |  | 450.0 | 450.0 |
| Euro Medium Term Note (€600.0m) – due October 2027 |  | 497.6 | – |
| Euro Medium Term Note (€500.0m) – due April 2028 |  | 414.7 | 434.4 |
| Euro Medium Term Note (€650.0m) – due October 2030 |  | 540.7 | – |
| Euro Medium Term Note (€500.0m) – due October 2034 |  | 414.7 | – |
| Euro Medium Term Note issue costs |  | (15.6) | (6.2) |
| Euro Medium Term Note borrowings – non-current | 26 | 2,302.1 | 1,486.4 |
| Total non-current borrowings |  | 2,298.3 | 1,514.5 |
| Total borrowings |  | 3,207.6 | 1,514.5 |

Borrowings do not have any financial covenants and do not contain any pledge of its property and equipment and other

intangible assets as security over loans.

The Group issued the following Euro Medium Term Notes on 23 October 2024 at a discount to their respective notional

values as follows:

•  A 3-year fixed term note, until 23 October 2027, of €599.5m (notional value €600m)

•  A 6-year fixed term note, until 23 October 2030, of €647.1m (notional value €650m)

•  A 10-year fixed term note, until 23 October 2034, of €498.0m (notional value €500m)

Convertible notes were acquired as part of the TechTarget acquisition (see Note 17). Upon acquisition, the Group was

required to offer to repurchase the notes for cash at a purchase price equal to 100% of the aggregate principal amount,

plus accrued and unpaid interest to 24 January 2025.

The average debt maturity on our drawn borrowings is currently 3.4 years (2023: 2.7 years). The Group maintains the

following lines of credit:

•  £1,050.0m (2023: £1,050.0m) non-current revolving credit facility, of which £nil (2023: £nil) was drawn down at

31 December 2024. Interest is payable at SONIA or SOFR plus a margin

•  £41.0m (2023: £23.2m) comprising a number of bilateral uncommitted bank facilities that can be drawn to meet short-

term financing needs, of which £0.2m (2023: £nil) was drawn at 31 December 2024. These facilities consist of £10.0m

(2023: £10.0m), USD 22.8m (2023: USD 12.8m), AUD 1.0m (2023: AUD 1.0m), CAD 2.0m (2023: CAD 2.0m) and SGD 1.0m

(2023: SGD 2.3m), JPY 20.0m (2023: nil), BHD 0.3m (2023: nil), AED 30.0m (2023: nil) and INR 360.0m (2023: nil). Interest is

payable at the local base rate plus a margin

•  Four bank guarantee facilities comprising in aggregate up to USD 10.0m (2023: USD 10.0m), €0.9m (2023: €0.9m), £14.0m

(2023: £14.0m) and INR 25.0m (2023: nil)

The effective interest rate on total borrowings for the year ended 31 December 2024 was 3.7% (2023: 3.4%).

The Group’s exposure to liquidity risk is disclosed in Note 33.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

189

![](data:image/jpeg;base64,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)

30. Provisions

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Acquisition |  |  | Onerous |  |  |
|  | and | Property | Restructuring | contract | Other |  |
|  | integration | leases | provision | provision | provision | Total |
|  | £m | £m | £m | £m | £m | £m |
| At 1 January 2023 | – | 18.0 | 0.3 | 16.0 | 28.3 | 62.6 |
| Increase in year | 75.1 | 12.2 | 24.8 | 0.5 | 7.2 | 119.8 |
| Acquisitions of subsidiaries | – | 0.1 | 0.2 | – | 7.4 | 7.7 |
| Utilisation | (47.5) | (4.5) | (16.7) | (16.0) | (5.0) | (89.7) |
| Release | (11.7) | (15.7) | – | – | (1.4) | (28.8) |
| At 31 December 2023 | 15.9 | 10.1 | 8.6 | 0.5 | 36.5 | 71.6 |
| Increase in year | 20.1 | 1.4 | 10.5 | – | 5.2 | 37.2 |
| Acquisitions of subsidiaries | – | 2.7 | 5.2 | 12.4 | 1.1 | 21.4 |
| Disposal of subsidiaries | – | (0.3) | – | – | (0.7) | (1.0) |
| Utilisation | (29.5) | (2.1) | (17.6) | (8.5) | (11.6) | (69.3) |
| Release | (4.5) | (1.3) | (0.1) | – | (11.9) | (17.8) |
| At 31 December 2024 | 2.0 | 10.5 | 6.6 | 4.4 | 18.6 | 42.1 |
| 2024 |  |  |  |  |  |  |
| Current liabilities | 2.0 | 3.0 | 6.6 | 4.4 | 10.8 | 26.8 |
| Non-current liabilities | – | 7.5 | – | – | 7.8 | 15.3 |
| 2023 |  |  |  |  |  |  |
| Current liabilities | 15.9 | 0.5 | 8.5 | 0.5 | 12.7 | 38.1 |
| Non-current liabilities | – | 9.6 | 0.1 | – | 23.8 | 33.5 |

Acquisition and integration provisions relate to the costs and fees incurred in acquiring businesses and subsequently

integrating these into the Group.

The balance of £10.5m in property leases relates to provisions for the future costs, excluding rental costs, of a number of

office properties that have been permanently vacated. These provisions will be utilised over the course of the remaining

lease term. The majority of the provisions are expected to be utilised as follows: £3.0m within one year, £7.3m in two to

five years and £0.2m after five years.

Of the £6.6m restructuring provisions, £4.6m relate to the future restructuring costs anticipated from the acquisition of

Ascential (see Note 17).

Onerous contract provisions acquired during the year of £12.4m relate to future costs expected to close the Hudson MX

business, acquired as part of the Ascential acquisition (see Note 17), of which £4.4m of the provision is yet to be utilised as

at 31 December 2024.

Other provisions primarily consist of legal and various other claims. Of the £7.8m non-current provision, £4.4m is expected

to be utilised within three years, with the remaining £3.4m to be utilised within five years.

Informa Annual Report and Accounts 2024

190

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

31. Contingent consideration and put call options

|  |  |
| --- | --- |
|  | Contingent |
|  | consideration |
|  | £m |
| At 1 January 2023 | 133.3 |
| Fair value gain through profit or loss | (87.6) |
| Fair value loss through profit or loss | 12.0 |
| Fair value gain through equity on put call options | (1.5) |
| Acquisitions of subsidiaries (Note 17) | 45.4 |
| Acquisitions of assets | 5.0 |
| Amounts assumed at acquisition date (Note 17) | 56.5 |
| Transfers  1 | (13.1) |
| Utilisation | (9.3) |
| Currency translation | (2.8) |
| At 31 December 2023 | 137.9 |
| Fair value gain through profit or loss | (29.5) |
| Fair value loss through profit or loss | 16.3 |
| Fair value loss through equity on put call options | 1.8 |
| Acquisitions of subsidiaries (Note 17) | 4.3 |
| Acquisitions of assets | 1.0 |
| Utilisation | (84.9) |
| Currency translation | (0.6) |
| At 31 December 2024 | 46.3 |
| 2024 |  |
| Current liabilities | 31.4 |
| Non-current liabilities | 14.9 |
| 2023 |  |
| Current liabilities | 28.6 |
| Non-current liabilities | 109.3 |

1  The transfers relate to amendments to agreements, finalising fixed amounts to be paid. As a result, these contracts were reclassified to

deferred consideration

The contingent consideration is based on future business valuations, revenue growth and profit multiples (Level 3 fair value

measurements) and has been estimated on an acquisition-by-acquisition basis using available forecasts (a significant

unobservable input). The higher the forecast, the higher the fair value of any contingent consideration (subject to any

maximum payout clauses).

32. Trade and other payables and deferred income

Trade and other payables

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Current |  |  |
| Trade payables | 178.0 | 108.2 |
| Other payables | 61.2 | 53.8 |
| Deferred consideration | 8.0 | 3.7 |
| Accruals | 440.7 | 379.1 |
| Share buyback liability  1 | – | 90.9 |
| Total current | 687.9 | 635.7 |
| Non-current |  |  |
| Other payables | 4.8 | 13.6 |
| Deferred consideration | 0.6 | 11.3 |
| Total non-current | 5.4 | 24.9 |
|  | 693.3 | 660.6 |

1  The share buyback liability of nil (2023: £90.9m) reflects the remaining liability for the purchase of the company’s own shares through to the

conclusion of the Group’s share buyback programme. The Group’s share buyback programme was paused in 2024

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

191

![](data:image/jpeg;base64,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)

32. Trade and other payables and deferred income continued

Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average

credit period taken for trade purchases is 51 days (2023: 52 days).

There are no suppliers who represent more than 10% of the total balance of trade payables in either 2024 or 2023.

The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.

Therefore, under the normal course of business, the Group is not charged interest on overdue payables. The Directors consider

that the carrying amount of trade payables is approximate to their fair value.

Deferred income

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Total current | 1,166.6 | 972.8 |
| Total non-current | 5.3 | 7.6 |
| Total | 1,171.9 | 980.4 |

Deferred income relates to payments received in advance of the satisfaction of a performance obligation.

33. Financial instruments

(a)  Financial risk management

The Group has exposure to the following risks from its use of financial instruments:

•  Market risk

•   Credit  risk

•   Liquidity  risk

This note presents information about the Group’s exposure to each of the above risks, the Group’s management of capital,

and the Group’s objectives, policies and procedures for measuring and managing risk.

The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management

framework. The Board has established a Treasury Committee which is responsible for developing and monitoring the

Group’s financial risk management policies. The Treasury Committee meets regularly and reports to the Audit Committee

on its activities.

The Group Treasury function provides services to the Group’s businesses, co-ordinates access to domestic and international

financial markets, and monitors and manages the financial risks relating to the operations of the Group. These risks include

market risk (including currency risk, interest risk and price risk), credit risk and liquidity risk.

The Treasury Committee has put in place policies to identify and analyse the financial risks faced by the Group and has set

appropriate limits and controls. These policies provide written principles on funding investments, credit risk, foreign

exchange risk and interest rate risk. Compliance with policies and exposure limits is reviewed by the Treasury Committee.

This Committee is assisted in its oversight role by the Internal Audit function, which undertakes both regular and ad hoc

reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

Capital risk management

The Group manages its capital to ensure that the Group is able to continue as a going concern while maximising the return

to stakeholders and supporting the future development of the business. In order to maintain or adjust the capital structure,

the Group may suspend or adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new

shares or sell assets to reduce debt.

The capital structure of the Group consists of net debt, which includes cash and cash equivalents (Note 27), borrowings (Note 29),

and equity attributable to equity holders of the Parent Company, comprising issued capital (Note 36), reserves and

retained earnings.

Cost of capital

The Group’s Treasury Committee reviews the Group’s capital structure on a regular basis and, as part of this review, the

Committee considers the weighted average cost of capital and the risks associated with each class of capital.

Informa Leverage ratio

There are no financial covenants on our Group-level debt facilities in issue at 31 December 2024.

Informa Annual Report and Accounts 2024

192

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

(b) Categories of financial instruments

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of

measurement and the basis on which income and expenses are recognised in respect of each class of financial asset,

financial liability and equity instrument, are disclosed in Note 2.

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Notes | £m | £m |
| Financial assets |  |  |  |
| Trade receivables | 22 | 475.9 | 341.7 |
| Other receivables | 22 | 115.8 | 93.5 |
| Finance lease receivables | 39 | 11.7 | 10.5 |
| Cash and cash equivalents – at amortised cost | 27 | 482.7 | 248.3 |
| Cash and cash equivalents – at fair value  1 | 27 | 1.6 | 141.0 |
| Derivative assets | 23 | 0.1 | 0.6 |
| Other investments | 19, 28 | 248.3 | 260.8 |
| Total financial assets |  | 1,336.1 | 1,096.4 |
| Financial liabilities |  |  |  |
| Convertible notes | 29 | 329.5 | – |
| Bank borrowings | 29 | – | 28.1 |
| Bond borrowings | 29 | 2,881.9 | 1,486.4 |
| Lease liabilities | 39 | 278.1 | 263.8 |
| Derivative liabilities | 23 | 204.2 | 77.9 |
| Trade payables | 32 | 178.0 | 108.2 |
| Accruals | 32 | 307.1 | 260.7 |
| Other payables | 32 | 66.0 | 67.4 |
| Share buyback liability | 32 | – | 90.9 |
| Deferred consideration | 32 | 8.6 | 15.0 |
| Contingent consideration | 31 | 46.3 | 137.9 |
| Total financial liabilities |  | 4,299.7 | 2,536.3 |

1  Comprises money market funds which are measured at fair value – no change in valuation compared to held at amortised cost

(c)  Market risk

Market risk is the risk that changes in market prices, such as foreign exchange and interest rates, will affect the Group’s

income or the value of its holdings of financial instruments.

The Group manages these risks by maintaining a mix of fixed and floating rate debt and currency borrowings using derivatives

where necessary. The Group does not use derivative contracts for speculative purposes.

The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise

adverse effects on the Group’s financial performance. Risk management is carried out by a central Treasury function under

policies approved by the Board of Directors. There has been no change to the Group’s exposure to market risks or the manner

in which these risks are managed and measured.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

193

![](data:image/jpeg;base64,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)

33. Financial instruments continued

(d)  Interest rate risk

The Group has no significant interest-bearing assets at floating rates, except cash, but is exposed to interest rate risk as entities

in the Group borrow funds at both fixed and floating interest rates. Borrowings issued at variable rates expose the Group to

cash flow interest rate risk. Borrowings issued at or converted to fixed rates expose the Group to fair value interest rate risk.

The interest rate risk is managed by maintaining an appropriate mix of fixed and floating rate borrowings and by the use of

interest rate swap contracts. The Group’s exposures to interest rates on financial assets and financial liabilities are detailed

in the liquidity risk section of this note.

The following table details financial liabilities by interest category before the effect of hedge accounting:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | 2024 |  |  | 2023 |  |  |
|  |  |  | Non-interest |  |  |  | Non-interest |  |
|  | Fixed rate | Floating rate | bearing | Total | Fixed rate | Floating rate | bearing | Total |
|  | £m | £m | £m | £m | £m | £m | £m | £m |
| Convertible notes | 329.5 | – | – | 329.5 | – | – | – | – |
| Bank borrowings | – | – | – | – | – | 28.1 | – | 28.1 |
| Bond borrowings | 2,881.9 | – | – | 2,881.9 | 1,486.4 | – | – | 1,486.4 |
| Lease liabilities | 278.1 | – | – | 278.1 | 263.8 | – | – | 263.8 |
| Derivatives liabilities | 166.1 | 38.1 | – | 204.2 | 77.9 | – | – | 77.9 |
| Trade payables | – | – | 178.0 | 178.0 | – | – | 108.2 | 108.2 |
| Accruals | – | – | 307.1 | 307.1 | – | – | 260.7 | 260.7 |
| Other payables | – | – | 66.0 | 66.0 | – | – | 67.4 | 67.4 |
| Share buyback liability | – | – | – | – | – | – | 90.9 | 90.9 |
| Deferred consideration | – | – | 8.6 | 8.6 | – | – | 15.0 | 15.0 |
| Contingent consideration | – | – | 46.3 | 46.3 | – | – | 137.9 | 137.9 |
|  | 3,655.6 | 38.1 | 606.0 | 4,299.7 | 1,828.1 | 28.1 | 680.1 | 2,536.3 |

Interest rate sensitivity analysis

100% (2023: 98%) of total borrowings are at fixed interest rates; the EMTN tranche maturing in 2030 of €650m is subject to a

floating rate of interest after considering the effect of hedge accounting. The Group’s interest rate sensitivity would only be

affected by the exposure to variable rate debt.

If interest rates on variable debt had been 100bps higher or lower and all other variables were held constant, the Group’s

profit for the year would have decreased or increased by £1.0m (2023: £0.3m).

Financial assets are both fixed and floating interest rate bearing but any interest received on these amounts is immaterial

to the Group.

Should interest rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.

(e)  Foreign currency risk

The Group is a business with significant net USD or currencies pegged to USD transactions; hence, exposures to exchange

rate fluctuations arise.

Allied to the Group’s policy on the hedging of surplus foreign currency cash inflows, the Group will usually seek to finance

its net investment in its principal overseas subsidiaries by borrowing in those subsidiaries’ functional currencies, primarily

USD and EUR. This policy has the effect of partially protecting the Group’s Consolidated Balance Sheet from movements

in those currencies to the extent that the associated net assets are hedged by derivatives.

The carrying amounts of the Group’s foreign currency denominated assets and liabilities, excluding derivatives and deferred

income, at the reporting date are as follows:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Assets |  | Liabilities |  |
|  | 2024 | 2023  1 | 2024 | 2023  1 |
|  | £m | £m | £m | £m |
| USD | 742.8 | 556.5 | (1,153.6) | (823.1) |
| EUR | 135.1 | 47.2 | (2,593.8) | (1,165.9) |
| CNY | 114.0 | 121.2 | (111.4) | (138.5) |
| Other | 226.9 | 130.6 | (302.7) | (213.5) |
|  | 1,218.8 | 855.5 | (4,161.5) | (2,341.0) |
| GBP | 267.3 | 269.7 | (833.6) | (940.3) |
|  | 1,486.1 | 1,125.2 | (4,995.1) | (3,281.3) |

1  2023 figures have been re-presented to separately report GBP assets and liabilities

Informa Annual Report and Accounts 2024

194

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Cross currency swaps and the 2034 EMTN debt tranche are used to hedge the Group’s net investments in foreign subsidiaries,

which resulted in a loss of £80.3m (2023: gain of £99.9m) being recognised through other comprehensive income.

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Average rate |  | Closing rate |  |
|  | 2024 | 2023 | 2024 | 2023 |
| USD | 1.28 | 1.24 | 1.26 | 1.27 |
| EUR | 1.18 | 1.15 | 1.21 | 1.15 |

Foreign currency sensitivity analysis

In 2024, approximately 66% (2023: 62%) of Group revenue was received in USD or currencies pegged to USD. Similarly, the Group

incurred approximately 55% (2023: 54%) of its costs in USD or currencies pegged to USD. Each one cent ($0.01) movement in

the USD to GBP exchange rate has a circa £19m (2023: circa £16m) impact on annual revenue, a circa £8m (2023: circa £6m)

impact on annual adjusted operating profit and a circa £21m (2023: circa £12m) impact on the net investment hedge reserve.

Should exchange rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.

Derivatives designated in hedge relationships

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Cross currency swaps – derivative financial liabilities | (202.7) | (77.9) |

There are cross currency swaps and cross currency interest rate swaps over the EMTN borrowings where the company

receives the following:

•  A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest

for $821.6m

•  A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest for

$588.9m

•  A fixed rate of interest on €600.0m of EMTN borrowings with a maturity of October 2027 and pays a fixed rate of interest

for $655.6m

•  A fixed rate of interest on €500m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest for

$551.6m

•  A fixed rate of interest on €650.0m of EMTN borrowings with a maturity of October 2030 and pays a floating rate of

interest of SOFR plus premium for $710.2m

At 31 December 2024, the fair value of these swaps was a net financial liability of £202.7m (2023: liability of £77.9m); of these

amounts, a £135.9m liability (2023: £58.1m liability) was designated in a net investment hedge relationship, a £57.8m

(2023: £19.8m) liability was designated in a cash flow hedge relationship and a £9.0m (2023: £nil) liability was designated in a

fair value hedge relationship.

The cross currency interest rate swaps in place are used to hedge against benchmark interest rate risk, foreign exchange risk

of net investment in foreign operations assets and repayments of EUR denominated debt. As such, the Receive EUR Pay USD

cross currency swaps have been separated into synthetic cross currency swaps, whereby the EUR fixed to GBP fixed legs are

hedging the cash flow risk on EUR debt, the EUR fixed to GBP floating legs (on the €650m EMTN with maturity October 2030)

are hedging fair value risk on the bond and the GBP to USD legs are hedging foreign currency risk relating to net

investments.

The result of the synthetic cross currency swaps has been to swap €2,450.0m to £2,117.1m to hedge the cash flow risk at an

average foreign exchange rate of €1.16:£1 and additionally £2,117.1m to $2,739.0m to hedge the foreign currency risk at an

average foreign exchange rate of $1.29:£1.

The net investment hedge reserve at 31 December 2024 was £135.6m (2023: £55.3m). The total loss during the year was

£80.3m (2023: £99.9m gain) in respect of the hedging instruments, of which a loss of £4.4m (2023: gain of £7.4m) is in

relation to exchange losses on debt instruments in a net investment hedge relationship.

The cash flow hedge reserve at 31 December 2024 was £45.3m (2023: £32.1m). The fair value loss during the year was

£49.3m (2023: £28.2m loss) in respect of the hedged instruments, and there was a gain of £62.5m (2023: £34.2m gain)

in respect of the hedged items which has been reclassified to finance costs in the Consolidated Income Statement.

Interest of £11.5m has been reclassified to the Consolidated Income Statement.

For the fair value hedge, a total gain of £2.3m (2023: £nil) was recognised in the Consolidated Income Statement to account

for the change in the fair value of the hedged item. A total loss of £5.4m (2023: £nil) was recognised in finance costs to

account for changes in fair value of the hedging instrument.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

195

![](data:image/jpeg;base64,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)

33. Financial instruments continued

The main source of ineffectiveness in the above hedging relationships is the effect of the Group’s own and counterparty

credit risk on the fair value of the cross currency swaps, which is not reflected in the fair value of the hedged item that is

exposed to change in foreign exchange rates, the change in value of the hedged item used as the basis for recognising hedge

ineffectiveness for the period. No other significant sources of ineffectiveness have emerged from these hedging relationships.

These hedges were assessed to be highly effective at 31 December 2024 with no ineffectiveness recognised in the

Consolidated Income Statement.

(f)  Credit risk

The Group’s principal financial assets are trade and other receivables (Note 22) and cash and cash equivalents (Note 27),

which represent the Group’s maximum exposure to credit risk in relation to financial assets.

Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the

Group. The Group has adopted a policy of assessing creditworthiness of counterparties as a means of mitigating the risk of

financial loss from defaults.

The Group’s exposure and the creditworthiness of its counterparties are continuously monitored, and the aggregate value

of transactions concluded is spread among approved financial institutions. Credit exposure is controlled by counterparty

limits that are reviewed and approved as part of the Group’s Treasury Policy.

Predominantly all of the Group’s cash and cash equivalents are held in investment grade counterparties; where this is not

the case, approval is required by the Group Treasury Committee.

The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents

the Group’s maximum exposure to credit risk.

Trade receivables

The Group’s credit risk is primarily attributable to its trade receivables and the amounts presented in the Consolidated

Balance Sheet are net of the expected credit loss (ECL). Trade receivables consist of a large number of customers, spread

across diverse industries and geographic areas, and the Group’s exposure to credit risk is influenced mainly by the individual

characteristics of each customer. The Group does not have significant credit risk exposure to any single counterparty or any

group of counterparties having similar characteristics. Concentration of credit risk did not exceed 5% of gross trade receivables

at any time during the year.

The majority of customers have credit limits set by credit managers and are subject to the standard terms of payment of each

division. As Informa Markets, Informa Connect, Omdia, the journals subscriptions part of the Taylor & Francis division, Ascential

and TechTarget operate predominantly on a prepaid basis, they have a low bad debt history. The Group is exposed to normal

credit risk and potential losses are mitigated as the Group does not have significant exposure to any single customer.

The Group recognises lifetime ECL for trade receivables using a provisioning matrix. The ECL is estimated based on the

Group’s historical credit loss experience, where for non-event receivables, a 50% provision is made over 180 days based on

due date and a 100% provision is made over 270 days, and a 100% provision is made for event receivables three months post

event date. This is then adjusted for factors that are specific to the debtors, general economic conditions and an assessment

of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where

appropriate. The carrying amount is reduced by the ECL through the use of a provision account. The Group writes off a trade

receivable against the provision account when the receivable is considered uncollectible. This occurs when the debtor is in

severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation

or has entered into bankruptcy proceedings. None of the trade receivables that have been written off are subject to

enforcement activities. Subsequent recoveries of amounts previously written off are credited against the provision account.

Changes in the carrying amount of the provision are recognised in the Consolidated Income Statement.

The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.

Informa Annual Report and Accounts 2024

196

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Ageing of trade receivables:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Gross | Provision | Gross | Provision |
|  | 2024 | 2024 | 2023 | 2023 |
|  | £m | £m | £m | £m |
| Not past due | 234.3 | – | 151.0 | – |
| Past due 0–30 days | 126.2 | – | 96.9 | – |
| Past due over 31 days | 137.9 | (16.0) | 124.3 | (21.2) |
|  | 498.4 | (16.0) | 372.2 | (21.2) |
| Books return provision (see below) | – | (6.5) | – | (9.3) |
| Total | 498.4 | (22.5) | 372.2 | (30.5) |

Trade receivables that are less than three months past the date due for payment are generally not considered impaired.

Of the gross trade receivables balance of £498.4m (2023: £372.2m), £49.7m (2023: £30.6m) was more than three months

past the due date for payment. The Group believes there has not been a significant change in the credit quality and the

amounts are considered recoverable. The Group does not hold any collateral over these balances.

A provision relating to returns on books which are yet to be paid for of £6.5m (2023: £9.3m) has been disclosed separately

in the table above. This is based on the Group’s best estimate of returns for future periods, taking account of returns trends,

and the amount is included as part of the overall provision balance of £22.5m (2023: £30.5m).

Movement in the provision:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| 1 January | 30.5 | 45.0 |
| Provision recognised | 3.5 | 5.4 |
| Receivables written off as uncollectible | (5.2) | (5.6) |
| Amounts recovered during the year | (6.3) | (14.3) |
| 31 December | 22.5 | 30.5 |

There are no customers who represent more than 5% of the total gross balance of trade receivables in either 2024 or 2023.

(g)  Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility

for liquidity risk management rests with the Board of Directors, though operationally it is managed by Group Treasury with

oversight by the Group Treasury Committee. Group Treasury has built an appropriate liquidity risk management framework

for the management of the Group’s short, medium and long-term funding. The Group manages liquidity risk by maintaining

adequate reserves and debt facilities, together with continuously monitoring forecast and actual cash flows, and matching

the maturity profiles of financial assets and liabilities. Included in Note 29 is a summary of additional undrawn facilities that

the Group has at its disposal.

Historically and for the foreseeable future, the Group has been, and is expected to continue to be, in a net borrowing position.

The Group’s policy is to fulfil its borrowing requirements by borrowing in the currencies in which it operates, principally USD

and EUR, thereby providing a natural hedge against projected future surplus USD cash inflows.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

197

![](data:image/jpeg;base64,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)

33. Financial instruments continued

(h)  Liquidity and interest risk tables

The following tables present the earliest date on which the Group can settle its financial liabilities. The table includes both

interest and principal cash flows.

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Carrying | Contractual | Less than |  |  | Greater than |
|  | amount | cash flows  1 | 1 year | 1–2 years | 2–5 years | 5 years |
|  | £m | £m | £m | £m | £m | £m |
| 31 December 2024 |  |  |  |  |  |  |
| Non-derivative financial liabilities |  |  |  |  |  |  |
| Convertible notes | (329.5) | (329.5) | (329.5) | – | – | – |
| Bond borrowings | (2,881.9) | (3,235.2) | (657.1) | (509.6) | (1,028.6) | (1,039.9) |
| Lease liabilities | (278.1) | (405.2) | (42.3) | (40.7) | (88.5) | (233.7) |
| Trade and other payables | (551.1) | (551.1) | (546.3) | (4.8) | – | – |
| Deferred consideration | (8.6) | (8.6) | (8.0) | (0.6) | – | – |
| Contingent consideration | (46.3) | (46.3) | (31.4) | (9.1) | (5.8) | – |
|  | (4,095.5) | (4,575.9) | (1,614.6) | (564.8) | (1,122.9) | (1,273.6) |
| Derivative financial liabilities |  |  |  |  |  |  |
| Currency forwards | (1.5) | (1.5) | (1.5) | – | – | – |
| Cross currency swaps – receipts | (202.7) | 2,673.0 | 641.9 | 494.5 | 983.6 | 553.0 |
| Cross currency swaps – payments |  | (3,009.3) | (765.3) | (551.9) | (1,100.0) | (592.1) |
|  | (204.2) | (337.8) | (124.9) | (57.4) | (116.4) | (39.1) |
| Total financial liabilities | (4,299.7) | (4,913.7) | (1,739.5) | (622.2) | (1,239.3) | (1,312.7) |
| 31 December 2023 |  |  |  |  |  |  |
| Non-derivative financial liabilities |  |  |  |  |  |  |
| Bank borrowings | (28.1) | (40.0) | (3.5) | (3.5) | (33.0) | – |
| Bond borrowings | (1,486.4) | (1,574.3) | (32.4) | (638.0) | (903.9) | – |
| Lease liabilities | (263.8) | (386.5) | (38.9) | (37.9) | (92.5) | (217.2) |
| Trade and other payables | (527.2) | (527.2) | (513.6) | (13.6) | – | – |
| Deferred consideration | (15.0) | (15.0) | (3.7) | – | (11.3) | – |
| Contingent consideration | (137.9) | (111.9) | (28.6) | (8.8) | (74.5) | – |
|  | (2,458.4) | (2,654.9) | (620.7) | (701.8) | (1,115.2) | (217.2) |
| Derivative financial liabilities |  |  |  |  |  |  |
| Cross currency swaps – receipts | (77.9) | 1,574.7 | 32.4 | 638.2 | 904.1 | – |
| Cross currency swaps – payments |  | (1,695.8) | (57.4) | (698.3) | (940.1) | – |
|  | (77.9) | (121.1) | (25.0) | (60.1) | (36.0) | – |
| Total financial liabilities | (2,536.3) | (2,776.0) | (645.7) | (761.9) | (1,151.2) | (217.2) |

1  Under IFRS 7, contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet

Fair values and fair value hierarchy

Valuation techniques use observable market data where it is available and rely as little as possible on entity-specific estimates.

The fair values of interest rate swaps and forward exchange contracts are measured using discounted cash flows. Future cash

flows are based on forward interest/exchange rates (from observable yield curves/forward exchange rates at the end of the

reporting period) and contract interest/forward rates, discounted at a rate that reflects the credit risk of the counterparties.

Financial instruments that are measured subsequently to initial recognition at fair value are grouped into Levels 1 to 3, based

on the degree to which the fair value is observable, as follows:

Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets

or liabilities.

Level 2 fair value measurements are those derived from inputs, other than quoted prices included within Level 1, that are

observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).

Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that

are not based on observable market data (unobservable inputs), such as internal models or other valuation methods. Level 3

balances for contingent consideration, other investments and convertible bonds use future cash flow forecasts to determine

the fair value, with the fair value of deferred consideration balances taken as the receivable amount less any provision.

Informa Annual Report and Accounts 2024

198

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Financial assets and liabilities measured at fair value in the Consolidated Balance Sheet and their categorisation in the fair

value hierarchy at 31 December 2024 and 31 December 2023:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | 2024 | 2024 | 2024 | 2024 |
|  | £m | £m | £m | £m |
| Financial assets |  |  |  |  |
| Unhedged derivative financial instruments | – | 0.1 | – | 0.1 |
| Investments (Note 28) | – | 61.8 | – | 61.8 |
| Cash and cash equivalents measured at fair value | 1.6 | – | – | 1.6 |
| Other investments (Note 19) | – | 27.6 | 158.9 | 186.5 |
|  | 1.6 | 89.5 | 158.9 | 250.0 |
| Financial liabilities at fair value through profit or loss and through equity |  |  |  |  |
| Unhedged derivative financial instruments | – | 1.5 | – | 1.5 |
| Derivative financial instruments in designated hedge accounting relationships  1 | – | 202.7 | – | 202.7 |
| Deferred consideration on acquisitions | – | – | 8.6 | 8.6 |
| Contingent consideration on acquisitions (Note 31) | – | – | 46.3 | 46.3 |
|  | – | 204.2 | 54.9 | 259.1 |

1  Amounts relate to cross currency interest rate swaps associated with Euro Medium Term Notes (see Note 29)

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | 2023 | 2023 | 2023 | 2023 |
|  | £m | £m | £m | £m |
| Financial assets |  |  |  |  |
| Unhedged derivative financial instruments | – | 0.6 | – | 0.6 |
| Cash and cash equivalents measured at fair value | 141.0 | – | – | 141.0 |
| Other investments (Note 19) | – | 28.3 | 232.5 | 260.8 |
|  | 141.0 | 28.9 | 232.5 | 402.4 |
| Financial liabilities at fair value through profit or loss and through equity |  |  |  |  |
| Derivative financial instruments in designated hedge accounting relationships  1 | – | 77.9 | – | 77.9 |
| Deferred consideration on acquisitions | – | – | 15.0 | 15.0 |
| Contingent consideration on acquisitions (Note 31) | – | – | 137.9 | 137.9 |
|  | – | 77.9 | 152.9 | 230.8 |

1  Amounts relate to cross currency interest rate swaps associated with Euro Medium Term Notes (Note 29)

Fair value of other financial instruments (unrecognised)

The Group also has a number of financial instruments which are not measured at fair value in the Consolidated Balance

Sheet. For the majority of these instruments, the fair values are not materially different to their carrying amounts,

since the interest receivable/payable is either close to current market rates or the instruments are short term in nature.

Significant differences were identified for the following instruments at 31 December 2024 and 31 December 2023:

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Carrying | Estimated fair | Carrying | Estimated fair |
|  | amount | value | amount | value |
|  | 31 December | 31 December | 31 December | 31 December |
|  | 2024 | 2024 | 2023 | 2023 |
|  | £m | £m | £m | £m |
| Financial liabilities |  |  |  |  |
| Bond borrowings | 2,881.9 | 2,850.5 | 1,486.4 | 1,417.1 |
| Total | 2,881.9 | 2,850.5 | 1,486.4 | 1,417.1 |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

199

![](data:image/jpeg;base64,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)

34.  Notes to the Consolidated Cash Flow Statement

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  | Notes | £m | £m |
| Profit before tax |  | 407.3 | 492.1 |
| Adjustments for: |  |  |  |
| Amortisation of other intangible assets | 16 | 355.7 | 353.9 |
| Depreciation of property and equipment | 18 | 17.5 | 13.5 |
| Depreciation of right-of-use assets | 39 | 27.1 | 26.3 |
| Impairment – acquisition-related and other intangible assets | 16 | 28.5 | 25.1 |
| Impairment/(reversal of impairment) – IFRS 16 right-of-use assets | 39 | 5.0 | (0.6) |
| Share-based payments | 9 | 22.2 | 20.8 |
| Fair value gain on contingent consideration | 7 | (29.5) | (87.6) |
| Fair value loss on contingent consideration | 7 | 16.3 | 12.0 |
| Lease modifications |  | 1.3 | (5.1) |
| Loss/(profit) on disposal of subsidiaries and operations | 7 | 24.1 | (3.0) |
| Loss on disposal of property, equipment and software |  | 0.1 | 2.4 |
| Fair value loss/(gain) on investment | 7 | 9.2 | (1.3) |
| Finance income | 10 | (12.9) | (47.4) |
| Finance costs | 11 | 115.1 | 67.4 |
| Share of adjusted results of joint ventures and associates | 19 | (2.8) | (5.8) |
| Net exchange differences |  | 0.9 | – |
| Operating cash inflow before movements in working capital |  | 985.1 | 862.7 |
| Increase in inventories |  | (6.8) | (7.4) |
| Increase in receivables |  | (174.4) | (16.1) |
| Increase/(decrease) in payables |  | 208.6 | (16.0) |
| Movements in working capital |  | 27.4 | (39.5) |
| Pension deficit recovery contributions | 35 | (1.1) | (3.5) |
| Cash generated by operations |  | 1,011.4 | 819.7 |

Reconciliation of total net financing liabilities

|  |  |  |  |
| --- | --- | --- | --- |
|  | Total | Share |  |
|  | net financing | buyback | Total |
|  | liabilities | liability | financing |
|  | (Note 26) | (Note 32) | cash flows |
|  | £m | £m | £m |
| At 1 January 2023 | (2,370.4) | (75.0) | (2,445.4) |
| Non-cash movements | (405.0) | (90.9) | (495.9) |
| Cash flow | 879.7 | 75.0 | 954.7 |
| Exchange movements | 50.0 | – | 50.0 |
| At 31 December 2023 | (1,845.7) | (90.9) | (1,936.6) |
| Non-cash movements | (518.5) | – | (518.5) |
| Cash flow | (1,367.2) | 90.9 | (1,276.3) |
| Exchange movements | 45.3 | – | 45.3 |
| At 31 December 2024 | (3,686.1) | – | (3,686.1) |

Informa Annual Report and Accounts 2024

200

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

35. Retirement benefit schemes

(a)  Charge to operating profit

The charge to operating profit for the year in respect of pensions, including both defined benefit and defined contribution

schemes, was £29.7m (2023: £26.4m).

(b)  Defined benefit schemes – strategy

The Group operates four defined benefit pension schemes in the UK (the UK Schemes): the Informa Final Salary Scheme

(Informa FSS), the Taylor & Francis Group Pension and Life Assurance Scheme (T&F GPS), the UBM Pension Scheme (UBMPS)

and the United Newspapers Executive Pension Scheme (UNEPS). These are for qualifying UK colleagues and provide benefits

based on final pensionable pay. The Group also has a defined benefit scheme in the US, the Penton, Inc. Retirement Plan

(the US Scheme). All schemes (the Group Schemes) are closed to future accruals. Contributions to the UK Schemes are

determined following triennial valuations undertaken by a qualified actuary using the Projected Unit Credit Method.

Contributions to the US Scheme are assessed annually following valuations undertaken by a qualified actuary.

For the UK Schemes, the defined benefit schemes are administered by separate funds that are legally separated from the

company. The Trustees are responsible for running the UK Schemes in accordance with the Group Schemes’ Trust Deed and

Rules, which sets out their powers. The Trustees of the UK Schemes are required to act in the best interests of the beneficiaries

of the Group Schemes. There is a requirement that one third of the Trustees are nominated by the members of the UK Schemes.

The Trustees of the pension funds are responsible for the investment policy with regard to the assets of the fund. None of

the Schemes has any reimbursement rights.

The Group’s pension funding policy is to provide sufficient funding, as agreed with the Trustees, to ensure any pension deficit

will be addressed to ensure pension payments made to current and future pensioners will be met.

For the US Scheme, the defined benefit scheme is administered by Informa Media, Inc. and is subject to the provisions of the

Employee Retirement Income Security Act 1974 (ERISA). The company is responsible for the investment policy with regard to

the assets of the fund. The defined benefit scheme has no reimbursement rights.

The investment strategies adopted by the Trustees of the UK Schemes include some exposure to index-linked gilts and

corporate bonds. The investment objectives of the US Scheme are to maximise plan assets within designated risk and

return profiles.

The current asset allocation of all schemes consists primarily of bespoke funds, bonds, diversified growth funds, property,

credit funds, annuity contracts and equities. All assets are managed by a third-party investment manager according to

guidelines established by the company.

(c) Defined benefit schemes – risk

Through the Group Schemes, the company is exposed to a number of potential risks as described below:

•  Asset volatility: The Group Schemes’ defined benefit obligation is calculated using a discount rate set with reference

to corporate bond yields; however, the Group Schemes invest in other asset classes as stated above. The mix of assets

is expected to outperform corporate bonds in the long term, but provide volatility and risk in the short term

•  Changes in bond yields: A decrease in corporate bond yields would increase the Group Schemes’ defined benefit

obligation; however, this would be partially offset by an increase in the value of the Schemes’ bond holdings

•   Inflation  risk:  A significant proportion of the Group Schemes’ defined benefit obligation is linked to inflation; therefore,

higher inflation will result in a higher defined benefit obligation (subject to caps for the UK Schemes). The majority of the

UK Schemes’ assets target being fully hedged against inflation; therefore, an increase in inflation is not expected to impact

the surplus

•   Life  expectancy: If the Group Schemes’ members live longer than expected, the Group Schemes’ benefits will need to be

paid for longer, increasing the Group Schemes’ defined benefit obligations

The Trustees and the company manage risks in the Group Schemes through the following strategies:

•   Diversification:  Investments are well diversified, such that the failure of any single investment would not have a material

impact on the overall level of assets

•   Investment  strategy:  The Trustees are required to review their investment strategy on a regular basis

There are three categories of pension scheme members:

•   Employed deferred members: Currently employed by the company

•   Deferred members: Former colleagues of the company

•   Pensioner members: In receipt of pension

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

201

![](data:image/jpeg;base64,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)

35. Retirement benefit schemes continued

The defined benefit obligation is valued by projecting the best estimate of future benefit payments (allowing for future

salary increases for UK employed deferred members, revaluation to retirement for deferred members and annual pension

increases for UK members) and then discounting to the Consolidated Balance Sheet date. UK members receive increases

to their benefits linked to inflation (subject to caps for the UK Schemes). There are no caps on benefits in the US Scheme

as benefits are not linked to inflation in this Scheme. The valuation method used for all Schemes is known as the

Projected Unit Credit Method.

The approximate overall duration of the Group Schemes’ defined benefit obligation as at 31 December 2024 was as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | 2024 |  |  | 2023 |  |
|  | Informa FSS | UBMPS and |  | Informa FSS | UBMPS and |  |
|  | and T&F | UNEPS | Penton | and T&F | UNEPS | Penton |
|  | Schemes | Schemes | Scheme | Schemes | Schemes | Schemes |
| Overall duration (years) | 14 | 11 | 10 | 15 | 11 | 11 |

The assumptions which have the most significant effect on the results of the IAS 19 valuation for the Schemes are those

relating to the discount rate, the rates of price inflation, salaries, and pensions and life expectancy. The main assumptions

adopted are:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | 2024 |  |  | 2023 |  |
|  | Informa FSS | UBMPS and |  | Informa FSS | UBMPS and |  |
|  | and T&F | UNEPS | Penton | and T&F | UNEPS | Penton |
|  | Schemes | Schemes | Scheme | Schemes | Schemes | Schemes |
| Discount rate | 5.35% | 5.35% | 5.35% | 4.60% | 4.60% | 4.75% |
| Rate of price inflation | 2.65% (CPI) | 2.65% (CPI) | n/a | 2.45% (CPI) | 2.45% (CPI) | n/a |
|  | 3.20% (RPI) | 3.20% (RPI) | n/a | 3.05% (RPI) | 3.05% (RPI) | n/a |
| Rate of increase for deferred pensions | 2.65% | 2.65% | n/a | 2.45% | 2.45% | n/a |
| Rate of increase for pensions in payment | 1.95%-3.75% | 1.95%-3.75% | n/a | 1.90–3.70% | 1.90–3.70% | n/a |
| Life expectancy: |  |  |  |  |  |  |
| For an individual aged 65 – male (years) | 86 | 86 | 85 | 86 | 86 | 85 |
| For an individual aged 65 – female (years) | 88 | 88 | 87 | 88 | 88 | 87 |

For the UK Schemes, mortality assumptions used in the IAS 19 valuations are taken from tables published by Continuous

Mortality Investigation (CMI). The UBMPS uses 100%/108% (male/female) of the ‘SAPS’ S3 Pensioner tables (2023: no changes

since previous year end) based on the year of birth, the Informa FSS uses ‘SAPS’ S3 Pensioner tables with a scaling factor of

100% (2023: no change since previous year end), the T&F GPS uses ‘SAPS’ S3 Middle tables with a scaling factor of 100%

(2023: no change since previous year end) and the UNEPS uses the ‘SAPS’ S3 Normal tables with a scaling factor of 100%

(2023: no change since previous year end). All UK Schemes use life expectancy  improvements taken from CMI 2023 (2023:

CMI 2022) with an initial addition parameter of 0% (2023: 0%), a weighting of 100% to 2023 mortality data (2023: n/a), a

weighting of 100% to 2022 mortality data (2023: 35%), a weighting of 0% to 2021 mortality data (2023: 10%), a weighting of

0% to 2020 mortality data (2023: 10%) and the long-term rate of improvement of 1.00% (2023: 1.00%).

(d)  Defined benefit schemes – individual defined benefit scheme details

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  | Informa FSS | T&F GPS | UBMPS | UNEPS |
| Latest valuation date | 31.03.2023 | 30.09.2023 | 31.03.2023 | 05.04.2023 |
| Funding surplus at valuation date  1 | £11.5m | £1.5m | £36.1m | £0.8m |

1  At the latest valuation date, all schemes are in a funding surplus; hence, no recovery plans are in place

The sensitivities regarding the principal assumptions used to measure the IAS 19 pension scheme liabilities as at 31 December 2024

are set out below:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Impact on Scheme liabilities: Increase amounts |  |
|  | Informa FSS | T&F GPS | UBMPS | UNEPS | Penton |
|  | £m | £m | £m | £m | £m |
| Discount rate – Decrease by 1.00% | 9.5 | 2.0 | 31.7 | 1.0 | 1.8 |
| Rate of price inflation pre-retirement – Increase by 1.00% | 6.3 | 1.2 | 10.5 | 1.1 | n/a |
| Life expectancy – Increase by 1 year | 1.7 | 0.5 | 11.3 | 2.0 | 0.4 |

Informa Annual Report and Accounts 2024

202

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Sensitivities have been prepared using the same approach as 2023. The above sensitivity analyses are based on a change

in an assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in

some assumptions may be correlated. Should discount and inflation rates fluctuate by a different rate to those disclosed,

the impact can be linearly interpolated.

Amounts recognised in respect of these defined benefit schemes are as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Recognised in profit before tax |  |  |
| Administrative expenses | 0.9 | 0.1 |
| Interest income on net pension surplus (Note 11) | (1.9) | (1.8) |

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Recognised in the Consolidated Statement of Comprehensive Income |  |  |
| Actuarial loss on scheme assets | (37.5) | (2.3) |
| Experience loss | (4.6) | (17.4) |
| Change in irrecoverable element of pension surplus | 11.0 | 5.9 |
| Change in demographic actuarial assumptions | 0.4 | 18.0 |
| Change in financial actuarial assumptions | 29.7 | (16.0) |
| Total recognised in the Consolidated Statement of Comprehensive Income | (1.0) | (11.8) |

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Movement in net surplus during the year |  |  |
| Net surplus in Schemes at beginning of the year (before irrecoverable element of pension surplus) | 68.9 | 80.6 |
| Past service credit and administrative expenses | (0.9) | (0.1) |
| Net finance income | 3.2 | 3.3 |
| Actuarial loss | (12.0) | (17.8) |
| Deficit recovery contributions from the employer to the Schemes | 1.1 | 2.5 |
| Effect of movement in foreign currencies | (0.1) | 0.4 |
| Net surplus in Schemes at end of the year (before irrecoverable element of pension surplus) | 60.2 | 68.9 |
| Irrecoverable element of pension surplus | (17.5) | (27.2) |
| Net surplus in Schemes at end of the year after irrecoverable element of pension surplus | 42.7 | 41.7 |

Amounts recognised in the Consolidated Balance Sheet in respect of the Group Schemes are as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Present value of defined benefit obligations | (439.9) | (478.2) |
| Fair value of Scheme assets | 500.1 | 547.1 |
| Irrecoverable element of pension surplus | (17.5) | (27.2) |
| Net surplus | 42.7 | 41.7 |
| Reported as: |  |  |
| Retirement benefit surplus recognised in the Consolidated Balance Sheet | 48.5 | 48.1 |
| Deficit in scheme and liability recognised in the Consolidated Balance Sheet | (5.8) | (6.4) |
| Net surplus | 42.7 | 41.7 |

Changes in the present value of defined benefit obligations are as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Opening present value of defined benefit obligation at 1 January | (478.2) | (477.3) |
| Interest cost | (21.2) | (22.7) |
| Benefits paid | 34.3 | 35.4 |
| Actuarial gain/(loss) | 25.6 | (15.4) |
| Effect of movement in foreign currencies | (0.4) | 1.8 |
| Closing present value of defined benefit obligation at 31 December | (439.9) | (478.2) |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

203

![](data:image/jpeg;base64,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)

35. Retirement benefit schemes continued

Changes in the fair value of Scheme assets are as follows:

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| Opening fair value of Scheme assets at 1 January | 547.1 | 557.9 |
| Return on Scheme assets | 24.4 | 26.0 |
| Actuarial loss | (37.5) | (2.3) |
| Benefits paid | (34.3) | (35.4) |
| Other payments from Schemes | (0.9) | (0.1) |
| Contributions from the employer to the Schemes | 1.1 | 2.5 |
| Effect of movement in foreign currencies | 0.2 | (1.5) |
| Closing fair value of Scheme assets at 31 December | 500.1 | 547.1 |

The assets of the Informa Final Salary Scheme and Taylor & Francis Group Pension and Life Assurance Scheme include assets held

in managed funds, liability driven investment (LDI) funds and cash funds operated by Legal & General Investment Management

Limited (LGIM), Partners Group (UK) Limited, Zurich Assurance Limited and Baillie Gifford International.

The assets of the UBM Pension Scheme are held in buy and maintain bonds and bespoke LDI funds with Legal & General

Investment Management Limited (LGIM), real return funds with Newton Investment Management Limited, property funds

with Aviva Investors Jersey Unit Trusts and M&G Investment Management Limited (M&G), an illiquid credit fund with M&G,

annuities to cover a small number of pension members and cash.

The assets of the United Newspapers Executive Pension Scheme assets are held in an insurance buy-in policy with Aviva Life

& Pensions UK Limited and a Sterling Liquidity Fund with LGIM.

The assets of the Penton Scheme are primarily invested in collective investment trust funds operated by Aon, with various

investment managers serving as sub-managers within each fund.

The fair values of the assets held are as follows:

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Informa FSS | T&F GPS | UBMPS | UNEPS | Penton | Total |
| 31 December 2024 | £m | £m | £m | £m | £m | £m |
| Equities | 13.4 | 3.0 | – | – | – | 16.4 |
| Bonds and gilts | 20.8 | 4.8 | 106.1 | – | 11.0 | 142.7 |
| Property funds | 9.8 | 2.4 | 34.5 | – | – | 46.7 |
| Diversified growth fund | 5.5 | 1.3 | 43.9 | – | – | 50.7 |
| Illiquid credit funds | 0.6 | 0.2 | 44.0 | – | – | 44.8 |
| Bespoke funds (LDI and hedge funds) | 22.0 | 4.9 | 118.2 | – | 0.7 | 145.8 |
| Annuity contracts | – | – | 3.1 | 14.9 | – | 18.0 |
| Cash | 9.4 | 2.9 | 11.2 | 1.3 | 10.2 | 35.0 |
| Total | 81.5 | 19.5 | 361.0 | 16.2 | 21.9 | 500.1 |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Informa FSS | T&F GPS | UBMPS | UNEPS | Penton | Total |
| 31 December 2023 | £m | £m | £m | £m | £m | £m |
| Equities | 9.9 | 2.3 | – | – | 7.9 | 20.1 |
| Bonds and gilts | 23.1 | 5.4 | 107.2 | – | 12.2 | 147.9 |
| Property funds | 9.0 | 2.2 | 62.1 | – | 2.5 | 75.8 |
| Diversified growth fund | 9.9 | 2.3 | 41.1 | – | – | 53.3 |
| Illiquid credit funds | 1.1 | 0.3 | 48.0 | – | – | 49.4 |
| Bespoke funds (LDI and hedge funds) | 34.5 | 8.3 | 133.5 | – | 1.4 | 177.7 |
| Annuity contracts | – | – | 3.8 | 11.9 | – | 15.7 |
| Cash | 0.8 | 0.3 | 4.6 | 1.3 | 0.2 | 7.2 |
| Total | 88.3 | 21.1 | 400.3 | 13.2 | 24.2 | 547.1 |

All the assets listed above have a quoted market price in an active market, with the exception of illiquid credit funds,

bespoke funds, annuities, property and cash. The Group Schemes’ assets do not include any of the Group’s own financial

instruments, nor any property occupied by, or other assets used by, the Group.

Informa Annual Report and Accounts 2024

204

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

(e)  Virgin Media vs NTL Pensions Trustees II Limited case

The Group is aware that the Court of Appeal upheld the decision in the Virgin Media vs NTL Pension Trustees II Limited case

in July 2024. The decision questions the validity of amendments made in respect of the rules of a contracted-out pension

scheme between 6 April 1997 and 5 April 2016. The judgement means that some historical amendments affecting s.9(2B)

rights could be void if the necessary actuarial confirmation under s.37 of the Pension Schemes Act 1993 was not obtained.

The T&F GPS and UNEPS were contracted-in throughout the relevant period and are therefore outside the scope of this

decision. The Trustees of the Informa FSS and UBMPS have begun investigations into the impact of the judgement,

conducting risk assessments and engaging professional advice. To date, in both schemes, all amendments in the relevant

period have been identified, many of which did not affect the s.9(2B) rights of scheme members. Additionally, in further

cases where amendments did affect s.9(2B) rights, the s.37 actuarial confirmation has been identified.

For a small number of remaining amendments across both affected schemes, it remains unclear whether the amendment

would be classed as relating to s.9(2B) rights or whether the s.37 actuarial confirmation exists. These amendments remain

under investigation. Until this further investigation is complete and/or any legislative action is taken by the UK Government,

the potential impact, if any, on the valuation of the Group’s defined benefit surplus is unknown. At this stage, the Directors

do not consider it necessary to make any adjustments to the calculation of the defined benefit surplus as a result of the

judgement in this case.

36. Share capital and share premium

Share capital

Share capital as at 31 December 2024 amounted to £1.3m (2023: £1.4m). For details of options issued over the company’s

shares see Note 9.

|  |  |  |  |
| --- | --- | --- | --- |
|  |  | 2024 | 2023 |
|  |  | £m | £m |
| Issued, authorised and fully paid |  |  |  |
| 1,330,244,733 | (2023: 1,368,029,699) ordinary shares of 0.1p each | 1.3 | 1.4 |

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | Number of | Number of |
|  | shares | shares |
| At 1 January | 1,368,029,699 | 1,418,525,746 |
| Issue of new shares to Employee Share Trust | 8,860,000 | – |
| Issue of shares | 4,397,622 | 26,492,800 |
| Share buyback | (51,042,588) | (76,988,847) |
| At 31 December | 1,330,244,733 | 1,368,029,699 |

The Group issued 8,860,000 new ordinary shares of 0.1p each to the Employee Share Trust on 9 January 2024.

The Group issued 4,397,622 new ordinary shares of 0.1p each on 16 May 2024. The shares were issued as deferred

consideration for the acquisition of the Tarsus group of companies.

During 2024, the Group bought back 51,042,588 ordinary shares (2023: 76,988,847) at the nominal value of 0.1p for a total

consideration of £424.2m (2023: £548.3m) and cancelled 51,554,769 ordinary shares (2023: 76,476,666) including 512,181

(2023: 599,861) shares that had been bought in the prior year and settled and cancelled in 2024 for a consideration of £4.0m

(2023: £3.7m).

Share premium

|  |  |  |
| --- | --- | --- |
|  | 2024 | 2023 |
|  | £m | £m |
| At 1 January | 1,878.6 | 1,878.6 |
| Issued in the year | – | – |
| At 31 December | 1,878.6 | 1,878.6 |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

205

![](data:image/jpeg;base64,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)

37.  Other reserves

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Employee |  |  |  |
|  |  |  |  | Share Trust |  |  |  |
|  | Reserves |  |  | and | Cash flow | Cost of |  |
|  | for shares | Merger | Other | ShareMatch | hedging | hedging |  |
|  | to be issued | reserve | reserve | shares | reserve | reserve | Total |
|  | £m | £m | £m | £m | £m | £m | £m |
| At 1 January 2023 | 27.9 | 4,125.4 | (2,232.5) | (20.9) | 26.1 | 2.2 | 1,928.2 |
| Share award expense (equity–settled) | 19.6 | – | – | – | – | – | 19.6 |
| Shares for Trust purchase | (4.8) | – | – | – | – | – | (4.8) |
| Transfer of vested LTIPs | (11.1) | – | – | – | – | – | (11.1) |
| Fair value movements on derivatives |  |  |  |  |  |  |  |
| in hedging relationships | – | – | – | – | 6.0 | (6.7) | (0.7) |
| Issue of share capital | – | 173.7 | – | – | – | – | 173.7 |
| Remeasurement of put call options | – | – | 1.5 | – | – | – | 1.5 |
| Share buyback |  |  |  |  |  |  |  |
| (Note 32) | – | – | (15.8) | – | – | – | (15.8) |
| At 31 December 2023 | 31.6 | 4,299.1 | (2,246.8) | (20.9) | 32.1 | (4.5) | 2,090.6 |
| Share award expense (equity-settled) | 20.6 | – | – | – | – | – | 20.6 |
| Shares for Trust purchase | (5.4) | – | – | – | – | – | (5.4) |
| Transfer of vested LTIPs | (12.9) | – | – | – | – | – | (12.9) |
| Fair value movements on derivatives |  |  |  |  |  |  |  |
| in hedging relationships | – | – | – | – | 13.2 | (1.2) | 12.0 |
| Issue of share capital | – | 37.5 | – | – | – | – | 37.5 |
| Remeasurement of put call options | – | – | (1.8) | – | – | – | (1.8) |
| Transfer to realised profit  1 | (4.0) | – | – | – | – | – | (4.0) |
| Transactions with NCI | – | – | (0.6) | – | – | – | (0.6) |
| Share buyback |  |  |  |  |  |  |  |
| (Note 32)  2 | – | – | 90.9 | – | – | – | 90.9 |
| At 31 December 2024 | 29.9 | 4,336.6 | (2,158.3) | (20.9) | 45.3 | (5.7) | 2,226.9 |

1   Relates to the IFRS 2 reserve for the MIP transferred to realised profit as part of the Curinos disposal (Note 9)

2  The total decrease in the share buyback liability of £90.8m is represented by an increase in other reserves (£90.9m) and decrease in share

capital (£0.1m)

Reserve for shares to be issued

This reserve relates to LTIP and Curinos share awards granted to colleagues and reduced by the transferred and vested awards.

Further information is set out in Note 9.

Merger reserve

In 2004, the merger of Informa PLC and Taylor & Francis Group plc resulted in a merger reserve amount of £496.4m being recorded.

On 2 November 2016, the Group acquired Penton Information Services and the £82.2m share premium on the shares issued to the

vendors was recorded as an increase in the merger reserve in accordance with the merger relief rules of the Companies Act 2006.

There were 427,536,794 shares issued on 18 June 2018 in connection with the acquisition of UBM plc, which at the acquisition-date

closing share price of 829p resulted in an increase in the merger reserve of £3,544.6m. From 19 July 2018 to 13 December 2018,

there were 256,689 shares issued in connection with the satisfaction of Save As You Earn (SAYE) awards in the UBM business which

resulted in an increase in the merger reserve of £2.2m.

On 17 April 2023, the Group acquired Tiger Acquisitions (Jersey) Limited, the Parent Company of Tarsus Group Limited and issued

25,957,663 shares, resulting in an increase in the merger reserve of £169.8m.

On 1 September 2023, the Group issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte Limited in relation to the

acquisition of Canalys, resulting in an increase to the merger reserve of £3.9m.

On 16 May 2024, the Group issued 4,397,622 shares as deferred consideration for the acquisition of the Tarsus group of companies,

resulting in an increase in the merger reserve of £37.5m.

Other reserve

The other reserve includes the inversion accounting reserve of £2,189.9m which was created from an issue of shares under a

Scheme of Arrangement in May 2014.

Informa Annual Report and Accounts 2024

206

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Employee Share Trust and ShareMatch shares

As at 31 December 2024, the Informa Employee Share Trust held 7,518,844 (2023: 804,045) ordinary shares in the company

at a market value of £60.0m (2023: £6.3m). As at 31 December 2024, the ShareMatch scheme held 2,316,743 (2023: 1,889,766)

matching ordinary shares in the company at a market value of £18.5m (2023: £14.8m). At 31 December 2024, the Group held

0.7% (2023: 0.2%) of its own called-up share capital.

Cost of hedging reserves

The cash flow hedging reserve and cost of hedging reserve arise from the Group’s hedging arrangements, as described in

Note 33.

38. Non-controlling interests

The Group has subsidiary undertakings where there are non-controlling interests. At 31 December 2024, these

non-controlling interests were composed entirely of equity interests and represented the following holding of

minority shares by non-controlling interests:

•  APLF Ltd (40%, 2023: 40%)

•  BrightTALK Limited (41.71%, 2023: n/a)

•  BrightTALK, Inc. (41.71%, 2023: n/a)

•  Canalys Economic Information Consulting (Shanghai) Co., Ltd (41.71%, 2023: n/a)

•  Canalys Pte. Ltd (41.71%, 2023: n/a)

•  Canalys Solutions and Experiences Private Limited (41.71%, 2023: n/a)

•  Canalys.com Ltd (41.71%, 2023: n/a)

•  Canalys.com, Inc. (41.71%, 2023: n/a)

•  CCA Limited (45%, 2023: n/a)

•  China International Exhibitions Co., Ltd (30%, 2023: 30%)

•  Cosmoprof Asia Limited (50%, 2023: 50%)

•  E-Magine Media SAS (41.71%, 2023: n/a)

•  Fort Lauderdale Convention Services, Inc. (10%, 2023: 10%)

•  Foundermade LLC (35%, 2023: 35%)

•  GKT Events LLC (25%, 2023: 25%)

•  Global Exhibition and Conference Joint Stock Company (30.03%, 2023: n/a)

•  Global Media Payments, Inc. (10.3%, 2023: n/a)

•  Guangzhou CitiExpo Jianke Exhibition Co., Ltd. (40%, 2023: 40%)

•  Guangzhou Sinobake International Exhibition Co., Ltd. (65%, 2023: 65%)

•  Health Connect Partners Inc. (40%, 2023: 40%)

•  Hong Kong Sinoexpo Informa Markets Limited (30%, 2023: 30%)

•  Hudson MX Holdings, Inc. (10.3%, 2023: n/a)

•  Hudson MX Limited (10.3%, 2023: n/a)

•  Hudson MX, Inc. (10.3%, 2023: n/a)

•  Industry Dive, Inc. (41.71%, 2023: n/a)

•  Industry Dive, Ltd (41.71%, 2023: n/a)

•  Informa and Tharawat Limited (51%, 2023: 51%)

•  Informa Baiwen Exhibitions (Hangzhou) Co., Ltd (40.5%, 2023: 40.5%)

•  Informa Data Service (Shanghai) Co., Ltd. (41.71%, 2023: n/a)

•  Informa Intelligence Godo Kaisha (41.71%, 2023: n/a)

•  Informa Intrepid Holdings Inc. (41.71%, 2023: n/a)

•  Informa Marine Holdings, Inc. (10%, 2023: 10%)

•  Informa Markets Art, LLC (10%, 2023: 10%)

•  Informa Markets BN Co Ltd (40%, 2023: 40%)

•  Informa Markets KOAMI Co. Ltd (40%, 2023: n/a)

•  Informa Tech (Shanghai) Co., Ltd. (70.27%, 2023: 49%)

•  Informa Tech Founders Limited (45%, 2023: 45%)

•  Informa Tech Germany GmbH (41.71%, 2023: n/a)

•  Informa Tech Holdings Limited (41.71%, 2023: n/a)

•  Informa Tech Korea Co., Ltd (41.71%, 2023: n/a)

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

207

![](data:image/jpeg;base64,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)

38. Non-controlling interests continued

•  Informa Tech LLC (41.71%, 2023: n/a)

•  Informa Tech MMS (US) LLC (41.71%, 2023: n/a)

•  Informa Tech MMS LLC (41.71%, 2023: n/a)

•  Informa Tech Research Limited (41.71%, 2023: n/a)

•  Informa Tech Taiwan Limited (41.71%, 2023: n/a)

•  Informa Telecoms & Media Limited (41.71%, 2023: n/a)

•  Informa Tianyi Exhibitions (Chengdu) Co., Ltd (40%, 2023: 40%)

•  Informa Wiener Exhibitions (Chengdu) Co., Ltd (40%, 2023: 40%)

•  ITF2 Limited (45%, 2023: 45%)

•  Marketworks Datamonitor (Pty) Ltd (41.71%, 2023: n/a)

•  Monaco Yacht Show SAM (10%, 2023: 10%)

•  Netline Corporation (41.71%, 2023: n/a)

•  Ovum Pty Limited (41.71%, 2023: n/a)

•  PEP Tarsus Corporation (49%, 2023: 49%)

•  Piattaforma LLC (40%, 2023: 40%)

•  PT Tarsus Indonesia SEA (33%, 2023: 49%)

•  PT UBM Pameran Niaga Indonesia (33%, 2023: 33%)

•  Sada Uzmanlik Fuarlari A.S (40%, 2023: 40%)

•  SCBE Exhibitions (Shenzhen) Co., Ltd. (42.2%, 2023: 42.2%)

•  Scuba Holdings, Inc. (41.71%, 2023: n/a)

•  Sea Asia Singapore Pte Limited (10%, 2023: 10%)

•  Shanghai Baiwen Exhibitions Co., Ltd (15%, 2023: 15%)

•  Shanghai IMSinoexpo Digital Services Co., Ltd. (30%, 2023: 30%)

•  Shanghai Informa Markets ShowStar Exhibition Co., Limited (30%, 2023: 30%)

•  Shanghai Meisheng Culture Broadcasting Co., Ltd (15%, 2023: 15%)

•  Shanghai Sinoexpo Informa Markets International Exhibitions Co., Ltd (30%, 2023: 30%)

•  Shanghai Yingye Exhibitions Co., Ltd (40%, 2023: 40%)

•  Shenzhen Informa Markets Herong Exhibition Co., Ltd. (30%, 2023: 30%)

•  Shenzhen Shengshi Jiuzhou Exhibition Co., Ltd (25%, 2023: 25%)

•  Southern Convention Services, Inc. (10%, 2023: 10%)

•  Tahaluf Events Limited (49%, 2023: 49%)

•  Tarsus Bodysite LLC (40%, 2023: 49%)

•  Tarsus Map LLC (30%, 2023: 49%)

•  TechTarget (Australia) Pty Limited (41.71%, 2023: n/a)

•  TechTarget (Hong Kong) Limited (41.71%, 2023: n/a)

•  TechTarget (Singapore) Pte. Limited (41.71%, 2023: n/a)

•  TechTarget Germany GmbH (41.71%, 2023: n/a)

•  TechTarget Holdings, Inc. (41.71%, 2023: n/a)

•  TechTarget Limited (41.71%, 2023: n/a)

•  TechTarget Securities Corporation (41.71%, 2023: n/a)

•  TechTarget, Inc. (41.71%, 2023: n/a)

•  UBM Asia (Thailand) Co., Ltd (51%, 2023: 51%)

•  UBM Tech Research Malaysia Sdn Bhd (41.71%, 2023: n/a)

•  USA Beauty LLC (55%, 2023: 55%)

•  Yachting Promotions, Inc. (10%, 2023: 10%)

•  Zhongshan Guzhen Lighting Expo Co., Ltd (64.3%, 2023: 64.3%)

During the year, there were non-controlling interest disposals of £122.6m relating to the divestment of the Curinos business

(see Note 20) as well as £41.4m relating to the deconsolidation of former subsidiaries (see Note 19).

The non-controlling interest in Informa TechTarget represents a minority shareholding of 43% on a fully diluted basis.

As at the year ended 31 December 2024, the accumulated non-controlling interest of Informa TechTarget was £522.2m. As

of the end of the reporting period and before inter company eliminations, Informa TechTarget’s total assets were £1,756.8m

and total liabilities were £539.7m.

Informa Annual Report and Accounts 2024

208

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

39. Leases

(a)  Leases where the Group is a lessee

The Group’s right-of-use assets and lease liabilities at 31 December are as follows:

Right-of-use assets

|  |  |  |  |
| --- | --- | --- | --- |
|  | Property | Other |  |
|  | leases | leases  1 | Total |
|  | £m | £m | £m |
| At 1 January 2023 | 82.6 | 125.4 | 208.0 |
| Depreciation | (21.9) | (4.4) | (26.3) |
| Additions | 40.0 | – | 40.0 |
| Additions from business combinations | 6.8 | – | 6.8 |
| Impairment reversal (Note 7) | 0.6 | – | 0.6 |
| Disposals | (6.9) | – | (6.9) |
| Foreign exchange movement | (4.6) | (6.5) | (11.1) |
| At 31 December 2023 | 96.6 | 114.5 | 211.1 |
| Depreciation | (22.6) | (4.5) | (27.1) |
| Additions | 53.2 | – | 53.2 |
| Additions from business combinations  2 | 11.3 | – | 11.3 |
| Impairment (Note 7) | (5.0) | – | (5.0) |
| Disposals | (12.6) | (23.0) | (35.6) |
| Foreign exchange movement | 0.3 | 1.2 | 1.5 |
| At 31 December 2024 | 121.2 | 88.2 | 209.4 |

1  Other leases relate to event venue-related leases

2  Some leases acquired through business combinations were impaired or sublet at acquisition

Lease liabilities

|  |  |  |  |
| --- | --- | --- | --- |
|  | Property | Other |  |
|  | leases | leases  1 | Total |
|  | £m | £m | £m |
| At 1 January 2023 | (134.0) | (136.4) | (270.4) |
| Repayment of lease liabilities | 39.3 | 5.7 | 45.0 |
| Interest on lease liabilities | (6.1) | (5.1) | (11.2) |
| Additions | (40.0) | – | (40.0) |
| Additions from business combinations | (6.8) | – | (6.8) |
| Disposals | 3.8 | – | 3.8 |
| Foreign exchange movement | 8.5 | 7.3 | 15.8 |
| At 31 December 2023 | (135.3) | (128.5) | (263.8) |
| Repayment of lease liabilities | 35.3 | 4.7 | 40.0 |
| Interest on lease liabilities | (8.7) | (4.6) | (13.3) |
| Additions | (53.2) | – | (53.2) |
| Additions from business combinations | (22.7) | – | (22.7) |
| Disposals | 15.1 | 23.0 | 38.1 |
| Foreign exchange movement | (1.2) | (2.0) | (3.2) |
| At 31 December 2024 | (170.7) | (107.4) | (278.1) |
| 2024 |  |  |  |
| Current lease liabilities | (33.4) | (1.0) | (34.4) |
| Non-current lease liabilities | (137.3) | (106.4) | (243.7) |
| At 31 December 2024 | (170.7) | (107.4) | (278.1) |
| 2023 |  |  |  |
| Current lease liabilities | (27.5) | (0.9) | (28.4) |
| Non-current lease liabilities | (107.8) | (127.6) | (235.4) |
| At 31 December 2023 | (135.3) | (128.5) | (263.8) |

1  Other leases relate to event venue-related leases

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

209

![](data:image/jpeg;base64,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)

39.  Leases continued

(b) Leases where the Group is a lessor

The Group is a lessor in relation to property leases which are sublet. These sub-lease arrangements are classified as either

finance or operating leases. The Group’s finance lease receivable at 31 December 2024 is £11.7m (2023: £10.5m).

(c)  Low-value and short-term lease expense for the year ended 31 December

|  |  |
| --- | --- |
|  | Total |
|  | £m |
| 2023 |  |
| Low-value lease expense | – |
| Short-term lease expense  1 | (152.9) |
| 2024 |  |
| Low-value lease expense | – |
| Short-term lease expense  1 | (159.2) |

1   Includes event venue-related leases

40. Related party transactions

All transactions with related parties are conducted on an arm’s-length basis and in accordance with normal business terms.

Transactions between related parties that are Group subsidiaries are eliminated on consolidation. The related parties,

identified by the Directors, include joint ventures, associates and key management personnel, who are the Directors of

the company.

Transactions with joint ventures and associates

All transactions with joint ventures and associates are in the normal course of business. Transactions between the Group

and its joint ventures and associates are disclosed below:

|  |  |  |
| --- | --- | --- |
|  | Year ended | Year ended |
|  | 31 December | 31 December |
|  | 2024 | 2023 |
|  | £m | £m |
| Sales to joint ventures | (0.2) | (0.1) |
| Sales to associates | (0.8) | (1.7) |
| Purchases from joint ventures | 0.4 | – |
| Purchases from associates | 1.2 | 2.2 |
| Trade receivables owed by joint ventures | 0.2 | 0.1 |
| Trade receivables owed by associates | – | 0.5 |
| Trade payables owed to joint ventures | (0.4) | – |

Trade payables owed to joint ventures are settled net of trade receivables due from joint ventures 60 days after the delivery

of goods or services. There are no loans to or from joint ventures.

Transactions with key management personnel

There were no material transactions with Directors of the company during the period, except for those relating to

remuneration and shareholdings. Refer to the Directors’ Remuneration Report on page 115 and Note 8 for disclosure

on remuneration. For the purposes of IAS 24 Related Party Disclosures, Executives below the level of the company’s

Board are not regarded as related parties.

Other related party disclosures

At 31 December 2024, Informa Group companies have guaranteed the UK pension scheme liabilities of the Taylor & Francis

Group Pension and Life Assurance Scheme, the Informa Final Salary Scheme and the UBM Pension Scheme.

Informa Annual Report and Accounts 2024

210

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

41. Subsidiaries

The listing below shows the subsidiary undertakings as at 31 December 2024:

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Registered |
| Company name | Country | Ownership | office |
| Centre for Asia Pacific Aviation Pty. Limited | Australia | 100.00% | AU1 |
| Centre for Aviation Pty Limited | Australia | 100.00% | AU1 |
| Datamonitor Pty Limited | Australia | 100.00% | AU2 |
| Informa Australia Pty Limited | Australia | 100.00% | AU2 |
| Informa Holdings (Australia) Pty Limited | Australia | 100.00% | AU1 |
| Ovum Pty Limited | Australia | 58.29% | AU3 |
| TechTarget (Australia) Pty Limited | Australia | 58.29% | AU3 |
| Informa Bahrain W.L.L. | Bahrain | 100.00% | BA1 |
| Informa Middle East Limited | Bermuda | 100.00% | BM1 |
| Informa Markets Ltda | Brazil | 100.00% | BR1 |
| AMB Tarsus Exhibitions (Cambodia) Pte. Ltd. | Cambodia | 100.00% | CB1 |
| iNet Interactive Canada Inc. | Canada | 100.00% | CA1 |
| Informa Canada Inc. | Canada | 100.00% | CA2 |
| Informa Tech Canada Inc. | Canada | 100.00% | CA2 |
| Afterhurst (Beijing) Information Consulting Co., Ltd. | China | 100.00% | PRC1 |
| Canalys Economic Information Consulting (Shanghai) Co., Ltd | China | 58.29% | PRC2 |
| China International Exhibitions Co., Ltd. | China | 70.00% | PRC3 |
| Guangzhou CitiExpo Jianke Exhibition Co., Ltd. | China | 60.00% | PRC4 |
| Guangzhou Sinobake International Exhibition Co., Ltd.  2 | China | 35.00% | PRC5 |
| IBC Conferences and Event Management Services (Shanghai) Co., Ltd. | China | 100.00% | PRC6 |
| Informa Baiwen Exhibitions (Hangzhou) Co., Ltd | China | 59.50% | PRC7 |
| Informa Data Service (Shanghai) Co., Ltd. | China | 58.29% | PRC8 |
| Informa Enterprise Management (Shanghai) Co., Ltd. | China | 100.00% | PRC9 |
| Informa Exhibitions (Beijing) Co., Ltd. | China | 100.00% | PRC10 |
| Informa Information Technology (Shanghai) Co., Ltd. | China | 100.00% | PRC11 |
| Informa Markets China (Chengdu) Co., Ltd. | China | 100.00% | PRC12 |
| Informa Markets China (Guangzhou) Co., Ltd. | China | 100.00% | PRC13 |
| Informa Markets China (Hangzhou) Co., Ltd. | China | 100.00% | PRC14 |
| Informa Markets China (Shanghai) Co., Ltd. | China | 100.00% | PRC15 |
| Informa Markets China (Shenzhen) Co., Ltd. | China | 100.00% | PRC16 |
| Informa Tech (Shanghai) Co., Ltd.  2 | China | 29.73% | PRC17 |
| Informa Tianyi Exhibitions (Chengdu) Co., Ltd. | China | 60.00% | PRC18 |
| Informa Wiener Exhibitions (Chengdu) Co., Ltd. | China | 60.00% | PRC19 |
| SCBE Exhibitions (Shenzhen) Co., Ltd. | China | 57.80% | PRC20 |
| Shanghai Baiwen Exhibitions Co., Ltd. | China | 85.00% | PRC21 |
| Shanghai IMSinoexpo Digital Services Co., Ltd. | China | 70.00% | PRC22 |
| Shanghai Informa Markets ShowStar Exhibition Co., Ltd. | China | 70.00% | PRC23 |
| Shanghai Meisheng Culture Broadcasting Co., Ltd. | China | 85.00% | PRC24 |
| Shanghai SinoExpo Informa Markets International Exhibitions Co., Ltd. | China | 70.00% | PRC25 |
| Shanghai Yingye Exhibitions Co., Ltd. | China | 60.00% | PRC26 |
| Shenzhen Informa Markets Herong Exhibition Co., Ltd. | China | 70.00% | PRC27 |
| Shenzhen Shengshi Jiuzhou Exhibition Co., Ltd | China | 75.00% | PRC28 |
| Shenzhen Zhongxincai Exhibition Company Limited | China | 100.00% | PRC29 |
| Tarsus Exhibition (Shanghai) Co., Ltd | China | 100.00% | PRC30 |
| Tarsus Exhibition (Shenzhen) Co., Ltd | China | 100.00% | PRC31 |
| Tarsus Hope Exhibition Co., Ltd | China | 100.00% | PRC32 |
| WARC Business Information Consulting (Shanghai) Co., Ltd | China | 100.00% | PRC33 |
| Zhengzhou Tarsus Hope Exhibition Co., Ltd | China | 100.00% | PRC34 |
| Zhongshan Guzhen Lighting Expo Co., Ltd.  2 | China | 35.70% | PRC35 |
| Stormcliff Limited | Cyprus | 100.00% | CY1 |
| Informa Egypt LLC | Egypt | 100.00% | EG1 |
| Ascential Events France SAS | France | 100.00% | FR2 |
| Edimer SAS | France | 100.00% | FR3 |
| E-Magine Media SAS | France | 58.29% | FR4 |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

211

![](data:image/jpeg;base64,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)

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |  | Registered |
| Company name |  | Country | Ownership | office |
| Euromedicom SAS |  | France | 100.00% | FR1 |
| Eurovir SAS |  | France | 100.00% | FR1 |
| New AG International S.à.r.l. |  | France | 100.00% | FR1 |
| EBD Group GmbH |  | Germany | 100.00% | DE1 |
| Informa Holding Germany GmbH |  | Germany | 100.00% | DE1 |
| Informa Tech Germany GmbH |  | Germany | 58.29% | DE1 |
| Taylor & Francis Verlag GmbH |  | Germany | 100.00% | DE1 |
| TechTarget Germany GmbH |  | Germany | 58.29% | DE2 |
| UBM Canon Deutschland GmbH |  | Germany | 100.00% | DE1 |
| APLF Limited |  | Hong Kong | 60.00% | HK1 |
| CCA Limited |  | Hong Kong | 55.00% | HK1 |
| Cosmoprof Asia Limited  2 |  | Hong Kong | 50.00% | HK1 |
| Great Tactic Limited |  | Hong Kong | 100.00% | HK1 |
| Hong Kong Sinoexpo Informa Markets Limited |  | Hong Kong | 70.00% | HK1 |
| Informa Global Markets (Hong Kong) Limited |  | Hong Kong | 100.00% | HK1 |
| Informa Limited |  | Hong Kong | 100.00% | HK1 |
| Informa Markets Asia Group Limited |  | Hong Kong | 100.00% | HK1 |
| Informa Markets Asia Holdings (HK) Limited |  | Hong Kong | 100.00% | HK1 |
| Informa Markets Asia Limited |  | Hong Kong | 100.00% | HK1 |
| Informa Markets Asia Partnership |  | Hong Kong | 100.00% | HK1 |
| Informa Markets South China Limited |  | Hong Kong | 100.00% | HK1 |
| MAI Brokers (Asia & Pacific) Limited |  | Hong Kong | 100.00% | HK1 |
| Mills & Allen Holdings (Far East) Limited |  | Hong Kong | 100.00% | HK1 |
| Penton Media Asia Limited |  | Hong Kong | 100.00% | HK1 |
| TechTarget (Hong Kong) Limited |  | Hong Kong | 58.29% | HK2 |
| Canalys Solutions and Experiences Private Limited |  | India | 58.29% | IN4 |
| Informa Markets India Private Limited |  | India | 100.00% | IN1 |
| Tarsus Exhibitions India Private Limited |  | India | 100.00% | IN5 |
| Taylor & Francis Books India Private Limited |  | India | 100.00% | IN2 |
| Taylor & Francis Technology Services LLP |  | India | 100.00% | IN3 |
| UBM Exhibitions India LLP |  | India | 100.00% | IN1 |
| PT Pamerindo Indonesia |  | Indonesia | 100.00% | ID1 |
| PT Tarsus Indonesia SEA |  | Indonesia | 67.00% | ID2 |
| PT UBM Pameran Niaga Indonesia |  | Indonesia | 67.00% | ID1 |
| Colwiz Limited |  | Ireland | 100.00% | IR2 |
| Donytel Unlimited Company |  | Ireland | 100.00% | IR1 |
| F1000 | Open Science Platforms Limited | Ireland | 100.00% | IR1 |
| Maypond Holdings Limited |  | Ireland | 100.00% | IR1 |
| Maypond Limited |  | Ireland | 100.00% | IR1 |
| Tanahol Unlimited Company |  | Ireland | 100.00% | IR1 |
| UNM International Holdings Limited |  | Isle of Man | 100.00% | IM1 |
| Informa Global Markets (Japan) Co., Ltd |  | Japan | 100.00% | JP1 |
| Informa Intelligence Godo Kaisha |  | Japan | 58.29% | JP1 |
| Informa Markets Japan Co., Ltd |  | Japan | 100.00% | JP2 |
| Taylor & Francis Japan G.K. |  | Japan | 100.00% | JP3 |
| Ascential Jersey Financing Limited |  | Jersey | 100.00% | JE2 |
| Informa Jersey Limited |  | Jersey | 100.00% | JE1 |
| Tarsus Group Limited |  | Jersey | 100.00% | JE2 |
| UBM (Jersey) Limited |  | Jersey | 100.00% | JE2 |
| UBM Limited |  | Jersey | 100.00% | JE2 |
| CMP Holdings S.à.r.l. |  | Luxembourg | 100.00% | LX1 |
| CMP Intermediate Holdings S.à.r.l. |  | Luxembourg | 100.00% | LX1 |
| UBM Finance S.à r.l. |  | Luxembourg | 100.00% | LX1 |
| UBM IP Luxembourg S.à r.l. |  | Luxembourg | 100.00% | LX1 |
| United Brazil Holdings Sàrl |  | Luxembourg | 100.00% | LX1 |

41.  Subsidiaries continued

Informa Annual Report and Accounts 2024

212

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAXZBAMDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAPmf4j/E7XtQ8T3thpuoXFhp9nM0CLayFGkKkqWZl5OSDgdMY4zzXF/8ACXeJv+hi1b/wNk/+KruviN8K9es/Ed7qWkWM2oafdytOBbrveJmOSpQc4yTggHjHeuJ/4QrxX/0LOs/+AEv/AMTXfDk5VY5Zc19SP/hLvE3/AEMWrf8AgbJ/8VR/wl3ib/oYtW/8DZP/AIqpP+EK8V/9CzrP/gBL/wDE0f8ACFeK/wDoWdZ/8AJf/iar3Rakf/CXeJv+hi1b/wADZP8A4qrem+P/ABZpd7HdQ6/qEjIcmOe4aVG9irEg1B/whXiv/oWdZ/8AACX/AOJq5pfw38X6reJbR6BfQZIzJdwtCij1JYD9Mmh8nUPePoK8+ISxfCdfGMNupmkgASEnKiYtsI9wGyfUgV88XPxA8XXV+bx/EWorKW3bY7hkQewQEKB7Yr6LvPh9DN8LB4OinCtHANk5GB5wbfu9gWznvgmvnu5+GvjK11H7E3h+9kkLYEkUe+M++8fKB9SKxo8mppU5tD3r4Z+PJfE/g26vtV2/a9OLLcyIABIoXcHx2OMj0yO3QeGeI/id4o1/VZLpNUu7C33Hyba0naNUXPAJXG4+5/TpXuvw08ByeFvB9zY6psa71AlrlEOQildoTPfAzntknr1Ph/iP4VeKdC1OSCDS7nULUuRDcWkZk3L2LBeVOOueM9z1pU+TnYT5uVHpPwY+IWqa7eT6BrM7XUkcJmt7mQ/PgEBlY/xdQQevByTxjkvid8Tdcu/FF7pWlX89hYWMzQf6M5jeV1OGZmHOM5wOmK7L4OfDnUvDt3ca7rUX2e4khMMFsSCyqSCWbHQ8AAZ7nNcp8TfhZrkPiW91fRrGW/sb2Vp2WAb5InY5YFRyQSSRge31Fye0YPm5Bvwt+Jmt2/iez0fVr+e+sb6QQqbhy7xO3CkMecZwMZxzxX0bXzv8LvhdrT+JbPWtasZbGzsnEyJOu2SSQcqNp5ABwST6YHt9EVnX5eb3S6d7ahRRRWJoFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUVU1DToNTgWGd7pFVtwNtdSwNnBHLRspI56Zx+VAFuisL/hEtN/5+dZ/8HV5/wDHaP8AhEtN/wCfnWf/AAdXn/x2noLU3aKwv+ES03/n51n/AMHV5/8AHaP+ES03/n51n/wdXn/x2jQNTdorC/4RLTf+fnWf/B1ef/HaP+ES03/n51n/AMHV5/8AHaNA1N2isL/hEtN/5+dZ/wDB1ef/AB2j/hEtN/5+dZ/8HV5/8do0DU3aKwv+ES03/n51n/wdXn/x2j/hEtN/5+dZ/wDB1ef/AB2jQNTdorlLrSodH13w89ndan+/vnhlSfUriZHT7NO2CsjsPvKp6dq6uhoEFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAV2vrRGKtdQKwOCDIAQaT+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/GrCsrqGUhlIyCDkEUtFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUVXZ7sMdsEBXPBMxBI/wC+aTfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Iqwu4qNwAbHIByAaAFooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKAK7W8rMSLydQTnACYH/jtJ9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TVhQVUAsWIGMnqaWigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFV2sbR2LNawMxOSTGCSaT+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wqwqqihVAVQMAAYAFAC0UUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiq7XkSsVKz5BxxA5H54pPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TVhWDKGGcEZ5GD+VAC0UUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQBXZ7sMdsEBXPBMxBI/75pN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIqwu4qNwAbHIByAaWigAooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUVXZLssds8AXPAMJJA/76pNl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXQBZoqtsvf+fi3/wC/B/8Ai6sLuCjcQWxyQMAmgBaKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCu1nEzFi0+Sc8TuB+WaT7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVVhVCqFGcAY5OT+dLRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCu19aIxVrqBWBwQZACDSf2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NWFZXUMpDKRkEHIIpaKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUVXa4lViBZzsAcZBTB/wDHqT7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKo+0y/wDPjcf99R//ABVAFmiq32mX/nxuP++o/wD4qj7TL/z43H/fUf8A8VQBZoqt9pl/58bj/vqP/wCKqwpLKCVKkjOD1FAC0UUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/8AsJv/AOkdzW7WFr3/ACGfC/8A2E3/APSO5rdpvZCQUUUUhhRRRQAUUUUAV2S7LHbPAFzwDCSQP++qTZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXVmigCtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF1ZooArbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdWaKAK2y9/5+Lf/vwf/i6sLuCjcQWxyQMAmlooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRVdrOJmLFp8k54ncD8s0n2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVVhVCqFGcAY5OT+dAC0UUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKACiq7X1ojFWuoFYHBBkAINJ/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/GrCsrqGUhlIyCDkEUALRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFAFdriVWIFnOwBxkFMH/wAepPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VVmigCt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVVmigCt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FVZooArfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFVZooArfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVWaKAK32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVWaKAK32mX/AJ8bj/vqP/4qrCksoJUqSM4PUUtFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiq7JdljtngC54BhJIH/fVJsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXRsvf+fi3/wC/B/8Ai6ALNFVtl7/z8W//AH4P/wAXVhdwUbiC2OSBgE0ALRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFAFdrOJmLFp8k54ncD8s0n2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqsKoVQozgDHJyfzpaKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQBXa+tEYq11ArA4IMgBBpP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/GrCsrqGUhlIyCDkEUtFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigAoqu1xKrECznYA4yCmD/wCPUn2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFVYUllBKlSRnB6igBaKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//AGE3/wDSO5rdrC17/kM+F/8AsJv/AOkdzW7TeyEgooopDCiiigAooooArsl2WO2eALngGEkgf99Umy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdGy9/5+Lf/vwf/i6s0UAVtl7/AM/Fv/34P/xdWF3BRuILY5IGATS0UAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKKKKQwooooAKKKKACiq7WcTMWLT5JzxO4H5ZpPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKqwqhVCjOAMcnJ/OgBaKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRVdr60RirXUCsDggyAEGk/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jVhWV1DKQykZBByCKAFooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv8A9hN//SO5rdrC17/kM+F/+wm//pHc1u03shIKKKKQwooooAKKKKAK7XEqsQLOdgDjIKYP/j1J9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FVYUllBKlSRnB6ilooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRVdkuyx2zwBc8AwkkD/vqk2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4ujZe/8/Fv/wB+D/8AF0AWaKrbL3/n4t/+/B/+Lo2Xv/Pxb/8Afg//ABdAFmiq2y9/5+Lf/vwf/i6Nl7/z8W//AH4P/wAXQBZoqtsvf+fi3/78H/4urC7go3EFsckDAJoAWiiigDC17/kM+F/+wm//AKR3NbtYWvf8hnwv/wBhN/8A0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgoorzDxX40ubq6lsdMmMVoh2mWM/NIe+D2H06/jit8Nhp4iXLE5MbjaeEp88+uy7nppljDBS6hj0BPNOrwrTdKvtZumhs4jI4BZmJwAPUk1q+H/ABdfaJOsUsjXFluw8bHJUeqnt9On867qmVtJ8krtdDyqOfRbTq03GL67/oj2Cio4J4rq3jnhcPFIoZWHcGivJatofQJpq6I2s4mYsWnyTnidwPyzSfYYv79x/wCBEn/xVWaKLjK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVWFUKoUZwBjk5P50tFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIzPEMzweHdRkjOHFu+D6cYrxaytxd3sNuZo4RI4XzJDhVz3Ne63lql7ZT2sn3Jo2jbHYEYrw3UtPn0vUJrK4XEkTYz2YdiPYivaymS5ZQW58vxDCSnTqNXjt/XqdR4luD4dtR4e06GSCJlDT3LDDXGfQ+nb9PrxtdRputWepaX/AGPr7kRxgm1vApZoT6HuR/n0I5qOJ5ZliiUu7sFUAcsTwK9DDxcE4yWvV9/P+tjx8bJVZRnB+69l/L5W/Xr63On0jxPqGn6XDawxzNHHuwVTI5Yn+tFd1o3hi0sdItre6hjlnVcyNjuSSR+GcfhRXk1MVhnN+5fU+ho5fjVTivaW0WnbyNdr60RirXUCsDggyAEGk/tCy/5/Lf8A7+j/ABqzRXlH0BW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAasKyuoZSGUjIIOQRS0UAFFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCszWNA0/XIPLvIvnH3JU4dfof6HitOgkAEk4A704TlB80XZk1KcKkXGaumcA/wxjMpMeqsseeFaDJx9dw/lXRaH4U03Qj5kKGa5/57S4JH09Kuvr2kRyFH1SyVgcEGdeP1q9HIksYkjdXRhkMpyD+NdNXE4mceWbdvuOHD4HBU581KKuvO9vx0HUUUVyHohRVdriVWIFnOwBxkFMH/AMepPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqj7TL/AM+Nx/31H/8AFUAWaKrfaZf+fG4/76j/APiqPtMv/Pjcf99R/wDxVAFmiq32mX/nxuP++o//AIqrCksoJUqSM4PUUALRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEhCQqlmIAAySe1eU+IfEV/4k1M6dpxkNoz7Ioo+DL7n2788AV6H4kdk8NakyHB+zuOPpXlHhzWxoepGZ4vMhkUxybeHCnup7H/PvXq5dSvGVVK7Wx4GdYhqcMO5csXu/ITXNMstJ8m0S5ae/UH7Vtx5aHso7kjvRoXiG90K6V4JC0BYGSAn5XHf6H3rRlgt/Dl8t6Le31bSr1CInlxnGeRnHyuPXH5dq/iTTLG3hsNS0wMtnfIWETEkxsMZGfx/Q16cZxmlTnqn18+q8jwp050pOtSfK49F0Wyd+qf69j1yyvIb+ziu7d90Uq7lP+e9FeTaXq+r2unRQ2ofyVztxIB3JPH1oryZ5bJSdpKx9DTzum4Jyi727HsFFFFeYe4FFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8AIZ8L/wDYTf8A9I7mt2sLXv8AkM+F/wDsJv8A+kdzW7TeyEiK5gjuraW3lGY5UKMPUEYNeJa1pFxompS2k4JAOY5MYDr2I/z1r3KqmoabZ6rbG3vYFljPIB6g+oPUV2YLFvDyd9UzzMzy5YyCs7SW3+R4zo9hFqVw0N1qMNlbxqXZ5W6+yjPJrT1q5g1eXTNF0OOSaC1UpGxUgyMx5PsOM9uprrX+G+jtIWFxeqp/hDrx+a10Gk6Fp2ixstlbhGb70jHLN9Sf5dK7quYUr88btrZdPU8rD5PiOV0p2inu9212XREekaDa6ZpVvZtGkrRr8zsv3iTk/hk0Vq0V48qkpNtvc+lhRpwioxWiK7PdhjtggK54JmIJH/fNJvvf+fe3/wC/5/8AiKs0VBoVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFG+9/597f/v8An/4irNFAFbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKs0UAVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IqzRQBW33v8Az72//f8AP/xFWF3FRuADY5AOQDS0UAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKZNNFbwtNNIkcajLO7YA+ppZJEiieSRgqICzE9gOteNeJPEVxr1+53utmrfuYc8AepHqf64rqwmEliJW2SODMcwhg4JtXb2R6Q/jXw8khQ6iCRxlYnI/MCti0vbW/h860uI5o843I2cH0rxy/wDD8ltpFtqtrMLq0lQeYyDBhfurD68Z/wDrZqaVq15o94tzaSspBG9M/K49CO9d8sspzhelLXz/AK0PIjnlelUUcRBWfbt33dz3Wiqem6lb6pp0F7A2I5VyAeoPQg/QgiivGcXF2Z9LGcZRUovRlyiq7W8rMSLydQTnACYH/jtJ9ml/5/rj/vmP/wCJpFFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiasKCqgFixAxk9TQAtFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISMrxLu/4RnUtuc/Z36emOf0rxGvoCWJJ4XikUNG6lWU9weCK8Y8ReH7jQdQeNkdrVm/czEcMPTPqK9nKasVzU3vufM8Q4ebcay2Wj8jS8Dm/N/KkYRtMKn7aJv9WEx39/8nisLWBYDVbgaYXNnu/d7/6e3pnnFXb7xC02i22k2UAtbVFBmCnJmfuSfTPb/AYoaZpl3q16lraRF3Y8nHCD1J7CvRhFxnKtPT+t35ni1ZqVOGHp+811830Xl+bNPTX1cWEQtQPJ528t6nPT3or1fTNMt9L02CyhG5IlxuI5Y9SfxJJoryZ5jFydoI+ipZNJQSlUadi7RRRXlHvhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/ACGfC/8A2E3/APSO5rdrC17/AJDPhf8A7Cb/APpHc1u03shIKiuLeG7gaC4iSWJuGR1yDUtVr7ULTTbY3F5OkMQ/ibufQDqT7CiKbfu7im4qLc9vMxm8DeHmct9hIz2EzgfzrZsdOs9Ng8myt44I+pCDqfUnqfxrm3+IuiLLsCXbr/fWMY/U5/St3S9a0/WYmexuVk2/eXGGX6g8/jXTWjiVH97e3nc4cNPAudqHLzeVrmhRRRXKegV2sbR2LNawMxOSTGCSaT+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4VYVVRQqgKoGAAMAClooAKKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJEdxPHbW8txK22OJC7n0AGTXkF02reNNYnltoWl2DKRGQARpnA6kD616f4kVm8NakEzn7O549Mc15LoaRvcSiTRZtVGziOJ3Upz1+UGvWy2KUJ1Vuv67r8z53O6jlVp0JfC9X/ST/Jlz/hB/Ef/AEDv/I8f/wAVUM2l654Xlg1CWJrVg+EcSq2T1wQCeOK1vItf+hAv/wDv/P8A/E1l65HCltGY/DVzpR38yyySMG4+78wA969CFWpOXLK1n5L/AOTf5HkVcPRpwc6d7rbWX/ytfmj1TSdat9U0q3vQyxmVclGP3SDgj8waK8u03TNWuNPiltmYQtnbiMHuc8/WivNngKfM7TSPapZvXcIt0m9Fr3PW2vIlYqVnyDjiByPzxSfbov7lx/4Dyf8AxNWaK8o+gK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTVmigCt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNWaKAK326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TVmigCt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE1ZooArfbov7lx/4Dyf/ABNWFYMoYZwRnkYP5UtFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIRlV1KsAVIwQehFeT6/oep+GL+a50+S4isZD8ssLldoP8LY9D69a9ZpGUMpVgCpGCCOtdGGxMqEr2unujix2Bji4JN2ktmeG/29rH/QWv8A/wACX/xq9ptnrfiq4S3a5up4EYF5JpGZI/fk9cdutepN4c0V5N50u03f9chj8qvwwRW8SxQRJFGvREUKB+ArvnmcLfu4WZ5NLI6rl++qXj2V9SOxsoNOsYbS3XbFEu1R/U+560VYoryG23dn0cYqKSWyCiq7PdhjtggK54JmIJH/AHzSb73/AJ97f/v+f/iKQyzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RRvvf+fe3/7/AJ/+IoAs0VW33v8Az72//f8AP/xFG+9/597f/v8An/4igCzRVbfe/wDPvb/9/wA//EUb73/n3t/+/wCf/iKALNFVt97/AM+9v/3/AD/8RVhdxUbgA2OQDkA0ALRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQBXa3lZiReTqCc4ATA/8dpPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE1ZooArfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATVmigCt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNWaKAK32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE1ZooArfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TVmigCt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNWaKAK32aX/n+uP++Y/wD4mrCgqoBYsQMZPU0tFABRRRQBha9/yGfC/wD2E3/9I7mt2sLXv+Qz4X/7Cb/+kdzW7TeyEgooopDCiiigAooooAKKrtY2jsWa1gZickmMEk0n9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4UAWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4UAWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4UAWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4UAWaKrf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4UAWaKrf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hQBZoqt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hQBZoqt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FAFmiq39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FAFmiq39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4UAWaKrf2fZf8+dv/AN+h/hR/Z9l/z52//fof4UAWaKrf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hQBZoqt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hQBZoqt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FAFmiq39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FAFmiq39n2X/Pnb/8Afof4VYVVRQqgKoGAAMACgBaKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUVXa8iVipWfIOOIHI/PFJ9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mrCsGUMM4IzyMH8qAFooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKAK7PdhjtggK54JmIJH/AHzSb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEUb73/AJ97f/v+f/iKs0UAVt97/wA+9v8A9/z/APEVYXcVG4ANjkA5ANLRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiq7W8rMSLydQTnACYH/jtJ9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E0fZpf+f64/75j/APiaALNFVvs0v/P9cf8AfMf/AMTR9ml/5/rj/vmP/wCJoAs0VW+zS/8AP9cf98x//E1YUFVALFiBjJ6mgBaKKKAMLXv+Qz4X/wCwm/8A6R3NbtYWvf8AIZ8L/wDYTf8A9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigCu1jaOxZrWBmJySYwSTSf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/CrCqqKFUBVAwABgAUtFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCu15ErFSs+QccQOR+eKT7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4mrNFAFb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJqzRQBW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJqzRQBW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JqzRQBW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/ias0UAVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImrNFAFb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4mrNFAFb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4mrNFAFb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JqzRQBW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8Aias0UAVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDias0UAVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/ias0UAVvt0X9y4/wDAeT/4mrCsGUMM4IzyMH8qWigAooooAwte/wCQz4X/AOwm/wD6R3NbtYWvf8hnwv8A9hN//SO5rdpvZCQUUUUhhRRRQAUUUUAFFV2e7DHbBAVzwTMQSP8Avmk33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKN97/AM+9v/3/AD/8RQBZoqtvvf8An3t/+/5/+Io33v8Az72//f8AP/xFAFmiq2+9/wCfe3/7/n/4ijfe/wDPvb/9/wA//EUAWaKrb73/AJ97f/v+f/iKsLuKjcAGxyAcgGgBaKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBha9/wAhnwv/ANhN/wD0jua3awte/wCQz4X/AOwm/wD6R3NbtN7ISCiiikMKKKKACiiigCu1vKzEi8nUE5wAmB/47SfZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE0fZpf+f64/wC+Y/8A4mrNFAFb7NL/AM/1x/3zH/8AE0fZpf8An+uP++Y//ias0UAVvs0v/P8AXH/fMf8A8TR9ml/5/rj/AL5j/wDias0UAVvs0v8Az/XH/fMf/wATR9ml/wCf64/75j/+JqzRQBW+zS/8/wBcf98x/wDxNH2aX/n+uP8AvmP/AOJqzRQBW+zS/wDP9cf98x//ABNH2aX/AJ/rj/vmP/4mrNFAFb7NL/z/AFx/3zH/APE1YUFVALFiBjJ6mlooAKKKKAMLXv8AkM+F/wDsJv8A+kdzW7WFr3/IZ8L/APYTf/0jua3ab2QkFFFFIYUUUUAFFFFABRVdrG0dizWsDMTkkxgkmk/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKALNFVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CgCzRVb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/woAs0VW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8KALNFVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACgCzRVb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/woAs0VW/s+y/587f8A79D/AAo/s+y/587f/v0P8KALNFVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CgCzRVb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAoAs0VW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8KALNFVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CgCzRVb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/woAs0VW/s+y/587f/v0P8KsKqooVQFUDAAGABQAtFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAoqu15ErFSs+QccQOR+eKT7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E0fbov7lx/4Dyf/ABNFgLNFVvt0X9y4/wDAeT/4mj7dF/cuP/AeT/4miwFmiq326L+5cf8AgPJ/8TR9ui/uXH/gPJ/8TRYCzRVb7dF/cuP/AAHk/wDiaPt0X9y4/wDAeT/4miwFmiq326L+5cf+A8n/AMTR9ui/uXH/AIDyf/E0WAs0VW+3Rf3Lj/wHk/8AiaPt0X9y4/8AAeT/AOJosBZoqt9ui/uXH/gPJ/8AE0fbov7lx/4Dyf8AxNFgLNFVvt0X9y4/8B5P/iaPt0X9y4/8B5P/AImiwFmiq326L+5cf+A8n/xNH26L+5cf+A8n/wATRYCzRVb7dF/cuP8AwHk/+Jo+3Rf3Lj/wHk/+JosBZoqt9ui/uXH/AIDyf/E0fbov7lx/4Dyf/E0WAs0VW+3Rf3Lj/wAB5P8A4mj7dF/cuP8AwHk/+JosBZoqt9ui/uXH/gPJ/wDE0fbov7lx/wCA8n/xNFgLNFVvt0X9y4/8B5P/AImj7dF/cuP/AAHk/wDiaLAWaKrfbov7lx/4Dyf/ABNH26L+5cf+A8n/AMTRYCzRVb7dF/cuP/AeT/4mj7dF/cuP/AeT/wCJosBZoqt9ui/uXH/gPJ/8TR9ui/uXH/gPJ/8AE0WAs0VW+3Rf3Lj/AMB5P/iaPt0X9y4/8B5P/iaLAWaKrfbov7lx/wCA8n/xNH26L+5cf+A8n/xNFgLNFVvt0X9y4/8AAeT/AOJo+3Rf3Lj/AMB5P/iaLAWaKrfbov7lx/4Dyf8AxNH26L+5cf8AgPJ/8TRYCzRVb7dF/cuP/AeT/wCJo+3Rf3Lj/wAB5P8A4miwFmiq326L+5cf+A8n/wATR9ui/uXH/gPJ/wDE0WAs0VW+3Rf3Lj/wHk/+Jo+3Rf3Lj/wHk/8AiaLAWaKrfbov7lx/4Dyf/E1YVgyhhnBGeRg/lQAtFFFAGFr3/IZ8L/8AYTf/ANI7mt2sLXv+Qz4X/wCwm/8A6R3NbtN7ISCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwte/5DPhf/sJv/6R3NbtYWvf8hnwv/2E3/8ASO5rdpvZCQUUUUhhRRRQAUUUUAV2e7DHbBAVzwTMQSP++aTfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKN97/wA+9v8A9/z/APEVZooArb73/n3t/wDv+f8A4ijfe/8APvb/APf8/wDxFWaKAK2+9/597f8A7/n/AOIo33v/AD72/wD3/P8A8RVmigCtvvf+fe3/AO/5/wDiKsLuKjcAGxyAcgGlooAKKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFV2t5WYkXk6gnOAEwP/HaT7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+Jo+zS/8/wBcf98x/wDxNAFmiq32aX/n+uP++Y//AImj7NL/AM/1x/3zH/8AE0AWaKrfZpf+f64/75j/APiaPs0v/P8AXH/fMf8A8TQBZoqt9ml/5/rj/vmP/wCJo+zS/wDP9cf98x//ABNAFmiq32aX/n+uP++Y/wD4mj7NL/z/AFx/3zH/APE0AWaKrfZpf+f64/75j/8AiaPs0v8Az/XH/fMf/wATQBZoqt9ml/5/rj/vmP8A+JqwoKqAWLEDGT1NAC0UUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQBXaxtHYs1rAzE5JMYJJpP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hR/Z9l/z52//AH6H+FWaKLgVv7Psv+fO3/79D/Cj+z7L/nzt/wDv0P8ACrNFFwK39n2X/Pnb/wDfof4Uf2fZf8+dv/36H+FWaKLgVv7Psv8Anzt/+/Q/wo/s+y/587f/AL9D/CrNFFwK39n2X/Pnb/8Afof4Uf2fZf8APnb/APfof4VZoouBW/s+y/587f8A79D/AAo/s+y/587f/v0P8Ks0UXArf2fZf8+dv/36H+FH9n2X/Pnb/wDfof4VZoouBW/s+y/587f/AL9D/Cj+z7L/AJ87f/v0P8Ks0UXArf2fZf8APnb/APfof4Uf2fZf8+dv/wB+h/hVmii4Fb+z7L/nzt/+/Q/wo/s+y/587f8A79D/AAqzRRcCt/Z9l/z52/8A36H+FH9n2X/Pnb/9+h/hVmii4Fb+z7L/AJ87f/v0P8KP7Psv+fO3/wC/Q/wqzRRcCt/Z9l/z52//AH6H+FH9n2X/AD52/wD36H+FWaKLgVv7Psv+fO3/AO/Q/wAKP7Psv+fO3/79D/CrNFFwK39n2X/Pnb/9+h/hR/Z9l/z52/8A36H+FWaKLgVv7Psv+fO3/wC/Q/wo/s+y/wCfO3/79D/CrNFFwK39n2X/AD52/wD36H+FH9n2X/Pnb/8Afof4VZoouBW/s+y/587f/v0P8KP7Psv+fO3/AO/Q/wAKs0UXArf2fZf8+dv/AN+h/hR/Z9l/z52//fof4VZoouBW/s+y/wCfO3/79D/Cj+z7L/nzt/8Av0P8Ks0UXArf2fZf8+dv/wB+h/hR/Z9l/wA+dv8A9+h/hVmii4Fb+z7L/nzt/wDv0P8ACj+z7L/nzt/+/Q/wqzRRcCt/Z9l/z52//fof4Uf2fZf8+dv/AN+h/hVmii4Fb+z7L/nzt/8Av0P8KP7Psv8Anzt/+/Q/wqzRRcCt/Z9l/wA+dv8A9+h/hVhVVFCqAqgYAAwAKWigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFAFdr60RirXUCsDggyAEGk/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GrNFAFb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABqzRQBW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8as0UAVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GrNFAFb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xqzRQBW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAas0UAVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GrNFAFb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xqzRQBW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8as0UAVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGrNFAFb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xqzRQBW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8as0UAVv7Qsv+fy3/wC/o/xqwrK6hlIZSMgg5BFLRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAoqu1xKrECznYA4yCmD/49SfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFUfaZf+fG4/wC+o/8A4qgCzRVb7TL/AM+Nx/31H/8AFUfaZf8AnxuP++o//iqALNFVvtMv/Pjcf99R/wDxVH2mX/nxuP8AvqP/AOKoAs0VW+0y/wDPjcf99R//ABVH2mX/AJ8bj/vqP/4qgCzRVb7TL/z43H/fUf8A8VR9pl/58bj/AL6j/wDiqALNFVvtMv8Az43H/fUf/wAVR9pl/wCfG4/76j/+KoAs0VW+0y/8+Nx/31H/APFVYUllBKlSRnB6igBaKKKAMLXv+Qz4X/7Cb/8ApHc1u1ha9/yGfC//AGE3/wDSO5rdpvZCQUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGFr3/IZ8L/APYTf/0jua3awte/5DPhf/sJv/6R3NbtN7ISCiiikMKKKKACiiigCuyXZY7Z4AueAYSSB/31SbL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF0bL3/n4t/wDvwf8A4urNFAFbZe/8/Fv/AN+D/wDF1YXcFG4gtjkgYBNLRQAUUUUAYWvf8hnwv/2E3/8ASO5rdrC17/kM+F/+wm//AKR3NbtN7ISCiiikMKKKKACiiigAoqu1nEzFi0+Sc8TuB+WaT7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qgCzRVb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKoAs0VW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKoAs0VW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KoAs0VW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqALNFVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqgCzRVb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qgCzRVb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qgCzRVb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KoAs0VW+wxf37j/wIk/+Ko+wxf37j/wIk/8AiqALNFVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqALNFVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqALNFVvsMX9+4/wDAiT/4qrCqFUKM4Axycn86AFooooAwte/5DPhf/sJv/wCkdzW7WFr3/IZ8L/8AYTf/ANI7mt2m9kJBRRRSGFFFFABRRRQAUVXa+tEYq11ArA4IMgBBpP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jRYCzRVb+0LL/AJ/Lf/v6P8aP7Qsv+fy3/wC/o/xosBZoqt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NFgLNFVv7Qsv+fy3/AO/o/wAaP7Qsv+fy3/7+j/GiwFmiq39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NFgLNFVv7Qsv+fy3/wC/o/xo/tCy/wCfy3/7+j/GiwFmiq39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f40WAs0VW/tCy/5/Lf/v6P8aP7Qsv+fy3/AO/o/wAaLAWaKrf2hZf8/lv/AN/R/jR/aFl/z+W//f0f40WAs0VW/tCy/wCfy3/7+j/Gj+0LL/n8t/8Av6P8aLAWaKrf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jRYCzRVb+0LL/n8t/wDv6P8AGj+0LL/n8t/+/o/xosBZoqt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jRYCzRVb+0LL/n8t/8Av6P8aP7Qsv8An8t/+/o/xosBZoqt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NFgLNFVv7Qsv+fy3/7+j/Gj+0LL/n8t/wDv6P8AGiwFmiq39oWX/P5b/wDf0f40f2hZf8/lv/39H+NFgLNFVv7Qsv8An8t/+/o/xo/tCy/5/Lf/AL+j/GiwFmiq39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f40WAs0VW/tCy/5/Lf8A7+j/ABo/tCy/5/Lf/v6P8aLAWaKrf2hZf8/lv/39H+NH9oWX/P5b/wDf0f40WAs0VW/tCy/5/Lf/AL+j/Gj+0LL/AJ/Lf/v6P8aLAWaKrf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jRYCzRVb+0LL/n8t/+/o/xo/tCy/5/Lf8A7+j/ABosBZoqt/aFl/z+W/8A39H+NWFZXUMpDKRkEHIIoAWiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAK7XEqsQLOdgDjIKYP8A49SfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVR9pl/58bj/vqP/wCKqzRQBW+0y/8APjcf99R//FUfaZf+fG4/76j/APiqs0UAVvtMv/Pjcf8AfUf/AMVVhSWUEqVJGcHqKWigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRVdkuyx2zwBc8AwkkD/vqk2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4ujZe/8APxb/APfg/wDxdAFmiq2y9/5+Lf8A78H/AOLo2Xv/AD8W/wD34P8A8XQBZoqtsvf+fi3/AO/B/wDi6Nl7/wA/Fv8A9+D/APF0AWaKrbL3/n4t/wDvwf8A4urC7go3EFsckDAJoAWiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAK7WcTMWLT5JzxO4H5ZpPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FVZoouBW+wxf37j/wIk/8AiqPsMX9+4/8AAiT/AOKqzRRcCt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVWaKLgVvsMX9+4/8CJP/iqPsMX9+4/8CJP/AIqrNFFwK32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVVmii4Fb7DF/fuP8AwIk/+Ko+wxf37j/wIk/+KqzRRcCt9hi/v3H/AIESf/FUfYYv79x/4ESf/FVZoouBW+wxf37j/wACJP8A4qj7DF/fuP8AwIk/+KqzRRcCt9hi/v3H/gRJ/wDFUfYYv79x/wCBEn/xVWaKLgVvsMX9+4/8CJP/AIqj7DF/fuP/AAIk/wDiqs0UXArfYYv79x/4ESf/ABVH2GL+/cf+BEn/AMVVmii4Fb7DF/fuP/AiT/4qj7DF/fuP/AiT/wCKqzRRcCt9hi/v3H/gRJ/8VR9hi/v3H/gRJ/8AFVZoouBW+wxf37j/AMCJP/iqPsMX9+4/8CJP/iqs0UXArfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVWaKLgVvsMX9+4/8AAiT/AOKo+wxf37j/AMCJP/iqs0UXArfYYv79x/4ESf8AxVH2GL+/cf8AgRJ/8VVmii4Fb7DF/fuP/AiT/wCKo+wxf37j/wACJP8A4qrNFFwK32GL+/cf+BEn/wAVR9hi/v3H/gRJ/wDFVZoouBW+wxf37j/wIk/+Ko+wxf37j/wIk/8Aiqs0UXArfYYv79x/4ESf/FUfYYv79x/4ESf/ABVWaKLgVvsMX9+4/wDAiT/4qj7DF/fuP/AiT/4qrNFFwK32GL+/cf8AgRJ/8VR9hi/v3H/gRJ/8VVmii4Fb7DF/fuP/AAIk/wDiqPsMX9+4/wDAiT/4qrNFFwK32GL+/cf+BEn/AMVVhVCqFGcAY5OT+dLRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKAK7X1ojFWuoFYHBBkAINJ/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NH9oWX/AD+W/wD39H+NWaKAK39oWX/P5b/9/R/jR/aFl/z+W/8A39H+NWaKAK39oWX/AD+W/wD39H+NH9oWX/P5b/8Af0f41ZooArf2hZf8/lv/AN/R/jR/aFl/z+W//f0f41ZooArf2hZf8/lv/wB/R/jR/aFl/wA/lv8A9/R/jVmigCt/aFl/z+W//f0f40f2hZf8/lv/AN/R/jVmigCt/aFl/wA/lv8A9/R/jR/aFl/z+W//AH9H+NWaKAK39oWX/P5b/wDf0f40f2hZf8/lv/39H+NWaKAK39oWX/P5b/8Af0f40f2hZf8AP5b/APf0f41ZooArf2hZf8/lv/39H+NH9oWX/P5b/wDf0f41ZooArf2hZf8AP5b/APf0f40f2hZf8/lv/wB/R/jVmigCt/aFl/z+W/8A39H+NH9oWX/P5b/9/R/jVmigCt/aFl/z+W//AH9H+NWFZXUMpDKRkEHIIpaKACiiigDC17/kM+F/+wm//pHc1u1ha9/yGfC//YTf/wBI7mt2m9kJBRRRSGFFFFABRRRQAUVXa4lViBZzsAcZBTB/8epPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qj7TL/z43H/AH1H/wDFUAWaKrfaZf8AnxuP++o//iqPtMv/AD43H/fUf/xVAFmiq32mX/nxuP8AvqP/AOKo+0y/8+Nx/wB9R/8AxVAFmiq32mX/AJ8bj/vqP/4qj7TL/wA+Nx/31H/8VQBZoqt9pl/58bj/AL6j/wDiqPtMv/Pjcf8AfUf/AMVQBZoqt9pl/wCfG4/76j/+Ko+0y/8APjcf99R//FUAWaKrfaZf+fG4/wC+o/8A4qrCksoJUqSM4PUUALRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQBXZLssds8AXPAMJJA/76pNl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6Nl7/z8W/8A34P/AMXVmigCtsvf+fi3/wC/B/8Ai6sLuCjcQWxyQMAmlooAKKKKAMLXv+Qz4X/7Cb/+kdzW7WFr3/IZ8L/9hN//AEjua3ab2QkFFFFIYUUUUAFFFFABRVdrOJmLFp8k54ncD8s0n2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVH2GL+/cf+BEn/xVAFmiq32GL+/cf+BEn/xVH2GL+/cf+BEn/wAVQBZoqt9hi/v3H/gRJ/8AFUfYYv79x/4ESf8AxVAFmiq32GL+/cf+BEn/AMVR9hi/v3H/AIESf/FUAWaKrfYYv79x/wCBEn/xVWFUKoUZwBjk5P50ALRRRQBha9/yGfC//YTf/wBI7mt2sLXv+Qz4X/7Cb/8ApHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC17/AJDPhf8A7Cb/APpHc1u1ha9/yGfC/wD2E3/9I7mt2m9kJBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYWvf8hnwv/wBhN/8A0jua3awte/5DPhf/ALCb/wDpHc1u03shIKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACuV1f4jeF9FmaCfUllnXho7dTIQfQkcA+xNcF8VvHtwbyXw5pcxjijG28lQ8uSP9WD2A7+p47HPkderhsu54qdR7nnYjHckuWCPoL/hcnhX/p+/78D/ABo/4XJ4V/6fv+/A/wAa+faK6v7NoeZz/X6vkfQX/C5PCv8A0/f9+B/jR/wuTwr/ANP3/fgf418+0Uf2bQ8w+v1fI+gv+FyeFf8Ap+/78D/GnL8YvCjMAWvVB7mDgfka+e6KP7NoeYfX6vkfV2i+JdG8Qxs+lahFcbeWQZV1+qnBA98Vq18h2V7c6deRXdnO8FxE25JEOCpr6Q+H/jBfF2hGWYKl/bER3KL0J7OB2B5/EGvPxeBdFc0XdHbhsWqr5ZaM6yiiiuA7AooooAKKKKACiiigAooooAwte/5DPhf/ALCb/wDpHc1u1ha9/wAhnwv/ANhN/wD0jua3ab2QkFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFMmkEMMkrdEUsfwFPpGAZSp6EYNAHyFc3Et5dzXU7b5pnaR2Pdick/maiq/relzaJrd5ps4Ie2lZMn+Idj+IwfxqhX10Wmk1sfNNNOzCiiimIKKKKACiiigArvPhPrKaR4rl877Q0M9syMkFvJMxIIIO1ATxg847muDr1H4J6TLNr95qpUiC3g8oNjq7EcfgAfzFc2MaVCVzfDJutGx6r/wlum/8+2s/+CW8/wDjVH/CW6b/AM+2s/8AglvP/jVbtFfNaHvamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGphf8ACW6b/wA+2s/+CW8/+NUf8Jbpv/PtrP8A4Jbz/wCNVu0UaBqYX/CW6b/z7az/AOCW8/8AjVH/AAlum/8APtrP/glvP/jVbtFGgamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGpyl1qsOsa74eSztdT/cXzzSvPptxCiJ9mnXJaRFH3mUde9dXRRQ2CCiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDgPiL8PF8UxjUdOKRarEu0huFnUdAT2I7H8D2I8H1LSr/R7trXUbSa2mU/dkXGfcHuPccV9b1ieKv+QJJ9f6GvRwuOnTtBq6OLEYSM7zWjPleivRKK9b6x5Hmex8zzuivRKKPrHkHsfM87or0StDQ/+Qzb/U/yNJ4iyvYaoXdrnH+GfA+teKLhBa2zxWhI33cqkRqPb+8fYfpX0V4d8P2XhnRYdNsV+RPmdz96Rz1Y+5/lgdq04/8AVr9BTq8TE4udfR6LsetQw0aOq1YUUUVyHSFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQB//Z)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Registered |
| Company name | Country | Ownership | office |
| United Commonwealth Holdings S.à.r.l. | Luxembourg | 100.00% | LX1 |
| United CP Holdings S.à.r.l. | Luxembourg | 100.00% | LX1 |
| United News Distribution S.à.r.l. | Luxembourg | 100.00% | LX1 |
| United Professional Media S.à.r.l. | Luxembourg | 100.00% | LX1 |
| UNM Holdings S.à.r.l. | Luxembourg | 100.00% | LX1 |
| Vavasseur International Holdings S.à.r.l. | Luxembourg | 100.00% | LX1 |
| AMB Tarsus Exhibitions Sdn Bhd | Malaysia | 100.00% | MA2 |
| Informa Markets Malaysia Sdn Bhd | Malaysia | 100.00% | MA1 |
| Malaysian Exhibition Services Sdn Bhd | Malaysia | 100.00% | MA1 |
| UBM Tech Research Malaysia Sdn Bhd | Malaysia | 58.29% | MA1 |
| UBMMG Holdings Sdn Bhd | Malaysia | 100.00% | MA1 |
| Tarsus Services, S. de R.L. de C.V. | Mexico | 100.00% | MX1 |
| UBM Mexico Exposiciones, S.A.P.I. | Mexico | 100.00% | MX1 |
| Informa Monaco SAM | Monaco | 100.00% | MC1 |
| Monaco Yacht Show SAM | Monaco | 90.00% | MC1 |
| Myanmar Trade Fair Management Company Limited | Myanmar | 100.00% | MY1 |
| IIR South Africa B.V. | Netherlands | 100.00% | NL1 |
| Informa Europe B.V. | Netherlands | 100.00% | NL1 |
| Informa Finance B.V. | Netherlands | 100.00% | NL1 |
| Informa Markets B.V. | Netherlands | 100.00% | NL1 |
| UBM Asia B.V. | Netherlands | 100.00% | NL2 |
| Dove Medical Press (NZ) Limited | New Zealand | 100.00% | NZ1 |
| Informa Healthcare A.S. | Norway | 100.00% | NO1 |
| Colwiz Pakistan Private Limited | Pakistan | 99.98% | PK1 |
| AMB Tarsus Exhibitions (Philippines) Corporation | Philippines | 100.00% | PH2 |
| PEP Tarsus Corporation | Philippines | 51.00% | PH3 |
| UBM Exhibitions Philippines Inc | Philippines | 100.00% | PH1 |
| Informa and Tharawat Limited  2 | Qatar | 49.00% | QA1 |
| Informa Markets BN Co Ltd | Republic of Korea | 60.00% | RK1 |
| Informa Markets KOAMI Co. Ltd | Republic of Korea | 60.00% | RK3 |
| Informa Markets Korea Corporation | Republic of Korea | 100.00% | RK1 |
| Informa Tech Korea Co., Ltd | Republic of Korea | 58.29% | RK2 |
| Tahaluf Events Limited | Saudi Arabia | 51.00% | KSA1 |
| Ascential (Singapore) Pte Limited | Singapore | 100.00% | SG3 |
| Canalys Pte. Ltd | Singapore | 58.29% | SG4 |
| IBC Asia (S) Pte Ltd | Singapore | 100.00% | SG1 |
| Informa Exhibitions Pte Limited | Singapore | 100.00% | SG1 |
| Informa Global Markets (Singapore) Pte Limited | Singapore | 100.00% | SG1 |
| Sea Asia Singapore Pte Limited | Singapore | 90.00% | SG2 |
| Singapore Exhibition Services (Pte) Limited | Singapore | 100.00% | SG2 |
| Tarsus (Singapore) Pte Ltd | Singapore | 100.00% | SG2 |
| Tarsus Asia Exhibitions Pte. Ltd | Singapore | 100.00% | SG2 |
| Taylor & Francis (S) Pte Ltd | Singapore | 100.00% | SG1 |
| TechTarget (Singapore) Pte. Limited | Singapore | 58.29% | SG5 |
| Marketworks Datamonitor (Pty) Ltd | South Africa | 58.29% | SA1 |
| Institute for International Research Espana S.L. | Spain | 100.00% | SP1 |
| Co-Action Publishing AB | Sweden | 100.00% | SE1 |
| Taylor & Francis AB | Sweden | 100.00% | SE1 |
| Informa IP GmbH | Switzerland | 100.00% | SW1 |
| Informa Tech Taiwan Limited | Taiwan | 58.29% | TA1 |
| Ascential (Thailand) Co., Ltd. | Thailand | 100.00% | TH2 |
| Ascential Holding (Thailand) Co., Ltd. | Thailand | 100.00% | TH2 |
| Bangkok Exhibition Services Ltd | Thailand | 100.00% | TH1 |
| UBM Asia (Thailand) Co. Ltd  2 | Thailand | 49.00% | TH1 |
| Informa Fuarcılık Anonim Şirketi | Turkey | 100.00% | TU1 |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

213

![](data:image/jpeg;base64,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)

|  |  |  |  |  |
| --- | --- | --- | --- | --- |
|  |  |  |  | Registered |
| Company name |  | Country | Ownership | office |
| Sada Uzmanlik Fuarlari Anonim Şirketi |  | Turkey | 60.00% | TU2 |
| ABI Building Data Limited |  | UK | 100.00% | UK1 |
| Afterhurst Limited |  | UK | 100.00% | UK1 |
| Ascential America Holdings Limited |  | UK | 100.00% | UK2 |
| Ascential Dormant Limited  1 |  | UK | 100.00% | UK2 |
| Ascential Events (Europe) Limited |  | UK | 100.00% | UK2 |
| Ascential Financing Limited |  | UK | 100.00% | UK2 |
| Ascential Group Limited |  | UK | 100.00% | UK2 |
| Ascential Information Services Limited  1 |  | UK | 100.00% | UK2 |
| Ascential Limited |  | UK | 100.00% | UK2 |
| Ascential Operations Limited  1 |  | UK | 100.00% | UK2 |
| Ascential P&P Limited |  | UK | 100.00% | UK2 |
| Ascential Radio Financing Limited |  | UK | 100.00% | UK2 |
| Ascential UK Holdings Limited |  | UK | 100.00% | UK2 |
| Blessmyth Limited |  | UK | 100.00% | UK1 |
| Boat International Business Limited |  | UK | 100.00% | UK1 |
| Boat International Group Limited |  | UK | 100.00% | UK1 |
| Boat International Media Limited |  | UK | 100.00% | UK1 |
| Bridge Event Technologies Limited |  | UK | 100.00% | UK1 |
| BrightTALK Limited |  | UK | 58.29% | UK3 |
| Canalys.com Ltd |  | UK | 58.29% | UK1 |
| Canrak Books Limited |  | UK | 100.00% | UK1 |
| CapRegen BioSciences Limited  1 |  | UK | 100.00% | UK1 |
| CapRegen Limited |  | UK | 100.00% | UK1 |
| CapRegen Magnum Limited |  | UK | 100.00% | UK1 |
| CapRegen Natural BioSciences Limited |  | UK | 100.00% | UK1 |
| CapRegen Nutraceuticals Limited |  | UK | 100.00% | UK1 |
| Colonygrove Limited |  | UK | 100.00% | UK1 |
| Colwiz UK Limited |  | UK | 100.00% | UK1 |
| Contagious Communications Limited |  | UK | 100.00% | UK2 |
| Crosswall Nominees Limited |  | UK | 100.00% | UK1 |
| Design Junction Limited |  | UK | 100.00% | UK1 |
| DIVX Express Limited |  | UK | 100.00% | UK1 |
| Dove Medical Press Limited |  | UK | 100.00% | UK1 |
| Expert Publishing Medicine Ltd |  | UK | 100.00% | UK1 |
| Expert Publishing Science Ltd |  | UK | 100.00% | UK1 |
| F1000 | Research Limited | UK | 100.00% | UK1 |
| Fairs & Exhibitions (1992) Limited |  | UK | 100.00% | UK1 |
| Fairs And Exhibitions Limited |  | UK | 100.00% | UK1 |
| Futurum Media Limited |  | UK | 100.00% | UK1 |
| GNC Media Investments Limited |  | UK | 100.00% | UK1 |
| Green Thinking (Services) Limited |  | UK | 100.00% | UK1 |
| Hirecorp Limited |  | UK | 100.00% | UK1 |
| Hudson MX Limited |  | UK | 89.70% | UK2 |
| IBC (Ten) Limited |  | UK | 100.00% | UK1 |
| IBC (Twelve) Limited |  | UK | 100.00% | UK1 |
| IIR (U.K. Holdings) Limited |  | UK | 100.00% | UK1 |
| IIR Management Limited |  | UK | 100.00% | UK1 |
| Industry Dive, Ltd |  | UK | 58.29% | UK1 |
| Informa Connect Holdings Limited |  | UK | 100.00% | UK1 |
| Informa Connect Limited |  | UK | 100.00% | UK1 |
| Informa Cosec Limited |  | UK | 100.00% | UK1 |
| Informa Exhibitions Limited |  | UK | 100.00% | UK1 |
| Informa Final Salary Pension Trustee Company Limited |  | UK | 100.00% | UK1 |
| Informa Finance Australia Limited |  | UK | 100.00% | UK1 |

41.  Subsidiaries continued

Informa Annual Report and Accounts 2024

214

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Registered |
| Company name | Country | Ownership | office |
| Informa Finance Brazil Limited | UK | 100.00% | UK1 |
| Informa Finance Egypt Limited | UK | 100.00% | UK1 |
| Informa Finance Mexico Limited | UK | 100.00% | UK1 |
| Informa Finance USA Limited | UK | 100.00% | UK1 |
| Informa Global Markets (Europe) Limited | UK | 100.00% | UK1 |
| Informa Group Holdings Limited | UK | 100.00% | UK1 |
| Informa Group Limited | UK | 100.00% | UK1 |
| Informa Holdings Limited | UK | 100.00% | UK1 |
| Informa Investment Plan Trustees Limited | UK | 100.00% | UK1 |
| Informa Investments Limited | UK | 100.00% | UK1 |
| Informa Manufacturing Europe Holdings Limited | UK | 100.00% | UK1 |
| Informa Manufacturing Europe Limited | UK | 100.00% | UK1 |
| Informa Markets (Europe) Limited | UK | 100.00% | UK1 |
| Informa Markets (Maritime) Limited | UK | 100.00% | UK1 |
| Informa Markets (UK) Limited | UK | 100.00% | UK1 |
| Informa Markets Limited | UK | 100.00% | UK1 |
| Informa Overseas Investments Limited | UK | 100.00% | UK1 |
| Informa Property (Colchester) Limited | UK | 100.00% | UK1 |
| Informa Services Limited | UK | 100.00% | UK1 |
| Informa Six Limited | UK | 100.00% | UK1 |
| Informa Tech Founders Limited | UK | 55.00% | UK1 |
| Informa Tech Holdings Limited | UK | 58.29% | UK1 |
| Informa Tech Research Limited | UK | 58.29% | UK1 |
| Informa Telecoms & Media Limited | UK | 58.29% | UK1 |
| Informa Three Limited | UK | 100.00% | UK1 |
| Informa UK Limited | UK | 100.00% | UK1 |
| Informa United Finance Limited | UK | 100.00% | UK1 |
| Informa US Holdings Limited | UK | 100.00% | UK1 |
| ITF2 Limited | UK | 55.00% | UK1 |
| Light Reading UK Limited | UK | 100.00% | UK1 |
| London On-Water Ltd | UK | 100.00% | UK1 |
| LSX Limited | UK | 100.00% | UK1 |
| MAI Luxembourg UK Societas | UK | 100.00% | UK1 |
| Miller Freeman Worldwide Limited | UK | 100.00% | UK1 |
| MRO Exhibitions Limited | UK | 100.00% | UK1 |
| MRO Publications Limited | UK | 100.00% | UK1 |
| Newlands Press Limited | UK | 100.00% | UK1 |
| Oes Exhibitions Limited | UK | 100.00% | UK1 |
| PeerJ Limited | UK | 100.00% | UK1 |
| Penton Communications Europe Limited | UK | 100.00% | UK1 |
| PNO Exhibition Investment (Dubai) Limited | UK | 100.00% | UK1 |
| Rembrandt Technology Limited  1 | UK | 100.00% | UK2 |
| Roamingtarget Limited | UK | 100.00% | UK1 |
| Routledge Books Limited | UK | 100.00% | UK1 |
| Siberia Europe Limited  1 | UK | 100.00% | UK2 |
| Smarter Shows (No 2) Limited  1 | UK | 100.00% | UK4 |
| Smarter Shows (Tarsus) Limited | UK | 100.00% | UK4 |
| Solar Media Limited | UK | 100.00% | UK1 |
| Steel River Media Limited | UK | 100.00% | UK2 |
| Superyacht Media Limited | UK | 100.00% | UK1 |
| Tarsus AM Shows Ltd | UK | 100.00% | UK1 |
| Tarsus America Limited | UK | 100.00% | UK1 |
| Tarsus Atlantic Limited | UK | 100.00% | UK1 |
| Tarsus Cedar Limited | UK | 100.00% | UK1 |
| Tarsus China Limited | UK | 100.00% | UK1 |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

215

![](data:image/jpeg;base64,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)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Registered |
| Company name | Country | Ownership | office |
| Tarsus Exhibitions & Publishing Limited | UK | 100.00% | UK1 |
| Tarsus Group Limited | UK | 100.00% | UK1 |
| Tarsus Holdings Limited | UK | 100.00% | UK1 |
| Tarsus Investments Limited | UK | 100.00% | UK1 |
| Tarsus Leeward Limited | UK | 100.00% | UK1 |
| Tarsus Luzhniki Limited | UK | 100.00% | UK1 |
| Tarsus Martex | UK | 100.00% | UK1 |
| Tarsus Medical Limited | UK | 100.00% | UK1 |
| Tarsus New Media Limited | UK | 100.00% | UK1 |
| Tarsus Organex Limited  1 | UK | 100.00% | UK1 |
| Tarsus Overseas Limited | UK | 100.00% | UK1 |
| Tarsus Publishing Limited  1 | UK | 100.00% | UK1 |
| Tarsus Touchstone Limited  1 | UK | 100.00% | UK1 |
| Tarsus UK Holdings Limited | UK | 100.00% | UK1 |
| Tarsus US Limited | UK | 100.00% | UK1 |
| Tarsus Windward Limited | UK | 100.00% | UK1 |
| Taylor & Francis Books Limited | UK | 100.00% | UK1 |
| Taylor & Francis Group Limited | UK | 100.00% | UK1 |
| Taylor & Francis Limited | UK | 100.00% | UK1 |
| Taylor & Francis Publishing Services Limited | UK | 100.00% | UK1 |
| TechTarget Limited | UK | 58.29% | UK6 |
| The W.R.Kern Organisation Limited | UK | 100.00% | UK1 |
| Tiger Acquisitions Holding Limited | UK | 100.00% | UK1 |
| Tiger Acquisitions Intermediate Holding Limited | UK | 100.00% | UK1 |
| Tiger Acquisitions UK Limited | UK | 100.00% | UK1 |
| Times Aerospace Publishing Holdings Limited | UK | 100.00% | UK5 |
| Times Aerospace Publishing Limited | UK | 100.00% | UK5 |
| TU-Automotive Holdings Limited | UK | 100.00% | UK1 |
| TU-Automotive Limited | UK | 100.00% | UK1 |
| Turtle Diary Limited | UK | 100.00% | UK1 |
| UBM (GP) No1 Limited | UK | 100.00% | UK1 |
| UBM International Holdings UK Societas | UK | 100.00% | UK1 |
| UBM Property Services Limited | UK | 100.00% | UK1 |
| UBM Shared Services Limited | UK | 100.00% | UK1 |
| UBM Trustees Limited | UK | 100.00% | UK1 |
| UBMG Holdings | UK | 100.00% | UK1 |
| UBMG Services Limited | UK | 100.00% | UK1 |
| United Consumer Media UK Societas | UK | 100.00% | UK1 |
| United Executive Trustees Limited | UK | 100.00% | UK1 |
| United Newspapers Publications Limited | UK | 100.00% | UK1 |
| United Trustees Limited | UK | 100.00% | UK1 |
| UNM Investments Limited | UK | 100.00% | UK1 |
| Vavasseur Overseas Holdings Limited  1 | UK | 100.00% | UK1 |
| Informa FZE | United Arab Emirates | 100.00% | UAE2 |
| Informa Middle East Media FZ LLC | United Arab Emirates | 100.00% | UAE1 |
| Advanstar Communications, Inc. | USA | 100.00% | US3 |
| Boat International Media, Inc. | USA | 100.00% | US4 |
| Brainweek, LLC | USA | 100.00% | US1 |
| BrightTALK, Inc. | USA | 58.29% | US1 |
| Canalys.com, Inc. | USA | 58.29% | US1 |
| CapRegen Nurtaceuticals Inc. | USA | 100.00% | US5 |
| Caroo Development Inc. | USA | 100.00% | US1 |
| Caroo USA Inc. | USA | 100.00% | US1 |
| CMP Child Care Center, Inc | USA | 100.00% | US17 |
| Connect Biz, LLC | USA | 100.00% | US1 |

41.  Subsidiaries continued

Informa Annual Report and Accounts 2024

216

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Registered |
| Company name | Country | Ownership | office |
| Connect Travel, LLC | USA | 100.00% | US1 |
| DMS Group, LLC | USA | 100.00% | US6 |
| Farm Progress Limited | USA | 100.00% | US1 |
| Fort Lauderdale Convention Services, Inc. | USA | 90.00% | US4 |
| Foundermade LLC  3 | USA | 65.00% | US2 |
| GKT Events LLC | USA | 75.00% | US7 |
| Global Media Payments, Inc | USA | 89.70% | US9 |
| Health Connect Partners Inc. | USA | 60.00% | US10 |
| Hudson MX Holdings, Inc. | USA | 89.70% | US1 |
| Hudson MX, Inc. | USA | 89.70% | US1 |
| Industry Dive, Inc. | USA | 58.29% | US1 |
| Informa Business Intelligence LLC | USA | 100.00% | US5 |
| Informa Business Media Holdings LLC | USA | 100.00% | US1 |
| Informa Business Media LLC | USA | 100.00% | US1 |
| Informa Connect USA LLC | USA | 100.00% | US1 |
| Informa Data Sources, Inc. | USA | 100.00% | US1 |
| Informa Exhibitions Holding Corp. | USA | 100.00% | US1 |
| Informa Exhibitions U.S. Construction & Real Estate, Inc. | USA | 100.00% | US1 |
| Informa Exhibitions, LLC | USA | 100.00% | US1 |
| Informa Global Sales, Inc. | USA | 100.00% | US1 |
| Informa Global Shared Services LLC | USA | 100.00% | US1 |
| Informa Ibis GP, LLC | USA | 100.00% | US1 |
| Informa Intrepid Holdings Inc. | USA | 58.29% | US1 |
| Informa Life Sciences Exhibitions, Inc. | USA | 100.00% | US1 |
| Informa Marine Holdings, Inc. | USA | 90.00% | US1 |
| Informa Markets Art, LLC | USA | 90.00% | US1 |
| Informa Markets Fashion (East) LLC | USA | 100.00% | US1 |
| Informa Markets France, Inc. | USA | 100.00% | US1 |
| Informa Markets Holdings LLC | USA | 100.00% | US1 |
| Informa Markets Investments LLC | USA | 100.00% | US1 |
| Informa Markets Manufacturing LLC | USA | 100.00% | US1 |
| Informa Markets Medica LLC | USA | 100.00% | US1 |
| Informa Media LLC | USA | 100.00% | US1 |
| Informa Operating Holdings LLC | USA | 100.00% | US1 |
| Informa Princeton LLC | USA | 100.00% | US3 |
| Informa Support Services, Inc. | USA | 100.00% | US1 |
| Informa Tech Holdings LLC | USA | 100.00% | US1 |
| Informa Tech LLC | USA | 58.29% | US1 |
| Informa Tech MMS (US) LLC | USA | 58.29% | US8 |
| Informa Tech MMS LLC | USA | 58.29% | US1 |
| Informa US Beauty Holdings LLC | USA | 100.00% | US1 |
| Informa USA, Inc. | USA | 100.00% | US5 |
| Internet World Media, Inc. | USA | 100.00% | US1 |
| LOE Holdings, LLC | USA | 100.00% | US1 |
| Ludgate USA LLC | USA | 100.00% | US1 |
| MCI OPCO, LLC | USA | 100.00% | US1 |
| Medical Conferences International, Inc. | USA | 100.00% | US11 |
| Metabolic Medical Institute, Inc. | USA | 100.00% | US7 |
| Money2020 LLC | USA | 100.00% | US1 |
| Montana Street Consultants, Inc. | USA | 100.00% | US1 |
| Natural Biosciences Inc. | USA | 100.00% | US1 |
| Netline Corporation | USA | 58.29% | US12 |
| Off-Price Specialists Center | USA | 100.00% | US13 |
| PeerJ, Inc. | USA | 100.00% | US1 |
| Piattaforma LLC | USA | 60.00% | US1 |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

217

![](data:image/jpeg;base64,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)

|  |  |  |  |
| --- | --- | --- | --- |
|  |  |  | Registered |
| Company name | Country | Ownership | office |
| Roast LLC | USA | 100.00% | US1 |
| Scuba Holdings, Inc. | USA | 58.29% | US1 |
| Southern Convention Services. Inc. | USA | 90.00% | US4 |
| Spectrum ABM Corp. | USA | 100.00% | US1 |
| Tarsus Advon Holdings, Inc. | USA | 100.00% | US7 |
| Tarsus Atlantic Holdings LLC | USA | 100.00% | US1 |
| Tarsus Bodysite LLC | USA | 60.00% | US1 |
| Tarsus Cardio, Inc. | USA | 100.00% | US7 |
| Tarsus Connect, LLC | USA | 100.00% | US1 |
| Tarsus Direct LLC | USA | 100.00% | US7 |
| Tarsus Events, LLC | USA | 100.00% | US1 |
| Tarsus Exhibitions, LLC | USA | 100.00% | US1 |
| Tarsus Expositions, Inc. | USA | 100.00% | US14 |
| Tarsus GEP, Inc. | USA | 100.00% | US1 |
| Tarsus Map LLC | USA | 70.00% | US1 |
| Tarsus Medical Education LLC | USA | 100.00% | US7 |
| Tarsus Mexico Events, LLC | USA | 100.00% | US1 |
| Tarsus Partners, L.P. | USA | 100.00% | US1 |
| Tarsus Publishing, Inc. | USA | 100.00% | US15 |
| Tarsus US Holdings Incorporated | USA | 100.00% | US1 |
| Taylor & Francis Group, LLC | USA | 100.00% | US1 |
| Technomic, Inc. | USA | 100.00% | US1 |
| TechTarget Holdings, Inc. | USA | 58.29% | US2 |
| TechTarget Securities Corporation | USA | 58.29% | US16 |
| TechTarget, Inc. | USA | 58.29% | US2 |
| Trade Show News Network, Inc. | USA | 100.00% | US1 |
| UBM Community Connection Foundation | USA | 100.00% | US18 |
| UBM Delaware LLC | USA | 100.00% | US1 |
| UBM Finance, Inc. | USA | 100.00% | US1 |
| UBM UK LLC | USA | 100.00% | US1 |
| USA Beauty LLC  2 | USA | 45.00% | US1 |
| WARC LLC | USA | 100.00% | US1 |
| Winsight, LLC | USA | 100.00% | US1 |
| Yachting Promotions, Inc. | USA | 90.00% | US4 |
| Tarsus Advon Holdings, Inc. | USA | 100.00% | US7 |
| Tarsus Atlantic Holdings LLC | USA | 100.00% | US1 |
| Tarsus Bodysite LLC | USA | 60.00% | US1 |
| Tarsus Cardio, Inc. | USA | 100.00% | US7 |
| Tarsus Connect, LLC | USA | 100.00% | US1 |
| Tarsus Direct LLC | USA | 100.00% | US7 |
| Tarsus Events, LLC | USA | 100.00% | US1 |
| Tarsus Exhibitions, LLC | USA | 100.00% | US1 |
| Tarsus Expositions, Inc. | USA | 100.00% | US14 |
| Tarsus GEP, Inc. | USA | 100.00% | US1 |
| Global Exhibition and Conference Joint Stock Company | Vietnam | 69.97% | VE2 |
| SES Vietnam Exhibition Services Company Limited | Vietnam | 100.00% | VE1 |

1  A strike-off application has been filed for this entity since the year end date

2  This entity is included here as a subsidiary and in the Consolidated Financial Statements due to the circumstances of its ownership and

management, in line with the requirements of IFRS 10

3  The Group acquired the remaining 35% stake in Foundermade LLC on 28 February 2025

41.  Subsidiaries continued

Informa Annual Report and Accounts 2024

218

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

Company registered office addresses

|  |  |  |  |
| --- | --- | --- | --- |
| Registered |  |  |  |
| office | Registered office address |  |  |
| AU1 | c/o LBW & Partners, Level 3, 845 Pacific Highway, Chatswood, NSW 2067, Australia |  |  |
| AU2 | Level 4, 24 York Street, Sydney, NSW 2000, Australia |  |  |
| AU3 | 420 | Elizabeth Street, Level 1, Surry Hills, Sydney, NSW 2010, Australia |  |
| BA1 | Suite 4001-4002, 40th Floor, The United Tower, Building 316, Road 4609, Block No. 346, Manama/Sea Front, Bahrain | |  |
| BM1 | Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, HM10, Bermuda | |  |
| BR1 | Avenida Doutora Ruth Cardoso, 7221, 22 /C2301/B.A, Pinheiros, Sao Paulo – SP, CEP 05425-902, Brazil | |  |
| CA1 | c/o McMillan LLP, 1500 Royal Centre, 1055 W. Georgia Street, Vancouver, BC V6E 4N7, Canada | |  |
| CA2 | 12th Floor, 20 Eglinton Avenue West, Yonge Eglinton Centre, Toronto, ON M4R 1K8, Canada | |  |
| CB1 | Building #128, Office No. 103, 1st Floor, Russian Federation Bvld (110), Sangkat Toek Laak 1, Khan Tuol Kork, Phnom Penh, Cambodia | |  |
| CY1 | 2nd Floor, Sotiri Tofini 4, Agios Athanasios, Limassol, 4102, Cyprus | |  |
| DE1 | Kaufingerstraße 24, 80331 Munich, Germany | |  |
| DE2 | c/o RPI Roehm & Partner, Elsenheimerstr. 7, 80687 Munich, Germany | |  |
| EG1 | Building 12B03/B, First Floor, Cairo Festival City, New Cairo, Egypt | |  |
| FR1 | 37 avenue de Friedland, 75008, Paris, France | |  |
| FR2 | 5 Rue Marechal Joffre, 06400 Cannes, France | |  |
| FR3 | 35 Rue de la Bienfaisance, 75008 Paris, France | |  |
| FR4 | 29 rue du Colisee, 75008 Paris, France | |  |
| HK1 | Room 810, Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong | |  |
| HK2 | Room | 5705 | , 57/F The Center, 99 Queen’s Road, Central, Hong Kong |
| ID1 | Menara Jamsostek Utara, Lanatai 12 Unit 12-04, Jalan Jendral Gatot Subroto No. 38, Jakarta 12710, Indonesia | |  |
| ID2 | Intiland Tower, 19th Floor Jalan Jendral Sudirman No.32, Jakarta Pusat, 10220, Indonesia | |  |
| IM1 | First Names House, Victoria Road, Douglas, Isle of Man, IM2 4DF, Isle of Man | |  |
| IN1 | 5th Floor, B Wing, Unit Number 1 & 2, Times Square Building, Andheri Kurla Road, Marol, Mumbai, Maharashtra, 400059, India | |  |
| IN2 | 2nd & 3rd floor, The National Council of YMCAs of India, 1, Jai Singh Road, New Delhi, 110001, India | |  |
| IN3 | 1st Floor, Tower C, Global Technology Park, Bellandur, Outer Ring Road, Bengaluru 560 103, India | |  |
| IN4 | 58 Bowring Hospital Road, Shivaji Nagar Bangalore, Bangalore, Karnataka, 560051, India | |  |
| IN5 | 9 Mathura Road, Jangpura-B, New Delhi, 110014, India | |  |
| IR1 | 68 Merrion Square, Dublin 2, D02 W983, Ireland | |  |
| IR2 | 70 Sir John Rogerson's Quay, Dublin 2, Ireland | |  |
| JE1 | 22 Grenville Street, St Helier JE4 8PX, Jersey | |  |
| JE2 | 44 Esplanade, St Helier, JE4 9WG, Jersey | |  |
| JP1 | 21F, Otemachi Financial City North Tower, 1-9-5 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan | |  |
| JP2 |  | Kanda 91 Building, 1-8-3 Kajicho, Chiyoda-ku, Tokyo, 101-0044, Japan | |
| JP3 | 9th Floor, JHV Building 1-54-4, Kanda Jimbocho, Chiyoda-ku, Tokyo, 101-0051, Japan | |  |
| KSA1 | Office 109, 1st Floor, Aban Center, King Abdulaziz Road, AlGhadir District, Riyadh, 13311, Saudi Arabia | |  |
| LX1 | 21 – 25 Allee Scheffer, L-2520, Luxembourg | |  |
| MA1 | Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia | |  |
| MA2 | 41B Damai Complex, Jalan Datuk Haji Eusoff, Kuala Lumpur, Wilayah Persekutuan, Malaysia | |  |
| MC1 | Le Suffren, 7 rue Suffren-Reymond, Monaco, 98000, Monaco | |  |
| MX1 | Lago Alberto 319, 901-A, Colonia Granada, Delegación Miguel Hidalgo, Mexico City 11520, Mexico | |  |
| MY1 | No. 3/A, # 14-00 Junction City Tower, Bogyoke Aung San Road, Pabedan Township, Yangon Region, Myanmar | |  |
| NL1 | WTC, Tower Ten, 7th Floor, Strawinskylaan 763, Amsterdam 1077 XX, Netherlands | |  |
| NL2 | Coengebouw, Suite 8.04, Kabelweg 37, 1014 BA Amsterdam, Netherlands | |  |
| NO1 | c/o Advokat Merete Bardsen, Wahl-Larson Advokatfirma AS, Fridtjof Nansens plass 5, Oslo, 0160, Norway | |  |
| NZ1 |  | HPCA Limited, 1 ihumata Road, Milford, Auckland, 0620, New Zealand | |
| PH1 | Unit I-121, Ground Floor, One E-com Center Ocean Drive, Mall of Asia Complex, Pasay City, Philippines | |  |
| PH2 | 12F Times Plaza Bldg., United Nations Ave, Cor. Taft Avenue, Ermita, Manila 100, Philippines | |  |
| PH3 | 72-C Esteban Abada Loyola Heights, Quezon City, Metro Manila, Philippines | |  |
| PK1 | Office # M-12, Beaumont Plaza, Beaumont Road, Civil Lines, Karachi, Pakistan | |  |
| PRC1 | Unit 101, 1st Floor, Building 8, Yard 1, Gaolizhang Road, Haidian District, Beijing, China | |  |
| PRC2 | Room 501-7445, No.1566 West Yan’an Road, Changning District, Shanghai, China | |  |
| PRC3 | Floor 7/8, Urban Development International Tower, No. 355 Hong Qiao Road, Xu Hui District, Shanghai, 200030, China | |  |
| PRC4 | Room | 140 | 3, No. 996 East Xingang Road, Haizhu District, Guangzhou, China |
| PRC5 | Room | 28 | 07, No. 1022 East Xingang Road, Haizhu District, Guangzhou, China |
| PRC6 | Room | 2 | 072, 2nd Floor, 124 Building, No. 960 Zhong Xing Road, Jing'an District, Shanghai, China |

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

219

![](data:image/jpeg;base64,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)

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Registered |  |  |  |  |  |  |
| office | Registered office address |  |  |  |  |  |
| PRC7 | Room 537, No.857 of North Shixin Road, Xiaoshan District, Hangzhou, China |  |  |  |  |  |
| PRC8 | Room |  |  | 6 | 396, No. 650 Dingxi Road, Changning District, Shanghai, China |  |
| PRC9 | Room 302, No. 10, 308 Nong, Xu Min Road, Qing Pu District, Shanghai, China |  |  |  |  |  |
| PRC10 | Room 901, 902, 917a, Building A, Pacific Century Place, 2A, Worker’s Stadium North Road, Chaoyang District, Beijing 100020, China |  |  |  |  |  |
| PRC11 | West-South Area Fl. 3, No. 2123 Pudong Avenue, Free Trade Zone, Shanghai, China |  |  |  |  |  |
| PRC12 | China (Sichuan) Pilot Free Trade Zone, East Section of Ningbo Road, Zhengxing Street, Tianfu New District, Chengdu, China |  |  |  |  |  |
| PRC13 | Room 1159-1164, China Hotel Office Tower, Liu Hua Road, Guangzhou, China |  |  |  |  |  |
| PRC14 | Room 601, 6/F, BLK B, Galaxy International, No.169, North Huan Cheng Rd, Hangzhou, China |  |  |  |  |  |
| PRC15 | Room |  |  | 30 | 56, Building 8, No. 33 Guangshun Road, Shanghai, China |  |
| PRC16 | V3 East, Level 17 Daqing Building, Tian'an Shatou Street, Futian District, Shenzhen, China |  |  |  |  |  |
| PRC17 | Room 501-7, 1566 West Yan’an Road, Changning District, Shanghai, China |  |  |  |  |  |
| PRC18 | 1-3 10th Floor, Building 1, No. 19 Way 4, South People Road, Chengdu City, China |  |  |  |  |  |
| PRC19 | 6 & 7 10th Floor, Building 1, No. 19 Way 4, South People Road, Chengdu City, China |  |  |  |  |  |
| PRC20 | 8C-28E, Xinlikang Building, 3044 Xinghai Avenue, Nanshan Street, Qianhai Shenzhen-Hong Kong Cooperation Zone, |  |  |  |  |  |
|  | Shenzhen 518966, China |  |  |  |  |  |
| PRC21 | Room 1010, |  |  |  | 10F, No. 993 West Nanjing Road, Jingan District, Shanghai, China | |
| PRC22 | 8/F UDIT, 355 Hong Qiao Road, Shanghai 200030, China |  |  |  |  |  |
| PRC23 | Unit |  | 29 | 01, K11 Atelier, 300 Huai Hai Road Central, Huangpu District, Shanghai 200021, China | |  |
| PRC24 | Room 101-75, No.15 Jia, No. 152 Alley, Yanchang Road, Jing'an District, Shanghai, China |  |  |  |  |  |
| PRC25 | Room 608, Block A, No. 1 Building, No. 3000 Longdong Avenue, Pilot Free Trade Zone, Shanghai, China |  |  |  |  |  |
| PRC26 | Room 234, 2nd Floor, M-Zone, 1st Building, No 3398 Hu Qing Ping Road, Zhao Xiang Town, Qing Pu District, Shanghai, China |  |  |  |  |  |
| PRC27 | Room 607, East Block, Coastal Building, Haide 3rd Road, Nanshan District, Shenzhen, Guangdong 518054, China |  |  |  |  |  |
| PRC28 | Room |  | 1703 |  | , Block C, Tairan Building, Futian District, Shenzhen, China | |
| PRC29 | Room |  | 1303 |  | , Building 3, Zhongkang Road 128, Meilin Community, Meilin Street, Futian District, Shenzhen, China | |
| PRC30 | Room V1134, |  |  |  | 11F, No. 158 Shuanglian Road, Qingpu District, Shanghai, China | |
| PRC31 | 4AC-1229, Block A, NEO Lvjing Era Building, 6011 Shennan Avenue, Futian District, Shenzhen, China |  |  |  |  |  |
| PRC32 | Rm D326, No. 1 – 9 Clapping Hands Incubator, Tower A, Asia Trade Plaza, No. 628 Wuluo Road, Zhongnan Road Street, |  |  |  |  |  |
|  | Wuchang District, Wuhan City, Hubei Province, China |  |  |  |  |  |
| PRC33 |  |  | Room 101, |  | 852 | Kangning Road, Jingan District, Shanghai, China |
| PRC34 | Rm. | 210 | |  | 6, 60 Zi Jinshan Road, Cheng District, Zhengzhou, China | |
| PRC35 | 2F, Guzhen Convention & Exhibition Center, Zhongshan, Guangdong, China | |  |  |  |  |
| QA1 | Sports Accelerator – Aspire Zone, 1st Floor, Office F-14, Doha 358000, Qatar | |  |  |  |  |
| RK1 | 8F, Woodo Building, 214 Mangu-ro, Jungnang-gu, Seoul, 02121, Republic of Korea | |  |  |  |  |
| RK2 | S110 | 02, | 431 |  | Teheran-ro, Gangnam-gu, Seoul, Republic of Korea | |
| RK3 | 7F, Main Building, Machinery Center, 37, Eunhaeng-ro, Yeongdeungpo-gu, Seoul 07238, Republic of Korea | |  |  |  |  |
| SA1 | Broadacres Business Centre, Corner Cedar, 3rd Avenue Broadacres, Sandton Gauteng, Johannesburg, 2021, South Africa | |  |  |  |  |
| SE1 | Box | 32 |  |  | 55, 103 | 65, Stockholm, Sweden |
| SG1 | 230 | Victoria Street, #04-06 Bugis Junction Towers, 188024 Singapore |  |  |  |  |
| SG2 | 63 Robinson Road, #06-02 Afro-Asia, 068894 Singapore |  |  |  |  |  |
| SG3 | 133 |  |  |  | New Bridge Road, Chinatown Point #08-03, 059413 Singapore |  |
| SG4 | 133 |  |  |  | Cecil Street, #13-02 Keck Seng Tower, 069535, Singapore |  |
| SG5 | 50 Raffles Place, #16-03, Singapore Land Tower, 048623 Singapore |  |  |  |  |  |
| SP1 | Calle Azcona, 36, Bajo de Madrid, Madrid 28028, Spain |  |  |  |  |  |
| SW1 | Suurstoffi 37, 6343 Rotkreuz, Switzerland |  |  |  |  |  |
| TA1 | Floor 10, No. 66, Second 1, Neihu Rd, Neiting District, Taipei, Taiwan |  |  |  |  |  |
| TH1 | Ari Hills Building, 18th Floor, 428 Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok 10400, Thailand |  |  |  |  |  |
| TH2 | Bangna Tower A, 16F, Unit A, 2/3 Moo 14 Debaratana Road, KM 6.5, Bangkaew, Bangplee, Samutprakarn 10540, Thailand |  |  |  |  |  |
| TU1 | Esentepe Mah, Harman 1 Sok, Nida Kule No: 7-9 İç Kapı No: 17, Şişli, Istanbul 34394, Turkey |  |  |  |  |  |
| TU2 | Mustafa Kemal Mah 2143 Sok, Gokceoglu, Plaza, No 7/4-5, Cankaya, Ankara, 06510, Turkey |  |  |  |  |  |
| UAE1 | 17th & 18th Floor, Creative Tower, P. O. Box 4422, Fujairah, United Arab Emirates |  |  |  |  |  |
| UAE2 | Level 6, The Offices 4 – One Central, Trade Centre 2, Sheikh Zayed Road, Dubai, P.O BOX 9428, United Arab Emirates |  |  |  |  |  |
| UK1 | 5 Howick Place, London, SW1P 1WG, United Kingdom |  |  |  |  |  |
| UK2 | 2nd Floor, 81-87 High Holborn, London WC1V 6DF, United Kingdom |  |  |  |  |  |
| UK3 | 15th Floor, 240 Blackfriars Road, London SE1 8BF, United Kingdom |  |  |  |  |  |
| UK4 | 2nd Floor, 79-83, North Street, Brighton, BN1 1ZA, United Kingdom |  |  |  |  |  |
| UK5 | 3-4 Rumsey House, Locks Hill, Rochford, Essex, SS4 1BB, United Kingdom |  |  |  |  |  |

41.  Subsidiaries continued

Informa Annual Report and Accounts 2024

220

Financial Statements

Notes to the Consolidated Financial Statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

|  |  |  |
| --- | --- | --- |
| Registered |  |  |
| office | Registered office address |  |
| UK6 | Suite 4, 7th Floor, 50 Broadway, London SW1H 0DB, United Kingdom |  |
| US1 | c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA |  |
| US2 | c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA |  |
| US3 | c/o Corporation Service Company, 80 State Street, Albany, NY 12207-2543, USA |  |
| US4 | c/o Corporation Service Company, 1201 Hays Street, Tallahassee, FL 32301, USA |  |
| US5 | c/o Cogency Global Inc., 850 New Burton Road, Suite 201, Dover, DE 19904, USA |  |
| US6 | c/o Corporation Service Company, 211 E. 7th Street, Suite. 620, Austin, TX 78701, USA |  |
| US7 | c/o Corporation Service Company, 33 East Main Street, Suite 610, Madison, WI 53703, USA |  |
| US8 | c/o Corporation Service Company, 1900 W. Littleton Boulevard, Littleton, CO 80120, USA |  |
| US9 | c/o Corporate Creations Networks Inc., 3411 Silverside Road, Tatnall Building STE 104, Wilmington, DE 19810, USA |  |
| US10 | c/o Corporation Service Company, 2908 Poston Avenue, Nashville, TN 37203, USA |  |
| US11 | c/o Illinois Corporation Service Company, 801 Adlai Stevenson Drive, Springfield, IL 62703, USA |  |
| US12 | c/o Corporation Service Company, 2710 Gateway Oaks Drive, Suite 150N, Sacramento, CA 95833, USA |  |
| US13 | c/o CT Corporation System, 701 S. Carson Street, Suite 200, Carson City, NV 89701, USA |  |
| US14 | c/o Corporation Service Company, 1160 Dublin Road, Suite. 400, Columbus, OH 43215, USA |  |
| US15 | c/o Corporation Service Company, 508 Meeting Street, West Columbia, SC 29169, USA |  |
| US16 | c/o Bowditch & Dewey LLP, 311 Main Street, Worcester, MA 01615, USA |  |
| US17 | 600 | Community Drive, Manhasset, NY 11030, USA |
| US18 | c/o The Prentice-Hall Corporation System Inc, 251 Little Falls Drive, Wilmington, DE 19808, USA |  |
| VE1 | Ha Phan Building, 17-17A-19, Ton That Tung Street, District 1, Ho Chi Minh City, Vietnam |  |
| VE2 | Room L2, No. 6 Phung Khac Khoan, Ward Da Kao, District 1, Ho Chi Minh City, Vietnam |  |

42. Contingent liabilities and assets

At 31 December 2024, there were no contingent liabilities or contingent assets (2023: nil).

43.  Post balance sheet events

On 6 March 2025, Informa entered into an agreement with Dubai World Trade Centre to combine assets through a strategic

partnership to create Informa International. Informa will hold a position that allows it to consolidate the business.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

221

![](data:image/jpeg;base64,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)

Notes

2024

£m

2023

Restated

1

£m

Fixed assets

Investments in subsidiary undertakings 4 7,581.2 7,259.7

7,581.2 7,259.7

Current assets

Debtors amounts falling due within one year 5 6,280.3 4,921.5

Cash and cash equivalents – 89.6

6,280.3 5,011.1

Creditors: amounts falling due within one year 6 (1,236.9) (585.8)

Total assets less current liabilities  12,624.6 11,685.0

Creditors: amounts falling due after more than one year 7 (2,424.6) (1,588.6)

Net assets 10,200.0 10,096.4

Capital and reserves

Called-up share capital 8 1.3 1.4

Share premium  9 1,878.6 1,878.6

Reserve for shares to be issued 9 28.9 27.5

Merger reserve 9 4,713.1 4,675.6

Capital redemption reserve 9 (17.3) (17.3)

Other reserves 9 0.2 (90.7)

Hedging reserve 9 – (1.3)

Profit and loss account 3,595.2 3,622.6

Total shareholders’ funds 10,200.0 10,096.4

Profit for the year ended 31 December 632.1 589.9

1  The amounts presented are after the restatement as disclosed in Note 13

The financial statements on pages 222 to 228 of this company, registration number 08860726, were approved by the Board

of Directors and authorised for issue on 13 March 2025 and were signed on its behalf by

Stephen A. Carter      Gareth Wright

Group Chief Executive      Group Finance Director

Informa Annual Report and Accounts 2024

222

Financial Statements

Parent Company balance sheet as at 31 December 2024

![](data:image/jpeg;base64,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)

Share capital

£m

Share

premium

account

£m

Reserve for

shares to be

issued

£m

Merger

reserve

£m

Capital

redemption

reserve

£m

Other

reserves

£m

Hedging

reserve

£m

Profit and

loss account

£m

Total

£m

As at 1 January 2023 1.4 1,878.6 24.0 4,501.9 (17.3) (74.9) – 4,653.4 10,967.1

Restatement – – – – – – – (906.9) (906.9)

At 1 January 2023 –

Restated

1

1.4 1,878.6 24.0 4,501.9 (17.3) (74.9) – 3,746.5 10,060.2

Profit for the year – – – – – – – 589.9 589.9

Total comprehensive

income for the year – – – – – – – 589.9 589.9

Issue of shares 0.1 – – 173.7 – – – – 173.8

Share buyback  (0.1) – – – – (15.8) – (548.3) (564.2)

Share award expense – – 14.6 – – – – – 14.6

Equity dividends – – – – – – – (176.6) (176.6)

Transfer of vested LTIPs – – (11.1) – – – – 11.1 –

Reclassification of hedging

reserves to profit or loss – – – – – – (1.3) – (1.3)

Aa at 31 December 2023 1.4 1,878.6 27.5 4,675.6 (17.3) (90.7) (1.3) 4,529.5 11,003.3

Restatement – – – – – – – (906.9) (906.9)

At 31 December 2023 –

Restated

1

1.4 1,878.6 27.5 4,675.6 (17.3) (90.7) (1.3) 3,622.6 10,096.4

Profit for the year – – – – – – – 632.1 632.1

Total comprehensive

income for the year – – – – – – – 632.1 632.1

Issue of shares – – – 37.5 – – – – 37.5

Share buyback  (0.1) – – – – 90.9 – (424.2) (333.4)

Share award expense – – 14.3 – – – – – 14.3

Equity dividends – – – – – – – (248.2) (248.2)

Transfer of vested LTIPs – – (12.9) – – – – 12.9 –

Reclassification of hedging

reserves to profit or loss  – – – – – – 1.3 – 1.3

At 31 December 2024 1.3 1,878.6 28.9 4,713.1 (17.3) 0.2 – 3,595.2 10,200.0

1  The amounts presented are after the restatement as disclosed in Note 13

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

223

Parent Company statement of changes in equity for the year ended 31 December 2024

![](data:image/jpeg;base64,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)

1.  Corporate information

Informa PLC (the company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006

and is listed on the London Stock Exchange. The company is a public company limited by shares and is registered in England

and Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG.

Principal activity and business review

Informa PLC is the Parent Company of the Informa Group (the Group) and its principal activity is to act as the ultimate

holding company of the Group.

2.  Significant accounting policies

Basis of accounting

The company meets the definition of a qualifying entity under Financial Reporting Standard FRS 102 issued by the Financial

Reporting Council. The financial statements have therefore been prepared in accordance with FRS 102: The Financial

Reporting Standard applicable in the UK and Republic of Ireland as issued by the Financial Reporting Council, and the

Companies Act 2006.

As permitted by FRS 102, the company has taken advantage of the disclosure exemptions available under that standard in

relation to share-based payments, financial instruments, presentation of a cash flow statement, standards not yet effective

and related party transactions. The Directors’ Report, Corporate Governance Statement and Directors’ Remuneration

Report disclosures are on pages 115 to 135 of this report. The financial statements have been prepared on the historical cost

basis except for the remeasurement of certain financial instruments which are measured at fair value at the end of each

reporting period. Having assessed the principal risks and the other matters discussed in connection with the Group Viability

Statement, the Directors have considered it appropriate to adopt the going concern basis of accounting in preparing the

financial statements.

The principal accounting policies adopted are the same as those set out in Note 2 to the Consolidated Financial Statements

and have been applied consistently, with the exception of the merger reserve accounting treatment arising from the Scheme

of Arrangement in 2014 and the key sources of estimation uncertainty (Note 3). The company’s financial statements are

presented in pounds sterling, being the company’s functional currency.

Profit and loss account

As permitted by section 408 of the Companies Act 2006, the company has elected not to present its own profit and loss

account or Statement of Comprehensive Income for the year. The company’s revenue for the year is £nil (2023: £nil) and

profit after tax for the year is £632.1m (2023: £589.9m).

Share-based payment amounts that relate to employees of subsidiary Group companies are recorded as capital

contributions to the relevant Group company.

Investments in subsidiary undertakings

Investments in subsidiary undertakings are stated at cost less provision for any impairment in value.

Impairment of investments in subsidiary undertakings

At each reporting date, the company assesses the carrying amounts of its investments to determine whether there is any

indication of impairment. Where such an indication exists, the company makes an estimate of the recoverable amount. If the

recoverable amount of the investment is less than its carrying amount, the investment is written down to its recoverable

amount. Any impairment loss is immediately recognised in the profit and loss account.

3.  Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in Note 2, the Directors are required to make

judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other relevant factors. Actual

results may differ from these estimates.

Critical accounting judgements

There are deemed to be no critical accounting judgements in the application of the company’s accounting policies set out above.

Estimation uncertainty

As at the year ended 31 December 2024, the company noted one key source of estimation uncertainty, details of which are

outlined below.

Informa Annual Report and Accounts 2024

224

Financial Statements

Notes to the Parent Company financial statements for the year

ended 31 December 2024

![](data:image/jpeg;base64,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)

Impairment of investments in subsidiary undertakings

Annually, the company considers whether its investments in subsidiaries are impaired. Where an indication of impairment is

identified at a cash generating unit (CGU) level, the recoverable amount of the CGU requires estimation. To estimate the

recoverable amount, the company estimates the expected future cash flows from the CGUs and discounts them to their

present value at a determined discount rate. The recoverable amount of the CGUs is a source of significant estimation

uncertainty and determining this involves the use of significant assumptions. See Note 4 for details of the key assumptions

and sensitivity analysis.

4.  Investments in subsidiary undertakings

Cost £m

At 1 January 2023 7,897.0

Additions – other 11.9

Additions 449.0

Disposals (191.3)

At 31 December 2023 8,166.6

Additions – other

2

11.5

Additions

3

407.0

Disposals

4

(97.0)

At 31 December 2024 8,488.1

Accumulated impairment loss

At 1 January 2023 – Restated

1

(906.9)

At 31 December 2023 – Restated

1

(906.9)

At 31 December 2024 (906.9)

Carrying amount

At 31 December 2024 7,581.2

At 31 December 2023 – Restated

1

7,259.7

1  The amounts presented are after the restatement as disclosed in Note 13

2  Additions – other includes £11.5m (2023: £11.9m) related to the fair value of share incentives issued to employees of subsidiary undertakings

during the year

3  During the year, the company acquired additional share capital in UBM Limited at a value of £358.5m. The company also acquired share capital in

Informa Intrepid Holdings Inc, after contributing its shares in Canalys Pte Limited to Informa Intrepid Holdings Inc, at a value of £48.5m

4  During the year, the company transferred its shareholding in Canalys Pte Limited to Informa Intrepid Holdings Inc at a value of £48.5m.

Subsequently, the company transferred its shareholding in Informa Intrepid Holdings Inc to another Group company at a value of £48.5m

The listing below shows the direct subsidiary undertakings as at 31 December 2024 which affected the profit or net assets of

the company:

Company Country of registration  Principal activity Ordinary shares held

Informa Jersey Limited Jersey Holding company 100%

Informa Global Sales, Inc. USA Domestic international sales corporation 100%

UBM Limited Jersey  Holding company 100%

The W.R.Kern Organisation Limited UK Holding company 100%

Details of subsidiaries controlled by the company are disclosed in the Consolidated Financial Statements (Note 41).

Impairment review

The company performed an annual assessment of impairment indicators of Investments in subsidiaries and identified an

impairment indicator in its investment in Informa Jersey Limited (Informa Jersey). In line with the company’s accounting

policies, a detailed impairment review was performed for the Informa Jersey investment for the year ended 31 December 2024.

This review involved comparing the carrying value of investment with assessments of fair value less costs to sell, derived from

the cash flow projections related to Informa Jersey. As a result, the company identified a £906.9m impairment of the

investment in Informa Jersey Limited which relates to prior periods. Refer to Note 13 for further details.

Sensitivity analysis

The company has applied sensitivities to the key assumptions used in the impairment model. The cash flow scenario

considered a 10% reduction in cash flows, a 1% increase in discount rates and a 0.5% decrease in long-term growth rates.

The results of the sensitivities indicate that a reasonably possible change to the discount rate could result in a further

impairment of the company’s investments in subsidiaries within the next financial year.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

225

![](data:image/jpeg;base64,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)

5.  Debtors: amounts falling due within one year

2024

£m

2023

Restated

1

£m

Amounts owed from Group undertakings  6,279.8 4,921.1

Other debtors 0.5 0.4

6,280.3 4,921.5

1  The amounts presented are after the restatement as disclosed in Note 13

Amounts owed from Group undertakings falling due within one year are unsecured, non-interest bearing and repayable on

demand. The amounts owed by Group undertakings have been assessed for 12-month expected credit losses. Due to the

low credit risk, the expected credit loss is considered immaterial.

6.  Creditors: amounts falling due within one year

2024

£m

2023

Restated

1

£m

Amounts owed to Group undertakings 550.5 459.1

Euro Medium Term Notes

2

579.8 –

Derivative financial instruments 74.9 –

Other payables 25.1 122.8

Corporation tax 6.6 –

Contingent consideration – 3.9

1,236.9 585.8

1  The amounts presented are after the restatement as disclosed in Note 13

2  Stated net of arrangement fees of £0.8m (2023: £nil)

Amounts owed to Group undertakings falling due within one year are unsecured, non-interest bearing and repayable on demand.

There is a cross currency swap over the EMTN borrowings where the company receives a fixed rate of interest on €700.0m of

EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest for $821.6m. At 31 December 2024,

thefair value of this swap was a net financial liability of £74.9m (2023: £nil).

The corporation tax liability of £6.6m (2023: £nil) relates to Pillar Two income taxes in 2024.

7.  Creditors: amounts falling due after more than one year

2024

£m

2023

Restated

1

£m

Arrangement fees in respect of revolving credit facility (RCF) (3.8) (1.7)

Euro Medium Term Notes

2

2,300.6 1,486.4

Derivative financial instruments 127.8 77.9

Contingent consideration – 26.0

2,424.6 1,588.6

1  The amounts presented are after the restatement as disclosed in Note 13

2  Stated net of arrangement fees of £15.6m (2023: £6.2m)

The RCF was not drawn at 31 December 2024 and had a balance of £nil (2023: £nil) and is stated net of the £3.8m

(2023: £1.7m) arrangement fees. Interest is payable at the rate of SONIA or SOFR plus a margin.

Informa Annual Report and Accounts 2024

226

Financial Statements

Notes to the Parent Company financial statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

There are cross currency swaps over the EMTN borrowings where the company receives the following:

•  A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest for $588.9m

•  A fixed rate of interest on €500.0m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest for $551.6m

•  A fixed rate of interest on €600.0m of EMTN borrowings with a maturity of October 2027 and pays a fixed rate of interest

for$655.6m

•  A fixed rate of interest on €650.0m of EMTN borrowings with a maturity of October 2030 and pays a floating rate of

interest of SOFR plus premium for $710.2m

At 31 December 2024, the fair value of these swaps was a net financial liability of £127.8m (2023: liability £77.9m).

8.  Called-up share capital

2024

£m

2023

£m

Issued, authorised and fully paid

1,330,244,733 (2023: 1,368,029,699) ordinary shares of 0.1p each 1.3 1.4

2024

Number of

shares

2023

Number of

shares

At 1 January 1,368,029,699 1,418,525,746

Issue of new shares to Employee Share Trust 8,860,000 –

Issue of shares 4,397,622 26,492,800

Share buyback (51,042,588) (76,988,847)

At 31 December 1,330,244,733 1,368,029,699

Share capital

The company issued 8,860,000 new ordinary shares of 0.1p each to the Employee Share Trust on 9 January 2024.

The company issued 4,397,622 new ordinary shares of 0.1p each on 16 May 2024. The shares were issued as deferred

consideration for the acquisition of the Tarsus group of companies.

During 2024, the company bought back 51,042,588 ordinary shares (2023: 76,988,847) at the nominal value of 0.1p for a total

consideration of £424.2m (2023: £548.3m) and cancelled 51,554,769 ordinary shares (2023: 76,476,666) including 512,181

(2023: 599,861) shares that had been bought in the prior year.

9.  Capital and reserves

Share premium

There have been no changes to share premium during the year (2023: no change).

Reserves for shares to be issued

This reserve relates to LTIP share awards granted to colleagues and reduced by the transferred and vested awards.

Merger reserve

On 30 May 2014, under a Scheme of Arrangement, the company subscribed to shares in Informa Switzerland Limited,

formerly Old Informa, a subsidiary undertaking, which were valued at £3,500.0m. This resulted in new share capital of

£2,627.1m from the issue of 603,941,249 shares at a nominal value of 435p and the creation of a merger reserve of £872.9m.

On 2 November 2016, the company acquired Penton Information Services and the Group issued 12,829,146 ordinary shares

to the vendors, with the £82.2m share premium on the shares issued recorded against the merger reserve in accordance

with the merger relief rules of the Companies Act 2006.

On 15 June 2018, the company acquired UBM plc and issued 427,536,794 shares, resulting in an increase in the merger

reserve of £3,544.6m. The company also issued 256,689 shares in 2018 to satisfy UBM SAYE scheme awards maturing in the

post-acquisition period and there was an increase in the merger reserve of £2.2m in relation to the issue of these shares.

On 17 April 2023, the company acquired Tiger Acquisitions (Jersey) Limited, the Parent Company of Tarsus Group Limited

and issued 25,957,663 shares, resulting in an increase in the merger reserve of £169.8m.

On 1 September 2023, the company acquired Canalys Pte Ltd and issued 535,137 shares, resulting in an increase in the

merger reserve of £3.9m.

On 16 May 2024, the company issued 4,397,622 shares as deferred consideration for the acquisition of the Tarsus group of

companies, resulting in an increase in the merger reserve of £37.5m.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

227

![](data:image/jpeg;base64,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)

9.  Capital and reserves continued

Capital redemption reserve

The capital redemption reserve relates to the purchase of shares by the Employee Stock Ownership Plan (ESOP) in 2019

(£15.0m) and 2018 (£2.3m).

Other reserves

Other reserves reflect a share buyback liability for the remaining liability for the purchase of the company’s own shares

through to the conclusion of the Group’s share buyback programme in 2024.

10.  Share-based payments

Details of the share-based payments are disclosed in the Consolidated Financial Statements (Note 9).

11. Dividends

During the year, total dividends of £248.2m (2023: £176.6m) were recognised as a distribution by the company. As at

31 December 2024, £0.3m (2023: £0.3m) of dividends were still to be paid relating to prior periods. Details of dividends

aredisclosed in the Consolidated Financial Statements (Note 13).

12. Related party transactions

The Directors of Informa PLC had no material transactions with the company or its subsidiaries during the year other than

service contracts and Directors’ liability insurance. Details of Directors’ remuneration are disclosed in the Remuneration

Report. The company has taken advantage of the exemption that transactions with wholly owned subsidiaries do not need

to be disclosed.

13. Restatement

Investments in subsidiary undertakings

When performing the impairment assessment as at 31 December 2024, the company identified indicators of impairment in

its investment in Informa Jersey Limited. In response to these indicators, the company assessed the recoverability of the

investment and an impairment has been identified in the company’s investment in Informa Jersey Limited. Upon

investigation, the company concluded that the reduction in cash flows following the disposal of the Intelligence business in

2022 and the increase in inter company receivables as at31 December 2022 were triggering events at this date.

Following a detailed impairment review, an impairment of £906.9m was identified as at 31 December 2022. The Investments

in subsidiary undertakings balance as at 31 December 2022 has been restated to £6,990.1m and the £317.7m profit for the

year then ended to a loss of £589.2m. The impact at 1 January 2023 was a restatement of the Profit and loss account to

£3,746.5m. The impact at 31 December 2023 was a restatement of the Investments in subsidiary undertakings balance to

£7,259.7m and Profit and loss account to £3,622.6m. Despite the impairment, sufficient distributable reserves were held by

the company for the periods 2022 to 2024 to supportdividend payments.

Amounts owed from/to Group undertakings

During the year, the company identified a £309.2m overstatement of amounts owed from Group undertakings within

current assets and a corresponding overstatement of amounts owed to Group undertakings within non-current liabilities

asat 31 December 2023.

Following a review of classification and presentational requirements under the Companies Act, the company has restated

£1,387.7m of amounts owed from Group undertakings from ‘Debtors: amounts falling due after one year’ to ‘Debtors:

amounts falling due within one year’, and £305.1m of amounts due to Group undertakings from ‘Creditors: amounts falling

due after more than one year’ to ‘Creditors: amounts falling due within one year as at 31 December 2023’. While the

intention is to settle these balances after more than 12 months and after it is contractually due, these amounts are all

repayable on demand. These changes have resulted in an increase in amounts owed from Group undertakings within

current assets from £3,842.6m to £4,921.1m, a decrease in amounts owed from Group undertakings within non-current

assets from £1,387.7m to £nil, an increase in amounts owed to Group undertakings within current liabilities from £154.0m to

£459.1m and a decrease in amounts owed to Group undertakings within non-current liabilities from £614.3m to £nil, for the

year ended 31 December 2023.

There was no impact to the company’s net assets or profit or loss for the year ended 31 December 2023.

Informa Annual Report and Accounts 2024

228

Financial Statements

Notes to the Parent Company financial statements for the year

ended 31 December 2024 continued

![](data:image/jpeg;base64,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)

The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act

2006 for the year ended 31 December 2024:

Audit exempt company Registration number Audit exempt company Registration number

ABI Building Data Limited 2385277 Informa Three Limited 4595951

Afterhurst Limited 1609566 Informa UK Limited 1072954

Ascential America Holdings Limited  100991 Informa United Finance Limited 948730

Ascential Dormant Limited

(formerly WGSN Group Limited) 8256689 Informa US Holdings Limited 9319013

Ascential Events (Europe) Limited 7814172 ITF2 Limited 12294578

Ascential Financing Limited 9938180 Light Reading UK Limited 8823359

Ascential Group Limited 435820 London On-Water Ltd 10621549

Ascential Information Services Limited 7880716 LSX Limited 8982745

Ascential Operations Limited 8255890 Lloyd's Maritime Information Services Limited 1974215

Ascential P&P Limited 14825281 MAI Luxembourg UK Societas SE000010

Ascential Radio Financing Limited  5289615 Miller Freeman Worldwide Limited 1750865

Ascential UK Holdings Limited 537204 MRO Exhibitions Limited 2737787

Blessmyth Limited 3805559 MRO Publications Limited 2732007

Boat International Business Limited 8731010 Newlands Press Limited 4982360

Boat International Group Limited 6026344 OES Exhibitions Limited 9958003

Boat International Media Limited 2650007 PeerJ Limited 8054414

Bridge Event Technologies Limited 11540817 Penton Communications Europe Limited 2805376

BrightTALK Limited 4432080 PNO Exhibition Investment (Dubai) Limited 9993836

Canrak Books Limited 3194381 Rembrandt Technology Limited 11120186

Canalys.com Ltd 3631553 Roamingtarget Limited 5419444

CapRegen BioSciences Limited 6695188 Routledge Books Limited 3177762

CapRegen Limited 6264929 Siberia Europe Limited 9076366

CapRegen Magnum Limited 6460511 Smarter Shows (No 2) Limited 12338608

CapRegen Natural BioSciences Limited 6695529 Smarter Shows (Tarsus) Limited 12338170

CapRegen Nutraceuticals Limited 6695546 Solar Media Limited 5758671

Colonygrove Limited 4109768 Steel River Media Limited 7088513

Colwiz UK Limited 8164609 Superyacht Media Limited 5900525

Contagious Communications Limited 6183878 Tarsus AM Shows Ltd 7910136

Crosswall Nominees Limited 950209 Tarsus America Limited 3528599

Design Junction Limited 7634779 Tarsus Atlantic Limited 6445661

DIVX Express Limited 3212879 Tarsus Cedar Limited 7954429

Dove Medical Press Limited 4967656 Tarsus China Limited 5949339

Expert Publishing Medicine Ltd 4059017 Tarsus Exhibitions & Publishing Limited 1459268

Expert Publishing Science Ltd 10134073 Tarsus Group Limited 2000544

F1000 Research Limited 8322928 Tarsus Holdings Limited 5246843

Fairs & Exhibitions (1992) Limited 2696019 Tarsus Investments Limited 3527715

Fairs And Exhibitions Limited 635224 Tarsus Leeward Limited 6620137

Futurum Media Limited 9813559 Tarsus Luzhniki Limited 6697908

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

229

Audit exemption

![](data:image/jpeg;base64,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)

Audit exempt company Registration number Audit exempt company Registration number

GNC Media Investments Limited 3085849 Tarsus Martex 3109690

Green Thinking (Services) Limited 5803263 Tarsus Medical Limited 6004318

Hirecorp Limited 4790559 Tarsus New Media Limited 1332457

Hudson MX Limited  14614576 Tarsus Organex Limited 3280222

IBC (Ten) Limited 1844717 Tarsus Overseas Limited 3671643

IBC (Twelve) Limited 3007085 Tarsus Publishing Limited 2438248

IIR (U.K. Holdings) Limited 2748477 Tarsus Touchstone Limited 3891757

IIR Management Limited 2922734 Tarsus UK Holdings Limited 6774643

Industry Dive, Ltd 12786552 Tarsus US Limited 5253899

Informa Connect Holdings Limited 15615107 Tarsus Windward Limited 6620149

Informa Connect Limited 1835199 Taylor & Francis Books Limited 3215483

Informa Cosec Limited 3849195 Taylor & Francis Group Limited 2280993

Informa Exhibitions Limited 5202490 Taylor & Francis Limited 314578

Informa Final Salary Pension Trustee Company

Limited 3267900 Taylor & Francis Publishing Services Limited 3674840

Informa Finance Australia Limited 12008055 TechTarget Limited 5872378

Informa Finance Brazil Limited 12007958 The W.R.Kern Organisation Limited 928594

Informa Finance Egypt Limited 12008044 Tiger Acquisitions Holding Limited 11987963

Informa Finance Mexico Limited 12008165 Tiger Acquisitions Intermediate Holding Limited 11996640

Informa Finance USA Limited 8940353 Tiger Acquisitions UK Limited 11988001

Informa Global Markets (Europe) Limited 3094797 Times Aerospace Publishing Holdings Limited 13644712

Informa Group Limited 3099067 Times Aerospace Publishing Limited 13645657

Informa Holdings Limited 3849198 TU-Automotive Holdings Limited 9823826

Informa Investment Plan Trustees Limited 5557980 TU-Automotive Limited 9798474

Informa Investments Limited 1693134 Turtle Diary Limited 1816342

Informa Manufacturing Europe Holdings

Limited 10025028 UBM (GP) No1 Limited 3259390

Informa Manufacturing Europe Limited 9893244 UBM International Holdings UK Societas SE000009

Informa Markets (Europe) Limited 8851438 UBM Property Services Limited 3212363

Informa Markets (Maritime) Limited 495334 UBM Shared Services Limited 4957131

Informa Markets (UK) Limited 370721 UBM Trustees Limited 2970035

Informa Markets Limited 2972059 UBMG Holdings 152298

Informa Overseas Investments Limited 5845568 UBMG Services Limited 3666160

Informa Property (Colchester) Limited 3610056 United Consumer Media UK Societas SE000008

Informa Services Limited

(previously: Datamonitor Limited) 2306113 United Executive Trustees Limited 1693088

Informa Six Limited 4606229 United Newspapers Publications Limited 235544

Informa Tech Founders Limited 12302369 United Trustees Limited 2113253

Informa Tech Holdings Limited 15700047 UNM Investments Limited 1219152

Informa Tech Research Limited 11971005 Vavasseur Overseas Holdings Limited 879102

Informa Telecoms & Media Limited 991704

Informa Annual Report and Accounts 2024

230

Financial Statements

Audit exemption

continued

![](data:image/jpeg;base64,/9j/4AAQSkZJRgABAQEAkACQAAD/2wBDAAgGBgcGBQgHBwcJCQgKDBQNDAsLDBkSEw8UHRofHh0aHBwgJC4nICIsIxwcKDcpLDAxNDQ0Hyc5PTgyPC4zNDL/2wBDAQkJCQwLDBgNDRgyIRwhMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjIyMjL/wAARCAXZA/4DASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD3+iiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAK8z+MXjq+8JaXZ2WlOIr6/L5nwCYkXGcA9yWGD7HvivTK82+L3gK88YaXaXWlhX1CxL4hZgvmo2MgE9wVGMkDk1dO3MuYmd7aHz63jDxOzFm8R6uSep+2yf8AxVJ/wl3ib/oYtW/8DZP/AIqppPA/iyKRkbwzq5KnB22UjD8wMGm/8IV4r/6FnWf/AAAl/wDia7vdObUj/wCEu8Tf9DFq3/gbJ/8AFUf8Jd4m/wChi1b/AMDZP/iqk/4QrxX/ANCzrP8A4AS//E0f8IV4r/6FnWf/AAAl/wDiaPdDUYPF/iYEEeItXBH/AE+yf/FV7h8GfiBqPiT7VousTG4u7aITQ3DfeePIUhvUglee+ea8TXwT4rZgo8M6zknHNjKB/wCg17j8Hfh7f+Flu9X1iMQ3tzGIYoMgmOPIJ3EdyQvHbH5ZVuTlLp81zz34j/E7XtR8TXthpuoXFhp9nM0KLbSGNpCpwWZhyckHA6YxxnmtP4S/ErWv+ElttC1e9lvrS8JSOS4cvJFJjI+Y8kHGMH1GMd6XxG+FevWfiO91LSLGbUNPu5WnAt13vEzHJUoOcZJwQDxjvWj8KPhhrUXiS117WrN7G1tMyRRTDEkj4wPl6qBnPODwPfA/Z+zBc3Mavxm+Imq6RqieHdGuHtCIhJc3EZxIS3RVPVeOcjk57Y5888L/ABR8S+H9WiuLjU7vULMsPPtrqZpQy99pY/K3oR365Fej/GL4b6rrmqR6/okH2pzEIrm3UgP8vRl/vccEdeB17efeFfhP4l17VIY73TbrTbAMPPnuYzEwXPIVWGSfTjHrRD2fJqEubmPYPi348uvCmgWUekuq3upFvLnwD5cagEsAeMncoGfevCbD4heLdO1BbyPxBqErg5KTztKjexViR/niveviv4BuPF2gWjaUF+36cWMMJYKJEYDcoJ4B+VcZ44PrXhdh8M/GN/qIsl0G8gbdhpbiMxxr77zwR9M0qPJy6jqc3MfUHhPXk8T+FtP1lEEf2mLLoDkK4JVgPYMDWzWR4W0KLwz4ZsNGifeLWLaz4xuYkljj3Yk1r1yu19DZbahRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFcn458cWvg6wXCrPqM4PkW+eMf3m9F/n0HcjwTWvGGva/M73+pTsjf8sUcpGB6BRx/Wu3D4GdZc2yOWvi4Uny7s+p6K+PKK6/7K/v8A4f8ABOb+0f7v4/8AAPsOivjyij+yv7/4f8EP7R/u/j/wD7Dor48oo/sr+/8Ah/wQ/tH+7+P/AAD7Dor48oo/sr+/+H/BD+0f7v4/8A+w6K+PKKP7K/v/AIf8EP7R/u/j/wAA+w6K+PKKP7K/v/h/wQ/tH+7+P/APsOivjyij+yv7/wCH/BD+0f7v4/8AAPsOivjyij+yv7/4f8EP7R/u/j/wD7Dor48oo/sr+/8Ah/wQ/tH+7+P/AAD7Dor48oo/sr+/+H/BD+0f7v4/8A+w6K+PKKP7K/v/AIf8EP7R/u/j/wAA+w6K+PKKP7K/v/h/wQ/tH+7+P/APsOivjyij+yv7/wCH/BD+0f7v4/8AAPsOivjyij+yv7/4f8EP7R/u/j/wD7Dor48oo/sr+/8Ah/wQ/tH+7+P/AAD7Dor48oo/sr+/+H/BD+0f7v4/8A+w6K+PKKP7K/v/AIf8EP7R/u/j/wAA+w6K+PKKP7K/v/h/wQ/tH+7+P/APsOivjyij+yv7/wCH/BD+0f7v4/8AAPsOivjyij+yv7/4f8EP7R/u/j/wD7Dor48oo/sr+/8Ah/wQ/tH+7+P/AAD7Dor48oo/sr+/+H/BD+0f7v4/8A+w6K+PKKP7K/v/AIf8EP7R/u/j/wAA+w6K+PKKP7K/v/h/wQ/tH+7+P/APsOivjyij+yv7/wCH/BD+0f7v4/8AAPsOivjyij+yv7/4f8EP7R/u/j/wD7Dor48oo/sr+/8Ah/wQ/tH+7+P/AAD7Dor48oo/sr+/+H/BD+0f7v4/8A+w6K+PKKP7K/v/AIf8EP7R/u/j/wAA+w6K+PKKP7K/v/h/wQ/tH+7+P/APsOivkCGeW3lEsErxSDoyMVI/EV3vhL4ravo1wkGrSyajYE4YyHdKnuGPX6H9KyqZZOKvB3/AunmEZO0lY+gqKgs7y31Czhu7WVZbeZA8br0YGp68xq2jPQ3CiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD5e8davLrXjPU7mQnZHM0EQJ+6iHaPpnGfqTXO1p+IrN7DxJqdpICGiupF57jccH8RWZX1lNJQSW1j5uo25NsKKKKskKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooA9x+Cery3WiX+lSEstnIrxE9lfOVH4qT/wKvUq8e+BlpIBrN4VIjPlRKexI3E/llfzr2Gvm8cksRKx7uEbdGNwooorkOkKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKwv+ES03/n51n/wdXn/AMdpq3UDdorC/wCES03/AJ+dZ/8AB1ef/HaP+ES03/n51n/wdXn/AMdo0FqbtFYX/CJab/z86z/4Orz/AOO0f8Ilpv8Az86z/wCDq8/+O0aBqbtFYX/CJab/AM/Os/8Ag6vP/jtH/CJab/z86z/4Orz/AOO0aBqbtFYX/CJab/z86z/4Orz/AOO0f8Ilpv8Az86z/wCDq8/+O0aBqbtFYX/CJab/AM/Os/8Ag6vP/jtH/CJab/z86z/4Orz/AOO0aBqbtFY3hGeW58F6FPPK8s0unW7ySSMWZ2Makkk8kk962aGrMYUUUUgCiiigDyX4seBJ76Q+ItKhMkoQC7hQZZgOjgdyBwfYD3rxavsOuU1z4c+Gdene4uLHyblzlprZvLJPqR90n3IzXqYXMPZx5Ki0R5+IwXPLmhufM9Fe9f8ACkvDf/P9q3/f2P8A+N0f8KS8N/8AP9q3/f2P/wCN12f2jQ8zl+o1jwWivev+FJeG/wDn+1b/AL+x/wDxuj/hSXhv/n+1b/v7H/8AG6P7RoeYfUax4LRXvX/CkvDf/P8Aat/39j/+N0f8KS8N/wDP9q3/AH9j/wDjdH9o0PMPqNY8For3r/hSXhv/AJ/tW/7+x/8Axuj/AIUl4b/5/tW/7+x//G6P7RoeYfUax4LRXvX/AApLw3/z/at/39j/APjdH/CkvDf/AD/at/39j/8AjdH9o0PMPqNY8For3r/hSXhv/n+1b/v7H/8AG6P+FJeG/wDn+1b/AL+x/wDxuj+0aHmH1GseC0V71/wpLw3/AM/2rf8Af2P/AON0f8KS8N/8/wBq3/f2P/43R/aNDzD6jWPBaK96/wCFJeG/+f7Vv+/sf/xuj/hSXhv/AJ/tW/7+x/8Axuj+0aHmH1GseC0V71/wpLw3/wA/2rf9/Y//AI3R/wAKS8N/8/2rf9/Y/wD43R/aNDzD6jWPBaK96/4Ul4b/AOf7Vv8Av7H/APG6P+FJeG/+f7Vv+/sf/wAbo/tGh5h9RrHgtFe9f8KS8N/8/wBq3/f2P/43R/wpLw3/AM/2rf8Af2P/AON0f2jQ8w+o1jwWivev+FJeG/8An+1b/v7H/wDG6P8AhSXhv/n+1b/v7H/8bo/tGh5h9RrHgtFe9f8ACkvDf/P9q3/f2P8A+N0f8KS8N/8AP9q3/f2P/wCN0f2jQ8w+o1jwWivev+FJeG/+f7Vv+/sf/wAbo/4Ul4b/AOf7Vv8Av7H/APG6P7RoeYfUax4LRXvX/CkvDf8Az/at/wB/Y/8A43R/wpLw3/z/AGrf9/Y//jdH9o0PMPqNY8For3r/AIUl4b/5/tW/7+x//G6P+FJeG/8An+1b/v7H/wDG6P7RoeYfUax4LRXvX/CkvDf/AD/at/39j/8AjdH/AApLw3/z/at/39j/APjdH9o0PMPqNY8For3r/hSXhv8A5/tW/wC/sf8A8bo/4Ul4b/5/tW/7+x//ABuj+0aHmH1GseC0V71/wpLw3/z/AGrf9/Y//jdH/CkvDf8Az/at/wB/Y/8A43R/aNDzD6jWPBaK96/4Ul4b/wCf7Vv+/sf/AMbo/wCFJeG/+f7Vv+/sf/xuj+0aHmH1GseC0V71/wAKS8N/8/2rf9/Y/wD43R/wpLw3/wA/2rf9/Y//AI3R/aNDzD6jWPBaK96/4Ul4b/5/tW/7+x//ABuj/hSXhv8A5/tW/wC/sf8A8bo/tGh5h9RrHgtFe9f8KS8N/wDP9q3/AH9j/wDjdH/CkvDf/P8Aat/39j/+N0f2jQ8w+o1jwWivev8AhSXhv/n+1b/v7H/8bo/4Ul4b/wCf7Vv+/sf/AMbo/tGh5h9RrHgtFe9f8KS8N/8AP9q3/f2P/wCN0f8ACkvDf/P9q3/f2P8A+N0f2jQ8w+o1jwWivev+FJeG/wDn+1b/AL+x/wDxuj/hSXhv/n+1b/v7H/8AG6P7RoeYfUax4LRXvX/CkvDf/P8Aat/39j/+N0f8KS8N/wDP9q3/AH9j/wDjdH9o0PMPqNY8For3r/hSXhv/AJ/tW/7+x/8Axuj/AIUl4b/5/tW/7+x//G6P7RoeYfUax4LRXvX/AApLw3/z/at/39j/APjdH/CkvDf/AD/at/39j/8AjdH9o0PMPqNY8For3r/hSXhv/n+1b/v7H/8AG6P+FJeG/wDn+1b/AL+x/wDxuj+0aHmH1GseC1f0fRr/AF7Uo7DToGmnk7Doo7sx7Aete3wfBbwxFKHefUplH8EkyAH/AL5QH9a7TR9B0vQLX7NpdlFbRn720ZZv95jyfxNZ1czppe4rsungJt++7IreFfDtv4W8P2+mQEOyfNLLjHmSHq39B7AVtUUV4spOTcnuz1oxUVZBRRRUjCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBSM6oMswUepOK5vxf4n/ALAtUitwj3s3KhuQi/3iP5f/AFq8qury81O5825mluJmOBuOTz2A7fQV34XL51487dkeRj84p4Wfs4rml+R7yrKwypBHqDS14oy6x4VvYT5j207oJQgfOQcjDDp26GvTfC3iNPEGnlnCpdxHEsa9PZh7GpxOBlSj7SL5o9y8FmkMRN0px5Z9mb1FFFcJ6oUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtjxvxpM83iy+3nOwqij0AUVqaLaQaH4cbxGIlvronZEq8pbn1f3/xHrmnfELRZLfUhqsa5guMLIR/C4GP1A/Q1z+ha7Pol0WVRLbSjbPbv92Rf8a+kgva4WPs/K6723R8RUaw+Pn7Zbt2e9r7O3X+upQu7ue+upLm5laSaQ5Zm71f0DVLjSb6Se2V2doyhCDJxkH+lN11NLXUBJpErPbSoH2MpBiY9U564/zmuo8A+HhcibUruMNAymKJWH3jkZb8MY/P0rWvVpwoc0lp2/QwwuHrVMWoQl7191r87npFFFFfKn34UUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtiOaCK5haGeNJInGGRxkEfSuNv/AIbWM8peyvJLUE52MvmAew5B/Mmu2qrdalYWJC3V7bwMegkkCk/nW1CtVpv90zmxWGw9aP79J2+X4nLab8OtPtJllvLh7zachNuxD9Rkk/nXYoiRRrHGqoijCqowAPQVBa6hZX2fsl3BPt6+VIGx9cVZpVq1Wo/3jHhsNQox/cJJP+twooorE6QooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWxyHjXxRJo8SWVi4W8lG5nxny0/xP8AT6VxUWkJ/ZUusa3cTIJgfsyA5lnf+9z/AA+p/wDrZPGEr/8ACYXznBKuuAwyMBRjg1oagyeLLIanbMF1GziH2izY/KyD+JAe3qP8n6ChTVGlC2ie7/T/AIJ8diqzxOIqc2rjdRj003fm+tuvyscpb3E1rOk9vK8UqHKuhwRXrPg7xKddsmhuWX7dB9/AxvXs2P0P/wBeuRCaX4o0u+lgsI7DU7SHzsQnEcqjr8vb/wCuOawdFu7uyvHksgTIYypw23jI/wABV4inHFU2mrSX9fcZYOvPAVYyUuaEu3X5d0e5UUUV82fbhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2POfiFoEi3A1m3QsjgLOAM7SBgN9McfgPWuEjLBxtbaTxnOK+gCAwIIBB4INcxf+AdFvZjKizWzE5IgYBT+BBx+GK9fCZjGEFTq9Op85mOSzq1XWoPfdf5HJ+ZpXhjSr2G3v47/UruHySYRmOJT1+bv/8AWHArX8A+HTHBJql5H/rl2Qxuv8OQS344GP8A69bOm+BtF02ZZvLkuZFOVNwwYA/QAD8810lY4jGpxcKbbvu3+h04PLJKpGpWSSjtFa/Nt7sKKKK809sKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBWTf+J9G02UxXV/Gso4KKC5B9DtBx+Nc5478TS2O3S7GVo5mG6aRTgqp6KD6nr+XrXGaLoZ1yO7SC5RbyJQ8UDf8thznB7Ef1r0sPgIyp+1rOyPExmbThW+r4aPNLz/L1/4Y9Y0/xFpGqyeXZ30cknZDlWP0BAJrUr5/ZZbacqweKWNsEHhlYfyNeoeB/Er6rbPY3she7gG4O3V0zjk+oyB+I96eLy/2UfaU3dCy7OfrE/ZVlaXTt6HYUUUV5Z7oUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7Etjxnxju/wCEt1DdnO9evptGP0rJsmuVvYTZmT7TvHl+X97d2xXoHj3w1LdMurWUTSSAbZ0UZJA6MB7dD+HvXIaHra6Gl1LFapJfOoWCZ+RD1ycdz0r6bD1lPDrkV2lax8LjMM6WNkqr5U23fy308+nqbXjVbbyLNrsRrrxQfaVg5XGON3+10/8A1YrndIN4Lt/sWPM2HPXpken4VTkkluZ2kkdpJZGyzE5LE16b4F8Nvpts+oXsRS5nXasbDlEznkepIH5D3pVZxwuHtJ3f9fgXQpzzDF80FZdX+r82dlRRRXzJ9wFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgrGvvCmiajM01xYp5rcl42KEn1ODya2egya5u/wDHWh2MrRiaS5dTgiBdwH4kgH8DWtBVnL91e/kc+Klh4x/2i1vMu6f4Y0fS5hNa2SLKOjuS5H0yTj8K1657TfGui6lMsKztBK5wqTrtyfryP1roaKyqqX729/MeGlh3D/Z7W8gooorE6AooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3Ylsee+P9ele5XRLRivQzlTjcT0X6YOT9RXP/APCD+I/+gd/5Hj/+Kpvi5WXxjeh0L5kU7f7w2jArS8i1/wChAv8A/v8Az/8AxNfRU70aMFT6q/T9ZI+Mr8uKxNR1r6Oy32XpCX6Gc3gnxCilm0/AAyf30f8A8VXU+AvEbXEEmmXkhLwrvikc9UyAVJ9iRj2+lYrwWuxv+KCvl4PzGefj3+7WBpFrd3d28dmSJAhJwueMj/61OcfrFKSq6W66fpJk0prB14SoXd91d6/fGP6nudFFFfNn2wUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtjjvG3hmXU1j1HT0JvIhh0U4LqOhHuP8APavP31vW43ZH1TUFdTgq1w4IP517jVK70jTr9993Y28z/wB54wT+fWvQw2PVOPJUjdLY8bHZS603Voz5W9+zPHI9Y1y5kWGLUdQldztCLO5Le2M16R4M8NNolm9xdKBfTjDDOfLX+7n9T+HpW7aaXYWBJtLKCBiMFo4wCfxq3SxWO9rHkpxsvzHgMq9hP2taXNJbdkFFFFeeeyFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8AIh+Hf+wZbf8Aopa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/2DLb/0UtbtYXgr/kQ/Dv8A2DLb/wBFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/ALBlt/6KWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv8AkQ/Dv/YMtv8A0UtbtYXgr/kQ/Dv/AGDLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8AIh+Hf+wZbf8Aopa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/wDYMtv/AEUtbtYXgr/kQ/Dv/YMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/yIfh3/ALBlt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/AGDLb/0UtbtYXgr/AJEPw7/2DLb/ANFLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/wAiH4d/7Blt/wCilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv/YMtv/RS1u1heCv+RD8O/wDYMtv/AEUtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf8AsGW3/opa3awvBX/Ih+Hf+wZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/wCRD8O/9gy2/wDRS1u1heCv+RD8O/8AYMtv/RS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/7Blt/6KWt2sLwV/wAiH4d/7Blt/wCilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/ANgy2/8ARS1u1heCv+RD8O/9gy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/Ih+Hf8AsGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/8AYMtv/RS1u1heCv8AkQ/Dv/YMtv8A0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQBheCv+RD8O/9gy2/9FLW7WF4K/5EPw7/ANgy2/8ARS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigDC8Ff8iH4d/wCwZbf+ilrdrC8Ff8iH4d/7Blt/6KWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/AJEPw7/2DLb/ANFLW7WF4K/5EPw7/wBgy2/9FLW7TluxLYKKKKQwooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKAMLwV/yIfh3/sGW3/opa3awvBX/ACIfh3/sGW3/AKKWt2nLdiWwUUUUhhRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAYXgr/kQ/Dv8A2DLb/wBFLW7WF4K/5EPw7/2DLb/0UtbtOW7EtgooopDCiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAwvBX/Ih+Hf+wZbf+ilrdrC8Ff8iH4d/wCwZbf+ilrdpy3YlsFFFFIYUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAGF4K/5EPw7/wBgy2/9FLW7WF4K/wCRD8O/9gy2/wDRS1u05bsS2CiiikMKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKK5jx14tTwjoDXSqsl5MfLto2PBbH3j7D/AcZqoQc5KMd2TOShFyexp6z4i0jw/CJdVv4bYNyqscs30UZJ/AVyj/ABi8KK5UPeuB/EsHB/M14Jf6hd6pey3t9cPPcynLyOck/wCA9qrV7VPLKaXvu7PKnmE2/dWh9Bf8Lk8K/wDT9/34H+NH/C5PCv8A0/f9+B/jXz7RV/2bQ8yfr9XyPoL/AIXJ4V/6fv8AvwP8aP8AhcnhX/p+/wC/A/xr59oo/s2h5h9fq+R9Bf8AC5PCv/T9/wB+B/jWrpPxJ8LaxMsEWpCCZzhUuVMefbJ+XPtmvmiik8sotaNjWPqp62PsOivEfhX49ntr6Dw7qcxktZjstZHPMTdkz/dPQehx2r26vIxFCVCfLI9OjWjVjzIKKKKwNQooooAKKKKACiiigAooooAwvBX/ACIfh3/sGW3/AKKWt2sLwV/yIfh3/sGW3/opa3act2JbBRRRSGFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFeD/Gy9km8V2dpvzFBaBgvozMcn8gv5V7xXifxv0mVNU07V1BMMsP2Zj2VlJYfmGP/AHya7suaVdXOTGpui7HlFFFFfQniBRRRQAUUUUAFFFFADo5HhlSWNirowZWHUEdDX0/beMdOmtIZTb6uS6KxKaNdsvI7ERYI96+adL06fVtUtdPtlLTXEixrxnGT1+g619awxLBBHCn3Y1CjPoBivIzRx91ddT08uT95mL/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RXkaHpamF/wAJbpv/AD7az/4Jbz/41R/wlum/8+2s/wDglvP/AI1W7RRoGphf8Jbpv/PtrP8A4Jbz/wCNUf8ACW6b/wA+2s/+CW8/+NVu0UaBqYX/AAlum/8APtrP/glvP/jVH/CW6b/z7az/AOCW8/8AjVbtFGgamF/wlum/8+2s/wDglvP/AI1R/wAJbpv/AD7az/4Jbz/41W7RRoGpjeEYJbbwXoUE8TxTRadbpJHIpVkYRqCCDyCD2rZooobuxhRRRSAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKzde0Oy8RaPPpl8m6KUcMPvI3ZlPqP/rdK0qKcW4u6E0mrM+ZPFPgPWvC07me3a4sgTsu4lJQj/a/un2P4E1y9fYZ6V4r4i/5DEv0r28Nj5VPdktTysRg4w1izyaivRKK6/rHkcvsfM87or0Sij6x5B7HzPO6tWGm3uq3S21haTXMzdEiQsfqfQe9d1Xrvgz/AJAMX0X/ANBFY18Y6cbpGtHC+0lZs534c/Dn/hGv+JpqgR9UdcIgORbg9ee7HoSPcCvRKKK8KrVlVlzS3PYp04048sQooorMsKKKKACiiigAooooAKKKKACiiigAooooAKKKKAP/2Q==)

The Group provides adjusted results and underlying

measures in addition to statutory measures, in order

toprovide additional useful information on business

performance trends to shareholders. The Board considers

these non-GAAP measures to be a useful and alternative

way to measure the Group’s performance in a way that is

comparable to the prior year.

The terms ‘adjusted’ and ‘underlying’ are not defined terms

under IFRS and may not therefore be comparable with

similarly titled measurements reported by other companies.

These measures are not intended to be a substitute for,

orsuperior to, IFRS measurements. The Financial Review

provides reconciliations of alternative performance

measures (APMs) to statutory measures and also provides

the basis of calculation for certain APM metrics. These APMs

are provided on a consistent basis with the prior year.

Adjusted results and adjusting items

Adjusted results exclude items that are commonly excluded

across the media sector: amortisation and impairment

ofgoodwill and intangible assets relating to businesses

acquired and other intangible asset purchases of book lists,

journal titles, acquired databases and brands related to

exhibitions and conferences, acquisition and integration

costs, profit or loss on disposal of businesses, restructuring

costs and other items that in the opinion of the Directors

would impact the comparability of underlying results.

Adjusting items are detailed in Note 7 to the Consolidated

Financial Statements.

Adjusted results are prepared for the following measures

which are provided in the Consolidated Income Statement

on page 145: adjusted operating profit, adjusted net finance

costs, adjusted profit before tax (PBT), adjusted tax charge,

adjusted profit after tax, adjusted earnings and adjusted

diluted earnings per share. Adjusted operating margin,

effective tax rate on adjusted profits and adjusted EBITDA

are used in the Financial Review on pages 50, 52 and 55

respectively.

Adjusted EBITDA

•   Adjusted EBITDA is earnings before interest, tax, depreciation,

amortisation and other non-cash items such as share-based

payments and before adjusting items. The full reconciliation

and definition of adjusted EBITDA is provided in the

FinancialReview.

•  Covenant-adjusted EBITDA for Informa interest cover purposes

under the Group’s previous financial covenants on debt

facilities is earnings before interest, tax, depreciation and

amortisation and adjusting items. It is adjusted to be on a

pre-IFRS 16 basis.

•  Covenant-adjusted EBITDA for Informa leverage purposes

under the Group’s previous financial covenants on debt

facilities is earnings before interest, tax, depreciation and

amortisation and adjusting items. It is adjusted to include

afull year’s trading for acquisitions and remove trading

resultsfor disposals, and to be on a pre-IFRS 16 basis.

Adjusted EBITDA margin

Adjusted EBITDA margin is shown as a percentage and is

calculated by dividing adjusted EBITDA by revenue, which

isprovided as an additional useful metric to readers.

Adjusted effective tax rate

The adjusted effective tax rate is shown as a percentage and

is calculated by dividing the adjusted tax charge by the

adjusted profit before tax. The Financial Review on page 53

shows the calculation of the adjusted effective tax rate,

which is provided as an additional useful metric for readers

on the Group’s tax position.

Adjusted net debt

Adjusted net debt for Informa leverage purposes under

theGroup’s previous financial covenants on debt facilities

istranslated using average exchange rates for the 12-month

period and is adjusted to include deferred consideration

payable, to exclude derivatives associated with borrowings

and to be on a pre-IFRS 16 basis.

Adjusted operating margin

The adjusted operating margin is shown as a percentage and

is calculated by dividing adjusted operating profit by

revenue. The Financial Review on page 50 shows the

calculation of the adjusted operating margin, which is

provided as an additional useful metric on underlying

performance to readers.

Adjusted tax charge

The adjusted tax charge excludes the tax effects of

adjustingitems, deferred tax movements relating to tax

losses in Luxembourg as well as other significant one-off

items. It includes the allowable tax benefit for goodwill

amortisation in the US and elsewhere.

Dividend cover

Dividend cover is the ratio of adjusted diluted earnings

pershare to dividends per share for the year and is provided

to enable year-on-year comparability on the level at which

dividends are covered by earnings. Dividends consist of the

interim dividend that has been paid for the year and the

proposed final dividend for the year. Diluted earnings

pershare are adjusted to be stated before adjusting items

impacting earnings per share. The Financial Review on

page54 provides the calculation of dividend cover.

Dividend payout ratio

This is the ratio of the total amount of dividends per share

paid and proposed to shareholders relating to a financial

year relative to the adjusted diluted earnings per share on

continuing operations for the year. The dividend payout

ratio is shown on page 54 of the Financial Review.

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

231

Glossary of terms: alternative performance measures

![](data:image/jpeg;base64,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)

Free cash flow

Free cash flow is a key financial measure of cash generation

and represents the cash flow generated by the business

before cash flows relating to acquisitions and disposals and

their related costs, dividends, any new equity issuance or

repurchases of own shares and debt issues or repayments.

Free cash flow is one of the Group’s key performance

indicators, and is an indicator of operational efficiency

andfinancial discipline, illustrating the capacity to reinvest,

fund future dividends and repay debt. The Financial Review

on page 56 provides a reconciliation of free cash flow to

statutory measures.

Informa interest cover

Informa interest cover is calculated according to the Group’s

previous financial covenants on debt facilities and is the

ratio of covenant-adjusted EBITDA for interest cover

purposes to adjusted net finance costs and excluding

finance fair value items. It is provided to enable the

assessment of our debt position together with our

compliance with these previous specific debt covenants.

TheFinancial Review on pages 57 and 58 provides the basis

ofthecalculation of Informa interest cover.

Informa leverage ratio

The Informa leverage ratio is calculated according to the

Group’s previous financial covenants on debt facilities and

isthe ratio of net debt to covenant-adjusted EBITDA for

Informa leverage information purposes and is provided to

enable the assessment of our debt position together with

compliance with these previous specific debt covenants.

TheFinancial Review on page 58 provides the basis of

thecalculation of the Informa leverage ratio.

Net debt

Net debt consists of cash and cash equivalents, and includes

bank overdrafts (where applicable), borrowings, derivatives

associated with debt instruments, finance leases, lease

liabilities, deferred borrowing fees and other loan

receivables or loan payables where these are interest

bearing and do not relate to deferred consideration

arrangements for acquisitions or disposals.

Operating cash flow and operating

cashflowconversion

Operating cash flow is a financial measure used to

determine the efficiency of cash flow generation in the

business and is measured by and represents free cash flow

before interest, tax, restructuring and reorganisation costs.

The Financial Review on page 56 reconciles operating

cashflow to statutory measures.

Operating cash flow conversion is a measure of the strength

of cash generation in the business and is measured as a

percentage by dividing operating cash flow by adjusted

operating profit in the reporting period. The Financial

Review on page 56 provides the calculation of operatingcash

flow conversion.

Pro-forma

The 12-month 2024 pro-forma financials for the new Informa

divisional structure in place from 2025. This reflects recently

acquired businesses, including Ascential and TechTarget, and

excludes the recently divested Curinos business as if the

acquisitions, or disposal, had occurred on 1 January 2024.

Underlying revenue and underlying

adjustedoperating profit

Underlying revenue and underlying adjusted operating

profit refer to results adjusted for acquisitions and

disposals, the phasing of events, including biennials,

theimpact of changes from implementing new accounting

standards and accounting policy changes, and the effects

ofchanges in foreign currency by adjusting the current year

and prior year amounts to use consistent currency

exchangerates.

Phasing and biennial adjustments relate to the alignment

ofcomparative period amounts to the usual scheduling

cycleof events in the current year. Where an event

originallyscheduled for 2023 or 2024 was either cancelled

orpostponed, there was an adverse impact on 2023 or 2024

underlying growth as no adjustment was made for these

inthe calculation.

The results from acquisitions are included on a pro-forma

basis from the first day of ownership in the comparative

period. Disposals are similarly adjusted for on a pro-forma

basis to exclude results in the comparative period from the

date of disposal. Underlying measures are provided to aid

comparability of revenue and adjusted operating profit

results against the prior year. The Financial Review onpage

51 provides the reconciliation of underlying measures of

growth to reported measures of growth inpercentage terms.

Informa Annual Report and Accounts 2024

232

Financial Statements

Glossary of Terms: Alternative Performance Measures

continued

![](data:image/jpeg;base64,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)

2024

£m

2023

£m

2022

£m

2021

£m

2020

£m

Results

Revenue 3,553.1  3,189.6  2,389.3 1,798.7 1,660.8

Adjusted operating profit 995.0  853.8  535.0 388.4 266.6

Statutory operating profit/(loss) 542.8  507.8  221.9 93.8 (881.6)

Statutory profit/(loss) before tax 407.3  492.1  1,946.9 137.1 (1,140.9)

Profit/(loss) attributable to equity holders of the Parent Company 297.7  419.0  1,631.5 77.9 (1,042.5)

Free cash flow 812.1  631.7  466.4 438.7 (153.9)

Net assets

Non-current assets 12,355.7  10,468.7  9,521.7 8,924.4 9,022.6

Current assets 1,335.0  1,055.5  2,624.0 1,273.2 695.2

Current liabilities (3,061.3)  (1,789.2)  (2,008.8) (1,350.0) (1,200.6)

Non-current liabilities (3,309.9)  (2,550.4)  (2,670.6) (2,801.7) (2,889.2)

Net assets 7,319.5  7,184.6  7,466.3 6,045.9 5,628.0

Key statistics (pence)

Earnings per share 22.3  30.1  112.0 5.2 (73.4)

Diluted earnings per share 22.2  29.9  111.4 5.2 (73.4)

Adjusted diluted earnings per share 50.1  45.3  26.4 16.7 9.8

Dividends per share 20.0 18.0  9.8 –  –

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

233

Five-year summary

![](data:image/jpeg;base64,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)

Registrars

All general enquiries about holdings of ordinary shares in

Informa PLC should be addressed to our registrar,

Computershare:

Computershare Investor Services PLC

The Pavilions

Bridgwater Road

Bristol BS99 6ZZ

+44 (0)370 707 1679

investorcentre.co.uk

The helpline is available Monday to Friday, 8.30am to

5.30pm, excluding UK public holidays.

To access shareholding details online, please visit

Computershare’s website at investorcentre.co.uk. To register

to use the website, you will need your shareholder reference

number, shown on share certificates or dividend vouchers.

•  View and manage all your shareholdings

•  Register for electronic communications

•  Buy and sell shares online with the dealing service

•  Deal with other matters such as a change of address,

transferring shares or replacing a lost certificate

Electronic shareholder communications

As part of Informa’s commitment to the responsible use of

natural resources and reducing our environmental impact,

we offer all shareholders the opportunity to elect to register

for electronic communications. To do so, please visit

investorcentre.co.uk.

Dividend and dividend reinvestment

Shareholders can have dividends paid directly into a bank or

building society account. To do this, complete the dividend

mandate instruction form available at investorcentre.co.uk

or contact our registrar.

To receive dividends in a different currency, you will need to

register for the global payments service provided by our

registrar. More information is available at investorcentre.co.uk.

Informa offers a Dividend Reinvestment Plan, or DRIP, where

cash dividends can be automatically reinvested in additional

Informa shares. Details and full terms and conditions,

including eligibility for shareholders based outside the UK,

are available at investorcentre.co.uk.

Share dealing

Shareholders can buy or sell Informa PLC shares using a

share dealing facility operated by our registrar. Dealing can

be carried out online or by telephone. More information,

including details of eligibility and costs, can be found on

investorcentre.co.uk or by calling +44 (0)370 703 0084 from

8.00am to 4.30pm Monday to Friday. Have your shareholder

reference number to hand when logging in or calling.

UK regulations require the registrar to check that you have

read and accepted the terms and conditions before being

able to trade, which could delay your first telephone trade.

You may therefore wish to first register online at

computershare.trade.

Informa Annual Report and Accounts 2024

234

Additional Information

Shareholder information

![](data:image/jpeg;base64,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)

ShareGift

ShareGift (registered charity no. 1052686) is an independent

charity that takes unwanted holdings of shares, aggregates

those shares and sells them for the benefit of thousands of

charities. If you have a small shareholding in Informa and

would like to support this initiative, see the ShareGift

website at Sharegift.org. You can also contact ShareGift

byemail at help@sharegift.org or by telephone on

+44(0)207930 3737.

London Stock Exchange and ADR programme

for US investors

Informa’s ordinary shares are traded on the London Stock

Exchange under the symbol INF, ISIN: GB00BMJ6DW54.

Since 2013, Informa has maintained a Level I American

Depositary Receipt (ADR) programme with BNY Mellon. Each

Informa ADR represents two ordinary shares and trade on

the over-the-counter market in the US under the symbol

IFJPY, ISIN: US45672B2060. Information on Informa’s ADRs

can be found at bnymellon.com/dr.

Protecting your investment from share fraud

UK law means that companies are required to make their

shareholder registers public, and it is not possible to control

who inspects the register and how that information is used.

There are reports that shareholders in other companies have

received unsolicited phone calls or correspondence about

investment matters, and shareholders are recommended to

be very wary of any approach that involves unsolicited

investment advice or offers to buy or sell any shares.

If you receive any unsolicited phone calls or correspondence:

•  Do not give out or confirm any personal information

•  Make a note of the name of the person who contacted you

and their organisation

•  Do not hand over any money without checking that the

organisation is properly authorised and making your own

enquiries. You can check whether firms are authorised on

the Financial Conduct Authority (FCA) website at fca.org.uk

If you think you may have been targeted, report the matter

to the FCA as soon as possible. More information can be

found on the FCA’s website or by calling its helpline on

0800111 6768 (freephone) or 0300 500 8082 from the UK or

+44(0)20 7066 1000 from outside the UK. You should also

notify the registrar by calling 0370 707 1679.

Tips for protecting your shareholding:

•  Ensure all your certificates are kept in a safe place or hold

your shares electronically in CREST via a nominee

•  Keep all documentation containing personal share

information in a safe place and destroy any

correspondence you do not wish to keep by shredding it

•  Know when the dividends are paid and consider having your

dividend paid directly into your bank rather than by cheque

•  If you change address or bank account, inform the

registrar immediately. If you receive a letter from the

registrar regarding a change of address or bank details

that you did not instigate, contact them immediately on

+44 (0)370 707 1679

•  If you are buying or selling shares, only deal with brokers

registered in the UK or in your country of residence

Strategic Report Governance Financial Statements Additional Information

Informa Annual Report and Accounts 2024

235

![](data:image/jpeg;base64,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)

Auditors

PwC

1 Embankment Place

London WC2N 6RH

UK

pwc.co.uk

Joint Stockbrokers

BAML

2 King Edward Street

London EC1A 1HQ

UK

bofaml.com

Morgan Stanley

25 Cabot Square

London E14 5AB

UK

morganstanley.com

Deutsche Numis

45 Gresham Street

London EC2V 7BF

UK

dbnumis.db.com

Strategic Financial Advisers

Goldman Sachs International

Plumtree Court, 25 Shoe Lane

London EC4A 4AU

UK

goldmansachs.com

Depository Bank

BNY Mellon Depositary Receipts

101 Barclay Street

New York NY 10286

US

adrbnymellon.com

Principal Solicitors

Clifford Chance LLP

10 Upper Bank Street

London E14 5JJ

UK

cliffordchance.com

Communications Advisers

Teneo

The Carter Building, 11 Pilgrim Street

London EC4V 6RN

UK

teneo.com

Registrar

Computershare Investor Services PLC

The Pavilions, Bridgwater Road

Bristol BS99 6ZZ

UK

computershare.com

Informa Annual Report and Accounts 2024

236

Additional Information

Advisers

Informa is grateful to all the colleagues,

teams and partners that have

contributed their time and support in

the production of this Annual Report.

Consultancy, design and production

byLuminous: luminous.co.uk.

Consultancy by Falcon Windsor:

falconwindsor.com.

Cover and all text page illustrations

created by Bratislav Milenković:

bratislavmilenkovic.com.

All Informa Board member

photography on pages 81 to 83

andrepeated on other pages by

ChrisWarren at CWA Studios:

cwa-studios.com.

Photography on page 49 supplied

by Pennie Withers at Pennie

Withers Photography:

penniewithersphotography.co.uk.

Photos on pages 6 and 8 from Alamy.

Photograph of John Legend on page 38

is courtesy of Getty Images.

All other photography was contributed

byour colleagues and teams across

thecompany.

All information in this report is ©

Informa PLC 2025 and may not be

usedin whole or part without

priorpermission.

Printed by Pureprint Group, an ISO

14001, FSC

®

and CarbonNeutral

accredited printing company.

This document was printed using its

Pureprint

®

environmental printing

technology. 100% vegetable-based inks

and a water-based coating were used.

99% of the dry waste and 95% of

cleaning solvents associated with the

production were recycled.

This document is printed on Revive 100

Uncoated, a fully recycled material

from Denmaur Paper. The carbon

produced in the manufacturing process

and delivery to Pureprint has been

offset with the World Land Trust. The

paper and the printing are therefore

carbon neutral.

Both the paper mill and printer are

registered to the Environmental

Management System ISO 14001 and

are Forest Stewardship Council

®

(FSC

®

)

chain-of-custody certified. The outer

cover has not been laminated to make

the document 100% recyclable.

![](data:image/jpeg;base64,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)

Our office hubs

Europe

London (Registered Office)

5 Howick Place, SW1P 1WG

+44 (0)20 8052 0400

info@informa.com

informa.com

London Blackfriars

240 Blackfriars

SE1 8BF

Colchester

The Octagon

Essex CO1 1TG

Oxford

4 Milton Park Square

Milton Park

OX14 4RN

Amsterdam

WTC Tower Ten

Strawinskylaan 763

Monaco

7 Rue Suffren Reymond

Le Suffren

MC 98000

Americas

New York

605 Third Avenue

NY 10158

Washington DC

2121 K Street NW

DC 20037

Boston

One Riverside Center

Newton, MA 02466

Philadelphia

530 Walnut Street

PA 19106

Chicago

300 Riverside Plaza

IL 60606

Boca Raton

2385 NW Executive Center Drive

FL 33431

Fort Lauderdale

1650 SE 17th Street

FL 33316

Kansas City

22701 West 68th Terrace

Shawnee KS 66226

Boulder

1710 29th Street

CO 80303

Irving

222 West Las Colinas Boulevard

TX 75039

Santa Monica

2644 30th Street

CA 90405

Toronto

20 Eglinton Avenue West

MP4 1A9

Mexico City

Lago Alberto 319

Colonia Granada

Delegacion Miguel Hidalgo 11520

São Paulo

Avenida Dra Ruth Cardoso

7221 Pinheiros

Middle East/Australasia

Istanbul

4th Floor, Nidakule Levent

Esentepe Mahallesi Harman 1 Sokak

Cairo

First Floor, Building 12B03/B

Cairo Festival City

Riyadh

Oud Square

13311

Manama

The United Tower

Road 4609

Dubai

The Offices 4, One Central

Sheikh Zayed Road

Mumbai

Solitaire Corporate Park

167 Guru Hargovinadji Marg

Mumbai 40093

New Delhi

1 Jai Singh Road

New Delhi 110001

Jakarta

Menara Jamsostek North Tower

Jakarta 12710

Bangkok

Ari Hills Building

428 Phahonyothin Road

Bangkok 10400

Kuala Lumpur

Sunway Visio Tower

Lingkaran SV, Sunway

Velocity 55100

Singapore

Bugis Junction Towers

230 Victoria Street

Singapore 188024

Ho Chi Minh City

10th Flr, Ha Phan Building

District 1

Hong Kong

17/F China Resources Building

26 Harbour Road, Wanchai

Shanghai

Hong Kong New World Tower

No. 300 Huai Hai Middle Road

Shanghai 200021

Tokyo

Kanda 91 Building

Chiyoda-ku

Tokyo 101-0044

Sydney

24 York Street

NSW 200